2021 Q4 Form 10-Q Financial Statement

#000092182521000049 Filed on October 22, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $121.6M $121.1M $116.2M
YoY Change 8.25% 4.21% 9.01%
Cost Of Revenue $32.91M $33.40M $30.40M
YoY Change 3.83% 9.86% 7.04%
Gross Profit $88.64M $87.69M $85.80M
YoY Change 9.97% 2.2% 9.72%
Gross Profit Margin 72.92% 72.42% 73.84%
Selling, General & Admin $8.979M $8.598M $7.500M
YoY Change 13.66% 14.64% 8.7%
% of Gross Profit 10.13% 9.81% 8.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.74M $31.67M $36.40M
YoY Change 5.8% -12.98% 15.56%
% of Gross Profit 35.81% 36.12% 42.42%
Operating Expenses $42.37M $41.74M $41.80M
YoY Change 5.92% -0.14% -36.17%
Operating Profit $46.27M $45.95M $44.00M
YoY Change 13.96% 4.42% 246.18%
Interest Expense -$10.49M -$10.65M -$13.80M
YoY Change 5.99% -22.86% -210.7%
% of Operating Profit -22.68% -23.17% -31.36%
Other Income/Expense, Net -$1.752M -$7.155M
YoY Change -75.51% -118.24%
Pretax Income $119.7M $44.19M $36.83M
YoY Change 36.34% 19.99% -54.14%
Income Tax $2.700M $759.0K -$39.00K
% Of Pretax Income 2.26% 1.72% -0.11%
Net Earnings $114.4M $42.45M $35.96M
YoY Change 36.65% 18.04% -54.08%
Net Earnings / Revenue 94.13% 35.06% 30.95%
Basic Earnings Per Share $0.33 $0.28
Diluted Earnings Per Share $873.3K $327.2K $281.0K
COMMON SHARES
Basic Shares Outstanding 130.3M shares 129.6M shares 127.9M shares
Diluted Shares Outstanding 129.7M shares 128.1M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.59M $52.27M $171.1M
YoY Change -63.86% -69.45% 511.07%
Cash & Equivalents $58.59M $52.27M $171.1M
Short-Term Investments
Other Short-Term Assets $156.0M $153.6M $121.0M
YoY Change 15.59% 26.98% -26.93%
Inventory $0.00 $1.214M $2.100M
Prepaid Expenses
Receivables $5.104M $4.143M $4.600M
Other Receivables $98.73M $97.09M $83.00M
Total Short-Term Assets $318.5M $308.4M $381.8M
YoY Change -21.0% -19.24% 38.48%
LONG-TERM ASSETS
Property, Plant & Equipment $3.803B $3.600B $3.273B
YoY Change 15.93% 9.99% 7.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $36.05M $35.86M $60.50M
YoY Change -21.12% -40.73% 234.25%
Other Assets $189.0K $8.752M $0.00
YoY Change -99.5% -100.0%
Total Long-Term Assets $3.861B $3.667B $3.357B
YoY Change 13.92% 9.24% 8.26%
TOTAL ASSETS
Total Short-Term Assets $318.5M $308.4M $381.8M
Total Long-Term Assets $3.861B $3.667B $3.357B
Total Assets $4.179B $3.975B $3.739B
YoY Change 10.21% 6.33% 10.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $153.1M $146.8M $116.5M
YoY Change 27.26% 25.99% -7.54%
Accrued Expenses $22.59M $22.43M $23.00M
YoY Change -0.91% -2.5% 1.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $212.9M $205.9M $173.1M
YoY Change 20.4% 18.95% -3.3%
LONG-TERM LIABILITIES
Long-Term Debt $1.610B $1.608B $1.606B
YoY Change 0.97% 0.15% 13.88%
Other Long-Term Liabilities $107.8M $88.02M $71.70M
YoY Change 47.32% 22.76% 14.35%
Total Long-Term Liabilities $1.718B $1.696B $1.677B
YoY Change 3.0% 1.12% 13.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $212.9M $205.9M $173.1M
Total Long-Term Liabilities $1.718B $1.696B $1.677B
Total Liabilities $1.931B $1.902B $1.850B
YoY Change 4.67% 2.79% 12.04%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.317M $1.303M $1.290M
YoY Change 2.09% 1.01% 1.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.195B $2.023B $1.845B
YoY Change
Total Liabilities & Shareholders Equity $4.179B $3.975B $3.739B
YoY Change 10.21% 6.33% 10.72%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $114.4M $42.45M $35.96M
YoY Change 36.65% 18.04% -54.08%
Depreciation, Depletion And Amortization $31.74M $31.67M $36.40M
YoY Change 5.8% -12.98% 15.56%
Cash From Operating Activities $70.46M $77.95M $72.60M
YoY Change 40.08% 7.37% 3.57%
INVESTING ACTIVITIES
Capital Expenditures -$244.1M -$143.1M -$61.90M
YoY Change 194.42% 131.14% -58.26%
Acquisitions
YoY Change
Other Investing Activities $118.9M $13.13M $33.20M
YoY Change 12.55% -60.44% -63.52%
Cash From Investing Activities -$125.2M -$129.9M -$28.60M
YoY Change -651.63% 354.35% -50.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 52.52M 30.40M 26.20M
YoY Change -218.3% 16.02% -1555.56%
NET CHANGE
Cash From Operating Activities 70.46M 77.95M 72.60M
Cash From Investing Activities -125.2M -129.9M -28.60M
Cash From Financing Activities 52.52M 30.40M 26.20M
Net Change In Cash -2.240M -21.59M 70.20M
YoY Change -107.83% -130.76% 538.18%
FREE CASH FLOW
Cash From Operating Activities $70.46M $77.95M $72.60M
Capital Expenditures -$244.1M -$143.1M -$61.90M
Free Cash Flow $314.5M $221.0M $134.5M
YoY Change 136.13% 64.33% -38.42%

