Wheeler Real Estate Investment Trust, Inc.
(NASDAQ:WHLR) (“Wheeler” or the “Company”) today reported operating
and financial results for the three months ending March 31,
2018.
|
|
|
|
|
Three Months Ended March 31, |
|
|
2018 |
|
2017 |
|
|
|
Net loss per common
share |
|
$ |
(0.57 |
) |
|
$ |
(0.42 |
) |
FFO per common share
and common unit |
|
0.16 |
|
|
0.15 |
|
AFFO per common share
and common unit |
|
0.21 |
|
|
0.31 |
|
|
|
|
|
|
|
|
HIGHLIGHTS
(all comparisons to the same prior year
period unless otherwise noted)
- John Sweet elected Chairman of the board of directors (the
"Board") for Wheeler.
- Andrew R. Jones, CFA, Founder and CEO of North Star Partners,
LP and Sean F. Armstrong, CFA, Principal & Portfolio Manager of
Westport Capital Partners LLC were appointed to the Board.
Mr. Jones was appointed to the Board's Audit Committee and Mr.
Armstrong as the Board's Investment Committee Chair.
- Successfully backfilled 2 Southeastern Grocers recaptures with
Low Country Grocers d/b/a Piggly Wiggly's at Ladson Crossing and
South Park.
- Filed a Certificate of Correction with the State Department of
Assessments and Taxation of Maryland (the “SDAT”) correcting an
inadvertently omitted reference to “accumulated amortization” in
“Section 10(a) - Mandatory Redemption for Asset Coverage” of the
Articles Supplementary for the Series D Cumulative Convertible
Preferred Stock, without par value (the “Series D Preferred Stock”)
that was previously filed with SDAT on September 16,
2016.
- Net loss attributable to Wheeler's common stock, $0.01 par
value per share ("Common Stock") shareholders of $5.0 million, or
$(0.57) per share.
- Total revenue from continuing operations increased by 13.9% or
$2.0 million.
- Net Operating Income ("NOI") from continuing operations
increased by 19.6% to approximately $11.6 million.
- Adjusted Funds from Operations ("AFFO") of $0.21 per share of
the Company's Common Stock and common unit ("Common Unit") in our
operating partnership, Wheeler REIT, L.P.
- Sold the Chipotle ground lease at Conyers Crossing for a
contract price of $1.3 million, resulting in a $1.1 million gain
and net proceeds of $1.2 million.
BALANCE SHEET
- Cash and cash equivalents totaled $5.1 million at
March 31, 2018, compared to $3.7 million at December 31,
2017.
- Total debt was $379.1 million at March 31, 2018 (including debt
associated with assets held for sale), compared to $313.8 million
at December 31, 2017. The increase in debt is primarily a result of
$65.4 million in debt associated with the JANAF acquisition.
Wheeler's weighted-average interest rate and term of its debt was
4.7% and 4.72 years, respectively, at March 31, 2018 (including
debt associated with assets held for sale), compared to 4.6% and
4.81 years, respectively, at December 31, 2017.
- Net investment properties as of March 31, 2018 totaled at
$457.7 million (including assets held for sale), compared to $384.3
million as of December 31, 2017.
- Extended the $3.0 million bank line of credit to June 15, 2018
with interest only payments due monthly at a rate of LIBOR plus
3.00% with a floor of 4.25%.
- In conjunction with the JANAF acquisition, executed three
promissory notes: 1) $53.7 million at a rate of 4.49%, maturing in
July 2023 with monthly principal and interest payments of $333,159;
2) $5.2 million at a rate of 4.95%, maturing January 2026 with
monthly principal and interest payments of $29,964; and 3) $6.5
million at a rate of 4.65%, maturing in January 2021 with interest
due monthly.
- Renewed the Eagle Harbor promissory note for $3.3 million for
five years, which matures on March 2023 with monthly principal and
interest payments of $26,528. The loan bears interest at
5.10%.
- Extended Revere Loan to May 15, 2018.
- In conjunction with the JANAF acquisition, the Company issued
and sold 1,363,636 shares of Series D Preferred Stock, in a public
offering. Each share of Series D Preferred Stock was sold to
investors at an offering price of $16.50 per share. Net proceeds
from the public offering totaled $21.2 million, which includes the
impact of the underwriters' selling commissions and legal,
accounting and other professional fees.
