Weingarten Realty (NYSE: WRI) announced today the results of its
operations for the quarter ended September 30, 2020. The
supplemental financial package with additional information can be
found on the Company's website under the Investor Relations
tab.
“Given the continued headwinds of the pandemic, we had a good
quarter that showed solid improvement over the second quarter. The
economy continues to gain traction in the majority of our markets
with substantially all of our tenants open for business.
Accordingly, we have experienced continued improvement in our cash
collections and rent deferrals with a significant increase in
payments from both our essential and non-essential tenants and
leasing activity has been accelerating. Our balance sheet and
liquidity position remain strong, bolstered by solid disposition
activity in the quarter. We remain focused on the safety and
well-being of our associates, tenants, stakeholders and the broader
community. With a transformed portfolio of primarily
grocery-anchored centers providing basic goods and services, we are
optimistic our centers will continue to perform well, on a relative
basis, in this crisis,” said Drew Alexander, Chairman, President
and Chief Executive Officer.
Third Quarter Operating and Financial Highlights
- Net income attributable to common shareholders (“Net Income”)
for the third quarter was $0.20 per diluted share (hereinafter “per
share”) compared to $0.09 per share in the second quarter of 2020
and $0.82 per share in the same quarter of 2019;
- Core Funds From Operations Attributable to Common Shareholders
("Core FFO") for the quarter was $0.44 per share compared to $0.34
per share in the second quarter of 2020 and $0.53 per share a year
ago;
- Cash collections of rent and rebillable expenses increased to
90% of the total for the third quarter from 82% in the second
quarter; and,
- Dispositions in the quarter were $64 million bringing the
year-to-date total to $152 million.
Financial Results
The Company reported Net Income of $25.1 million or $0.20 per
share for the third quarter of 2020, as compared to $106.7 million
or $0.82 per share for the same period in 2019 as the coronavirus
pandemic continues to negatively affect the Company’s tenants. The
Company recorded bad debt expense/uncollectible revenue of $1.4
million in the third quarter of 2020 compared to total bad debt
expense/uncollectible expense of $19.3 million recorded in the
second quarter of 2020. The decrease in bad debt
expense/uncollectible revenue was primarily due to the Company
designating a significant portion of the receivables related to
tenants on its watch list as potentially uncollectible in the first
and second quarters of 2020 at which time all of the related
receivables were fully reserved and the tenants were converted to
cash basis accounting for revenue recognition purposes. With no
additional tenants converted to the cash basis in the third
quarter, bad debt expense was primarily related to terminated
tenants and the settlement of previously disputed balances that
occurred during the quarter. Also contributing to the
year-over-year decrease in net income was gains from the Company’s
disposition program which totaled $10.3 million in the quarter
compared to $74.1 million in the third quarter of 2019.
Year-to-date, Net Income was $89.1 million or $0.69 per share
for 2020 compared to $240.2 million or $1.86 per share for 2019. In
addition to the impact of bad debt expense/uncollectible revenue,
net income in 2019 included significantly higher gains on the
disposition of property than was recorded in 2020.
Funds From Operations attributable to common shareholders in
accordance with the National Association of Real Estate Investment
Trusts definition (“NAREIT FFO”) was $57.0 million or $0.44 per
share for the third quarter of 2020 compared to $68.5 million or
$0.53 per share for 2019. The decrease is primarily due to reduced
revenue from tenants converted to cash basis accounting, fallouts,
and abatements which together total $0.05 per share, as well as the
impact of the Company’s disposition program in both 2019 and 2020
of $0.04 per share. Core FFO for the quarter ended September 30,
2020 was $57.0 million or $0.44 per share compared to $68.5 million
or $0.53 per share for the same quarter of last year.
A reconciliation of Net Income to NAREIT FFO and Core FFO is
included herein.
Operating Results
For the period ending September 30, 2020, the Company’s
operating highlights were as follows:
Q3 2020 YTD 2020 Occupancy (Signed
Basis): Occupancy - Total
93.0
%
Occupancy - Small Shop Spaces
87.7
%
Occupancy - Same Property Portfolio
93.7
%
Same Property Net Operating Income, with
redevelopments
(8.1)
%
(9.1)
%
Rental Rate Growth - Total:
5.5
%
8.0
%
New Leases
11.1
%
12.3
%
Renewals
4.0
%
7.2
%
Leasing Transactions: Number of New Leases
59
142
New Leases - Annualized Revenue (in millions) $
3.8
$
10.0
Number of Renewals
99
352
Renewals - Annualized Revenue (in millions) $
9.6
$
35.7
A reconciliation of Net Income to SPNOI is included herein.
