2015 Q4 Form 10-K Financial Statement

#000123400617000002 Filed on February 15, 2017

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2015 Q2
Revenue $21.82M $21.38M $20.69M
YoY Change 13.57% 12.42% 12.5%
Cost Of Revenue $2.430M $2.480M $2.040M
YoY Change 63.09% 27.84% 3.55%
Gross Profit $19.35M $18.89M $18.64M
YoY Change 9.2% 10.66% 13.52%
Gross Profit Margin 88.67% 88.37% 90.1%
Selling, General & Admin $1.380M $1.390M $2.670M
YoY Change -6.76% -40.6% 286.96%
% of Gross Profit 7.13% 7.36% 14.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.130M $9.010M $8.940M
YoY Change 17.81% 19.81% 30.13%
% of Gross Profit 47.18% 47.7% 47.96%
Operating Expenses $12.97M $13.64M $12.60M
YoY Change 18.23% 19.08% 12.03%
Operating Profit $6.380M $5.247M $6.045M
YoY Change -5.48% -6.52% 16.77%
Interest Expense -$7.790M $7.142M $6.999M
YoY Change 4.99% 6.93% 7.53%
% of Operating Profit -122.1% 136.12% 115.78%
Other Income/Expense, Net -$6.286M -$7.828M -$7.662M
YoY Change 201.92% 6.82% 29.25%
Pretax Income $2.570M -$100.0K $430.0K
YoY Change -58.28% -143.48% -64.75%
Income Tax
% Of Pretax Income
Net Earnings $2.567M -$96.00K $431.0K
YoY Change -58.35% -141.92% -64.64%
Net Earnings / Revenue 11.76% -0.45% 2.08%
Basic Earnings Per Share -$0.06 -$0.04
Diluted Earnings Per Share $115.9K -$0.06 -$0.04
COMMON SHARES
Basic Shares Outstanding 22.07M shares 21.40M shares 20.83M shares
Diluted Shares Outstanding 21.40M shares 20.83M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.200M $3.700M $3.300M
YoY Change -39.53% -28.85% 37.5%
Cash & Equivalents $5.152M $3.730M $3.297M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.100M $16.80M $2.200M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $6.300M $20.50M $5.500M
YoY Change -26.74% 294.23% 129.17%
LONG-TERM ASSETS
Property, Plant & Equipment $668.1M $656.6M $661.6M
YoY Change 5.98% 8.14% 11.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $39.20M $46.80M $47.90M
YoY Change -7.98% 4.93% 10.88%
Total Long-Term Assets $820.9M $818.0M $824.8M
YoY Change 5.35% 8.46% 12.51%
TOTAL ASSETS
Total Short-Term Assets $6.300M $20.50M $5.500M
Total Long-Term Assets $820.9M $818.0M $824.8M
Total Assets $827.2M $838.5M $830.3M
YoY Change 5.0% 10.41% 12.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.900M $1.800M $1.700M
YoY Change 111.11% 5.88% 0.0%
Accrued Expenses
YoY Change
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 $6.400M $7.800M $5.900M
YoY Change 611.11% 358.82% 247.06%
LONG-TERM LIABILITIES
Long-Term Debt $563.4M $576.9M $571.0M
YoY Change 4.12% 5.95% 9.72%
Other Long-Term Liabilities $21.60M $21.50M $20.80M
YoY Change 9.09% 27.98% 26.83%
Total Long-Term Liabilities $585.0M $598.4M $591.8M
YoY Change 4.3% 6.61% 10.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.400M $7.800M $5.900M
Total Long-Term Liabilities $585.0M $598.4M $591.8M
Total Liabilities $593.3M $608.1M $599.5M
YoY Change 4.07% 6.64% 10.0%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $22.00K $22.00K $21.00K
YoY Change 10.0% 22.22% 16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $233.9M $230.4M $230.9M
YoY Change
Total Liabilities & Shareholders Equity $827.2M $838.5M $830.3M
YoY Change 5.0% 10.41% 12.89%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income $2.567M -$96.00K $431.0K
YoY Change -58.35% -141.92% -64.64%
Depreciation, Depletion And Amortization $9.130M $9.010M $8.940M
YoY Change 17.81% 19.81% 30.13%
Cash From Operating Activities $6.610M $8.400M $7.540M
YoY Change -30.57% 9.95% 54.51%
INVESTING ACTIVITIES
Capital Expenditures -$8.270M -$14.90M -$31.27M
YoY Change -80.16% -29.98% -49.82%
Acquisitions
YoY Change
Other Investing Activities $10.29M $1.570M -$1.190M
YoY Change -1529.17% -126.61% -115.39%
Cash From Investing Activities $2.020M -$13.33M -$32.46M
YoY Change -104.76% -50.96% -40.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.200M 5.350M 22.47M
YoY Change -119.86% -76.13% -51.42%
NET CHANGE
Cash From Operating Activities 6.610M 8.400M 7.540M
Cash From Investing Activities 2.020M -13.33M -32.46M
Cash From Financing Activities -7.200M 5.350M 22.47M
Net Change In Cash 1.430M 420.0K -2.450M
YoY Change -57.57% -85.37% -28.99%
FREE CASH FLOW
Cash From Operating Activities $6.610M $8.400M $7.540M
Capital Expenditures -$8.270M -$14.90M -$31.27M
Free Cash Flow $14.88M $23.30M $38.81M
YoY Change -70.94% -19.43% -42.24%

Facts In Submission

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CY2014 good Senior Common Dividend Issued In Dividend Reinvestment Program
SeniorCommonDividendIssuedInDividendReinvestmentProgram
211000 USD
CY2015 good Senior Common Dividend Issued In Dividend Reinvestment Program
SeniorCommonDividendIssuedInDividendReinvestmentProgram
52000 USD
CY2016 good Senior Common Dividend Issued In Dividend Reinvestment Program
SeniorCommonDividendIssuedInDividendReinvestmentProgram
0 USD
CY2015Q4 good Senior Common Stock Par Value
SeniorCommonStockParValue
0.001
CY2016Q4 good Senior Common Stock Par Value
SeniorCommonStockParValue
0.001
CY2015Q4 good Senior Common Stock Shares Authorized
SeniorCommonStockSharesAuthorized
7500000 shares
CY2016 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-175000 USD
CY2014 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1656000 USD
