The exchange ratio is fixed and the value of Kite common shares that our stockholders will receive in the Merger will fluctuate based on the market price of Kite common shares.
The proposed Merger with Kite may not be completed on the terms or timeline contemplated, or at all, and other events may intervene to delay or result in the termination of the proposed Merger.
Failure to complete the Merger could negatively affect the value of our Class A common stock and our future business and financial results.
The pendency of the Merger could adversely affect our business and operations.
Shareholder litigation could prevent or delay the closing of the Merger or otherwise negatively affect our business and operations.
The Merger Agreement contains provisions that could make it difficult for a third party to acquire us prior to the Merger.
The combined company may incur substantial expenses related to the Merger.
Following the Merger, the combined company may be unable to integrate our business and Kite’s business successfully and realize the anticipated synergies and other benefits of the Merger or do so within the anticipated time frame.
The market price of the combined company’s common stock after the Merger may be volatile or may decline as a result of the Merger.
The combined company may incur adverse tax consequences if either us or Kite has failed or fails to qualify as a REIT for U.S. federal income tax purposes.
If the Merger does not qualify as a tax-free reorganization, there may be adverse tax consequences.
Net income (loss) attributable to common shareholders was $15,396 for the three months ended June 30, 2021 compared to $(7,347) for the three months ended June 30, 2020. The $22,743 increase was primarily due to the following:
•a $2,071 increase in straight-line rental income primarily due to a net reduction in the number of tenants accounted for on the cash basis of accounting. The impact of COVID-19 in the comparison period resulted in the negative straight-line rental income of $(1,284) in 2020 from moving tenants to the cash basis of accounting compared to an increase in straight-line rental income of $787 in 2021 driven by the reduction in tenants accounted for on the cash basis of accounting;
•a $2,337 increase in operating expenses primarily due to lower recoverable property operating expenses in 2020 resulting from the impact of COVID-19 as well as an increase in expenses incurred in 2021 related to the Texas winter storm.
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