Spirit Realty Capital, Inc. (NYSE: SRC) ("Spirit" or the "Company"), a premier net-lease real estate investment trust ("REIT") that invests in single-tenant, operationally essential real estate, today reported its financial and operating results for the second quarter ended June 30, 2019.
SECOND QUARTER 2019 HIGHLIGHTS
CEO COMMENTS
"Spirit had a very productive quarter on all fronts as we continued to build on the momentum that started earlier this year. We accessed the capital markets to materially enhance our balance sheet and position us for growth, issuing $133 million of equity and $400 million in unsecured senior notes. We deployed $293 million for the acquisition of 104 properties and revenue producing capital expenditures, guided by our proprietary investment tools, while demonstrating consistent operations. We also retired one of our two remaining tranches of convertible notes and all our remaining Master Trust 2013 notes, unencumbering 267 properties and extending our weighted average debt maturities to 5.2 years. Finally, we are excited about the previously announced proposed sale of SMTA's Master Trust 2014 assets and the ultimate wind down of that company. This quarter marked the final turning point for Spirit to realize what we set out to achieve two years ago, to achieve a competitive cost of capital. This is a result of becoming a simple, pure-play triple net REIT that can provide predictable earnings and dividend growth for investors," stated Jackson Hsieh, President and Chief Executive Officer.
FINANCIAL RESULTS
Total revenues from continuing operations for the three months ended June 30, 2019 were $115.7 million, compared to $102.5 million for the same period in 2018. Total revenues from continuing operations for the six months ended June 30, 2019 were $228.3 million, compared to $206.0 million for the same period in 2018.
Net income attributable to common stockholders for the three months ended June 30, 2019 was $43.1 million, or $0.49 per diluted share, compared to $14.6 million, or $0.17 per diluted share, for the same period in 2018. Net income attributable to common stockholders for the six months ended June 30, 2019 was $84.1 million, or $0.96 per diluted share, compared to $42.7 million, or $0.50 per diluted share, for the same period in 2018.
FFO for the three months ended June 30, 2019 was $58.2 million, or $0.66 per diluted share, compared to $69.0 million, or $0.80 per diluted share, for the same period in 2018. FFO for the six months ended June 30, 2019 was $135.3 million, or $1.55 per diluted share, compared to $174.3 million, or $1.99 per diluted share, for the same period in 2018.
AFFO for the three months ended June 30, 2019 was $75.9 million, or $0.86 per diluted share, compared to $87.1 million, or $1.02 per diluted share, for the same period in 2018. AFFO for the six months ended June 30, 2019 was $149.7 million, or $1.72 per diluted share, compared to $182.4 million, or $2.09 per diluted share, for the same period in 2018.
PORTFOLIO HIGHLIGHTS
At June 30, 2019, Spirit's diversified real estate portfolio was occupied at 99.6% and was comprised of 1,563 owned properties, of which seven were vacant, and 43 properties securing mortgage loans.
BALANCE SHEET, LIQUIDITY & CAPITAL MARKETS
DIVIDEND
The Board of Directors declared a quarterly cash dividend of $0.625 per common share, representing an annualized rate of $2.50 per common share. The Board of Directors also declared a quarterly cash dividend of $0.375 per preferred share. The quarterly common dividend was paid on July 15, 2019 to shareholders of record as of June 28, 2019 and the preferred dividend was paid on June 28, 2019 to shareholders of record as of June 14, 2019.
2019 GUIDANCE
The Company is revising its full-year guidance for 2019:
(1) |
Assumes 9/20/19 close of Master Trust 2014 transaction. Expected results of the transaction include: |
|
- |
Reduction in related party fees from terminating the Asset Management Agreement and executing an interim agreement for $1.0 million in fees for the initial one-year term; |
|
- |
Reduction in related party fees from terminating the Property Management and Services Agreement; |
|
- |
Loss of preferred dividend income from SMTA as a result of SMTA repurchasing the preferred equity investment in SMTA; |
|
- |
Loss of interest income as a result of SMTA's retirement of the Master Trust 2014 notes; and |
|
- |
Loss of rental income from the related sale of the Pilot Travel Centers, net of interest expense upon extinguishment of related party note payable. |
The Company does not provide a reconciliation for its guidance range of AFFO per diluted share to net income available to common stockholders per diluted share, the most directly comparable forward looking GAAP financial measure, due to the inherent variability in timing and/or amount of various items that could impact net income available to common stockholders per diluted share, including, for example, gains/losses on debt extinguishment, impairments and other items that are outside the control of the Company.
