IRET Announces Financial And Operating Results For The Quarter And Fiscal Year Ended April 30, 2017
Chief Executive Officer
Fourth Quarter Fiscal Year 2017 Highlights
- Total revenue was
$54.3 million , up 12.0% from the fourth quarter of fiscal year 2016. - Net income available to common shareholders was
$28.0 million compared to$8.1 million for the fourth quarter of fiscal year 2016. The increase was primarily due to an increase in gains on sale of discontinued operations. - Funds from Operations ("FFO") was
$10.2 million , or$0.07 per share/unit. - Excluding one-time items, including
$3.2 million in lease termination fee income, a$3.2 million write off of development pursuit costs,$2.9 million in loss on debt extinguishment and$1.2 million in severance costs net of reduced share based compensation, FFO would have been$0.11 per share/unit. - Disposed of 22 properties, including 19 senior housing properties, 2 medical office properties and 1 multifamily property for a total sales price of
$155.4 million with a gain on sale of$37.5 million , netting approximately$126.2 million in proceeds after repayment of debt. - Subsequent to quarter end, in May, acquired Oxbō Apartments, a 191-unit multifamily property in
St. Paul, Minnesota for$61.5 million . - In April, implemented leadership transformation, promoting
Mark O. Decker , Jr. to Chief Executive Officer in addition to President. Also,Jeffrey P. Caira was appointed Chairman of theBoard of Trustees ,John A. Kirchmann was named Executive Vice President, andAnne Olson was named Executive Vice President, General Counsel and Corporate Secretary. Subsequent to quarter end, in June,Susan J. Picotte was named Vice President of Asset Management.
Fiscal Year 2017 Highlights
- Total revenue was
$205.7 million , up 9.2% from fiscal year 2016. - Net income available to common shareholders was
$31.4 million compared to$60.5 million for the prior fiscal year. The decrease was primarily due to net gain on extinguishment of debt in discontinued operations that was recognized in the prior period and an increase in non-cash impairment expense attributable to IRET, net of an increase in gains on sale of real estate. - FFO was
$55.2 million , or$0.40 per share/unit. - Excluding one-time items, including
$3.2 million in lease termination fee income,$4.9 million in loss on debt extinguishment, a$3.2 million write off of development pursuit costs,$2.6 million in severance costs and$1.4 million of redemption costs for the Series A Preferred Shares, FFO would have been$0.47 per share/unit. - Disposed of 38 properties, including 32 senior housing properties, 2 medical office properties, 1 multifamily property, 1 industrial property, 1 retail property and 2 parcels of vacant land for a total sales price of
$286.9 million with a gain on sale of$74.9 million , netting approximately$229.7 million in proceeds after repayment of debt. - During the twelve months ended
April 30, 2017 , two development project were placed in service, containing a total of 443 units, and representing aggregate development costs of$102.9 million . - Adjusted the dividend to a level covered by operating cash flow, from an annualized
$0.52 to$0.28 per share/unit. - Entered into a new
$250.0 million line of credit providing for improved size, terms and flexibility. - Redeemed all the outstanding Series A preferred shares on
December 2, 2016 for$29.2 million . - Authorized a one-year share repurchase program of up to
$50 million worth of common shares and/or Series B preferred shares.
Financial Results for the Three and Twelve Months Ended
Net income available to common shareholders for the quarter ended
FFO for the quarter ended
The table below highlights FFO and Adjusted Funds from Operations ("AFFO") results for the most recent five quarters.
