Urban Edge Properties (NYSE: UE) (the "Company") today announced its results for the quarter ended September 30, 2021.
"Urban Edge had a great third quarter reflecting strong execution across all departments," said Jeff Olson, Chairman and CEO. "Our occupancy growth came from both new anchor tenants and record shop leasing activity while our external growth opportunities are more visible based on our increasing acquisition pipeline."
Financial Results(1)(2)
Operating Results(1)(3)
Balance Sheet and Liquidity(1)(4)
Balance sheet highlights as of September 30, 2021 include:
Leasing, Development and Redevelopment
The Company commenced $18.3 million of redevelopment projects during the third quarter in connection with the following lease executions:
The Company has $152.4 million of active redevelopment projects under way, of which $91.1 million remains to be funded. These projects are expected to generate an approximate 8% unleveraged yield.
On September 29, 2021, the Company reached an agreement to terminate its remaining three leases with Kmart and Sears at Bruckner Commons, Sunrise Mall and The Outlets at Montehiedra for $20 million, effective October 15, 2021. Controlling these anchor spaces is a critical aspect of the value creation plans the Company has under way to reposition these spaces with uses that appeal to the respective communities where the properties are located.
The Company has signed leases that have not yet rent commenced that will generate an additional $16 million of future annual gross rent, representing approximately 7% of current NOI. Approximately $13 million of this amount pertains to leases included in Active Redevelopment Projects.
Acquisition and Disposition Activity
In August, the Company acquired two industrial warehouses aggregating 275,000 sf, for a total purchase price of $55.5 million. The two properties, located at 601 Murray Road and 151 Ridgedale Avenue, are adjacent to our existing 943,000 sf warehouse park in East Hanover, NJ.
During the quarter, the Company sold its property in Westfield, NJ, for $5.5 million, generating proceeds of $0.8 million, net of the repayment of the $4.7 million loan secured by the property. The Company also disposed of its property in Turnersville, NJ for a sales price of $11.8 million. The proceeds from the sale of this property will be utilized to satisfy the reverse 1031 exchange set up in connection with the acquisition of 151 Ridgedale Avenue, allowing for the deferral of capital gains from the sale.
The weighted average capitalization rate on properties sold during the quarter is approximately 6%.
(1) | Refer to "Non-GAAP Financial Measures" and "Operating Metrics" for definitions and additional detail. |
|
(2) | Refer to page 8 for a reconciliation of net income to FFO and FFO as Adjusted for the quarter ended September 30, 2021. |
|
(3) | Refer to page 9 for a reconciliation of net income to NOI and Same-Property NOI for the quarter ended September 30, 2021. |
|
(4) | Net debt as of September 30, 2021 is calculated as total consolidated debt of $1.6 billion less total cash and cash equivalents, including restricted cash, of $323 million. |
Non-GAAP Financial Measures
The Company uses certain non-GAAP performance measures, in addition to the primary GAAP presentations, as we believe these measures improve the understanding of the Company's operational results. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the investing public, and thus such reported measures are subject to change. The Company's non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results. Additionally, the Company's computation of non-GAAP metrics may not be comparable to similarly titled non-GAAP metrics reported by other REITs or real estate companies that define these metrics differently and, as a result, it is important to understand the manner in which the Company defines and calculates each of its non-GAAP metrics. The following non-GAAP measures are commonly used by the Company and investing public to understand and evaluate our operating results and performance:
The Company believes net income is the most directly comparable GAAP financial measure to the non-GAAP performance measures outlined above. Reconciliations of these measures to net income have been provided in the tables accompanying this press release.
Operating Metrics
The Company presents certain operating metrics related to our properties, including occupancy, leasing activity and rental rates. Operating metrics are used by the Company and are useful to investors in facilitating an understanding of the operational performance for our properties.
Occupancy metrics represent the percentage of occupied gross leasable area based on executed leases (including properties in development and redevelopment) and include leases signed, but for which rent has not yet commenced. Same-property portfolio leased occupancy includes properties that have been owned and operated for the entirety of the reporting periods being compared, which total 71 and 69 properties for the three and nine months ended September 30, 2021 and 2020, respectively. Occupancy metrics presented for the Company's same-property portfolio excludes properties under development, redevelopment or that involve anchor repositioning where a substantial portion of the gross leasable area is taken out of service and also excludes properties acquired within the past 12 months or properties sold during the periods being compared.
Executed new leases, renewals and exercised options are presented on a same-space basis. Same-space leases represent those leases signed on spaces for which there was a previous lease.
