2018 Q1 Form 10-Q Financial Statement

#000162828018006729 Filed on May 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $80.40M $25.97M
YoY Change 209.56% 107.74%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.031M $4.892M
YoY Change 2.84% 109.24%
% of Gross Profit
Operating Expenses $21.77M $19.29M
YoY Change 12.83% 73.02%
Operating Profit $20.44M $6.679M
YoY Change 206.06% 394.37%
Interest Expense $4.271M $3.579M
YoY Change 19.34% 43.56%
% of Operating Profit 20.89% 53.59%
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $6.319M $3.123M
YoY Change 102.34% -373.95%
Net Earnings / Revenue 7.86% 12.02%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 75.18M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $28.54M $58.48M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.171B $1.199B
YoY Change -2.36% 100.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $583.0M $593.9M
YoY Change -1.84% 114.82%
SHAREHOLDERS EQUITY
Retained Earnings -$11.87M -$20.67M
YoY Change -42.56% 9.78%
Common Stock $77.00K $75.00K
YoY Change 2.67% 92.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $553.0M $584.1M
YoY Change
Total Liabilities & Shareholders Equity $1.171B $1.199B
YoY Change -2.36% 100.72%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $6.319M $3.123M
YoY Change 102.34% -373.95%
Depreciation, Depletion And Amortization $5.031M $4.892M
YoY Change 2.84% 109.24%
Cash From Operating Activities $8.513M $14.19M
YoY Change -40.01% 477.57%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$182.0K -$35.16M
YoY Change -99.48% 4.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.898M -$34.64M
YoY Change -108.37% -63.39%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$13.12M $30.11M
YoY Change -143.57% -45.95%
NET CHANGE
Cash From Operating Activities $8.513M $14.19M
Cash From Investing Activities -$182.0K -$35.16M
Cash From Financing Activities -$13.12M $30.11M
Net Change In Cash -$4.788M $9.138M
YoY Change -152.4% -62.56%
FREE CASH FLOW
Cash From Operating Activities $8.513M $14.19M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2018Q1 us-gaap Interest Payable Current
InterestPayableCurrent
3289000 USD
CY2017Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
815721000 USD
CY2018Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
55000 USD
CY2017Q4 us-gaap Land
Land
122482000 USD
CY2018Q1 us-gaap Land
Land
122482000 USD
CY2017Q4 us-gaap Liabilities
Liabilities
584999000 USD
CY2018Q1 us-gaap Liabilities
Liabilities
582995000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1179948000 USD
CY2018Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1170833000 USD
CY2017Q4 us-gaap Line Of Credit
LineOfCredit
355561000 USD
CY2018Q1 us-gaap Line Of Credit
LineOfCredit
355814000 USD
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
481848000 USD
CY2018Q1 us-gaap Long Term Debt
LongTermDebt
482122000 USD
CY2017Q4 us-gaap Minority Interest
MinorityInterest
76000 USD
CY2018Q1 us-gaap Minority Interest
MinorityInterest
1251000 USD
CY2017 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
11000 USD
CY2018Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
11000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
30110000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-13119000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-35163000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-182000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
14191000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
803000 USD
CY2017Q4 us-gaap Notes Payable
NotesPayable
126287000 USD
CY2018Q1 us-gaap Notes Payable
NotesPayable
126308000 USD
CY2018Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
27 Property
CY2018Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2018Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
17 state
CY2017Q4 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
51295000 USD
CY2018Q1 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
50046000 USD
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
19293000 USD
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
21769000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
6679000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
5020000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
891713000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
73538000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
72677000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
80492000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
78887000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
528803000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
57316000 USD
CY2017Q1 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
21608000 USD
CY2018Q1 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
22010000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
5313000 USD
CY2018Q1 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
7587000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
166000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
74000 USD
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
108000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
74000 USD
CY2017Q1 us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
106000 USD
CY2018Q1 us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
83000 USD
CY2017Q1 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
200000 USD
CY2018Q1 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
0 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1411000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1987000 USD
CY2017Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4528000 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4943000 USD
CY2017Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2018Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5275000 USD
CY2017Q1 us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
14897000 USD
CY2018Q1 us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
0 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
12224000 USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
15680000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
36052000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
-911000 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
3124000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
804000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
83905000 USD
CY2018Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
94903000 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1178866000 USD
CY2018Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1178951000 USD
CY2017Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1094961000 USD
CY2018Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1084048000 USD
CY2017Q1 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
2412000 USD
CY2018Q1 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
2459000 USD
CY2017Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
7477000 USD
CY2018Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
5966000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
12886000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
12722000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-12672000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-11869000 USD
CY2017Q1 us-gaap Revenues
Revenues
25972000 USD
CY2018Q1 us-gaap Revenues
Revenues
26789000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
140000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
24000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
5395000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
5483000 USD
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
41826000 USD
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
344000 USD
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
292000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
24000 USD
CY2017 us-gaap Stock Issued During Period Value Stock Dividend
StockIssuedDuringPeriodValueStockDividend
0 USD
CY2018Q1 us-gaap Stock Issued During Period Value Stock Dividend
StockIssuedDuringPeriodValueStockDividend
0 USD
CY2018Q1 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
1008029 shares
CY2017 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
5742000 USD
CY2018Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1987000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
562468000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
553045000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
554455000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
562544000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
554296000 USD
CY2017Q1 us-gaap Straight Line Rent
StraightLineRent
4173000 USD
CY2018Q1 us-gaap Straight Line Rent
StraightLineRent
2935000 USD
CY2017Q4 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
32405000 USD
CY2018Q1 us-gaap Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests
TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests
33542000 USD
CY2017Q1 us-gaap Tenant Reimbursements
TenantReimbursements
4364000 USD
CY2018Q1 us-gaap Tenant Reimbursements
TenantReimbursements
4779000 USD
CY2017Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-23000 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-77000 USD
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
74460141 shares
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
77258928 shares
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;font-style:italic;">Change in Consolidated Financial Statements Presentation</font></div><div style="line-height:120%;padding-bottom:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;">During the year ended December 31, 2017, the Company elected to early adopt Accounting Standards Update ("ASU") No. 2016-18,</font><font style="font-family:inherit;font-size:10pt;color:#000000;font-style:italic;"> Restricted Cash </font><font style="font-family:inherit;font-size:10pt;color:#000000;">("ASU No. 2016-18"). As a result, the Company no longer presents transfers between cash and restricted cash in the consolidated statements of cash flows. Instead, restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows.</font></div></div>
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:16px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;">The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.</font></div></div>

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