Q4 Ended |
Q3 Ended |
Q2 Ended |
Q1 Ended |
Q4 Ended |
||||||||||||
|
|
|
|
|
||||||||||||
FFO per share |
$ |
.07 |
$ |
.09 |
$ |
.12 |
$ |
.12 |
$ |
.14 |
||||||
AFFO per share |
$ |
.09 |
$ |
.10 |
$ |
.11 |
$ |
.10 |
$ |
.11 |
Occupancy
Occupancy as of
|
All Properties |
||||||||
Segments |
|
|
|
|
|||||
Multifamily |
94.2 |
% |
94.9 |
% |
93.1 |
% |
90.8 |
% |
|
Healthcare |
92.1 |
% |
95.2 |
% |
92.8 |
% |
89.4 |
% |
Operating Results for the Three Months Ended
Total revenue increased by
Multifamily Results for the Three Months Ended
Multifamily (including Non-Same-Store) NOI increased by approximately
Same-Store Multifamily Results for the Three Months Ended
The Same-Store portfolio showed generally mixed results year over year, as NOI was slightly lower for the non-energy impacted markets. Increased revenues and average rental rates were offset by increases in expenses across most markets. On a comparative period basis in the non-energy impacted markets,
The table below represents Same-Store multifamily performance by region for the fourth quarter ended
FY17Q4 |
FY17Q4 |
FY17Q4 |
4th Quarter Increase (Decrease) From Prior Year's 4th Quarter |
|||||||||||||||||||
Weighted |
% of |
Average |
Net |
Average |
Weighted |
|||||||||||||||||
Rentable |
Occupancy |
Average |
Actual |
Rental |
Operating |
Rental |
Average |
|||||||||||||||
Regions |
Units |
|
Occupancy(1) |
NOI |
Rate(2) |
Revenues |
Expenses(4) |
Income |
Rate |
Occupancy |
||||||||||||
|
770 |
91.2 |
% |
89.6 |
% |
7.7 |
% |
$ |
985 |
5.6 |
% |
19.3 |
% |
(2.6) |
% |
8.4 |
% |
(2.8) |
% |
|||
|
977 |
93.9 |
% |
90.6 |
% |
10.2 |
% |
$ |
1,023 |
(1.4) |
% |
13.6 |
% |
(10.1) |
% |
(1.9) |
% |
0.5 |
% |
|||
|
1,229 |
92.5 |
% |
90.2 |
% |
10.4 |
% |
$ |
916 |
(3.3) |
% |
5.3 |
% |
(10.1) |
% |
0.9 |
% |
(4.2) |
% |
|||
|
558 |
97.5 |
% |
95.3 |
% |
6.0 |
% |
$ |
997 |
7.9 |
% |
0.2 |
% |
14.4 |
% |
9.8 |
% |
(1.9) |
% |
|||
|
1,370 |
96.0 |
% |
95.1 |
% |
12.8 |
% |
$ |
900 |
3.4 |
% |
2.9 |
% |
3.8 |
% |
4.9 |
% |
(1.5) |
% |
|||
|
474 |
97.5 |
% |
94.5 |
% |
5.0 |
% |
$ |
939 |
3.5 |
% |
(3.2) |
% |
8.4 |
% |
5.8 |
% |
(2.3) |
% |
|||
|
1,106 |
93.8 |
% |
92.1 |
% |
13.0 |
% |
$ |
1,135 |
1.2 |
% |
23.8 |
% |
(10.7) |
% |
5.5 |
% |
(4.3) |
% |
|||
|
969 |
96.0 |
% |
94.0 |
% |
7.9 |
% |
$ |
856 |
1.2 |
% |
(0.8) |
% |
3.2 |
% |
5.2 |
% |
(4.0) |
% |
|||
|
1,187 |
92.6 |
% |
90.7 |
% |
10.4 |
% |
$ |
953 |
4.3 |
% |
(2.9) |
% |
12.1 |
% |
9.4 |
% |
(5.1) |
% |
|||
|
1,042 |
96.6 |
% |
94.5 |
% |
9.7 |
% |
$ |
811 |
3.1 |
% |
(0.9) |
% |
5.8 |
% |
5.8 |
% |
(2.7) |
% |
|||
Same-Store Subtotals |
9,682 |
94.5 |
% |
92.4 |
% |
93.1 |
% |
$ |
948 |
2.0 |
% |
5.6 |
% |
(0.6) |
% |
4.9 |
% |
(2.9) |
% |
|||
|
640 |
93.4 |
% |
93.1 |
% |
6.2 |
% |
$ |
1,053 |
(6.7) |
% |
0.4 |
% |
(12.7) |
% |
(7.8) |
% |
1.1 |
% |
|||
|
189 |
79.4 |
% |
82.7 |
% |
0.7 |
% |
$ |
973 |
(34.4) |
% |
18.0 |
% |
(72.2) |
% |
(39.2) |
% |
4.8 |
% |
|||
Same-Store Totals |
10,511 |
94.2 |
% |
92.3 |
% |
100.0 |
% |
$ |
955 |
0.5 |
% |
5.5 |
% |
(3.3) |
% |
2.6 |
% |
(2.1) |
% |
(1) |
Weighted average occupancy is defined as gross potential rent less vacancy losses divided by gross potential rent for the period. |
|||||||||||||||||||||
(2) |
Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment units for the period. |
|||||||||||||||||||||
(3) |
Denotes markets with high exposure to energy-related industries. |
|||||||||||||||||||||
(4) |
Same-Store results by region do not include offsite costs associated with property management or casualty-related amounts, which increased by |
Same-Store Multifamily Results for the Twelve Months Ended
The Same-Store portfolio showed generally mixed results year over year, as NOI was slightly lower for the non-energy impacted markets and significantly lower when including the energy impacted markets. Increased revenues and average rental rates in the non-energy impacted markets were offset by increases in expenses across most markets.
