CIM Commercial Trust Corporation Reports 2020 First Quarter Results
First Quarter 2020 Highlights
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Annualized rent per occupied square foot(1) on a same-store(2) basis increased 12.3% to
$50.20 as ofMarch 31, 2020 compared to$44.72 as ofMarch 31, 2019 .
-
Our same-store(2) office portfolio was 86.1% leased as of
March 31, 2020 compared to 96.7% as ofMarch 31, 2019 . The decrease is primarily due to the repositioning of an office property inLos Angeles, California .
- During the first quarter of 2020, we executed 9,232 square feet of leases with terms longer than 12 months, of which 8,254 square feet were recurring leases executed at our same-store(2) office portfolio, representing same-store(2) cash rent growth per square foot of 13.7%.
-
Net loss attributable to common stockholders was
$(6,787,000) , or$(0.46) per diluted share, for the first quarter of 2020 compared to net income attributable to common stockholders of$287,631,000 , or$18.90 per diluted share, for the first quarter of 2019.
- Same-store(2) office segment net operating income(3) ("NOI") decreased 6.2%, while same-store(2) office cash NOI(4) decreased 7.5%, for the first quarter of 2020 as compared to the corresponding period in 2019.
-
Funds from operations (“FFO”) attributable to common stockholders(5) was
$(1,529,000) , or$(0.10) per diluted share, for the first quarter of 2020 compared to$(14,120,000) , or$(0.97) per diluted share, for the first quarter of 2019.
-
Core FFO attributable to common stockholders(6) was
$(1,358,000) , or$(0.09) per diluted share, for the first quarter of 2020 compared to$9,513,000 , or$0.61 per diluted share, for the first quarter of 2019.
Management Commentary
"Although we anticipate an impact on our second quarter results from COVID-19 disruption, we are pleased that we have collected approximately 90.0% of April rent to date, excluding parking," said
"We will continue to work with our tenants to maximize collections and maintain our current occupancy levels. We believe we are well-positioned to navigate through this challenging time given our high-quality assets and flexible sources of capital. We have taken steps to reduce costs and bolster our liquidity, including eliminating the base service fee payable to our Operator. Given our access to capital and our advisor's sourcing capabilities, we are working to position the Company to capitalize on future opportunities."
Elimination of Base Service Fee
On
Financial Highlights
As of
First Quarter 2020
Net loss attributable to common stockholders was
FFO attributable to common stockholders(5) was
Core FFO attributable to common stockholders(6) was
Segment Information
Our reportable segments during the three months ended
Office
Same-Store
Same-store(2) office segment NOI(3) decreased 6.2%, while same-store(2) office cash NOI(4) decreased 7.5% for the three months ended
At
Total
Office segment NOI(3) decreased to
Hotel
Hotel segment NOI(3) decreased to
Lending
Our lending segment primarily consists of our SBA 7(a) lending platform, which is a national lender that primarily originates loans to small businesses in the hospitality industry. Lending segment NOI(3) was
Debt and Equity
During the three months ended
Dividends
On
On
On
On
About
Definitions
(1) |
Annualized rent per occupied square foot represents gross monthly base rent under leases commenced as of the specified periods, multiplied by twelve. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent. Annualized rent for certain office properties includes rent attributable to retail. |
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(2) |
Same-store properties are properties that we have owned and operated in a consistent manner and reported in our consolidated results during the entire span of the periods being reported. We excluded from our same-store property set this quarter any properties (i) acquired on or after |
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(3) |
Segment net operating income ("segment NOI"): for our real estate segments represents rental and other property income and expense reimbursements less property related expenses and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, gain (loss) on early extinguishment of debt, impairment of real estate, transaction costs, and provision for income taxes. For our lending segment, segment NOI represents interest income net of interest expense and general overhead expenses. Please see our reconciliations of office, hotel, lending, and total cash NOI to segment NOI and net income (loss) attributable to common stockholders starting on page 12. |
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(4) |
Cash net operating income ("cash NOI"): for our real estate segments represents segment NOI adjusted to exclude the effect of the straight lining of rents, acquired above/below market lease amortization and other adjustments required by GAAP. For our lending segment, there is no distinction between cash NOI and segment NOI. Please see our reconciliations of office, hotel, lending, and total cash NOI to segment NOI and net income (loss) attributable to common stockholders starting on page 12. |
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(5) |
Funds from operations attributable to common stockholders ("FFO attributable to common stockholders") represents net income (loss) attributable to common stockholders, computed in accordance with generally accepted accounting principles ("GAAP"), which reflects the deduction of redeemable preferred stock dividends declared or accumulated and redeemable preferred stock deemed dividends, excluding gains (or losses) from sales of real estate, impairment of real estate, and real estate depreciation and amortization. We calculate FFO in accordance with the standards established by the |
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(6) |
Core FFO attributable to common stockholders ("core FFO") represents FFO attributable to common stockholders (computed as described above), excluding gain (loss) on early extinguishment of debt, redeemable preferred stock redemptions, redeemable preferred stock deemed dividends, gain (loss) on termination of interest rate swaps, and transaction costs. Please see our reconciliations of net income (loss) attributable to common stockholders to core FFO attributable to common stockholders starting on page 11, and the discussion of the benefits and limitations of core FFO as a supplemental measure of operating performance. |
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements about
Forward-looking statements are not guarantees of performance or results and speak only as of the date such statements are made.