ADDITIONAL INFORMATION
For a copy of the Company's supplemental disclosure package, please access the "Investors" section of our website at www.uedge.com. Our website also includes other financial information, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports.
ABOUT URBAN EDGE
Urban Edge Properties is a NYSE listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the New York metropolitan region. Urban Edge owns 75 properties totaling 16.4 million square feet of gross leasable area.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this Press Release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can identify many of these statements by words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this Press Release. Many of the factors that will determine the outcome of forward-looking statements are beyond our ability to control or predict and include, among others: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including its impact on our retail tenants and their ability to make rent and other payments or honor their commitments under existing leases; (ii) the loss or bankruptcy of major tenants; (iii) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration, the Company's ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (iv) the impact of e-commerce on our tenants' business; (v) macroeconomic conditions, such as a disruption of, or lack of access to the capital markets, as well as potential volatility in the Company's share price; (vi) the Company's success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (vii) changes in general economic conditions or economic conditions in the markets in which the Company competes, and their effect on the Company's revenues, earnings and funding sources, and on those of its tenants; (viii) increases in the Company's borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR; (ix) the Company's ability to pay down, refinance, restructure or extend its indebtedness as it becomes due and potential limitations on the Company's ability to borrow funds under its existing credit facility as a result of covenants relating to the Company's financial results; (x) potentially higher costs associated with the Company's development, redevelopment and anchor repositioning projects, and the Company's ability to lease the properties at projected rates; (xi) the Company's liability for environmental matters; (xii) damage to the Company's properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiii) the Company's ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches; and (xv) the loss of key executives. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Risk Factors" in Part I, Item 1A, of the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and the other documents filed by the Company with the Securities and Exchange Commission.
For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this Press Release. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this Press Release.
URBAN EDGE PROPERTIES |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(In thousands, except share and per share amounts) |
|||||||
|
September 30, |
|
December 31, |
||||
|
2021 |
|
2020 |
||||
ASSETS |
|
|
|
||||
Real estate, at cost: |
|
|
|
||||
Land |
$ |
557,890 |
|
|
$ |
568,662 |
|
Buildings and improvements |
2,364,061 |
|
|
2,326,450 |
|
||
Construction in progress |
108,915 |
|
|
44,689 |
|
||
Furniture, fixtures and equipment |
7,519 |
|
|
7,016 |
|
||
Total |
3,038,385 |
|
|
2,946,817 |
|
||
Accumulated depreciation and amortization |
(768,329 |
) |
|
(730,366 |
) |
||
Real estate, net |
2,270,056 |
|
|
2,216,451 |
|
||
Right-of-use assets |
75,654 |
|
|
80,997 |
|
||
Cash and cash equivalents |
268,952 |
|
|
384,572 |
|
||
Restricted cash |
53,840 |
|
|
34,681 |
|
||
Tenant and other receivables |
18,178 |
|
|
15,673 |
|
||
Receivable arising from the straight-lining of rents |
61,444 |
|
|
62,106 |
|
||
Identified intangible assets, net of accumulated amortization of $37,582 and $37,009, respectively |
50,719 |
|
|
56,184 |
|
||
