2015 Q4 Form 10-K Financial Statement

#000091259317000021 Filed on February 23, 2017

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2015 Q2
Revenue $168.2M $185.4M $165.9M
YoY Change 0.0% 0.0% 43.81%
Cost Of Revenue $72.10M $74.60M $66.60M
YoY Change 41.93% 33.21% 31.36%
Gross Profit $96.20M $110.8M $99.30M
YoY Change 35.11% 48.53% 46.46%
Gross Profit Margin 57.18% 59.78% 59.84%
Selling, General & Admin $12.60M $14.58M $14.44M
YoY Change 9.57% 56.77% 25.59%
% of Gross Profit 13.1% 13.16% 14.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.50M $44.70M $41.41M
YoY Change 8.85% 49.4% 37.83%
% of Gross Profit 47.3% 40.34% 41.7%
Operating Expenses $60.00M $14.58M $14.44M
YoY Change 6.38% -62.81% -65.28%
Operating Profit $36.20M $106.3M $94.68M
YoY Change 144.59% 50.25% 47.52%
Interest Expense -$28.90M $27.45M $26.75M
YoY Change 41.67% 47.45% 49.11%
% of Operating Profit -79.83% 25.82% 28.25%
Other Income/Expense, Net
YoY Change
Pretax Income $2.541M $21.58M $11.08M
YoY Change -112.97% 68.89% 73.22%
Income Tax $900.0K $77.00K $77.00K
% Of Pretax Income 35.42% 0.36% 0.7%
Net Earnings $89.40M $28.76M $12.29M
YoY Change -784.05% 26.87% 149.47%
Net Earnings / Revenue 53.14% 15.52% 7.41%
Basic Earnings Per Share $1.57 $0.53 $0.23
Diluted Earnings Per Share $1.56 $0.53 $0.23
COMMON SHARES
Basic Shares Outstanding 53.22M shares 52.85M shares
Diluted Shares Outstanding 53.67M shares 53.24M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.00M $24.00M $12.00M
YoY Change -45.78% -90.73% 50.0%
Cash & Equivalents $45.09M $23.92M $11.93M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $15.00M $15.00M $10.00M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $227.0M $204.0M $186.0M
YoY Change -5.81% -50.36% 20.0%
LONG-TERM ASSETS
Property, Plant & Equipment $3.721B $3.784B $3.716B
YoY Change 44.9% 100.74% 95.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.955B $3.911B $3.847B
YoY Change 46.65% 93.61% 93.41%
TOTAL ASSETS
Total Short-Term Assets $227.0M $204.0M $186.0M
Total Long-Term Assets $3.955B $3.911B $3.847B
Total Assets $4.182B $4.115B $4.033B
YoY Change 42.35% 69.27% 88.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
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 $41.00M $39.00M
YoY Change 17.14%
LONG-TERM LIABILITIES
Long-Term Debt $2.336B $2.558B $2.382B
YoY Change 27.51% 83.5% 64.73%
Other Long-Term Liabilities $185.0M $190.0M $236.0M
YoY Change 42.31% 54.47% 85.83%
Total Long-Term Liabilities $2.521B $2.748B $2.618B
YoY Change 28.49% 81.15% 66.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.00M $39.00M
Total Long-Term Liabilities $2.521B $2.748B $2.618B
Total Liabilities $2.562B $2.787B $2.617B
YoY Change 28.28% 83.66% 66.44%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $584.0K $545.0K $538.0K
YoY Change 20.16% 13.54% 30.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.456B $1.163B $1.127B
YoY Change
Total Liabilities & Shareholders Equity $4.182B $4.115B $4.033B
YoY Change 42.35% 69.27% 88.1%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income $89.40M $28.76M $12.29M
YoY Change -784.05% 26.87% 149.47%
Depreciation, Depletion And Amortization $45.50M $44.70M $41.41M
YoY Change 8.85% 49.4% 37.83%
Cash From Operating Activities $35.50M $54.40M $51.50M
YoY Change 47.92% 68.94% 58.95%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$71.90M -$88.80M
YoY Change -100.0% 166.67%
Acquisitions
YoY Change
Other Investing Activities -$10.00M -$26.40M -$3.900M
YoY Change -22.48% -49.03% -84.34%
Cash From Investing Activities -$10.00M -$98.30M -$92.70M
YoY Change -96.69% 89.77% 59.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $233.1M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.400M 56.00M -71.70M
YoY Change -104.3% -79.36% -398.75%
NET CHANGE
Cash From Operating Activities 35.50M 54.40M 51.50M
Cash From Investing Activities -10.00M -98.30M -92.70M
Cash From Financing Activities -4.400M 56.00M -71.70M
Net Change In Cash 21.10M 12.10M -112.9M
YoY Change -112.0% -95.19% 6541.18%
FREE CASH FLOW
Cash From Operating Activities $35.50M $54.40M $51.50M
Capital Expenditures $0.00 -$71.90M -$88.80M
Free Cash Flow $35.50M $126.3M $140.3M
YoY Change -88.67% 292.24% 113.55%

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8550000 shares
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7099000 shares
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AssetImpairmentCharges
0 USD
CY2016 us-gaap Asset Impairment Charges
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BusinessCombinationAcquisitionRelatedCosts
17803000 USD
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31914000 USD
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0 USD
CY2015 us-gaap Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain Or Loss
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0 USD
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41400000 USD
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10100000 USD
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2.60
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2.60
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2.60
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180000000 shares
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180000000 shares
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28140000 USD
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1483000 USD
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10054000 USD
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33293000 USD
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170473000 USD
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28070000 USD
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1707000 USD
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5491000 USD
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5933000 USD
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135797000 USD
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173274000 USD
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40556000 USD
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58941000 USD
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80420000 USD
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162638000 USD
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163771000 USD
