Exhibit 99

 

 

 

 

Table of Contents

 

		Page
Consolidated Balance Sheets		3
Consolidated Statements of Income (Loss)		4
FFO, AFFO and Adjusted EBITDA Reconciliations		5
NOI Reconciliations		6
Financial Highlights		7
Same Property Statistics		8
Consolidated Statements of Cash Flows		9
Capital Structure and Leverage Ratios		10
Debt Maturity		12
Property Table by Tenant		13
Property Table by State		14
Lease Expirations		15
Recent Acquisitions		16
Property Table		17
Definitions		20
Press Release Dated February 6, 2020		21

 

The statement of operations and supplemental statement of operations provided in this supplemental information package present funds from operations (FFO), adjusted funds from operations (AFFO), net operating income (NOI) and adjusted EBITDA, which are REIT industry financial measures that are not calculated in accordance with accounting principles generally accepted in the United States. Please see page 20 for a definition of these supplemental performance measures. Please see the supplemental statement of operations reconciliation for a reconciliation of certain captions in the supplemental statement of operations reported in this supplemental information package to the statement of operations as reported in the Company’s filings with the SEC on Form 10-Q.

 

 

Consolidated Balance Sheets

(in thousands except for per share amounts)

 

		As of				As of
		December 31, 2019				September 30, 2019
		(unaudited)
ASSETS
Real Estate Investments:
Land		$	244,138			$	239,299
Buildings and Improvements			1,702,924				1,627,219
Total Real Estate Investments			1,947,062				1,866,518
Accumulated Depreciation			(260,963	)			(249,584	)
Real Estate Investments			1,686,099				1,616,934
Cash and Cash Equivalents			16,383				20,179
Securities Available for Sale at Fair Value			181,841				185,250
Tenant and Other Receivables			7,475				1,335
Deferred Rent Receivable			11,788				11,199
Prepaid Expenses			11,965				6,714
Intangible Assets, net of Accumulated Amortization of $16,194 and $15,686, respectively			16,611				14,970
Capitalized Lease Costs, net of Accumulated Amortization of $3,649 and $3,378, respectively			5,854				5,670
Financing Costs, net of Accumulated Amortization of $65 and $1,352, respectively			1,665				144
Other Assets			7,446				9,553
TOTAL ASSETS		$	1,947,127			$	1,871,948
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs		$	784,048			$	744,928
Loans Payable			80,000				95,000
Accounts Payable and Accrued Expenses			4,022				3,570
Other Liabilities			21,548				17,407
Total Liabilities			889,618				860,905
COMMITMENTS AND CONTINGENCIES
Shareholders’ Equity:
6.125% Series C Cumulative Redeemable Preferred Stock, $0.01 Par Value Per Share: 21,900 and 16,400 Shares Authorized as of December 31, 2019 and September 30, 2019, respectively; 15,666 and 13,907 Shares Issued and Outstanding as of December 31, 2019 and September 30, 2019, respectively			391,643				347,678
Common Stock, $0.01 Par Value Per Share: 200,000 and 188,040 Shares Authorized as of December 31, 2019 and September 30, 2019, respectively; 97,569 and 96,399 Shares Issued and Outstanding as of December 31, 2019 and September 30, 2019, respectively			976				964
Excess Stock, $0.01 Par Value Per Share: 200,000 Shares Authorized as of December 31, 2019 and September 30, 2019; No Shares Issued or Outstanding as of December 31, 2019 and September 30, 2019			-0-				-0-
Additional Paid-In Capital			664,890				662,401
Undistributed Income			-0-				-0-
Total Shareholders’ Equity			1,057,509				1,011,043
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY		$	1,947,127			$	1,871,948

 

 

Consolidated Statements of Income (Loss)

(unaudited) (in thousands)

 

		For The
		Three Months Ended
		12/31/2019				12/31/2018
INCOME:
Rental Revenue		$	34,870			$	32,617
Reimbursement Revenue			6,830				5,605
TOTAL INCOME			41,700				38,222
EXPENSES:
Real Estate Taxes			5,036				4,039
Operating Expenses			2,197				1,864
General & Administrative Expenses			2,264				1,817
Non-recurring Severance Expense			786				-0-
Depreciation			11,433				10,478
Amortization of Capitalized Lease Costs and Intangible Assets			753				702
TOTAL EXPENSES			22,469				18,900
OTHER INCOME (EXPENSE):
Dividend Income			3,238				4,368
Unrealized Holding Gains (Losses) Arising During the Periods			(3,635	)			(42,627	)
Interest Expense, including Amortization of Financing Costs			(9,209	)			(9,006	)
TOTAL OTHER INCOME (EXPENSE)			(9,606	)			(47,265	)
NET INCOME (LOSS)			9,625				(27,943	)
Less: Preferred Dividends			6,097				4,421
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS		$	3,528			$	(32,364	)

 

 

FFO, AFFO and Adjusted EBITDA Reconciliations

(unaudited) (in thousands)

 

		For The
		Three Months Ended
		12/31/2019				12/31/2018
FFO, AFFO
Net Income (Loss) Attributable to Common Shareholders		$	3,528			$	(32,364	)
Plus: Unrealized Holding Losses Arising During the Periods (1)			3,635				42,627
Plus: Depreciation Expense (excluding Corporate Office Capitalized Costs)			11,380				10,438
Plus: Amortization of Intangible Assets			508				500
Plus: Amortization of Capitalized Lease Costs			271				228
FFO Attributable to Common Shareholders			19,322				21,429
Plus: Depreciation of Corporate Office Capitalized Costs			53				40
Plus: Stock Compensation Expense			156				129
Plus: Amortization of Financing Costs			435				317
Plus: Non-recurring Severance Expense			786				-0-
Less: Recurring Capital Expenditures			(218	)			(557	)
Less: Effect of non-cash U.S. GAAP Straight-line Rent Adjustment			(600	)			(336	)
AFFO Attributable to Common Shareholders		$	19,934			$	21,022

 

		For The
		Three Months Ended
		12/31/2019				12/31/2018
Adjusted EBITDA
Net Income (Loss) Attributable to Common Shareholders		$	3,528			$	(32,364	)
Plus: Preferred Dividends			6,097				4,421
Plus: Interest Expense, including Amortization of Financing Costs			9,209				9,006
Plus: Depreciation and Amortization			12,186				11,180
Plus: Net Amortization of Acquired Above and Below Market Lease Revenue			26				25
Plus: Unrealized Holding (Gains) Losses Arising During the Periods			3,635				42,627
Adjusted EBITDA		$	34,681			$	34,895

 

(1)	Unrealized Holding Gains or Losses Arising During the Periods, if any, were previously reported as an adjustment to Core Funds From Operations (Core FFO).

 

 

NOI Reconciliations

(unaudited) (in thousands)

 

		For The
		Three Months Ended
		12/31/2019				12/31/2018
Net Operating Income
Net Income (Loss) Attributable to Common Shareholders		$	3,528			$	(32,364	)
Plus: Preferred Dividends			6,097				4,421
Plus: General & Administrative Expenses			2,264				1,817
Plus: Non-recurring Severance Expense			786				-0-
Plus: Depreciation			11,433				10,478
Plus: Amortization of Capitalized Lease Costs and Intangible Assets			753				702
Plus: Interest Expense, including Amortization of Financing Costs			9,209				9,006
Plus: Unrealized Holding (Gains) Losses Arising During the Periods			3,635				42,627
Less: Dividend Income			(3,238	)			(4,368	)
Net Operating Income – NOI		$	34,467			$	32,319

 

		For The
		Three Months Ended
		12/31/2019				12/31/2018
Components of Net Operating Income Consists of:
Revenues:
Rental Revenue		$	34,870			$	32,617
Reimbursement Revenue			6,830				5,605
Total Rental and Reimbursement Revenue			41,700				38,222
Expenses:
Real Estate Taxes			5,036				4,039
Operating Expenses			2,197				1,864
Total Real Estate Taxes and Operating Expenses			7,233				5,903
Net Operating Income – NOI		$	34,467			$	32,319

 

 

Financial Highlights

(unaudited) (in thousands except for per share amounts)

 

		For The
		Three Months Ended
		12/31/2019				12/31/2018				Change (%)
Weighted Average Common Shares Outstanding
Basic			96,881				90,505				7.0	%
Diluted			97,006				90,660				7.0	%
Net Income (Loss) Attributable to Common Shareholders		$	3,528			$	(32,364	)			110.9	%
Basic		$	0.04			$	(0.36	)			111.1	%
Diluted			0.04				(0.36	)			111.1	%
Net Operating Income – NOI		$	34,467			$	32,319				6.6	%
Basic		$	0.36			$	0.36				0.0	%
Diluted			0.36				0.36				0.0	%
Funds From Operations – FFO		$	19,322			$	21,429				(9.8	)%
Basic		$	0.20			$	0.24				(16.7	)%
Diluted			0.20				0.24				(16.7	)%
Adjusted Funds From Operations – AFFO		$	19,934			$	21,022				(5.2	)%
Basic		$	0.21			$	0.23				(8.7	)%
Diluted			0.21				0.23				(8.7	)%
Dividends Declared per Common Share		$	0.17			$	0.17
Dividend/AFFO Payout Ratio			81.0	%			73.9	%

 

 

Same Property Statistics

(unaudited) (in thousands except for square feet)

 

		For The Three Months Ended
		12/31/2019								12/31/2018				Change				Change %
Total Square Feet / Total Properties			22,866,627 / 115								21,647,246 / 113				1,219,381				5.6	%
Occupancy Percentage at End of Period			99.2	%							98.9	%			30 bps				0.3	%
Same Property Square Feet / Number of Same Properties							21,040,215 / 110
Same Property Occupancy Percentage at End of Period			99.1	%							98.9	%			20 bps				0.2	%
Same Property Net Operating Income (NOI) (GAAP)		$	30,635							$	30,742			$	(107	)			(0.3	)%
Reversal of Effect of Non-cash U.S. GAAP Straight-line Rent Adjustment			(459	)							(480	)			21
Same Property Cash NOI		$	30,176							$	30,262			$	(86	)			(0.3	)%

 

Same Property Statistics include all properties owned during the entire periods presented with the exclusion of properties expanded during the periods presented.