The table below represents Same-Store multifamily performance by region for the twelve months ended
FY17Q4 YTD |
FY17Q4 YTD |
FY17Q4 YTD |
Increase (Decrease) From Prior Year 12 Month Period |
|||||||||||||||||||
Weighted |
% of |
Average |
Net |
Average |
Weighted |
|||||||||||||||||
Rentable |
Occupancy |
Average |
Actual |
Rental |
Operating |
Rental |
Average |
|||||||||||||||
Regions |
Units |
|
Occupancy(1) |
NOI |
Rate(2) |
Revenues |
Expenses |
Income |
Rate |
Occupancy |
||||||||||||
|
770 |
91.2 |
% |
90.6 |
% |
7.8 |
% |
$ |
955 |
3.8 |
% |
5.7 |
% |
2.5 |
% |
6.3 |
% |
(2.5) |
% |
|||
|
977 |
93.9 |
% |
89.3 |
% |
10.2 |
% |
$ |
1,029 |
(5.5) |
% |
9.5 |
% |
(14.0) |
% |
(2.6) |
% |
(2.9) |
% |
|||
|
1,229 |
92.5 |
% |
90.8 |
% |
11.1 |
% |
$ |
917 |
(4.0) |
% |
5.1 |
% |
(10.2) |
% |
(0.1) |
% |
(3.9) |
% |
|||
|
558 |
97.5 |
% |
93.7 |
% |
5.6 |
% |
$ |
972 |
7.7 |
% |
6.2 |
% |
8.9 |
% |
10.3 |
% |
(2.6) |
% |
|||
|
1,370 |
96.0 |
% |
95.5 |
% |
12.7 |
% |
$ |
885 |
1.8 |
% |
(1.5) |
% |
4.5 |
% |
2.7 |
% |
(0.9) |
% |
|||
|
474 |
97.5 |
% |
95.1 |
% |
4.8 |
% |
$ |
921 |
2.7 |
% |
(2.2) |
% |
6.4 |
% |
3.9 |
% |
(1.2) |
% |
|||
|
1,106 |
93.8 |
% |
91.9 |
% |
13.2 |
% |
$ |
1,119 |
0.7 |
% |
12.2 |
% |
(5.9) |
% |
5.4 |
% |
(4.7) |
% |
|||
|
969 |
96.0 |
% |
94.9 |
% |
7.9 |
% |
$ |
850 |
3.0 |
% |
(1.4) |
% |
7.4 |
% |
5.8 |
% |
(2.8) |
% |
|||
|
1,187 |
92.6 |
% |
90.9 |
% |
9.6 |
% |
$ |
919 |
3.3 |
% |
(0.9) |
% |
8.1 |
% |
7.7 |
% |
(4.4) |
% |
|||
|
1,042 |
96.6 |
% |
94.0 |
% |
9.0 |
% |
$ |
797 |
3.0 |
% |
0.7 |
% |
4.6 |
% |
5.3 |
% |
(2.3) |
% |
|||
Same-Store Subtotals |
9,682 |
94.5 |
% |
92.4 |
% |
91.9 |
% |
$ |
934 |
1.0 |
% |
3.2 |
% |
(0.7) |
% |
3.9 |
% |
(2.9) |
% |
|||
|
640 |
93.4 |
% |
93.0 |
% |
6.6 |
% |
$ |
1,070 |
(13.8) |
% |
(1.3) |
% |
(22.6) |
% |
(17.1) |
% |
3.3 |
% |
|||
|
189 |
79.4 |
% |
81.4 |
% |
1.5 |
% |
$ |
1,118 |
(40.1) |
% |
(12.3) |
% |
(57.5) |
% |
(43.7) |
% |
3.6 |
% |
|||
Same-Store Totals |
10,511 |
94.2 |
% |
92.2 |
% |
100.0 |
% |
$ |
946 |
(1.5) |
% |
2.4 |
% |
(4.3) |
% |
0.4 |
% |
(1.9) |
% |
(1) |
Weighted average occupancy is defined as gross potential rent less vacancy losses divided by gross potential rent for the period. |
|||||||||
(2) |
Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment units for the period. |
|||||||||
