Select Highlights
- Reported Net Income per diluted share attributable to common stockholders of
$0.13 and$4.69 for the quarter and year endedDecember 31, 2021 , respectively. - Reported Core FFO per diluted share attributable to common stockholders of
$1.07 and$3.93 for the quarter and year endedDecember 31, 2021 , respectively. - Reported AFFO per diluted share attributable to common stockholders of
$1.23 and$4.36 for the quarter and year endedDecember 31, 2021 . - Acquired five multi-tenant income properties during the fourth quarter of 2021 for a total acquisition volume of
$138.1 million , reflecting a weighted-average going-in cash cap rate of 6.1%. - Sold one single tenant income property during the fourth quarter of 2021 for
$21.5 million at an exit cap rate of 6.5%, generating a gain of$0.2 million . - Completed the sale of the Land Venture’s (defined below) remaining holdings, of which the Company previously held a retained interest, for
$66.3 million , resulting in cash proceeds to CTO of$24.5 million . - Repurchased 40,553 shares of the Company’s common stock during the fourth quarter of 2021 for a total cost of
$2.2 million , or an average price per common share of$54.48 . - During the fourth quarter of 2021, repurchased
$10.7 million aggregate principal amount of the Company’s 2025 convertible senior notes. - Paid a regular common stock cash dividend during the fourth quarter of 2021 of
$1.00 per share. - During the full year 2021, the Company acquired eight multi-tenant income properties for a total acquisition volume of
$249.1 million , reflecting a weighted-average going-in cash cap rate of 7.2%. - During the full year 2021, the Company sold 15 income properties for a total disposition volume of
$162.3 million at a weighted average exit cap rate of 6.0%, generating aggregate gains of$28.2 million . - Paid regular common stock cash dividends during the full year of 2021 of
$4.00 per share, a 110.5% increase over the Company’s 2020 common stock cash dividends. - During the year ended
December 31, 2021 , the Company recognized a non-cash, unrealized gain of$10.3 million on the mark-to-market of the Company’s investment in Alpine Income Property Trust, Inc. (NYSE: PINE). - Book value per common share outstanding as of
December 31, 2021 was$60.09 . - Declared a common stock cash dividend for the first quarter of 2022 of
$1.08 per share, representing an 8.0% increase over the Company’s fourth quarter 2021 common stock cash dividend and annualized yield of 7.4% based on the closing price of the Company’s common stock onFebruary 23, 2022 . - Announced the Company is relocating its headquarters to
369 N. New York Avenue ,Winter Park, Florida .
CEO Comments
“2021 marked our first full year as a REIT and the culmination of our decade-long transformation from a substantial
Quarterly Financial Results Highlights
The tables below provide a summary of the Company’s operating results for the three months ended
(in thousands) | For the Three Months Ended | For the Three Months Ended | Variance to Comparable Period in the Prior Year | |||||||||||
$ | 13,922 | $ | 14,544 | $ | (622 | ) | (4.3 | %) | ||||||
Management Fee Income | $ | 944 | $ | 664 | $ | 280 | 42.2 | % | ||||||
Commercial Loan and Master Lease Investments | $ | 725 | $ | 734 | $ | (9 | ) | (1.2 | %) | |||||
Real Estate Operations | $ | 9,109 | $ | 19 | $ | 9,090 | 47,842.1 | % | ||||||
Total Revenues | $ | 24,700 | $ | 15,961 | $ | 8,739 | 54.8 | % | ||||||
The increase in total revenues during the three months ended