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165697000 USD
CY2014 us-gaap Costs And Expenses
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474150000 USD
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151646000 USD
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154862000 USD
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635976000 USD
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195781000 USD
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226688000 USD
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211569000 USD
CY2016 us-gaap Costs And Expenses
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796676000 USD
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187000 USD
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58000 USD
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200000 USD
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438000 USD
CY2016 us-gaap Current State And Local Tax Expense Benefit
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400000 USD
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0.050 Rate
CY2016Q4 us-gaap Debt Weighted Average Interest Rate
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0.045 Rate
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CY2014 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
CY2015 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1000000 USD
CY2016 us-gaap Deferred Income Tax Expense Benefit
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0 USD
CY2016Q4 us-gaap Deferred Income Tax Liabilities
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23816000 USD
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1430000 USD
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1746000 USD
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59841000 USD
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0 USD
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1872000 USD
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0 USD
CY2016Q4 us-gaap Deferred Tax Liabilities
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21944000 USD
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0 USD
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23816000 USD
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177637000 USD
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221770000 USD
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133726000 USD
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177637000 USD
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221770000 USD
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0 USD
CY2016Q4 us-gaap Derivative Assets
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0 USD
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0 USD
CY2016Q4 us-gaap Derivative Liabilities
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0 USD
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76000 USD
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0 USD
CY2016 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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0 USD
CY2014 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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23270000 USD
CY2015 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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24956000 USD
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24294000 USD
CY2014 us-gaap Distributions On Mandatorily Redeemable Securities
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3225000 USD
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3222000 USD
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3152000 USD
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9051000 USD
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179400000 USD
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41265000 USD
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0.13
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0.27
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0.14
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0.54
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0.13
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1.56
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0.26
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0 USD
CY2015 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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0 USD
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0.340
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0.020
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EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.016
CY2015Q4 us-gaap Escrow Deposit
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126300000 USD
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0 USD
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EscrowDepositsRelatedToPropertySales
126339000 USD
CY2016 us-gaap Escrow Deposits Related To Property Sales
EscrowDepositsRelatedToPropertySales
0 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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20867000 USD
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33551000 USD
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15203000 USD
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11289000 USD
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11681000 USD
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13409000 USD
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14325000 USD
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64845000 USD
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133385000 USD
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0 USD
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0 USD
CY2015 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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0 USD
CY2015 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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0 USD
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-5005000 USD
CY2016 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
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102746000 USD