CY2015 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1955000 USD
CY2016 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1932000 USD
CY2014 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10100000 USD
CY2016Q4 good Senior Common Stock Shares Authorized
SeniorCommonStockSharesAuthorized
4450000 shares
CY2015Q4 good Senior Common Stock Shares Issued
SeniorCommonStockSharesIssued
972214 shares
CY2016Q4 good Senior Common Stock Shares Issued
SeniorCommonStockSharesIssued
959552 shares
CY2015Q4 good Senior Common Stock Shares Outstanding
SeniorCommonStockSharesOutstanding
972214 shares
CY2016Q4 good Senior Common Stock Shares Outstanding
SeniorCommonStockSharesOutstanding
959552 shares
CY2015Q4 good Senior Common Stocks
SeniorCommonStocks
1000 USD
CY2016Q4 good Senior Common Stocks
SeniorCommonStocks
1000 USD
CY2011Q1 good Shares Intended To Be Offered Pursuant To Primary Offering
SharesIntendedToBeOfferedPursuantToPrimaryOffering
3000000 shares
CY2015Q1 good Shares Of Senior Common Stock Sold In This Ongoing Offering
SharesOfSeniorCommonStockSoldInThisOngoingOffering
927994 shares
CY2015Q1 good Shares Of Senior Common Stock Sold In This Ongoing Offering
SharesOfSeniorCommonStockSoldInThisOngoingOffering
189052 shares
CY2015Q3 good Termination Fee Payableas Percentageof Average Annual Management Feeand Incentive Fee During Twenty Four Month Period
TerminationFeePayableasPercentageofAverageAnnualManagementFeeandIncentiveFeeDuringTwentyFourMonthPeriod
2
CY2014 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
516937 shares
CY2015 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
960016 shares
CY2016 good Weighted Average Shares Of Senior Common Stock Outstanding Basic
WeightedAverageSharesOfSeniorCommonStockOutstandingBasic
960667 shares
CY2015Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
33044000 USD
CY2016Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
71721000 USD
CY2015Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
6388000 USD
CY2016Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
5891000 USD
CY2015Q4 us-gaap Accumulated Distributions In Excess Of Net Income
AccumulatedDistributionsInExcessOfNetIncome
185051000 USD
CY2016Q4 us-gaap Accumulated Distributions In Excess Of Net Income
AccumulatedDistributionsInExcessOfNetIncome
223587000 USD
CY2015 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P14Y3M18D
CY2016 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P12Y6M
CY2015Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
418897000 USD
CY2016Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
463436000 USD
CY2014 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
700000 USD
CY2015 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
900000 USD
CY2016 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
1200000 USD
CY2014 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-267000 USD
CY2015 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-314000 USD
CY2015 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13100000 USD
CY2016 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13400000 USD
CY2014Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
81371 sqft
CY2014 us-gaap Asset Impairment Charges
AssetImpairmentCharges
14238000 USD
CY2015 us-gaap Asset Impairment Charges
AssetImpairmentCharges
622000 USD
CY2016 us-gaap Asset Impairment Charges
AssetImpairmentCharges
2016000 USD
CY2015Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
3674000 USD
CY2016Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
3406000 USD
CY2014 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
100000 USD
CY2015 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
200000 USD
CY2016 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
100000 USD
CY2014 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
405000 USD
CY2015 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
56000 USD
CY2016 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
0 USD
CY2015Q4 us-gaap Assets
Assets
827184000 USD
CY2016Q4 us-gaap Assets
Assets
851742000 USD
CY2015Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
1077000 USD
CY2016Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
9562000 USD
CY2015Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
8294000 USD
CY2016Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
8959000 USD
CY2015Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
17951000 USD
CY2016Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
21606000 USD
CY2014 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-9263000 USD
CY2015 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-875000 USD
CY2016 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-3478000 USD
CY2014 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
87439000 USD
CY2015 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
89720000 USD
CY2016 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
88304000 USD
CY2014 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1438000 USD
CY2015 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
622000 USD
CY2016 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
