EX-99.1 2 mrt-ex991_72.htm EX-99.1 mrt-ex991_72.htm

Exhibit 99.1

Contacts:

 

 

Jeff Walraven

 

Tripp Sullivan

EVP & Chief Financial Officer

 

SCR Partners

(615) 627-4712

 

(615) 760-1104

IR@medequities.com

MEDEQUITIES REALTY TRUST REPORTS SECOND QUARTER 2017 RESULTS

 

NASHVILLE, Tenn., August 8, 2017 – MedEquities Realty Trust, Inc. (NYSE: MRT) (the “Company”) today announced its consolidated financial results for the quarter ended June 30, 2017 and other recent developments. A comparison of the reported amounts per share for the second quarter of 2017 to prior-year periods has been affected by an increase in the common stock outstanding resulting from the completion of, and the use of proceeds from, the Company’s initial public offering (the “IPO") in October 2016, as discussed below.

 

Highlights

 

During and subsequent to the second quarter of 2017, closed on and/or signed definitive agreements to acquire seven facilities and the funding of one mortgage loan for a total investment of $56.7 million at a weighted average initial yield of approximately 9.0% in four separate transactions, which included new operator relationships, two new states and diversification by asset type with the acquisition of behavioral and substance abuse treatment facilities.

 

Reported results for the second quarter of 2017 attributable to common stockholders of net income of $0.15 per diluted common share; Funds from Operations (“FFO”) of $0.26 per diluted common share; and Adjusted FFO (“AFFO”) of $0.27 per diluted common share.

 

Updated guidance for 2017 results attributable to common stockholders of net income of $0.61 to $0.65 per diluted common share (previously $0.60 to $0.64 per diluted common share) and reaffirmed previously issued guidance of FFO of $1.07 to $1.13 per diluted common share and AFFO of $1.09 to $1.15 per diluted common share.

 

Declared a regular cash dividend of $0.21 per share for the second quarter of 2017.

 

John W. McRoberts, the Company’s Chief Executive Officer and Chairman, noted, “Our disciplined investment strategy produced a number of attractive growth opportunities that diversified our portfolio in skilled nursing with two new operators and expanded into the behavioral space. With $80 million of funded and committed investments completed year to date and an approximately $600 million pipeline comprised of all sectors of acute and post acute care, we are on track to reach our investment and financial goals for 2017.”

 

Financial Results for the Second Quarter of 2017

 

The completion of the IPO in October 2016 provided the Company with a meaningfully different and simplified capital structure compared to the prior-year periods.  The IPO net proceeds were used to redeem all outstanding preferred stock, including a $6.3 million redemption premium, and pay down borrowings on the Company’s secured credit facility.

 

The Company believes the use of IPO proceeds and related higher share count, combined with the impact from the replacement of the tenant at Lakeway Hospital with Baylor Scott & White Health effective September 1, 2016, makes year-over-year comparisons less meaningful, particularly on a per share basis.

 

Net income attributable to common stockholders for the quarter ended June 30, 2017 was $4.8 million, or $0.15 per diluted common share, compared with a net loss attributable to common stockholders of $3.3 million, or $(0.30) per diluted common share, for the same period in 2016.  Consolidated total revenues for the quarter ended June 30, 2017 were $14.8 million, compared with $6.6 million for the same period in 2016.  Total revenues for the quarter ended June 30, 2016 included an approximate $6.7 million

 


 

write-off of straight-line rent revenue related to the prior tenant’s lease at Lakeway Hospital. Additionally, total revenues for the quarter ended June 30, 2017 were favorably impacted by $0.5 million of straight-line rent revenue recognized under the current lease at Lakeway Hospital, $0.3 million in additional rental income related to the previously announced Fundamental Healthcare lease modifications, and $0.3 million in additional interest income on the new mortgage note investment originated in the first quarter of 2017.

 

FFO for the quarter ended June 30, 2017 was $8.3 million, or $0.26 per diluted common share, compared with $0.1 million, or $0.01 per diluted common share, for the same period in 2016. FFO was positively impacted by higher total revenues of approximately $4.4 million, including approximately $3.8 million attributable to the operator change at Lakeway Hospital, the elimination of preferred stock dividends totaling approximately $2.5 million and lower interest expense of approximately $1.4 million.  