(3) |
Denotes markets with high exposure to energy-related industries. |
|||||||||
(4) |
Same-Store results by region do not include offsite costs associated with property management or casualty-related amounts, which increased by |
Development Projects Placed in Service
During the twelve months ended
Occupancy |
Development Cost |
||||||||||
Rentable Sq Ft or |
as of |
as of |
Anticipated |
||||||||
Project Name and Location |
Segment |
Number of Units |
|
|
Same Store Date |
||||||
71 |
Multifamily |
241 |
90.5 |
% |
$ |
72,362 |
1Q 2019 |
||||
Monticello Crossings - |
Multifamily |
202 |
87.6 |
% |
30,516 |
1Q 2019 |
|||||
$ |
102,878 |
(1) |
IRET is currently an approximately 52.6% partner in the joint venture entity constructing this project. The anticipated total cost amount given is the total cost to the joint venture entity. |
Acquisition Activity
Subsequent to year end, in May, acquired Oxbō Apartments, a 191-unit multifamily property in
Disposition Activity
During the three months ended
Subsequent to year end, IRET disposed of a retail property for a total sales price of
Liquidity
At
Quarterly Distributions
On
Declaration of Distributions for First Quarter of Fiscal Year 2018
Conference Call Information
The conference call to discuss Fourth Quarter Earnings is scheduled for
International Toll Free Number: 1-412-902-4132
Canada Toll Free Number: 1-855-669-9657
About IRET
IRET focuses on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest. As of
Supplemental Information
IRET produced the Supplemental Operating and Financial Data for the Quarter Ended
Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined under the section titled "Definitions" in the Supplemental Information.
Forward-Looking Statements
This earnings release, including the Supplemental Information, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, which may be identified by the use of words such as "expects," "plans," "estimates," "anticipates," "projects," "intends," "believes," "outlook" and similar expressions that do not relate to historical matters, specifically including IRET's future plans and anticipated operating results, are based on IRET's expectations, forecasts and assumptions at the time of this earnings release. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in such forward-looking statements.
