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New words:
certificate, commonly, convenience, creation, deadline, directly, Docket, Eleventh, exercise, extend, extended, final, forward, functionality, hearing, HSR, incremental, integrated, lessee, main, methodology, mineral, minimum, mooted, move, necessity, negligible, notice, notify, ownership, preserved, regular, residual, restructuring, Road, Scottish, Seventeenth, Stipulation, STM, sublease, subleased, surface, unopposed, variable, voted
Removed:
acquire, alternative, annualized, ASC, Brady, Celeste, Central, Clarification, clarifying, closed, Code, collected, component, comprised, deemed, diversity, eliminate, Emerging, equivalent, excluded, extent, Force, high, impracticable, increasing, inventory, kind, Loop, low, lower, minimal, Northwest, objective, practice, promised, proposal, prospective, rolling, schedule, Stanton, Task, transferred
Financial report summary
?Management Discussion
- Lease revenue — Lease revenue, consisting of only base rent, was $48.6 million and $45.7 million for the three months ended March 31, 2019 and 2018, respectively, representing an increase of $2.9 million, or 6.3%. The increase in base rent was driven by the addition of assets under lease. See Note 16, Leases in the Notes to the Unaudited Consolidated Financial Statements for additional information.
- General and administrative expense — General and administrative expense was $7.1 million and $6.1 million for the three months ended March 31, 2019 and 2018, respectively, representing an increase of $1.0 million, or 16.4%. The increase in general and administrative expense was mainly due to a $1.5 million increase in transaction costs partially offset by a decrease of $0.2 million in management fees, $0.2 million for the evaluation of the Tax Cuts and Jobs Act in 2018 and $0.1 million in professional fees. The increase in transaction costs represents the difference between the $1.7 million of professional services fees we incurred in 2019 related to the pending sale of InfraREIT and the $0.2 million of professional services fees we incurred in 2018 related to the asset exchange transaction completed during the fourth quarter of 2017 (2017 Asset Exchange Transaction).
- Depreciation — Depreciation expense was $12.2 million and $11.6 million for the three months ended March 31, 2019 and 2018, respectively, representing an increase of $0.6 million, or 5.2%. The increase in depreciation expense was due to additional assets placed in service.