 

Reconciliation of Same Property NOI to Total NOI

(unaudited) (in thousands)

 

		For The Three Months Ended
		12/31/2019				12/31/2018				Change				Change %
Same Property NOI (GAAP)		$	30,635			$	30,742			$	(107	)			(0.3	)%
NOI of properties purchased subsequent to September 30, 2018 (three properties purchased during fiscal 2019 and one property purchased during fiscal 2020)			3,322				1,320
NOI of property expanded subsequent to September 30, 2018 (one property expanded during fiscal 2019)			510				257
Total NOI		$	34,467			$	32,319			$	2,148				6.6	%

 

 

Consolidated Statements of Cash Flows

(unaudited)(in thousands)

 

		For The
		Three Months Ended
		12/31/2019				12/31/2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)		$	9,625			$	(27,943	)
Noncash Items Included in Net Income (Loss):
Depreciation & Amortization			12,621				11,497
Deferred Straight Line Rent			(600	)			(336	)
Stock Compensation Expense			156				129
Unrealized Holding (Gains) Losses Arising During the Periods			3,635				42,627
Changes in:
Tenant & Other Receivables			(6,114	)			(5,398	)
Prepaid Expenses			(5,250	)			(5,174	)
Other Assets & Capitalized Lease Costs			453				1,224
Accounts Payable, Accrued Expenses & Other Liabilities			4,572				5,286
NET CASH PROVIDED BY OPERATING ACTIVITIES			19,098				21,912
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Real Estate & Intangible Assets			(81,513	)			(113,406	)
Capital Improvements			(1,328	)			(5,657	)
Return of Deposits on Real Estate			1,200				200
Deposits Paid on Acquisitions of Real Estate			(100	)			(700	)
Purchase of Securities Available for Sale			(226	)			(33,516	)
NET CASH USED IN INVESTING ACTIVITIES			(81,967	)			(153,079	)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Repayments on Loans Payable			(15,000	)			(60,794	)
Proceeds from Fixed Rate Mortgage Notes Payable			52,500				72,500
Principal Payments on Fixed Rate Mortgage Notes Payable			(13,356	)			(12,121	)
Financing Costs Paid on Debt			(1,980	)			(444	)
Proceeds from the Exercise of Stock Options			606				-0-
Proceeds from Underwritten Public Offering of Common Stock, net of offering costs			-0-				132,338
Proceeds from At-The-Market 6.125% Series C Preferred Stock, net of offering costs			43,153				1,006
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments			11,305				17,595
Preferred Dividends Paid			(5,873	)			(4,415	)
Common Dividends Paid, net of Reinvestments			(12,282	)			(11,054	)
NET CASH PROVIDED BY FINANCING ACTIVITIES			59,073				134,611
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(3,796	)			3,444
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD			20,179				9,325
CASH AND CASH EQUIVALENTS - END OF PERIOD		$	16,383			$	12,769

 

 

Capital Structure and Leverage Ratios

(unaudited) (in thousands except for per share amounts)

 

		As of				As of				As of
		12/31/2019				12/31/2018				9/30/2019
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs		$	784,048			$	771,705			$	744,928
Loans Payable			80,000				125,815				95,000
Total Debt			864,048				897,520				839,928
6.125% Series C Cumulative Redeemable Preferred Stock			391,643				288,311				347,678
Common Stock, Additional Paid-In-Capital & Other			665,866				617,245				663,365
Total Shareholders’ Equity			1,057,509				905,556				1,011,043
Total Book Capitalization			1,921,557				1,803,076				1,850,971
Accumulated Depreciation			260,963				217,504				249,584
Total Undepreciated Book Capitalization		$	2,182,520			$	2,020,580			$	2,100,555
Shares Outstanding			97,569				92,335				96,399
Market Price Per Share		$	14.48			$	12.40			$	14.41
Equity Market Capitalization		$	1,412,803			$	1,144,955			$	1,389,107
Total Debt			864,048				897,520				839,928
Total Preferred Stock			391,643				288,311				347,678
Total Market Capitalization		$	2,668,494			$	2,330,786			$	2,576,713
Total Debt		$	864,048			$	897,520			$	839,928
less: Cash and Cash Equivalents			16,383				12,769				20,179
Net Debt		$	847,665			$	884,751			$	819,749
less: Securities Available for Sale at Fair Value (Securities)			181,841				145,810				185,250
Net Debt Less Securities		$	665,824			$	738,941			$	634,499
Net Debt / Total Undepreciated Book Capitalization			38.8	%			43.8	%			39.0	%
Net Debt / Total Market Capitalization			31.8	%			38.0	%			31.8	%
Net Debt Plus Preferred Stock / Total Market Capitalization			46.4	%			50.3	%			45.3	%
Net Debt Less Securities / Total Undepreciated Book Capitalization			30.5	%			36.6	%			30.2	%
Net Debt Less Securities / Total Market Capitalization			25.0	%			31.7	%			24.6	%
Net Debt Less Securities Plus Preferred Stock / Total Market Capitalization			39.6	%			44.1	%			38.1	%
Weighted Average Interest Rate on Fixed Rate Mortgage Debt			4.05	%			4.08	%			4.03	%
Weighted Average Term on Fixed Rate Mortgage Debt			11.5 yrs.				11.8 yrs.				11.3 yrs.
Weighted Average Interest Rate on Fixed Rate Debt (1)			4.00	%			4.08	%			4.03	%
Weighted Average Term on Fixed Rate Debt (1)			10.5 yrs.				11.8 yrs.				11.3 yrs.
Weighted Average Lease Term			7.6 yrs.				8.0 yrs.				7.6 yrs.

 

(1)

For the quarter ended 12/31/19, fixed rate debt includes $784 million in Fixed Rate Mortgage Debt and a $75 million term loan that is fixed with a LIBOR interest rate swap agreement. We obtained the $75 million term loan during the quarter ended 12/31/19. Therefore, for prior year quarters presented, the Fixed Rate Debt only includes Fixed Rate Mortgage Debt.

 

 

Capital Structure and Leverage Ratios

(unaudited) (in thousands)

 

		For the Three Months Ended								Fiscal Year Ended
		12/31/2019				12/31/2018				9/30/2019
Net Income (Loss) Attributable to Common Shareholders		$	3,528			$	(32,364	)		$	11,026
Plus: Preferred Dividends			6,097				4,421				18,774
Plus: Interest Expense, including Amortization of Financing Costs			9,209				9,006				36,912
Plus: Depreciation and Amortization			12,186				11,180				45,890
Plus: Net Amortization of Acquired Above and Below Market Lease Revenue			26				25				103
Plus: Unrealized Holding (Gains) Losses Arising During the Periods			3,635				42,627				24,680
Adjusted EBITDA		$	34,681			$	34,895			$	137,385
Interest Expense, including Amortization of Financing Costs		$	9,209			$	9,006			$	36,912
Preferred Dividends			6,097				4,421				18,774
Total Fixed Charges		$	15,306			$	13,427			$	55,686
Interest Coverage			3.8 x				3.9 x				3.7 x
Fixed Charge Coverage			2.3 x				2.6 x				2.5 x
Net Debt		$	847,665			$	884,751			$	819,749
Net Debt Less Securities			665,824				738,941				634,499
Total Preferred Stock			391,643				288,311				347,678
Annualized Adjusted EBITDA			138,724				139,580				137,385
Net Debt / Adjusted EBITDA			6.1 x				6.3 x				6.0 x
Net Debt Less Securities / Adjusted EBITDA			4.8 x				5.3 x				4.6 x
Net Debt + Preferred Stock / Adjusted EBITDA			8.9 x				8.4 x				8.5 x
Net Debt Less Securities + Preferred Stock / Adjusted EBITDA			7.6 x				7.4 x				7.1 x

 

 

Debt Maturity

(unaudited) (In thousands)

 

 

								Loans									% of
Fiscal Year Ended				Mortgages				Payable					Total				Total
2020				$	41,682				-0-				$	41,682				4.8	%
2021					57,413				-0-					57,413				6.6	%
2022					79,659				-0-					79,659				9.1	%
2023					58,476				-0-					58,476				6.7	%
2024					71,626			$	5,000		(B)			76,626				8.8	%
Thereafter					483,203			$	75,000		(C)			558,203				64.0	%
Total as of 12/31/2019		(A)		$	792,059			$	80,000				$	872,059				100.0	%
Weighted Average Interest Rate					4.05	%			2.94	%				3.95	%
Weighted Average Term					11.5 yrs.				5.0 yrs.					10.9 yrs.