DIVIDENDS
- For the three months ended March 31, 2018, the Company
declared dividends of approximately $3.0 million to our holders of
shares of our Series A Preferred Stock, Series B Preferred Stock,
and Series D Preferred Stock.
OPERATIONS AND LEASING
- The Company's real estate portfolio is 91.9% leased at
March 31, 2018, which includes leases executed through April
4, 2018.
- The Company executed 26 lease renewals totaling 154,440 square
feet at a weighted-average decrease of $0.29 per square foot,
representing a decrease of 3.42% over prior rates.
- The Company signed 15 new leases totaling approximately 72,076
square feet with a weighted-average rate of $8.08 per square
foot.
- Approximately 8.44% of the Company's gross leasable area
("GLA") is subject to leases that expire over the next nine months,
with 43.6% of this expiring GLA subject to renewal options.
- The Company modified thirteen leases with Southeastern Grocers
anchor tenants and recaptured four locations. These modifications
primarily include a combination of increases and decreases to lease
term and rental rates, as well as deferred landlord contributions
for remodels. The Company has elected to recapture Ladson Crossing,
St. Matthews, South Park, and Tampa Festival in the second quarter
of 2018. The Cypress Shopping Center lease expired on March 31,
2018. As part of the negotiated recaptures the Company received
$246 thousand in termination fees during the three months ended
March 31, 2018. The remaining lease modifications remain subject to
Southeastern Grocers' bankruptcy court approval. The initial
annualized base rent impact of these modifications and recaptures
is approximately $2.50 million.
SAME-STORE
RESULTS
- Same-store NOI year-over-year growth for the three months ended
March 31, 2018 was 2.5% and 1.6% on a cash basis. The
same-store pool comprises the 4.9 million square feet that the
Company owned as of January 1, 2017. Same-store results were
driven, in part, by lease termination fees on Southeastern Grocers'
recaptures, as well as a decrease of 61.1% in tenant provision for
credit losses primarily resulting from increased collections on
accounts receivable while property revenues and expenses remained
relatively flat.
ACQUISITIONS
- As previously disclosed, the Company acquired JANAF, a retail
shopping center located in Norfolk, Virginia, for a purchase price
of $85.65 million in January 2018.
DISPOSITIONS
- The Company completed the sale of the Chipotle ground lease at
Conyers Crossing for a contract price of $1.3 million, resulting in
a gain of $1.1 million with net proceeds of $1.2 million.
SUPPLEMENTAL INFORMATION
Further details regarding Wheeler Real Estate Investment Trust,
Inc.’s operations and financials for the period ended March 31,
2018, including a supplemental presentation, are available at
https://ir.whlr.us/.
CONFERENCE CALL DIAL-IN AND WEBCAST
INFORMATION:
The Company will host a conference call and webcast on
Wednesday, May 9, 2018 at 10:00 am Eastern Time to review its
financial performance and operating results for the quarter ended
March 31, 2018.
Conference Call and Webcast:U.S. & Canada
Toll Free: (877) 407-3101 / International: (201)
493-6789Webcast:
https://78449.themediaframe.com/dataconf/productusers/whlr/mediaframe/24450/indexl.html
Replay:U.S. & Canada Toll Free: (877)
660-6853 / International: (201) 612-7415Conference ID#:
13679474Available May 9, 2018 (one hour after the end of the
conference call) to June 9, 2018 at 11:00 am Eastern Time.
ABOUT WHEELER REAL ESTATE INVESTMENT TRUST,
INC.
Headquartered in Virginia Beach, VA, Wheeler Real Estate
Investment Trust, Inc. is a fully-integrated, self-managed
commercial real estate investment company focused on owning and
operating income-producing retail properties with a primary focus
on grocery-anchored centers. Wheeler’s portfolio contains
well-located, potentially dominant retail properties in secondary
and tertiary markets that generate attractive, risk-adjusted
returns, with a particular emphasis on grocery-anchored retail
centers. For additional information about the Company, please
visit: www.whlr.us.
A copy of Wheeler’s Quarterly Report on Form 10-Q, which
includes the Company’s consolidated financial statements and
management’s discussion & analysis of financial condition and
results of operations, will be available upon filing via the U.S.
Securities and Exchange Commission website (www.sec.gov) or through
Wheeler’s website at www.whlr.us.