Such risks, uncertainties and other factors that might cause such differences include, but are not limited to: intentions and expectations regarding future distributions on common shares and units; changes in operating costs; fluctuations in interest rates; adverse capital and credit market conditions that might affect IRET's access to various sources of capital and cost of capital; IRET's ability to manage its current debt levels and repay or refinance its indebtedness upon maturity or other payment dates; IRET's ability to maintain financial covenant compliance under its debt agreements; adequate insurance coverage; the effect of government regulation; delays or inability to obtain necessary governmental permits and authorizations; changes in general and local economic and real estate market conditions; changes in demand for IRET properties that may result in lower than expected occupancy and/or rental rates; ability to acquire quality properties in IRET's targeted markets; ability to successfully dispose of certain assets; competition for tenants from similar competing properties; IRET's ability to attract and retain skilled personnel; cyber-intrusion; abandonment of development or redevelopment opportunities for which IRET has already incurred costs; delays in completing development, redevelopment and/or lease up of properties and increased costs; IRET's ability to maintain effective internal controls over financial reporting and disclosure controls and procedures; and those risks and uncertainties detailed from time to time in IRET's filings with the
IRET assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
|||||||
(in thousands, except share data) |
|||||||
|
|
||||||
ASSETS |
|||||||
Real estate investments |
|||||||
Property owned |
$ |
1,677,481 |
$ |
1,681,471 |
|||
Less accumulated depreciation |
(340,417) |
(312,889) |
|||||
1,337,064 |
1,368,582 |
||||||
Development in progress |
— |
51,681 |
|||||
Unimproved land |
18,455 |
20,939 |
|||||
Total real estate investments |
1,355,519 |
1,441,202 |
|||||
Assets held for sale and assets of discontinued operations |
37,708 |
220,537 |
|||||
Cash and cash equivalents |
28,819 |
66,698 |
|||||
Other investments |
— |
50 |
|||||
Receivable arising from straight-lining of rents, net of allowance of |
7,822 |
7,179 |
|||||
Accounts receivable, net of allowance of |
2,600 |
1,524 |
|||||
Real estate deposits |
23,659 |
— |
|||||
Prepaid and other assets |
3,131 |
2,937 |
|||||
Intangible assets, net of accumulated amortization of |
658 |
1,858 |
|||||
Tax, insurance, and other escrow |
5,050 |
5,450 |
|||||
Property and equipment, net of accumulated depreciation of |
901 |
1,011 |
|||||
|
1,572 |
1,680 |
|||||
Deferred charges and leasing costs, net of accumulated amortization of |
7,075 |
4,896 |
|||||
TOTAL ASSETS |
$ |
1,474,514 |
$ |
1,755,022 |
|||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
|||||||
LIABILITIES |
|||||||
Liabilities held for sale and liabilities of discontinued operations |
$ |
30,062 |
$ |
77,488 |
|||
Accounts payable and accrued expenses |
40,350 |
39,727 |
|||||
Revolving line of credit |
57,050 |
17,500 |
|||||
Mortgages payable, net of unamortized loan costs of |
661,960 |
812,393 |
|||||
Construction debt and other |
41,817 |
82,130 |
|||||
TOTAL LIABILITIES |
831,239 |
1,029,238 |
|||||
COMMITMENTS AND CONTINGENCIES |
|||||||
REDEEMABLE NONCONTROLLING INTERESTS – CONSOLIDATED REAL ESTATE ENTITIES |
7,181 |
7,522 |
|||||
EQUITY |
|||||||
|
|||||||
Series A Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, no shares issued and outstanding at |
— |
27,317 |
|||||
Series B Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 4,600,000 shares issued and outstanding at |
111,357 |
111,357 |
|||||
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 121,199,299 shares issued and outstanding at |
916,121 |
922,084 |
|||||