261000 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8546000 USD
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8599000 USD
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5152000 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4658000 USD
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
53000 USD
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3447000 USD
CY2016 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-494000 USD
CY2015Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2016Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
38500000 shares
CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
34040000 shares
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
22485607 shares
CY2016Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
24882758 shares
CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
22485607 shares
CY2016Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
24882758 shares
CY2015Q4 us-gaap Common Stock Value
CommonStockValue
22000 USD
CY2016Q4 us-gaap Common Stock Value
CommonStockValue
25000 USD
CY2016 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0077
CY2015Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
525332000 USD
CY2016Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
509395000 USD
CY2016Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0448
CY2015Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
0 USD
CY2016Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
5700000 USD
CY2015Q4 us-gaap Deferred Rent Credit
DeferredRentCredit
9657000 USD
CY2016Q4 us-gaap Deferred Rent Credit
DeferredRentCredit
12647000 USD
CY2015Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
27443000 USD
CY2016Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
29725000 USD
CY2014 us-gaap Depreciation And Amortization
DepreciationAndAmortization
28864000 USD
CY2015 us-gaap Depreciation And Amortization
DepreciationAndAmortization
35288000 USD
CY2016 us-gaap Depreciation And Amortization
DepreciationAndAmortization
37517000 USD
CY2016 us-gaap Derivative Cost Of Hedge
DerivativeCostOfHedge
333000 USD
CY2014 us-gaap Distributions On Mandatorily Redeemable Securities
DistributionsOnMandatorilyRedeemableSecurities
-2743000 USD
CY2015 us-gaap Distributions On Mandatorily Redeemable Securities
DistributionsOnMandatorilyRedeemableSecurities
-2743000 USD
CY2016 us-gaap Distributions On Mandatorily Redeemable Securities
DistributionsOnMandatorilyRedeemableSecurities
-1502000 USD
CY2014 us-gaap Dividends
Dividends
30574000 USD
CY2015 us-gaap Dividends
Dividends
36923000 USD
CY2016 us-gaap Dividends
Dividends
42494000 USD
CY2015Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
1858000 USD
CY2016Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
2075000 USD
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.61
CY2015 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2016 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
CY2014 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.61
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.03
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.04
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2015Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.06
CY2015 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.02
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.03
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.10
CY2016Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
CY2016 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.16
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.61
CY2015 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.16
CY2015Q4 us-gaap Escrow Deposit
EscrowDeposit
7534000 USD
CY2016Q4 us-gaap Escrow Deposit
EscrowDeposit
6806000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
33415000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
15522000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
11879000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
13827000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
15451000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
15459000 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
104914000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
105553000 USD
CY2014 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
1240000 USD
CY2015 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
1538000 USD
CY2016 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
242000 USD
CY2014 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
5274000 USD
CY2015 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2016 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2689000 USD
CY2015 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2094000 USD
CY2016 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2127000 USD
CY2016Q4 us-gaap Ground Leases Accumulated Amortization
GroundLeasesAccumulatedAmortization
139000 USD
CY2016 us-gaap Incentive Fee Description
IncentiveFeeDescription
However, in no event shall the incentive fee for a particular quarter exceed by 15.0% (the cap) the average quarterly incentive fee paid by us for the previous four quarters (excluding quarters for which no incentive fee was paid).
CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
204000 USD
CY2015 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-452000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
932000 USD
CY2014 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
265000 USD
CY2015 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1185000 USD
CY2016 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-528000 USD
CY2014 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
857000 USD
CY2015 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-43000 USD
CY2016 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-385000 USD
CY2014 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-1504000 USD
CY2015 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
658000 USD
CY2016 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-1175000 USD
CY2014 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
57000 USD
CY2015 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
40000 USD
CY2016 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
22000 USD
CY2014 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2015 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2016 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2014 us-gaap Interest Expense
InterestExpense
26197000 USD
CY2015 us-gaap Interest Expense
InterestExpense
28014000 USD
CY2016 us-gaap Interest Expense
InterestExpense
25902000 USD
CY2014 us-gaap Interest Paid
InterestPaid
27557000 USD
CY2015 us-gaap Interest Paid
InterestPaid
29259000 USD
CY2016 us-gaap Interest Paid
InterestPaid
25337000 USD
CY2015Q4 us-gaap Interest Rate Fair Value Hedge Derivative At Fair Value Net
InterestRateFairValueHedgeDerivativeAtFairValueNet
40000 USD
CY2016Q4 us-gaap Interest Rate Fair Value Hedge Derivative At Fair Value Net
InterestRateFairValueHedgeDerivativeAtFairValueNet
101000 USD
CY2015Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
635728000 USD
CY2016Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
662661000 USD
CY2015Q4 us-gaap Land
Land
97117000 USD
CY2016Q4 us-gaap Land
Land
104719000 USD
CY2015 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000 USD
CY2016 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
500000 USD
CY2016Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
800000 USD
CY2015Q4 us-gaap Liabilities
Liabilities
593313000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
541122000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
827184000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
851742000 USD
CY2015Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
868000 USD
CY2015Q4 us-gaap Line Of Credit
LineOfCredit
44591000 USD
CY2016Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
1041000 USD
CY2016Q4 us-gaap Line Of Credit
LineOfCredit
39225000 USD
CY2016Q4 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.0300
CY2016Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
150000000.0 USD
CY2013Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
100000000.0 USD
CY2016 us-gaap Loan Restructuring Trial Modifications Amount
LoanRestructuringTrialModificationsAmount
500000 USD
CY2015Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
24878000 USD
CY2016Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
24892000 USD
CY2014 us-gaap Mortgage Loan Related To Property Sales1
MortgageLoanRelatedToPropertySales1
17343000 USD
CY2015 us-gaap Mortgage Loan Related To Property Sales1
MortgageLoanRelatedToPropertySales1
0 USD
CY2016 us-gaap Mortgage Loan Related To Property Sales1
MortgageLoanRelatedToPropertySales1
0 USD
CY2013Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
0 USD
CY2014Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
5600000 USD
CY2015Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
5900000 USD
CY2016Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
0 USD
CY2014Q3 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
5600000 USD
CY2016Q4 us-gaap Mortgage Loans On Real Estate Carrying Amount Of Mortgages
MortgageLoansOnRealEstateCarryingAmountOfMortgages
0 USD
CY2014 us-gaap Mortgage Loans On Real Estate Collections Of Principal
MortgageLoansOnRealEstateCollectionsOfPrincipal
0 USD
CY2015 us-gaap Mortgage Loans On Real Estate Collections Of Principal
MortgageLoansOnRealEstateCollectionsOfPrincipal
0 USD
CY2016 us-gaap Mortgage Loans On Real Estate Collections Of Principal
MortgageLoansOnRealEstateCollectionsOfPrincipal
5900000 USD
CY2016Q4 us-gaap Mortgage Loans On Real Estate Face Amount Of Mortgages
MortgageLoansOnRealEstateFaceAmountOfMortgages
5900000 USD
CY2016Q4 us-gaap Mortgage Loans On Real Estate Principal Amount Of Delinquent Loans
MortgageLoansOnRealEstatePrincipalAmountOfDelinquentLoans
0 USD
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
102297000 USD
CY2015 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
39548000 USD
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
17019000 USD
CY2014 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-130441000 USD
CY2015 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-74482000 USD
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-58674000 USD
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
28197000 USD
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
31487000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
41161000 USD
CY2014 us-gaap Net Income Loss
NetIncomeLoss
-5902000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
694000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
431000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-96000 USD
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
2567000 USD
CY2015 us-gaap Net Income Loss
NetIncomeLoss
3596000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
853000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
883000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-73000 USD
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
2295000 USD
CY2016 us-gaap Net Income Loss
NetIncomeLoss
3958000 USD
CY2014 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10538000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-553000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-853000 USD