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130127000 USD
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2748000 USD
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5051000 USD
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11224000 USD
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17654000 USD
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8769000 USD
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18190000 USD
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98430000 USD
CY2015 us-gaap Gain Loss On Sale Of Properties
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125376000 USD
CY2016 us-gaap Gain Loss On Sale Of Properties
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0 USD
CY2014 us-gaap Gain Loss Related To Litigation Settlement
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4452000 USD
CY2015 us-gaap Gain Loss Related To Litigation Settlement
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0 USD
CY2016 us-gaap Gain Loss Related To Litigation Settlement
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0 USD
CY2014 us-gaap Gains Losses On Extinguishment Of Debt
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0 USD
CY2015 us-gaap Gains Losses On Extinguishment Of Debt
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-2800000 USD
CY2016Q4 us-gaap Gains Losses On Extinguishment Of Debt
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CY2016 us-gaap Gains Losses On Extinguishment Of Debt
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37387000 USD
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47455000 USD
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64087000 USD
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837000 USD
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0 USD
CY2016 us-gaap Impairment Of Real Estate
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0 USD
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12006000 USD
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10109000 USD
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3554000 USD
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11076000 USD
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21584000 USD
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2541000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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38755000 USD
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23013000 USD
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7065000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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37102000 USD
CY2015 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1000000 USD
CY2016 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
400000 USD
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
283000 USD
CY2016 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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4021000 USD
CY2016 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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104000 USD
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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-3794000 USD
CY2016 us-gaap Income Tax Reconciliation Other Reconciling Items
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-225000 USD
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-183000 USD
CY2015 us-gaap Income Taxes Paid
IncomeTaxesPaid
310000 USD
CY2016 us-gaap Income Taxes Paid
IncomeTaxesPaid
452000 USD
CY2014 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
314000 USD
CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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10395000 USD
CY2015 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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4528000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-6238000 USD
CY2014 us-gaap Increase Decrease In Notes Receivables
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15300000 USD
CY2015 us-gaap Increase Decrease In Notes Receivables
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9270000 USD
CY2016 us-gaap Increase Decrease In Notes Receivables
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20933000 USD
CY2014 us-gaap Increase Decrease In Other Operating Assets
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11144000 USD
CY2015 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
14618000 USD
CY2016 us-gaap Increase Decrease In Other Operating Assets
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CY2014 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
215000 shares
CY2015 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2016 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2014 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
237000 shares
CY2015 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2016 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
457000 shares
CY2016Q1 us-gaap Share Price
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66.50
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580754000 USD
CY2015Q4 us-gaap Insurance Settlements Receivable
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3700000 USD
CY2014 us-gaap Interest Costs Capitalized
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464000 USD
CY2015 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
608000 USD
CY2016 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1595000 USD
CY2014 us-gaap Interest Expense
InterestExpense
73771000 USD
CY2015 us-gaap Interest Expense
InterestExpense
107659000 USD
CY2016 us-gaap Interest Expense
InterestExpense
119163000 USD
CY2014 us-gaap Interest Expense Debt
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73771000 USD
CY2015 us-gaap Interest Expense Debt
InterestExpenseDebt
107659000 USD
CY2016 us-gaap Interest Expense Debt
InterestExpenseDebt
119163000 USD
CY2014 us-gaap Interest Expense Other
InterestExpenseOther
3210000 USD
CY2015 us-gaap Interest Expense Other
InterestExpenseOther
3219000 USD
CY2016 us-gaap Interest Expense Other
InterestExpenseOther
3152000 USD
CY2014 us-gaap Interest Income Operating
InterestIncomeOperating
14462000 USD
CY2015 us-gaap Interest Income Operating
InterestIncomeOperating