EARNINGS WEBCAST AND CONFERENCE CALL TIME
The Company's second quarter 2019 earnings conference call is scheduled for Wednesday, August 7, 2019 at 9:30am Eastern Time. Interested parties can listen to the call via the following:
Internet: |
Go to www.spiritrealty.com and select the investor relations page at least 15 minutes prior to the start time of the call in order to register, download and install any necessary audio software. |
Phone: |
No access code required. |
(877) 407-9208 (Domestic) / (201) 493-6784 (International) |
Replay: |
Available through August 21, 2019 with access code 13692515. |
(844) 512-2921 (Domestic) / (412) 317-6671 (International) |
SUPPLEMENTAL PACKAGES
A supplemental financial and operating report and associated addenda that contain non-GAAP measures and other defined terms, along with this press release, have been posted to the investor relations page of the Company's website at www.spiritrealty.com.
ABOUT SPIRIT REALTY
Spirit Realty Capital, Inc. (NYSE: SRC) is a premier net-lease REIT that primarily invests in high-quality, operationally essential real estate, subject to long-term, net leases. Over the past decade, Spirit has become an industry leader and owner of income-producing, strategically located retail, industrial, office and other properties.
As of June 30, 2019, our diversified portfolio was comprised of 1,563 owned properties and 43 properties securing mortgage loans made by the Company. Our owned properties, with an aggregate gross leasable area of 29.3 million square feet, are leased to 255 tenants across 48 states and 32 industries. More information about Spirit Realty Capital can be found on the investor relations page of the Company's website at www.spiritrealty.com.
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. When used in this press release, the words "estimate," "anticipate," "expect," "believe," "intend," "may," "will," "should," "seek," "approximately" or "plan," or the negative of these words or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise, and Spirit may not be able to realize them. Spirit does not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following risks and uncertainties, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: industry and economic conditions; volatility and uncertainty in the financial markets, including potential fluctuations in the CPI; Spirit's success in implementing its business strategy and its ability to identify, underwrite, finance, consummate, integrate and manage diversifying acquisitions or investments; the financial performance of Spirit's retail tenants and the demand for retail space, particularly with respect to challenges being experienced by general merchandise retailers; Spirit's ability to diversify its tenant base; the nature and extent of future competition; increases in Spirit's costs of borrowing as a result of changes in interest rates and other factors; Spirit's ability to access debt and equity capital markets; Spirit's ability to pay down, refinance, restructure and/or extend its indebtedness as it becomes due; Spirit's ability and willingness to renew its leases upon expiration and to reposition its properties on the same or better terms upon expiration in the event such properties are not renewed by tenants or Spirit exercises its rights to replace existing tenants upon default; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect Spirit or its major tenants; Spirit's ability to manage its expanded operations; Spirit's ability and willingness to maintain its qualification as a REIT under the Internal Revenue Code of 1986, as amended; the ability of SMTA to satisfy the conditions to closing the proposed sale of the assets held in Master Trust 2014 (including its ability to obtain shareholder approval of such transaction); the timing of the completion of the sale of the Master Trust 2014 assets; Spirit's ability to manage and liquidate the remaining SMTA assets; and other risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters discussed in Spirit's most recent filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. While forward-looking statements reflect Spirit's good faith beliefs, they are not guarantees of future performance. Spirit disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by law.
NOTICE REGARDING NON-GAAP FINANCIAL MEASURES
In addition to U.S. GAAP financial measures, this press release and the referenced supplemental financial and operating report and related addenda contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Definitions of non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the Appendix of the supplemental financial and operating report, which can be found in the investor relations page of our website.
