2016 Q4 Form 10-Q Financial Statement

#000145677216000017 Filed on October 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $66.03M $64.48M $62.09M
YoY Change 7.04% 3.84% -3.28%
Cost Of Revenue $22.20M $21.40M $20.00M
YoY Change 6.22% 7.0% 6.95%
Gross Profit $43.90M $43.00M $42.10M
YoY Change 7.6% 2.14% -7.27%
Gross Profit Margin 66.48% 66.69% 67.8%
Selling, General & Admin $7.500M $9.300M $8.900M
YoY Change 0.0% 4.49% -8.25%
% of Gross Profit 17.08% 21.63% 21.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.90M $18.00M $16.90M
YoY Change 7.19% 6.51% -2.31%
% of Gross Profit 40.77% 41.86% 40.14%
Operating Expenses $25.90M $27.80M $26.10M
YoY Change 6.15% 6.51% -4.4%
Operating Profit $18.00M $15.18M $15.74M
YoY Change 9.76% -3.52% -13.06%
Interest Expense -$12.40M $12.61M $9.137M
YoY Change -40.1% 37.99% -202.66%
% of Operating Profit -68.89% 83.04% 58.06%
Other Income/Expense, Net
YoY Change
Pretax Income $4.700M $2.998M $6.615M
YoY Change -200.0% -54.68% -5.5%
Income Tax $0.00 $13.00K -$13.00K
% Of Pretax Income 0.0% 0.43% -0.2%
Net Earnings $12.10M $11.60M $16.90M
YoY Change -626.09% -31.36% 34.13%
Net Earnings / Revenue 18.33% 17.99% 27.22%
Basic Earnings Per Share
Diluted Earnings Per Share $679.8K $651.7K $949.4K
COMMON SHARES
Basic Shares Outstanding 71.18M shares 71.05M shares 71.00M shares
Diluted Shares Outstanding 71.08M shares 71.02M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.90M $13.70M $11.30M
YoY Change 239.77% 21.24% 130.61%
Cash & Equivalents $29.94M $13.75M $11.31M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $48.50M $49.40M $40.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $78.40M $63.10M $52.20M
YoY Change 44.92% 20.88% 24.29%
LONG-TERM ASSETS
Property, Plant & Equipment $1.717B $1.608B $1.567B
YoY Change 10.16% 2.6% -3.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $487.7M $492.0M $511.9M
YoY Change -0.75% -3.89% -25.22%
Other Assets $34.20M $33.00M $37.00M
YoY Change 23.02% -10.81% 9.79%
Total Long-Term Assets $2.307B $2.202B $2.175B
YoY Change 9.09% 1.25% -8.92%
TOTAL ASSETS
Total Short-Term Assets $78.40M $63.10M $52.20M
Total Long-Term Assets $2.307B $2.202B $2.175B
Total Assets $2.385B $2.265B $2.227B
YoY Change 9.99% 1.71% -8.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.00M $52.20M $48.70M
YoY Change 6.93% 7.19% 88.03%
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 $57.50M $56.20M $50.50M
YoY Change 7.68% 11.29% 81.65%
LONG-TERM LIABILITIES
Long-Term Debt $1.382B $1.247B $1.149B
YoY Change 20.63% 8.47% 7.36%
Other Long-Term Liabilities $10.70M $11.30M $13.60M
YoY Change -16.41% -16.91% -24.02%
Total Long-Term Liabilities $1.393B $1.258B $1.163B
YoY Change 20.22% 8.18% 6.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.50M $56.20M $50.50M
Total Long-Term Liabilities $1.393B $1.258B $1.163B
Total Liabilities $1.450B $1.314B $1.214B
YoY Change 19.66% 8.3% 8.71%
SHAREHOLDERS EQUITY
Retained Earnings $96.33M $84.26M
YoY Change 150.3%
Common Stock $1.474B $1.474B
YoY Change 0.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $935.0M $950.7M $1.013B
YoY Change
Total Liabilities & Shareholders Equity $2.385B $2.265B $2.227B
YoY Change 9.99% 1.71% -8.34%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $12.10M $11.60M $16.90M
YoY Change -626.09% -31.36% 34.13%
Depreciation, Depletion And Amortization $17.90M $18.00M $16.90M
YoY Change 7.19% 6.51% -2.31%
Cash From Operating Activities $32.60M $19.70M $26.20M
YoY Change 23.95% -24.81% -15.76%
INVESTING ACTIVITIES
Capital Expenditures -$126.2M -$13.70M -$2.900M
YoY Change 1228.42% 372.41% -78.03%
Acquisitions
YoY Change
Other Investing Activities $6.000M $5.000M $4.100M
YoY Change -30.23% 21.95% -100.61%
Cash From Investing Activities -$120.4M -$8.500M $1.100M
YoY Change 14950.0% -872.73% -100.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 104.0M -6.400M -23.00M
YoY Change -470.11% -72.17% -103.5%
NET CHANGE
Cash From Operating Activities 32.60M 19.70M 26.20M
Cash From Investing Activities -120.4M -8.500M 1.100M
Cash From Financing Activities 104.0M -6.400M -23.00M
Net Change In Cash 16.20M 4.800M 4.300M
YoY Change -723.08% 11.63% -4400.0%
FREE CASH FLOW
Cash From Operating Activities $32.60M $19.70M $26.20M
Capital Expenditures -$126.2M -$13.70M -$2.900M
Free Cash Flow $158.8M $33.40M $29.10M
YoY Change 343.58% 14.78% -34.31%

Facts In Submission

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IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
2998000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
18189000 USD
CY2015Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
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0.24
us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2016Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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CY2015Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2015Q3 us-gaap Income Loss From Equity Method Investments
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10294000 USD
us-gaap Income Loss From Equity Method Investments
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16072000 USD
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8668000 USD
us-gaap Income Loss From Equity Method Investments
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28002000 USD
CY2015Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
49000 USD
CY2016Q3 us-gaap Income Tax Expense Benefit
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13000 USD
us-gaap Income Tax Expense Benefit
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63000 USD
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143000 USD
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us-gaap Increase Decrease In Due To Related Parties
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1088000 USD
us-gaap Increase Decrease In Leasing Receivables
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us-gaap Increase Decrease In Leasing Receivables
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126000 USD
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1528585000 USD
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865000 USD
us-gaap Increase Decrease In Other Operating Assets
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1466000 USD
us-gaap Increase Decrease In Restricted Cash For Operating Activities