 

	(A)	Mortgages does not include unamortized debt issuance costs of $8 million.
	(B)	Represents amount drawn down on a $225 million Revolver maturing January 2024 with two options to extend for additional six-month periods, which is not reflected above. Subsequent to the quarter end, we paid down the remaining amount outstanding, resulting in the full $225 million currently being available under the Revolver.
	(C)	Represents a Term Loan maturing January 2025.

 

 

Property Table by Tenant

(unaudited)

 

				Property				Square				Occupied Square				% of Occupied				Annual				% of Total Ann.				Rent Per sf				Undepreciated				Mortgage
Tenant				Count				Footage				Footage				sf				Rent				Rent				Occup.				Cost				Balance
FedEx Ground Package System, Inc.					44				8,815,312				8,815,312				38.6	%		$	71,005,000				49.9	%		$	8.05			$	1,008,487,818			$	442,196,572
FedEx Corporation					15				1,095,096				1,095,096				4.8	%			6,720,000				4.7	%			6.14				95,833,968				12,784,462
FedEx Forward Depots, Inc.					1				449,900				449,900				2.0	%			1,394,000				1.0	%			3.10				16,092,852				3,981,503
Total FedEx					60				10,360,308				10,360,308				45.4	%			79,119,000				55.6	%			7.64				1,120,414,638				458,962,537
Amazon.com Services, Inc. (Amazon.com, Inc.)					4				1,370,465				1,370,465				6.0	%			9,709,000				6.8	%			7.08				150,153,451				87,875,976
Milwaukee Electric Tool Corporation					1				861,889				861,889				3.8	%			3,076,000				2.2	%			3.57				36,914,917				19,454,490
Shaw Industries, Inc.					1				831,764				831,764				3.6	%			3,529,000				2.5	%			4.24				56,025,945				29,815,734
ULTA, Inc.					1				671,354				671,354				2.9	%			2,755,000				1.9	%			4.10				37,534,403				18,426,899
Jim Beam Brands Company (Beam Suntory)					1				599,840				599,840				2.6	%			2,092,000				1.5	%			3.49				28,000,000				15,422,572
International Paper Company					2				578,472				578,472				2.5	%			2,639,000				1.9	%			4.56				37,024,608				18,945,064
TreeHouse Private Brands, Inc.					1				558,600				558,600				2.4	%			2,246,000				1.6	%			4.02				26,807,852				14,376,842
Autoneum North America, Inc.					1				413,605				413,605				1.8	%			2,221,000				1.6	%			5.37				21,040,396				13,480,506
B. Braun Medical Inc.					1				399,440				399,440				1.7	%			2,159,000				1.5	%			5.41				30,008,069				17,977,023
UGN, Inc.					1				387,000				387,000				1.7	%			2,088,000				1.5	%			5.40				21,576,756				13,363,554
CBOCS Distribution, Inc. (Cracker Barrel)					1				381,240				381,240				1.7	%			1,475,000				1.0	%			3.87				14,215,126				-0-
Best Buy Warehousing Logistics, LLC					1				368,060				368,060				1.6	%			1,709,000				1.2	%			4.64				19,600,000				8,519,503
Toyota Tsusho America, Inc.					1				350,000				350,000				1.5	%			1,710,000				1.2	%			4.89				25,078,587				16,727,842
Coca-Cola					2				323,358				323,358				1.4	%			1,725,000				1.2	%			5.33				20,504,069				3,178,690
Science Applications International Corporation					1				302,400				302,400				1.3	%			1,683,000				1.2	%			5.57				14,445,353				-0-
Bunzl USA Holdings, Inc.					2				268,778				268,778				1.2	%			1,500,000				1.1	%			5.58				18,731,674				11,429,249
Woodstream Corporation		(A)			1				256,000				256,000				1.1	%			932,000				0.7	%			3.64				8,951,926				-0-
Anda Pharmaceuticals, Inc.					1				234,660				234,660				1.0	%			1,215,000				0.9	%			5.18				14,550,000				6,762,993
United Technologies Corporation					2				223,150				223,150				1.0	%			1,525,000				1.1	%			6.83				23,047,057				5,406,526
Mickey Thompson Performance Tires and Wheels (Cooper Tire)					1				219,765				219,765				1.0	%			1,523,000				1.1	%			6.93				18,934,065				11,317,662
Rinnai America Corporation					1				218,120				218,120				1.0	%			851,000				0.6	%			3.90				15,075,283				-0-
Anheuser-Busch, Inc.					1				184,800				184,800				0.8	%			843,000				0.6	%			4.56				12,697,848				-0-
Carlisle Tire & Wheel Company					1				179,280				179,280				0.8	%			765,000				0.5	%			4.27				7,232,986				-0-
NF&M International, Inc.		(B)			1				174,802				174,802				0.8	%			841,000				0.6	%			4.81				5,408,790				-0-
Home Depot USA, Inc.					1				171,200				171,200				0.7	%			1,015				0.7	%			5.93				11,303,317				-0-
Victory Packaging, L.P.					1				148,000				148,000				0.6	%			514,000				0.4	%			3.47				5,455,379				-0-
Challenger Lifts, Inc. (Snap-On Inc.)					1				137,500				137,500				0.6	%			852,000				0.6	%			6.20				11,304,000				6,017,997
Altec Industries, Inc.		(A)			1				126,880				126,880				0.6	%			376,000				0.3	%			2.96				4,436,799				-0-
General Electric Company					1				125,860				125,860				0.6	%			1,334,000				0.9	%			10.60				19,964,283				10,204,703
Keurig Dr Pepper					2				110,080				110,080				0.5	%			753,000				0.5	%			6.84				10,498,031				1,517,773
Style Crest, Inc.					1				106,507				106,507				0.5	%			398,000				0.3	%			3.74				7,263,673				-0-
Pittsburgh Glass Works, LLC					1				102,135				102,135				0.4	%			450,000				0.3	%			4.41				4,249,615				-0-
Dakota Bodies, LLC					1				96,687				96,687				0.4	%			378,000				0.3	%			3.91				7,839,684				-0-
National Oilwell Varco, Inc.					1				91,295				91,295				0.4	%			763,000				0.5	%			8.36				8,163,278				1,511,323
Joseph T. Ryerson and Son, Inc.					1				89,052				89,052				0.4	%			514,000				0.4	%			5.77				7,066,732				-0-
CHEP USA, Inc.					1				83,000				83,000				0.4	%			506,000				0.4	%			6.10				7,463,672				-0-
Sherwin-Williams Company					2				78,887				78,887				0.3	%			648,000				0.5	%			8.21				7,258,078				-0-
RGH Enterprises, Inc. (Cardinal Health)					1				75,000				75,000				0.3	%			619,000				0.4	%			8.25				5,525,600				-0-
Tampa Bay Grand Prix					1				68,385				68,385				0.3	%			361,000				0.3	%			5.28				5,677,982				-0-
Various Tenants at Retail Shopping Center					1				64,220				62,440				0.3	%			784,000				0.6	%			12.56				3,139,564				-0-
SOFIVE, Inc.					1				60,400				60,400				0.3	%			633,000				0.2	%			10.48				5,296,752				1,363,818
Locke Supply Co.					1				60,000				60,000				0.3	%			325,000				0.2	%			5.42				4,905,925				-0-
Kellogg Sales Company					1				54,812				54,812				0.2	%			329,000				0.2	%			6.00				3,494,108				-0-
Siemens Real Estate					1				51,130				51,130				0.2	%			459,000				0.2	%			8.98				4,452,425				-0-
Foundation Building Materials, LLC					1				36,270				36,270				0.2	%			178,000				0.1	%			4.91				2,543,770				-0-
Graybar Electric Company					1				26,340				26,340				0.1	%			115,000				0.1	%			4.37				2,312,027				-0-
Vacant		(B)			2				185,837				-0-				0.0	%			-0-				0.0	%			-0-				13,462,700				-0-
Total as of 12/31/19					115				22,866,627				22,679,010				99.2	%		$	142,234,000				100.0	%		$	6.27			$	1,947,051,193		(C)	$	792,059,276
Leasing Activity Subsequent to 12/31/19
Sonwil Distribution Center, Inc.		(D)			-				-				104,981				0.5	%			630,000				0.4	%			6.00
Pro Forma Total					115				22,866,627				22,783,991				99.6	%		$	142,864,000				100.0	%		$	6.27

 

	(A)	Woodstream Corporation and Altec Industries, Inc. are located at one property and, therefore, are counted as one property in the Property Count Total.
	(B)	NF&M International is located in a 255,658 square foot industrial park in Monaca (Pittsburgh), PA, of which 80,856 square feet is vacant. This industrial park is counted as one property in the Property Count Total.
		Other than two properties indicated in footnotes (A) and (B) and one retail property, all other properties are single-tenant.
	(C)	Does not include unamortized debt issuance costs of $8,011,547.
	(D)	Effective 1/7/2020, we leased our previously vacant 104,981 square foot facility located in Cheektowaga (Buffalo), NY for two years to Sonwil Distribution Center, Inc.