SPIRIT REALTY CAPITAL, INC. Consolidated Statements of Operations (In Thousands, Except Share and Per Share Data) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental income (1) |
|
$ |
106,506 |
|
|
$ |
98,236 |
|
|
$ |
210,573 |
|
|
$ |
199,743 |
|
Interest income on loans receivable |
|
|
920 |
|
|
|
294 |
|
|
|
1,906 |
|
|
|
1,289 |
|
Earned income from direct financing leases |
|
|
308 |
|
|
|
465 |
|
|
|
704 |
|
|
|
930 |
|
Related party fee income |
|
|
7,249 |
|
|
|
2,219 |
|
|
|
14,176 |
|
|
|
2,219 |
|
Other income |
|
|
762 |
|
|
|
1,245 |
|
|
|
979 |
|
|
|
1,817 |
|
Total revenues |
|
|
115,745 |
|
|
|
102,459 |
|
|
|
228,338 |
|
|
|
205,998 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
13,833 |
|
|
|
13,520 |
|
|
|
27,014 |
|
|
|
28,810 |
|
Property costs (including reimbursable) |
|
|
4,407 |
|
|
|
4,806 |
|
|
|
9,561 |
|
|
|
10,357 |
|
Deal pursuit costs |
|
|
173 |
|
|
|
70 |
|
|
|
244 |
|
|
|
117 |
|
Interest |
|
|
25,176 |
|
|
|
23,548 |
|
|
|
51,787 |
|
|
|
46,601 |
|
Depreciation and amortization |
|
|
41,342 |
|
|
|
39,942 |
|
|
|
82,691 |
|
|
|
80,636 |
|
Impairments |
|
|
3,607 |
|
|
|
1,478 |
|
|
|
7,299 |
|
|
|
4,975 |
|
Total expenses |
|
|
88,538 |
|
|
|
83,364 |
|
|
|
178,596 |
|
|
|
171,496 |
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) gain on debt extinguishment |
|
|
(14,676 |
) |
|
|
5,509 |
|
|
|
(5,893 |
) |
|
|
27,092 |
|
Gain (loss) on disposition of assets |
|
|
29,776 |
|
|
|
(860 |
) |
|
|
38,506 |
|
|
|
391 |
|
Preferred dividend income from SMTA |
|
|
3,750 |
|
|
|
1,250 |
|
|
|
7,500 |
|
|
|
1,250 |
|
Total other income |
|
|
18,850 |
|
|
|
5,899 |
|
|
|
40,113 |
|
|
|
28,733 |
|
Income from continuing operations before income tax expense |
|
|
46,057 |
|
|
|
24,994 |
|
|
|
89,855 |
|
|
|
63,235 |
|
Income tax expense |
|
|
(320 |
) |
|
|
(177 |
) |
|
|
(540 |
) |
|
|
(340 |
) |
Income from continuing operations |
|
|
45,737 |
|
|
|
24,817 |
|
|
|
89,315 |
|
|
|
62,895 |
|
Loss from discontinued operations |
|
|
? |
|
|
|
(7,653 |
) |
|
|
? |
|
|
|
(15,013 |
) |
Net income |
|
$ |
45,737 |
|
|
$ |
17,164 |
|
|
$ |
89,315 |
|
|
$ |
47,882 |
|
Dividends paid to preferred shareholders |
|
|
(2,588 |
) |
|
|
(2,588 |
) |
|
|
(5,176 |
) |
|
|
(5,176 |
) |
Net income attributable to common stockholders |
|
$ |
43,149 |
|
|
$ |
14,576 |
|
|
$ |
84,139 |
|
|
$ |
42,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to common stockholders - basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
0.49 |
|
|
$ |
0.26 |
|
|
$ |
0.97 |
|
|
$ |
0.65 |
|
Discontinued operations |
|
|
? |
|
|
|
(0.09 |
) |
|
|
? |
|
|
|
(0.15 |
) |
Net income per share attributable to common stockholders - basic |
|
$ |
0.49 |
|
|
$ |
0.17 |
|
|
$ |
0.97 |
|
|
$ |
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to common stockholders - diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
0.49 |
|
|
$ |
0.26 |
|
|
$ |
0.96 |
|
|
$ |
0.65 |
|
Discontinued operations |
|
|
? |
|
|
|
(0.09 |
) |
|
|
? |
|
|
|
(0.15 |
) |
Net income per share attributable to common stockholders - diluted |
|
$ |
0.49 |
|
|
$ |
0.17 |
|
|
$ |
0.96 |
|
|
$ |
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
87,001,987 |
|
|
|
85,627,324 |
|
|
|
86,253,698 |
|
|
|
87,291,718 |
|
Diluted |
|
|
87,890,699 |
|
|
|
85,804,263 |
|
|
|
86,779,297 |
|
|
|
87,403,230 |
|
(1)
|