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1382000 USD
CY2015Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1283000 USD
CY2015 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1505000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-426000 USD
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-631000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2329000 USD
CY2016Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-312000 USD
CY2016 us-gaap Net Income Loss Available To Common Stockholders Basic
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-3698000 USD
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2017-01-31
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0 USD
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0 USD
CY2016 us-gaap Proceeds From Deposits With Other Institutions
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500000 USD
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0 USD
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25000000 USD
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0 USD
CY2014 us-gaap Proceeds From Lines Of Credit
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98450000 USD
CY2015 us-gaap Proceeds From Lines Of Credit
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ProceedsFromLinesOfCredit
129400000 USD
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ProceedsFromNotesPayable
52085000 USD
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ProceedsFromNotesPayable
68499000 USD
CY2016 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
78705000 USD
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0 USD
CY2015 us-gaap Proceeds From Repurchase Of Redeemable Preferred Stock
ProceedsFromRepurchaseOfRedeemablePreferredStock
0 USD
CY2016 us-gaap Proceeds From Repurchase Of Redeemable Preferred Stock
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CY2015 us-gaap Proceeds From Sale And Collection Of Mortgage Notes Receivable
ProceedsFromSaleAndCollectionOfMortgageNotesReceivable
0 USD
CY2016 us-gaap Proceeds From Sale And Collection Of Mortgage Notes Receivable
ProceedsFromSaleAndCollectionOfMortgageNotesReceivable
5900000 USD
CY2014 us-gaap Proceeds From Sale Of Real Estate
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11162000 USD
CY2015 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
6683000 USD
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6431000 USD
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81241000 USD
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92133000 USD
CY2015Q4 us-gaap Real Estate Accumulated Depreciation
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113089000 USD
CY2016Q4 us-gaap Real Estate Accumulated Depreciation
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134329000 USD
CY2014 us-gaap Real Estate Accumulated Depreciation Other Additions
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18814000 USD
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RealEstateAccumulatedDepreciationOtherAdditions
22220000 USD
CY2016 us-gaap Real Estate Accumulated Depreciation Other Additions
RealEstateAccumulatedDepreciationOtherAdditions
24148000 USD
CY2014 us-gaap Real Estate Accumulated Depreciation Other Deductions
RealEstateAccumulatedDepreciationOtherDeductions
7922000 USD
CY2015 us-gaap Real Estate Accumulated Depreciation Other Deductions
RealEstateAccumulatedDepreciationOtherDeductions
1264000 USD
CY2016 us-gaap Real Estate Accumulated Depreciation Other Deductions
RealEstateAccumulatedDepreciationOtherDeductions
2908000 USD
CY2016Q4 us-gaap Real Estate And Accumulated Depreciation Amount Of Encumbrances
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450184000 USD
CY2016Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
726260000 USD
CY2016Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
106943000 USD
CY2016Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
679515000 USD
CY2016Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
107301000 USD
CY2014 us-gaap Real Estate Cost Of Real Estate Sold
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39490000 USD
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6425000 USD
CY2016 us-gaap Real Estate Cost Of Real Estate Sold
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10138000 USD
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642353000 USD
CY2014Q4 us-gaap Real Estate Gross At Carrying Value
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722565000 USD
CY2015Q4 us-gaap Real Estate Gross At Carrying Value
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782276000 USD
CY2016Q4 us-gaap Real Estate Gross At Carrying Value
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833203000 USD
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13889000 USD
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6527000 USD
CY2016 us-gaap Real Estate Improvements
RealEstateImprovements
10362000 USD
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112243000 USD
CY2016Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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131661000 USD
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780377000 USD
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821749000 USD
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668134000 USD
CY2016Q4 us-gaap Real Estate Investment Property Net
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690088000 USD
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105813000 USD
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60231000 USD
CY2016 us-gaap Real Estate Other Acquisitions
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52719000 USD
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73756000 USD
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19880000 USD
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20688000 USD
CY2015Q3 us-gaap Real Estate Revenue Net
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21375000 USD
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21823000 USD
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21247000 USD
