2016 Q4 Form 10-K Financial Statement

#000144637118000014 Filed on March 23, 2018

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2016 Q2
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 $3.194M $3.116M
YoY Change -33.15% -32.93%
Operating Profit -$547.0K -$634.0K
YoY Change -32.55% -21.24%
Interest Expense $550.0K $510.0K
YoY Change -59.5% -62.33%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$531.0K -$718.0K
YoY Change -53.05% 102.82%
Income Tax $19.00K $228.0K
% Of Pretax Income
Net Earnings -$529.0K -$911.0K
YoY Change -51.6% 117.42%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 10.98M shares 11.01M shares 11.01M shares
Diluted Shares Outstanding 11.01M shares 11.01M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $3.130M $3.893M $3.265M
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 $4.761M $5.997M $6.469M
YoY Change -31.02% -16.37% 38.7%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $131.5M $125.9M $121.3M
YoY Change 29.98% -8.81%
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 $84.26M $77.30M $70.60M
YoY Change 73.73% -21.1% -25.96%
SHAREHOLDERS EQUITY
Retained Earnings -$50.68M -$49.61M -$47.76M
YoY Change 9.87% -13.45% -10.43%
Common Stock $111.0K $111.0K $111.0K
YoY Change 0.0% 1.83% 1.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.47M $46.77M $48.83M
YoY Change
Total Liabilities & Shareholders Equity $131.5M $125.9M $121.3M
YoY Change 29.98% -8.81% -13.03%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income -$529.0K -$911.0K
YoY Change -51.6% 117.42%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