Included in rental income is $0.6 million of net bad debt expense recoveries for the three months ended June 30, 2019 and $0.3 million of bad debt expense for the six months ended June 30, 2019. There was no bad debt expense included in continuing operations for the three and six months ended June 30, 2018. |
SPIRIT REALTY CAPITAL, INC. Consolidated Balance Sheets (In Thousands, Except Share and Per Share Data) (Unaudited) |
||||||||
|
|
June 30, 2019 |
|
|
December 31, 2018 |
|
||
Assets |
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
Real estate investments: |
|
|
|
|
|
|
|
|
Land and improvements |
|
$ |
1,724,383 |
|
|
$ |
1,632,664 |
|
Buildings and improvements |
|
|
3,352,610 |
|
|
|
3,125,053 |
|
Total real estate investments |
|
|
5,076,993 |
|
|
|
4,757,717 |
|
Less: accumulated depreciation |
|
|
(669,696 |
) |
|
|
(621,456 |
) |
|
|
|
4,407,297 |
|
|
|
4,136,261 |
|
Loans receivable, net |
|
|
38,220 |
|
|
|
47,044 |
|
Intangible lease assets, net |
|
|
297,749 |
|
|
|
294,463 |
|
Real estate assets under direct financing leases, net |
|
|
16,371 |
|
|
|
20,289 |
|
Real estate assets held for sale, net |
|
|
9,362 |
|
|
|
18,203 |
|
Net investments |
|
|
4,768,999 |
|
|
|
4,516,260 |
|
Cash and cash equivalents |
|
|
9,984 |
|
|
|
14,493 |
|
Deferred costs and other assets, net |
|
|
119,960 |
|
|
|
156,428 |
|
Investment in Master Trust 2014 |
|
|
33,490 |
|
|
|
33,535 |
|
Preferred equity investment in SMTA |
|
|
150,000 |
|
|
|
150,000 |
|
Goodwill |
|
|
225,600 |
|
|
|
225,600 |
|
Total assets |
|
$ |
5,308,033 |
|
|
$ |
5,096,316 |
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Revolving credit facilities |
|
$ |
? |
|
|
$ |
146,300 |
|
Term loans, net |
|
|
814,336 |
|
|
|
419,560 |
|
Senior Unsecured Notes, net |
|
|
691,940 |
|
|
|
295,767 |
|
Mortgages and notes payable, net |
|
|
286,312 |
|
|
|
463,196 |
|
Convertible Notes, net |
|
|
333,427 |
|
|
|
729,814 |
|
Total debt, net |
|
|
2,126,015 |
|
|
|
2,054,637 |
|
Intangible lease liabilities, net |
|
|
118,477 |
|
|
|
120,162 |
|
Accounts payable, accrued expenses and other liabilities |
|
|
134,081 |
|
|
|
119,768 |
|
Total liabilities |
|
|
2,378,573 |
|
|
|
2,294,567 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Preferred stock and paid in capital, $0.01 par value, 20,000,000 shares authorized: 6,900,000 shares issued and outstanding at both June 30, 2019 and December 31, 2018 |
|
|
166,177 |
|
|
|
166,177 |
|
Common stock, $0.05 par value, 175,000,000 shares authorized: 90,110,727 and 85,787,355 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively |
|
|
4,506 |
|
|
|
4,289 |
|
Capital in excess of common stock par value |
|
|
5,165,396 |
|
|
|
4,995,697 |
|
Accumulated deficit |
|
|
(2,385,685 |
) |
|
|
(2,357,255 |
) |
Accumulated other comprehensive loss |
|
|
(20,934 |
) |
|
|
(7,159 |
) |
Total stockholders' equity |
|
|
2,929,460 |
|
|
|
2,801,749 |
|
Total liabilities and stockholders' equity |
|
$ |
5,308,033 |
|
|
$ |
5,096,316 |
|
SPIRIT REALTY CAPITAL, INC. Reconciliation of Non-GAAP Financial Measures (In Thousands, Except Share and Per Share Data) (Unaudited) |
||||||||||||||||
FFO and AFFO |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
Net income attributable to common stockholders |
|
$ |
43,149 |
|
|
$ |
14,576 |
|
|
$ |
84,139 |
|
|
$ |
42,706 |
|
Add / (less): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio depreciation and amortization |
|
|
41,200 |
|
|
|
53,838 |
|
|
|
82,407 |
|
|
|
115,814 |
|
