Market Overview

Easterly Government Properties Reports Second Quarter 2018 Results

Share:

Easterly Government Properties, Inc. (NYSE:DEA) (the "Company" or
"Easterly"), a fully integrated real estate investment trust ("REIT")
focused primarily on the acquisition, development and management of
Class A commercial properties leased to the U.S. Government, today
announced its results of operations for the quarter ended June 30, 2018.

Highlights for the Quarter Ended June 30, 2018:

  • Net income of $1.7 million, or $0.03 per share on a fully diluted basis
  • FFO of $16.3 million, or $0.29 per share on a fully diluted basis
  • FFO, as Adjusted of $14.3 million, or $0.25 per share on a fully
    diluted basis
  • CAD of $10.9 million
  • Announced the agreement to purchase a 14-property portfolio, totaling
    1,479,762 square feet, on a rolling basis between August and December
    of 2018 ("Portfolio Acquisition") for a total purchase price of $430.0
    million
  • Completed an underwritten public offering of an aggregate of
    20,700,000 million shares of the Company's common stock, including
    7,000,000 shares offered on a forward basis in connection with forward
    sales agreements entered into with certain financial institutions,
    acting as forward purchasers. Upon settlement of the forward sales
    agreement, the offering is expected to result in approximately $382.2
    million of net proceeds to the Company, assuming the forward sales
    agreements are physically settled in full
  • Announced an expanded and amended senior unsecured credit facility,
    consisting of a $450.0 million revolving senior unsecured credit
    facility and a $150.0 million delayed-draw senior unsecured term loan
    facility for a total credit facility size of $600.0 million
  • Announced the purchase of a Department of Veterans Affairs (VA)
    Facility in Golden, Colorado ("VA - Golden")
  • Issued 1,010,371 shares of common stock for approximately $20.2
    million of net proceeds through the Company's At-the-Market (ATM)
    Program
  • Portfolio occupancy at 100%

"This quarter we were pleased to announce the purchase of our first
portfolio of scale since the Company's IPO," said William C. Trimble
III, Easterly's Chief Executive Officer. "We received strong support for
this strategic transaction from new and existing shareholders in the
equity markets. We appreciate their partnership and look forward to
continued growth."

Financial Results for the Six Months Ended June 30, 2018

Net income of $3.5 million, or $0.06 per share on a fully diluted basis

FFO of $32.8 million, or $0.59 per share on a fully diluted basis

FFO, as Adjusted of $28.1 million, or $0.51 per share on a fully diluted
basis

CAD of $22.8 million

Portfolio Operations

As of June 30, 2018, the Company wholly owned 47 operating properties in
the United States, encompassing approximately 3.7 million square feet in
the aggregate, including 45 operating properties that were leased
primarily to U.S. Government tenant agencies and two operating
properties that were entirely leased to private tenants. As of June 30,
2018, the portfolio had an average age of 12.7 years, was 100% occupied,
and had a weighted average remaining lease term of 7.7 years. With
approximately 9.3% of leases based on square footage, or 9.4% based on
total annualized lease income scheduled to expire before 2020, Easterly
expects to continue to provide a highly visible and stable cash-flow
stream.

Completed Acquisitions

On May 24, 2018, the Company acquired a 56,753-square foot Department of
Veterans Affairs facility located in Golden, Colorado. This facility was
originally constructed in 1996 and then fully renovated for the VA's use
in 2011 in order to meet the specific design needs of the tenant. The
facility is leased to the VA for a 15-year lease, which expires in
September 2026. VA - Golden houses holistic supply chain management for
the VA National Hearing Aid and Telehealth Programs and supports the VA
and U.S. Government agencies with professional acquisition and
logistical services. VA - Golden manages the distribution of critical
commodities such as hearing aids, hearing aid accessories, cochlear
implants, assistive devices, batteries, prosthetic socks, orthotic soft
goods, aids for the visually impaired, and telehealth messaging hubs and
peripherals. VA - Golden also houses the VA's only hearing aid repair
program, which provides eligibility verification, problem diagnosis,
hearing aid programming retrieval, cleaning, repairs, vendor management,
and quality control.