 

AFFO for the quarter ended June 30, 2017 was $8.5 million, or $0.27 per diluted common share, compared with $4.4 million, or $0.40 per diluted share, for the same period in 2016, primarily as a result of the elimination of the preferred stock dividends, an increase in total revenues, excluding straight-line rent, of $0.6 million, and lower cash interest expense of approximately $0.8 million.

 

Investment Activity

 

As of June 30, 2017, the Company had gross real estate investments totaling approximately $528.3 million, which was comprised of $505.8 million in 25 healthcare facilities and $22.5 million in two mortgage notes receivable collateralized by healthcare-related real estate. The following details the Company’s recent investment activity during and subsequent to the second quarter of 2017:

 

 

As part of the Fundamental Healthcare master lease executed in April 2017, the Company agreed, subject to certain conditions, to make available an aggregate amount of up to $11.0 million for the construction and equipping of certain new surgical suites at Mountain’s Edge Hospital, the Company’s acute care hospital in Las Vegas, Nevada.  The base rent under the master lease will be increased by an amount equal to 9.25% of the amount advanced, as advances are made. As of June 30, 2017, approximately $0.4 million had been funded pursuant to this commitment.

 

 

On June 30, 2017, the Company completed the acquisition of Woodlake at Tolland Nursing & Rehabilitation Center, a 130-bed skilled nursing facility located in Tolland, Connecticut, from a wholly owned subsidiary of Prospect Medical Holdings, Inc. for an aggregate purchase price of $10.0 million in cash. The Company leased the facility to Prospect ECHN Eldercare Services, Inc. pursuant to a 12-year, triple-net lease at an initial lease rate of 9.0% with annual escalators.

 

 

On July 31, 2017, the Company acquired two skilled nursing facilities totaling 160 beds in Indiana from Magnolia Health Systems for an aggregate purchase price of $15.0 million in cash. The Company leased Brookville Healthcare Center in Brookville, Indiana and Whitewater Commons Senior Living Center in Liberty, Indiana to Magnolia pursuant to a 15-year, triple-net master lease at an initial lease rate of 9.0% with annual escalators.

 

 

On August 1, 2017, the Company funded a $6.7 million mortgage note receivable to a subsidiary of Medistar Corporation, which is secured by land and an existing building in Webster, Texas.  Interest accrues at a rate of 10.0% per annum and is payable upon the maturity date of the loan on December 31, 2017.  The borrower intends to redevelop the existing property into an integrated medical facility with approximately 48,000 rentable square feet with construction expected to commence in the fourth quarter of 2017.  The Company is considering funding the redevelopment of the facility through a construction mortgage note receivable totaling approximately $15.5 million, which would replace the existing mortgage note receivable and may include an option to purchase the property in a sale-leaseback transaction upon satisfactory completion of the redevelopment.

 

 

On August 7, 2017, the Company signed a definitive agreement to acquire four behavioral health and substance abuse treatment facilities from subsidiaries of AAC Holdings, Inc. for an aggregate purchase price of $25.0 million in cash. The facilities are comprised of two standalone intensive outpatient treatment facilities in Las Vegas, Nevada and Arlington

 

 


 

 

(Dallas), Texas; a 110-bed sobering living facility in Las Vegas; and a 56-bed sober living facility in Arlington that is expected to expand to 131 beds by mid-year 2018. The Company will lease these facilities to AAC pursuant to a 15-year, triple-net master lease at an initial lease rate of 8.75% with annual escalators. The transaction is expected to close by August 11, 2017, subject to customary closing conditions.

 

Quarterly Distributions to Common Stockholders

 

On August 2, 2017, the Company’s Board of Directors declared a cash dividend of $0.21 per share for the second quarter of 2017. The dividend will be paid on August 30, 2017 to stockholders of record as of August 16, 2017.

 

Guidance for 2017

For the year ending December 31, 2017, the Company updated its previously issued guidance range for net income attributable to common stockholders to $0.61 to $0.65 per diluted common share (previously $0.60 to $0.64 per diluted common share), and reaffirmed its previously issued guidance ranges for FFO ($1.07 to $1.13 per diluted common share) and AFFO ($1.09 to $1.15 per diluted common share).