15938000 USD
CY2016 us-gaap Interest Income Operating
InterestIncomeOperating
18113000 USD
CY2014 us-gaap Interest Paid Net
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60289000 USD
CY2015 us-gaap Interest Paid Net
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99989000 USD
CY2016 us-gaap Interest Paid Net
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121480000 USD
CY2015Q4 us-gaap Inventory Finished Homes
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14828000 USD
CY2016Q4 us-gaap Inventory Finished Homes
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21632000 USD
CY2015Q4 us-gaap Land
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451340000 USD
CY2016Q4 us-gaap Land
Land
1027976000 USD
CY2015Q4 us-gaap Land Available For Development
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23047000 USD
CY2016Q4 us-gaap Land Available For Development
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23560000 USD
CY2015Q4 us-gaap Liabilities
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2562421000 USD
CY2016Q4 us-gaap Liabilities
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3441605000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
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4181799000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
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5870776000 USD
CY2015Q4 us-gaap Line Of Credit
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24687000 USD
CY2016Q4 us-gaap Line Of Credit
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100095000 USD
CY2016Q4 us-gaap Long Term Debt
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3091282000 USD
CY2016Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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2226723000 USD
CY2016Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
101451000 USD
CY2016Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
332004000 USD
CY2016Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
217449000 USD
CY2016Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
125076000 USD
CY2016Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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88579000 USD
CY2015Q4 us-gaap Minority Interest
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80771000 USD
CY2016Q4 us-gaap Minority Interest
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66616000 USD
CY2016Q4 us-gaap Minority Interest In Operating Partnerships
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69598000 USD
CY2015Q4 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
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139768000 USD
CY2016Q4 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
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143870000 USD
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
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496091000 USD
CY2016 us-gaap Sales Revenue Services Gross
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33424000 USD
CY2015 us-gaap Net Cash Provided By Used In Financing Activities
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192548000 USD
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
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1338970000 USD
CY2014 us-gaap Net Cash Provided By Used In Investing Activities
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-550705000 USD
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
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-1614512000 USD
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
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133320000 USD
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
182263000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
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238693000 USD
CY2016Q1 us-gaap Net Income Loss
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7875000 USD
CY2014 us-gaap Net Income Loss
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28509000 USD
CY2015Q1 us-gaap Net Income Loss
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6869000 USD
CY2015Q2 us-gaap Net Income Loss
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12294000 USD
CY2015Q3 us-gaap Net Income Loss
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28763000 USD
CY2015Q4 us-gaap Net Income Loss
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89399000 USD
CY2015 us-gaap Net Income Loss
NetIncomeLoss
155446000 USD
CY2016Q2 us-gaap Net Income Loss
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-7803000 USD
CY2016Q3 us-gaap Net Income Loss
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18897000 USD
CY2016Q4 us-gaap Net Income Loss
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-1600000 USD
CY2016 us-gaap Net Income Loss
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26315000 USD
CY2014 us-gaap Net Income Loss Available To Common Stockholders Basic
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22376000 USD
CY2015 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
137325000 USD
CY2016 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
17369000 USD
CY2014 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
22452000 USD
CY2015 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
135568000 USD
CY2016 us-gaap Net Income Loss Available To Common Stockholders Diluted
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17369000 USD
CY2016Q4 us-gaap Net Rentable Area
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71513 sqft
CY2014 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
44321000 USD
CY2014 us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
4221000 USD
CY2015 us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
0 USD
CY2016 us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
0 USD
CY2014 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
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1752000 USD
CY2015 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
10054000 USD
CY2016 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
150000 USD
CY2015Q4 us-gaap Noncontrolling Interest In Variable Interest Entity
NoncontrollingInterestInVariableInterestEntity
-1767000 USD
CY2016Q4 us-gaap Noncontrolling Interest In Variable Interest Entity
