Exhibit 99
The statement of operations and supplemental statement of operations provided in this supplemental information package present funds from operations (FFO), adjusted funds from operations (AFFO), net operating income (NOI) and adjusted EBITDA, which are REIT industry financial measures that are not calculated in accordance with accounting principles generally accepted in the United States. Please see page 20 for a definition of these supplemental performance measures. Please see the supplemental statement of operations reconciliation for a reconciliation of certain captions in the supplemental statement of operations reported in this supplemental information package to the statement of operations as reported in the Company’s filings with the SEC on Form 10-Q.
(in thousands except for per share amounts)
As of | As of | |||||||
December 31, 2019 | September 30, 2019 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Real Estate Investments: | ||||||||
Land | $ | 244,138 | $ | 239,299 | ||||
Buildings and Improvements | 1,702,924 | 1,627,219 | ||||||
Total Real Estate Investments | 1,947,062 | 1,866,518 | ||||||
Accumulated Depreciation | (260,963 | ) | (249,584 | ) | ||||
Real Estate Investments | 1,686,099 | 1,616,934 | ||||||
Cash and Cash Equivalents | 16,383 | 20,179 | ||||||
Securities Available for Sale at Fair Value | 181,841 | 185,250 | ||||||
Tenant and Other Receivables | 7,475 | 1,335 | ||||||
Deferred Rent Receivable | 11,788 | 11,199 | ||||||
Prepaid Expenses | 11,965 | 6,714 | ||||||
Intangible Assets, net of Accumulated Amortization of $16,194 and $15,686, respectively | 16,611 | 14,970 | ||||||
Capitalized Lease Costs, net of Accumulated Amortization of $3,649 and $3,378, respectively | 5,854 | 5,670 | ||||||
Financing Costs, net of Accumulated Amortization of $65 and $1,352, respectively | 1,665 | 144 | ||||||
Other Assets | 7,446 | 9,553 | ||||||
TOTAL ASSETS | $ | 1,947,127 | $ | 1,871,948 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Liabilities: | ||||||||
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | $ | 784,048 | $ | 744,928 | ||||
Loans Payable | 80,000 | 95,000 | ||||||
Accounts Payable and Accrued Expenses | 4,022 | 3,570 | ||||||
Other Liabilities | 21,548 | 17,407 | ||||||
Total Liabilities | 889,618 | 860,905 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Shareholders’ Equity: | ||||||||
6.125% Series C Cumulative Redeemable Preferred Stock, $0.01 Par Value Per Share: 21,900 and 16,400 Shares Authorized as of December 31, 2019 and September 30, 2019, respectively; 15,666 and 13,907 Shares Issued and Outstanding as of December 31, 2019 and September 30, 2019, respectively | 391,643 | 347,678 | ||||||
Common Stock, $0.01 Par Value Per Share: 200,000 and 188,040 Shares Authorized as of December 31, 2019 and September 30, 2019, respectively; 97,569 and 96,399 Shares Issued and Outstanding as of December 31, 2019 and September 30, 2019, respectively | 976 | 964 | ||||||
Excess Stock, $0.01 Par Value Per Share: 200,000 Shares Authorized as of December 31, 2019 and September 30, 2019; No Shares Issued or Outstanding as of December 31, 2019 and September 30, 2019 | -0- | -0- | ||||||
Additional Paid-In Capital | 664,890 | 662,401 | ||||||
Undistributed Income | -0- | -0- | ||||||
Total Shareholders’ Equity | 1,057,509 | 1,011,043 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY | $ | 1,947,127 | $ | 1,871,948 |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 3 |
Consolidated Statements of Income (Loss)
(unaudited) (in thousands)
For The | ||||||||
Three Months Ended | ||||||||
12/31/2019 | 12/31/2018 | |||||||
INCOME: | ||||||||
Rental Revenue | $ | 34,870 | $ | 32,617 | ||||
Reimbursement Revenue | 6,830 | 5,605 | ||||||
TOTAL INCOME | 41,700 | 38,222 | ||||||
EXPENSES: | ||||||||
Real Estate Taxes | 5,036 | 4,039 | ||||||
Operating Expenses | 2,197 | 1,864 | ||||||
General & Administrative Expenses | 2,264 | 1,817 | ||||||
Non-recurring Severance Expense | 786 | -0- | ||||||
Depreciation | 11,433 | 10,478 | ||||||
Amortization of Capitalized Lease Costs and Intangible Assets | 753 | 702 | ||||||
TOTAL EXPENSES | 22,469 | 18,900 | ||||||
OTHER INCOME (EXPENSE): | ||||||||
Dividend Income | 3,238 | 4,368 | ||||||
Unrealized Holding Gains (Losses) Arising During the Periods | (3,635 | ) | (42,627 | ) | ||||
Interest Expense, including Amortization of Financing Costs | (9,209 | ) | (9,006 | ) | ||||
TOTAL OTHER INCOME (EXPENSE) | (9,606 | ) | (47,265 | ) | ||||
NET INCOME (LOSS) | 9,625 | (27,943 | ) | |||||
Less: Preferred Dividends | 6,097 | 4,421 | ||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 3,528 | $ | (32,364 | ) |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 4 |
FFO, AFFO and Adjusted EBITDA Reconciliations
(unaudited) (in thousands)
For The | ||||||||
Three Months Ended | ||||||||
12/31/2019 | 12/31/2018 | |||||||
FFO, AFFO | ||||||||
Net Income (Loss) Attributable to Common Shareholders | $ | 3,528 | $ | (32,364 | ) | |||
Plus: Unrealized Holding Losses Arising During the Periods(1) | 3,635 | 42,627 | ||||||
Plus: Depreciation Expense (excluding Corporate Office Capitalized Costs) | 11,380 | 10,438 | ||||||
Plus: Amortization of Intangible Assets | 508 | 500 | ||||||
Plus: Amortization of Capitalized Lease Costs | 271 | 228 | ||||||
FFO Attributable to Common Shareholders | 19,322 | 21,429 | ||||||
Plus: Depreciation of Corporate Office Capitalized Costs | 53 | 40 | ||||||
Plus: Stock Compensation Expense | 156 | 129 | ||||||
Plus: Amortization of Financing Costs | 435 | 317 | ||||||
Plus: Non-recurring Severance Expense | 786 | -0- | ||||||
Less: Recurring Capital Expenditures | (218 | ) | (557 | ) | ||||
Less: Effect of non-cash U.S. GAAP Straight-line Rent Adjustment | (600 | ) | (336 | ) | ||||
AFFO Attributable to Common Shareholders | $ | 19,934 | $ | 21,022 |
For The | ||||||||
Three Months Ended | ||||||||
12/31/2019 | 12/31/2018 | |||||||
Adjusted EBITDA | ||||||||
Net Income (Loss) Attributable to Common Shareholders | $ | 3,528 | $ | (32,364 | ) | |||
Plus: Preferred Dividends | 6,097 | 4,421 | ||||||
Plus: Interest Expense, including Amortization of Financing Costs | 9,209 | 9,006 | ||||||
Plus: Depreciation and Amortization | 12,186 | 11,180 | ||||||
Plus: Net Amortization of Acquired Above and Below Market Lease Revenue | 26 | 25 | ||||||
Plus: Unrealized Holding (Gains) Losses Arising During the Periods | 3,635 | 42,627 | ||||||
Adjusted EBITDA | $ | 34,681 | $ | 34,895 |
(1) | Unrealized Holding Gains or Losses Arising During the Periods, if any, were previously reported as an adjustment to Core Funds From Operations (Core FFO). |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 5 |
(unaudited) (in thousands)
For The | ||||||||
Three Months Ended | ||||||||
12/31/2019 | 12/31/2018 | |||||||
Net Operating Income | ||||||||
Net Income (Loss) Attributable to Common Shareholders | $ | 3,528 | $ | (32,364 | ) | |||
Plus: Preferred Dividends | 6,097 | 4,421 | ||||||
Plus: General & Administrative Expenses | 2,264 | 1,817 | ||||||
Plus: Non-recurring Severance Expense | 786 | -0- | ||||||
Plus: Depreciation | 11,433 | 10,478 | ||||||
Plus: Amortization of Capitalized Lease Costs and Intangible Assets | 753 | 702 | ||||||
Plus: Interest Expense, including Amortization of Financing Costs | 9,209 | 9,006 | ||||||
Plus: Unrealized Holding (Gains) Losses Arising During the Periods | 3,635 | 42,627 | ||||||
Less: Dividend Income | (3,238 | ) | (4,368 | ) | ||||
Net Operating Income – NOI | $ | 34,467 | $ | 32,319 |
For The | ||||||||
Three Months Ended | ||||||||
12/31/2019 | 12/31/2018 | |||||||
Components of Net Operating Income Consists of: | ||||||||
Revenues: | ||||||||
Rental Revenue | $ | 34,870 | $ | 32,617 | ||||
Reimbursement Revenue | 6,830 | 5,605 | ||||||
Total Rental and Reimbursement Revenue | 41,700 | 38,222 | ||||||
Expenses: | ||||||||
Real Estate Taxes | 5,036 | 4,039 | ||||||
Operating Expenses | 2,197 | 1,864 | ||||||
Total Real Estate Taxes and Operating Expenses | 7,233 | 5,903 | ||||||
Net Operating Income – NOI | $ | 34,467 | $ | 32,319 |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 6 |
(unaudited) (in thousands except for per share amounts)
For The | ||||||||||||
Three Months Ended | ||||||||||||
12/31/2019 | 12/31/2018 | Change (%) | ||||||||||
Weighted Average Common Shares Outstanding | ||||||||||||
Basic | 96,881 | 90,505 | 7.0 | % | ||||||||
Diluted | 97,006 | 90,660 | 7.0 | % | ||||||||
Net Income (Loss) Attributable to Common Shareholders | $ | 3,528 | $ | (32,364 | ) | 110.9 | % | |||||
Basic | $ | 0.04 | $ | (0.36 | ) | 111.1 | % | |||||
Diluted | 0.04 | (0.36 | ) | 111.1 | % | |||||||
Net Operating Income – NOI | $ | 34,467 | $ | 32,319 | 6.6 | % | ||||||
Basic | $ | 0.36 | $ | 0.36 | 0.0 | % | ||||||
Diluted | 0.36 | 0.36 | 0.0 | % | ||||||||
Funds From Operations – FFO | $ | 19,322 | $ | 21,429 | (9.8 | )% | ||||||
Basic | $ | 0.20 | $ | 0.24 | (16.7 | )% | ||||||
Diluted | 0.20 | 0.24 | (16.7 | )% | ||||||||
Adjusted Funds From Operations – AFFO | $ | 19,934 | $ | 21,022 | (5.2 | )% | ||||||
Basic | $ | 0.21 | $ | 0.23 | (8.7 | )% | ||||||
Diluted | 0.21 | 0.23 | (8.7 | )% | ||||||||
Dividends Declared per Common Share | $ | 0.17 | $ | 0.17 | ||||||||
Dividend/AFFO Payout Ratio | 81.0 | % | 73.9 | % |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 7 |
(unaudited) (in thousands except for square feet)
For The Three Months Ended | ||||||||||||||||||||
12/31/2019 | 12/31/2018 | Change | Change % | |||||||||||||||||
Total Square Feet / Total Properties | 22,866,627 / 115 | 21,647,246 / 113 | 1,219,381 | 5.6 | % | |||||||||||||||
Occupancy Percentage at End of Period | 99.2 | % | 98.9 | % | 30 bps | 0.3 | % | |||||||||||||
Same Property Square Feet / Number of Same Properties | 21,040,215 / 110 | |||||||||||||||||||
Same Property Occupancy Percentage at End of Period | 99.1 | % | 98.9 | % | 20 bps | 0.2 | % | |||||||||||||
Same Property Net Operating Income (NOI) (GAAP) | $ | 30,635 | $ | 30,742 | $ | (107 | ) | (0.3 | )% | |||||||||||
Reversal of Effect of Non-cash U.S. GAAP Straight-line Rent Adjustment | (459 | ) | (480 | ) | 21 | |||||||||||||||
Same Property Cash NOI | $ | 30,176 | $ | 30,262 | $ | (86 | ) | (0.3 | )% |
Same Property Statistics include all properties owned during the entire periods presented with the exclusion of properties expanded during the periods presented.
