2019 Q3 Form 10-Q Financial Statement

#000149854719000041 Filed on August 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $105.5M $105.5M $107.4M
YoY Change -0.21% -1.74% 2.77%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $81.78M $74.54M $68.23M
YoY Change 24.01% 9.24% 3.78%
Operating Profit $29.49M $34.45M $41.15M
YoY Change -25.51% -16.27% 6.18%
Interest Expense $24.62M $25.45M
YoY Change
% of Operating Profit 83.47% 73.86%
Other Income/Expense, Net -$26.92M -$25.45M
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $2.541M $8.973M $17.79M
YoY Change -82.91% -49.57% -1.57%
Net Earnings / Revenue 2.41% 8.5% 16.57%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 310.5M shares 310.5M shares 310.7M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $6.595M $3.399M $4.356M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $4.395B $4.420B $4.655B
YoY Change -5.01% -5.04% -1.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $269.5M
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $2.536B $2.512B $2.546B
YoY Change -0.61% -1.32% 0.35%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $2.610B $2.610B $2.610B
YoY Change -0.02% -0.02% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.675B $1.723B $1.923B
YoY Change
Total Liabilities & Shareholders Equity $4.395B $4.420B $4.655B
YoY Change -5.01% -5.04% -1.81%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $2.541M $8.973M $17.79M
YoY Change -82.91% -49.57% -1.57%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2019Q2 us-gaap Dividends Payable Current And Noncurrent
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CY2019Q2 us-gaap Due To Affiliate Current And Noncurrent
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5000 USD
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1000 USD
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CY2018Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
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CY2019Q2 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
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us-gaap Gain Loss On Sale Of Properties
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us-gaap Gains Losses On Sales Of Investment Real Estate
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1987000 USD
us-gaap Gains Losses On Sales Of Other Real Estate
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2251000 USD
CY2019Q2 us-gaap Gains Losses On Sales Of Other Real Estate
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us-gaap Gains Losses On Sales Of Other Real Estate
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us-gaap General And Administrative Expense
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us-gaap General And Administrative Expense
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us-gaap Impairment Of Real Estate
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us-gaap Impairment Of Real Estate
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us-gaap Impairment Of Real Estate
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250000 USD
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250000 USD
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170161000 USD
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145471000 USD
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Operating Expenses
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us-gaap Profit Loss
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CY2018Q4 us-gaap Real Estate Heldforsale
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us-gaap Real Estate Tax Expense
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us-gaap Revenues
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us-gaap Real Estate Tax Expense
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us-gaap Straight Line Rent
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us-gaap Straight Line Rent
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4300000 USD
us-gaap Straight Line Rent
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3008000 USD
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CY2019Q1 us-gaap Temporary Equity Issue Period Increase Or Decrease
TemporaryEquityIssuePeriodIncreaseOrDecrease
-67000 USD
CY2019Q2 us-gaap Temporary Equity Issue Period Increase Or Decrease
TemporaryEquityIssuePeriodIncreaseOrDecrease
42000 USD
CY2018Q4 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
-6540000 USD
CY2019Q2 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
-5086000 USD
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
311502128 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
311543723 shares
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
311306447 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
311349760 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the Company&#8217;s prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation.</font></div></div>
us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenue Recognition</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from leasing activities</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Rental and other property income is primarily derived from fixed contractual payments from operating leases and, therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the condensed consolidated statements of operations. The Company defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. </font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company continually reviews whether collection of lease-related receivables, including any straight-line rent, and current and future operating expense reimbursements from tenants are probable. The determination of whether collectability is probable takes into consideration the tenant&#8217;s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of a receivable is not probable, the Company will record a reduction to rental and other property income for amounts previously recorded and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability becomes probable. Management&#8217;s estimate of the collectability of lease-related receivables is based on the best information available to management at the time of evaluation. The Company does not use a general reserve approach and lease-related receivables are adjusted and taken against rental and other property income only when collectability becomes not probable.</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from lending activities</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest income is comprised of interest earned on loans and the accretion and amortization of net loan origination fees and discounts. Interest income on loans is accrued as earned.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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