(in thousands, except per share data) | For the Three Months Ended | For the Three Months Ended | Variance to Comparable Period in the Prior Year | |||||||||
Net Income Attributable to the Company | $ | 1,932 | $ | 79,682 | $ | (77,750 | ) | (97.6 | %) | |||
Net Income Attributable to Common Stockholders | $ | 736 | $ | 79,682 | $ | (78,946 | ) | (99.1 | %) | |||
Net Income per Diluted Share Attributable to Common Stockholders | $ | 0.13 | $ | 16.60 | $ | (16.47 | ) | (99.2 | %) | |||
Core FFO Attributable to Common Stockholders (1) | $ | 6,297 | $ | 10,129 | $ | (3,832 | ) | (37.8 | %) | |||
Core FFO per Common Share – Diluted (1) | $ | 1.07 | $ | 2.11 | $ | (1.04 | ) | (49.3 | %) | |||
AFFO Attributable to Common Stockholders (1) | $ | 7,272 | $ | 10,557 | $ | (3,285 | ) | (31.1 | %) | |||
AFFO per Common Share – Diluted (1) | $ | 1.23 | $ | 2.20 | $ | (0.97 | ) | (44.1 | %) | |||
Dividends Declared and Paid, per Preferred Share | $ | 0.40 | $ | — | $ | 0.40 | 100.0 | % | ||||
Dividends Declared and Paid, per Common Share | $ | 1.00 | $ | 12.98 | $ | (11.98 | ) | (92.3 | %) |
(1) | See the “Non-GAAP Financial Measures” section and tables at the end of this press release for a discussion and reconciliation of Net Income Attributable to the Company to non-GAAP financial measures, including FFO Attributable to Common Stockholders, FFO per Common Share - Diluted, Core FFO Attributable to Common Stockholders, Core FFO per Common Share – Diluted, AFFO Attributable to Common Stockholders and AFFO per Common Share - Diluted. |
The decrease in net income attributable to the Company for the three months ended
Reported per diluted share amounts attributable to common stockholders for the three months ended
Annual Financial Results Highlights
The tables below provide a summary of the Company’s operating results for the year ended
(in thousands) | For the Year Ended | For the Year Ended | Variance to Comparable Period in the Prior Year | |||||||||||
$ | 50,679 | $ | 49,953 | $ | 726 | 1.5 | % | |||||||
Management Fee Income | $ | 3,305 | $ | 2,744 | $ | 561 | 20.4 | % | ||||||
Commercial Loan and Master Lease Investments | $ | 2,861 | $ | 3,034 | $ | (173 | ) | (5.7 | %) | |||||
Real Estate Operations | $ | 13,427 | $ | 650 | $ | 12,777 | 1,965.7 | % | ||||||
Total Revenues | $ | 70,272 | $ | 56,381 | $ | 13,891 | 24.6 | % | ||||||
The increase in total revenues during the year ended
(in thousands, except per share data) | For the Year Ended | For the Year Ended | Variance to Comparable Period in the Prior Year | |||||||||
Net Income Attributable to the Company | $ | 29,940 | $ | 78,509 | $ | (48,569 | ) | (61.9 | %) | |||
Net Income Attributable to Common Stockholders | $ | 27,615 | $ | 78,509 | $ | (50,894 | ) | (64.8 | %) | |||
Net Income per Diluted Share Attributable to Common Stockholders | $ | 4.69 | $ | 16.69 | $ | (12.00 | ) | (71.9 | %) | |||
Core FFO Attributable to Common Stockholders (1) | $ | 23,170 | $ | 26,327 | $ | (3,157 | ) | (12.0 | %) | |||
Core FFO per Common Share – Diluted (1) | $ | 3.93 | $ | 5.60 | $ | (1.67 | ) | (29.8 | %) | |||
AFFO Attributable to Common Stockholders (1) | $ | 25,676 | $ | 26,215 | $ | (539 | ) | (2.1 | %) | |||
AFFO per Common Share – Diluted (1) | $ | 4.36 | $ | 5.57 | $ | (1.21 | ) | (21.7 | %) | |||
Dividends Declared and Paid, per Preferred Share | $ | 0.77 | $ | — | $ | 0.77 | 100.0 | % | ||||
Dividends Declared and Paid, per Common Share | $ | 4.00 | $ | 13.88 | $ | (9.88 | ) | (71.2 | %) |