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8561000 USD
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CY2017Q4 us-gaap Number Of Real Estate Properties
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10
CY2017Q4 us-gaap Number Of States In Which Entity Operates
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4
CY2016Q4 us-gaap Off Market Lease Unfavorable
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3049000 USD
CY2017Q4 us-gaap Off Market Lease Unfavorable
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OperatingIncomeLoss
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2619000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
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9555000 USD
CY2016 us-gaap Operating Leases Income Statement Minimum Lease Revenue
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10476000 USD
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OperatingLeasesIncomeStatementMinimumLeaseRevenue
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CY2016Q4 us-gaap Other Liabilities
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461000 USD
CY2017Q4 us-gaap Other Liabilities
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387000 USD
CY2016 us-gaap Other Nonoperating Income Expense
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CY2017 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2017 us-gaap Payments For Construction In Process
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5081000 USD
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492000 USD
CY2017 us-gaap Payments For Leasing Costs Commissions And Tenant Improvements
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1494000 USD
CY2016 us-gaap Payments For Repurchase Of Equity
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704000 USD
CY2017 us-gaap Payments For Repurchase Of Equity
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CY2017 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
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CY2016 us-gaap Payments Of Dividends
PaymentsOfDividends
2742000 USD
CY2017 us-gaap Payments Of Dividends
PaymentsOfDividends
2714000 USD
CY2016 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
89000 USD
CY2017 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1541000 USD
CY2016 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
17792000 USD
CY2017 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
17812000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
1070000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
200000 USD
CY2016 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
2273000 USD
CY2017 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
1997000 USD
CY2016 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
47600000 USD
CY2017 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
60700000 USD
CY2016 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
8763000 USD
CY2017 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
46633000 USD
CY2016 us-gaap Profit Loss
ProfitLoss
-1991000 USD
CY2017Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
32236000 USD
CY2017Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
14224000 USD
CY2016 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
10081000 USD
CY2017 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
13511000 USD
CY2017 us-gaap Profit Loss
ProfitLoss
8856000 USD
CY2016 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
53000 USD
CY2017 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
14000 USD
CY2015Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
10068000 USD
CY2016Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
8163000 USD
CY2017Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
2579000 USD
CY2016 us-gaap Real Estate Accumulated Depreciation Period Increase Decrease
RealEstateAccumulatedDepreciationPeriodIncreaseDecrease
-3362000 USD
CY2017 us-gaap Real Estate Accumulated Depreciation Period Increase Decrease
RealEstateAccumulatedDepreciationPeriodIncreaseDecrease
-5178000 USD
CY2016 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
1058000 USD
CY2017 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
2453000 USD
CY2017Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
32013000 USD
CY2017Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
14020000 USD
CY2017Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Carrying Costs
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts
-427000 USD
CY2017Q4 us-gaap Real Estate Federal Income Tax Basis
RealEstateFederalIncomeTaxBasis
48000000 USD
CY2015Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
75815000 USD
CY2016Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
65627000 USD
CY2017Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
46033000 USD
CY2016 us-gaap Real Estate Improvements
RealEstateImprovements
67000 USD
CY2017 us-gaap Real Estate Improvements
RealEstateImprovements
746000 USD
CY2016Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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8163000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2016Q4 us-gaap Real Estate Investment Property At Cost
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CY2017Q4 us-gaap Real Estate Investment Property At Cost
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57464000 USD
CY2017Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
43454000 USD
CY2016 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
17171000 USD
CY2017 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
17128000 USD
CY2016 us-gaap Real Estate Period Increase Decrease
RealEstatePeriodIncreaseDecrease
-17345000 USD
CY2017 us-gaap Real Estate Period Increase Decrease
RealEstatePeriodIncreaseDecrease
-23957000 USD
CY2014Q1 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
1000 USD
CY2016Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
2000000 USD
CY2017Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
4000000 USD
CY2016 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
10976000 USD
CY2017 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
84054000 USD
CY2016 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
CY2017 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
2500000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4728000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
816000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-50676000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-44741000 USD
CY2016 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
2515000 USD
CY2017Q4 us-gaap Security Deposit
SecurityDeposit
200000 USD
CY2017 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
2047000 USD
CY2016Q4 us-gaap Security Deposit
SecurityDeposit
200000 USD
CY2016 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
0 USD
CY2017 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
0 USD
CY2016 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
704000 USD
CY2017 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
865000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
45467000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
51467000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
52665000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
47233000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
52518000 USD
CY2016 us-gaap Straight Line Rent
StraightLineRent
155000 USD
CY2017 us-gaap Straight Line Rent
StraightLineRent
238000 USD
CY2016Q4 us-gaap Tenant Improvements
TenantImprovements
2307000 USD
CY2017Q4 us-gaap Tenant Improvements
TenantImprovements
1188000 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11006759 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10936361 shares
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11006759 shares
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10936361 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11006759 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10936361 shares
CY2017 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of Credit Risk</font></div><div style="line-height:120%;padding-top:8px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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. </font></div><div style="line-height:120%;padding-top:8px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of December&#160;31, 2017, excluding properties classified as held for sale, </font><font style="font-family:inherit;font-size:10pt;">Clover Juice</font><font style="font-family:inherit;font-size:10pt;"> accounted for more than </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> of the Company&#8217;s annual minimum rent. As of December&#160;31, 2017, there were </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> amounts outstanding from Clover Juice.</font></div><div style="line-height:120%;padding-top:8px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of December&#160;31, 2016, excluding properties classified as held for sale, </font><font style="font-family:inherit;font-size:10pt;">Ralph&#8217;s Grocery and Gold&#8217;s Gym</font><font style="font-family:inherit;font-size:10pt;">, each accounted for more than </font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;"> of the Company&#8217;s annual minimum rent. As of December&#160;31, 2016, there were </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> amounts outstanding from either Ralph&#8217;s Grocery or Gold&#8217;s Gym.</font></div></div>
CY2017 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-top:8px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts have been reclassified to conform with current period&#8217;s presentation. The reclassifications had no effect on the Company&#8217;s financial condition, results of operations, or cash flows.</font></div></div>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the Company&#8217;s 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 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 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 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.</font></div></div>

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