Deferred leasing costs, net of accumulated amortization of $16,915 and $16,419, respectively |
17,413 |
|
|
18,585 |
|
||
Prepaid expenses and other assets |
65,565 |
|
|
70,311 |
|
||
Total assets |
$ |
2,881,821 |
|
|
$ |
2,939,560 |
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
||||
Liabilities: |
|
|
|
||||
Mortgages payable, net |
$ |
1,573,702 |
|
|
$ |
1,587,532 |
|
Lease liabilities |
70,071 |
|
|
74,972 |
|
||
Accounts payable, accrued expenses and other liabilities |
94,514 |
|
|
132,980 |
|
||
Identified intangible liabilities, net of accumulated amortization of $83,596 and $71,375, respectively |
128,479 |
|
|
148,183 |
|
||
Total liabilities |
1,866,766 |
|
|
1,943,667 |
|
||
Commitments and contingencies |
|
|
|
||||
Shareholders' equity: |
|
|
|
||||
Common shares: $0.01 par value; 500,000,000 shares authorized and 117,137,788 and 117,014,317 shares issued and outstanding, respectively |
1,170 |
|
|
1,169 |
|
||
Additional paid-in capital |
997,085 |
|
|
989,863 |
|
||
Accumulated deficit |
(31,968 |
) |
|
(39,467 |
) |
||
Noncontrolling interests: |
|
|
|
||||
Operating partnership |
40,006 |
|
|
38,456 |
|
||
Consolidated subsidiaries |
8,762 |
|
|
5,872 |
|
||
Total equity |
1,015,055 |
|
|
995,893 |
|
||
Total liabilities and equity |
$ |
2,881,821 |
|
|
$ |
2,939,560 |
|
URBAN EDGE PROPERTIES |
|||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||||||
(In thousands, except share and per share amounts) |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
REVENUE |
|
|
|
|
|
|
|
||||||||
Rental revenue |
$ |
105,985 |
|
|
$ |
75,359 |
|
|
$ |
294,257 |
|
|
$ |
241,624 |
|
Management and development fees |
280 |
|
|
404 |
|
|
911 |
|
|
1,003 |
|
||||
Other income |
574 |
|
|
75 |
|
|
1,338 |
|
|
190 |
|
||||
Total revenue |
106,839 |
|
|
75,838 |
|
|
296,506 |
|
|
242,817 |
|
||||
EXPENSES |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
23,171 |
|
|
22,888 |
|
|
68,534 |
|
|
69,658 |
|
||||
Real estate taxes |
15,862 |
|
|
14,916 |
|
|
47,826 |
|
|
44,778 |
|
||||
Property operating |
15,692 |
|
|
13,436 |
|
|
51,874 |
|
|
39,867 |
|
||||
General and administrative |
10,134 |
|
|
8,700 |
|
|
28,286 |
|
|
36,600 |
|
||||
Casualty and impairment loss |
372 |
|
|
? |
|
|
372 |
|
|
? |
|
||||
Lease expense |
3,164 |
|
|
3,415 |
|
|
9,665 |
|
|
10,200 |
|
||||
Total expenses |
68,395 |
|
|
63,355 |
|
|
206,557 |
|
|
201,103 |
|
||||
Gain on sale of real estate |
6,926 |
|
|
? |
|
|
18,648 |
|
|
39,775 |
|
||||
Interest income |
77 |
|
|
282 |
|
|
303 |
|
|
2,387 |
|
||||
Interest and debt expense |
(14,638 |
) |
|
(18,136 |
) |
|
(44,193 |
) |
|
(53,884 |
) |
||||
Gain on extinguishment of debt |
? |
|
|
? |
|
|
? |
|
|
34,908 |
|
||||
Income (loss) before income taxes |
30,809 |
|
|
(5,371 |
) |
|
64,707 |
|
|
64,900 |
|
||||
Income tax benefit (expense) |
(704 |
) |
|
(459 |
) |
|
(905 |
) |
|
13,103 |
|
||||
Net income (loss) |
30,105 |
|
|
(5,830 |
) |
|
63,802 |
|
|
78,003 |
|
||||
Less net (income) loss attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
||||||||
Operating partnership |
(1,149 |
) |
|
225 |
|
|
(2,608 |
) |
|
(3,373 |
) |
||||
Consolidated subsidiaries |
(1,190 |
) |
|
? |
|
|
(961 |
) |
|
? |
|
||||
Net income (loss) attributable to common shareholders |
$ |
27,766 |
|
|
$ |
(5,605 |
) |
|
$ |
60,233 |
|
|
$ |
74,630 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per common share - Basic: |
$ |
0.24 |
|
|
$ |
(0.05 |
) |
|
$ |
0.51 |
|
|
$ |
0.63 |
|
Earnings (loss) per common share - Diluted: |
$ |
0.24 |
|
|
$ |
(0.05 |
) |
|
$ |
0.51 |
|
|
$ |
0.63 |
|
Weighted average shares outstanding - Basic |
117,087 |
|
|
116,625 |
|
|
117,009 |
|
|
118,033 |
|
||||
Weighted average shares outstanding - Diluted |
117,137 |
|
|
116,625 |
|
|
122,212 |
|
|
118,111 |
|
Reconciliation of Net Income (Loss) to FFO and FFO as Adjusted
The following table reflects the reconciliation of net income to FFO and FFO as Adjusted for the three and nine months ended September 30, 2021 and 2020, respectively. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 3 for a description of FFO and FFO as Adjusted.