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us-gaap Depreciation
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us-gaap Depreciation
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4321000 USD
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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1888599000 USD
us-gaap Profit Loss
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us-gaap Profit Loss
ProfitLoss
114662000 USD
us-gaap Amortization Of Financing Costs
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2666000 USD
us-gaap Amortization Of Financing Costs
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2477000 USD
us-gaap Other Depreciation And Amortization
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23861000 USD
us-gaap Other Depreciation And Amortization
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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29594000 USD
us-gaap Unusual Or Infrequent Item Net Gain Loss
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us-gaap Unusual Or Infrequent Item Net Gain Loss
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us-gaap Increase Decrease In Operating Assets
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us-gaap Increase Decrease In Operating Assets
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us-gaap Increase Decrease In Operating Liabilities
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us-gaap Increase Decrease In Operating Liabilities
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8810000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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196437000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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190139000 USD
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224954000 USD
us-gaap Payments To Acquire Real Estate
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184883000 USD
us-gaap Payments For Leasing Costs Commissions And Tenant Improvements
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us-gaap Payments For Leasing Costs Commissions And Tenant Improvements
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150908000 USD
us-gaap Proceeds From Sale Of Property Held For Sale
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110049000 USD
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us-gaap Payments To Acquire Interest In Joint Venture
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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21407000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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0 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
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0 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
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3398000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Long Term Lines Of Credit
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us-gaap Payment Of Financing And Stock Issuance Costs
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Dividends Common Stock
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us-gaap Repayments Of Secured Debt
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61097000 USD
us-gaap Repayments Of Secured Debt
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18654000 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
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0 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
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300000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
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159000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
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85000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
405000000 USD
us-gaap Proceeds From Minority Shareholders
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0 USD
us-gaap Proceeds From Minority Shareholders
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4321000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
18403000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
152718000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
61020000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
171121000 USD
us-gaap Interest Paid Capitalized
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8150000 USD
us-gaap Interest Paid Capitalized
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5029000 USD
us-gaap Operating Lease Payments
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2407000 USD
us-gaap Operating Lease Payments
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2175000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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354000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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1208000 USD
CY2021Q3 us-gaap Dividends Payable Current And Noncurrent
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36701000 USD
CY2020Q3 us-gaap Dividends Payable Current And Noncurrent
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33577000 USD
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0 USD
us-gaap Stock Issued During Period Value Conversion Of Units
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0 USD
us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
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3611000 USD
us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
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0 USD
us-gaap Liabilities Assumed1
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3451000 USD
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
6542000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
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66092000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
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24385000 USD
fr Tenant Improvements Funded By Tenant
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16239000 USD
fr Tenant Improvements Funded By Tenant
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0 USD
fr Write Off Of Fully Depreciated Assets
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25106000 USD
fr Write Off Of Fully Depreciated Assets
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30935000 USD
CY2021Q3 us-gaap Number Of Real Estate Properties
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423 Property
CY2021Q3 us-gaap Number Of States In Which Entity Operates
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20 State
CY2021Q3 us-gaap Area Of Real Estate Property
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62100000 sqft
us-gaap Use Of Estimates
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<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 September 30, 2021 and December 31, 2020, and the reported amounts of revenues and expenses for the three and nine months ended September 30, 2021 and 2020. 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 September 30, 2021 and December 31, 2020, the results of our operations and comprehensive income for each of the three and nine months ended September 30, 2021 and 2020, and our cash flows for each of the nine months ended September 30, 2021 and 2020. All adjustments are of a normal recurring nature.</span></div>
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793000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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332024000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
321000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
335000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
74349000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1207866000 USD
CY2021Q3 us-gaap Debt Instrument Carrying Amount
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1615688000 USD
CY2021Q3 us-gaap Loans Payable Fair Value Disclosure
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85452000 USD
CY2020Q4 us-gaap Loans Payable Fair Value Disclosure
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148770000 USD
CY2021Q3 us-gaap Notes Payable Fair Value Disclosure
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1085573000 USD
CY2020Q4 us-gaap Notes Payable Fair Value Disclosure
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1096262000 USD
CY2021Q3 us-gaap Debt Instrument Fair Value
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460647000 USD
CY2020Q4 us-gaap Debt Instrument Fair Value
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458207000 USD
CY2021Q3 us-gaap Lines Of Credit Fair Value Disclosure
LinesOfCreditFairValueDisclosure
74000000 USD
CY2020Q4 us-gaap Lines Of Credit Fair Value Disclosure
LinesOfCreditFairValueDisclosure
0 USD
CY2021Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1705672000 USD
CY2020Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1703239000 USD
us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
410000 USD
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
42446000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
35959000 USD
us-gaap Net Income Loss
NetIncomeLoss
156580000 USD
us-gaap Net Income Loss
NetIncomeLoss
112262000 USD
CY2021Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
48000 USD
CY2020Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
59000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
170000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
177000 USD
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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42398000 USD
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
35900000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
156410000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
112085000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
129633000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
127903000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
129275000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
127306000 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
89000 shares
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
198000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
87000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
189000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
129722000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
128101000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
129362000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
127495000 shares
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.33
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.28
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
1.21
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.88
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
147937 shares
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
211920 shares
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3508000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3078000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10572000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9827000 USD
CY2021Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
549000 USD
CY2020Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
358000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1759000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1670000 USD
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
14268000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y10M6D
CY2021Q3 us-gaap Due From Affiliates
DueFromAffiliates
9337000 USD
CY2020Q4 us-gaap Due From Affiliates
DueFromAffiliates
9380000 USD

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