COVID-19 Update
The coronavirus pandemic continues to impact the Company’s
operations, however the transformed portfolio of quality properties
posted improved collection metrics in the third quarter. Cash
collections in July, August and September totaled 89%, 91% and 90%,
respectively of prorata base rent and expense recoveries with the
full quarter at 90% compared to 82% for the second quarter. Cash
collections in October remain consistent with September with 87%
collected to-date. Deferrals of rent payments to future periods
executed in the quarter represent an additional 4%, down from 14%
in the second quarter. Abatements of rent during the quarter were
minimal.
While the reopening of the economy had a positive impact on the
Company’s third quarter operations, it is especially difficult to
predict the direction of the economy in the fourth quarter.
Nevertheless, the Company is optimistic that collections will
remain strong as rents from tenants deemed “essential” represent
63% of total rents for the quarter. Cash collections from these
essential tenants were 93% for the third quarter. Additionally,
cash collections from “non-essential” tenants for the quarter
represent 84% of the total non-essential rents compared to 71% for
the second quarter.
“We are extremely pleased with the increase in cash collections
in the quarter as it reflects the strength of our transformed
portfolio of quality properties. We are also encouraged by the
improvement in leasing activity as we already see leasing velocity
returning. With nearly all of our tenants reopened for business, we
are very bullish on our ability to weather this storm,” said Johnny
Hendrix, Executive Vice President and Chief Operating Officer.
Additional information can be found on page 41 of our
supplemental disclosure.
Transaction and Development Activity
The Company had a very successful third quarter for
dispositions, selling three shopping centers and land parcels for
$64 million. The highlight of the quarter was the sale of West
Jordan Town Center in Salt Lake City, which was the only remaining
property owned by the Company in Utah. The Company will continue to
monitor opportunities to further de-risk its portfolio through
strategic dispositions going forward but will carefully consider
the impact of current market conditions in assessing sales
prices.
The Company’s three mixed-use new development projects continue
to progress according to plan. At Centro Arlington in Washington
DC, construction is complete and the residential portion of the
property is 92% leased and the retail portion is 93% leased. West
Alex, also located in DC, is currently 37% leased with all
construction complete on the residential component of the property.
The Harris Teeter supermarket is now under construction and should
open in the summer of 2021.
Construction on the residential tower at the Driscoll at River
Oaks is nearly complete with 25% currently leased. The Company is
encouraged by the leasing progress at all three of these projects,
in light of the market conditions.
Balance Sheet, Liquidity and Dividends
The benefit of the Company’s best in class balance sheet has
been highlighted by this crisis. With low leverage, the absence of
any material maturities until the fourth quarter of 2022 and the
full availability of its revolving credit facility, the Company is
comfortable with its current liquidity position. The Company will
continue to carefully monitor cash flows, any new capital
requirements, and overall liquidity going forward.
As announced in a previous press release, the Board of Trust
Managers declared on September 14, 2020 a cash dividend of $0.18
per common share which was paid on October 13, 2020 to shareholders
of record on October 8, 2020. The Company paid its quarterly cash
dividend earlier due to an election made last year to shift
dividend payments from 2019 to 2020. As communicated previously,
the Company will likely pay a special dividend near year-end to
cover additional 2020 taxable income resulting from its 2020
disposition program; however, the amount of any special dividend is
uncertain at this time. The Company will continue to monitor tenant
collections, evaluate its operations and financial position and
will adjust future dividends as appropriate.
“With $498 million currently available under our revolver, cash
collections trending at higher levels than originally projected,
proceeds from additional dispositions and access to numerous other
sources of capital, we remain comfortable with our ability to meet
all liquidity needs going forward, including any additional
dividends required by our disposition activity,” said Steve
Richter, Executive Vice President and Chief Financial Officer.
Conference Call Information
The Company also announced that it will host a live webcast of
its quarterly conference call on October 29, 2020 at 10:00 a.m.