 

 

Property Table by State

(unaudited)

 

		Property				Square				Occupied Square				% of Total				Annual				% of Total Ann.				Rent Per sf				Undepreciated				Mortgage
State		Count				Footage				Footage				sf				Rent				Rent				Occup.				Cost				Balance
Florida			13				2,211,583				2,211,583				9.7	%		$	15,817,000				11.1	%		$	7.15			$	227,225,723			$	88,619,503
Indiana			4				1,964,923				1,964,923				8.6	%			11,132,000				7.8	%			5.67				167,480,982				96,694,729
Texas			10				1,781,967				1,781,967				7.8	%			13,773,000				9.7	%			7.73				182,450,580				70,737,802
Ohio			9				1,705,506				1,705,506				7.5	%			10,021,000				7.0	%			5.88				119,522,777				43,920,552
Georgia			6				1,639,696				1,639,696				7.2	%			10,551,000				7.4	%			6.43				166,206,747				83,909,760
South Carolina			6				1,371,721				1,371,721				6.0	%			10,309,000				7.2	%			7.52				128,503,468				54,236,247
Kentucky			3				1,295,940				1,295,940				5.7	%			5,190,000				3.6	%			4.00				66,111,852				35,817,411
Mississippi			4				1,158,889				1,158,889				5.1	%			4,526,000				3.2	%			3.91				55,677,635				26,217,483
Illinois			9				958,045				958,045				4.2	%			6,173,000				4.4	%			6.44				82,801,814				7,800,333
North Carolina			4				939,706				939,706				4.1	%			5,686,000				4.0	%			6.05				85,806,994				39,497,736
Tennessee			3				891,777				891,777				3.9	%			3,188,000				2.2	%			3.57				35,665,925				3,981,503
Michigan			4				833,054				833,054				3.6	%			5,577,000				3.9	%			6.69				73,374,059				23,565,286
Kansas			4				813,043				813,043				3.6	%			4,678,000				3.3	%			5.75				60,943,937				27,188,808
Missouri			4				740,119				740,119				3.2	%			2,900,000				2.0	%			3.92				35,481,259				6,411,590
Oklahoma			4				614,941				614,941				2.7	%			3,975,000				2.8	%			6.46				54,961,021				27,290,546
New York			3				518,565				413,584				2.3	%			2,942,000				2.1	%			7.11				51,587,223				19,753,751
Pennsylvania			3				504,040				423,184				2.2	%			2,826,000				2.0	%			6.68				36,897,915				12,948,643
New Jersey			3				471,765				469,985				2.1	%			6,723,000				4.7	%			14.30				92,423,938				53,429,023
Alabama			2				451,595				451,595				2.0	%			2,650,000				1.9	%			5.87				39,714,135				17,618,674
Virginia			5				407,265				407,265				1.8	%			2,456,000				1.7	%			6.03				34,843,751				3,779,289
Colorado			2				295,227				295,227				1.3	%			2,441,000				1.7	%			8.27				35,683,647				15,370,483
Arizona			1				283,358				283,358				1.2	%			1,393,000				1.0	%			4.92				16,824,226				2,667,239
Wisconsin			2				238,666				238,666				1.0	%			1,295,000				0.9	%			5.43				16,377,221				2,227,040
Washington			1				210,445				210,445				0.9	%			1,962,000				1.4	%			9.32				30,320,686				16,348,307
Louisiana			1				175,315				175,315				0.8	%			1,270,000				0.9	%			7.24				18,425,875				10,242,856
Maryland			1				148,881				148,881				0.7	%			1,455,000				1.0	%			9.77				14,512,355				-0-
Nebraska			1				89,115				89,115				0.2	%			446,000				0.3	%			5.00				5,963,626				-0-
Minnesota			1				60,398				60,398				0.2	%			372,000				0.3	%			6.16				5,223,944				1,784,682
Connecticut			1				54,812				54,812				0.2	%			329,000				0.3	%			6.00				3,494,108				-0-
Iowa			1				36,270				36,270				0.2	%			178,000				0.2	%			4.91				2,543,770				-0-
Total as of 12/31/2019			115				22,866,627				22,679,010				100.0	%		$	142,234,000				100.0	%		$	6.27			$	1,947,051,193		(A)	$	792,059,276
Leasing Activity Subsequent to 12/31/19
New York (B)			-				-				104,981				0.5	%			630,000				0.4	%			6.00
Pro Forma Total			115				22,866,627				22,783,991				100.0	%		$	142,864,000				100.0	%		$	6.27

 

	(A)	Does not include unamortized debt issuance costs of $8,011,547.
	(B)	Effective 1/7/2020, we leased our previously vacant 104,981 square foot facility located in Cheektowaga (Buffalo), NY for two years to Sonwil Distribution Center, Inc.

 

 

Lease Expirations

(unaudited)

 

				Property				Square				% of Total				Annual				% of Total Ann.				Rent Per sf				Lease Exp. Term in				Undepreciated				Mortgage
Fiscal Year				Count				Footage				Sf				Rent				Rent				Occup.				Years				Cost				Balance
2020		(B)			4				350.397				1.5	%		$	1,949,000				1.4	%		$	5.56				0.5			$	17,109,452			$	-0-
2021		(A)			10				1,206,723				5.3	%			5,560,000				3.9	%			4.61				1.4				69,799,838				6,964,290
2022					7				1,138,320				5.0	%			6,505,000				4.6	%			5.71				2.2				76,123,274				22,276,371
2023		(A)			13				1,668,804				7.3	%			9,548,000				6.7	%			5.72				3.5				117,189,426				18,760,182
2024					13				1,887,034				8.3	%			11,740,000				8.3	%			6.22				4.4				136,821,074				24,205,425
2025		(A)			9				2,433,130				10.6	%			12,341,000				8.7	%			5.07				5.4				162,101,246				67,058,021
2026					8				1,078,913				4.7	%			8,331,000				5.9	%			7.72				6.4				113,194,022				31,673,987
2027					12				2,373,001				10.4	%			13,049,000				9.2	%			5.50				7.6				185,550,657				66,832,541
2028					11				2,571,915				11.2	%			13,970,000				9.8	%			5.43				8.3				182,415,303				64,633,427
2029					8				1,739,634				7.6	%			9,752,000				6.9	%			5.61				8.8				138,152,933				62,704,916
2030					4				873,032				3.8	%			6,980,000				4.9	%			8.00				10.3				101,878,345				51,465,675
2031					3				963,269				4.2	%			7,152,000				5.0	%			7.42				11.3				104,617,800				60,113,581
2032		(B)			8				2,131,983				9.3	%			18,803,000				13.2	%			8.82				12.0				290,943,536				169,925,686
2033					2				639,068				2.8	%			6,486,000				4.6	%			10.15				13.3				106,803,506				65,366,688
2034					3				1,561,347				6.8	%			9,284,000				6.5	%			5.95				14.3				127,748,517				80,078,486
Various tenants at retail shopping center					1				64,220				0.4	%			784,000				0.3	%			12.56				-0-				3,139,564				-0-
Vacant		(A)			2				185,837				0.8	%			-0-				0.0	%			-0-				-0-				13,462,700				-0-
Total as of 12/31/19					115				22,866,627				100.0	%		$	142,234,000				100.0	%		$	6.27				7.6			$	1,947,051,193		(C)	$	792,059,276
Leasing Activity Subsequent to 12/31/19
2022		(D)			-				-				-				630,000				0.4	%			6.00				2.1
Pro Forma Total					115				22,866,627				100.0	%		$	142,864,000				100.0	%		$	6.27				7.5

  

	(A)	Included in 2021 is Woodstream Corporation and included in 2023 is Altec Industries which both occupy one property. Included in 2025 is NF&M International, which occupies 174,802 square feet of a 255,658 square foot Industrial Park. The remaining 80,856 square feet is included in Vacant. Each of these properties are counted as one property in the Property Count Total. Other than these properties and one retail property, all other properties are single-tenant.
	(B)	Included in 2020 and 2032 is a property located in Aiken (Augusta, GA), SC leased to Autoneum North America, Inc. This property contains two leasable structures with two different lease terms. Both are counted as one property in the property count total.
	(C)	Does not include unamortized debt issuance costs of $8,011,547.
	(D)	Effective 1/7/2020, we leased our previously vacant 104,981 square foot facility located in Cheektowaga (Buffalo), NY for two years to Sonwil Distribution Center, Inc.

 

 

Recent Acquisitions During Fiscal 2020

(unaudited)

 

Date of

Square

Annual

Rent Per sf

Lease

Purchase

Initial Mortgage

No

Tenant

City (MSA)

State

Acquisition

Footage

Rent

Occup.

Expiration

Price

Balance

1

Amazon.com Services, Inc.

