2016 Q2 Form 10-Q Financial Statement

#000092182516000043 Filed on July 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $93.02M $90.49M
YoY Change 2.79% 7.67%
Cost Of Revenue $26.90M $27.80M
YoY Change -3.24% 3.35%
Gross Profit $66.10M $62.70M
YoY Change 5.42% 9.81%
Gross Profit Margin 71.06% 69.29%
Selling, General & Admin $6.400M $6.200M
YoY Change 3.23% -11.43%
% of Gross Profit 9.68% 9.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.10M $29.60M
YoY Change 1.69% -9.2%
% of Gross Profit 45.54% 47.21%
Operating Expenses $62.19M $62.35M
YoY Change -0.26% 1.07%
Operating Profit $3.912M $350.0K
YoY Change 1017.71% -107.63%
Interest Expense $14.59M $16.36M
YoY Change -10.84% -13.53%
% of Operating Profit 372.93% 4675.14%
Other Income/Expense, Net $21.40M -$13.49M
YoY Change -258.71% -31.47%
Pretax Income $52.23M $14.65M
YoY Change 256.45% 447.78%
Income Tax $123.0K $81.00K
% Of Pretax Income 0.24% 0.55%
Net Earnings $50.23M $14.01M
YoY Change 258.47% 246.92%
Net Earnings / Revenue 54.0% 15.48%
Basic Earnings Per Share $0.43 $0.13
Diluted Earnings Per Share $0.43 $0.13
COMMON SHARES
Basic Shares Outstanding 116.2M shares 110.3M shares
Diluted Shares Outstanding 116.6M shares 110.7M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.400M $5.100M
YoY Change -13.73% 6.25%
Cash & Equivalents $4.376M $5.127M
Short-Term Investments
Other Short-Term Assets $72.60M $63.90M
YoY Change 13.62% -26.21%
Inventory $0.00 $400.0K
Prepaid Expenses
Receivables $4.000M $5.900M
Other Receivables $65.10M $61.60M
Total Short-Term Assets $146.1M $136.9M
YoY Change 6.72% -13.79%
LONG-TERM ASSETS
Property, Plant & Equipment $2.538B $2.393B
YoY Change 6.07% 0.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $11.90M $11.10M
YoY Change 7.21% -4.31%
Total Long-Term Assets $2.582B $2.435B
YoY Change 6.03% 0.13%
TOTAL ASSETS
Total Short-Term Assets $146.1M $136.9M
Total Long-Term Assets $2.582B $2.435B
Total Assets $2.728B $2.572B
YoY Change 6.06% -0.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $93.80M $70.10M
YoY Change 33.81% -5.01%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $117.1M $85.10M
YoY Change 37.6% -0.7%
LONG-TERM LIABILITIES
Long-Term Debt $1.312B $1.350B
YoY Change -2.81% -2.39%
Other Long-Term Liabilities $51.10M $50.40M
YoY Change 1.39% 13.0%
Total Long-Term Liabilities $1.363B $1.400B
YoY Change -2.66% -1.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $117.1M $85.10M
Total Long-Term Liabilities $1.363B $1.400B
Total Liabilities $1.480B $1.485B
YoY Change -0.35% -1.84%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.169M $1.151M
YoY Change 1.56% 0.26%
Preferred Stock
YoY Change
Treasury Stock (at cost) $140.0M
YoY Change 0.0%
Treasury Stock Shares 4.324M shares
Shareholders Equity $1.203B $1.045B
YoY Change
Total Liabilities & Shareholders Equity $2.728B $2.572B
YoY Change 6.06% -0.72%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $50.23M $14.01M
YoY Change 258.47% 246.92%
Depreciation, Depletion And Amortization $30.10M $29.60M
YoY Change 1.69% -9.2%
Cash From Operating Activities $47.30M $46.70M
YoY Change 1.28% 69.82%
INVESTING ACTIVITIES
Capital Expenditures -$55.10M -$56.00M
YoY Change -1.61% 24.17%
Acquisitions
YoY Change
Other Investing Activities $74.40M $5.600M
YoY Change 1228.57% -49.09%
Cash From Investing Activities $19.30M -$50.50M
YoY Change -138.22% 48.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -65.40M 5.300M
YoY Change -1333.96% -28.38%
NET CHANGE
Cash From Operating Activities 47.30M 46.70M
Cash From Investing Activities 19.30M -50.50M
Cash From Financing Activities -65.40M 5.300M
Net Change In Cash 1.200M 1.500M
YoY Change -20.0% 66.67%
FREE CASH FLOW
Cash From Operating Activities $47.30M $46.70M
Capital Expenditures -$55.10M -$56.00M
Free Cash Flow $102.4M $102.7M
YoY Change -0.29% 41.46%