DEFINITIONS
FFO, AFFO, Pro Forma AFFO, Property NOI, EBITDA and Adjusted
EBITDA are non-GAAP financial measures within the meaning of the
rules of the Securities and Exchange Commission. Wheeler considers
FFO, AFFO, Pro Forma AFFO, Property NOI, EBITDA and Adjusted EBITDA
to be important supplemental measures of its operating performance
and believes it is frequently used by securities analysts,
investors and other interested parties in the evaluation of REITs,
many of which present FFO when reporting their results. FFO is
intended to exclude GAAP historical cost depreciation and
amortization of real estate and related assets, which assumes that
the value of real estate assets diminishes ratably over time.
Historically, however, real estate values have risen or fallen with
market conditions. Because FFO excludes depreciation and
amortization unique to real estate and gains and losses from
property dispositions, the Company believes that it provides a
performance measure that, when compared year-over-year, reflects
the impact to operations from trends in occupancy rates, rental
rates, operating costs, development activities and interest costs,
providing perspective not immediately apparent from the closest
GAAP measurement, net income.
Management believes that the computation of FFO in accordance
with NAREIT’s definition includes certain items that are not
indicative of the operating performance of the Company’s real
estate assets. These items include, but are not limited to,
nonrecurring expenses, legal settlements, legal and professional
fees, and acquisition costs. Management uses AFFO, which is a non-
GAAP financial measure, to exclude such items. Management believes
that reporting AFFO and Pro Forma AFFO in addition to FFO is a
useful supplemental measure for the investment community to use
when evaluating the operating performance of the Company on a
comparative basis. Management also believes that Property NOI,
EBITDA and Adjusted EBITDA represent important supplemental
measures for securities analysts, investors and other interested
parties, as they are often used in calculating net asset value,
leverage and other financial metrics used by these parties in the
evaluation of REITs.
FORWARD LOOKING STATEMENTS
This press release may contain “forward-looking” statements as
defined in the Private Securities Litigation Reform Act of 1995.
When the Company uses words such as “may,” “will,” “intend,”
“should,” “believe,” “expect,” “anticipate,” “project,” “estimate”
or similar expressions that do not relate solely to historical
matters, it is making forward-looking statements. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that may cause the actual results to differ
materially from the Company’s expectations discussed in the
forward-looking statements. The Company’s expected results may not
be achieved, and actual results may differ materially from
expectations. Specifically, the Company’s statements regarding: (i)
the future generation of financial returns from the acquisition of
retail focused properties in secondary and tertiary markets; (ii)
the recapture of Ladson Crossing, St. Matthews, South Park and
Tampa Festival in the second quarter of 2018; and (iii) the
thirteen lease modifications with Southeastern Grocers and the
bankruptcy court’s approval of the lease modifications are
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 could cause actual results to differ materially from
those expressed or forecasted in the forward-looking
statements. For these reasons, among others, investors are
cautioned not to place undue reliance upon any forward-looking
statements in this press release.
Additional factors are discussed in the Company's filings with
the U.S. Securities and Exchange Commission, which are available
for review at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward-looking statements to reflect events
or circumstances that arise after the date hereof.