(1) | See the “Non-GAAP Financial Measures” section and tables at the end of this press release for a discussion and reconciliation of Net Income Attributable to the Company to non-GAAP financial measures, including FFO Attributable to Common Stockholders, FFO per Common Share - Diluted, Core FFO Attributable to Common Stockholders, Core FFO per Common Share – Diluted, AFFO Attributable to Common Stockholders and AFFO per Common Share – Diluted. |
The decrease in net income attributable to the Company for the year ended
Reported per diluted share amounts attributable to common stockholders for the year ended
Investments
During the three months ended
- Purchased Beaver Creek Crossings, a 320,700 square foot multi-tenant retail property in the
Apex submarket ofRaleigh, North Carolina for$70.5 million . The property is anchored by TJ-Maxx,HomeGoods , Dick’s Sporting Goods, Regal Cinemas,Old Navy andRoss Dress for Less , and includes four undeveloped outparcel pads that represent future development opportunities. - Acquired a 28,000 square foot mixed use property in the
Winter Park suburb ofOrlando, Florida for$13.2 million . The property is anchored bySynovus Bank and is the location for the Company’s newWinter Park office. - Purchased a mixed use property totaling 137,000 square feet in downtown
Santa Fe, New Mexico for$16.3 million . The property was 66% leased at acquisition and is a planned repositioning project for the Company. - Acquired Phase I of The Exchange at
Gwinnett , a grocery-anchored retail property in theBuford submarket ofAtlanta, Georgia for$34.0 million . The property is anchored by Sprouts Farmers Market and includes a diversified mix of national and local retailers and restaurants, including Starbucks, Chipotle Mexican Grill, Thrive Affordable Pet Care and Five Guys. - Purchased an adjacent multi-tenant building to the Company’s
Ashford Lane property inAtlanta, Georgia for$4.1 million .
During the year ended
Subsequent to the end of 2021, the Company entered into a loan agreement to provide
Dispositions
During the three months ended
During the year ended
Subsequent to the end of 2021, the Company sold its single-tenant, net leased property located in
Income Property Portfolio
The Company’s income property portfolio consisted of the following as of
Asset Type | # of Properties (1) | Square Feet | Weighted Average Remaining Lease Term | |||
Single Tenant | 9 | 511 | 25.3 years | |||
Multi-Tenant | 13 | 2,211 | 7.0 years | |||
Total / Weighted Average Lease Term | 22 | 2,722 | 11.1 years |
Property Type | # of Properties (1) | Square Feet | % of Cash Base Rent | |||
Retail | 14 | 1,715 | 59.3% | |||
Office | 4 | 532 | 20.0% | |||
Mixed Use | 3 | 402 | 18.7% | |||
Hospitality (Ground Lease) | 1 | 73 | 2.0% | |||
Total / Weighted Average Lease Term | 22 | 2,722 | 100.0% |
Leased Occupancy | 92.6% | ||
Economic Occupancy | 88.5% | ||
Physical Occupancy | 87.9% |
Square feet in thousands.
(1) | The properties include (i) a property leased to |
Operational Highlights
During the fourth quarter of 2021, the Company signed leases totaling 36,140 square feet. A summary of the Company’s leasing activity is as follows:
Retail | Square Feet | Weighted Average Lease Term | Cash Rent Per Square Foot | Tenant Improvements | Leasing Commissions | ||||||||
New Leases | 26.1 | 9.1 years | $ | 41.46 | $ | 2,261 | $ | 719 | |||||
Renewals & Extensions | 10.0 | 5.0 years | $ | 38.05 | 19 | 33 | |||||||
Total / Weighted Average | 36.1 | 8.0 years | $ | 40.52 | $ | 2,280 | $ | 752 | |||||
In thousands except for per square foot and lease term data.