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited and in thousands, except share and per share amounts) |
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ASSETS |
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Investments in real estate, net |
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$ |
509,278 |
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$ |
508,707 |
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Cash and cash equivalents |
|
22,758 |
|
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23,801 |
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Restricted cash |
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10,430 |
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12,146 |
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Loans receivable, net |
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65,170 |
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68,079 |
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Accounts receivable, net |
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3,528 |
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3,520 |
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Deferred rent receivable and charges, net |
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35,690 |
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34,857 |
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Other intangible assets, net |
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6,813 |
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7,260 |
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Other assets |
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9,875 |
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9,222 |
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TOTAL ASSETS |
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$ |
663,542 |
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$ |
667,592 |
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LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY |
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LIABILITIES: |
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Debt, net |
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$ |
307,899 |
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$ |
307,421 |
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Accounts payable and accrued expenses |
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17,027 |
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24,309 |
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Intangible liabilities, net |
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1,028 |
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1,282 |
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Due to related parties |
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10,317 |
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9,431 |
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Other liabilities |
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9,553 |
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10,113 |
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Total liabilities |
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345,824 |
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352,556 |
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COMMITMENTS AND CONTINGENCIES |
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REDEEMABLE PREFERRED STOCK: Series A cumulative redeemable preferred stock, |
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38,179 |
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36,841 |
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EQUITY: |
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Series A cumulative redeemable preferred stock, |
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78,160 |
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70,633 |
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Series D cumulative redeemable preferred stock, |
|
150 |
|
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— |
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Series L cumulative redeemable preferred stock, |
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152,834 |
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152,834 |
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Common stock, |
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15 |
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15 |
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Additional paid-in capital |
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794,269 |
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794,825 |
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Distributions in excess of earnings |
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(746,398 |
) |
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(740,617 |
) |
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Total stockholders' equity |
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279,030 |
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277,690 |
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Noncontrolling interests |
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509 |
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|
505 |
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Total equity |
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279,539 |
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278,195 |
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TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY |
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$ |
663,542 |
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$ |
667,592 |
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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited and in thousands, except per share amounts) |
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Three Months Ended |
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2020 |
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2019 |
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REVENUES: |
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Rental and other property income |
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$ |
14,819 |
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$ |
33,581 |
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Hotel income |
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7,759 |
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9,804 |
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Interest and other income |
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2,957 |
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3,892 |
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25,535 |
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47,277 |
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EXPENSES: |
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Rental and other property operating |
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12,515 |
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20,253 |
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Asset management and other fees to related parties |
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4,139 |
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5,886 |
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Interest |
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3,167 |
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4,045 |
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General and administrative |
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1,734 |
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1,788 |
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Transaction costs |
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— |
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44 |
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Depreciation and amortization |
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5,258 |
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9,630 |
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Loss on early extinguishment of debt |
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— |
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25,071 |
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Impairment of real estate |
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— |
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66,200 |
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26,813 |
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132,917 |
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Gain on sale of real estate |
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— |
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377,581 |
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(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES |
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(1,278 |
) |
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291,941 |
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Provision for income taxes |
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(22 |
) |
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318 |
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NET (LOSS) INCOME |
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(1,256 |
) |
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291,623 |
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Net (income) loss attributable to noncontrolling interests |
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(4 |
) |
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174 |
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NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY |
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(1,260 |
) |
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291,797 |
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Redeemable preferred stock dividends declared or accumulated |
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(5,356 |
) |