Reconciliation of Same Property NOI to Total NOI
(unaudited) (in thousands)
For The Three Months Ended | ||||||||||||||||
12/31/2019 | 12/31/2018 | Change | Change % | |||||||||||||
Same Property NOI (GAAP) | $ | 30,635 | $ | 30,742 | $ | (107 | ) | (0.3 | )% | |||||||
NOI of properties purchased subsequent to September 30, 2018 (three properties purchased during fiscal 2019 and one property purchased during fiscal 2020) | 3,322 | 1,320 | ||||||||||||||
NOI of property expanded subsequent to September 30, 2018 (one property expanded during fiscal 2019) | 510 | 257 | ||||||||||||||
Total NOI | $ | 34,467 | $ | 32,319 | $ | 2,148 | 6.6 | % |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 8 |
Consolidated Statements of Cash Flows
(unaudited)(in thousands)
For The | ||||||||
Three Months Ended | ||||||||
12/31/2019 | 12/31/2018 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Income (Loss) | $ | 9,625 | $ | (27,943 | ) | |||
Noncash Items Included in Net Income (Loss): | ||||||||
Depreciation & Amortization | 12,621 | 11,497 | ||||||
Deferred Straight Line Rent | (600 | ) | (336 | ) | ||||
Stock Compensation Expense | 156 | 129 | ||||||
Unrealized Holding (Gains) Losses Arising During the Periods | 3,635 | 42,627 | ||||||
Changes in: | ||||||||
Tenant & Other Receivables | (6,114 | ) | (5,398 | ) | ||||
Prepaid Expenses | (5,250 | ) | (5,174 | ) | ||||
Other Assets & Capitalized Lease Costs | 453 | 1,224 | ||||||
Accounts Payable, Accrued Expenses & Other Liabilities | 4,572 | 5,286 | ||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 19,098 | 21,912 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchase of Real Estate & Intangible Assets | (81,513 | ) | (113,406 | ) | ||||
Capital Improvements | (1,328 | ) | (5,657 | ) | ||||
Return of Deposits on Real Estate | 1,200 | 200 | ||||||
Deposits Paid on Acquisitions of Real Estate | (100 | ) | (700 | ) | ||||
Purchase of Securities Available for Sale | (226 | ) | (33,516 | ) | ||||
NET CASH USED IN INVESTING ACTIVITIES | (81,967 | ) | (153,079 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Net Repayments on Loans Payable | (15,000 | ) | (60,794 | ) | ||||
Proceeds from Fixed Rate Mortgage Notes Payable | 52,500 | 72,500 | ||||||
Principal Payments on Fixed Rate Mortgage Notes Payable | (13,356 | ) | (12,121 | ) | ||||
Financing Costs Paid on Debt | (1,980 | ) | (444 | ) | ||||
Proceeds from the Exercise of Stock Options | 606 | -0- | ||||||
Proceeds from Underwritten Public Offering of Common Stock, net of offering costs | -0- | 132,338 | ||||||
Proceeds from At-The-Market 6.125% Series C Preferred Stock, net of offering costs | 43,153 | 1,006 | ||||||
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments | 11,305 | 17,595 | ||||||
Preferred Dividends Paid | (5,873 | ) | (4,415 | ) | ||||
Common Dividends Paid, net of Reinvestments | (12,282 | ) | (11,054 | ) | ||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 59,073 | 134,611 | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (3,796 | ) | 3,444 | |||||
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 20,179 | 9,325 | ||||||
CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 16,383 | $ | 12,769 |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 9 |
Capital Structure and Leverage Ratios
(unaudited) (in thousands except for per share amounts)
As of | As of | As of | ||||||||||
12/31/2019 | 12/31/2018 | 9/30/2019 | ||||||||||
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | $ | 784,048 | $ | 771,705 | $ | 744,928 | ||||||
Loans Payable | 80,000 | 125,815 | 95,000 | |||||||||
Total Debt | 864,048 | 897,520 | 839,928 | |||||||||
6.125% Series C Cumulative Redeemable Preferred Stock | 391,643 | 288,311 | 347,678 | |||||||||
Common Stock, Additional Paid-In-Capital & Other | 665,866 | 617,245 | 663,365 | |||||||||
Total Shareholders’ Equity | 1,057,509 | 905,556 | 1,011,043 | |||||||||
Total Book Capitalization | 1,921,557 | 1,803,076 | 1,850,971 | |||||||||
Accumulated Depreciation | 260,963 | 217,504 | 249,584 | |||||||||
Total Undepreciated Book Capitalization | $ | 2,182,520 | $ | 2,020,580 | $ | 2,100,555 | ||||||
Shares Outstanding | 97,569 | 92,335 | 96,399 | |||||||||
Market Price Per Share | $ | 14.48 | $ | 12.40 | $ | 14.41 | ||||||
Equity Market Capitalization | $ | 1,412,803 | $ | 1,144,955 | $ | 1,389,107 | ||||||
Total Debt | 864,048 | 897,520 | 839,928 | |||||||||
Total Preferred Stock | 391,643 | 288,311 | 347,678 | |||||||||
Total Market Capitalization | $ | 2,668,494 | $ | 2,330,786 | $ | 2,576,713 | ||||||
Total Debt | $ | 864,048 | $ | 897,520 | $ | 839,928 | ||||||
less: Cash and Cash Equivalents | 16,383 | 12,769 | 20,179 | |||||||||
Net Debt | $ | 847,665 | $ | 884,751 | $ | 819,749 | ||||||
less: Securities Available for Sale at Fair Value (Securities) | 181,841 | 145,810 | 185,250 | |||||||||
Net Debt Less Securities | $ | 665,824 | $ | 738,941 | $ | 634,499 | ||||||
Net Debt / Total Undepreciated Book Capitalization | 38.8 | % | 43.8 | % | 39.0 | % | ||||||
Net Debt / Total Market Capitalization | 31.8 | % | 38.0 | % | 31.8 | % | ||||||
Net Debt Plus Preferred Stock / Total Market Capitalization | 46.4 | % | 50.3 | % | 45.3 | % | ||||||
Net Debt Less Securities / Total Undepreciated Book Capitalization | 30.5 | % | 36.6 | % | 30.2 | % | ||||||
Net Debt Less Securities / Total Market Capitalization | 25.0 | % | 31.7 | % | 24.6 | % | ||||||
Net Debt Less Securities Plus Preferred Stock / Total Market Capitalization | 39.6 | % | 44.1 | % | 38.1 | % | ||||||
Weighted Average Interest Rate on Fixed Rate Mortgage Debt | 4.05 | % | 4.08 | % | 4.03 | % | ||||||
Weighted Average Term on Fixed Rate Mortgage Debt | 11.5 yrs. | 11.8 yrs. | 11.3 yrs. | |||||||||
Weighted Average Interest Rate on Fixed Rate Debt (1) | 4.00 | % | 4.08 | % | 4.03 | % | ||||||
Weighted Average Term on Fixed Rate Debt (1) | 10.5 yrs. | 11.8 yrs. | 11.3 yrs. | |||||||||
Weighted Average Lease Term | 7.6 yrs. | 8.0 yrs. | 7.6 yrs. |
(1) | For the quarter ended 12/31/19, fixed rate debt includes $784 million in Fixed Rate Mortgage Debt and a $75 million term loan that is fixed with a LIBOR interest rate swap agreement. We obtained the $75 million term loan during the quarter ended 12/31/19. Therefore, for prior year quarters presented, the Fixed Rate Debt only includes Fixed Rate Mortgage Debt. |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 10 |
Capital Structure and Leverage Ratios
(unaudited) (in thousands)
For the Three Months Ended | Fiscal Year Ended | |||||||||||
12/31/2019 | 12/31/2018 | 9/30/2019 | ||||||||||
Net Income (Loss) Attributable to Common Shareholders | $ | 3,528 | $ | (32,364 | ) | $ | 11,026 | |||||
Plus: Preferred Dividends | 6,097 | 4,421 | 18,774 | |||||||||
Plus: Interest Expense, including Amortization of Financing Costs | 9,209 | 9,006 | 36,912 | |||||||||
Plus: Depreciation and Amortization | 12,186 | 11,180 | 45,890 | |||||||||
Plus: Net Amortization of Acquired Above and Below Market Lease Revenue | 26 | 25 | 103 | |||||||||
Plus: Unrealized Holding (Gains) Losses Arising During the Periods | 3,635 | 42,627 | 24,680 | |||||||||
Adjusted EBITDA | $ | 34,681 | $ | 34,895 | $ | 137,385 | ||||||
Interest Expense, including Amortization of Financing Costs | $ | 9,209 | $ | 9,006 | $ | 36,912 | ||||||
Preferred Dividends | 6,097 | 4,421 | 18,774 | |||||||||
Total Fixed Charges | $ | 15,306 | $ | 13,427 | $ | 55,686 | ||||||
Interest Coverage | 3.8 x | 3.9 x | 3.7 x | |||||||||
Fixed Charge Coverage | 2.3 x | 2.6 x | 2.5 x | |||||||||
Net Debt | $ | 847,665 | $ | 884,751 | $ | 819,749 | ||||||
Net Debt Less Securities | 665,824 | 738,941 | 634,499 | |||||||||
Total Preferred Stock | 391,643 | 288,311 | 347,678 | |||||||||
Annualized Adjusted EBITDA | 138,724 | 139,580 | 137,385 | |||||||||
Net Debt / Adjusted EBITDA | 6.1 x | 6.3 x | 6.0 x | |||||||||
Net Debt Less Securities / Adjusted EBITDA | 4.8 x | 5.3 x | 4.6 x | |||||||||
Net Debt + Preferred Stock / Adjusted EBITDA | 8.9 x | 8.4 x | 8.5 x | |||||||||
Net Debt Less Securities + Preferred Stock / Adjusted EBITDA | 7.6 x | 7.4 x | 7.1 x |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 11 |
(unaudited) (In thousands)
Loans | % of | ||||||||||||||||||
Fiscal Year Ended | Mortgages | Payable | Total | Total | |||||||||||||||
2020 | $ | 41,682 | -0- | $ | 41,682 | 4.8 | % | ||||||||||||
2021 | 57,413 | -0- | 57,413 | 6.6 | % | ||||||||||||||
2022 | 79,659 | -0- | 79,659 | 9.1 | % | ||||||||||||||
2023 | 58,476 | -0- | 58,476 | 6.7 | % | ||||||||||||||
2024 | 71,626 | $ | 5,000 | (B) | 76,626 | 8.8 | % | ||||||||||||
Thereafter | 483,203 | $ | 75,000 | (C) | 558,203 | 64.0 | % | ||||||||||||
Total as of 12/31/2019 | (A) | $ | 792,059 | $ | 80,000 | $ | 872,059 | 100.0 | % | ||||||||||
Weighted Average Interest Rate | 4.05 | % | 2.94 | % | 3.95 | % | |||||||||||||
Weighted Average Term | 11.5 yrs. | 5.0 yrs. | 10.9 yrs. |
(A) | Mortgages does not include unamortized debt issuance costs of $8 million. | |