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(Amounts in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net income (loss) |
$ |
30,105 |
|
|
$ |
(5,830 |
) |
|
$ |
63,802 |
|
|
$ |
78,003 |
|
Less net (income) loss attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
||||||||
Operating partnership |
(1,149 |
) |
|
225 |
|
|
(2,608 |
) |
|
(3,373 |
) |
||||
Consolidated subsidiaries |
(1,190 |
) |
|
? |
|
|
(961 |
) |
|
? |
|
||||
Net income (loss) attributable to common shareholders |
27,766 |
|
|
(5,605 |
) |
|
60,233 |
|
|
74,630 |
|
||||
Adjustments: |
|
|
|
|
|
|
|
||||||||
Rental property depreciation and amortization |
22,941 |
|
|
22,710 |
|
|
67,898 |
|
|
69,102 |
|
||||
Gain on sale of real estate |
(6,926 |
) |
|
? |
|
|
(18,648 |
) |
|
(39,775 |
) |
||||
Limited partnership interests in operating partnership |
1,149 |
|
|
(225 |
) |
|
2,608 |
|
|
3,373 |
|
||||
Real estate impairment loss |
372 |
|
|
? |
|
|
372 |
|
|
? |
|
||||
FFO Applicable to diluted common shareholders |
45,302 |
|
|
16,880 |
|
|
112,463 |
|
|
107,330 |
|
||||
FFO per diluted common share(1) |
0.37 |
|
|
0.14 |
|
|
0.92 |
|
|
0.87 |
|
||||
Adjustments to FFO: |
|
|
|
|
|
|
|
||||||||
Impact of lease terminations(2) |
(11,078 |
) |
|
? |
|
|
(11,078 |
) |
|
? |
|
||||
(Reinstatement)/write-off of receivables arising from the straight-lining of rents, net |
(716 |
) |
|
4,656 |
|
|
(82 |
) |
|
10,704 |
|
||||
Tenant bankruptcy settlement income |
(464 |
) |
|
? |
|
|
(752 |
) |
|
? |
|
||||
Transaction, severance and other expenses |
526 |
|
|
77 |
|
|
271 |
|
|
1,368 |
|
||||
Tax impact of Puerto Rico transactions |
37 |
|
|
1,205 |
|
|
(453 |
) |
|
(12,161 |
) |
||||
Gain on extinguishment of debt |
? |
|
|
? |
|
|
? |
|
|
(34,908 |
) |
||||
Executive transition costs |
? |
|
|
? |
|
|
? |
|
|
7,152 |
|
||||
FFO as Adjusted applicable to diluted common shareholders |
$ |
33,607 |
|
|
$ |
22,818 |
|
|
$ |
100,369 |
|
|
$ |
79,485 |
|
FFO as Adjusted per diluted common share(1) |
$ |
0.28 |
|
|
$ |
0.19 |
|
|
$ |
0.82 |
|
|
$ |
0.65 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average diluted common shares(1) |
121,987 |
|
|
121,378 |
|
|
122,212 |
|
|
123,174 |
(1) | Weighted average diluted shares used to calculate FFO per share and FFO as Adjusted per share for the three months ended September 30, 2021 and 2020 and the nine months ended September 30, 2020 are higher than the GAAP weighted average diluted shares as a result of the dilutive impact of LTIP and OP units which may be redeemed for our common shares. |
|
(2) | During the third quarter, net income includes $12.5 million of accelerated amortization of below-market lease intangibles resulting from the termination of our leases with Kmart and Sears. The $11.1 million adjustment to FFO in calculating FFO as Adjusted is net of the $1.4 million attributable to the noncontrolling interest in Sunrise Mall. |
Reconciliation of Net Income (Loss) to NOI and Same-Property NOI
The following table reflects the reconciliation of net income to NOI, same-property NOI and same-property NOI including properties in redevelopment for the three and nine months ended September 30, 2021 and 2020, respectively. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 3 for a description of NOI and same-property NOI.