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(4,162 |
) |
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Redeemable preferred stock deemed dividends |
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(161 |
) |
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— |
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Redeemable preferred stock redemptions |
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(10 |
) |
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(4 |
) |
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NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS |
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$ |
(6,787 |
) |
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$ |
287,631 |
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NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE: |
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Basic |
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$ |
(0.46 |
) |
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$ |
19.70 |
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Diluted |
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$ |
(0.46 |
) |
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$ |
18.90 |
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WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: |
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Basic |
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14,598 |
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14,598 |
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Diluted |
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14,599 |
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15,245 |
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CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Earnings Per Share (Unaudited and in thousands, except per share amounts) |
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Earnings per share ("EPS") for the year-to-date period may differ from the sum of quarterly EPS amounts due to the required method for computing EPS for the respective periods. In addition, EPS is calculated independently for each component and may not be additive due to rounding. The following table reconciles the numerator and denominator used in computing our basic and diluted per-share amounts for net income (loss) attributable to common stockholders for the three months ended |
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Three Months Ended |
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2020 |
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2019 |
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Numerator: |
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Net (loss) income attributable to common stockholders |
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$ |
(6,787 |
) |
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$ |
287,631 |
|
Redeemable preferred stock dividends declared on dilutive shares (a) |
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(1 |
) |
|
492 |
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Diluted net (loss) income attributable to common stockholders |
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$ |
(6,788 |
) |
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$ |
288,123 |
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Denominator: |
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Basic weighted average shares of Common Stock outstanding |
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14,598 |
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14,598 |
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Effect of dilutive securities—contingently issuable shares (a) |
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1 |
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|
647 |
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Diluted weighted average shares and common stock equivalents outstanding |
|
14,599 |
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15,245 |
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Net (loss) income attributable to common stockholders per share: |
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Basic |
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$ |
(0.46 |
) |
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$ |
19.70 |
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Diluted |
|
$ |
(0.46 |
) |
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$ |
18.90 |
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______________________________ | ||
(a) |
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For the three months ended |
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Funds from Operations (Unaudited and in thousands, except per share amounts) |
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We believe that FFO is a widely recognized and appropriate measure of the performance of a REIT and that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO represents net income (loss) attributable to common stockholders, computed in accordance with generally accepted accounting principles ("GAAP"), which reflects the deduction of redeemable preferred stock dividends declared or accumulated and redeemable preferred stock deemed dividends, excluding gains (or losses) from sales of real estate, impairment of real estate, and real estate depreciation and amortization. We calculate FFO in accordance with the standards established by the
Like any metric, FFO should not be used as the only measure of our performance because it excludes depreciation and amortization and captures neither the changes in the value of our real estate properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our operating results. Other REITs may not calculate FFO in accordance with the standards established by the NAREIT; accordingly, our FFO may not be comparable to the FFOs of other REITs. Therefore, FFO should be considered only as a supplement to net income (loss) as a measure of our performance and should not be used as a supplement to or substitute measure for cash flows from operating activities computed in accordance with GAAP. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends. The following table sets forth a reconciliation of net income (loss) attributable to common stockholders to FFO attributable to common stockholders for the three months ended |
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Three Months Ended
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2020 |
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2019 |
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Numerator: |
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Net (loss) income attributable to common stockholders (a) |
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$ |
(6,787 |
) |
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$ |
287,631 |
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Depreciation and amortization |
|
5,258 |
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|
9,630 |
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Impairment of real estate |
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— |
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|
66,200 |
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Gain on sale of depreciable assets |
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— |
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|
(377,581 |
) |
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FFO attributable to common stockholders (a) |
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$ |
(1,529 |
) |
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$ |
(14,120 |
) |
Redeemable preferred stock dividends declared on dilutive shares (b) |
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(1 |
) |
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(1 |
) |
||
Diluted FFO attributable to common stockholders |
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$ |
(1,530 |
) |
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$ |
(14,121 |
) |
Denominator: |
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Basic weighted average shares of Common Stock outstanding |
|
14,598 |
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|
14,598 |
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Effect of dilutive securities—contingently issuable shares (b) |
|
1 |
|
|
1 |
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Diluted weighted average shares and common stock equivalents outstanding |
|
14,599 |
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|
14,599 |
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||
FFO attributable to common stockholders per share: |
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Basic |
|
$ |
(0.10 |
) |
|
$ |
(0.97 |
) |
Diluted |
|
$ |
(0.10 |
) |
|
$ |
(0.97 |
) |
______________________________ |
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(a) |
In connection with the sale of certain properties during the three months ended |
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(b) |
For the three months ended |
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Core Funds from Operations (Unaudited and in thousands, except per share amounts) |
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In addition to calculating FFO in accordance with the standards established by NAREIT, we also calculate a supplemental FFO metric we call core FFO attributable to common stockholders. Core FFO attributable to common stockholders represents FFO attributable to common stockholders, computed in accordance with NAREIT's standards, excluding losses (or gains) on early extinguishment of debt, redeemable preferred stock redemptions, redeemable preferred stock deemed dividends, gains (or losses) on termination of interest rate swaps, and transaction costs. We believe that core FFO is a useful metric for securities analysts, investors and other interested parties in the evaluation of our Company as it excludes from FFO the effect of certain amounts that we believe are non-recurring, are non-operating in nature as they relate to the manner in which we finance our operations, or transactions outside of the ordinary course of business.