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-950000 USD
us-gaap Increase Decrease In Restricted Cash For Operating Activities
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us-gaap Interest Expense
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27894000 USD
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12608000 USD
us-gaap Interest Expense
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32286000 USD
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30107000 USD
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14000 USD
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47000 USD
us-gaap Investment Income Interest
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63000 USD
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253058000 USD
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Land
259416000 USD
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1211859000 USD
CY2016Q3 us-gaap Liabilities
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1314330000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
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2168510000 USD
CY2016Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2265070000 USD
CY2015Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
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54000 USD
CY2016Q3 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
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61000 USD
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CY2016Q3 us-gaap Line Of Credit
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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8138000 USD
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 Net Cash Provided By Used In Operating Activities
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89053000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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91674000 USD
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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16911000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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-207622000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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11578000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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45778000 USD
us-gaap Noncash Or Part Noncash Acquisition Accounts Receivable Acquired1
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0 USD
us-gaap Noncash Or Part Noncash Acquisition Accounts Receivable Acquired1
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3600000 USD
us-gaap Noncash Or Part Noncash Acquisition Investments Acquired1
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13545000 USD
us-gaap Noncash Or Part Noncash Acquisition Investments Acquired1
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0 USD
us-gaap Number Of Operating Segments
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2 segment
CY2016Q3 us-gaap Number Of Real Estate Properties
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71 property
CY2015Q4 us-gaap Off Market Lease Unfavorable
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12735000 USD
CY2016Q3 us-gaap Off Market Lease Unfavorable
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11257000 USD
CY2015Q3 us-gaap Operating Income Loss
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15737000 USD
us-gaap Operating Income Loss
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50033000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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11736000 USD
CY2016Q3 us-gaap Operating Income Loss
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15183000 USD
us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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19180000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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11698000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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38953000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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11736000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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38994000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-355000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-166000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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38994000 USD
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-355000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-166000 USD
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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3273000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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10423000 USD
CY2015Q3 us-gaap Other Cost And Expense Operating
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12281000 USD
us-gaap Other Cost And Expense Operating
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36659000 USD
CY2016Q3 us-gaap Other Cost And Expense Operating
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13854000 USD
us-gaap Other Cost And Expense Operating
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40031000 USD
CY2015Q3 us-gaap Other Interest And Dividend Income
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0 USD
us-gaap Other Interest And Dividend Income
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0 USD
CY2016Q3 us-gaap Other Interest And Dividend Income
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304000 USD
us-gaap Other Interest And Dividend Income
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667000 USD
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50543000 USD
CY2016Q3 us-gaap Other Liabilities
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52237000 USD
us-gaap Other Noncash Expense
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1288000 USD
us-gaap Other Noncash Expense
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500000 USD
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9746000 USD
us-gaap Payments For Capital Improvements