Land Joint Venture
On
Subsurface Interests and
During the three months ended
During the year ended
During the same period, the Company sold a wholly owned vacant six-acre development land parcel in downtown
Capital Markets and Balance Sheet
During the quarter ended
- On
November 8, 2021 , the Company announced it entered into a 5-year$100.0 million term loan agreement under the Company’s revolving credit facility. The revolving credit facility was further amended to increase the accordion option that allows the Company to request additional term loan lender commitments up to a total of$400.0 million in the aggregate. - Repurchased
$10.7 million aggregate principal amount of the Company’s 2025 convertible senior notes during the fourth quarter of 2021 at a$1.6 million premium, resulting in a loss on extinguishment of debt of$2.8 million . - Repurchased 40,553 shares of the Company’s common stock on the open market under the previously authorized
$10.0 million buyback program for a total cost of$2.2 million , or an average price per common share of$54.48 . - The Company was not active under the 2021 ATM Program during the quarter ended
December 31, 2021 .
The following table provides a summary of the Company’s long-term debt, at face value, as of
Component of Long-Term Debt | Principal | Interest Rate | Maturity Date | ||||
Revolving Credit Facility | 30-day LIBOR + [1.35% – 1.95%] | ||||||
2025 Convertible Senior Notes | 3.875% | ||||||
2026 Term Loan (1) | 30-day LIBOR + [1.35% – 1.95%] | ||||||
2027 Term Loan (2) | 30-day LIBOR + [1.35% – 1.95%] | ||||||
Total Debt / Weighted Average Interest Rate | 2.17% |
(1) | The Company utilized interest rate swaps on the |
(2) | The Company utilized interest rate swaps on the |
Dividends
The Company paid cash dividends on its common stock and Series A Preferred stock for the fourth quarter of 2021 of
Dividends paid on the Company’s common stock and Series A Preferred stock for the full year 2021 totaled
On
2022 Outlook
The Company’s outlook and guidance for 2022 takes into account the Company’s various investment activities and capital markets transactions, and assumes continued improvement in economic activity and stable or positive business trends related to each of our tenants.
2022 Outlook | ||||
Low | High | |||
Acquisition of Income Producing Assets and Structured Investments | ||||
Target Initial Cash Yield | 6.25% | 6.75% | ||
Disposition of Assets | ||||
Target Disposition Cash Yield | 6.50% | 7.50% | ||
Core FFO per Diluted Share (1) | ||||
AFFO per Diluted Share | ||||
Weighted Average Diluted Shares Outstanding | 6.1 million | 6.3 million |
(1) | We compute 2022 estimated Core FFO per Diluted Share by modifying the NAREIT computation of FFO to include other adjustments to GAAP net income related to gains and losses recognized on the extinguishment of debt, amortization of intangibles to lease income, mark-to-market effects of our convertible securities, and other unforecastable market- or transaction-driven non-cash items that may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. |
4th Quarter Earnings Conference Call & Webcast
The Company will host a conference call to present its operating results for the quarter and year ended
United States: | 1-877-815-0063 |
International: | 1-631-625-3205 |
Please dial in at least fifteen minutes prior to the scheduled start time and use the code 6649588 when prompted.
A webcast of the call can be accessed at: https://edge.media-server.com/mmc/p/w59jdrnh.
To access the webcast, log on to the web address noted above or go to www.ctoreit.com and log in at the investor relations section. Please log in to the webcast at least ten minutes prior to the scheduled time of the Earnings Call.
About
We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at www.ctoreit.com.
Safe Harbor
Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words.
Although forward-looking statements are made based upon management’s present expectations and reasonable beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to
There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
Non-GAAP Financial Measures
Our reported results are presented in accordance with accounting principles generally accepted in
FFO, Core FFO, AFFO, and Pro Forma EBITDA do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.
We compute FFO in accordance with the definition adopted by the
To derive Pro Forma EBITDA, GAAP net income or loss is adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and real estate related depreciation and amortization, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, above- and below-market lease related intangibles, non-cash compensation, and other non-cash income or expense. Cash interest expense is also excluded from Pro Forma EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.
FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that Core FFO and AFFO are additional useful supplemental measures for investors to consider because they will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company’s capital structure on our operating performance. FFO, Core FFO, AFFO, and Pro Forma EBITDA may not be comparable to similarly titled measures employed by other companies.