Like any metric, core FFO should not be used as the only measure of our performance because, in addition to excluding those items prescribed by NAREIT when calculating FFO, it excludes amounts incurred in connection with non-recurring special projects, prepaying or defeasing our debt, repurchasing our preferred stock, and adjusting the carrying value of our preferred stock classified in temporary equity to its redemption value, all of which have real economic effect and could materially impact our operating results. Other REITs may not calculate core FFO in the same manner as we do, or at all; accordingly, our core FFO may not be comparable to the core FFOs of other REITs who calculate such a metric. Therefore, core FFO should be considered only as a supplement to net income (loss) as a measure of our performance and should not be used as a supplement to or substitute measure for cash flows from operating activities computed in accordance with GAAP. Core FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends. The following table sets forth a reconciliation of net income (loss) attributable to common stockholders to core FFO attributable to common stockholders for the three months ended |
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Three Months Ended |
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2020 |
|
2019 |
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Numerator: |
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|
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Net (loss) income attributable to common stockholders |
|
$ |
(6,787 |
) |
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$ |
287,631 |
|
Depreciation and amortization |
|
5,258 |
|
|
9,630 |
|
||
Impairment of real estate |
|
— |
|
|
66,200 |
|
||
Gain on sale of depreciable assets |
|
— |
|
|
(377,581 |
) |
||
FFO attributable to common stockholders |
|
$ |
(1,529 |
) |
|
$ |
(14,120 |
) |
Loss on early extinguishment of debt |
|
— |
|
|
25,071 |
|
||
Redeemable preferred stock redemptions |
|
10 |
|
|
4 |
|
||
Redeemable preferred stock deemed dividends |
|
161 |
|
|
— |
|
||
(Gain) loss on termination of interest rate swaps |
|
— |
|
|
(1,486 |
) |
||
Transaction costs |
|
— |
|
|
44 |
|
||
Core FFO attributable to common stockholders |
|
$ |
(1,358 |
) |
|
$ |
9,513 |
|
Redeemable preferred stock dividends declared on dilutive shares (a) |
|
(1 |
) |
|
491 |
|
||
Dilutive Core FFO attributable to common stockholders |
|
$ |
(1,359 |
) |
|
$ |
10,004 |
|
Denominator: |
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Basic weighted average shares of common stock outstanding |
|
14,598 |
|
|
14,598 |
|
||
Effect of dilutive securities-contingently issuable shares (a) |
|
1 |
|
|
1,696 |
|
||
Diluted weighted average shares and common stock equivalents outstanding |
|
14,599 |
|
|
16,294 |
|
||
Core FFO attributable to common stockholders per share: |
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|
||||
Basic |
|
$ |
(0.09 |
) |
|
$ |
0.65 |
|
Diluted |
|
$ |
(0.09 |
) |
|
$ |
0.61 |
|
(a) |
|
For the three months ended |
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Reconciliation of Net Operating Income (Unaudited and in thousands) |
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We internally evaluate the operating performance and financial results of our real estate segments based on segment NOI, which is defined as rental and other property income and expense reimbursements less property related expenses and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, gain (loss) on early extinguishment of debt, impairment of real estate, transaction costs, and provision for income taxes. For our lending segment, we define segment NOI as interest income net of interest expense and general overhead expenses. We also evaluate the operating performance and financial results of our operating segments using cash basis NOI, or "cash NOI". For our real estate segments, we define cash NOI as segment NOI adjusted to exclude the effect of the straight lining of rents, acquired above/below market lease amortization and other adjustments required by GAAP.