Accumulated distributions in excess of net income |
(466,541) |
(442,000) |
|||||
|
560,937 |
618,758 |
|||||
Noncontrolling interests – |
73,233 |
78,484 |
|||||
Noncontrolling interests – consolidated real estate entities |
1,924 |
21,020 |
|||||
Total equity |
636,094 |
718,262 |
|||||
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
$ |
1,474,514 |
$ |
1,755,022 |
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES |
|||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|||||||||||||
(in thousands, except per share data) |
|||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||
|
|
||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||
REVENUE |
|||||||||||||
Real estate rentals |
$ |
49,715 |
$ |
44,065 |
$ |
186,837 |
$ |
170,698 |
|||||
Tenant reimbursement |
4,629 |
4,458 |
18,901 |
17,622 |
|||||||||
TOTAL REVENUE |
54,344 |
48,523 |
205,738 |
188,320 |
|||||||||
EXPENSES |
|||||||||||||
Property operating expenses, excluding real estate taxes |
15,863 |
14,907 |
64,768 |
58,859 |
|||||||||
Real estate taxes |
6,492 |
5,617 |
23,587 |
20,241 |
|||||||||
Depreciation and amortization |
13,736 |
13,517 |
55,009 |
49,832 |
|||||||||
Impairment of real estate investments |
2,875 |
2,223 |
57,028 |
5,543 |
|||||||||
General and administrative expenses |
3,637 |
2,951 |
12,075 |
11,267 |
|||||||||
Acquisition and investment related costs |
3,224 |
397 |
3,276 |
830 |
|||||||||
Other expenses |
1,091 |
950 |
3,796 |
2,231 |
|||||||||
TOTAL EXPENSES |
46,918 |
40,562 |
219,539 |
148,803 |
|||||||||
Operating income (loss) |
7,426 |
7,961 |
(13,801) |
39,517 |
|||||||||
Interest expense |
(9,457) |
(10,062) |
(41,127) |
(35,768) |
|||||||||
Loss on extinguishment of debt |
(1,192) |
— |
(3,099) |
(106) |
|||||||||
Interest income |
13 |
26 |
369 |
81 |
|||||||||
Other income |
452 |
31 |
807 |
317 |
|||||||||
(Loss) income before gain on sale of real estate and other investments, gain on bargain purchase and income from discontinued operations |
(2,758) |
(2,044) |
(56,851) |
4,041 |
|||||||||
Gain on sale of real estate and other investments |
7,409 |
8,369 |
18,701 |
9,640 |
|||||||||
Gain on bargain purchase |
— |
3,424 |
— |
3,424 |
|||||||||
Income (loss) from continuing operations |
4,651 |
9,749 |
(38,150) |
17,105 |
|||||||||
Income from discontinued operations |
28,989 |
2,006 |
68,675 |
59,497 |
|||||||||
NET INCOME |
33,640 |
11,755 |
30,525 |
76,602 |
|||||||||
Net income attributable to noncontrolling interests – |
(3,656) |
(1,092) |
(4,059) |
(7,032) |
|||||||||
Net loss attributable to noncontrolling interests – consolidated real estate entities |
296 |
340 |
16,881 |
2,436 |
|||||||||
Net income attributable to |
30,280 |
11,003 |
43,347 |
72,006 |
|||||||||
Dividends to preferred shareholders |
(2,286) |
(2,878) |
(10,546) |
(11,514) |
|||||||||
Redemption of Preferred Shares |
— |
— |
(1,435) |
— |
|||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS |
$ |
27,994 |
$ |
8,125 |
$ |
31,366 |
$ |
60,492 |
|||||
Earnings (loss) per common share from continuing operations – |
$ |
0.02 |
$ |
0.06 |
$ |
(0.24) |
$ |
0.06 |
|||||
Earnings per common share from discontinued operations – |
0.21 |
0.01 |
0.50 |
0.43 |
|||||||||
NET INCOME PER COMMON SHARE – BASIC & DILUTED |
$ |
0.23 |
$ |
0.07 |
$ |
0.26 |
$ |
0.49 |
|||||
DIVIDENDS PER COMMON SHARE |
$ |
0.07 |
$ |
0.13 |
$ |
0.46 |
$ |
0.52 |
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES |
|||||||||||||||||
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO |
|||||||||||||||||
INVESTORS REAL ESTATE TRUST TO FUNDS FROM OPERATIONS |
|||||||||||||||||
(in thousands, except per share amounts) |
|||||||||||||||||
Three Months Ended |
2017 |
2016 |
|||||||||||||||
Per |
Per |
||||||||||||||||
Weighted |
Share |
Weighted |
Share |
||||||||||||||
Avg Shares |
And |
Avg Shares |
And |
||||||||||||||
Amount |
and Units(1) |
Unit(2) |
Amount |