Central Time. The live webcast can be accessed via the Company’s
website at www.weingarten.com. Alternatively, if you are not able
to access the call on the web, you can listen live by phone by
calling (888) 771-4371 (conference ID #49202523). A replay will be
available through the Company’s website starting approximately two
hours following the live call.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center
owner, manager and developer. At September 30, 2020, the Company
owned or operated under long-term leases, either directly or
through its interest in real estate joint ventures or partnerships,
a total of 162 properties which are located in 15 states spanning
the country from coast to coast. These properties represent
approximately 31.0 million square feet of which our interests in
these properties aggregated approximately 21.0 million square feet
of leasable area. To learn more about the Company’s operations and
growth strategies, please visit www.weingarten.com.
Forward-Looking Statements
Statements included herein that state the Company’s or
Management’s intentions, hopes, beliefs, expectations or
predictions of the future are “forward-looking” statements within
the meaning of the Private Securities Litigation Reform Act of 1995
which by their nature, involve known and unknown risks and
uncertainties. The Company’s actual results, performance or
achievements could differ materially from those expressed or
implied by such statements. These risks and uncertainties include
those related to the COVID-19 pandemic, about which there are still
many unknowns, including the duration of the pandemic and the
extent of its impact, as well as those discussed in the Company’s
regulatory filings with the Securities and Exchange Commission,
which include other information or factors that may impact the
Company’s performance.
Projections involve numerous assumptions such as rental income
(including assumptions on percentage rent), interest rates, tenant
defaults, occupancy rates, volume and pricing of properties held
for disposition, volume and pricing of acquisitions, expenses
(including salaries and employee costs), insurance costs and
numerous other factors. Not all of these factors are determinable
at this time and actual results may vary from the projected
results, and may be above or below the ranges indicated. The above
ranges represents management’s estimate of results based upon these
assumptions as of the date of this press release. Accordingly,
there is no assurance that our projections will be realized.
Weingarten Realty
Investors
(in thousands, except per share
amounts)
Financial Statements
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Unaudited)
Revenues: Rentals, net $
109,430
$
117,378
$
313,293
$
356,666
Other
2,925
3,984
8,549
10,494
Total Revenues
112,355
121,362
321,842
367,160
Operating Expenses: Depreciation and amortization
37,946
33,380
112,229
102,319
Operating
22,816
22,912
65,954
69,927
Real estate taxes, net
16,479
15,205
47,220
47,072
Impairment loss
—
—
44
74
General and administrative
10,245
8,432
25,472
26,893
Total Operating Expenses
87,486
79,929
250,919
246,285
Other Income (Expense): Interest expense, net
(15,044)
(13,820)
(45,422)
(44,062)
Interest and other income, net
2,749
1,104
2,214
7,409
Gain on sale of property
10,268
74,115
31,742
143,963
Total Other (Expense) Income
(2,027)
61,399
(11,466)
107,310
Income Before Income Taxes and Equity in Earnings of Real Estate
Joint Ventures and Partnerships
22,842
102,832
59,457
228,185
Provision for Income Taxes
(195)
(21)
(710)
(682)
Equity in Earnings of Real Estate Joint Ventures and Partnerships,
net
4,814
5,698
35,339
17,780
Net Income
27,461
108,509
94,086
245,283
Less: Net Income Attributable to Noncontrolling Interests
(2,372)
(1,767)
(5,007)
(5,066)
Net Income Attributable to Common Shareholders -- Basic $
25,089
$
106,742
$
89,079
$
240,217
Net Income Attributable to Common Shareholders -- Diluted $
25,089
$
107,270
$
89,079
$
241,801
Earnings Per Common Share -- Basic $
0.20
$
0.83
$
0.70
$
1.88
Earnings Per Common Share -- Diluted $
0.20
$
0.82
$
0.69
$
1.86
Weingarten Realty
Investors
(in thousands)
Financial Statements
September 30,
December 31,
2020
2019
(Unaudited)
(Audited)
CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS Property $
4,200,483
$
4,145,249
Accumulated Depreciation
(1,174,347)
(1,110,675)
Investment in Real Estate Joint Ventures and Partnerships, net
404,495
427,947
Unamortized Lease Costs, net
139,084
148,479
Accrued Rent, Accrued Contract Receivables and Accounts Receivable,
net
79,392
83,639
Cash and Cash Equivalents
50,215
41,481
Restricted Deposits and Escrows
14,281
13,810
Other, net
196,544
188,004
Total Assets $
3,910,147
$
3,937,934
LIABILITIES AND EQUITY Debt, net $
1,730,153
$
1,732,338
Accounts Payable and Accrued Expenses
132,670
111,666
Other, net
209,495
217,770
Total Liabilities
2,072,318
2,061,774
Commitments and Contingencies
—
—
EQUITY Common Shares of Beneficial Interest
3,891
3,905
Additional Paid-In Capital
1,769,115
1,779,986
Net Income Less Than Accumulated Dividends
(106,051)
(74,293)
Accumulated Other Comprehensive Loss
(11,154)
(11,283)
Shareholders' Equity
1,655,801
1,698,315
Noncontrolling Interests
182,028
177,845
Total Liabilities and Equity $
3,910,147
$
3,937,934
Non-GAAP Financial Measures
Certain aspects of our key performance indicators are considered
non-GAAP financial measures. Management uses these measures along
with our Generally Accepted Accounting Principles ("GAAP")
financial statements in order to evaluate our operating results.