Consolidated Balance Sheets
(In thousands, except share and per share data)
As of | ||||||||
ASSETS | ||||||||
Real Estate: | ||||||||
Land, at Cost | $ | 189,589 | $ | 166,512 | ||||
Building and Improvements, at Cost | 325,418 | 305,614 | ||||||
Other Furnishings and Equipment, at Cost | 707 | 672 | ||||||
Construction in Process, at Cost | 3,150 | 323 | ||||||
518,864 | 473,121 | |||||||
Less, Accumulated Depreciation | (24,169 | ) | (30,737 | ) | ||||
Real Estate—Net | 494,695 | 442,384 | ||||||
Land and Development Costs | 692 | 7,083 | ||||||
Intangible Lease Assets—Net | 79,492 | 50,176 | ||||||
Assets Held for Sale | 6,720 | 833 | ||||||
Investment in Joint Ventures | — | 48,677 | ||||||
Investment in Alpine Income Property Trust, Inc. | 41,037 | 30,574 | ||||||
Mitigation Credits | 3,702 | 2,622 | ||||||
Mitigation Credit Rights | 21,018 | — | ||||||
Commercial Loan and Master Lease Investments | 39,095 | 38,320 | ||||||
Cash and Cash Equivalents | 8,615 | 4,289 | ||||||
Restricted Cash | 22,734 | 29,536 | ||||||
Refundable Income Taxes | 442 | 26 | ||||||
Other Assets | 14,897 | 12,180 | ||||||
Total Assets | $ | 733,139 | $ | 666,700 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Liabilities: | ||||||||
Accounts Payable | $ | 676 | $ | 1,047 | ||||
Accrued and Other Liabilities | 13,121 | 9,090 | ||||||
Deferred Revenue | 4,505 | 3,319 | ||||||
Intangible Lease Liabilities—Net | 5,601 | 24,163 | ||||||
Liabilities Held for Sale | — | 831 | ||||||
Deferred Income Taxes—Net | 483 | 3,521 | ||||||
Long-Term Debt | 278,273 | 273,830 | ||||||
Total Liabilities | 302,659 | 315,801 | ||||||
Commitments and Contingencies | ||||||||
Stockholders’ Equity: | ||||||||
Preferred Stock – 100,000,000 shares authorized; | 30 | — | ||||||
Common Stock – 500,000,000 shares authorized; | 59 | 7,250 | ||||||
Treasury Stock – 0 shares at | — | (77,541 | ) | |||||
85,415 | 83,183 | |||||||
Retained Earnings | 343,459 | 339,917 | ||||||
Accumulated Other Comprehensive Income (Loss) | 1,517 | (1,910 | ) | |||||
Total Stockholders’ Equity | 430,480 | 350,899 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 733,139 | $ | 666,700 | ||||
Consolidated Statements of Operations
(In thousands, except share, per share and dividend data)
(Unaudited) Three Months Ended | Year Ended | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenues | |||||||||||||||
$ | 13,922 | $ | 14,544 | $ | 50,679 | $ | 49,953 | ||||||||
Management Fee Income | 944 | 664 | 3,305 | 2,744 | |||||||||||
Interest Income from Commercial Loan and Master Lease Investments | 725 | 734 | 2,861 | 3,034 | |||||||||||
Real Estate Operations | 9,109 | 19 | 13,427 | 650 | |||||||||||
Total Revenues | 24,700 | 15,961 | 70,272 | 56,381 | |||||||||||
Direct Cost of Revenues | |||||||||||||||
(4,127 | ) | (3,715 | ) | (13,815 | ) | (11,988 | ) | ||||||||
Real Estate Operations | (7,748 | ) | 40 | (8,615 | ) | (3,223 | ) | ||||||||
Total Direct Cost of Revenues | (11,875 | ) | (3,675 | ) | (22,430 | ) | (15,211 | ) | |||||||