(B) | Represents amount drawn down on a $225 million Revolver maturing January 2024 with two options to extend for additional six-month periods, which is not reflected above. Subsequent to the quarter end, we paid down the remaining amount outstanding, resulting in the full $225 million currently being available under the Revolver. | |
(C) | Represents a Term Loan maturing January 2025. |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 12 |
(unaudited)
Property | Square | Occupied Square | % of Occupied | Annual | % of Total Ann. | Rent Per sf | Undepreciated | Mortgage | ||||||||||||||||||||||||||||||
Tenant | Count | Footage | Footage | sf | Rent | Rent | Occup. | Cost | Balance | |||||||||||||||||||||||||||||
FedEx Ground Package System, Inc. | 44 | 8,815,312 | 8,815,312 | 38.6 | % | $ | 71,005,000 | 49.9 | % | $ | 8.05 | $ | 1,008,487,818 | $ | 442,196,572 | |||||||||||||||||||||||
FedEx Corporation | 15 | 1,095,096 | 1,095,096 | 4.8 | % | 6,720,000 | 4.7 | % | 6.14 | 95,833,968 | 12,784,462 | |||||||||||||||||||||||||||
FedEx Forward Depots, Inc. | 1 | 449,900 | 449,900 | 2.0 | % | 1,394,000 | 1.0 | % | 3.10 | 16,092,852 | 3,981,503 | |||||||||||||||||||||||||||
Total FedEx | 60 | 10,360,308 | 10,360,308 | 45.4 | % | 79,119,000 | 55.6 | % | 7.64 | 1,120,414,638 | 458,962,537 | |||||||||||||||||||||||||||
Amazon.com Services, Inc. (Amazon.com, Inc.) | 4 | 1,370,465 | 1,370,465 | 6.0 | % | 9,709,000 | 6.8 | % | 7.08 | 150,153,451 | 87,875,976 | |||||||||||||||||||||||||||
Milwaukee Electric Tool Corporation | 1 | 861,889 | 861,889 | 3.8 | % | 3,076,000 | 2.2 | % | 3.57 | 36,914,917 | 19,454,490 | |||||||||||||||||||||||||||
Shaw Industries, Inc. | 1 | 831,764 | 831,764 | 3.6 | % | 3,529,000 | 2.5 | % | 4.24 | 56,025,945 | 29,815,734 | |||||||||||||||||||||||||||
ULTA, Inc. | 1 | 671,354 | 671,354 | 2.9 | % | 2,755,000 | 1.9 | % | 4.10 | 37,534,403 | 18,426,899 | |||||||||||||||||||||||||||
Jim Beam Brands Company (Beam Suntory) | 1 | 599,840 | 599,840 | 2.6 | % | 2,092,000 | 1.5 | % | 3.49 | 28,000,000 | 15,422,572 | |||||||||||||||||||||||||||
International Paper Company | 2 | 578,472 | 578,472 | 2.5 | % | 2,639,000 | 1.9 | % | 4.56 | 37,024,608 | 18,945,064 | |||||||||||||||||||||||||||
TreeHouse Private Brands, Inc. | 1 | 558,600 | 558,600 | 2.4 | % | 2,246,000 | 1.6 | % | 4.02 | 26,807,852 | 14,376,842 | |||||||||||||||||||||||||||
Autoneum North America, Inc. | 1 | 413,605 | 413,605 | 1.8 | % | 2,221,000 | 1.6 | % | 5.37 | 21,040,396 | 13,480,506 | |||||||||||||||||||||||||||
B. Braun Medical Inc. | 1 | 399,440 | 399,440 | 1.7 | % | 2,159,000 | 1.5 | % | 5.41 | 30,008,069 | 17,977,023 | |||||||||||||||||||||||||||
UGN, Inc. | 1 | 387,000 | 387,000 | 1.7 | % | 2,088,000 | 1.5 | % | 5.40 | 21,576,756 | 13,363,554 | |||||||||||||||||||||||||||
CBOCS Distribution, Inc. (Cracker Barrel) | 1 | 381,240 | 381,240 | 1.7 | % | 1,475,000 | 1.0 | % | 3.87 | 14,215,126 | -0- | |||||||||||||||||||||||||||
Best Buy Warehousing Logistics, LLC | 1 | 368,060 | 368,060 | 1.6 | % | 1,709,000 | 1.2 | % | 4.64 | 19,600,000 | 8,519,503 | |||||||||||||||||||||||||||
Toyota Tsusho America, Inc. | 1 | 350,000 | 350,000 | 1.5 | % | 1,710,000 | 1.2 | % | 4.89 | 25,078,587 | 16,727,842 | |||||||||||||||||||||||||||
Coca-Cola | 2 | 323,358 | 323,358 | 1.4 | % | 1,725,000 | 1.2 | % | 5.33 | 20,504,069 | 3,178,690 | |||||||||||||||||||||||||||
Science Applications International Corporation | 1 | 302,400 | 302,400 | 1.3 | % | 1,683,000 | 1.2 | % | 5.57 | 14,445,353 | -0- | |||||||||||||||||||||||||||
Bunzl USA Holdings, Inc. | 2 | 268,778 | 268,778 | 1.2 | % | 1,500,000 | 1.1 | % | 5.58 | 18,731,674 | 11,429,249 | |||||||||||||||||||||||||||
Woodstream Corporation | (A) | 1 | 256,000 | 256,000 | 1.1 | % | 932,000 | 0.7 | % | 3.64 | 8,951,926 | -0- | ||||||||||||||||||||||||||
Anda Pharmaceuticals, Inc. | 1 | 234,660 | 234,660 | 1.0 | % | 1,215,000 | 0.9 | % | 5.18 | 14,550,000 | 6,762,993 | |||||||||||||||||||||||||||
United Technologies Corporation | 2 | 223,150 | 223,150 | 1.0 | % | 1,525,000 | 1.1 | % | 6.83 | 23,047,057 | 5,406,526 | |||||||||||||||||||||||||||
Mickey Thompson Performance Tires and Wheels (Cooper Tire) | 1 | 219,765 | 219,765 | 1.0 | % | 1,523,000 | 1.1 | % | 6.93 | 18,934,065 | 11,317,662 | |||||||||||||||||||||||||||
Rinnai America Corporation | 1 | 218,120 | 218,120 | 1.0 | % | 851,000 | 0.6 | % | 3.90 | 15,075,283 | -0- | |||||||||||||||||||||||||||
Anheuser-Busch, Inc. | 1 | 184,800 | 184,800 | 0.8 | % | 843,000 | 0.6 | % | 4.56 | 12,697,848 | -0- | |||||||||||||||||||||||||||
Carlisle Tire & Wheel Company | 1 | 179,280 | 179,280 | 0.8 | % | 765,000 | 0.5 | % | 4.27 | 7,232,986 | -0- | |||||||||||||||||||||||||||
NF&M International, Inc. | (B) | 1 | 174,802 | 174,802 | 0.8 | % | 841,000 | 0.6 | % | 4.81 | 5,408,790 | -0- | ||||||||||||||||||||||||||
Home Depot USA, Inc. | 1 | 171,200 | 171,200 | 0.7 | % | 1,015 | 0.7 | % | 5.93 | 11,303,317 | -0- | |||||||||||||||||||||||||||
Victory Packaging, L.P. | 1 | 148,000 | 148,000 | 0.6 | % | 514,000 | 0.4 | % | 3.47 | 5,455,379 | -0- | |||||||||||||||||||||||||||
Challenger Lifts, Inc. (Snap-On Inc.) | 1 | 137,500 | 137,500 | 0.6 | % | 852,000 | 0.6 | % | 6.20 | 11,304,000 | 6,017,997 | |||||||||||||||||||||||||||
Altec Industries, Inc. | (A) | 1 | 126,880 | 126,880 | 0.6 | % | 376,000 | 0.3 | % | 2.96 | 4,436,799 | -0- | ||||||||||||||||||||||||||
General Electric Company | 1 | 125,860 | 125,860 | 0.6 | % | 1,334,000 | 0.9 | % | 10.60 | 19,964,283 | 10,204,703 | |||||||||||||||||||||||||||
Keurig Dr Pepper | 2 | 110,080 | 110,080 | 0.5 | % | 753,000 | 0.5 | % | 6.84 | 10,498,031 | 1,517,773 | |||||||||||||||||||||||||||
Style Crest, Inc. | 1 | 106,507 | 106,507 | 0.5 | % | 398,000 | 0.3 | % | 3.74 | 7,263,673 | -0- | |||||||||||||||||||||||||||
Pittsburgh Glass Works, LLC | 1 | 102,135 | 102,135 | 0.4 | % | 450,000 | 0.3 | % | 4.41 | 4,249,615 | -0- | |||||||||||||||||||||||||||
Dakota Bodies, LLC | 1 | 96,687 | 96,687 | 0.4 | % | 378,000 | 0.3 | % | 3.91 | 7,839,684 | -0- | |||||||||||||||||||||||||||
National Oilwell Varco, Inc. | 1 | 91,295 | 91,295 | 0.4 | % | 763,000 | 0.5 | % | 8.36 | 8,163,278 | 1,511,323 | |||||||||||||||||||||||||||
Joseph T. Ryerson and Son, Inc. | 1 | 89,052 | 89,052 | 0.4 | % | 514,000 | 0.4 | % | 5.77 | 7,066,732 | -0- | |||||||||||||||||||||||||||
CHEP USA, Inc. | 1 | 83,000 | 83,000 | 0.4 | % | 506,000 | 0.4 | % | 6.10 | 7,463,672 | -0- | |||||||||||||||||||||||||||
Sherwin-Williams Company | 2 | 78,887 | 78,887 | 0.3 | % | 648,000 | 0.5 | % | 8.21 | 7,258,078 | -0- | |||||||||||||||||||||||||||
RGH Enterprises, Inc. (Cardinal Health) | 1 | 75,000 | 75,000 | 0.3 | % | 619,000 | 0.4 | % | 8.25 | 5,525,600 | -0- | |||||||||||||||||||||||||||
Tampa Bay Grand Prix | 1 | 68,385 | 68,385 | 0.3 | % | 361,000 | 0.3 | % | 5.28 | 5,677,982 | -0- | |||||||||||||||||||||||||||
Various Tenants at Retail Shopping Center | 1 | 64,220 | 62,440 | 0.3 | % | 784,000 | 0.6 | % | 12.56 | 3,139,564 | -0- | |||||||||||||||||||||||||||
SOFIVE, Inc. | 1 | 60,400 | 60,400 | 0.3 | % | 633,000 | 0.2 | % | 10.48 | 5,296,752 | 1,363,818 | |||||||||||||||||||||||||||
Locke Supply Co. | 1 | 60,000 | 60,000 | 0.3 | % | 325,000 | 0.2 | % | 5.42 | 4,905,925 | -0- | |||||||||||||||||||||||||||
Kellogg Sales Company | 1 | 54,812 | 54,812 | 0.2 | % | 329,000 | 0.2 | % | 6.00 | 3,494,108 | -0- | |||||||||||||||||||||||||||
Siemens Real Estate | 1 | 51,130 | 51,130 | 0.2 | % | 459,000 | 0.2 | % | 8.98 | 4,452,425 | -0- | |||||||||||||||||||||||||||
Foundation Building Materials, LLC | 1 | 36,270 | 36,270 | 0.2 | % | 178,000 | 0.1 | % | 4.91 | 2,543,770 | -0- | |||||||||||||||||||||||||||
Graybar Electric Company | 1 | 26,340 | 26,340 | 0.1 | % | 115,000 | 0.1 | % | 4.37 | 2,312,027 | -0- | |||||||||||||||||||||||||||
Vacant | (B) | 2 | 185,837 | -0- | 0.0 | % | -0- | 0.0 | % | -0- | 13,462,700 | -0- | ||||||||||||||||||||||||||
Total as of 12/31/19 | 115 | 22,866,627 | 22,679,010 | 99.2 | % | $ | 142,234,000 | 100.0 | % | $ | 6.27 | $ | 1,947,051,193 | (C) | $ | 792,059,276 | ||||||||||||||||||||||
Leasing Activity Subsequent to 12/31/19 | ||||||||||||||||||||||||||||||||||||||
Sonwil Distribution Center, Inc. | (D) | - | - | 104,981 | 0.5 | % | 630,000 | 0.4 | % | 6.00 | ||||||||||||||||||||||||||||
Pro Forma Total | 115 | 22,866,627 | 22,783,991 | 99.6 | % | $ | 142,864,000 | 100.0 | % | $ | 6.27 |
(A) | Woodstream Corporation and Altec Industries, Inc. are located at one property and, therefore, are counted as one property in the Property Count Total. | |
(B) | NF&M International is located in a 255,658 square foot industrial park in Monaca (Pittsburgh), PA, of which 80,856 square feet is vacant. This industrial park is counted as one property in the Property Count Total. | |
Other than two properties indicated in footnotes (A) and (B) and one retail property, all other properties are single-tenant. | ||
(C) | Does not include unamortized debt issuance costs of $8,011,547. | |