Portfolio impairments |
|
|
3,607 |
|
|
|
1,349 |
|
|
|
7,299 |
|
|
|
15,918 |
|
Gain on disposition of assets |
|
|
(29,776 |
) |
|
|
(722 |
) |
|
|
(38,506 |
) |
|
|
(117 |
) |
FFO attributable to common stockholders |
|
$ |
58,180 |
|
|
$ |
69,041 |
|
|
$ |
135,339 |
|
|
$ |
174,321 |
|
Add / (less): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on debt extinguishment |
|
|
14,676 |
|
|
|
(5,401 |
) |
|
|
5,893 |
|
|
|
(26,729 |
) |
Deal pursuit costs |
|
|
173 |
|
|
|
408 |
|
|
|
244 |
|
|
|
456 |
|
Transaction costs |
|
|
? |
|
|
|
16,033 |
|
|
|
? |
|
|
|
19,965 |
|
Non-cash interest expense |
|
|
3,694 |
|
|
|
6,263 |
|
|
|
8,431 |
|
|
|
13,804 |
|
Accrued interest and fees on defaulted loans |
|
|
? |
|
|
|
295 |
|
|
|
285 |
|
|
|
851 |
|
Straight-line rent, net of related bad debt expense |
|
|
(4,485 |
) |
|
|
(4,187 |
) |
|
|
(7,392 |
) |
|
|
(8,644 |
) |
Other amortization and non-cash charges |
|
|
(270 |
) |
|
|
(89 |
) |
|
|
(595 |
) |
|
|
(694 |
) |
Non-cash compensation expense |
|
|
3,883 |
|
|
|
4,739 |
|
|
|
7,461 |
|
|
|
9,105 |
|
AFFO attributable to common stockholders |
|
$ |
75,851 |
|
|
$ |
87,102 |
|
|
$ |
149,666 |
|
|
$ |
182,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared to common stockholders |
|
$ |
56,318 |
|
|
$ |
77,143 |
|
|
$ |
110,572 |
|
|
$ |
155,724 |
|
Dividends declared as a percent of AFFO |
|
|
74 |
% |
|
|
89 |
% |
|
|
74 |
% |
|
|
85 |
% |
Net income per share of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (1) |
|
$ |
0.49 |
|
|
$ |
0.17 |
|
|
$ |
0.97 |
|
|
$ |
0.50 |
|
Diluted (1) |
|
$ |
0.49 |
|
|
$ |
0.17 |
|
|
$ |
0.96 |
|
|
$ |
0.50 |
|
FFO per share of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (1) |
|
$ |
0.66 |
|
|
$ |
0.80 |
|
|
$ |
1.55 |
|
|
$ |
1.99 |
|
AFFO per share of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (1) |
|
$ |
0.86 |
|
|
$ |
1.02 |
|
|
$ |
1.72 |
|
|
$ |
2.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
87,001,987 |
|
|
|
85,627,324 |
|
|
|
86,253,698 |
|
|
|
87,291,718 |
|
Diluted |
|
|
87,890,699 |
|
|
|
85,804,263 |
|
|
|
86,779,297 |
|
|
|
87,403,230 |
|
(1)
|
For the three months ended June 30, 2019 and 2018, dividends paid to unvested restricted stockholders of $0.2 million and $0.3 million, respectively, are deducted from FFO and AFFO attributable to common stockholders in the computation of per share amounts. For the six months ended June 30, 2019 and 2018, dividends paid to unvested restricted stockholders of $0.5 million and $0.7 million, respectively, are deducted from FFO and AFFO attributable to common stockholders in the computation of per share amounts.
For the three months ended June 30, 2019, undistributed earnings allocated to unvested restricted stockholders of $0.1 million are deducted from AFFO attributable to common stockholders in the computation of the per share amount. For the six months ended June 30, 2019, undistributed earnings allocated to unvested restricted stockholders of $0.1 million and $0.2 million are deducted from FFO and AFFO, respectively, attributable to common stockholders in the computation of per share amounts. For the six months ended June 30, 2018, undistributed earnings allocated to unvested restricted stockholders of $0.1 million are deducted from both FFO and AFFO attributable to common stockholders in the computation of per share amounts. |
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