2015 Q2 Form 10-Q Financial Statement

#000162828015006099 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $164.8M $155.2M
YoY Change 6.19% 160.48%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.113M $9.560M
YoY Change -4.68%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $119.7M $112.6M
YoY Change 6.31%
Operating Profit $45.04M $42.54M
YoY Change 5.88%
Interest Expense $17.57M $14.63M
YoY Change 20.11%
% of Operating Profit 39.01% 34.39%
Other Income/Expense, Net
YoY Change
Pretax Income $27.47M $27.91M
YoY Change -1.58%
Income Tax $883.0K $2.629M
% Of Pretax Income 3.21% 9.42%
Net Earnings $26.35M $25.28M
YoY Change 4.23% 723.22%
Net Earnings / Revenue 15.99% 16.29%
Basic Earnings Per Share $0.10 $0.10
Diluted Earnings Per Share $0.10 $0.10
COMMON SHARES
Basic Shares Outstanding 265.9M shares 244.4M shares
Diluted Shares Outstanding 265.9M shares 244.4M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $34.22M $41.79M
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 $491.5M $491.5M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $3.294B $2.477B
YoY Change 33.0%
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
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 $1.921B $1.477B
YoY Change 30.11%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity
YoY Change
Total Liabilities & Shareholders Equity $3.294B $2.477B
YoY Change 33.0%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $26.35M $25.28M
YoY Change 4.23% 723.22%
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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153332538 shares
CY2014Q4 us-gaap Line Of Credit
LineOfCredit
470000000 USD
CY2015Q2 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2014Q4 us-gaap Long Term Debt
LongTermDebt
903985000 USD
CY2015Q2 us-gaap Long Term Debt
LongTermDebt
759405000 USD
CY2014Q2 us-gaap Management Fees Revenue
ManagementFeesRevenue
753000 USD
us-gaap Management Fees Revenue
ManagementFeesRevenue
1364000 USD
CY2015Q2 us-gaap Management Fees Revenue
ManagementFeesRevenue
594000 USD
us-gaap Management Fees Revenue
ManagementFeesRevenue
1040000 USD
CY2014Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
20900000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
41900000 USD
CY2015Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
22700000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
45500000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-19777000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-25476000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-45307000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-63118000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
46132000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
77083000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
25281000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
36512000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
26351000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
34005000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2014Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
35149000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
71009000 USD
CY2015Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
37935000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
80387000 USD
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
112629000 USD
us-gaap Operating Expenses
OperatingExpenses
228847000 USD
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
119734000 USD
us-gaap Operating Expenses
OperatingExpenses
247859000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
42539000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
66627000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
45039000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
68796000 USD
CY2014Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
92210000 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
182414000 USD
CY2015Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
112866000 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
222924000 USD
CY2014Q4 us-gaap Other Liabilities
OtherLiabilities
18367000 USD
CY2015Q2 us-gaap Other Liabilities
OtherLiabilities
18367000 USD
CY2014Q2 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
4549000 USD
us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
6623000 USD
CY2015Q2 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
1757000 USD
us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
5105000 USD
CY2014Q4 us-gaap Partners Capital
PartnersCapital
1381097000 USD
CY2015Q2 us-gaap Partners Capital
PartnersCapital
1372546000 USD
us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
45948000 USD
us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
2924000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
50405000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
62066000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
41823000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
45948000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
3554000 USD
CY2014Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
37735000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
54978000 USD
CY2015Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
31820000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
69213000 USD
CY2014Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 USD
CY2015Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
234000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
468000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
48504000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
47857000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
350000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
40000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
0 USD
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
615000000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
25281000 USD
us-gaap Profit Loss
ProfitLoss
36512000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
26585000 USD
us-gaap Profit Loss
ProfitLoss
34473000 USD
CY2014Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
377552000 USD
CY2015Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
423279000 USD
CY2014Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2139863000 USD
CY2015Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2204902000 USD
CY2014Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1762311000 USD
CY2015Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1781623000 USD
CY2014Q2 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
18186000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
36559000 USD
CY2015Q2 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
22952000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
45930000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
10000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
470000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
7954000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
140974000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
330000000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
60273000 USD
CY2015Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
69709000 USD
CY2014Q2 us-gaap Revenues
Revenues
155168000 USD
us-gaap Revenues
Revenues
295474000 USD
us-gaap Revenues
Revenues
316655000 USD
CY2015Q2 us-gaap Tenant Reimbursements
TenantReimbursements
18582000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
36782000 USD
CY2015Q2 us-gaap Revenues
Revenues
164773000 USD
CY2014Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
108000 USD
CY2014Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
40448000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
247000 USD
CY2015Q2 us-gaap Security Deposit Liability
SecurityDepositLiability
46338000 USD
CY2015Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
161000 USD
CY2014Q2 us-gaap Tenant Reimbursements
TenantReimbursements
14304000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
29457000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9560000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19715000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
9113000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18213000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1969000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2924000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1
P10Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
15.29
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
18.11
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
13.78
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
14.96
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
15.03
us-gaap Straight Line Rent
StraightLineRent
23559000 USD
us-gaap Straight Line Rent
StraightLineRent
9724000 USD
CY2015Q2 us-gaap Units Of Partnership Interest Amount
UnitsOfPartnershipInterestAmount
267586424 shares
CY2014Q4 us-gaap Unsecured Debt
UnsecuredDebt
0 USD
CY2015Q2 us-gaap Unsecured Debt
UnsecuredDebt
285000000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
244436000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
244431000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
265867000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
265866000 shares
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
244436000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
244431000 shares
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
265867000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
265866000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
244436000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
244431000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
265867000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
265866000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Accounting Estimates </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the condensed consolidated financial statements in accordance with GAAP requires management to use estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Significant items subject to such estimates and assumptions include allocation of the purchase price of acquired real estate properties among tangible and intangible assets, determination of the useful life of real estate properties and other long-lived assets, valuation and impairment analysis of commercial real estate properties and other long-lived assets, estimate of percentage of completion on construction contracts, valuation of the allowance for doubtful accounts, and valuation of exchangeable senior unsecured notes and equity based compensation. These estimates are prepared using management&#8217;s best judgment, after considering past, current, and expected events and economic conditions. Actual results could differ from those estimates. </font></div></div>

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