2015 Q1 Form 10-Q Financial Statement

#000148251215000026 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $62.82M $0.00
YoY Change
Cost Of Revenue $23.10M $21.90M
YoY Change 5.48% 16.49%
Gross Profit $39.70M $33.70M
YoY Change 17.8% 17.83%
Gross Profit Margin 63.19%
Selling, General & Admin $9.200M $5.800M
YoY Change 58.62% 16.0%
% of Gross Profit 23.17% 17.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.16M $16.67M
YoY Change 2.94% -9.57%
% of Gross Profit 43.22% 49.46%
Operating Expenses $26.40M $22.50M
YoY Change 17.33% -4.26%
Operating Profit $13.33M $11.22M
YoY Change 18.77% 118.67%
Interest Expense $5.493M $6.524M
YoY Change -15.8% 16.67%
% of Operating Profit 41.22% 58.15%
Other Income/Expense, Net $41.00K $0.00
YoY Change
Pretax Income $24.60M $4.600M
YoY Change 434.78% -1250.0%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $19.21M $1.260M
YoY Change 1424.68% -143.87%
Net Earnings / Revenue 30.58%
Basic Earnings Per Share
Diluted Earnings Per Share $298.8K $72.33K
COMMON SHARES
Basic Shares Outstanding 76.78M shares 63.63M shares
Diluted Shares Outstanding 77.33M shares 63.63M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $247.9M $29.10M
YoY Change 751.89% -79.45%
Cash & Equivalents $247.9M $29.06M
Short-Term Investments
Other Short-Term Assets $274.0M $5.100M
YoY Change 5272.55% 54.55%
Inventory
Prepaid Expenses
Receivables $49.10M $30.70M
Other Receivables $28.40M $0.00
Total Short-Term Assets $599.4M $64.90M
YoY Change 823.57% -59.13%
LONG-TERM ASSETS
Property, Plant & Equipment $2.062B $1.994B
YoY Change 3.43% 42.78%
Goodwill $8.754M $8.754M
YoY Change 0.0% 0.0%
Intangibles $103.0M $110.0M
YoY Change -6.38% 34.64%
Long-Term Investments
YoY Change
Other Assets $28.20M $38.50M
YoY Change -26.75% 2.67%
Total Long-Term Assets $2.202B $2.151B
YoY Change 2.37% 40.74%
TOTAL ASSETS
Total Short-Term Assets $599.4M $64.90M
Total Long-Term Assets $2.202B $2.151B
Total Assets $2.802B $2.216B
YoY Change 26.42% 31.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.70M $22.50M
YoY Change 174.22% 3.69%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $67.90M $28.60M
YoY Change 137.41% 2.14%
LONG-TERM LIABILITIES
Long-Term Debt $787.2M $827.4M
YoY Change -4.86% 56.11%
Other Long-Term Liabilities $51.60M $58.10M
YoY Change -11.19% 13.92%
Total Long-Term Liabilities $838.8M $885.5M
YoY Change -5.27% 52.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $67.90M $28.60M
Total Long-Term Liabilities $838.8M $885.5M
Total Liabilities $906.7M $914.2M
YoY Change -0.81% 53.25%
SHAREHOLDERS EQUITY
Retained Earnings -$15.60M -$43.78M
YoY Change -64.36% 31.2%
Common Stock $795.0K $668.0K
YoY Change 19.01% 17.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.569B $1.194B
YoY Change
Total Liabilities & Shareholders Equity $2.802B $2.216B
YoY Change 26.42% 31.34%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $19.21M $1.260M
YoY Change 1424.68% -143.87%
Depreciation, Depletion And Amortization $17.16M $16.67M
YoY Change 2.94% -9.57%
Cash From Operating Activities $27.13M $19.40M
YoY Change 39.81% 28.44%
INVESTING ACTIVITIES
Capital Expenditures -$30.60M -$100.7M
YoY Change -69.61% 416.41%
Acquisitions
YoY Change
Other Investing Activities -$173.3M
YoY Change
Cash From Investing Activities -$204.0M -$100.7M
YoY Change 102.59% 415.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$383.9M -$197.5M
YoY Change 94.39% -203.99%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $407.0M $79.99M
YoY Change 408.82% -37.07%
NET CHANGE
Cash From Operating Activities $27.13M $19.40M
Cash From Investing Activities -$204.0M -$100.7M
Cash From Financing Activities $407.0M $79.99M
Net Change In Cash $230.1M -$1.293M
YoY Change -17898.69% -101.05%
FREE CASH FLOW
Cash From Operating Activities $27.13M $19.40M
Capital Expenditures -$30.60M -$100.7M
Free Cash Flow $57.73M $120.1M
YoY Change -51.94% 247.06%

