2015 Q3 Form 10-Q Financial Statement

#000152611315000007 Filed on August 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $50.25M $49.07M $13.63M
YoY Change 94.01% 260.05% 6714.0%
Cost Of Revenue $8.260M $7.440M $930.0K
YoY Change 400.61% 700.0% 9200.0%
Gross Profit $42.00M $41.63M $12.70M
YoY Change 73.12% 227.8% 6250.0%
Gross Profit Margin 83.58% 84.84% 93.19%
Selling, General & Admin $3.930M $2.400M $440.0K
YoY Change 385.19% 445.45% 4300.0%
% of Gross Profit 9.36% 5.77% 3.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.00M $22.10M $7.600M
YoY Change 52.32% 190.79% 3700.0%
% of Gross Profit 54.76% 53.09% 59.84%
Operating Expenses $38.77M $69.55M $18.34M
YoY Change -17.0% 279.15% 1156.44%
Operating Profit $11.49M -$20.48M -$4.716M
YoY Change -155.2% 334.33% 274.29%
Interest Expense $9.041M $7.947M $2.614M
YoY Change 121.54% 204.02% 4926.92%
% of Operating Profit 78.72%
Other Income/Expense, Net -$5.294M -$24.02M -$2.763M
YoY Change 38.55% 769.38% 8026.47%
Pretax Income $6.191M -$44.50M -$6.380M
YoY Change -125.14% 597.55% 394.57%
Income Tax $703.0K $1.303M $658.0K
% Of Pretax Income 11.36%
Net Earnings $5.432M -$45.66M -$7.479M
YoY Change -122.12% 510.56% 477.98%
Net Earnings / Revenue 10.81% -93.06% -54.88%
Basic Earnings Per Share
Diluted Earnings Per Share $96.41K -$759.4K -$197.9K
COMMON SHARES
Basic Shares Outstanding 169.1M shares 180.3M shares 90.04M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.10M $61.60M $936.5M
YoY Change -87.84% -93.42% 3232.74%
Cash & Equivalents $32.10M $61.60M $936.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $32.20M $61.80M $938.3M
YoY Change -87.8% -93.41% 3192.28%
LONG-TERM ASSETS
Property, Plant & Equipment $2.462B $2.272B $802.6M
YoY Change 47.88% 183.06% 3853.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $500.0K
YoY Change
Other Assets $20.80M $19.30M $11.30M
YoY Change 19.54% 70.8% 3666.67%
Total Long-Term Assets $2.530B $2.332B $824.4M
YoY Change 48.69% 182.88% 3586.66%
TOTAL ASSETS
Total Short-Term Assets $32.20M $61.80M $938.3M
Total Long-Term Assets $2.530B $2.332B $824.4M
Total Assets $2.562B $2.394B $1.763B
YoY Change 30.36% 35.8% 3365.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.70M $22.80M $8.400M
YoY Change 136.46% 171.43% 394.12%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $300.0K
YoY Change
Total Short-Term Liabilities $23.90M $149.8M $17.70M
YoY Change 18.91% 746.33% 785.0%
LONG-TERM LIABILITIES
Long-Term Debt $1.245B $933.5M $250.9M
YoY Change 163.67% 272.06% 2359.8%
Other Long-Term Liabilities $53.20M $41.80M $24.90M
YoY Change 67.82% 67.87% 8200.0%
Total Long-Term Liabilities $1.298B $975.3M $275.8M
YoY Change 157.64% 253.63% 2526.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.90M $149.8M $17.70M
Total Long-Term Liabilities $1.298B $975.3M $275.8M
Total Liabilities $1.325B $1.128B $293.6M
YoY Change 152.98% 284.14% 2249.26%
SHAREHOLDERS EQUITY
Retained Earnings -$255.5M -$230.6M -$62.14M
YoY Change 116.23% 271.07% 2572.65%
Common Stock $1.692M $1.692M $1.723M
YoY Change -3.97% -1.8% 3346.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.222B $1.253B $1.469B
YoY Change
Total Liabilities & Shareholders Equity $2.562B $2.394B $1.763B
YoY Change 30.36% 35.8% 3365.67%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $5.432M -$45.66M -$7.479M
YoY Change -122.12% 510.56% 477.98%
Depreciation, Depletion And Amortization $23.00M $22.10M $7.600M
YoY Change 52.32% 190.79% 3700.0%
Cash From Operating Activities $22.00M $9.900M $15.30M
YoY Change -443.75% -35.29% -1276.92%
INVESTING ACTIVITIES
Capital Expenditures -$183.8M -$9.000M -$263.5M
YoY Change -71.46% -96.58% 2673.68%
Acquisitions
YoY Change
Other Investing Activities $600.0K $400.0K
YoY Change
Cash From Investing Activities -$183.2M -$8.500M -$263.5M
YoY Change -71.55% -96.77% 2673.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 135.7M -26.70M 901.5M
YoY Change -2187.69% -102.96% 2656.88%
NET CHANGE
Cash From Operating Activities 22.00M 9.900M 15.30M
Cash From Investing Activities -183.2M -8.500M -263.5M
Cash From Financing Activities 135.7M -26.70M 901.5M
Net Change In Cash -25.50M -25.30M 653.3M
YoY Change -96.12% -103.87% 2883.11%
FREE CASH FLOW
Cash From Operating Activities $22.00M $9.900M $15.30M
Capital Expenditures -$183.8M -$9.000M -$263.5M
Free Cash Flow $205.8M $18.90M $278.8M
YoY Change -67.72% -93.22% 3300.0%

Facts In Submission

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400000 USD
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1953000 USD
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us-gaap Earnings Per Share Basic And Diluted
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CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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0 USD
us-gaap Gain Loss On Cash Flow Hedge Ineffectiveness Net
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us-gaap Gain Loss On Cash Flow Hedge Ineffectiveness Net
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us-gaap Gain Loss On Derivative Instruments Net Pretax
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us-gaap Gain Loss On Derivative Instruments Net Pretax
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475000 USD
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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0 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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7102000 USD
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1275000 USD
us-gaap Increase Decrease In Restricted Cash
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us-gaap Interest Paid
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us-gaap Issuance Of Stock And Warrants For Services Or Claims
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CY2015Q2 us-gaap Issuance Of Stock And Warrants For Services Or Claims
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us-gaap Issuance Of Stock And Warrants For Services Or Claims
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CY2015Q2 us-gaap Liabilities
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2428797000 USD
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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us-gaap Nonoperating Income Expense
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us-gaap Nonoperating Income Expense
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us-gaap Number Of Businesses Acquired