Management believes these additional measures provide users of our
financial information additional comparable indicators of our
industry, as well as, our performance.
Funds from Operations Attributable to
Common Shareholders
Effective January 1, 2019, the National Association of Real
Estate Investment Trusts ("NAREIT") defines NAREIT FFO as net
income (loss) attributable to common shareholders computed in
accordance with GAAP, excluding gains or losses from sales of
certain real estate assets (including: depreciable real estate with
land, land, development property and securities), changes in
control of real estate equity investments, and interests in real
estate equity investments and their applicable taxes, plus
depreciation and amortization related to real estate and impairment
of certain real estate assets and in substance real estate equity
investments, including our share of unconsolidated real estate
joint ventures and partnerships. The Company calculates NAREIT FFO
in a manner consistent with the NAREIT definition.
Management believes NAREIT FFO is a widely recognized measure of
REIT operating performance which provides our shareholders with a
relevant basis for comparison among other REITs. Management uses
NAREIT FFO as a supplemental internal measure to conduct and
evaluate our business because there are certain limitations
associated with using GAAP net income by itself as the primary
measure of our operating performance. Historical cost accounting
for real estate assets in accordance with GAAP implicitly assumes
that the value of real estate assets diminishes predictably over
time. Since real estate values instead have historically risen or
fallen with market conditions, management believes that the
presentation of operating results for real estate companies that
uses historical cost accounting is insufficient by itself. There
can be no assurance that NAREIT FFO presented by the Company is
comparable to similarly titled measures of other REITs.
The Company also presents Core FFO as an additional supplemental
measure as it is more reflective of the core operating performance
of our portfolio of properties. Core FFO is defined as NAREIT FFO
excluding charges and gains related to non-cash, non-operating
assets and other transactions or events that hinder the
comparability of operating results. Specific examples of items
excluded from Core FFO include, but are not limited to, gains or
losses associated with the extinguishment of debt or other
liabilities and transactional costs associated with development
activities. NAREIT FFO and Core FFO should not be considered as
alternatives to net income or other measurements under GAAP as
indicators of operating performance or to cash flows from
operating, investing or financing activities as measures of
liquidity. NAREIT FFO and Core FFO do not reflect working capital
changes, cash expenditures for capital improvements or principal
payments on indebtedness.
NAREIT FFO and Core FFO is calculated as follows (in
thousands):
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
(Unaudited)
(Unaudited)
Net income attributable to common shareholders $
25,089
$
106,742
$
89,079
$
240,217
Depreciation and amortization of real estate
37,815
33,143
111,810
101,618
Depreciation and amortization of real estate of unconsolidated real
estate joint ventures and partnerships
4,235
2,933
12,354
8,674
Impairment of properties and real estate equity investments
—
—
44
74
(Gain) on sale of property, investment securities and interests in
real estate equity investments
(10,255)
(74,093)
(31,732)
(144,647)
(Gain) on dispositions of unconsolidated real estate joint ventures
and partnerships
(89)
—
(23,505)
(1,380)
Provision (benefit) for income taxes (1)
2
(187)
2
(143)
Noncontrolling interests and other (2)
(4)
(533)
(1,231)
(1,506)
NAREIT FFO – basic
56,793
68,005
156,821
202,907
Income attributable to operating partnership units
240
528
1,009
1,584
NAREIT FFO – diluted
57,033
68,533
157,830
204,491
Adjustments for Core FFO: Contract terminations
—
—
340
—
Other
—
10
—
10
Core FFO – diluted $
57,033
$
68,543
$
158,170
$
204,501
FFO weighted average shares outstanding – basic
127,270
127,870
127,457
127,828
Effect of dilutive securities: Share options and awards
860
835
886
839
Operating partnership units
1,432
1,432
1,432
1,432
FFO weighted average shares outstanding – diluted
129,562
130,137
129,775
130,099
NAREIT FFO per common share – basic $
0.45
$
0.53
$
1.23
$
1.59
NAREIT FFO per common share – diluted $
0.44
$
0.53
$
1.22
$
1.57
Core FFO per common share – diluted $
0.44
$
0.53
$
1.22
$
1.57
______________________________
(1)
The applicable taxes related to gains and
impairments of operating and non-operating real estate assets.