General and Administrative Expenses | (2,725 | ) | (2,963 | ) | (11,202 | ) | (11,567 | ) | |||||||
Impairment Charges | (1,072 | ) | (7,242 | ) | (17,599 | ) | (9,147 | ) | |||||||
Depreciation and Amortization | (5,153 | ) | (4,729 | ) | (20,581 | ) | (19,063 | ) | |||||||
Total Operating Expenses | (20,825 | ) | (18,609 | ) | (71,812 | ) | (54,988 | ) | |||||||
Gain on Disposition of Assets | 210 | 2,381 | 28,316 | 9,746 | |||||||||||
Gain (Loss) on Extinguishment of Debt | (2,790 | ) | — | (3,431 | ) | 1,141 | |||||||||
Other Gains and Income (Loss) | (2,580 | ) | 2,381 | 24,885 | 10,887 | ||||||||||
Total Operating Income (Loss) | 1,295 | (267 | ) | 23,345 | 12,280 | ||||||||||
Investment and Other Income (Loss) | 4,007 | (686 | ) | 12,445 | (6,432 | ) | |||||||||
Interest Expense | (2,078 | ) | (2,454 | ) | (8,929 | ) | (10,838 | ) | |||||||
Income (Loss) from Operations Before Income Tax Benefit (Expense) | 3,224 | (3,407 | ) | 26,861 | (4,990 | ) | |||||||||
Income Tax Benefit (Expense) | (1,292 | ) | 83,089 | 3,079 | 83,499 | ||||||||||
Net Income Attributable to the Company | $ | 1,932 | $ | 79,682 | $ | 29,940 | $ | 78,509 | |||||||
Distributions to Preferred Stockholders | (1,196 | ) | — | (2,325 | ) | — | |||||||||
Net Income Attributable to Common Stockholders | $ | 736 | $ | 79,682 | $ | 27,615 | $ | 78,509 | |||||||
Per Share Information: | |||||||||||||||
Basic and Diluted Net Income Attributable to Common Stockholders | $ | 0.13 | $ | 16.60 | $ | 4.69 | $ | 16.69 | |||||||
Weighted Average Number of Common Shares: | |||||||||||||||
Basic | 5,890,398 | 4,799,668 | 5,892,270 | 4,704,877 | |||||||||||
Diluted | 5,890,398 | 4,799,668 | 5,892,270 | 4,704,877 | |||||||||||
Dividends Declared and Paid – Preferred Stock | $ | 0.40 | $ | — | $ | 0.77 | $ | — | |||||||
Dividends Declared and Paid – Common Stock | $ | 1.00 | $ | 12.98 | $ | 4.00 | $ | 13.88 | |||||||
Non-GAAP Financial Measures
(Unaudited)
(In thousands, except per share data)
Three Months Ended | Year Ended | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Net Income Attributable to the Company | $ | 1,932 | $ | 79,682 | $ | 29,940 | $ | 78,509 | |||||||
Depreciation and Amortization | 5,153 | 4,729 | 20,581 | 19,063 | |||||||||||
Gains on Disposition of Assets | (210 | ) | (2,381 | ) | (28,316 | ) | (9,746 | ) | |||||||
Losses (Gains) on the Disposition of Other Assets | (1,375 | ) | (60 | ) | (4,924 | ) | 2,480 | ||||||||
Impairment Charges, Net | 809 | 7,242 | 13,283 | 9,147 | |||||||||||
Unrealized (Gain) Loss on | (3,446 | ) | 1,142 | (10,340 | ) | 8,240 | |||||||||
Income Tax Expense (Benefit) from Non-FFO Items and De-Recognition of REIT Deferred Tax Assets and Liabilities | 1,840 | (80,225 | ) | 1,840 | (80,225 | ) | |||||||||
Funds from Operations | 4,703 | 10,129 | 22,064 | 27,468 | |||||||||||
Distributions to Preferred Stockholders | (1,196 | ) | — | (2,325 | ) | — | |||||||||
Funds from Operations Attributable to Common Stockholders | 3,507 | 10,129 | 19,739 | 27,468 | |||||||||||