(D) | Effective 1/7/2020, we leased our previously vacant 104,981 square foot facility located in Cheektowaga (Buffalo), NY for two years to Sonwil Distribution Center, Inc. |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 13 |
(unaudited)
Property | Square | Occupied Square | % of Total | Annual | % of Total Ann. | Rent Per sf | Undepreciated | Mortgage | ||||||||||||||||||||||||||||
State | Count | Footage | Footage | sf | Rent | Rent | Occup. | Cost | Balance | |||||||||||||||||||||||||||
Florida | 13 | 2,211,583 | 2,211,583 | 9.7 | % | $ | 15,817,000 | 11.1 | % | $ | 7.15 | $ | 227,225,723 | $ | 88,619,503 | |||||||||||||||||||||
Indiana | 4 | 1,964,923 | 1,964,923 | 8.6 | % | 11,132,000 | 7.8 | % | 5.67 | 167,480,982 | 96,694,729 | |||||||||||||||||||||||||
Texas | 10 | 1,781,967 | 1,781,967 | 7.8 | % | 13,773,000 | 9.7 | % | 7.73 | 182,450,580 | 70,737,802 | |||||||||||||||||||||||||
Ohio | 9 | 1,705,506 | 1,705,506 | 7.5 | % | 10,021,000 | 7.0 | % | 5.88 | 119,522,777 | 43,920,552 | |||||||||||||||||||||||||
Georgia | 6 | 1,639,696 | 1,639,696 | 7.2 | % | 10,551,000 | 7.4 | % | 6.43 | 166,206,747 | 83,909,760 | |||||||||||||||||||||||||
South Carolina | 6 | 1,371,721 | 1,371,721 | 6.0 | % | 10,309,000 | 7.2 | % | 7.52 | 128,503,468 | 54,236,247 | |||||||||||||||||||||||||
Kentucky | 3 | 1,295,940 | 1,295,940 | 5.7 | % | 5,190,000 | 3.6 | % | 4.00 | 66,111,852 | 35,817,411 | |||||||||||||||||||||||||
Mississippi | 4 | 1,158,889 | 1,158,889 | 5.1 | % | 4,526,000 | 3.2 | % | 3.91 | 55,677,635 | 26,217,483 | |||||||||||||||||||||||||
Illinois | 9 | 958,045 | 958,045 | 4.2 | % | 6,173,000 | 4.4 | % | 6.44 | 82,801,814 | 7,800,333 | |||||||||||||||||||||||||
North Carolina | 4 | 939,706 | 939,706 | 4.1 | % | 5,686,000 | 4.0 | % | 6.05 | 85,806,994 | 39,497,736 | |||||||||||||||||||||||||
Tennessee | 3 | 891,777 | 891,777 | 3.9 | % | 3,188,000 | 2.2 | % | 3.57 | 35,665,925 | 3,981,503 | |||||||||||||||||||||||||
Michigan | 4 | 833,054 | 833,054 | 3.6 | % | 5,577,000 | 3.9 | % | 6.69 | 73,374,059 | 23,565,286 | |||||||||||||||||||||||||
Kansas | 4 | 813,043 | 813,043 | 3.6 | % | 4,678,000 | 3.3 | % | 5.75 | 60,943,937 | 27,188,808 | |||||||||||||||||||||||||
Missouri | 4 | 740,119 | 740,119 | 3.2 | % | 2,900,000 | 2.0 | % | 3.92 | 35,481,259 | 6,411,590 | |||||||||||||||||||||||||
Oklahoma | 4 | 614,941 | 614,941 | 2.7 | % | 3,975,000 | 2.8 | % | 6.46 | 54,961,021 | 27,290,546 | |||||||||||||||||||||||||
New York | 3 | 518,565 | 413,584 | 2.3 | % | 2,942,000 | 2.1 | % | 7.11 | 51,587,223 | 19,753,751 | |||||||||||||||||||||||||
Pennsylvania | 3 | 504,040 | 423,184 | 2.2 | % | 2,826,000 | 2.0 | % | 6.68 | 36,897,915 | 12,948,643 | |||||||||||||||||||||||||
New Jersey | 3 | 471,765 | 469,985 | 2.1 | % | 6,723,000 | 4.7 | % | 14.30 | 92,423,938 | 53,429,023 | |||||||||||||||||||||||||
Alabama | 2 | 451,595 | 451,595 | 2.0 | % | 2,650,000 | 1.9 | % | 5.87 | 39,714,135 | 17,618,674 | |||||||||||||||||||||||||
Virginia | 5 | 407,265 | 407,265 | 1.8 | % | 2,456,000 | 1.7 | % | 6.03 | 34,843,751 | 3,779,289 | |||||||||||||||||||||||||
Colorado | 2 | 295,227 | 295,227 | 1.3 | % | 2,441,000 | 1.7 | % | 8.27 | 35,683,647 | 15,370,483 | |||||||||||||||||||||||||
Arizona | 1 | 283,358 | 283,358 | 1.2 | % | 1,393,000 | 1.0 | % | 4.92 | 16,824,226 | 2,667,239 | |||||||||||||||||||||||||
Wisconsin | 2 | 238,666 | 238,666 | 1.0 | % | 1,295,000 | 0.9 | % | 5.43 | 16,377,221 | 2,227,040 | |||||||||||||||||||||||||
Washington | 1 | 210,445 | 210,445 | 0.9 | % | 1,962,000 | 1.4 | % | 9.32 | 30,320,686 | 16,348,307 | |||||||||||||||||||||||||
Louisiana | 1 | 175,315 | 175,315 | 0.8 | % | 1,270,000 | 0.9 | % | 7.24 | 18,425,875 | 10,242,856 | |||||||||||||||||||||||||
Maryland | 1 | 148,881 | 148,881 | 0.7 | % | 1,455,000 | 1.0 | % | 9.77 | 14,512,355 | -0- | |||||||||||||||||||||||||
Nebraska | 1 | 89,115 | 89,115 | 0.2 | % | 446,000 | 0.3 | % | 5.00 | 5,963,626 | -0- | |||||||||||||||||||||||||
Minnesota | 1 | 60,398 | 60,398 | 0.2 | % | 372,000 | 0.3 | % | 6.16 | 5,223,944 | 1,784,682 | |||||||||||||||||||||||||
Connecticut | 1 | 54,812 | 54,812 | 0.2 | % | 329,000 | 0.3 | % | 6.00 | 3,494,108 | -0- | |||||||||||||||||||||||||
Iowa | 1 | 36,270 | 36,270 | 0.2 | % | 178,000 | 0.2 | % | 4.91 | 2,543,770 | -0- | |||||||||||||||||||||||||
Total as of 12/31/2019 | 115 | 22,866,627 | 22,679,010 | 100.0 | % | $ | 142,234,000 | 100.0 | % | $ | 6.27 | $ | 1,947,051,193 | (A) | $ | 792,059,276 | ||||||||||||||||||||
Leasing Activity Subsequent to 12/31/19 | ||||||||||||||||||||||||||||||||||||
New York (B) | - | - | 104,981 | 0.5 | % | 630,000 | 0.4 | % | 6.00 | |||||||||||||||||||||||||||
Pro Forma Total | 115 | 22,866,627 | 22,783,991 | 100.0 | % | $ | 142,864,000 | 100.0 | % | $ | 6.27 |
(A) | Does not include unamortized debt issuance costs of $8,011,547. | |
(B) | Effective 1/7/2020, we leased our previously vacant 104,981 square foot facility located in Cheektowaga (Buffalo), NY for two years to Sonwil Distribution Center, Inc. |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 14 |
(unaudited)
Property | Square | % of Total | Annual | % of Total Ann. | Rent Per sf | Lease Exp. Termin | Undepreciated | Mortgage | ||||||||||||||||||||||||||||||
Fiscal Year | Count | Footage | Sf | Rent | Rent | Occup. | Years | Cost | Balance | |||||||||||||||||||||||||||||
2020 | (B) | 4 | 350.397 | 1.5 | % | $ | 1,949,000 | 1.4 | % | $ | 5.56 | 0.5 | $ | 17,109,452 | $ | -0- | ||||||||||||||||||||||
2021 | (A) | 10 | 1,206,723 | 5.3 | % | 5,560,000 | 3.9 | % | 4.61 | 1.4 | 69,799,838 | 6,964,290 | ||||||||||||||||||||||||||
2022 | 7 | 1,138,320 | 5.0 | % | 6,505,000 | 4.6 | % | 5.71 | 2.2 | 76,123,274 | 22,276,371 | |||||||||||||||||||||||||||
2023 | (A) | 13 | 1,668,804 | 7.3 | % | 9,548,000 | 6.7 | % | 5.72 | 3.5 | 117,189,426 | 18,760,182 | ||||||||||||||||||||||||||
2024 | 13 | 1,887,034 | 8.3 | % | 11,740,000 | 8.3 | % | 6.22 | 4.4 | 136,821,074 | 24,205,425 | |||||||||||||||||||||||||||
2025 | (A) | 9 | 2,433,130 | 10.6 | % | 12,341,000 | 8.7 | % | 5.07 | 5.4 | 162,101,246 | 67,058,021 | ||||||||||||||||||||||||||
2026 | 8 | 1,078,913 | 4.7 | % | 8,331,000 | 5.9 | % | 7.72 | 6.4 | 113,194,022 | 31,673,987 | |||||||||||||||||||||||||||
2027 | 12 | 2,373,001 | 10.4 | % | 13,049,000 | 9.2 | % | 5.50 | 7.6 | 185,550,657 | 66,832,541 | |||||||||||||||||||||||||||
2028 | 11 | 2,571,915 | 11.2 | % | 13,970,000 | 9.8 | % | 5.43 | 8.3 | 182,415,303 | 64,633,427 | |||||||||||||||||||||||||||
2029 | 8 | 1,739,634 | 7.6 | % | 9,752,000 | 6.9 | % | 5.61 | 8.8 | 138,152,933 | 62,704,916 | |||||||||||||||||||||||||||
2030 | 4 | 873,032 | 3.8 | % | 6,980,000 | 4.9 | % | 8.00 | 10.3 | 101,878,345 | 51,465,675 | |||||||||||||||||||||||||||
2031 | 3 | 963,269 | 4.2 | % | 7,152,000 | 5.0 | % | 7.42 | 11.3 | 104,617,800 | 60,113,581 | |||||||||||||||||||||||||||
2032 | (B) | 8 | 2,131,983 | 9.3 | % | 18,803,000 | 13.2 | % | 8.82 | 12.0 | 290,943,536 | 169,925,686 | ||||||||||||||||||||||||||
2033 | 2 | 639,068 | 2.8 | % | 6,486,000 | 4.6 | % | 10.15 | 13.3 | 106,803,506 | 65,366,688 | |||||||||||||||||||||||||||
2034 | 3 | 1,561,347 | 6.8 | % | 9,284,000 | 6.5 | % | 5.95 | 14.3 | 127,748,517 | 80,078,486 | |||||||||||||||||||||||||||
Various tenants at retail shopping center | 1 | 64,220 | 0.4 | % | 784,000 | 0.3 | % | 12.56 | -0- | 3,139,564 | -0- | |||||||||||||||||||||||||||
Vacant | (A) | 2 | 185,837 | 0.8 | % | -0- | 0.0 | % | -0- | -0- | 13,462,700 | -0- | ||||||||||||||||||||||||||
Total as of 12/31/19 | 115 | 22,866,627 | 100.0 | % | $ | 142,234,000 | 100.0 | % | $ | 6.27 | 7.6 | $ | 1,947,051,193 | (C) | $ | 792,059,276 | ||||||||||||||||||||||
Leasing Activity Subsequent to 12/31/19 | ||||||||||||||||||||||||||||||||||||||
2022 | (D) | - | - | - | 630,000 | 0.4 | % | 6.00 | 2.1 | |||||||||||||||||||||||||||||
Pro Forma Total | 115 | 22,866,627 | 100.0 | % | $ | 142,864,000 | 100.0 | % | $ | 6.27 | 7.5 |
(A) | Included in 2021 is Woodstream Corporation and included in 2023 is Altec Industries which both occupy one property. Included in 2025 is NF&M International, which occupies 174,802 square feet of a 255,658 square foot Industrial Park. The remaining 80,856 square feet is included in Vacant. Each of these properties are counted as one property in the Property Count Total. Other than these properties and one retail property, all other properties are single-tenant. | |
(B) | Included in 2020 and 2032 is a property located in Aiken (Augusta, GA), SC leased to Autoneum North America, Inc. This property contains two leasable structures with two different lease terms. Both are counted as one property in the property count total. | |
(C) | Does not include unamortized debt issuance costs of $8,011,547. | |
(D) | Effective 1/7/2020, we leased our previously vacant 104,981 square foot facility located in Cheektowaga (Buffalo), NY for two years to Sonwil Distribution Center, Inc. |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 15 |
Recent Acquisitions During Fiscal 2020
(unaudited)
Date of | Square | Annual | Rent Per sf | Lease | Purchase | Initial Mortgage | |||||||||||||||||||||||||||||