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23357000 USD
us-gaap Payments For Repurchase Of Common Stock
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174000 USD
us-gaap Payments For Repurchase Of Common Stock
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312000 USD
us-gaap Payments Of Dividends Common Stock
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91074000 USD
us-gaap Payments Of Dividends Common Stock
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91759000 USD
us-gaap Payments Of Financing Costs
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21000 USD
us-gaap Payments Of Financing Costs
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10229000 USD
us-gaap Payments To Acquire And Develop Real Estate
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0 USD
us-gaap Payments To Acquire And Develop Real Estate
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83705000 USD
us-gaap Payments To Acquire Businesses And Interest In Affiliates
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6467000 USD
us-gaap Payments To Acquire Businesses And Interest In Affiliates
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0 USD
us-gaap Payments To Acquire Equity Method Investments
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95821000 USD
us-gaap Payments To Acquire Equity Method Investments
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0 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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15721000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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11951000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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310000000 USD
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0 shares
CY2015Q3 us-gaap Real Estate Revenue Net
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62092000 USD
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us-gaap Proceeds From Long Term Lines Of Credit
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254000000 USD
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30520000 USD
us-gaap Proceeds From Sale Of Productive Assets
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263000 USD
CY2015Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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255879000 USD
CY2016Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
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285974000 USD
CY2015Q4 us-gaap Real Estate Investment Property At Cost
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1696132000 USD
CY2016Q3 us-gaap Real Estate Investment Property At Cost
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CY2015Q4 us-gaap Real Estate Investment Property Net
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1440253000 USD
CY2016Q3 us-gaap Real Estate Investment Property Net
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1502027000 USD
us-gaap Real Estate Revenue Net
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186864000 USD
CY2016Q3 us-gaap Real Estate Revenue Net
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64478000 USD
us-gaap Real Estate Revenue Net
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192150000 USD
CY2015Q3 us-gaap Real Estate Tax Expense
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7735000 USD
us-gaap Real Estate Tax Expense
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22819000 USD
CY2016Q3 us-gaap Real Estate Tax Expense
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7591000 USD
us-gaap Real Estate Tax Expense
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22810000 USD
CY2016Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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38000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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41000 USD
us-gaap Repayments Of Long Term Lines Of Credit
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51000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
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346000000 USD
us-gaap Repayments Of Secured Debt
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48476000 USD
us-gaap Repayments Of Secured Debt
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107562000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
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1022000 USD
CY2016Q3 us-gaap Restricted Cash And Cash Equivalents
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38486000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
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84264000 USD
CY2015Q4 us-gaap Secured Debt
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CY2016Q3 us-gaap Secured Debt
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28250000 USD
CY2015Q4 us-gaap Senior Notes
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345809000 USD
CY2016Q3 us-gaap Senior Notes
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646551000 USD
CY2015Q4 us-gaap Stockholders Equity
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956651000 USD
CY2016Q3 us-gaap Stockholders Equity
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950740000 USD
CY2015Q3 us-gaap Straight Line Rent
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613000 USD
us-gaap Straight Line Rent
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CY2016Q3 us-gaap Straight Line Rent
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1205000 USD
us-gaap Straight Line Rent
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1789000 USD
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us-gaap Utilities Costs
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CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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23000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70589000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71054000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71041000 shares
gov Schedule Of Disposal Groups Including Continuing Operations Disclosures Textblock
ScheduleOfDisposalGroupsIncludingContinuingOperationsDisclosuresTextblock