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21589000 USD
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22009000 USD
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86372000 USD
CY2015Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
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0 USD
CY2016Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
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70743000 USD
CY2014 us-gaap Redeemable Preferred Stock Dividends
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4094000 USD
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4094000 USD
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6645000 USD
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0 USD
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375000 USD
CY2016 us-gaap Repayment Of Notes Receivable From Related Parties
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0 USD
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79550000 USD
CY2015 us-gaap Repayments Of Lines Of Credit
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75000000 USD
CY2016 us-gaap Repayments Of Lines Of Credit
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135000000 USD
CY2014 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
8144000 USD
CY2015 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
66714000 USD
CY2016 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
88899000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
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4205000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3030000 USD
CY2016Q4 us-gaap Sec Schedule Iii Real Estate Investment Property Net
SECScheduleIIIRealEstateInvestmentPropertyNet
698874000 USD
CY2015Q4 us-gaap Secured Long Term Debt
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455863000 USD
CY2016Q4 us-gaap Secured Long Term Debt
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445278000 USD
CY2015Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount Noncurrent
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38100000 USD
CY2016Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount Noncurrent
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0 USD
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500000 shares
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71002000 USD
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49151000 USD
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44720000 USD
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178000 USD
CY2013Q4 us-gaap Stockholders Equity
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183146000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
217672000 USD
CY2015Q4 us-gaap Stockholders Equity
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233871000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
239877000 USD
CY2014 us-gaap Straight Line Rent
StraightLineRent
3230000 USD
CY2015 us-gaap Straight Line Rent
StraightLineRent
4464000 USD
CY2016 us-gaap Straight Line Rent
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3423000 USD
CY2015Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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0 USD
CY2016Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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70743000 USD
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47532000 USD
CY2016Q4 us-gaap Tenant Improvements
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54369000 USD
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2079000 USD
CY2015 us-gaap Tenant Reimbursements
TenantReimbursements
1753000 USD
CY2016 us-gaap Tenant Reimbursements
TenantReimbursements
1489000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
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0 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17253503 shares
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21159597 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23193962 shares
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17253503 shares
CY2015 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
21159597 shares
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23193962 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17253503 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21159597 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23193962 shares
CY2016 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year amounts have been reclassified to conform to the current year presentation.</font></div></div>
CY2016 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Impairment Charges</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We account for the impairment of real estate in accordance with ASC 360-10-35, &#8220;Property, Plant, and Equipment,&#8221; which requires us to periodically review the carrying value of each property to determine if circumstances indicate impairment of the carrying value of the investment exists or that depreciation periods should be modified. If circumstances indicate the possibility of impairment, we prepare a projection of the undiscounted future cash flows, without interest charges, of the specific property and determine if the carrying value of the investment in such property is recoverable. In performing the analysis, we consider such factors as each tenant&#8217;s payment history and financial condition, the likelihood of lease renewal, business conditions in the industry in which the tenants operate, whether there are indications that the fair value of the real estate has decreased or our intended holding period of the property is shortened. If the carrying amount is more than the aggregate undiscounted future cash flows, we would recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. We evaluate our entire portfolio of properties each quarter for any impairment indicators and perform an impairment analysis on those select properties that have an indication of impairment.</font></div></div>
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates.</font></div></div>

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