No | Tenant | City (MSA) | State | Acquisition | Footage | Rent | Occup. | Expiration | Price | Balance | |||||||||||||||||||||||||
1 | Amazon.com Services, Inc. | Greenwood (Indianapolis) | IN | 10/10/19 | 615,747 | $ | 4,950,000 | $ | 8.04 | 8/31/2034 | $ | 81,500,000 | $ | 52,500,000 |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 16 |
(unaudited)
Rent | Lease Exp. Term | |||||||||||||||||||||||||||||||||||||||||||
Fiscal Year | Square | Annual | Per sf | in | Undepreciated | Mortgage | ||||||||||||||||||||||||||||||||||||||
No | Tenant | City (MSA) | State | Acquisition | Occup. | Footage | Rent | Occup. | Years | Cost | Balance | |||||||||||||||||||||||||||||||||
1 | Milwaukee Electric Tool Corporation | Olive Branch (Memphis, TN) | MS | 2013 | 100.0 | % | 861,889 | $ | 3,076,000 | $ | 3.57 | 8.6 | $ | 36,914,917 | $ | 19,454,490 | ||||||||||||||||||||||||||||
2 | Shaw Industries, Inc. | Savannah | GA | 2018 | 100.0 | % | 831,764 | 3,529,000 | 4.24 | 7.8 | 56,025,945 | 29,815,734 | ||||||||||||||||||||||||||||||||
3 | ULTA, Inc. | Greenwood (Indianapolis) | IN | 2015 | 100.0 | % | 671,354 | 2,755,000 | 4.10 | 5.6 | 37,534,403 | 18,426,899 | ||||||||||||||||||||||||||||||||
4 | Amazon.com Services, Inc. (Amazon.com, Inc.) | Greenwood (Indianapolis) | IN | 2020 | 100.0 | % | 615,747 | 4,950,000 | 8.04 | 14.7 | 79,363,910 | 52,338,090 | ||||||||||||||||||||||||||||||||
5 | Jim Beam Brands Company (Beam Suntory) | Frankfort (Lexington) | KY | 2015 | 100.0 | % | 599,840 | 2,092,000 | 3.49 | 5.1 | 28,000,000 | 15,422,572 | ||||||||||||||||||||||||||||||||
6 | TreeHouse Private Brands, Inc. | Buckner (Louisville) | KY | 2014 | 100.0 | % | 558,600 | 2,246,000 | 4.02 | 13.8 | 26,807,852 | 14,376,842 | ||||||||||||||||||||||||||||||||
7 | FedEx Forward Depots, Inc. | Memphis | TN | 2010 | 100.0 | % | 449,900 | 1,394,000 | 3.10 | 9.4 | 16,092,852 | 3,981,503 | ||||||||||||||||||||||||||||||||
8 | Autoneum North America, Inc. | (B) | Aiken (Augusta, GA) | SC | 2017 | 100.0 | % | 315,560 | 1,731,000 | 5.49 | 12.3 | 21,040,396 | 13,480,506 | |||||||||||||||||||||||||||||||
Autoneum North America, Inc. | Aiken (Augusta, GA) | SC | 2017 | 100.0 | % | 98,045 | 490,000 | 5.00 | 0.5 | -0- | -0- | |||||||||||||||||||||||||||||||||
9 | B. Braun Medical Inc. | Daytona Beach | FL | 2018 | 100.0 | % | 399,440 | 2,159,000 | 5.41 | 8.3 | 30,008,069 | 17,977,023 | ||||||||||||||||||||||||||||||||
10 | UGN, Inc. | Monroe (Cincinnati) | OH | 2015 | 100.0 | % | 387,000 | 2,088,000 | 5.40 | 14.2 | 21,576,756 | 13,363,554 | ||||||||||||||||||||||||||||||||
11 | Woodstream Corporation | St. Joseph | MO | 2001 | 100.0 | % | 256,000 | 932,000 | 3.64 | 1.8 | 8,951,926 | -0- | ||||||||||||||||||||||||||||||||
Altec Industries, Inc. | St. Joseph | MO | 2001 | 100.0 | % | 126,880 | 376,000 | 2.96 | 3.2 | 4,436,799 | -0- | |||||||||||||||||||||||||||||||||
12 | CBOCS Distribution, Inc. (Cracker Barrel) | Lebanon (Nashville) | TN | 2011 | 100.0 | % | 381,240 | 1,475,000 | 3.87 | 4.5 | 14,215,126 | -0- | ||||||||||||||||||||||||||||||||
13 | FedEx Ground Package System, Inc. | Braselton (Atlanta) | GA | 2018 | 100.0 | % | 373,750 | 3,782,000 | 10.12 | 13.2 | 60,227,126 | 37,395,409 | ||||||||||||||||||||||||||||||||
14 | Best Buy Warehousing Logistics, LLC | Streetsboro (Cleveland) | OH | 2012 | 100.0 | % | 368,060 | 1,709,000 | 4.64 | 2.1 | 19,600,000 | 8,519,503 | ||||||||||||||||||||||||||||||||
15 | Amazon.com Services, Inc. (Amazon.com, Inc.) | Mobile | AL | 2018 | 100.0 | % | 362,942 | 2,045,000 | 5.63 | 8.9 | 33,052,316 | 17,537,870 | ||||||||||||||||||||||||||||||||
16 | FedEx Ground Package System, Inc. | Concord (Charlotte) | NC | 2017 | 100.0 | % | 354,482 | 2,537,000 | 7.16 | 12.4 | 40,043,145 | 23,140,505 | ||||||||||||||||||||||||||||||||
17 | FedEx Ground Package System, Inc. | Mesquite (Dallas) | TX | 2017 | 100.0 | % | 351,874 | 3,203,000 | 9.10 | 12.3 | 49,880,493 | 28,721,799 | ||||||||||||||||||||||||||||||||
18 | Toyota Tsusho America, Inc. | Lafayette | IN | 2019 | 100.0 | % | 350,000 | 1,710,000 | 4.89 | 9.5 | 25,078,587 | 16,727,842 | ||||||||||||||||||||||||||||||||
19 | FedEx Ground Package System, Inc. | Trenton | NJ | 2019 | 100.0 | % | 347,145 | 5,306,000 | 15.28 | 12.5 | 83,987,622 | 52,065,205 | ||||||||||||||||||||||||||||||||
20 | FedEx Ground Package System, Inc. | Walker (Grand Rapids) | MI | 2017 | 100.0 | % | 343,483 | 2,105,000 | 6.13 | 12.1 | 31,654,987 | 18,082,734 | ||||||||||||||||||||||||||||||||
21 | FedEx Ground Package System, Inc. | Hamburg (Buffalo) | NY | 2017 | 100.0 | % | 338,584 | 2,323,000 | 6.86 | 11.3 | 35,100,800 | 19,753,751 | ||||||||||||||||||||||||||||||||
22 | FedEx Ground Package System, Inc. | Concord (Charlotte) | NC | 2016 | 100.0 | % | 330,717 | 2,237,000 | 6.76 | 5.6 | 33,044,797 | 16,357,231 | ||||||||||||||||||||||||||||||||
23 | FedEx Ground Package System, Inc. | Indianapolis | IN | 2014 | 100.0 | % | 327,822 | 1,717,000 | 5.24 | 7.8 | 25,504,083 | 9,201,898 | ||||||||||||||||||||||||||||||||
24 | FedEx Ground Package System, Inc. | Olathe (Kansas City) | KS | 2016 | 100.0 | % | 313,763 | 2,210,000 | 7.04 | 11.4 | 31,737,000 | 18,452,126 | ||||||||||||||||||||||||||||||||
25 | FedEx Ground Package System, Inc. | Davenport (Orlando) | FL | 2016 | 100.0 | % | 310,922 | 2,619,000 | 8.42 | 11.3 | 37,780,000 | 21,907,704 | ||||||||||||||||||||||||||||||||
26 | FedEx Ground Package System, Inc. | Ft. Worth (Dallas) | TX | 2015 | 100.0 | % | 304,608 | 2,387,000 | 7.84 | 10.3 | 35,335,377 | 18,981,322 | ||||||||||||||||||||||||||||||||
27 | Science Applications International Corporation | Hanahan (Charleston) | SC | 2005 | 100.0 | % | 302,400 | 1,683,000 | 5.57 | 3.8 | 14,445,353 | -0- | ||||||||||||||||||||||||||||||||
28 | Amazon.com Services, Inc. (Amazon.com, Inc.) | Oklahoma City | OK | 2018 | 100.0 | % | 300,000 | 1,925,000 | 6.42 | 7.8 | 29,878,942 | 18,000,016 | ||||||||||||||||||||||||||||||||
29 | International Paper Company | Kenton | OH | 2017 | 100.0 | % | 298,472 | 1,268,000 | 4.25 | 7.7 | 18,730,500 | 10,719,833 | ||||||||||||||||||||||||||||||||
30 | FedEx Ground Package System, Inc. | Jacksonville | FL | 2015 | 100.0 | % | 297,579 | 1,998,000 | 6.71 | 10.0 | 30,925,530 | 14,772,228 | ||||||||||||||||||||||||||||||||
31 | Western Container Corp. (Coca-Cola) | Tolleson (Phoenix) | AZ | 2003 | 100.0 | % | 283,358 | 1,393,000 | 4.92 | 7.3 | 16,824,226 | 2,667,239 | ||||||||||||||||||||||||||||||||
32 | International Paper Company | Edwardsville (Kansas City) | KS | 2014 | 100.0 | % | 280,000 | 1,371,000 | 4.90 | 3.7 | 18,294,108 | 8,225,231 | ||||||||||||||||||||||||||||||||
33 | FedEx Ground Package System, Inc. | Charleston | SC | 2018 | 100.0 | % | 265,318 | 2,704,000 | 10.19 | 13.5 | 46,576,380 | 27,971,279 | ||||||||||||||||||||||||||||||||
34 | NF&M International, Inc. | Monaca (Pittsburgh) | PA | 1988 | 68.4 | % | 255,658 | 841,000 | 4.81 | 5.0 | 7,910,666 | -0- | ||||||||||||||||||||||||||||||||
35 | FedEx Ground Package System, Inc. | Orion | MI | 2007 | 100.0 | % | 245,633 | 1,908,000 | 7.77 | 3.5 | 22,890,124 | -0- | ||||||||||||||||||||||||||||||||
36 | FedEx Ground Package System, Inc. | Homestead (Miami) | FL | 2017 | 100.0 | % | 237,756 | 2,282,000 | 9.60 | 12.3 | 37,911,556 | 21,650,475 | ||||||||||||||||||||||||||||||||
37 | Anda Pharmaceuticals, Inc. | Olive Branch (Memphis, TN) | MS | 2012 | 100.0 | % | 234,660 | 1,215,000 | 5.18 | 2.6 | 14,550,000 | 6,762,993 | ||||||||||||||||||||||||||||||||
38 | FedEx Ground Package System, Inc. | Colorado Springs | CO | 2016 | 100.0 | % | 225,362 | 1,832,000 | 8.13 | 6.1 | 29,320,066 | 15,370,483 | ||||||||||||||||||||||||||||||||
39 | Mickey Thompson Performance Tires and Wheels (Cooper Tire) | Stow | OH | 2017 | 100.0 | % | 219,765 | 1,523,000 | 6.93 | 7.7 | 18,934,065 | 11,317,662 | ||||||||||||||||||||||||||||||||
40 | Rinnai America Corporation | Griffin (Atlanta) | GA | 2006 | 100.0 | % | 218,120 | 851,000 | 3.90 | 1.0 | 15,075,283 | -0- | ||||||||||||||||||||||||||||||||
41 | FedEx Ground Package System, Inc. | Ft. Myers | FL | 2017 | 100.0 | % | 213,672 | 1,418,000 | 6.64 | 7.7 | 21,684,310 | 12,312,073 | ||||||||||||||||||||||||||||||||
42 | FedEx Ground Package System, Inc. | Burlington (Seattle/Everett) | WA | 2016 | 100.0 | % | 210,445 | 1,962,000 | 9.32 | 10.7 | 30,320,686 | 16,348,307 | ||||||||||||||||||||||||||||||||
43 | FedEx Ground Package System, Inc. | Sauget (St. Louis, MO) | IL | 2015 | 100.0 | % | 198,773 | 1,036,000 | 5.21 | 9.4 | 15,204,950 | 7,800,333 | ||||||||||||||||||||||||||||||||
44 | Anheuser-Busch, Inc. | Granite City (St. Louis, MO) | IL | 2001 | 100.0 | % | 184,800 | 843,000 | 4.56 | 1.9 | 12,697,848 | -0- | ||||||||||||||||||||||||||||||||
45 | Carrier Enterprise, LLC (United Technologies) | Carrollton (Dallas) | TX | 2010 | 100.0 | % | 184,317 | 1,158,000 | 6.28 | 4.1 | 17,947,057 | 5,406,526 | ||||||||||||||||||||||||||||||||
46 | FedEx Ground Package System, Inc. | Spring (Houston) | TX | 2014 | 100.0 | % | 181,176 | 1,581,000 | 8.73 | 4.8 | 19,328,922 | 7,123,271 | ||||||||||||||||||||||||||||||||