(2)
Related to gains, impairments and
depreciation on operating properties and unconsolidated real estate
joint ventures, where applicable.
Same Property Net Operating
Income
Management considers SPNOI an important additional financial
measure because it reflects only those income and expense items
that are incurred at the property level and when compared across
periods, reflects the impact on operations from trends in occupancy
rates, rental rates and operating costs. The Company calculates
this most useful measurement by determining our proportional share
of SPNOI from all owned properties, including the Company’s share
of SPNOI from unconsolidated joint ventures and partnerships, which
cannot be readily determined under GAAP measurements and
presentation. Although SPNOI (see page 1 of the supplemental
disclosure regarding this presentation and limitations thereof) is
a widely used measure among REITs, there can be no assurance that
SPNOI presented by the Company is comparable to similarly titled
measures of other REITs. Additionally, the Company does not control
these unconsolidated joint ventures and partnerships, and the
assets, liabilities, revenues or expenses of these joint ventures
and partnerships, as presented, do not represent its legal claim to
such items.
Properties are included in the SPNOI calculation if they are
owned and operated for the entirety of the most recent two fiscal
year periods, except for properties for which significant
redevelopment or expansion occurred during either of the periods
presented, and properties that have been sold. While there is
judgment surrounding changes in designations, management moves new
development and redevelopment properties once they have stabilized,
which is typically upon attainment of 90% occupancy. A rollforward
of the properties included in the Company’s same property
designation is as follows:
Three Months Ended Nine Months Ended September 30,
2020 September 30, 2020 Beginning of the period
148
155
Properties removed: Redevelopments
-
(2)
Dispositions
(3)
(8)
End of the period
145
145
The Company calculates SPNOI using net income attributable to
common shareholders excluding net income attributable to
noncontrolling interests, other income (expense), income taxes and
equity in earnings of real estate joint ventures and partnerships.
Additionally to reconcile to SPNOI, the Company excludes the
effects of property management fees, certain non-cash revenues and
expenses such as straight-line rental revenue and the related
reversal of such amounts upon early lease termination, depreciation
and amortization, impairment losses, general and administrative
expenses and other items such as lease cancellation income,
environmental abatement costs, demolition expenses and lease
termination fees. Consistent with the capital treatment of such
costs under GAAP, tenant improvements, leasing commissions and
other direct leasing costs are excluded from SPNOI. A
reconciliation of net income attributable to common shareholders to
SPNOI is as follows (in thousands):
Three Months Ended
Nine Months Ended
September 30,
September 30,
2020
2019
2020
2019
(Unaudited)
(Unaudited)
Net income attributable to common shareholders $
25,089
$
106,742
$
89,079
$
240,217
Add: Net income attributable to noncontrolling interests
2,372
1,767
5,007
5,066
Provision for income taxes
195
21
710
682
Interest expense, net
15,044
13,820
45,422
44,062
Property management fees
918
657
2,825
2,213
Depreciation and amortization
37,946
33,380
112,229
102,319
Impairment loss
—
—
44
74
General and administrative
10,245
8,432
25,472
26,893
Other (1)
303
836
470
2,825
Less: Gain on sale of property
(10,268)
(74,115)
(31,742)
(143,963)
Equity in earnings of real estate joint ventures and partnership
interests, net
(4,814)
(5,698)
(35,339)
(17,780)
Interest and other income, net
(2,749)
(1,104)
(2,214)
(7,409)
Other (2)
(3,439)
(4,775)
552
(11,054)
Adjusted income
70,842
79,963
212,515
244,145
Less: Adjusted income related to consolidated entities not defined
as same property and noncontrolling interests
(5,632)
(7,985)
(17,861)
(27,465)
Add: Pro rata share of unconsolidated entities defined as same
property
7,787
7,436
22,190
22,001
Same Property Net Operating Income $
72,997
$
79,414
$
216,844
$
238,681
______________________________
(1)
Other includes items such as
environmental abatement costs, demolition expenses and lease
termination fees.