Announced Acquisitions

On June 18, 2018, the Company announced that it has agreed to acquire a
14-property portfolio, totaling 1,479,762 square feet, on a rolling
basis between August and December 2018. The Portfolio Acquisition is
comprised of the following 14 properties, arranged from largest to
smallest by square feet:

Various GSA - Buffalo, NY

Various GSA - Buffalo, a multi-tenanted Class A office building
completed in 2004, is primarily occupied by two federal agencies: the VA
and the Internal Revenue Service (IRS). It also houses one of the
National Labor Relations Board's 26 regional offices. The weighted
average lease expiration year for the 267,766-square foot building is
2021. The U.S. Government leases 94% of the 100% leased building.

Various GSA - Chicago, IL

Various GSA - Chicago, a multi-tenanted office building fully renovated
in 1999, is strategically located next to Chicago O'Hare International
Airport and serves as the Federal Aviation Administration's (FAA) Great
Lakes Regional Office, which oversees operations in eight states. The
U.S. Department of Agriculture (USDA) also maintains a presence within
the facility. The weighted average lease expiration year for the
239,331-square foot building is 2020 and is 96% leased.

Various GSA - Portland, OR

Various GSA - Portland, a Class A trophy multi-tenanted asset, was built
in 2002 and is strategically located within Portland's Central City Plan
District along the MAX light rail system. The facility is occupied by
tenants such as the USDA, U.S. Army Corp of Engineers (ACOE), Federal
Bureau of Investigation (FBI) and the Bureau of Alcohol, Tobacco,
Firearms and Explosives (ATF). The 225,057-square foot facility is 100%
leased with a weighted average lease expiration year of 2022.

TREAS - Parkersburg, WV

TREAS - Parkersburg, a 182,500-square foot build-to-suit property, was
built in multiple phases in 2004 and 2006 and is 100% leased to the
General Services Administration (GSA) for the beneficial use of the
Bureau of Fiscal Service (BFS) through 2021. This mission critical
agency within the U.S. Department of Treasury has been located in
Parkersburg since 1957 and currently occupies three buildings in the
vicinity.

SSA - Charleston, WV

SSA - Charleston, a 110,000-square foot single tenant facility fully
renovated in 2000, is occupied by the Office of Hearings Operations
(OHO), a part of the Social Security Administration (SSA). The
Charleston hearing office services three SSA field offices in Ohio and
nine SSA field offices in West Virginia. The space includes courtrooms,
administrative offices and public service areas. The facility is 100%
leased through 2019.

FBI - Pittsburgh, PA

FBI - Pittsburgh serves as one of 56 FBI field offices located
throughout the country. The 100,054-square foot facility was
built-to-suit for the FBI in 2001 and is 100% leased until 2027. This
facility oversees operations for nine surrounding resident agencies
located throughout Pennsylvania and the entirety of West Virginia.

FDA - College Park, MD

FDA - College Park houses a laboratory for the Food and Drug
Administration's (FDA) Center for Food Safety and Applied Nutrition
(CFSAN), one of the FDA's seven product-oriented centers. The
80,677-square foot office and laboratory was built-to-suit in 2004 and
is 100% leased to the GSA for the beneficial use of the FDA until 2029.
The facility is part of the University of Maryland's Research Park and
is located two blocks from CFSAN headquarters in the Harvey W. Wiley
Building, forming a campus which links university researchers, students
and staff with federal laboratories and private sector companies.

GSA - Clarksburg, WV

GSA - Clarksburg serves as a multi-tenanted federal center for various
federal tenants within the market area, including the FBI, DEA, SSA,
Offices of the U.S. Attorneys, and the Small Business Association (SBA).
This 100% leased 63,760-square foot build-to-suit facility was
constructed in 1999 and serves the five tenant agencies through a single
GSA lease, which expires in 2019.

Courthouse - Charleston, SC

Courthouse - Charleston, an historic townhouse with a modern annex that,
together with two adjacent federally-owned buildings, constitutes the
federal judicial complex in Charleston. The original building dates to
1795 and was fully renovated in 1999 when the annex was constructed. The
building, known as the Josiah House, contains three district judge
courtrooms and four judges' chambers. It is physically connected on the
second floor to the J. Waties Waring Judicial Center. This 60,500-square
foot federal courthouse is 100% leased through 2019.

DEA - Sterling, VA

DEA - Sterling serves as a special testing and research laboratory to
assist the DEA in performing mission critical forensic analyses. The
49,692-square foot facility was built-to-suit in 2001 and includes
evidence rooms, computer labs, cryptography and various other
specialized laboratories. The facility is 100% leased through 2020.