47 | Carlisle Tire & Wheel Company | Edwardsville (Kansas City) | KS | 2003 | 100.0 | % | 179,280 | 765,000 | 4.27 | 3.6 | 7,232,986 | -0- | ||||||||||||||||||||||||||||||||
48 | FedEx Ground Package System, Inc. | Ft. Mill (Charlotte, NC) | SC | 2010 | 100.0 | % | 176,939 | 1,598,000 | 9.03 | 8.7 | 17,063,643 | -0- | ||||||||||||||||||||||||||||||||
49 | FedEx Ground Package System, Inc. | Covington (New Orleans) | LA | 2016 | 100.0 | % | 175,315 | 1,270,000 | 7.24 | 5.5 | 18,425,875 | 10,242,856 | ||||||||||||||||||||||||||||||||
50 | FedEx Ground Package System, Inc. | Livonia (Detroit) | MI | 2013 | 100.0 | % | 172,005 | 1,194,000 | 6.94 | 2.2 | 13,879,697 | 5,482,552 |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 17 |
Property Table
(unaudited)
Rent | Lease Exp. Term | ||||||||||||||||||||||||||||||||||||||||||
Fiscal Year | Square | Annual | Per sf | in | Undepreciated | Mortgage | |||||||||||||||||||||||||||||||||||||
No | Tenant | City (MSA) | State | Acquisition | Occup. | Footage | Rent | Occup. | Years | Cost | Balance | ||||||||||||||||||||||||||||||||
51 | Home Depot USA, Inc. | Montgomery (Chicago) | IL | 2004 | 100.0 | % | 171,200 | $ | 1,015,000 | $ | 5.93 | 0.5 | $ | 11,303,317 | $ | -0- | |||||||||||||||||||||||||||
52 | FedEx Ground Package System, Inc. | Tampa | FL | 2004 | 100.0 | % | 170,779 | 1,624,000 | 9.51 | 6.6 | 19,701,575 | -0- | |||||||||||||||||||||||||||||||
53 | FedEx Ground Package System, Inc. | Edinburg | TX | 2011 | 100.0 | % | 164,207 | 1,097,000 | 6.68 | 6.8 | 12,039,014 | -0- | |||||||||||||||||||||||||||||||
54 | FedEx Ground Package System, Inc. | Lindale (Tyler) | TX | 2015 | 100.0 | % | 163,378 | 725,000 | 4.44 | 4.5 | 9,965,550 | 5,140,196 | |||||||||||||||||||||||||||||||
55 | Bunzl Distribution Midcentral, Inc. | Kansas City | MO | 2015 | 100.0 | % | 158,417 | 764,000 | 4.82 | 1.8 | 10,003,235 | 6,411,590 | |||||||||||||||||||||||||||||||
56 | FedEx Ground Package System, Inc. | Oklahoma City | OK | 2012 | 100.0 | % | 158,340 | 1,048,000 | 6.62 | 5.6 | 12,605,609 | 2,755,098 | |||||||||||||||||||||||||||||||
57 | FedEx Ground Package System, Inc. | Waco | TX | 2012 | 100.0 | % | 150,710 | 1,078,000 | 7.15 | 5.7 | 12,551,368 | 3,853,365 | |||||||||||||||||||||||||||||||
58 | FedEx Ground Package System, Inc. | Beltsville (Washington, DC) | MD | 2001 | 100.0 | % | 148,881 | 1,455,000 | 9.77 | 8.6 | 14,512,355 | -0- | |||||||||||||||||||||||||||||||
59 | Victory Packaging, L.P. | Fayetteville | NC | 1997 | 100.0 | % | 148,000 | 514,000 | 3.47 | 1.2 | 5,455,379 | -0- | |||||||||||||||||||||||||||||||
60 | FedEx Ground Package System, Inc. | El Paso | TX | 2006 | 100.0 | % | 144,149 | 1,345,000 | 9.33 | 3.8 | 12,431,192 | -0- | |||||||||||||||||||||||||||||||
61 | FedEx Ground Package System, Inc. | Cocoa | FL | 2008 | 100.0 | % | 144,138 | 1,112,000 | 7.71 | 4.8 | 14,127,449 | -0- | |||||||||||||||||||||||||||||||
62 | FedEx Ground Package System, Inc. | Cudahy (Milwaukee) | WI | 2001 | 100.0 | % | 139,564 | 827,000 | 5.93 | 7.5 | 9,807,221 | -0- | |||||||||||||||||||||||||||||||
63 | Challenger Lifts, Inc. (Snap-On Inc.) | Louisville | KY | 2016 | 100.0 | % | 137,500 | 852,000 | 6.20 | 6.4 | 11,304,000 | 6,017,997 | |||||||||||||||||||||||||||||||
64 | FedEx Ground Package System, Inc. | Richfield (Cleveland) | OH | 2006 | 100.0 | % | 131,152 | 1,493,000 | 11.38 | 4.8 | 16,447,178 | -0- | |||||||||||||||||||||||||||||||
65 | FedEx Ground Package System, Inc. | Savannah | GA | 2019 | 100.0 | % | 126,520 | 1,755,000 | 13.87 | 8.8 | 27,531,560 | 16,657,368 | |||||||||||||||||||||||||||||||
66 | General Electric Company | Imperial (Pittsburgh) | PA | 2016 | 100.0 | % | 125,860 | 1,334,000 | 10.60 | 6.0 | 19,964,283 | 10,204,703 | |||||||||||||||||||||||||||||||
67 | FedEx Ground Package System, Inc. | Wheeling (Chicago) | IL | 2003 | 100.0 | % | 123,000 | 1,272,000 | 10.34 | 7.4 | 18,992,949 | -0- | |||||||||||||||||||||||||||||||
68 | FedEx Ground Package System, Inc. | Altoona | PA | 2014 | 100.0 | % | 122,522 | 651,000 | 5.31 | 3.7 | 9,022,966 | 2,743,940 | |||||||||||||||||||||||||||||||
69 | FedEx Corporation | Charleston | SC | 2018 | 100.0 | % | 121,683 | 1,314,000 | 10.80 | 12.7 | 21,519,412 | 12,784,462 | |||||||||||||||||||||||||||||||
70 | FedEx Corporation | Mechanicsville (Richmond) | VA | 2001 | 100.0 | % | 112,799 | 541,000 | 4.80 | 3.3 | 7,812,145 | -0- | |||||||||||||||||||||||||||||||
71 | FedEx Corporation | Orlando | FL | 2008 | 100.0 | % | 110,638 | 666,000 | 6.02 | 7.9 | 8,774,524 | -0- | |||||||||||||||||||||||||||||||
72 | Bunzl Distribution Oklahoma, Inc. | Oklahoma City | OK | 2017 | 100.0 | % | 110,361 | 736,000 | 6.67 | 4.7 | 8,728,439 | 5,017,659 | |||||||||||||||||||||||||||||||
73 | Style Crest, Inc. | Winston-Salem | NC | 2002 | 100.0 | % | 106,507 | 398,000 | 3.74 | 1.2 | 7,263,673 | -0- | |||||||||||||||||||||||||||||||
74 | Vacant | (C) | Cheektowaga (Buffalo) | NY | 2000 | 0.00 | % | 104,981 | -0- | na | na | 10,960,823 | -0- | ||||||||||||||||||||||||||||||
75 | FedEx Ground Package System, Inc. | West Chester Twp. (Cincinnati) | OH | 1999 | 100.0 | % | 103,818 | 556,000 | 5.36 | 3.7 | 5,733,686 | -0- | |||||||||||||||||||||||||||||||
76 | FedEx Ground Package System, Inc. | Roanoke | VA | 2013 | 100.0 | % | 103,402 | 755,000 | 7.30 | 3.3 | 10,200,000 | 3,779,289 | |||||||||||||||||||||||||||||||
77 | Pittsburgh Glass Works, LLC | O’ Fallon (St. Louis) | MO | 1994 | 100.0 | % | 102,135 | 450,000 | 4.41 | 1.5 | 4,249,615 | -0- | |||||||||||||||||||||||||||||||
78 | FedEx Ground Package System, Inc. | Green Bay | WI | 2013 | 100.0 | % | 99,102 | 468,000 | 4.72 | 3.4 | 6,570,000 | 2,227,040 | |||||||||||||||||||||||||||||||
79 | Dakota Bodies, LLC | Liberty (Kansas City) | MO | 1998 | 100.0 | % | 96,687 | 378,000 | 3.91 | 6.3 | 7,839,684 | -0- | |||||||||||||||||||||||||||||||
80 | FedEx Corporation | Jacksonville | FL | 1999 | 100.0 | % | 95,883 | 536,000 | 5.59 | 9.4 | 6,584,384 | -0- | |||||||||||||||||||||||||||||||
81 | FedEx Corporation | Tampa | FL | 2006 | 100.0 | % | 95,662 | 603,000 | 6.30 | 7.9 | 7,873,607 | -0- | |||||||||||||||||||||||||||||||
82 | Amazon.com Services, Inc. | Hanahan (Charleston) | SC | 2005 | 100.0 | % | 91,776 | 789,000 | 8.60 | 9.5 | 7,858,284 | -0- | |||||||||||||||||||||||||||||||
83 | National Oilwell Varco, Inc. | Houston | TX | 2010 | 100.0 | % | 91,295 | 763,000 | 8.36 | 2.8 | 8,163,278 | 1,511,323 | |||||||||||||||||||||||||||||||
84 | FedEx Corporation | Omaha | NE | 1999 | 100.0 | % | 89,115 | 446,000 | 5.00 | 3.8 | 5,963,626 | -0- | |||||||||||||||||||||||||||||||
85 | Joseph T. Ryerson and Son, Inc. | Elgin (Chicago) | IL | 2002 | 100.0 | % | 89,052 | 514,000 | 5.77 | 5.1 | 7,066,732 | -0- | |||||||||||||||||||||||||||||||
86 | FedEx Ground Package System, Inc. | Huntsville | AL | 2005 | 100.0 | % | 88,653 | 605,000 | 6.82 | 6.6 | 6,661,819 | 80,804 | |||||||||||||||||||||||||||||||
87 | CHEP USA, Inc. | Roanoke | VA | 2007 | 100.0 | % | 83,000 | 506,000 | 6.10 | 5.2 | 7,463,672 | -0- | |||||||||||||||||||||||||||||||
88 | FedEx Corporation | Bedford Heights (Cleveland) | OH | 2007 | 100.0 | % | 82,269 | 438,000 | 5.32 | 8.7 | 7,298,167 | -0- | |||||||||||||||||||||||||||||||
89 | RGH Enterprises, Inc. (Cardinal Health) | Halfmoon (Albany) | NY | 2012 | 100.0 | % | 75,000 | 619,000 | 8.25 | 1.9 | 5,525,600 | -0- | |||||||||||||||||||||||||||||||
90 | FedEx Corporation | Schaumburg (Chicago) | IL | 1997 | 100.0 | % | 73,500 | 478,000 | 6.50 | 7.3 | 5,177,940 | -0- | |||||||||||||||||||||||||||||||
91 | FedEx Corporation | Romulus (Detroit) | MI | 1998 | 100.0 | % | 71,933 | 370,000 | 5.14 | 1.4 | 4,949,251 | -0- | |||||||||||||||||||||||||||||||
92 | FedEx Ground Package System, Inc. | Denver | CO | 2005 | 100.0 | % | 69,865 | 609,000 | 8.72 | 5.8 | 6,363,581 | -0- | |||||||||||||||||||||||||||||||
93 | Tampa Bay Grand Prix | Tampa | FL | 2005 | 100.0 | % | 68,385 | 361,000 | 5.28 | 7.8 | 5,677,982 | -0- | |||||||||||||||||||||||||||||||
94 | Sherwin-Williams Company | Rockford | IL | 2011 | 100.0 | % | 66,387 | 486,000 | 7.32 | 4.0 | 5,551,227 | -0- | |||||||||||||||||||||||||||||||
95 | Various Tenants at Retail Shopping Center | Somerset | NJ | 1970 | 97.0 | % | 64,220 | 784,000 | 12.56 | Na | 3,139,564 | -0- | |||||||||||||||||||||||||||||||
96 | Keurig Dr Pepper | Cincinnati | OH | 2015 | 100.0 | % | 63,840 | 487,000 | 7.63 | 9.8 | 6,750,000 | -0- | |||||||||||||||||||||||||||||||
97 | FedEx Corporation | Chattanooga | TN | 2007 | 100.0 | % | 60,637 | 319,000 | 5.26 | 2.8 | 5,357,947 | -0- | |||||||||||||||||||||||||||||||
98 | SOFIVE, Inc. | Carlstadt (New York, NY) | NJ | 2001 | 100.0 | % | 60,400 | 633,000 | 10.48 | 10.1 | 5,296,752 | 1,363,818 | |||||||||||||||||||||||||||||||
99 | FedEx Ground Package System, Inc. | Stewartville (Rochester) | MN | 2013 | 100.0 | % | 60,398 | 372,000 | 6.16 | 3.4 | 5,223,944 | 1,784,682 | |||||||||||||||||||||||||||||||