A reconciliation of projected net income attributable to common stockholders per diluted share to projected FFO and AFFO per diluted share is provided as follows:

 

 

Full Year

 

 

2017 Range

 

 

Low

 

High

Net income attributable to common stockholders

 

$

0.61

 

 

$

0.65

 

Add: Real estate depreciation & amortization, net of noncontrolling interest (1)

 

0.46

 

 

0.48

 

FFO attributable to common stockholders

 

1.07

 

 

1.13

 

Stock-based compensation expense

 

0.11

 

 

0.11

 

Deferred financing costs amortization

 

0.03

 

 

0.03

 

Straight-line rental income, net of noncontrolling interest (2)

 

(0.14)

 

 

(0.14)

 

Other adjustments (3)

 

0.02

 

 

0.02

 

AFFO attributable to common stockholders

 

$

1.09

 

 

$

1.15

 

______________________________

(1) Includes $0.02 to $0.04 of real estate depreciation related to $127.5 million of assumed investments in the second half of 2017.

(2) Includes $(0.01) of straight-line rental income related to $127.5 million of assumed investments in the second half of 2017.

(3) Includes adjustments for non-real estate depreciation and straight-line rent expense.

The Company’s guidance for 2017 is based on the following assumptions:

 

Cash general and administrative expenses of $8.7 million to $9.0 million

 

Close a total of $150.0 million of investments in 2017

 

o

$22.5 million in investments were closed as of June 30, 2017

 

o

$127.5 million of investments are expected to close in the second half of 2017 (of which $46.7 million were closed or committed to close in July and August) with initial cash yields of 8.50% to 9.00%

 

o

Approximate per share impact of the $127.5 million of investments expected to close in the second half of 2017 to net income, FFO and AFFO of $0.02 to $0.05, $0.04 to $0.09 and $0.03 to $0.08, respectively

 

Interest expense of approximately $7.8 million to $8.4 million, including approximately $1.0 million in amortization of deferred financing costs

 

Weighted average diluted share count of 31.76 million

 

 


 

Earnings Conference Call and Webcast

 

The Company will host a conference call and live audio webcast, both open for the general public to hear, on August 9, 2017 at 10:00 a.m. Central Time. The number to call for this interactive teleconference is (412) 542-4116. A replay of the call will be available through August 16, 2017 by dialing (412) 317-0088 and entering the replay access code, 10110321.

 

The live audio webcast of the Company’s quarterly conference call will be available online in the Investor Relations section of the Company’s website at ir.medequities.com. The online replay will be available approximately one hour after the end of the call and archived for approximately twelve months.

 

About MedEquities Realty Trust, Inc.

MedEquities Realty Trust (NYSE: MRT) is a self-managed and self-administered real estate investment trust that invests in a diversified mix of healthcare properties and healthcare-related real estate debt investments. The Company’s management team has extensive industry experience in acquiring, owning, developing, financing, operating, leasing and monetizing many types of healthcare properties and portfolios. MedEquities’ strategy is to become an integral capital partner with high-quality and growth-oriented facility-based providers of healthcare services on a nationwide basis, primarily through net-leased real estate investment. For more information, please visit www.medequities.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements provide our current expectations or forecasts of future events and are not statements of historical fact. These forward-looking statements include information about the Company’s 2017 guidance and related assumptions, strategic plans and objectives, potential property acquisitions and investments, anticipated capital expenditures (and access to capital), amounts of anticipated cash distributions to our stockholders in the future and other matters. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will” and variations of these words and other similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and/or could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.  Forward-looking statements involve inherent uncertainty and may ultimately prove to be incorrect or false. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, see the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2017, and other documents filed by the Company with the SEC. You are cautioned to not place undue reliance on forward-looking statements. Except as otherwise may be required by law, we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or actual operating results.


 

 


 


MedEquities Realty Trust, Inc.

 

Consolidated Balance Sheets

 

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

 

 

December 31, 2016

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Real estate properties

 

 

 

 

 

 

 

 

Land

 

$

40,090

 

 

$

39,584

 

Building and improvements

 

 

451,306

 

 

 

440,927

 

Intangible lease assets

 

 

11,387

 

 

 

11,387

 

Furniture, fixtures, and equipment

 

 

2,981

 

 

 

2,976

 

Less accumulated depreciation and amortization

 

 

(33,509

)

 

 

(26,052

)

Total real estate properties, net

 

 

472,255

 

 

 

468,822

 

 

 

 

 

 

 

 

 

 

Mortgage notes receivable, net

 

 

22,418

 

 

 