and Units(1) |
Unit(2) |
||||||||||||
Net income attributable to |
$ |
30,280 |
$ |
$ |
11,003 |
$ |
|||||||||||
Less dividends to preferred shareholders |
(2,286) |
(2,878) |
|||||||||||||||
Net income available to common shareholders |
27,994 |
121,155 |
0.23 |
8,125 |
120,943 |
0.07 |
|||||||||||
Adjustments: |
|||||||||||||||||
Noncontrolling interest – |
3,656 |
15,797 |
1,092 |
15,495 |
|||||||||||||
Depreciation and amortization |
13,222 |
15,694 |
|||||||||||||||
Impairment of real estate investments |
2,875 |
2,223 |
|||||||||||||||
Gains on depreciable property sales attributable to |
(37,517) |
(7,910) |
|||||||||||||||
FFO applicable to Common Shares and Units(1) |
$ |
10,230 |
136,952 |
$ |
0.07 |
$ |
19,224 |
136,438 |
$ |
0.14 |
|||||||
(in thousands, except per share amounts) |
|||||||||||||||||
Twelve Months Ended April 30, |
2017 |
2016 |
|||||||||||||||
Per |
Per |
||||||||||||||||
Weighted |
Share |
Weighted |
Share |
||||||||||||||
Avg Shares |
And |
Avg Shares |
And |
||||||||||||||
Amount |
and Units(1) |
Unit(2) |
Amount |
and Units(1) |
Unit(2) |
||||||||||||
Net income attributable to |
$ |
43,347 |
$ |
$ |
72,006 |
$ |
|||||||||||
Less dividends to preferred shareholders |
(10,546) |
(11,514) |
|||||||||||||||
Less redemption of preferred shares |
(1,435) |
— |
|||||||||||||||
Net income available to common shareholders |
31,366 |
121,169 |
0.26 |
60,492 |
123,094 |
0.49 |
|||||||||||
Adjustments: |
|||||||||||||||||
Noncontrolling interest – |
4,059 |
16,130 |
7,032 |
14,278 |
|||||||||||||
Depreciation and amortization |
52,564 |
63,789 |
|||||||||||||||
Impairment of real estate investments attributable to |
42,065 |
5,983 |
|||||||||||||||
Gains on depreciable property sales attributable to |
(74,847) |
(33,422) |
|||||||||||||||
FFO applicable to Common Shares and Units(1) |
$ |
55,207 |
137,299 |
$ |
0.40 |
$ |
103,874 |
137,372 |
$ |
0.76 |
____________________________ |
|
(1) |
Units of the |
(2) |
Net income attributable to |
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES |
||||||||||||||||
RECONCILATION OF NET OPERATING INCOME TO THE |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(in thousands) |
||||||||||||||||
Three Months Ended April 30, 2017 |
Multifamily |
Healthcare |
All Other |
Amounts Not |
Total |
|||||||||||
Real estate revenue |
$ |
37,185 |
14,554 |
2,605 |
$ |
— |
$ |
54,344 |
||||||||
Real estate expenses |
16,511 |
3,860 |
729 |
1,255 |
22,355 |
|||||||||||
Net operating income (loss) |
$ |
20,674 |
$ |
10,694 |
$ |
1,876 |
$ |
(1,255) |
31,989 |
|||||||
Depreciation and amortization |
(13,736) |
|||||||||||||||
Impairment of real estate investments |
(2,875) |
|||||||||||||||
General and administrative expenses |
(3,637) |
|||||||||||||||
Acquisition and investment related costs |
(3,224) |
|||||||||||||||
Other expenses |
(1,091) |
|||||||||||||||
Interest expense |
(9,457) |
|||||||||||||||
Loss on debt extinguishment |
(1,192) |
|||||||||||||||
Interest and other income |
465 |
|||||||||||||||
Loss before gain on sale of real estate and other investments |
(2,758) |
|||||||||||||||
Gain on sale of real estate and other investments |
7,409 |
|||||||||||||||
Income from continuing operations |
4,651 |
|||||||||||||||
Income from discontinued operations |
28,989 |
|||||||||||||||
Net income |
$ |
33,640 |
||||||||||||||
(in thousands) |
||||||||||||||||
Three Months Ended |
Multifamily |
Healthcare |
All Other |
Amounts Not |
Total |
|||||||||||
Real estate revenue |
$ |
34,116 |
$ |
11,632 |
$ |
2,775 |
$ |
— |
$ |
48,523 |
||||||
Real estate expenses |
14,935 |
4,152 |
638 |
799 |
20,524 |
|||||||||||
Net operating income (loss) |
$ |
19,181 |
$ |
7,480 |
$ |
2,137 |
$ |
(799) |
27,999 |
|||||||
Depreciation and amortization |
(13,517) |
|||||||||||||||
Impairment of real estate investments |
(2,223) |
|||||||||||||||
General and administrative expenses |
