Rich Uncles Real Estate Investment Trust I Inactive Financial Report Summaries

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From filing 10-Q 2019 Q3

Financial report summary

Risks

Completion of the Merger is subject to a number of conditions, and if these conditions are not satisfied or waived, the Merger will not be completed, which could result in the requirement that we or NNN REIT pay certain termination fees or, in certain circumstances, that NNN REIT or we pay expenses to the other party.
There may be unexpected delays in the consummation of the Merger.

Management Discussion

We owned 20 and 21 real estate properties at September 30, 2019 and 2018, respectively. We expect our rental income and tenant reimbursements to remain relatively flat to slightly higher for the remainder of the year due to rental escalations. We expect our depreciation and amortization expense and asset management fees to affiliates to remain relatively flat due to stability in the portfolio and expect our interest expense to trend slightly lower in 2019 due to declining debt balances.
Rental income, including tenant reimbursements, was $3,302,347 and $3,293,384 for the three months ended September 30, 2019 and 2018, respectively. The increase of $8,963 or 0.3% quarter-over-quarter was primarily due to the reconciliation of tenant reimbursements in prior year resulting in lower common area maintenance in the prior year quarter, offset in part by lower property taxes in the current year quarter. Rental income was relatively flat quarter-over quarter. The annualized base rental income of the operating properties owned by us as of September 30, 2019 was $9,913,000.
Fees to affiliates, comprised of asset management fees and reimbursable operating expense, were $287,562 and $271,263 for the three months ended September 30, 2019 and 2018, respectively, an increase of $16,299 or 6.0%, quarter-over-quarter. Asset management fees included in the fees to affiliate were $197,562 and $203,763 for the three months ended September 30, 2019 and 2018, respectively. The reduction quarter-over-quarter was due to the foreclosure and sale of the Antioch, California property. The asset management fees are equal to 0.6% per annum of our Average Invested Assets.