100 | Locke Supply Co. | Richmond | VA | 2004 | 100.0 | % | 60,000 | 325,000 | 5.42 | 12.3 | 4,905,925 | - |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 18 |
Property Table
(unaudited)
Rent | Lease Exp. | |||||||||||||||||||||||||||||||||||
Fiscal Year | Square | Annual | Per sf | Term in | Undepreciated | Mortgage | ||||||||||||||||||||||||||||||
No | Tenant | City (MSA) | State | Acquisition | Occup. | Footage | Rent | Occup. | Years | Cost | Balance | |||||||||||||||||||||||||
101 | FedEx Ground Package System, Inc. | Augusta | GA | 2005 | 100.0 | % | 59,358 | $ | 513,000 | $ | 8.64 | 1.5 | $ | 5,363,304 | $ | 41,249 | ||||||||||||||||||||
102 | Kellogg Sales Company | Newington (Hartford) | CT | 2001 | 100.0 | % | 54,812 | 329,000 | 6.00 | 0.2 | 3,494,108 | -0- | ||||||||||||||||||||||||
103 | Siemens Real Estate | Lebanon (Cincinnati) | OH | 2012 | 100.0 | % | 51,130 | 459,000 | 8.98 | 4.3 | 4,452,425 | -0- | ||||||||||||||||||||||||
104 | FedEx Corporation | Charlottesville | VA | 1999 | 100.0 | % | 48,064 | 329,000 | 6.85 | 7.7 | 4,462,009 | -0- | ||||||||||||||||||||||||
105 | FedEx Ground Package System, Inc. | Corpus Christi | TX | 2012 | 100.0 | % | 46,253 | 436,000 | 9.43 | 1.7 | 4,808,329 | -0- | ||||||||||||||||||||||||
106 | Keurig Dr Pepper | Tulsa | OK | 2014 | 100.0 | % | 46,240 | 266,000 | 5.75 | 4.2 | 3,748,031 | 1,517,773 | ||||||||||||||||||||||||
107 | Heartland Coca-Cola Bottling Company, LLC (Coca-Cola) | Topeka | KS | 2009 | 100.0 | % | 40,000 | 332,000 | 8.30 | 1.8 | 3,679,843 | 511,451 | ||||||||||||||||||||||||
108 | Collins Aerospace Systems (United Technologies) | Rockford | IL | 2015 | 100.0 | % | 38,833 | 367,000 | 9.45 | 7.5 | 5,100,000 | -0- | ||||||||||||||||||||||||
109 | Foundation Building Materials, LLC | Urbandale (Des Moines) | IA | 1994 | 100.0 | % | 36,270 | 178,000 | 4.91 | 8.0 | 2,543,770 | -0- | ||||||||||||||||||||||||
110 | FedEx Corporation | Richland (Jackson) | MS | 1994 | 100.0 | % | 36,000 | 120,000 | 3.33 | 4.3 | 1,900,691 | -0- | ||||||||||||||||||||||||
111 | FedEx Corporation | Punta Gorda | FL | 2007 | 100.0 | % | 34,624 | 284,000 | 8.20 | 7.5 | 4,133,510 | -0- | ||||||||||||||||||||||||
112 | FedEx Corporation | Lakeland | FL | 2006 | 100.0 | % | 32,105 | 155,000 | 4.83 | 7.9 | 2,043,226 | -0- | ||||||||||||||||||||||||
113 | FedEx Corporation | Augusta | GA | 2006 | 100.0 | % | 30,184 | 121,000 | 4.01 | 2.9 | 1,983,529 | -0- | ||||||||||||||||||||||||
114 | Graybar Electric Company | Ridgeland (Jackson) | MS | 1993 | 100.0 | % | 26,340 | 115,000 | 4.37 | 0.6 | 2,312,027 | -0- | ||||||||||||||||||||||||
115 | Sherwin-Williams Company | Burr Ridge (Chicago) | IL | 1997 | 100.0 | % | 12,500 | 162,000 | 12.96 | 1.8 | 1,706,851 | -0- | ||||||||||||||||||||||||
Total as of 12/31/19 | 99.2 | % | 22,866,627 | $ | 142,234,000 | $ | 6.27 | 7.6 | $ | 1,947,051,193 | (A) | $ | 792,059,276 | |||||||||||||||||||||||
Leasing Activity Subsequent to 12/31/19 | ||||||||||||||||||||||||||||||||||||
Sonwil Distribution Center, Inc. | (C) | Cheektowaga (Buffalo) | NY | 2000 | 100.0 | % | - | 630,000 | 6.00 | 2.1 | ||||||||||||||||||||||||||
Pro Forma Total | 99.6 | % | 22,866,627 | $ | 142,864,000 | $ | 6.27 | 7.5 |
(A) | Does not include unamortized debt issuance costs of $8,011,547. | |
(B) | Property located in Aiken (Augusta, GA), SC leased to Autoneum North America, Inc. contains two leasable structures with two different lease terms. | |
(C) | Effective 1/7/2020, we leased our previously vacant 104,981 square foot facility located in Cheektowaga (Buffalo), NY for two years to Sonwil Distribution Center, Inc. |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 19 |
Investors and analysts following the real estate industry utilize funds from operations (“FFO”), adjusted funds from operations (“AFFO”), net operating income (“NOI”), Same Property NOI, Same Property Cash NOI, and earnings before interest, taxes, depreciation and amortization for real estate & (“Adjusted EBITDA”) variously defined, as supplemental performance measures. While we believe net income available to common stockholders, as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), is the most appropriate measure, we consider NOI, Same Property NOI, Same Property Cash NOI, Adjusted EBITDA, FFO and AFFO, given their wide use by and relevance to investors and analysts, appropriate supplemental performance measures. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of U.S. GAAP depreciation and amortization of real estate assets. NOI provides a measure of rental operations, and does not factor in depreciation and amortization and non-property specific expenses such as interest expense and general and administrative expenses. Adjusted EBITDA provides a tool to further evaluate the ability to incur and service debt and to fund dividends and other cash needs. AFFO provides a supplemental tool to evaluate our performance. In addition, NOI, Same Property NOI, Same Property Cash NOI, Adjusted EBITDA, FFO and AFFO are commonly used in various ratios, pricing multiples, yields and returns and valuation of calculations used to measure financial position, performance and value. As used herein, we calculate the following non-U.S. GAAP measures as follows:
● | FFO, as defined by The National Association of Real Estate Investment Trusts (NAREIT), represents net income attributable to common shareholders, as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), excluding extraordinary items, as defined under U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization. Included in the NAREIT FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of NAREIT FFO to make an election to include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude unrealized gains and losses from our investments in marketable equity securities from our FFO calculation. Prior to the adoption of the FFO White Paper – 2018 Restatement, we defined Core Funds From Operations (Core FFO) as FFO, excluding Unrealized Holding Gains or Losses Arising During the Periods. NAREIT created FFO as a non-GAAP supplemental measure of REIT operating performance. | |
● | AFFOis calculated as FFO, excluding stock-based compensation expense, depreciation of corporate office tenant improvements, amortization of deferred financing costs, non-recurring severance expense, effect of non-cash U.S. GAAP straight-line rent adjustments and less recurring capital expenditures. Recurring capital expenditures are defined as all capital expenditures that are recurring in nature, excluding capital expenditures related to expansions at our current locations or capital expenditures that are incurred in conjunction with obtaining a new lease or a lease renewal. | |
● | NOIfrom property operations is calculated as net income attributable to common shareholders, as defined by U.S. GAAP, plus preferred dividends, general & administrative expenses, non-recurring severance expense, depreciation, amortization of capitalized lease costs & intangible assets and interest expense, including amortization of financing costs, unrealized holding (gains) or losses arising during the periods, less dividend income. The components of NOI consist of recurring rental and reimbursement revenue, less real estate taxes and operating expenses, such as insurance, utilities, and repairs and maintenance. | |
● | Same Property NOIis calculated as the NOI of all properties owned during the entire periods presented with the exclusion of any properties expanded during the periods presented. | |
● | Same Property Cash NOIis calculated as the Same Property NOI adjusted to exclude the effect of non-cash U.S. GAAP straight-line rent adjustment for the properties included in the Same Property NOI calculation. | |
● | Adjusted EBITDA is net income attributable to common shareholders, as defined by U.S. GAAP, plus preferred dividends, interest expense, including amortization of financing costs, depreciation and amortization, losses (minus gains) on sales of real estate investments, net amortization of acquired above and below market lease revenue, unrealized holding losses (minus gains) arising during the periods and losses (minus gains) on sale of securities transactions. |
FFO, FFO, AFFO, NOI, Same Property NOI, Same Property Cash NOI and Adjusted EBITDA,do not represent cash generated from operating activities in accordance with U.S. GAAP and are not necessarily indicative of cash available to fund cash needs, including the repayment of principal on debt and payment of dividends and distributions. FFO, AFFO, NOI, Same Property NOI, Same Property Cash NOI and Adjusted EBITDA should not be considered as substitutes for net income applicable to common shareholders (calculated in accordance with U.S. GAAP) as a measure of results of operations or cash flows (calculated in accordance with U.S. GAAP) as a measure of liquidity. FFO, AFFO, NOI, Same Property NOI, Same Property Cash NOI and Adjusted EBITDA, as currently calculated by us, may not be comparable to similarly titled, but variously calculated, measures of other REITs.