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(Amounts in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net income (loss) |
$ |
30,105 |
|
|
$ |
(5,830 |
) |
|
$ |
63,802 |
|
|
$ |
78,003 |
|
Management and development fee income from non-owned properties |
(280 |
) |
|
(404 |
) |
|
(911 |
) |
|
(1,003 |
) |
||||
Other expense |
205 |
|
|
257 |
|
|
387 |
|
|
713 |
|
||||
Depreciation and amortization |
23,171 |
|
|
22,888 |
|
|
68,534 |
|
|
69,658 |
|
||||
General and administrative expense |
10,134 |
|
|
8,700 |
|
|
28,286 |
|
|
36,600 |
|
||||
Gain on sale of real estate |
(6,926 |
) |
|
? |
|
|
(18,648 |
) |
|
(39,775 |
) |
||||
Interest income |
(77 |
) |
|
(282 |
) |
|
(303 |
) |
|
(2,387 |
) |
||||
Interest and debt expense |
14,638 |
|
|
18,136 |
|
|
44,193 |
|
|
53,884 |
|
||||
Gain on extinguishment of debt |
? |
|
|
? |
|
|
? |
|
|
(34,908 |
) |
||||
Income tax expense (benefit) |
704 |
|
|
459 |
|
|
905 |
|
|
(13,103 |
) |
||||
Real estate impairment loss |
372 |
|
|
? |
|
|
372 |
|
|
? |
|
||||
Non-cash revenue and expenses |
(15,237 |
) |
|
2,095 |
|
|
(18,992 |
) |
|
3,338 |
|
||||
NOI(1) |
56,809 |
|
|
46,019 |
|
|
167,625 |
|
|
151,020 |
|
||||
Adjustments: |
|
|
|
|
|
|
|
||||||||
Non-same property NOI and other(2) |
(600 |
) |
|
(1,828 |
) |
|
(6,406 |
) |
|
(10,205 |
) |
||||
Tenant bankruptcy settlement income and lease termination income |
(533 |
) |
|
(251 |
) |
|
(1,294 |
) |
|
(758 |
) |
||||
Same-property NOI |
$ |
55,676 |
|
|
$ |
43,940 |
|
|
$ |
159,925 |
|
|
$ |
140,057 |
|
NOI related to properties being redeveloped |
1,019 |
|
|
931 |
|
|
2,778 |
|
|
3,271 |
|
||||
Same-property NOI including properties in redevelopment |
$ |
56,695 |
|
|
$ |
44,871 |
|
|
$ |
162,703 |
|
|
$ |
143,328 |
|
(1) | The Company has historically defined this metric as "Cash NOI." There have been no changes to the calculation. |
|
(2) | Non-same property NOI includes NOI related to properties being redeveloped and properties acquired or disposed in the period. Amounts for 2021 include Sunrise Mall which generated a net loss for the three and nine months ended September 30, 2021, respectively. |
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
The following table reflects the reconciliation of net income to EBITDAre and Adjusted EBITDAre for the three and nine months ended September 30, 2021 and 2020, respectively. Net income is considered the most directly comparable GAAP measure. Refer to "Non-GAAP Financial Measures" on page 3 for a description of EBITDAre and Adjusted EBITDAre.
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(Amounts in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net income (loss) |
$ |
30,105 |
|
|
$ |
(5,830 |
) |
|
$ |
63,802 |
|
|
$ |
78,003 |
|
Depreciation and amortization |
23,171 |
|
|
22,888 |
|
|
68,534 |
|
|
69,658 |
|
||||
Interest and debt expense |
14,638 |
|
|
18,136 |
|
|
44,193 |
|
|
53,884 |
|
||||
Income tax expense (benefit) |
704 |
|
|
459 |
|
|
905 |
|
|
(13,103 |
) |
||||
Gain on sale of real estate |
(6,926 |
) |
|
? |
|
|
(18,648 |
) |
|
(39,775 |
) |
||||
Real estate impairment loss |
372 |
|
|
? |
|
|
372 |
|
|
? |
|
||||
EBITDAre |
62,064 |
|
|
35,653 |
|
|
159,158 |
|
|
148,667 |
|
||||
Adjustments for Adjusted EBITDAre: |
|
|
|
|
|
|
|
||||||||
Impact of lease terminations(1) |
(12,481 |
) |
|
? |
|
|
(12,481 |
) |
|
? |
|
||||
(Reinstatement)/write-off of receivables arising from the straight-lining of rents, net |
(716 |
) |
|
4,656 |
|
|
(82 |
) |
|
10,704 |
|
||||
Tenant bankruptcy settlement income |
(464 |
) |
|
? |
|
|
(752 |
) |
|
? |
|
||||
Transaction, severance and other expenses |
526 |
|
|
77 |
|
|
271 |
|
|
1,368 |
|
||||
Gain on extinguishment of debt |
? |
|
|
? |
|
|
? |
|
|
(34,908 |
) |
||||
Executive transition costs |
? |
|
|
? |
|
|
? |
|
|
7,152 |
|
||||
Adjusted EBITDAre |
$ |
48,929 |
|
|
$ |
40,386 |
|
|
$ |
146,114 |
|
|
$ |
132,983 |
|
(1) | Amount reflects accelerated amortization of $12.5 million of below-market intangible liabilities (classified within property rental revenues in the consolidated statements of income). |
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