Greenwood (Indianapolis)

IN

10/10/19

615,747

$

4,950,000

$

8.04

8/31/2034

$

81,500,000

$

52,500,000

 

 

Property Table

(unaudited)

 

																														Rent				Lease Exp. Term
														Fiscal Year								Square				Annual				Per sf				in				Undepreciated				Mortgage
No		Tenant						City (MSA)		State				Acquisition				Occup.				Footage				Rent				Occup.				Years				Cost				Balance
1		Milwaukee Electric Tool Corporation						Olive Branch (Memphis, TN)			MS				2013				100.0	%			861,889			$	3,076,000			$	3.57				8.6			$	36,914,917			$	19,454,490
2		Shaw Industries, Inc.						Savannah			GA				2018				100.0	%			831,764				3,529,000				4.24				7.8				56,025,945				29,815,734
3		ULTA, Inc.						Greenwood (Indianapolis)			IN				2015				100.0	%			671,354				2,755,000				4.10				5.6				37,534,403				18,426,899
4		Amazon.com Services, Inc. (Amazon.com, Inc.)						Greenwood (Indianapolis)			IN				2020				100.0	%			615,747				4,950,000				8.04				14.7				79,363,910				52,338,090
5		Jim Beam Brands Company (Beam Suntory)						Frankfort (Lexington)			KY				2015				100.0	%			599,840				2,092,000				3.49				5.1				28,000,000				15,422,572
6		TreeHouse Private Brands, Inc.						Buckner (Louisville)			KY				2014				100.0	%			558,600				2,246,000				4.02				13.8				26,807,852				14,376,842
7		FedEx Forward Depots, Inc.						Memphis			TN				2010				100.0	%			449,900				1,394,000				3.10				9.4				16,092,852				3,981,503
8		Autoneum North America, Inc.			(B)			Aiken (Augusta, GA)			SC				2017				100.0	%			315,560				1,731,000				5.49				12.3				21,040,396				13,480,506
		Autoneum North America, Inc.						Aiken (Augusta, GA)			SC				2017				100.0	%			98,045				490,000				5.00				0.5				-0-				-0-
9		B. Braun Medical Inc.						Daytona Beach			FL				2018				100.0	%			399,440				2,159,000				5.41				8.3				30,008,069				17,977,023
10		UGN, Inc.						Monroe (Cincinnati)			OH				2015				100.0	%			387,000				2,088,000				5.40				14.2				21,576,756				13,363,554
11		Woodstream Corporation						St. Joseph			MO				2001				100.0	%			256,000				932,000				3.64				1.8				8,951,926				-0-
		Altec Industries, Inc.						St. Joseph			MO				2001				100.0	%			126,880				376,000				2.96				3.2				4,436,799				-0-
12		CBOCS Distribution, Inc. (Cracker Barrel)						Lebanon (Nashville)			TN				2011				100.0	%			381,240				1,475,000				3.87				4.5				14,215,126				-0-
13		FedEx Ground Package System, Inc.						Braselton (Atlanta)			GA				2018				100.0	%			373,750				3,782,000				10.12				13.2				60,227,126				37,395,409
14		Best Buy Warehousing Logistics, LLC						Streetsboro (Cleveland)			OH				2012				100.0	%			368,060				1,709,000				4.64				2.1				19,600,000				8,519,503
15		Amazon.com Services, Inc. (Amazon.com, Inc.)						Mobile			AL				2018				100.0	%			362,942				2,045,000				5.63				8.9				33,052,316				17,537,870
16		FedEx Ground Package System, Inc.						Concord (Charlotte)			NC				2017				100.0	%			354,482				2,537,000				7.16				12.4				40,043,145				23,140,505
17		FedEx Ground Package System, Inc.						Mesquite (Dallas)			TX				2017				100.0	%			351,874				3,203,000				9.10				12.3				49,880,493				28,721,799
18		Toyota Tsusho America, Inc.						Lafayette			IN				2019				100.0	%			350,000				1,710,000				4.89				9.5				25,078,587				16,727,842
19		FedEx Ground Package System, Inc.						Trenton			NJ				2019				100.0	%			347,145				5,306,000				15.28				12.5				83,987,622				52,065,205
20		FedEx Ground Package System, Inc.						Walker (Grand Rapids)			MI				2017				100.0	%			343,483				2,105,000				6.13				12.1				31,654,987				18,082,734
21		FedEx Ground Package System, Inc.						Hamburg (Buffalo)			NY				2017				100.0	%			338,584				2,323,000				6.86				11.3				35,100,800				19,753,751
22		FedEx Ground Package System, Inc.						Concord (Charlotte)			NC				2016				100.0	%			330,717				2,237,000				6.76				5.6				33,044,797				16,357,231
23		FedEx Ground Package System, Inc.						Indianapolis			IN				2014				100.0	%			327,822				1,717,000				5.24				7.8				25,504,083				9,201,898
24		FedEx Ground Package System, Inc.						Olathe (Kansas City)			KS				2016				100.0	%			313,763				2,210,000				7.04				11.4				31,737,000				18,452,126
25		FedEx Ground Package System, Inc.						Davenport (Orlando)			FL				2016				100.0	%			310,922				2,619,000				8.42				11.3				37,780,000				21,907,704
26		FedEx Ground Package System, Inc.						Ft. Worth (Dallas)			TX				2015				100.0	%			304,608				2,387,000				7.84				10.3				35,335,377				18,981,322
27		Science Applications International Corporation						Hanahan (Charleston)			SC				2005				100.0	%			302,400				1,683,000				5.57				3.8				14,445,353				-0-
28		Amazon.com Services, Inc. (Amazon.com, Inc.)						Oklahoma City			OK				2018				100.0	%			300,000				1,925,000				6.42				7.8				29,878,942				18,000,016
29		International Paper Company						Kenton			OH				2017				100.0	%			298,472				1,268,000				4.25				7.7				18,730,500				10,719,833
30		FedEx Ground Package System, Inc.						Jacksonville			FL				2015				100.0	%			297,579				1,998,000				6.71				10.0				30,925,530				14,772,228
31		Western Container Corp. (Coca-Cola)						Tolleson (Phoenix)			AZ				2003				100.0	%			283,358				1,393,000				4.92				7.3				16,824,226				2,667,239
32		International Paper Company						Edwardsville (Kansas City)			KS				2014				100.0	%			280,000				1,371,000				4.90				3.7				18,294,108				8,225,231
33		FedEx Ground Package System, Inc.						Charleston			SC				2018				100.0	%			265,318				2,704,000				10.19				13.5				46,576,380				27,971,279
34		NF&M International, Inc.						Monaca (Pittsburgh)			PA				1988				68.4	%			255,658				841,000				4.81				5.0				7,910,666				-0-
35		FedEx Ground Package System, Inc.						Orion			MI				2007				100.0	%			245,633				1,908,000				7.77				3.5				22,890,124				-0-
36		FedEx Ground Package System, Inc.						Homestead (Miami)			FL				2017				100.0	%			237,756				2,282,000				9.60				12.3				37,911,556				21,650,475
37		Anda Pharmaceuticals, Inc.						Olive Branch (Memphis, TN)			MS				2012				100.0	%			234,660				1,215,000				5.18				2.6				14,550,000				6,762,993
38		FedEx Ground Package System, Inc.						Colorado Springs			CO				2016				100.0	%			225,362				1,832,000				8.13				6.1				29,320,066				15,370,483
39		Mickey Thompson Performance Tires and Wheels (Cooper Tire)						Stow			OH				2017				100.0	%			219,765				1,523,000				6.93				7.7				18,934,065				11,317,662
40		Rinnai America Corporation						Griffin (Atlanta)			GA				2006				100.0	%			218,120				851,000				3.90				1.0				15,075,283				-0-
41		FedEx Ground Package System, Inc.						Ft. Myers			FL				2017				100.0	%			213,672				1,418,000				6.64				7.7				21,684,310				12,312,073
42		FedEx Ground Package System, Inc.						Burlington (Seattle/Everett)			WA				2016				100.0	%			210,445				1,962,000				9.32				10.7				30,320,686				16,348,307
43		FedEx Ground Package System, Inc.						Sauget (St. Louis, MO)			IL				2015				100.0	%			198,773				1,036,000				5.21				9.4				15,204,950				7,800,333
44		Anheuser-Busch, Inc.						Granite City (St. Louis, MO)			IL				2001				100.0	%			184,800				843,000				4.56				1.9				12,697,848				-0-
45		Carrier Enterprise, LLC (United Technologies)						Carrollton (Dallas)			TX				2010				100.0	%			184,317				1,158,000				6.28				4.1				17,947,057				5,406,526
46		FedEx Ground Package System, Inc.						Spring (Houston)			TX				2014				100.0	%			181,176				1,581,000				8.73				4.8				19,328,922				7,123,271
47		Carlisle Tire & Wheel Company						Edwardsville (Kansas City)			KS				2003				100.0	%			179,280				765,000				4.27				3.6				7,232,986				-0-
48		FedEx Ground Package System, Inc.						Ft. Mill (Charlotte, NC)			SC				2010				100.0	%			176,939				1,598,000				9.03				8.7				17,063,643				-0-
49		FedEx Ground Package System, Inc.						Covington (New Orleans)			LA				2016				100.0	%			175,315				1,270,000				7.24				5.5				18,425,875				10,242,856
50		FedEx Ground Package System, Inc.						Livonia (Detroit)			MI				2013				100.0	%			172,005				1,194,000				6.94				2.2				13,879,697				5,482,552

 

 

Property Table

(unaudited)

 