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59 property
us-gaap Number Of Businesses Acquired
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4 property
CY2015Q2 us-gaap Number Of Real Estate Properties
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311 property
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us-gaap Operating Expenses
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us-gaap Operating Income Loss
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CY2015Q2 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
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CY2015Q2 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
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CY2015Q2 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
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CY2015Q2 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
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CY2015Q2 us-gaap Operating Leases Future Minimum Payments Receivable Remainder Of Fiscal Year
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CY2014Q2 us-gaap Operating Leases Income Statement Lease Revenue
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us-gaap Operating Leases Income Statement Lease Revenue
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us-gaap Operating Leases Income Statement Lease Revenue
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3481000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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4733000 USD
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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9134000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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4395000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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11929000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2014Q2 us-gaap Other Nonoperating Income
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us-gaap Other Nonoperating Income
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55000 USD
CY2015Q2 us-gaap Other Nonoperating Income
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12000 USD
us-gaap Other Nonoperating Income
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25000 USD
us-gaap Payments For Deposits On Real Estate Acquisitions
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5484000 USD
us-gaap Payments For Deposits On Real Estate Acquisitions
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us-gaap Payments For Repurchase Of Common Stock
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0 USD
us-gaap Payments For Repurchase Of Common Stock
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2199000 USD
us-gaap Payments Of Dividends
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us-gaap Payments Of Financing Costs
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us-gaap Payments Of Stock Issuance Costs
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159283000 USD
us-gaap Payments Of Stock Issuance Costs
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us-gaap Payments To Acquire Productive Assets
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0 USD
us-gaap Payments To Acquire Productive Assets
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2322000 USD
us-gaap Payments To Acquire Real Estate
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440093000 USD
us-gaap Payments To Acquire Real Estate
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47184000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Preferred Stock Shares Authorized
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50000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Authorized
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50000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
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0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
24873000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
31359000 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
459000 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
1861000 USD
us-gaap Proceeds From Derivative Instrument Investing Activities
ProceedsFromDerivativeInstrumentInvestingActivities
0 USD
us-gaap Proceeds From Derivative Instrument Investing Activities
ProceedsFromDerivativeInstrumentInvestingActivities
10055000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1547011000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
307000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
19671000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
251572000 USD
CY2015Q2 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
750000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
750000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
13119000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
0 USD
us-gaap Proceeds From Secured Notes Payable
ProceedsFromSecuredNotesPayable
61439000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
-7479000 USD
us-gaap Profit Loss
ProfitLoss
-23828000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
-45807000 USD
us-gaap Profit Loss
ProfitLoss
-19952000 USD
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
1519558000 USD
CY2015Q2 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
1542773000 USD
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
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326696000 USD
CY2015Q2 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
329139000 USD
CY2014Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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42568000 USD
CY2015Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
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87080000 USD
CY2014Q4 us-gaap Real Estate Investment Property At Cost
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2340039000 USD
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2358882000 USD
CY2014Q4 us-gaap Real Estate Investment Property Net
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2297471000 USD
CY2015Q2 us-gaap Real Estate Investment Property Net
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2271802000 USD
CY2014Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
0 USD
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
0 USD
CY2015Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
18503000 USD
