2016 Q1 Form 10-Q Financial Statement

#000114420416101849 Filed on May 13, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1 2013 Q1
Revenue
YoY Change
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
YoY Change
% of Gross Profit
Operating Expenses $2.901M $6.103M $7.891M
YoY Change -52.47% -18.49%
Operating Profit -$193.0K -$1.299M -$2.249M
YoY Change -85.14% -40.3%
Interest Expense $600.0K $1.694M $2.270M
YoY Change -64.58% -23.66%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$159.0K
YoY Change
Income Tax -$94.00K
% Of Pretax Income
Net Earnings -$63.00K $2.861M $1.138M
YoY Change -102.2% 375.25%
Net Earnings / Revenue
Basic Earnings Per Share $0.26 $0.10
Diluted Earnings Per Share $0.25 $0.10
COMMON SHARES
Basic Shares Outstanding 11.04M shares 10.97M shares 10.94M shares
Diluted Shares Outstanding 11.04M shares 11.40M shares 11.37M shares

Balance Sheet

Concept 2016 Q1 2015 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $3.414M $3.965M $1.126M
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 $6.645M $4.426M
YoY Change 50.14%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $141.7M
YoY Change -26.29%
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 $95.94M
YoY Change -28.82%
SHAREHOLDERS EQUITY
Retained Earnings -$52.25M
YoY Change 20.91%
Common Stock $110.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $44.14M
YoY Change
Total Liabilities & Shareholders Equity $141.7M
YoY Change -26.29%