																													Rent				Lease Exp. Term
													Fiscal Year								Square				Annual				Per sf				in				Undepreciated				Mortgage
No		Tenant					City (MSA)		State				Acquisition				Occup.				Footage				Rent				Occup.				Years				Cost				Balance
51		Home Depot USA, Inc.					Montgomery (Chicago)			IL				2004				100.0	%			171,200			$	1,015,000			$	5.93				0.5			$	11,303,317			$	-0-
52		FedEx Ground Package System, Inc.					Tampa			FL				2004				100.0	%			170,779				1,624,000				9.51				6.6				19,701,575				-0-
53		FedEx Ground Package System, Inc.					Edinburg			TX				2011				100.0	%			164,207				1,097,000				6.68				6.8				12,039,014				-0-
54		FedEx Ground Package System, Inc.					Lindale (Tyler)			TX				2015				100.0	%			163,378				725,000				4.44				4.5				9,965,550				5,140,196
55		Bunzl Distribution Midcentral, Inc.					Kansas City			MO				2015				100.0	%			158,417				764,000				4.82				1.8				10,003,235				6,411,590
56		FedEx Ground Package System, Inc.					Oklahoma City			OK				2012				100.0	%			158,340				1,048,000				6.62				5.6				12,605,609				2,755,098
57		FedEx Ground Package System, Inc.					Waco			TX				2012				100.0	%			150,710				1,078,000				7.15				5.7				12,551,368				3,853,365
58		FedEx Ground Package System, Inc.					Beltsville (Washington, DC)			MD				2001				100.0	%			148,881				1,455,000				9.77				8.6				14,512,355				-0-
59		Victory Packaging, L.P.					Fayetteville			NC				1997				100.0	%			148,000				514,000				3.47				1.2				5,455,379				-0-
60		FedEx Ground Package System, Inc.					El Paso			TX				2006				100.0	%			144,149				1,345,000				9.33				3.8				12,431,192				-0-
61		FedEx Ground Package System, Inc.					Cocoa			FL				2008				100.0	%			144,138				1,112,000				7.71				4.8				14,127,449				-0-
62		FedEx Ground Package System, Inc.					Cudahy (Milwaukee)			WI				2001				100.0	%			139,564				827,000				5.93				7.5				9,807,221				-0-
63		Challenger Lifts, Inc. (Snap-On Inc.)					Louisville			KY				2016				100.0	%			137,500				852,000				6.20				6.4				11,304,000				6,017,997
64		FedEx Ground Package System, Inc.					Richfield (Cleveland)			OH				2006				100.0	%			131,152				1,493,000				11.38				4.8				16,447,178				-0-
65		FedEx Ground Package System, Inc.					Savannah			GA				2019				100.0	%			126,520				1,755,000				13.87				8.8				27,531,560				16,657,368
66		General Electric Company					Imperial (Pittsburgh)			PA				2016				100.0	%			125,860				1,334,000				10.60				6.0				19,964,283				10,204,703
67		FedEx Ground Package System, Inc.					Wheeling (Chicago)			IL				2003				100.0	%			123,000				1,272,000				10.34				7.4				18,992,949				-0-
68		FedEx Ground Package System, Inc.					Altoona			PA				2014				100.0	%			122,522				651,000				5.31				3.7				9,022,966				2,743,940
69		FedEx Corporation					Charleston			SC				2018				100.0	%			121,683				1,314,000				10.80				12.7				21,519,412				12,784,462
70		FedEx Corporation					Mechanicsville (Richmond)			VA				2001				100.0	%			112,799				541,000				4.80				3.3				7,812,145				-0-
71		FedEx Corporation					Orlando			FL				2008				100.0	%			110,638				666,000				6.02				7.9				8,774,524				-0-
72		Bunzl Distribution Oklahoma, Inc.					Oklahoma City			OK				2017				100.0	%			110,361				736,000				6.67				4.7				8,728,439				5,017,659
73		Style Crest, Inc.					Winston-Salem			NC				2002				100.0	%			106,507				398,000				3.74				1.2				7,263,673				-0-
74		Vacant		(C)			Cheektowaga (Buffalo)			NY				2000				0.00	%			104,981				-0-				na				na				10,960,823				-0-
75		FedEx Ground Package System, Inc.					West Chester Twp. (Cincinnati)			OH				1999				100.0	%			103,818				556,000				5.36				3.7				5,733,686				-0-
76		FedEx Ground Package System, Inc.					Roanoke			VA				2013				100.0	%			103,402				755,000				7.30				3.3				10,200,000				3,779,289
77		Pittsburgh Glass Works, LLC					O’ Fallon (St. Louis)			MO				1994				100.0	%			102,135				450,000				4.41				1.5				4,249,615				-0-
78		FedEx Ground Package System, Inc.					Green Bay			WI				2013				100.0	%			99,102				468,000				4.72				3.4				6,570,000				2,227,040
79		Dakota Bodies, LLC					Liberty (Kansas City)			MO				1998				100.0	%			96,687				378,000				3.91				6.3				7,839,684				-0-
80		FedEx Corporation					Jacksonville			FL				1999				100.0	%			95,883				536,000				5.59				9.4				6,584,384				-0-
81		FedEx Corporation					Tampa			FL				2006				100.0	%			95,662				603,000				6.30				7.9				7,873,607				-0-
82		Amazon.com Services, Inc.					Hanahan (Charleston)			SC				2005				100.0	%			91,776				789,000				8.60				9.5				7,858,284				-0-
83		National Oilwell Varco, Inc.					Houston			TX				2010				100.0	%			91,295				763,000				8.36				2.8				8,163,278				1,511,323
84		FedEx Corporation					Omaha			NE				1999				100.0	%			89,115				446,000				5.00				3.8				5,963,626				-0-
85		Joseph T. Ryerson and Son, Inc.					Elgin (Chicago)			IL				2002				100.0	%			89,052				514,000				5.77				5.1				7,066,732				-0-
86		FedEx Ground Package System, Inc.					Huntsville			AL				2005				100.0	%			88,653				605,000				6.82				6.6				6,661,819				80,804
87		CHEP USA, Inc.					Roanoke			VA				2007				100.0	%			83,000				506,000				6.10				5.2				7,463,672				-0-
88		FedEx Corporation					Bedford Heights (Cleveland)			OH				2007				100.0	%			82,269				438,000				5.32				8.7				7,298,167				-0-
89		RGH Enterprises, Inc. (Cardinal Health)					Halfmoon (Albany)			NY				2012				100.0	%			75,000				619,000				8.25				1.9				5,525,600				-0-
90		FedEx Corporation					Schaumburg (Chicago)			IL				1997				100.0	%			73,500				478,000				6.50				7.3				5,177,940				-0-
91		FedEx Corporation					Romulus (Detroit)			MI				1998				100.0	%			71,933				370,000				5.14				1.4				4,949,251				-0-
92		FedEx Ground Package System, Inc.					Denver			CO				2005				100.0	%			69,865				609,000				8.72				5.8				6,363,581				-0-
93		Tampa Bay Grand Prix					Tampa			FL				2005				100.0	%			68,385				361,000				5.28				7.8				5,677,982				-0-
94		Sherwin-Williams Company					Rockford			IL				2011				100.0	%			66,387				486,000				7.32				4.0				5,551,227				-0-
95		Various Tenants at Retail Shopping Center					Somerset			NJ				1970				97.0	%			64,220				784,000				12.56				Na				3,139,564				-0-
96		Keurig Dr Pepper					Cincinnati			OH				2015				100.0	%			63,840				487,000				7.63				9.8				6,750,000				-0-
97		FedEx Corporation					Chattanooga			TN				2007				100.0	%			60,637				319,000				5.26				2.8				5,357,947				-0-
98		SOFIVE, Inc.					Carlstadt (New York, NY)			NJ				2001				100.0	%			60,400				633,000				10.48				10.1				5,296,752				1,363,818
99		FedEx Ground Package System, Inc.					Stewartville (Rochester)			MN				2013				100.0	%			60,398				372,000				6.16				3.4				5,223,944				1,784,682
100		Locke Supply Co.					Richmond			VA				2004				100.0	%			60,000				325,000				5.42				12.3				4,905,925				-

 

 

Property Table

(unaudited)

 

																						Rent				Lease Exp.
								Fiscal Year						Square				Annual				Per sf				Term in				Undepreciated				Mortgage
No		Tenant		City (MSA)		State		Acquisition		Occup.				Footage				Rent				Occup.				Years				Cost				Balance
101		FedEx Ground Package System, Inc.		Augusta		GA		2005			100.0	%			59,358			$	513,000			$	8.64				1.5			$	5,363,304			$	41,249
102		Kellogg Sales Company		Newington (Hartford)		CT		2001			100.0	%			54,812				329,000				6.00				0.2				3,494,108				-0-
103		Siemens Real Estate		Lebanon (Cincinnati)		OH		2012			100.0	%			51,130				459,000				8.98				4.3				4,452,425				-0-
104		FedEx Corporation		Charlottesville		VA		1999			100.0	%			48,064				329,000				6.85				7.7				4,462,009				-0-
105		FedEx Ground Package System, Inc.		Corpus Christi		TX		2012			100.0	%			46,253				436,000				9.43				1.7				4,808,329				-0-
106		Keurig Dr Pepper		Tulsa		OK		2014			100.0	%			46,240				266,000				5.75				4.2				3,748,031				1,517,773
107		Heartland Coca-Cola Bottling Company, LLC (Coca-Cola)		Topeka		KS		2009			100.0	%			40,000				332,000				8.30				1.8				3,679,843				511,451
108		Collins Aerospace Systems (United Technologies)		Rockford		IL		2015			100.0	%			38,833				367,000				9.45				7.5				5,100,000				-0-
109		Foundation Building Materials, LLC		Urbandale (Des Moines)		IA		1994			100.0	%			36,270				178,000				4.91				8.0				2,543,770				-0-
110		FedEx Corporation		Richland (Jackson)		MS		1994			100.0	%			36,000				120,000				3.33				4.3				1,900,691				-0-
111		FedEx Corporation		Punta Gorda		FL		2007			100.0	%			34,624				284,000				8.20				7.5				4,133,510				-0-
112		FedEx Corporation		Lakeland		FL		2006			100.0	%			32,105				155,000				4.83				7.9				2,043,226				-0-
113		FedEx Corporation		Augusta		GA		2006			100.0	%			30,184				121,000				4.01				2.9				1,983,529				-0-
114		Graybar Electric Company		Ridgeland (Jackson)		MS		1993			100.0	%			26,340				115,000				4.37				0.6				2,312,027				-0-
115		Sherwin-Williams Company		Burr Ridge (Chicago)		IL		1997			100.0	%			12,500				162,000				12.96				1.8				1,706,851				-0-
		Total as of 12/31/19									99.2	%			22,866,627			$	142,234,000			$	6.27				7.6			$	1,947,051,193		(A)	$	792,059,276
		Leasing Activity Subsequent to 12/31/19
		Sonwil Distribution Center, Inc.	(C)	Cheektowaga (Buffalo)		NY		2000			100.0	%			-				630,000				6.00				2.1
		Pro Forma Total									99.6	%			22,866,627			$	142,864,000			$	6.27				7.5