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-2982000 USD
CY2016Q4 us-gaap Number Of Real Estate Properties
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341 properties
CY2016Q4 us-gaap Number Of States In Which Entity Operates
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29 states
CY2016Q4 us-gaap Number Of Units In Real Estate Property
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117376 sites
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
267036000 USD
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
384647000 USD
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
466909000 USD
CY2015Q4 us-gaap Other Assets
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213030000 USD
CY2016Q4 us-gaap Other Assets
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146450000 USD
CY2015Q4 us-gaap Other Borrowings
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140440000 USD
CY2016Q4 us-gaap Other Borrowings
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144477000 USD
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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0 USD
CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
0 USD
CY2014 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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97000 USD
CY2015 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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0 USD
CY2016 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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0 USD
CY2015 us-gaap Other Nonoperating Income Expense
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0 USD
CY2016 us-gaap Other Nonoperating Income Expense
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CY2014 us-gaap Payments For Capital Improvements
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177866000 USD
CY2014 us-gaap Other Cost And Expense Operating
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12584000 USD
CY2015 us-gaap Other Cost And Expense Operating
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17519000 USD
CY2016 us-gaap Other Cost And Expense Operating
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23425000 USD
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184859000 USD
CY2016Q4 us-gaap Other Liabilities
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279667000 USD
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0 USD
CY2015 us-gaap Payments For Capital Improvements
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208427000 USD
CY2016 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
223429000 USD
CY2014 us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
17064000 USD
CY2015 us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
2260000 USD
CY2016 us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
0 USD
CY2014 us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
0 USD
CY2015 us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
121445000 USD
CY2016 us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
0 USD
CY2014 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
1200000 USD
CY2015 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
7500000 USD
CY2016 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
500000 USD
CY2014 us-gaap Payments Of Financing Costs
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8478000 USD
CY2015 us-gaap Payments Of Financing Costs
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7006000 USD
CY2016 us-gaap Payments Of Financing Costs
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25509000 USD
CY2014 us-gaap Payments To Acquire Real Estate
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426591000 USD
CY2015 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
309274000 USD
CY2016 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
1487593000 USD
CY2014 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0 USD
CY2015 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
2102000 USD
CY2016 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0 USD
CY2014 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
6133000 USD
CY2015 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
13793000 USD
CY2016 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
8946000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
3400000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
3400000 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
3400000 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
3400000 shares
CY2015Q4 us-gaap Preferred Stock Value
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34000 USD
CY2016Q4 us-gaap Preferred Stock Value
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34000 USD
CY2015Q4 us-gaap Premiums And Other Receivables Net
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5300000 USD
CY2016Q4 us-gaap Premiums And Other Receivables Net
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2000000 USD
CY2014 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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1200000 USD
CY2015 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
7500000 USD
CY2016 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
500000 USD
CY2015Q4 us-gaap Proceeds From Issuance Of Common Stock
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233100000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
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385400000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
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385400000 USD
CY2014 us-gaap Proceeds From Issuance Of Long Term Debt
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323241000 USD
CY2015 us-gaap Proceeds From Issuance Of Long Term Debt
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377041000 USD
CY2016 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2014 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
572171000 USD
CY2015 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
310301000 USD
CY2016 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
750385000 USD
CY2014 us-gaap Proceeds From Lines Of Credit
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526546000 USD