Cashflow Statement

Concept 2016 Q1 2015 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$63.00K $2.861M $1.138M
YoY Change -102.2% 375.25%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $1.745M -$688.0K -$2.183M
YoY Change -353.63% 45.76%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$30.53M $40.95M $7.301M
YoY Change -174.54% 107.41%
FINANCING ACTIVITIES
Cash Dividend Paid $688.0K $747.0K $415.0K
YoY Change -7.9% 24.09% -63.18%
Common Stock Issuance & Retirement, Net $104.7M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $23.40M -$39.51M -$5.699M
YoY Change -159.23% 129.63%
NET CHANGE
Cash From Operating Activities $1.745M -$688.0K -$2.183M
Cash From Investing Activities -$30.53M $40.95M $7.301M
Cash From Financing Activities $23.40M -$39.51M -$5.699M
Net Change In Cash -$5.379M $754.0K -$581.0K
YoY Change -813.4% -63.5%
FREE CASH FLOW
Cash From Operating Activities $1.745M -$688.0K -$2.183M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2016Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b><i>Reclassifications</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Assets sold or held for sale and related liabilities have been reclassified on the condensed consolidated balance sheets. For operating properties sold prior to May 1, 2014, the related operating results have been reclassified from continuing to discontinued operations on the condensed consolidated statements of operations. For operating properties sold on or after May 1, 2014, the related operating results remain in continuing operations on the condensed consolidated statements of operations unless the sold properties represent a strategic shift that have had (or will have) a major effect on the Company&#8217;s operations and financial results.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of March 31, 2016, in respect to the Company&#8217;s adoption of ASU No. 2015-03, <font style="FONT-FAMILY:Times New Roman, Times, Serif"><i>Interest - Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs&#160;</i> (&#8220;ASU No. 2015-03&#8221;)</font>, the Company reclassified $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">938,000</font> of deferred financing costs, net of accumulated amortization, as a contra-liability to notes payable on the condensed&#160;consolidated balance sheet, and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">127,000</font> of deferred financing costs related to property held for sale, net of accumulated amortization, as a contra-liability to liabilities held for sale on the condensed consolidated balance sheet. ASU 2015-03 requires retrospective application, wherein the balance sheet of each period presented should be adjusted to reflect the effects of the new guidance. Accordingly, for comparative purposes herein, the Company reclassified the December 31, 2015 balance of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">339,000</font> of deferred financing costs, net of accumulated amortization, as a contra-liability to notes payable in the condensed consolidated balance sheet, and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">127,000</font> of deferred financing costs, net of accumulated amortization, as a contra-liability to liabilities held for sale on the condensed consolidated balance sheet.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b><i>Concentration of Credit Risk</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A concentration of credit risk arises in the Company&#8217;s business when a nationally or regionally-based tenant occupies a substantial amount of space in multiple properties owned by the Company. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to the Company, exposing the Company to potential losses in rental revenue, expense recoveries, and percentage rent. Generally, the Company does not obtain security deposits from the nationally-based or regionally-based tenants in support of their lease obligations to the Company. The Company regularly monitors its tenant base to assess potential concentrations of credit risk. As of March 31, 2016, excluding property classified as held for sale, Ralph&#8217;s Grocery accounted for <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10</font>% of the Company&#8217;s annual minimum rent. As of March 31, 2016, there was no outstanding receivable from Ralph&#8217;s Grocery.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b><i>Use of Estimates</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The preparation of the Company&#8217;s condensed consolidated financial statements requires significant management judgments, assumptions and estimates about matters that are inherently uncertain. These judgments affect the reported amounts of assets and liabilities and the Company&#8217;s disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in the Company&#8217;s condensed consolidated financial statements, and actual results could differ from the estimates or assumptions used by management. Additionally, other companies may utilize different estimates that may impact the comparability of the Company&#8217;s condensed consolidated results of operations to those of companies in similar businesses. The Company considers significant estimates to include the carrying amounts and recoverability of investments in real estate, impairments, real estate acquisition purchase price allocations, allowance for doubtful accounts, estimated useful lives to determine depreciation and amortization and fair value determinations, among others.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11037189 shares
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10969714 shares
CY2016Q1 us-gaap Sales Of Real Estate
SalesOfRealEstate
53600000 USD
CY2016Q1 ck0001446371 Real Estate Properties Original Purchase Price
RealEstatePropertiesOriginalPurchasePrice
46800000 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Receivable Current
OperatingLeasesFutureMinimumPaymentsReceivableCurrent
5374000 USD
CY2016Q1 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
33276000 USD
CY2016Q1 us-gaap Below Market Lease Net
BelowMarketLeaseNet
3231000 USD
CY2015Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
3303000 USD
CY2016Q1 ck0001446371 Reimbursement Of Operating Expenses Description
ReimbursementOfOperatingExpensesDescription
The Company reimburses the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse the Advisor for any amount by which the Company&#8217;s total operating expenses (including the asset management fee described below) at the end of the four preceding fiscal quarters exceeded the greater of (1) 2% of its average invested assets (as defined in the Charter); or (2) 25% of its net income (as defined in the Charter) determined without reduction for any additions to depreciation, bad debts or other similar non-cash expenses and excluding any gain from the sale of the Company&#8217;s assets for that period (the &#8220;2%/25% Guideline&#8221;). The Advisor is required to reimburse the Company quarterly for any amounts by which total operating expenses exceed the 2%/25% Guideline in the previous expense year that the independent directors do not approve. The Company will not reimburse the Advisor for any of its personnel costs or other overhead costs except for customary reimbursements for personnel costs under property management agreements entered into between the OP and the Advisor or its affiliates. Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of the 2%/25% Guideline if a majority of the independent directors determine that such excess expenses are justified based on unusual and non-recurring factors.
CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.26
CY2016Q1 us-gaap Dividends Common Stock
DividendsCommonStock
2627000 USD
CY2016Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
103000 USD
CY2016Q1 ck0001446371 Dividend Distribution To Common Stockholders And Unit Holders
DividendDistributionToCommonStockholdersAndUnitHolders
2730000 USD
CY2016Q1 us-gaap Units Of Partnership Interest Description
UnitsOfPartnershipInterestDescription
15% of the Company&#8217;s net sale proceeds upon disposition of its assets after the Company&#8217;s stockholders receive a return of their investment plus a 7% cumulative, non-compounded rate of return or (ii) an equivalent amount in the event that the Company lists its shares of common stock on a national securities exchange or upon certain terminations of the Advisory Agreement after the Company&#8217;s stockholders are deemed to have received a return of their investment plus a 7% cumulative, non-compounded rate of return.
CY2016Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
938000 USD
CY2015Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
339000 USD
CY2016Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
58509000 USD
CY2015Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
34052000 USD
CY2015Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2015-03-31
CY2015Q2 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2015-06-30
CY2015Q3 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2015-09-30
CY2015Q4 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2015-12-31
CY2015Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2015-04-30
CY2015Q2 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2015-07-30
CY2015Q3 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2015-10-31
CY2015Q4 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2016-01-30
CY2016Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
35185000 USD
CY2016Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
473000 USD
CY2016Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
23355000 USD
CY2016Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
434000 USD
CY2016Q1 us-gaap Long Term Debt
LongTermDebt
59447000 USD
CY2016Q1 us-gaap Inventory Land Held For Development And Sale
InventoryLandHeldForDevelopmentAndSale
25851000 USD
CY2015Q4 us-gaap Inventory Land Held For Development And Sale
InventoryLandHeldForDevelopmentAndSale
0 USD
CY2016Q1 us-gaap Inventory Buildings And Improvements
InventoryBuildingsAndImprovements
613000 USD
CY2015Q4 us-gaap Inventory Buildings And Improvements
InventoryBuildingsAndImprovements
0 USD
CY2016Q1 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
901000 USD
CY2015Q4 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
0 USD
CY2016Q1 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
27365000 USD
CY2015Q4 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
0 USD
CY2016Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2015Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2016Q1 us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
27280000 USD
CY2015Q1 us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
0 USD
CY2016Q1 us-gaap Increase Decrease In Restricted Cash And Investments
IncreaseDecreaseInRestrictedCashAndInvestments
3458000 USD
CY2015Q1 us-gaap Increase Decrease In Restricted Cash And Investments
IncreaseDecreaseInRestrictedCashAndInvestments
0 USD
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2016Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2015Q1 us-gaap Sales Of Real Estate
SalesOfRealEstate
53600000 USD
CY2016Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
600000 USD
CY2015Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
1694000 USD
CY2016Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
121000 USD
CY2015Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
162000 USD
CY2016Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
60000000 USD
CY2016Q1 us-gaap Line Of Credit Facility Commitment Fee Description
LineOfCreditFacilityCommitmentFeeDescription
The Company will pay KeyBank an unused commitment fee, quarterly in arrears, which will accrue at 0.30% per annum if the usage under the KeyBank credit facility is greater than 50% of the Facility Amount.
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000 shares
CY2016Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
11007227 shares
CY2016Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11007227 shares
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
11037948 shares
CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11037948 shares
CY2015Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Alternative Minimum Tax
DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax
200000 USD
CY2016Q1 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
111000 USD
CY2016Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
89000 USD
CY2016Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
328000 USD

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