Loss (Gain) on Extinguishment of Debt | 2,790 | — | 3,431 | (1,141 | ) | ||||||||||
Core Funds from Operations Attributable to Common Stockholders | 6,297 | 10,129 | 23,170 | 26,327 | |||||||||||
Adjustments: | |||||||||||||||
Straight-Line Rent Adjustment | (599 | ) | (754 | ) | (2,443 | ) | (2,564 | ) | |||||||
COVID-19 Rent Repayments (Deferrals), Net | 104 | 363 | 842 | (1,005 | ) | ||||||||||
Amortization of Intangibles to Lease Income | 416 | (402 | ) | (404 | ) | (1,754 | ) | ||||||||
Other Non-Cash Amortization | (149 | ) | (229 | ) | (676 | ) | (834 | ) | |||||||
Amortization of Loan Costs and Discount on Convertible Debt | 469 | 428 | 1,864 | 1,833 | |||||||||||
Non-Cash Compensation | 734 | 651 | 3,168 | 2,786 | |||||||||||
Non-Recurring G&A | — | 371 | 155 | 1,426 | |||||||||||
Adjusted Funds from Operations Attributable to Common Stockholders | $ | 7,272 | $ | 10,557 | $ | 25,676 | $ | 26,215 | |||||||
FFO per Common Share – Diluted | $ | 0.60 | $ | 2.11 | $ | 3.35 | $ | 5.84 | |||||||
Core FFO per Common Share – Diluted | $ | 1.07 | $ | 2.11 | $ | 3.93 | $ | 5.60 | |||||||
AFFO per Common Share – Diluted | $ | 1.23 | $ | 2.20 | $ | 4.36 | $ | 5.57 | |||||||
Non-GAAP Financial Measures
Reconciliation of Net Debt to Pro Forma EBITDA
(Unaudited)
(In thousands)
Three Months Ended 2021 | |||
Net Income Attributable to the Company | $ | 1,932 | |
Depreciation and Amortization | 5,153 | ||
Gains on Disposition of Assets | (210 | ) | |
Gains on the Disposition of Other Assets | (1,375 | ) | |
Impairment Charges, Net | 809 | ||
Unrealized Gain on | (3,446 | ) | |
Income Tax Expense from Non-FFO Items and De-Recognition of REIT Deferred Tax Assets and Liabilities | 1,840 | ||
Distributions to Preferred Stockholders | (1,196 | ) | |
Loss on Extinguishment of Debt | 2,790 | ||
Straight-Line Rent Adjustment | (599 | ) | |
Amortization of Intangibles to Lease Income | 416 | ||
Other Non-Cash Amortization | (149 | ) | |
Amortization of Loan Costs and Discount on Convertible Debt | 469 | ||
Non-Cash Compensation | 734 | ||
Interest Expense, Net of Amortization of Loan Costs and Discount on Convertible Debt | 1,609 | ||
EBITDA | $ | 8,777 | |
Annualized EBITDA | $ | 35,108 | |
Pro Forma Annualized Impact of Current Quarter Acquisitions and Dispositions, Net (1) | 6,214 | ||
Pro Forma EBITDA | $ | 41,322 | |
Total Long-Term Debt | 278,273 | ||
Financing Costs, Net of Accumulated Amortization | 1,196 | ||
Unamortized Convertible Debt Discount | 3,565 | ||
Cash & Cash Equivalents | (8,615 | ) | |
Restricted Cash | (22,734 | ) | |
Net Debt | $ | 251,685 | |
Net Debt to Pro Forma EBITDA | 6.1x | ||
(1) | Reflects the pro forma annualized impact on Annualized EBITDA of the Company’s acquisition and disposition activity during the three months ended |
Contact: | |
Senior Vice President, Chief Financial Officer and Treasurer | |
(407) 904-3324 | |
mpartridge@ctoreit.com |
Source:
2022 GlobeNewswire, Inc., source