CY2015 us-gaap Proceeds From Lines Of Credit
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421184000 USD
CY2014 us-gaap Proceeds From Payments For Other Financing Activities
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2384000 USD
CY2015 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
6852000 USD
CY2016 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2014 us-gaap Proceeds From Sale Of Land Held For Use
ProceedsFromSaleOfLandHeldForUse
221000 USD
CY2015 us-gaap Proceeds From Sale Of Land Held For Use
ProceedsFromSaleOfLandHeldForUse
0 USD
CY2016 us-gaap Proceeds From Sale Of Land Held For Use
ProceedsFromSaleOfLandHeldForUse
0 USD
CY2014 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
59706000 USD
CY2015 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
94522000 USD
CY2016 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
88696000 USD
CY2014 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3312000 USD
CY2015 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
6848000 USD
CY2016 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
4709000 USD
CY2014 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
127000 USD
CY2015 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
95000 USD
CY2016 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
149000 USD
CY2014 us-gaap Profit Loss
ProfitLoss
33196000 USD
CY2015 us-gaap Profit Loss
ProfitLoss
170473000 USD
CY2016 us-gaap Profit Loss
ProfitLoss
31471000 USD
CY2013Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
734067000 USD
CY2014Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
795753000 USD
CY2015Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
852407000 USD
CY2016Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
1026858000 USD
CY2014 us-gaap Real Estate Accumulated Depreciation Other Deductions
RealEstateAccumulatedDepreciationOtherDeductions
-1033000 USD
CY2015 us-gaap Real Estate Accumulated Depreciation Other Deductions
RealEstateAccumulatedDepreciationOtherDeductions
0 USD
CY2016 us-gaap Real Estate Accumulated Depreciation Other Deductions
RealEstateAccumulatedDepreciationOtherDeductions
0 USD
CY2016Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
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5444803000 USD
CY2016Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
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1051536000 USD
CY2016Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
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4198231000 USD
CY2016Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
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1049363000 USD
CY2013Q4 us-gaap Real Estate Gross At Carrying Value
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2489119000 USD
CY2014Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
3363917000 USD
CY2015Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
4573522000 USD
CY2016Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
6496339000 USD
CY2013 us-gaap Real Estate Improvements
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173989000 USD
CY2015 us-gaap Real Estate Improvements
RealEstateImprovements
195439000 USD
CY2016 us-gaap Real Estate Improvements
RealEstateImprovements
113803000 USD
CY2015Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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852407000 USD
CY2016Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1026858000 USD
CY2015Q4 us-gaap Real Estate Investment Property At Cost
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4573522000 USD
CY2016Q4 us-gaap Real Estate Investment Property At Cost
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6496339000 USD
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3721115000 USD
CY2016Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
5469481000 USD
CY2013 us-gaap Real Estate Other Additions
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22195000 USD
CY2015 us-gaap Real Estate Other Additions
RealEstateOtherAdditions
28660000 USD
CY2016 us-gaap Real Estate Other Additions
RealEstateOtherAdditions
47958000 USD
CY2013 us-gaap Real Estate Other Deductions
RealEstateOtherDeductions
-1870000 USD
CY2015 us-gaap Real Estate Other Deductions
RealEstateOtherDeductions
0 USD
CY2016 us-gaap Real Estate Other Deductions
RealEstateOtherDeductions
0 USD
CY2014 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
357793000 USD
CY2015 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
506078000 USD
CY2016 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
620917000 USD
CY2014 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
24181000 USD
CY2015 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
34714000 USD
CY2016 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
44306000 USD
CY2015Q4 us-gaap Rental Properties
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460480000 USD
CY2016Q4 us-gaap Rental Properties
RentalProperties
489633000 USD
CY2016Q3 us-gaap Repayments Of Debt
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62100000 USD
CY2016Q3 us-gaap Repayments Of Lines Of Credit
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300000000 USD
CY2014 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
702135000 USD
CY2015 us-gaap Repayments Of Lines Of Credit
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401978000 USD
CY2016 us-gaap Repayments Of Lines Of Credit
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505409000 USD
CY2014 us-gaap Repayments Of Long Term Debt
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95269000 USD
CY2015 us-gaap Repayments Of Long Term Debt
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225677000 USD
CY2016 us-gaap Repayments Of Long Term Debt
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231912000 USD
CY2014 us-gaap Repayments Of Secured Debt
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21812000 USD
CY2015 us-gaap Repayments Of Secured Debt
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26293000 USD
CY2016Q4 us-gaap Repayments Of Secured Debt
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79100000 USD
CY2016 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
19734000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