Facts In Submission

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Land
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17572000 USD
CY2014 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
2842000 USD
CY2015Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
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CY2014Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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1502000 USD
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69000 USD
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70000 USD
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3200000 USD
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3195000 USD
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2 Segments
CY2014Q4 us-gaap Off Market Lease Unfavorable
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40969000 USD
CY2015Q1 us-gaap Off Market Lease Unfavorable
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39169000 USD
CY2014Q1 us-gaap Operating Income Loss
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CY2015Q1 us-gaap Operating Leases Future Minimum Payments Receivable
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CY2015Q1 us-gaap Operating Leases Future Minimum Payments Receivable Current
OperatingLeasesFutureMinimumPaymentsReceivableCurrent
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CY2015Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
134859000 USD
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
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CY2015Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
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CY2015Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
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167764000 USD
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552000 USD
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625000 USD
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OtherComprehensiveIncomeLossNetOfTax
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185000 USD
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
237000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1529000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
3049000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
82000 USD
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OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
166000 USD
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634000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
791000 USD
CY2014Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
1000 USD
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CY2014Q1 us-gaap Payments For Capital Improvements
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CY2015Q1 us-gaap Payments For Capital Improvements
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CY2014Q1 us-gaap Payments For Deposits On Real Estate Acquisitions
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0 USD
CY2015Q1 us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
261648000 USD
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
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0 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1750000 USD
CY2014Q1 us-gaap Payments Of Debt Issuance Costs
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9000 USD
CY2015Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
3647000 USD
CY2014Q1 us-gaap Payments Of Distributions To Affiliates
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298000 USD
CY2015Q1 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
0 USD
CY2014Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
8676000 USD
CY2015Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
10287000 USD
CY2014Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
3200000 USD
CY2015Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
3195000 USD
CY2014Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
580000 USD
CY2015Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
5050000 USD
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113580000 USD
CY2014Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
75580000 USD
CY2015Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
6692000 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
273986000 USD
CY2014Q1 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
0 USD
CY2015Q1 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
219150000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
385600000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
197468000 USD
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ProceedsFromIssuanceOfCommonStock
385572000 USD
CY2014Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
52843000 USD
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ProceedsFromNotesPayable
319000 USD
CY2014Q1 us-gaap Proceeds From Payments To Minority Shareholders
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-1416000 USD
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-933000 USD
CY2014Q1 us-gaap Proceeds From Sale Of Real Estate
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0 USD
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4533000 USD
CY2015Q1 us-gaap Profit Loss
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24574000 USD
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
83000 USD
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-44000 USD
CY2014Q4 us-gaap Real Estate Heldforsale
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68534000 USD
CY2015Q1 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
0 USD
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134657000 USD
CY2015Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
143502000 USD
CY2014Q4 us-gaap Real Estate Investment Property At Cost
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2171295000 USD
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2205819000 USD
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2036638000 USD
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2062317000 USD
CY2014Q1 us-gaap Real Estate Revenue Net
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55596000 USD
CY2015Q1 us-gaap Real Estate Revenue Net
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62824000 USD
CY2014Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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10177000 USD
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10177000 USD
CY2014Q1 us-gaap Repayments Of Notes Payable
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173200000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2015Q1 us-gaap Restricted Cash And Cash Equivalents
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16906000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
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-34884000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
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-15603000 USD
CY2014Q4 us-gaap Security Deposit Liability
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6257000 USD
CY2015Q1 us-gaap Security Deposit Liability
SecurityDepositLiability
6179000 USD
CY2014Q1 us-gaap Share Based Compensation
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1277000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2149000 USD
CY2015Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
31.75
CY2015Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
11000000 shares
CY2014 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
197468000 USD
CY2015Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
385572000 USD
CY2015Q1 us-gaap Stock Issued During Period Value Other
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1000 USD
CY2014 us-gaap Stock Repurchased During Period Value
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3129000 USD
CY2015Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1750000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
1179174000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
1568884000 USD
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1102866000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1275015000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1884723000 USD
CY2014Q1 us-gaap Straight Line Rent
StraightLineRent
2685000 USD
CY2015Q1 us-gaap Straight Line Rent
StraightLineRent
3464000 USD
CY2014Q4 us-gaap Tenant Improvements
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116317000 USD
CY2015Q1 us-gaap Tenant Improvements
TenantImprovements
120273000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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63625751 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77330351 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63625751 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76783351 shares
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate properties, its accrued liabilities, and its performance-based equity compensation awards. The Company bases its estimates on historical experience, current market conditions, and various other assumptions that are believed to be reasonable under the circumstances. Actual results could materially differ from these estimates.</font></div></div>

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