Segment NOI and cash NOI are not measures of operating results or cash flows from operating activities as measured by GAAP and should not be considered alternatives to income from continuing operations, or to cash flows as a measure of liquidity, or as an indication of our performance or of our ability to pay dividends. Companies may not calculate segment NOI or cash NOI in the same manner. We consider segment NOI and cash NOI to be useful performance measures to investors and management because, when compared across periods, they reflect the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from income from continuing operations. Additionally, we believe that cash NOI is helpful to investors because it eliminates straight line rent and other non-cash adjustments to revenue and expenses.
Below is a reconciliation of cash NOI to segment NOI and net income (loss) attributable to the Company for the three months ended |
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Three Months Ended |
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Same-Store
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Non-Same-
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Total Office |
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Hotel |
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Lending |
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Total |
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Cash net operating income excluding lease termination income |
|
$ |
7,884 |
|
|
$ |
52 |
|
|
$ |
7,936 |
|
|
$ |
1,772 |
|
|
$ |
1,011 |
|
|
$ |
10,719 |
|
Cash lease termination income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||||
Cash net operating income |
|
7,884 |
|
|
52 |
|
|
7,936 |
|
|
1,772 |
|
|
1,011 |
|
|
10,719 |
|
||||||
Deferred rent and amortization of intangible assets, liabilities, and lease inducements |
|
817 |
|
|
— |
|
|
817 |
|
|
(1 |
) |
|
— |
|
|
816 |
|
||||||
Straight line lease termination income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||||
Segment net operating income |
|
8,701 |
|
|
52 |
|
|
8,753 |
|
|
1,771 |
|
|
1,011 |
|
|
11,535 |
|
||||||
Interest and other income |
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|||||||||||
Asset management and other fees to related parties |
|
|
|
|
|
|
|
|
|
|
|
(3,457 |
) |
|||||||||||
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
(2,876 |
) |
|||||||||||
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
(1,223 |
) |
|||||||||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(5,258 |
) |
|||||||||||
Loss before provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
(1,278 |
) |
|||||||||||
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
22 |
|
|||||||||||
Net loss |
|
|
|
|
|
|
|
|
|
|
|
(1,256 |
) |
|||||||||||
Net income attributable to noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
(4 |
) |
|||||||||||
Net loss attributable to the Company |
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,260 |
) |
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Reconciliation of Net Operating Income (Continued) (Unaudited and in thousands) |
||||||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||||
|
|
Same-Store
|
|
Non-Same-
|
|
Total Office |
|
Hotel |
|
Lending |
|
Total |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash net operating income excluding lease termination income |
|
$ |
8,523 |
|
|
$ |
11,016 |
|
|
$ |
19,539 |
|
|
$ |
3,881 |
|
|
$ |
1,202 |
|
|
$ |
24,622 |
|
Cash lease termination income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||||
Cash net operating income |
|
8,523 |
|
|
11,016 |
|
|
19,539 |
|
|
3,881 |
|
|
1,202 |
|
|
24,622 |
|
||||||
Deferred rent and amortization of intangible assets, liabilities, and lease inducements |
|
758 |
|
|
(565 |
) |
|
193 |
|
|
— |
|
|
— |
|
|
193 |
|
||||||
Straight line lease termination income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||||
Segment net operating income |
|
9,281 |
|
|
10,451 |
|
|
19,732 |
|
|
3,881 |
|
|
1,202 |
|
|
24,815 |
|
||||||
Interest and other income |
|
|
|
|
|
|
|
|
|
|
|
319 |
|
|||||||||||
Asset management and other fees to related parties |
|
|
|
|
|
|
|
|
|
|
|
(5,249 |
) |
|||||||||||
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
(3,463 |
) |
|||||||||||
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
(1,117 |
) |
|||||||||||
Transaction costs |
|
|
|
|
|
|
|
|
|
|
|
(44 |
) |
|||||||||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(9,630 |
) |
|||||||||||
Loss on early extinguishment of debt |
|
|
|
|
|
|
|
|
|
|
|
(25,071 |
) |
|||||||||||
Impairment of real estate |
|
|
|
|
|
|
|
|
|
|
|
(66,200 |
) |
|||||||||||
Gain on sale of real estate |
|
|
|
|
|
|
|
|
|
|
|
377,581 |
|
|||||||||||
Income before provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
291,941 |
|
|||||||||||
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
(318 |
) |
|||||||||||
Net income |
|
|
|
|
|
|
|
|
|
|
|
291,623 |
|
|||||||||||
Net loss attributable to noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
174 |
|
|||||||||||
Net income attributable to the Company |
|
|
|
|
|
|
|
|
|
|
|
$ |
291,797 |
|
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