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140700000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
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17100000 USD
CY2016Q1 us-gaap Revenues
Revenues
174644000 USD
CY2014Q3 us-gaap Revenues
Revenues
185355000 USD
CY2014Q4 us-gaap Revenues
Revenues
168238000 USD
CY2014 us-gaap Revenues
Revenues
484259000 USD
CY2015Q1 us-gaap Revenues
Revenues
155200000 USD
CY2015Q2 us-gaap Revenues
Revenues
165938000 USD
CY2015 us-gaap Revenues
Revenues
674731000 USD
CY2016Q2 us-gaap Revenues
Revenues
190799000 USD
CY2016Q3 us-gaap Revenues
Revenues
249701000 USD
CY2016Q4 us-gaap Revenues
Revenues
218634000 USD
CY2016 us-gaap Revenues
Revenues
833778000 USD
CY2014 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
121103000 USD
CY2015 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
159706000 USD
CY2016 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
201157000 USD
CY2016Q4 us-gaap Sec Schedule Iii Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Buildings And Improvements
SECScheduleIIIRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionBuildingsAndImprovements
1246572000 USD
CY2016Q4 us-gaap Sec Schedule Iii Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Land
SECScheduleIIIRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionLand
2173000 USD
CY2014 us-gaap Sales Revenue Net
SalesRevenueNet
468761000 USD
CY2015 us-gaap Sales Revenue Net
SalesRevenueNet
656574000 USD
CY2016 us-gaap Sales Revenue Net
SalesRevenueNet
812628000 USD
CY2014 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
17801000 USD
CY2015 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
24532000 USD
CY2015Q4 us-gaap Secured Debt
SecuredDebt
2125267000 USD
CY2016Q4 us-gaap Secured Debt
SecuredDebt
2819567000 USD
CY2014 us-gaap Selling Expense
SellingExpense
5235000 USD
CY2015 us-gaap Selling Expense
SellingExpense
7476000 USD
CY2016 us-gaap Selling Expense
SellingExpense
9744000 USD
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
4879000 USD
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
7108000 USD
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
9557000 USD
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
300000 USD
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
300000 USD
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1000000 USD
CY2016Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
75.89
CY2015Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
65.00
CY2015Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount
SharesSubjectToMandatoryRedemptionSettlementTermsAmount
45903000 USD
CY2016Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount
SharesSubjectToMandatoryRedemptionSettlementTermsAmount
45903000 USD
CY2014 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
219000 USD
CY2015 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
158000 USD
CY2016 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
683000 USD
CY2015Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3737500 shares
CY2016Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6037500 shares
CY2015Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
342011000 shares
CY2015Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
26200000 shares
CY2015Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
608100000 shares
CY2016Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
485000000 shares
CY2016Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
620828000 shares
CY2016Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
19498000 shares
CY2014 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
13610000 USD
CY2015 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
278955000 USD
CY2016 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
225000000 USD
CY2015Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
21500 USD
CY2015Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1700 USD
CY2015Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
40800 USD
CY2016Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
34400 USD
CY2016Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
47100 USD
CY2016Q4 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1500 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
1455810000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
2295611000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1536581000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2362227000 USD
CY2016Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
25.00
CY2015Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
95832000 USD
CY2016Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
92041000 USD
CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
16000 shares
CY2015 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
16000 shares
CY2016 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
8000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53686000 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41805000 shares
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53702000 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66321000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41337000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65856000 shares
CY2016 us-gaap Advertising Cost Policy Expensed Advertising Cost
AdvertisingCostPolicyExpensedAdvertisingCost
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Advertising Costs</font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Advertising costs are expensed as incurred. As of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;">, we had advertising costs of </font><font style="font-family:inherit;font-size:10pt;">$4.2 million</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">$3.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$3.2 million</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div>
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;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%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) requires management to make estimates and assumptions related to the reported amounts included in our Consolidated Financial Statements and accompanying footnotes thereto. Actual results could differ from those estimates.</font></div></div>

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