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
18503000 USD
us-gaap Repayments Of Lines Of Credit
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19571000 USD
us-gaap Repayments Of Lines Of Credit
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295000000 USD
us-gaap Repayments Of Notes Payable
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13119000 USD
us-gaap Repayments Of Notes Payable
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0 USD
us-gaap Repayments Of Secured Debt
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338000 USD
us-gaap Repayments Of Secured Debt
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359000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2015Q2 us-gaap Restricted Cash And Cash Equivalents
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4122000 USD
us-gaap Restricted Stock Expense
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27000 USD
us-gaap Restricted Stock Expense
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138000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
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-155116000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-230578000 USD
CY2014Q2 us-gaap Revenues
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13628000 USD
us-gaap Revenues
Revenues
21175000 USD
CY2015Q2 us-gaap Revenues
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49068000 USD
us-gaap Revenues
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99037000 USD
CY2014Q4 us-gaap Secured Debt
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CY2015Q2 us-gaap Secured Debt
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337397000 USD
CY2014Q2 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
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1100000 shares
us-gaap Stock Issued During Period Value Conversion Of Units
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14480000 USD
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
10223000 USD
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
28578000 USD
us-gaap Stock Issued During Period Value New Issues
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307000 USD
CY2014Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
0 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
0 USD
CY2015Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
503000 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
503000 USD
us-gaap Stock Redeemed Or Called During Period Value
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1208000 USD
us-gaap Stock Repurchased During Period Value
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125000000 USD
CY2014Q4 us-gaap Stockholders Equity
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1416669000 USD
CY2015Q2 us-gaap Stockholders Equity
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1252639000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1416669000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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1266067000 USD
CY2014Q2 us-gaap Tenant Reimbursements
TenantReimbursements
405000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
637000 USD
CY2015Q2 us-gaap Tenant Reimbursements
TenantReimbursements
1834000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
4371000 USD
CY2014Q2 us-gaap Unrealized Gain Loss On Derivatives
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0 USD
us-gaap Unrealized Gain Loss On Derivatives
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0 USD
CY2015Q2 us-gaap Unrealized Gain Loss On Derivatives
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-4430000 USD
us-gaap Unrealized Gain Loss On Derivatives
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-4430000 USD
us-gaap Unrealized Gain Loss On Securities
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0 USD
us-gaap Unrealized Gain Loss On Securities
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CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
74916338 shares
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
180380436 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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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:6px;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revisions to historical cash flow statements</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">year ended December 31, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company identified certain historical errors in the preparation of its statement of cash flows. Specifically, the company had been (i) reflecting rent credits in connection with purchased real estate as deferred rent at closing which was then reflected as a cash inflow from operations rather than as part of the purchase price in investing activity and (ii) reflecting certain advances on its credit line (for which it did not take constructive receipt) used to acquire investments in real estate as cash inflows from financing activities and cash outflows from investing activities rather than as non-cash investing and financing activities. The Company concluded that the errors noted above were significant but not material to its cash flows for any historical periods presented. However, the Company determined that it is useful for the reader of the financial statements to view these adjustments in the period in which they originated and, as such, has revised the cash flow statement for the </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> (as below) and will revise future quarterly presentations of the cash flow statements when the quarterly </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;"> periods are refiled in </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;"> for comparative purposes.</font></div></div>

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0001526113-15-000007-index-headers.html Edgar Link pending
0001526113-15-000007-index.html Edgar Link pending
0001526113-15-000007.txt Edgar Link pending
0001526113-15-000007-xbrl.zip Edgar Link pending
arct-20150630.xml Edgar Link completed
arct-20150630.xsd Edgar Link pending
arct-20150630_cal.xml Edgar Link unprocessable
arct-20150630_def.xml Edgar Link unprocessable
arct-20150630_lab.xml Edgar Link unprocessable
arct-20150630_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
gnl630201510-q.htm Edgar Link pending
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