(2)
Other consists primarily of
straight-line rentals, lease cancellation income and fee income
primarily from real estate joint ventures and partnerships.
Earnings Before Interest, Taxes,
Depreciation and Amortization for Real Estate
NAREIT defines EBITDAre as net income computed in accordance
with GAAP, plus interest expense, income tax expense (benefit),
depreciation and amortization and impairment of depreciable real
estate and in substance real estate equity investments; plus or
minus gains or losses from sales of certain real estate assets and
interests in real estate equity investments; and adjustments to
reflect our share of unconsolidated real estate joint ventures and
partnerships for these items. The Company calculates EBITDAre in a
manner consistent with the NAREIT definition.
As mentioned above, NAREIT FFO is a widely recognized measure of
REIT operating performance which provides our shareholders with a
relevant basis for comparing earnings performance among other REITs
based upon the unique capital structure of each REIT. However as a
basis of comparability that is independent of a company's capital
structure, management believes that since EBITDA is a widely known
and understood measure of performance, EBITDAre will represent an
additional supplemental non-GAAP performance measure that will
provide investors with a relevant basis for comparing REITs. There
can be no assurance that EBITDAre as presented by the Company is
comparable to similarly titled measures of other REITs.
The Company also presents Core EBITDAre as an additional
supplemental measure as it is more reflective of the core operating
performance of our portfolio of properties. Core EBITDAre is
defined as NAREIT EBITDAre excluding charges and gains related to
non-cash and non-operating transactions and other events that
hinder the comparability of operating results. Specific examples of
items excluded from Core EBITDAre include, but are not limited to,
gains or losses associated with the extinguishment of debt or other
liabilities, and transactional costs associated with development
activities. EBITDAre and Core EBITDAre should not be considered as
alternatives to net income or other measurements under GAAP as
indicators of operating performance or to cash flows from
operating, investing or financing activities as measures of
liquidity. EBITDAre and Core EBITDAre do not reflect working
capital changes, cash expenditures for capital improvements or
principal payments on indebtedness.
EBITDAre and Core EBITDAre is calculated as follows (in
thousands):
Three Months Ended Nine Months Ended September
30, September 30,
2020
2019
2020
2019
Earnings Before Interest, Taxes, Depreciation and Amortization
for Real Estate (EBITDAre): Net income $
27,461
$
108,509
$
94,086
$
245,283
Interest expense, net
15,044
13,820
45,422
44,062
Provision for income taxes
195
21
710
682
Depreciation and amortization of real estate
37,946
33,380
112,229
102,319
Impairment loss on operating properties and real estate equity
investments
—
—
44
74
Gain on sale of property and investment securities (1)
(10,263)
(74,114)
(31,740)
(144,703)
EBITDAre adjustments of unconsolidated real estate joint ventures
and partnerships, net (2)
5,036
3,795
(8,406)
10,062
Total EBITDAre
75,419
85,411
212,345
257,779
Adjustments for Core EBITDAre: Contract terminations
—
—
340
—
Other
—
10
—
10
Total Core EBITDAre $
75,419
$
85,421
$
212,685
$
257,789
______________________________
(1)
Includes a gain on sale of
non-operating assets of $.6 million and $.3 million for the three
months ended September 30, 2020 and 2019, respectively, and $.7
million and $.5 million for the nine months ended September 30,
2020 and 2019, respectively.
(2)
Includes a $.1 million and $23.5
million gain on the sale of operating properties for the three and
nine months ended September 30, 2020, respectively, and a $1.1
million gain on sale of operating properties for the nine months
ended September 30, 2019. Also includes $.3 million gain on sale of
non-operating assets for the nine months ended September 30,
2019.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201028006314/en/
Michelle Wiggs, Phone: (713) 866-6050
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