9,915

 

Cash and cash equivalents

 

 

8,240

 

 

 

9,509

 

Other assets, net

 

 

33,665

 

 

 

31,507

 

Total Assets

 

$

536,578

 

 

$

519,753

 

 

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt, net

 

$

163,741

 

 

$

144,000

 

Accounts payable and accrued liabilities

 

 

14,870

 

 

 

15,244

 

Deferred revenue

 

 

2,066

 

 

 

2,251

 

Total liabilities

 

 

180,677

 

 

 

161,495

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Common stock, $0.01 par value. Authorized 400,000 shares; 31,775 and 31,757

   issued and outstanding at June 30, 2017 and December 31, 2016,

   respectively

 

 

314

 

 

 

314

 

Additional paid in capital

 

 

374,436

 

 

 

372,615

 

Dividends declared

 

 

(54,513

)

 

 

(40,951

)

Retained earnings

 

 

33,101

 

 

 

23,774

 

Accumulated other comprehensive loss

 

 

(123

)

 

 

-

 

Total MedEquities Realty Trust, Inc. stockholders' equity

 

 

353,215

 

 

 

355,752

 

Noncontrolling interest

 

 

2,686

 

 

 

2,506

 

Total equity

 

 

355,901

 

 

 

358,258

 

Total Liabilities and Equity

 

$

536,578

 

 

$

519,753

 

 


 

 


 


MedEquities Realty Trust, Inc.

 

Consolidated Statements of Operations

 

(in thousands, except per share amounts)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

14,287

 

 

$

6,354

 

 

$

28,126

 

 

$

20,958

 

Interest on mortgage notes receivable

 

 

529

 

 

 

229

 

 

 

962

 

 

 

458

 

Interest on notes receivable

 

 

9

 

 

 

10

 

 

 

19

 

 

 

25

 

Total revenues

 

 

14,825

 

 

 

6,593

 

 

 

29,107

 

 

 

21,441

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,627

 

 

 

3,429

 

 

 

7,245

 

 

 

7,088

 

Property related

 

 

477

 

 

 

344

 

 

 

829

 

 

 

665

 

Acquisition costs

 

 

263

 

 

 

442

 

 

 

329

 

 

 

459

 

Franchise, excise and other taxes

 

 

(60

)

 

 

30

 

 

 

26

 

 

 

135

 

Bad debt expense

 

 

-

 

 

 

216

 

 

 

-

 

 

 

216

 

General and administrative

 

 

2,979

 

 

 

2,553

 

 

 

6,150

 

 

 

5,324

 

Total operating expenses

 

 

7,286

 

 

 

7,014

 

 

 

14,579

 

 

 

13,887

 

Operating income

 

 

7,539

 

 

 

(421

)

 

 

14,528

 

 

 

7,554

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

1

 

 

 

2

 

 

 

2

 

 

 

3

 

Interest expense

 

 

(1,808

)

 

 

(3,226

)

 

 

(3,323

)

 

 

(6,351

)

 

 

 

(1,807

)

 

 

(3,224

)

 

 

(3,321

)

 

 

(6,348

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

5,732

 

 

$

(3,645

)

 

$

11,207

 

 

$

1,206

 

Less: Preferred stock dividends

 

 

-

 

 

 

(2,465

)

 

 

-

 

 

 

(4,930

)

Less: Net (income) loss attributable to noncontrolling interest

 

 

(936

)

 

 

2,841

 

 

 

(1,880

)

 

 

1,486

 

Net income (loss) attributable to common stockholders

 

$

4,796

 

 

$

(3,269

)

 

$

9,327

 

 

$

(2,238

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common stockholders per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.15

 

 

$

(0.30

)

 

$

0.29

 

 

$

(0.21

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

31,404

 

 

 

10,959

 

 

 

31,410

 

 

 

10,959

 

Diluted

 

 

31,487

 

 

 

10,959

 

 

 

31,451

 

 

 

10,959

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

 

$

0.21

 

 

$

0.21

 

 

$

0.42

 

 

$

0.21

 

 


 

 


 

Non-GAAP Financial Measures

We consider the following non-GAAP financial measures useful to investors as key supplemental measures of our performance: funds from operations attributable to common stockholders (“FFO”) and adjusted fund from operations attributable to common stockholders (“AFFO”).