(2,951) |
|||||||||||||||
Acquisition and investment related costs |
(397) |
|||||||||||||||
Other expenses |
(950) |
|||||||||||||||
Interest expense |
(10,062) |
|||||||||||||||
Interest and other income |
57 |
|||||||||||||||
Loss before gain on sale of real estate and other investments |
(2,044) |
|||||||||||||||
Gain on sale of real estate and other investments |
8,369 |
|||||||||||||||
Gain on Bargain Purchase |
3,424 |
|||||||||||||||
Income from continuing operations |
9,749 |
|||||||||||||||
Income from discontinued operations |
2,006 |
|||||||||||||||
Net income |
$ |
11,755 |
____________________________ |
|||||||||||||||||||||
(1) |
Consists of offsite costs associated with property management and casualty-related amounts. |
INVESTORS REAL ESTATE TRUST AND SUBSIDIARIES |
||||||||||||||||
RECONCILATION OF NET OPERATING INCOME TO THE |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(in thousands) |
||||||||||||||||
Twelve Months Ended April 30, 2017 |
Multifamily |
Healthcare |
All Other |
Amounts Not |
Total |
|||||||||||
Real estate revenue |
$ |
144,743 |
$ |
49,856 |
$ |
11,139 |
— |
$ |
205,738 |
|||||||
Real estate expenses |
63,292 |
16,419 |
3,024 |
5,620 |
88,355 |
|||||||||||
Net operating income (loss) |
$ |
81,451 |
$ |
33,437 |
$ |
8,115 |
$ |
(5,620) |
117,383 |
|||||||
Depreciation and amortization |
(55,009) |
|||||||||||||||
Impairment of real estate investments |
(57,028) |
|||||||||||||||
General and administrative expenses |
(12,075) |
|||||||||||||||
Acquisition and investment related costs |
(3,276) |
|||||||||||||||
Other expenses |
(3,796) |
|||||||||||||||
Interest expense |
(41,127) |
|||||||||||||||
Loss on debt extinguishment |
(3,099) |
|||||||||||||||
Interest and other income |
1,176 |
|||||||||||||||
Loss before gain on sale of real estate and other investments and income from discontinued operations |
(56,851) |
|||||||||||||||
Gain on sale of real estate and other investments |
18,701 |
|||||||||||||||
Loss from continuing operations |
(38,150) |
|||||||||||||||
Income from discontinued operations |
68,675 |
|||||||||||||||
Net income |
$ |
30,525 |
||||||||||||||
(in thousands) |
||||||||||||||||
Twelve Months Ended April 30, 2016 |
Multifamily |
Healthcare |
All Other |
Amounts Not |
Total |
|||||||||||
Real estate revenue |
$ |
131,149 |
$ |
45,621 |
$ |
11,550 |
$ |
— |
$ |
188,320 |
||||||
Real estate expenses |
57,130 |
15,439 |
2,500 |
4,031 |
79,100 |
|||||||||||
Net operating income (loss) |
$ |
74,019 |
$ |
30,182 |
$ |
9,050 |
$ |
(4,031) |
109,220 |
|||||||
Depreciation and amortization |
(49,832) |
|||||||||||||||
Impairment of real estate investments |
(5,543) |
|||||||||||||||
General and administrative expenses |
(11,267) |
|||||||||||||||
Acquisition and investment related costs |
(830) |
|||||||||||||||
Other expenses |
(2,231) |
|||||||||||||||
Interest expense |
(35,768) |
|||||||||||||||
Loss on debt extinguishment |
(106) |
|||||||||||||||
Interest and other income |
398 |
|||||||||||||||
Income before gain on sale of real estate and other investments |
4,041 |
|||||||||||||||
Gain on sale of real estate and other investments |
9,640 |
|||||||||||||||
Gain on Bargain Purchase |
3,424 |
|||||||||||||||
Income from continuing operations |
17,105 |
|||||||||||||||
Income from discontinued operations |
59,497 |
|||||||||||||||
Net income |
$ |
76,602 |
_________________________ |
|
(1) |
Consists of offsite costs associated with property management and casualty-related amounts. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/iret-announces-financial-and-operating-results-for-the-quarter-and-fiscal-year-ended-april-30-2017-300481471.html
SOURCE IRET
Physicians Realty Trust Announces Public Offering of 20,000,000 Common Shares
AIG Announces Results of Its 2017 Annual Meeting of Shareholders
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News