Mary
Jensen
Investor
Relations
(757) 627-9088 / investorrelations@whlr.us
Wheeler Real Estate Investment Trust,
Inc. and SubsidiariesCondensed Consolidated
Statements of Operations(in thousands, except per
share data)
|
|
|
Three Months Ended March 31, |
|
2018 |
|
2017 |
REVENUE: |
|
|
|
Rental
revenues |
$ |
12,697 |
|
|
$ |
11,129 |
|
Asset
management fees |
48 |
|
|
162 |
|
Commissions |
14 |
|
|
115 |
|
Tenant
reimbursements |
3,222 |
|
|
2,680 |
|
Development and other revenues |
333 |
|
|
236 |
|
Total Revenue |
16,314 |
|
|
14,322 |
|
OPERATING
EXPENSES: |
|
|
|
Property
operations |
4,599 |
|
|
3,994 |
|
Non-REIT
management and leasing services |
36 |
|
|
271 |
|
Depreciation and amortization |
7,476 |
|
|
6,400 |
|
Provision
for credit losses |
21 |
|
|
252 |
|
Corporate
general & administrative |
2,508 |
|
|
2,232 |
|
Total Operating Expenses |
14,640 |
|
|
13,149 |
|
Gain on
disposal of properties |
1,055 |
|
|
— |
|
Operating
Income |
2,729 |
|
|
1,173 |
|
Interest
income |
1 |
|
|
356 |
|
Interest
expense |
(4,577 |
) |
|
(4,177 |
) |
Net Loss from
Continuing Operations Before Income Taxes |
(1,847 |
) |
|
(2,648 |
) |
Income
tax expense |
(25 |
) |
|
(41 |
) |
Net Loss from
Continuing Operations |
(1,872 |
) |
|
(2,689 |
) |
Discontinued
Operations |
|
|
|
Income from discontinued operations |
— |
|
|
16 |
|
Gain on disposal of properties |
— |
|
|
1,513 |
|
Net Income from
Discontinued Operations |
— |
|
|
1,529 |
|
Net
Loss |
(1,872 |
) |
|
(1,160 |
) |
Less: Net
loss attributable to noncontrolling interests |
(47 |
) |
|
(41 |
) |
Net Loss
Attributable to Wheeler REIT |
(1,825 |
) |
|
(1,119 |
) |
Preferred
stock dividends |
(3,207 |
) |
|
(2,483 |
) |
Net Loss
Attributable to Wheeler REIT
CommonShareholders |
$ |
(5,032 |
) |
|
$ |
(3,602 |
) |
|
|
|
|
Loss per
share from continuing operations (basic and diluted) |
$ |
(0.57 |
) |
|
$ |
(0.59 |
) |
Income
per share from discontinued operations |
— |
|
|
0.17 |
|
|
$ |
(0.57 |
) |
|
$ |
(0.42 |
) |
Weighted-average number of shares: |
|
|
|
Basic and
Diluted |
8,900,416 |
|
|
8,554,304 |
|
|
|
|
|
Dividends
declared per common share |
$ |
— |
|
|
$ |
0.42 |
|
|
Wheeler Real Estate Investment Trust,
Inc. and SubsidiariesCondensed Consolidated
Balance Sheets(in thousands, except par value and
share data)
|
|
March 31, 2018 |
|
December 31, 2017 |
|
(unaudited) |
|
|
ASSETS: |
|
|
|
Investment properties, net |
$ |
448,555 |
|
|
$ |
384,334 |
|
Cash and
cash equivalents |
5,148 |
|
|
3,677 |
|
Restricted cash |
12,198 |
|
|
8,609 |
|
Rents and
other tenant receivables, net |
4,621 |
|
|
5,619 |
|
Notes
receivable, net |
6,739 |
|
|
6,739 |
|
Goodwill |
5,486 |
|
|
5,486 |
|
Assets
held for sale |
9,134 |
|
|
— |
|
Above
market lease intangible, net |
9,862 |
|
|
8,778 |
|
Deferred
costs and other assets, net |
41,010 |
|
|
34,432 |
|
Total Assets |
$ |
542,753 |
|
|
$ |
457,674 |
|
LIABILITIES: |
|
|
|
Loans
payable, net |
$ |
373,047 |
|
|
$ |
308,122 |
|
Liabilities associated with assets held for sale |
708 |
|
|
— |
|
Related
party payables, net |
5 |
|
|
— |
|
Below
market lease intangible, net |
13,382 |
|
|
9,616 |
|
Accounts
payable, accrued expenses and other liabilities |
11,033 |
|
|
10,624 |
|
Dividends
payable |
3,037 |
|
|
5,480 |
|
Total Liabilities |
401,212 |
|
|
333,842 |
|
Series D Cumulative
Convertible Preferred Stock (no par value, 4,000,000
sharesauthorized, 3,600,636 and 2,237,000 shares issued and
outstanding; $90.02 million and$55.93 million aggregate liquidation