Funds from Operations

FFO is a non-GAAP measure used by many investors and analysts that follow the real estate industry. FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), represents net income (computed in accordance with GAAP), excluding gains (losses) on sales of real estate and impairments of real estate assets, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Noncontrolling interest amounts represent adjustments to reflect only our share of depreciation and amortization. We compute FFO in accordance with NAREIT’s definition, which may differ from the methodology for calculating FFO, or similarly titled measures, used by other companies.

Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company’s operations. We believe that the presentation of FFO provides useful information to investors regarding our operating performance by excluding the effect of real-estate related depreciation and amortization, gains or losses from sales for real estate, including impairments, extraordinary items and the portion of items related to unconsolidated entities, all of which are based on historical cost accounting, and that FFO can facilitate comparisons of operating performance between periods and between REITs, even though FFO does not represent an amount that accrues directly to common stockholders.

Our calculation of FFO may not be comparable to measures calculated by other companies that do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. FFO should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity.

Adjusted Funds from Operations

AFFO is a non-GAAP measure used by many investors and analysts to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations.  To calculate AFFO, we further adjust FFO for certain items that are not added to net income in NAREIT’s definition of FFO, such as acquisition expenses, non-real estate-related depreciation and amortization (including amortization of lease incentives and tenant allowances), stock-based compensation expenses, and any other non-comparable or non-operating items, that do not relate to the operating performance of our properties.  To calculate AFFO, we also adjust FFO to remove the effect of straight-line rent revenue, which represents the recognition of net unbilled rental income expected to be collected in future periods of a lease agreement that exceeds the actual contractual rent due periodically from tenants for their use of the leased real estate under each lease. Noncontrolling interest amounts represent adjustments to reflect only our share of straight-line rent revenue.

 

Our calculation of AFFO may differ from the methodology used for calculating AFFO by certain other REITs and, accordingly, our AFFO may not be comparable to AFFO reported by other REITs. AFFO should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity.


 

 


 

MedEquities Realty Trust, Inc.

 

Reconciliations of FFO and AFFO

 

(in thousands, except per share amounts)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Net income (loss) attributable to common stockholders

 

$

4,796

 

 

$

(3,269

)

 

$

9,327

 

 

$

(2,238

)

Real estate depreciation and amortization, net of noncontrolling interest

 

 

3,544

 

 

 

3,347

 

 

 

7,080

 

 

 

7,052

 

FFO attributable to common stockholders

 

 

8,340

 

 

 

78

 

 

 

16,407

 

 

 

4,814

 

Acquisition costs on completed acquisitions

 

 

-

 

 

 

2

 

 

 

-

 

 

 

18

 

Stock-based compensation expense

 

 

934

 

 

 

647

 

 

 

1,890

 

 

 

1,294

 

Deferred financing costs amortization

 

 

240

 

 

 

866

 

 

 

562

 

 

 

1,613

 

Non-real estate depreciation and amortization

 

 

134

 

 

 

9

 

 

 

286

 

 

 

18

 

Straight-line rent expense

 

 

39

 

 

 

41

 

 

 

79

 

 

 

83

 

Straight-line rent revenue, net of noncontrolling interest

 

 

(1,179

)

 

 

2,764

 

 

 

(2,148

)

 

 

2,111

 

AFFO attributable to common stockholders

 

$

8,508

 

 

$

4,407

 

 

$

17,076

 

 

$

9,951

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding-

   earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

31,404

 

 

 

10,959

 

 

 

31,410

 

 

 

10,959

 

Diluted

 

 

31,487

 

 

 

10,959

 

 

 

31,451

 

 

 

10,959

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common

   stockholders per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.15

 

 

$

(0.30

)

 

$

0.29

 

 

$

(0.21

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares

   outstanding- FFO and AFFO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

31,404

 

 

 

10,959

 

 

 

31,410

 

 

 

10,959

 

Diluted

 

 

31,487

 

 

 

11,082

 

 

 

31,451

 

 

 

11,054

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.27

 

 

$

0.01

 

 

$

0.52

 

 

$

0.44

 

Diluted

 

$

0.26

 

 

$

0.01

 

 

$

0.52

 

 

$

0.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFFO per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.27

 

 

$

0.40

 

 

$

0.54

 

 

$

0.91

 

Diluted

 

$

0.27

 

 

$

0.40

 

 

$

0.54

 

 

$

0.90