 

	(A)	Does not include unamortized debt issuance costs of $8,011,547.
	(B)	Property located in Aiken (Augusta, GA), SC leased to Autoneum North America, Inc. contains two leasable structures with two different lease terms.
	(C)	Effective 1/7/2020, we leased our previously vacant 104,981 square foot facility located in Cheektowaga (Buffalo), NY for two years to Sonwil Distribution Center, Inc.

 

 

Definitions

 

Investors and analysts following the real estate industry utilize funds from operations (“FFO”), adjusted funds from operations (“AFFO”), net operating income (“NOI”), Same Property NOI, Same Property Cash NOI, and earnings before interest, taxes, depreciation and amortization for real estate & (“Adjusted EBITDA”) variously defined, as supplemental performance measures. While we believe net income available to common stockholders, as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), is the most appropriate measure, we consider NOI, Same Property NOI, Same Property Cash NOI, Adjusted EBITDA, FFO and AFFO, given their wide use by and relevance to investors and analysts, appropriate supplemental performance measures. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of U.S. GAAP depreciation and amortization of real estate assets. NOI provides a measure of rental operations, and does not factor in depreciation and amortization and non-property specific expenses such as interest expense and general and administrative expenses. Adjusted EBITDA provides a tool to further evaluate the ability to incur and service debt and to fund dividends and other cash needs. AFFO provides a supplemental tool to evaluate our performance. In addition, NOI, Same Property NOI, Same Property Cash NOI, Adjusted EBITDA, FFO and AFFO are commonly used in various ratios, pricing multiples, yields and returns and valuation of calculations used to measure financial position, performance and value. As used herein, we calculate the following non-U.S. GAAP measures as follows:

 

	●	FFO, as defined by The National Association of Real Estate Investment Trusts (NAREIT), represents net income attributable to common shareholders, as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), excluding extraordinary items, as defined under U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization. Included in the NAREIT FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of NAREIT FFO to make an election to include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude unrealized gains and losses from our investments in marketable equity securities from our FFO calculation. Prior to the adoption of the FFO White Paper – 2018 Restatement, we defined Core Funds From Operations (Core FFO) as FFO, excluding Unrealized Holding Gains or Losses Arising During the Periods. NAREIT created FFO as a non-GAAP supplemental measure of REIT operating performance.
	●	AFFO is calculated as FFO, excluding stock-based compensation expense, depreciation of corporate office tenant improvements, amortization of deferred financing costs, non-recurring severance expense, effect of non-cash U.S. GAAP straight-line rent adjustments and less recurring capital expenditures. Recurring capital expenditures are defined as all capital expenditures that are recurring in nature, excluding capital expenditures related to expansions at our current locations or capital expenditures that are incurred in conjunction with obtaining a new lease or a lease renewal.
	●	NOI from property operations is calculated as net income attributable to common shareholders, as defined by U.S. GAAP, plus preferred dividends, general & administrative expenses, non-recurring severance expense, depreciation, amortization of capitalized lease costs & intangible assets and interest expense, including amortization of financing costs, unrealized holding (gains) or losses arising during the periods, less dividend income. The components of NOI consist of recurring rental and reimbursement revenue, less real estate taxes and operating expenses, such as insurance, utilities, and repairs and maintenance.
	●	Same Property NOI is calculated as the NOI of all properties owned during the entire periods presented with the exclusion of any properties expanded during the periods presented.
	●	Same Property Cash NOI is calculated as the Same Property NOI adjusted to exclude the effect of non-cash U.S. GAAP straight-line rent adjustment for the properties included in the Same Property NOI calculation.
	●	Adjusted EBITDA is net income attributable to common shareholders, as defined by U.S. GAAP, plus preferred dividends, interest expense, including amortization of financing costs, depreciation and amortization, losses (minus gains) on sales of real estate investments, net amortization of acquired above and below market lease revenue, unrealized holding losses (minus gains) arising during the periods and losses (minus gains) on sale of securities transactions.

 

FFO, FFO, AFFO, NOI, Same Property NOI, Same Property Cash NOI and Adjusted EBITDA, do not represent cash generated from operating activities in accordance with U.S. GAAP and are not necessarily indicative of cash available to fund cash needs, including the repayment of principal on debt and payment of dividends and distributions. FFO, AFFO, NOI, Same Property NOI, Same Property Cash NOI and Adjusted EBITDA should not be considered as substitutes for net income applicable to common shareholders (calculated in accordance with U.S. GAAP) as a measure of results of operations or cash flows (calculated in accordance with U.S. GAAP) as a measure of liquidity. FFO, AFFO, NOI, Same Property NOI, Same Property Cash NOI and Adjusted EBITDA, as currently calculated by us, may not be comparable to similarly titled, but variously calculated, measures of other REITs.

 

 

FOR IMMEDIATE RELEASE	February 6, 2020
	Contact: Becky Coleridge
	732-577-9996

 

MONMOUTH REAL ESTATE REPORTS RESULTS FOR

THE FIRST QUARTER ENDED DECEMBER 31, 2019

 

HOLMDEL, NJ, February 6, 2020........ Monmouth Real Estate Investment Corporation (NYSE:MNR) reported Net Income Attributable to Common Shareholders of $3.5 million or $0.04 per diluted share for the three months ended December 31, 2019 as compared to Net Loss Attributable to Common Shareholders of $32.4 million or $0.36 per diluted share for the three months ended December 31, 2018, representing an increase of $35.9 million or $0.40 per diluted share. The large increase in our net income was due to an accounting rule change which became effective at the beginning of our prior fiscal year, in which unrealized gains and losses in our securities investments are reflected on our income statement. During the three months ended December 31, 2019, we recognized a $3.6 million unrealized loss or $0.04 per diluted share as compared to a $42.6 million unrealized loss or $0.47 per diluted share for the three months ended December 31, 2018. Funds from Operations (FFO), which excludes unrealized and realized gains or losses from our securities portfolio, for the three months ended December 31, 2019 were $19.3 million or $0.20 per diluted share versus $21.4 million or $0.24 per diluted share for the three months ended December 31, 2018, representing a $0.04 decrease in FFO per diluted share. Adjusted Funds from Operations (AFFO), which also excludes unrealized and realized gains or losses from our securities portfolio, for the three months ended December 31, 2019 were $19.9 million or $0.21 per diluted share versus $21.0 million or $0.23 per diluted share for the three months ended December 31, 2018, representing a $0.02 decrease in AFFO per diluted share. The $0.02 decrease in AFFO per share was primarily attributable to the issuance of $103.3 million in preferred equity since the end of the prior year quarter not being fully deployed, which increased our preferred dividend expense by $1.7 million or $0.02 per diluted share, as well as a reduction in dividend income of $1.1 million or $0.01 per diluted share, partially offset by an increase in Net Operating Income of $2.1 million or $0.02 per diluted share.

 

A summary of significant financial information for the three months ended December 31, 2019 and 2018 (in thousands, except per share amounts) is as follows:

 

		Three Months Ended December 31,
		2019				2018
Rental Revenue		$	34,870			$	32,617
Reimbursement Revenue		$	6,830			$	5,605
Net Operating Income (NOI) (1)		$	34,467			$	32,319
Total Expenses		$	22,469			$	18,900
Dividend Income		$	3,238			$	4,368
Unrealized Holding Gains (Losses) Arising During the Periods		$	(3,635	)		$	(42,627	)
Net Income (Loss)		$	9,625			$	(27,943	)
Net Income (Loss) Attributable to Common Shareholders		$	3,528			$	(32,364	)
Net Income (Loss)Attributable to Common Shareholders Per Diluted Common Share		$	0.04			$	(0.36	)
FFO (1)		$	19,322			$	21,429
FFO per Diluted Common Share (1)		$	0.20			$	0.24
AFFO (1)		$	19,934			$	21,022
AFFO per Diluted Common Share (1)		$	0.21			$	0.23
Dividends Declared per Common Share		$	0.17			$	0.17
Weighted Avg. Diluted Common Shares Outstanding			97,006				90,660

 

A summary of significant balance sheet information as of December 31, 2019 and September 30, 2019 (in thousands) is as follows:

 

		December 31, 2019				September 30, 2019
Real Estate Investments		$	1,686,099			$	1,616,934
Securities Available for Sale at Fair Value		$	181,841			$	185,250
Total Assets		$	1,947,127			$	1,871,948
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs		$	784,048			$	744,928
Loans Payable		$	80,000			$	95,000
Total Shareholders’ Equity		$	1,057,509			$	1,011,043

 

 

Michael P. Landy, President and CEO, commented on the results for the first quarter of fiscal 2020,

 

“We are pleased with the continued growth and strong performance of our high-quality property portfolio.