Facts In Submission

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168849000 USD
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CY2015Q4 us-gaap Minority Interest
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CY2016Q2 us-gaap Minority Interest Ownership Percentage By Parent
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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74702000 USD
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CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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649000 USD
CY2016Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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1879000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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2486000 USD
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14012000 USD
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16385000 USD
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
50229000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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65917000 USD
CY2015Q2 us-gaap Nonoperating Income Expense
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CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
21404000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
11523000 USD
us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
2 Property
CY2016Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
562 Property
CY2016Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
24 State
CY2015Q4 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
11841000 USD
CY2016Q2 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
11111000 USD
CY2015Q2 us-gaap Operating Expenses
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127413000 USD
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62188000 USD
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129421000 USD
CY2015Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
69886000 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
138096000 USD
CY2016Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
72271000 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
144023000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-20669000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
15000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-17418000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-16820000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-131000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-262000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-96000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-198000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
2658000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-6788000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-5120000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-17616000 USD
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
14349000 USD
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
14892000 USD
CY2015Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
455970000 USD
CY2016Q2 us-gaap Other Long Term Debt
OtherLongTermDebt
456304000 USD
CY2015Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
50000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
91000 USD
CY2016Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
180000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
217000 USD
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
2152000 USD
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
375000 USD
us-gaap Payments For Derivative Instrument Investing Activities
PaymentsForDerivativeInstrumentInvestingActivities
11546000 USD
us-gaap Payments For Derivative Instrument Investing Activities
PaymentsForDerivativeInstrumentInvestingActivities
0 USD
us-gaap Payments For Leasing Costs Commissions And Tenant Improvements
PaymentsForLeasingCostsCommissionsAndTenantImprovements
55157000 USD
us-gaap Payments For Leasing Costs Commissions And Tenant Improvements
PaymentsForLeasingCostsCommissionsAndTenantImprovements
67176000 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
554000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
26460000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
36658000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2101000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
5230000 USD
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
13000 USD
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
76395000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
72618000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
26474000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
71223000 USD
us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
0 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
2720000 USD
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
0 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
126000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
124936000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
76000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
343000000 USD
us-gaap Proceeds From Sale Of Buildings
ProceedsFromSaleOfBuildings
100485000 USD
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
41211000 USD
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
96849000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
14568000 USD
us-gaap Profit Loss
ProfitLoss
17034000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
52108000 USD
us-gaap Profit Loss
ProfitLoss
68403000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
600000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
491000 USD
CY2015Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
2510000 USD
CY2016Q2 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
0 USD
CY2015Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
791330000 USD
CY2016Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
789873000 USD
CY2015Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
2502638000 USD
CY2016Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
2538446000 USD
CY2015Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
90489000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
180455000 USD
CY2016Q2 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
93015000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
186482000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-3849000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
70000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
247500000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
5996000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
63690000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
159125000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
23005000 USD
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
11892000 USD
CY2015Q4 us-gaap Secured Debt
SecuredDebt
561241000 USD
CY2016Q2 us-gaap Secured Debt
SecuredDebt
502838000 USD
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
388866 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
418366 shares
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5600000 shares
us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
0 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
124584000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2413000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
1073100000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
1203369000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1115135000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1247987000 USD
us-gaap Straight Line Rent
StraightLineRent
3931000 USD
us-gaap Straight Line Rent
StraightLineRent
3303000 USD
CY2015Q2 us-gaap Tenant Reimbursements
TenantReimbursements
20603000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
42359000 USD
CY2016Q2 us-gaap Tenant Reimbursements
TenantReimbursements
20744000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
42459000 USD
CY2015Q4 us-gaap Unsecured Debt
UnsecuredDebt
364457000 USD
CY2016Q2 us-gaap Unsecured Debt
UnsecuredDebt
204891000 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
110683000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
110679000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
116558000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
113771000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
110348000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
110329000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
116191000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
113492000 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-top: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-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest income, which was included in other income and expense on the consolidated statement of operations for the three and six months ended June 30, 2015, has been reclassified to be included in tenant recoveries and other income to conform to the 2016 presentation.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></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-top: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%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of June 30, 2016 and December 31, 2015, and the reported amounts of revenues and expenses for the three and six months ended June 30, 2016 and 2015. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of June 30, 2016 and December 31, 2015, the results of our operations and comprehensive income for each of the three and six months ended June 30, 2016 and 2015, and our cash flows for each of the six months ended June 30, 2016 and 2015; all adjustments are of a normal recurring nature.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></font></div></div>

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