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The results of operations for this property were included in continuing operations in our condensed consolidated financial statements up to the date of sale. &#160;Summarized balance sheet information for the property as of December 31, 2015 is as follows:&#160;</font></div><div style="line-height:120%;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:75.43859649122807%;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:76%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:21%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2015</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate properties, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,071</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Rents receivable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assets of property held for sale</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,098</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Liabilities of property held for sale</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 1, 2016, we adopted the Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU, No. 2015-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidation</font><font style="font-family:inherit;font-size:10pt;">. Among other things, this update changes how an entity determines the primary beneficiary of a variable interest entity. The implementation of this update did not have an impact in our condensed consolidated financial statements.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 1, 2016, we adopted FASB ASU No. 2015-03, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Simplifying the Presentation of Debt Issuance Costs</font><font style="font-family:inherit;font-size:10pt;">, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability, and FASB ASU No. 2015-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements &#8211; Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting</font><font style="font-family:inherit;font-size:10pt;">, which addresses the presentation of debt issuance costs related to line of credit arrangements. The implementation of these updates resulted in the reclassification of certain of our capitalized debt issuance costs as an offset to the associated debt liability in our condensed consolidated balance sheets. The classification of capitalized debt issuance costs related to our unsecured revolving credit facility remains unchanged in accordance with ASU No. 2015-15. As of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, debt issuance costs related to our unsecured term loans, senior unsecured notes and mortgage notes payable of </font><font style="font-family:inherit;font-size:10pt;">$3,510</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">$2,172</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$344</font><font style="font-family:inherit;font-size:10pt;">, respectively, were reclassified from assets to the associated debt liability in our condensed consolidated balance sheets.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 1, 2016, we adopted FASB ASU No. 2015-16, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Simplifying the Accounting for Measurement-Period Adjustments</font><font style="font-family:inherit;font-size:10pt;">, which eliminates the requirement for an acquirer in a business combination to account for measurement period adjustments retrospectively. Instead, acquirers must recognize measurement period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The implementation of this update did not have an impact in our condensed consolidated financial statements.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU No. 2016-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recognition and Measurement of Financial Assets and Financial Liabilities</font><font style="font-family:inherit;font-size:10pt;">, which changes how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. This update is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted subject to certain conditions. Currently, changes in fair value of these investments are recorded through other comprehensive income. Under this ASU, these changes will be recorded through earnings. We are continuing to evaluate this guidance, but we expect the implementation of this guidance will affect how changes in the fair value of available for sale equity investments we hold are presented in our condensed consolidated financial statements.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right of use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. ASU No. 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently assessing the potential impact the adoption of ASU No. 2016-02 will have in our condensed consolidated financial statements.</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU No. 2016-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation &#8211; Stock Compensation</font><font style="font-family:inherit;font-size:10pt;">, which&#160;identifies areas for simplification involving several aspects of accounting for share based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. ASU No. 2016-09 is effective for reporting periods beginning after December 15, 2016.&#160; We are currently assessing the potential impact that the adoption of ASU No. 2016-09 will have in our condensed consolidated financial statements.&#160;&#160;&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU No. 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</font><font style="font-family:inherit;font-size:10pt;">, which requires that entities use a new forward looking &#8220;expected loss&#8221; model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently assessing the potential impact that adoption of ASU No. 2016-13 will have in our condensed consolidated financial statements.</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%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU No. 2016-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments</font><font style="font-family:inherit;font-size:10pt;">, which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently assessing the potential impact that adoption of ASU No. 2016-15 will have in our condensed consolidated financial statements.</font></div></div>

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