 

During the quarter, we:

 

	●	Increased our Gross Revenue by 6% over the prior year period to $44.9 million;
	●	Increased our Net Operating income by 7% over the prior year period to $34.5 million;
	●	Maintained a conservative AFFO dividend payout ratio of 81%;
	●	Increased our gross leasable area (GLA) by 6% over the prior year period to 22.9 million square feet;
	●	Entered into commitments to acquire five new build-to-suit properties containing 1.2 million total square feet for a total cost of $178.5 million;
	●	Acquired one property leased to Amazon for 15 years for $81.5 million comprising 616,000 square feet;
	●	Maintained a high occupancy rate of 99.2% throughout the quarter and subsequent to the quarter end, leased a previously vacant facility increasing current occupancy by 40 bps to 99.6%;
	●	Renewed two of the five leases scheduled to expire in fiscal 2020. The two lease renewals, comprising 157,000 square feet resulted in a 15.0% weighted-average increase in GAAP rent, and have a weighted-average lease term of 5.9 years;
	●	Entered into a $4.0 million contract to sell one of the properties whose lease is scheduled to expire in fiscal 2020. The sale is expected to result in a realized gain of $1.8 million;
	●	Maintained a long weighted average lease maturity at 7.6 years;
	●	Maintained our weighted average debt maturity on our fixed-rate mortgage debt at 11.5 years;
	●	Reduced our Net Debt to Adjusted EBITDA to 6.1x from 6.3x in the prior year period.”

 

“Thus far in fiscal 2020, we have acquired one building comprising 616,000 square feet for a purchase price of $81.5 million. This property, located in the Indianapolis MSA, is leased to Amazon for 15 years. Our $178.5 million acquisition pipeline currently contains five new build-to-suit properties comprising 1.2 million total square feet. These properties have a weighted-average lease term of 13.4 years. In keeping with our business model, these projects are all leased to investment grade tenants.”

 

“At quarter end, our weighted-average lease maturity was 7.6 years and our weighted-average mortgage debt maturity was 11.5 years. We continue to maintain a conservative credit profile with our Net Debt to Adjusted EBITDA at 6.1x, our Fixed Charge Coverage at 2.3x, and our Net Debt to Total Market Capitalization at 32%. Our occupancy rate has been over 98% for five consecutive years and our weighted average lease maturity has provided over seven years of lease term for the past six consecutive years, illustrating the strength and visibility of our income streams.”

 

“During the quarter, we renewed leases for two of the five leases that are set to expire this fiscal year. These two lease renewals represent 38% of the 410,000 square feet expiring this year. These lease renewals have a weighted average lease term of 5.9 years, and a weighted average lease rate of $5.61 per square foot on a GAAP basis and $5.28 on a cash basis. This represents an increase of 15.0% on a GAAP basis and an increase of 2.3% on a cash basis. Of the three remaining properties, one is under contract for sale and the other two are currently under discussion with our existing tenants.”

 

“U.S. industrial real estate has experienced a protracted period of cap rate compression. It is estimated that industrial real estate values have more than doubled during the past ten years and have increased by 15% in the past year alone. Consequently, the value of our properties has appreciated substantially. Our new annual report is now featured on our website. This report represents an excellent resource for understanding our Company and our outlook. We strongly encourage you to read it. Please contact our Investor Relations department if you would like to receive a hard copy. We look forward to reporting continued progress throughout the year.”

 

Monmouth Real Estate Investment Corporation will host its First Quarter FY 2020 Financial Results Webcast and Conference Call on Friday, February 7, 2020 at 10:00 a.m. Eastern Time. Senior management will discuss the results, current market conditions and future outlook.

 

Our First Quarter FY 2020 financial results being released herein will be available on our website at www.mreic.reit in the Investor Relations section, under Filings and Reports.

 

To participate in the Webcast, select the 1Q2020 Webcast and Earnings Call “Link to Webcast” on the homepage of our website at www.mreic.reit, in the Highlights section, which is located towards the bottom of the homepage. Interested parties can also participate via conference call by calling toll free 1-877-510-5852 (domestically) or 1-412-902-4138 (internationally).

 

The replay of the conference call will be available at 12:00 p.m. Eastern Time on Friday, February 7, 2020. It will be available until May 7, 2020, and can be accessed by dialing toll free 1-877-344-7529 (domestically) and 1-412-317-0088 (internationally) and entering the passcode 10137259. A transcript of the call and the webcast replay will be available at our website on the Investor Relations homepage, www.mreic.reit.

 

 

Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. We specialize in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate is a fully integrated and self-managed real estate company, whose property portfolio consists of 115 properties containing a total of approximately 22.9 million rentable square feet, geographically diversified across 30 states. In addition, we own a portfolio of REIT securities.

 

Certain statements included in this press release which are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are based on our current expectations and involve various risks and uncertainties. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can provide no assurance those expectations will be achieved. The risks and uncertainties that could cause actual results or events to differ materially from expectations are contained in our annual report on Form 10-K and described from time to time in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

 

Notes:

 

(1) Non-U.S. GAAP Information: FFO, as defined by The National Association of Real Estate Investment Trusts (NAREIT), represents net income attributable to common shareholders, as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), excluding extraordinary items, as defined under U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization. Included in the NAREIT FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of NAREIT FFO to make an election to include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude unrealized gains and losses from our investments in marketable equity securities from our FFO calculation. Prior to the adoption of the FFO White Paper – 2018 Restatement, we defined Core Funds From Operations (Core FFO) as FFO, excluding Unrealized Holding Gains or Losses Arising During the Periods. NAREIT created FFO as a non-GAAP supplemental measure of REIT operating performance. We define Adjusted Funds From Operations (AFFO) as FFO, excluding stock based compensation expense, depreciation of corporate office tenant improvements, amortization of deferred financing costs, non-recurring severance expense, effect of non-cash U.S. GAAP straight-line rent adjustments and subtracting recurring capital expenditures. We define recurring capital expenditures as all capital expenditures that are recurring in nature, excluding capital expenditures related to expansions at our current locations or capital expenditures that are incurred in conjunction with obtaining a new lease or a lease renewal. We believe that, as widely recognized measures of performance used by other REITs, FFO and AFFO may be considered by investors as supplemental measures to compare our operating performance to those of other REITs. FFO and AFFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. However, other REITs may use different methodologies to calculate FFO and AFFO and, accordingly, our FFO and AFFO may not be comparable to all other REITs. The items excluded from FFO and AFFO are significant components in understanding our financial performance.

 

FFO and AFFO are non-GAAP performance measures and (i) do not represent Cash Flow from Operations as defined by U.S. GAAP; (ii) should not be considered as an alternative to Net Income or Net Income Attributable to Common Shareholders as a measure of operating performance or to Cash Flows from Operating, Investing and Financing Activities; and (iii) are not an alternative to Cash Flows from Operating, Investing and Financing Activities as a measure of liquidity. FFO and AFFO, as calculated by us, may not be comparable to similarly titled measures reported by other REITs.

 

The following is a reconciliation of the Company’s U.S. GAAP Net Income (Loss) Attributable to Common Shareholders to the Company’s FFO and AFFO for the three months ended December 31, 2019 and 2018 (in thousands):

 

		Three Months Ended
		12/31/2019				12/31/2018
Net Income (Loss) Attributable to Common Shareholders		$	3,528			$	(32,364	)
Plus: Unrealized Holding Losses Arising During the Periods			3,635				42,627
Plus: Depreciation Expense (excluding Corporate Office Capitalized Costs)			11,380				10,438
Plus: Amortization of Intangible Assets			508				500
Plus: Amortization of Capitalized Lease Costs			271				228
FFO Attributable to Common Shareholders			19,322				21,429
Plus: Depreciation of Corporate Office Capitalized Costs			53				40
Plus: Stock Compensation Expense			156				129
Plus: Amortization of Financing Costs			435				317
Plus: Non-recurring Severance Expense			786				-0-
Less: Recurring Capital Expenditures			(218	)			(557	)
Less: Effect of Non-cash U.S. GAAP Straight-line Rent Adjustment			(600	)			(336	)
AFFO Attributable to Common Shareholders		$	19,934			$	21,022

 

The following are the Cash Flows provided (used) by Operating, Investing and Financing Activities for the three months ended December 31, 2019 and 2018 (in thousands):

 

		Three Months Ended
		12/31/2019				12/31/2018
Operating Activities		$	19,098			$	21,912
Investing Activities			(81,967	)			(153,079	)
Financing Activities			59,073				134,611

 

# # # # #