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 20 |
FOR IMMEDIATE RELEASE | February 6, 2020 |
Contact: Becky Coleridge | |
732-577-9996 |
MONMOUTH REAL ESTATE REPORTS RESULTS FOR
THE FIRST QUARTER ENDED DECEMBER 31, 2019
HOLMDEL, NJ, February 6, 2020........ Monmouth Real Estate Investment Corporation (NYSE:MNR) reported Net Income Attributable to Common Shareholders of $3.5 million or $0.04 per diluted share for the three months ended December 31, 2019 as compared to Net Loss Attributable to Common Shareholders of $32.4 million or $0.36 per diluted share for the three months ended December 31, 2018, representing an increase of $35.9 million or $0.40 per diluted share. The large increase in our net income was due to an accounting rule change which became effective at the beginning of our prior fiscal year, in which unrealized gains and losses in our securities investments are reflected on our income statement. During the three months ended December 31, 2019, we recognized a $3.6 million unrealized loss or $0.04 per diluted share as compared to a $42.6 million unrealized loss or $0.47 per diluted share for the three months ended December 31, 2018. Funds from Operations (FFO), which excludes unrealized and realized gains or losses from our securities portfolio, for the three months ended December 31, 2019 were $19.3 million or $0.20 per diluted share versus $21.4 million or $0.24 per diluted share for the three months ended December 31, 2018, representing a $0.04 decrease in FFO per diluted share. Adjusted Funds from Operations (AFFO), which also excludes unrealized and realized gains or losses from our securities portfolio, for the three months ended December 31, 2019 were $19.9 million or $0.21 per diluted share versus $21.0 million or $0.23 per diluted share for the three months ended December 31, 2018, representing a $0.02 decrease in AFFO per diluted share. The $0.02 decrease in AFFO per share was primarily attributable to the issuance of $103.3 million in preferred equity since the end of the prior year quarter not being fully deployed, which increased our preferred dividend expense by $1.7 million or $0.02 per diluted share, as well as a reduction in dividend income of $1.1 million or $0.01 per diluted share, partially offset by an increase in Net Operating Income of $2.1 million or $0.02 per diluted share.
A summary of significant financial information for the three months ended December 31, 2019 and 2018 (in thousands, except per share amounts) is as follows:
Three Months Ended December 31, | ||||||||
2019 | 2018 | |||||||
Rental Revenue | $ | 34,870 | $ | 32,617 | ||||
Reimbursement Revenue | $ | 6,830 | $ | 5,605 | ||||
Net Operating Income (NOI) (1) | $ | 34,467 | $ | 32,319 | ||||
Total Expenses | $ | 22,469 | $ | 18,900 | ||||
Dividend Income | $ | 3,238 | $ | 4,368 | ||||
Unrealized Holding Gains (Losses) Arising During the Periods | $ | (3,635 | ) | $ | (42,627 | ) | ||
Net Income (Loss) | $ | 9,625 | $ | (27,943 | ) | |||
Net Income (Loss) Attributable to Common Shareholders | $ | 3,528 | $ | (32,364 | ) | |||
Net Income (Loss)Attributable to Common Shareholders Per Diluted Common Share | $ | 0.04 | $ | (0.36 | ) | |||
FFO (1) | $ | 19,322 | $ | 21,429 | ||||
FFO per Diluted Common Share (1) | $ | 0.20 | $ | 0.24 | ||||
AFFO (1) | $ | 19,934 | $ | 21,022 | ||||
AFFO per Diluted Common Share (1) | $ | 0.21 | $ | 0.23 | ||||
Dividends Declared per Common Share | $ | 0.17 | $ | 0.17 | ||||
Weighted Avg. Diluted Common Shares Outstanding | 97,006 | 90,660 |
A summary of significant balance sheet information as of December 31, 2019 and September 30, 2019 (in thousands) is as follows:
December 31, 2019 | September 30, 2019 | |||||||
Real Estate Investments | $ | 1,686,099 | $ | 1,616,934 | ||||
Securities Available for Sale at Fair Value | $ | 181,841 | $ | 185,250 | ||||
Total Assets | $ | 1,947,127 | $ | 1,871,948 | ||||
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs | $ | 784,048 | $ | 744,928 | ||||
Loans Payable | $ | 80,000 | $ | 95,000 | ||||
Total Shareholders’ Equity | $ | 1,057,509 | $ | 1,011,043 |
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 21 |
Michael P. Landy, President and CEO, commented on the results for the first quarter of fiscal 2020,
“We are pleased with the continued growth and strong performance of our high-quality property portfolio.
During the quarter, we:
● | Increased our Gross Revenue by 6% over the prior year period to $44.9 million; | |
● | Increased our Net Operating income by 7% over the prior year period to $34.5 million; | |
● | Maintained a conservative AFFO dividend payout ratio of 81%; | |
● | Increased our gross leasable area (GLA) by 6% over the prior year period to 22.9 million square feet; | |
● | Entered into commitments to acquire five new build-to-suit properties containing 1.2 million total square feet for a total cost of $178.5 million; | |
● | Acquired one property leased to Amazon for 15 years for $81.5 million comprising 616,000 square feet; | |
● | Maintained a high occupancy rate of 99.2% throughout the quarter and subsequent to the quarter end, leased a previously vacant facility increasing current occupancy by 40 bps to 99.6%; | |
● | Renewed two of the five leases scheduled to expire in fiscal 2020. The two lease renewals, comprising 157,000 square feet resulted in a 15.0% weighted-average increase in GAAP rent, and have a weighted-average lease term of 5.9 years; | |
● | Entered into a $4.0 million contract to sell one of the properties whose lease is scheduled to expire in fiscal 2020. The sale is expected to result in a realized gain of $1.8 million; | |
● | Maintained a long weighted average lease maturity at 7.6 years; | |
● | Maintained our weighted average debt maturity on our fixed-rate mortgage debt at 11.5 years; | |
● | Reduced our Net Debt to Adjusted EBITDA to 6.1x from 6.3x in the prior year period.” |
“Thus far in fiscal 2020, we have acquired one building comprising 616,000 square feet for a purchase price of $81.5 million. This property, located in the Indianapolis MSA, is leased to Amazon for 15 years. Our $178.5 million acquisition pipeline currently contains five new build-to-suit properties comprising 1.2 million total square feet. These properties have a weighted-average lease term of 13.4 years. In keeping with our business model, these projects are all leased to investment grade tenants.”
“At quarter end, our weighted-average lease maturity was 7.6 years and our weighted-average mortgage debt maturity was 11.5 years. We continue to maintain a conservative credit profile with our Net Debt to Adjusted EBITDA at 6.1x, our Fixed Charge Coverage at 2.3x, and our Net Debt to Total Market Capitalization at 32%. Our occupancy rate has been over 98% for five consecutive years and our weighted average lease maturity has provided over seven years of lease term for the past six consecutive years, illustrating the strength and visibility of our income streams.”
“During the quarter, we renewed leases for two of the five leases that are set to expire this fiscal year. These two lease renewals represent 38% of the 410,000 square feet expiring this year. These lease renewals have a weighted average lease term of 5.9 years, and a weighted average lease rate of $5.61 per square foot on a GAAP basis and $5.28 on a cash basis. This represents an increase of 15.0% on a GAAP basis and an increase of 2.3% on a cash basis. Of the three remaining properties, one is under contract for sale and the other two are currently under discussion with our existing tenants.”
“U.S. industrial real estate has experienced a protracted period of cap rate compression. It is estimated that industrial real estate values have more than doubled during the past ten years and have increased by 15% in the past year alone. Consequently, the value of our properties has appreciated substantially. Our new annual report is now featured on our website. This report represents an excellent resource for understanding our Company and our outlook. We strongly encourage you to read it. Please contact our Investor Relations department if you would like to receive a hard copy. We look forward to reporting continued progress throughout the year.”
Monmouth Real Estate Investment Corporation will host its First Quarter FY 2020 Financial Results Webcast and Conference Call on Friday, February 7, 2020 at 10:00 a.m. Eastern Time. Senior management will discuss the results, current market conditions and future outlook.
Our First Quarter FY 2020 financial results being released herein will be available on our website atwww.mreic.reit in the Investor Relations section, under Filings and Reports.
To participate in theWebcast, select the1Q2020 Webcast and Earnings Call “Link to Webcast” on the homepage of our website atwww.mreic.reit, in the Highlights section, which is located towards the bottom of the homepage. Interested parties can also participate viaconference call by calling toll free 1-877-510-5852 (domestically) or 1-412-902-4138 (internationally).
The replay of the conference call will be available at 12:00 p.m. Eastern Time on Friday, February 7, 2020. It will be available until May 7, 2020, and can be accessed by dialing toll free 1-877-344-7529 (domestically) and 1-412-317-0088 (internationally) and entering the passcode 10137259. A transcript of the call and the webcast replay will be available at our website on the Investor Relations homepage,www.mreic.reit.
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 22 |
Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. We specialize in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate is a fully integrated and self-managed real estate company, whose property portfolio consists of 115 properties containing a total of approximately 22.9 million rentable square feet, geographically diversified across 30 states. In addition, we own a portfolio of REIT securities.
Certain statements included in this press release which are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are based on our current expectations and involve various risks and uncertainties. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can provide no assurance those expectations will be achieved. The risks and uncertainties that could cause actual results or events to differ materially from expectations are contained in our annual report on Form 10-K and described from time to time in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Notes:
(1) Non-U.S. GAAP Information: FFO, as defined by The National Association of Real Estate Investment Trusts (NAREIT), represents net income attributable to common shareholders, as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), excluding extraordinary items, as defined under U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization. Included in the NAREIT FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of NAREIT FFO to make an election to include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude unrealized gains and losses from our investments in marketable equity securities from our FFO calculation. Prior to the adoption of the FFO White Paper – 2018 Restatement, we defined Core Funds From Operations (Core FFO) as FFO, excluding Unrealized Holding Gains or Losses Arising During the Periods. NAREIT created FFO as a non-GAAP supplemental measure of REIT operating performance. We define Adjusted Funds From Operations (AFFO) as FFO, excluding stock based compensation expense, depreciation of corporate office tenant improvements, amortization of deferred financing costs, non-recurring severance expense, effect of non-cash U.S. GAAP straight-line rent adjustments and subtracting recurring capital expenditures. We define recurring capital expenditures as all capital expenditures that are recurring in nature, excluding capital expenditures related to expansions at our current locations or capital expenditures that are incurred in conjunction with obtaining a new lease or a lease renewal. We believe that, as widely recognized measures of performance used by other REITs, FFO and AFFO may be considered by investors as supplemental measures to compare our operating performance to those of other REITs. FFO and AFFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. However, other REITs may use different methodologies to calculate FFO and AFFO and, accordingly, our FFO and AFFO may not be comparable to all other REITs. The items excluded from FFO and AFFO are significant components in understanding our financial performance.
FFO and AFFO are non-GAAP performance measures and (i) do not represent Cash Flow from Operations as defined by U.S. GAAP; (ii) should not be considered as an alternative to Net Income or Net Income Attributable to Common Shareholders as a measure of operating performance or to Cash Flows from Operating, Investing and Financing Activities; and (iii) are not an alternative to Cash Flows from Operating, Investing and Financing Activities as a measure of liquidity. FFO and AFFO, as calculated by us, may not be comparable to similarly titled measures reported by other REITs.
The following is a reconciliation of the Company’s U.S. GAAP Net Income (Loss) Attributable to Common Shareholders to the Company’s FFO and AFFO for the three months ended December 31, 2019 and 2018 (in thousands):
Three Months Ended | ||||||||
12/31/2019 | 12/31/2018 | |||||||
Net Income (Loss) Attributable to Common Shareholders | $ | 3,528 | $ | (32,364 | ) | |||
Plus: Unrealized Holding Losses Arising During the Periods | 3,635 | 42,627 | ||||||
Plus: Depreciation Expense (excluding Corporate Office Capitalized Costs) | 11,380 | 10,438 | ||||||
Plus: Amortization of Intangible Assets | 508 | 500 | ||||||
Plus: Amortization of Capitalized Lease Costs | 271 | 228 | ||||||
FFO Attributable to Common Shareholders | 19,322 | 21,429 | ||||||
Plus: Depreciation of Corporate Office Capitalized Costs | 53 | 40 | ||||||
Plus: Stock Compensation Expense | 156 | 129 | ||||||
Plus: Amortization of Financing Costs | 435 | 317 | ||||||
Plus: Non-recurring Severance Expense | 786 | -0- | ||||||
Less: Recurring Capital Expenditures | (218 | ) | (557 | ) | ||||
Less: Effect of Non-cash U.S. GAAP Straight-line Rent Adjustment | (600 | ) | (336 | ) | ||||
AFFO Attributable to Common Shareholders | $ | 19,934 | $ | 21,022 |
The following are the Cash Flows provided (used) by Operating, Investing and Financing Activities for the three months ended December 31, 2019 and 2018 (in thousands):
Three Months Ended | ||||||||
12/31/2019 | 12/31/2018 | |||||||
Operating Activities | $ | 19,098 | $ | 21,912 | ||||
Investing Activities | (81,967 | ) | (153,079 | ) | ||||
Financing Activities | 59,073 | 134,611 |
# # # # #
FIRST QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION | 23 |