preference, respectively) |
74,542 |
|
|
53,236 |
|
|
|
|
|
EQUITY: |
|
|
|
Series A
Preferred Stock (no par value, 4,500 shares authorized, 562 shares
issuedand outstanding) |
453 |
|
|
453 |
|
Series B
Convertible Preferred Stock (no par value, 5,000,000 authorized,
1,875,748and 1,875,848 shares issued and outstanding, respectively;
$46.90 millionaggregate liquidation preference) |
40,935 |
|
|
40,915 |
|
Common
Stock ($0.01 par value, 18,750,000 shares authorized, 8,947,416
and8,744,189 shares issued and outstanding, respectively) |
89 |
|
|
87 |
|
Additional paid-in capital |
229,007 |
|
|
226,978 |
|
Accumulated deficit |
(209,957 |
) |
|
(204,925 |
) |
Total Shareholders’ Equity |
60,527 |
|
|
63,508 |
|
Noncontrolling interests |
6,472 |
|
|
7,088 |
|
Total Equity |
66,999 |
|
|
70,596 |
|
Total Liabilities and
Equity |
$ |
542,753 |
|
|
$ |
457,674 |
|
|
Wheeler Real Estate Investment Trust,
Inc. and Subsidiaries Reconciliation
of Funds From Operations (FFO)(in
thousands)
|
|
|
Three Months Ended March 31, |
|
Same-Store |
|
New Store |
|
Total |
|
Period Over PeriodChanges |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
$ |
|
% |
|
|
|
|
|
|
|
(in thousands, unaudited) |
|
|
|
|
|
|
Net Loss |
$ |
(1,932 |
) |
|
$ |
(1,160 |
) |
|
$ |
60 |
|
|
$ |
— |
|
|
$ |
(1,872 |
) |
|
$ |
(1,160 |
) |
|
$ |
(712 |
) |
|
(61.38 |
)% |
Depreciation and
amortization of real estateassets |
6,495 |
|
|
6,400 |
|
|
981 |
|
|
— |
|
|
7,476 |
|
|
6,400 |
|
|
1,076 |
|
|
16.81 |
% |
Gain on disposal of
properties |
(1,055 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,055 |
) |
|
— |
|
|
(1,055 |
) |
|
(100.00 |
)% |
Gain on disposal of
properties-discontinued operations |
— |
|
|
(1,513 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,513 |
) |
|
1,513 |
|
|
100.00 |
% |
FFO |
$ |
3,508 |
|
|
$ |
3,727 |
|
|
$ |
1,041 |
|
|
$ |
— |
|
|
$ |
4,549 |
|
|
$ |
3,727 |
|
|
$ |
822 |
|
|
22.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedMarch
31, |
|
2018 |
|
2017 |
Net Loss |
$ |
(1,872 |
) |
|
$ |
(1,160 |
) |
Depreciation and
amortization of real estate assets |
7,476 |
|
|
6,400 |
|
Gain on disposal of
properties |
(1,055 |
) |
|
— |
|
Gain on disposal of
properties-discontinued operations |
— |
|
|
(1,513 |
) |
FFO |
4,549 |
|
|
3,727 |
|
Preferred stock
dividends |
(3,207 |
) |
|
(2,483 |
) |
Preferred stock
accretion adjustments |
170 |
|
|
195 |
|
FFO available to common
shareholders and common unitholders |
1,512 |
|
|
1,439 |
|
Acquisition costs |
7 |
|
|
260 |
|
Capital related
costs |
53 |
|
|
220 |
|
Other non-recurring and
non-cash expenses (1) |
103 |
|
|
107 |
|
Share-based
compensation |
419 |
|
|
377 |
|
Straight-line rent |
(200 |
) |
|
(185 |
) |
Loan cost
amortization |
379 |
|
|
763 |
|
Accrued interest
income |
— |
|
|
(118 |
) |
Above (below) market
lease amortization |
(22 |
) |
|
193 |
|
Recurring capital
expenditures and tenant improvement reserves |
(290 |
) |
|
(206 |
) |
AFFO |
$ |
1,961 |
|
|
$ |
2,850 |
|
|
|
|
|
Weighted Average Common
Shares |
8,900,416 |
|
|
8,554,304 |
|
Weighted Average Common
Units |
629,009 |
|
|
761,954 |
|
Total Common Shares and
Units |
9,529,425 |
|
|
9,316,258 |
|
FFO per Common Share
and Common Units |
$ |
0.16 |
|
|
$ |
0.15 |
|
AFFO per Common Share
and Common Units |
$ |
0.21 |
|
|
$ |
0.31 |
|
|
(1) Other non-recurring expenses are detailed in
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" included in our Annual Report on Form 10-Q
for the period ended March 31, 2018.
Wheeler Real Estate Investment Trust,
Inc. and SubsidiariesReconciliation of Property
Net Operating Income(in thousands)
|
|
|
Three Months Ended March 31, |
|
Same-Store |
|
New Store |
|
Total |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
(in thousands) |
Net
Loss |
$ |
(1,932 |
) |
|
$ |
(1,160 |
) |
|
$ |
60 |
|
|
$ |
— |
|
|
$ |
(1,872 |
) |
|
$ |
(1,160 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Net
Income from Discontinued Operations |
— |
|
|
(1,529 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,529 |
) |
Income
tax expense |
25 |
|
|
41 |
|
|
— |
|
|
— |
|
|
25 |
|
|
41 |
|
Interest
expense |
3,974 |
|
|
4,177 |
|
|
603 |
|
|
— |
|
|
4,577 |
|
|
4,177 |
|
Interest
income |
(1 |
) |
|
(356 |
) |
|
— |
|
|
— |
|
|
(1 |
) |
|
(356 |
) |
Gain on
disposal of properties |
(1,055 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,055 |
) |
|
— |
|
Corporate
general & administrative |
2,499 |
|
|
2,232 |
|
|
9 |
|
|
— |
|
|
2,508 |
|
|
2,232 |
|
Provision
for credit losses - non-tenant |
(77 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(77 |
) |
|
— |
|
Depreciation and amortization |
6,495 |
|
|
6,400 |
|
|
981 |
|
|
— |
|
|
7,476 |
|
|
6,400 |
|
Non-REIT
management and leasing services |
36 |
|
|
271 |
|
|
— |
|
|
— |
|
|
36 |
|
|
271 |
|
Development income |
— |
|
|
(136 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(136 |
) |
Asset
management and commission revenues |
(62 |
) |
|
(277 |
) |
|
— |
|
|
— |
|
|
(62 |
) |
|
(277 |
) |
Property Net
Operating Income |
$ |
9,902 |
|
|
$ |
9,663 |
|
|
$ |
1,653 |
|
|
$ |
— |
|
|
$ |
11,555 |
|
|
$ |
9,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
revenues |
$ |
13,970 |
|
|
$ |
13,909 |
|
|
$ |
2,282 |
|
|
$ |
— |
|
|
$ |
16,252 |
|
|
$ |
13,909 |
|
Property
expenses |
3,970 |
|
|
3,994 |
|
|
629 |
|
|
— |
|
|
4,599 |
|
|
3,994 |
|
Provision
for credit losses - tenant |
98 |
|
|
252 |
|
|
— |
|
|
— |
|
|
98 |
|
|
252 |
|
Property Net
Operating Income |
$ |
9,902 |
|
|
$ |
9,663 |
|
|
$ |
1,653 |
|
|
$ |
— |
|
|
$ |
11,555 |
|
|
$ |
9,663 |
|
|
Wheeler Real Estate Investment Trust,
Inc. and SubsidiariesReconciliation of Earnings
Before Interest, Taxes, Depreciation and Amortization -
EBITDA(in thousands)
|
|
|
Three Months Ended March 31, |
|
2018 |
|
2017 |
Net
Loss |
$ |
(1,872 |
) |
|
$ |
(1,160 |
) |
Add back: |
Depreciation and
amortization (1) |
7,454 |
|
|
6,593 |
|
|
Interest Expense
(2) |
4,577 |
|
|
4,186 |
|
|
Income taxes |
25 |
|
|
41 |
|
EBITDA |
10,184 |
|
|
9,660 |
|
Adjustments
for items affecting comparability: |
|
|
|
|
Acquisition costs |
7 |
|
|
260 |
|
|
Capital related
costs |
53 |
|
|
220 |
|
|
Other non-recurring
expenses (3) |
103 |
|
|
107 |
|
|
Gain on disposal of
properties |
(1,055 |
) |
|
— |
|
|
Gain on disposal of
properties-discontinued operations |
— |
|
|
(1,513 |
) |
Adjusted
EBITDA |
$ |
9,292 |
|
|
$ |
8,734 |
|
|
(1) Includes above (below) market lease
amortization.(2) Includes loan cost
amortization and amounts associated with assets held for
sale.(3) Other non-recurring expenses are
detailed in "Management's Discussion and Analysis of Financial
Condition and Results of Operations" included in our Annual Report
on Form 10-Q for the period ended March 31, 2018.
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