ICE - Pittsburgh, PA

ICE - Pittsburgh, a state-of-the-art, build-to-suit facility constructed
in 2004, is occupied by the U.S. Immigration and Customs Enforcement
(ICE), which works to promote homeland security and public safety with
respect to border control, customs, trade and immigration for the
surrounding Pittsburgh region. The Class A facility houses the Homeland
Security Investigations (HSI) division, dedicated to combating criminal
organizations illegally exploiting America's travel, trade, financial
and immigration systems. This 33,425-square foot facility is located
adjacent to the FBI - Pittsburgh field office, is 76% leased and has a
weighted average lease expiration year of 2019.

VA - Baton Rouge, LA

VA - Baton Rouge, constructed in 2004, serves as a VA outpatient
facility for Baton Rouge and the surrounding veteran population. This
facility is one of two VA medical treatment facilities in Baton Rouge.
Situated close to the largest private medical center in Louisiana, VA -
Baton Rouge is 30,000-square feet in size and currently 100% leased to
the VA through 2019.

SSA - Dallas, TX

SSA - Dallas is a 27,200-square foot build-to-suit facility 100% leased
to the GSA for the beneficial use of the SSA through 2020. Built in
2005, this facility integrates state-of-the-art systems to serve as a
local field office with superb access from one of Dallas's busiest
thoroughfares.

DEA - Bakersfield, CA

DEA - Bakersfield is a build-to-suit facility that houses the
Bakersfield Resident Office for the DEA's San Francisco Division. This
9,800-square foot facility houses two holding cells, provides for secure
and enclosed first floor parking and offers second story office space
with secured rooms for weapons and drug storage. The facility was
constructed in 2000 and is 100% leased through 2021.

Balance Sheet and Capital Markets Activity

As of June 30, 2018, the Company had total indebtedness of $487.8
million comprised of $100.0 million outstanding on its 2016 senior
unsecured term loan facility, $175.0 million of senior unsecured notes,
and $212.8 million of mortgage debt (excluding unamortized premiums and
discounts and deferred financing fees). At June 30, 2018, Easterly's
outstanding debt had a weighted average maturity of 8.8 years and a
weighted average interest rate of 3.8%. As of June 30, 2018, Easterly's
net debt to total enterprise value was 19.9% and its net debt to
annualized quarterly EBITDA ratio was 3.9x.

On June 21, 2018, the Company completed an underwritten public offering
of an aggregate of 20,700,000 shares of the Company's common stock,
including 2,700,000 shares sold pursuant to the underwriters' exercise
in full of their option to purchase additional shares. 7,000,000 shares
were offered on a forward basis in connection with forward sales
agreements entered into with certain financial institutions, acting as
forward purchasers. The Company expects to physically settle the forward
sales agreements and receive proceeds, subject to certain adjustments,
upon one or more such physical settlements within approximately six
months from the date of the closing of the offering. The Company did not
initially receive any proceeds from the sale of shares by the forward
purchasers. Upon settlement of the forward sales agreements, the
offering is expected to result in approximately $382.2 million of net
proceeds to the Company, assuming the forward sales agreements are
physically settled in full.

The Company intends to use a portion of the net proceeds to fund, in
part, the pending acquisition of the Portfolio Acquisition, announced
June 18, 2018. The balance of the net proceeds may be used to repay
borrowings under the Company's revolving credit facility, to fund other
potential acquisition opportunities, for general corporate purposes, or
a combination of the foregoing.

During the quarter ended June 30, 2018 the Company issued 1,010,371
shares of the Company's common stock at a weighted average gross price
of $20.20 per share through the Company's ATM program, raising net
proceeds of $20.2 million to maintain balance sheet strength.

Dividend

On August 1, 2018 the Board of Directors of Easterly approved a cash
dividend for the second quarter of 2018 in the amount of $0.26 per
common share. The dividend will be payable September 27, 2018 to
shareholders of record on September 13, 2018.

Subsequent Events

On July 11, 2018 the Company acquired a 90,085-square foot Department of
Veterans Affairs Community-Based Outpatient Clinic in San Jose, CA ("VA
- San Jose"). VA - San Jose, part of the VA Palo Alto Health Care
System, is an outpatient clinic that was completed in the first quarter
of 2018. The state-of-the-art facility is leased to the VA for an
initial, non-cancelable lease term of 20 years through February 2038.
The brand new advanced facility consists of medical clinic and
administrative space distributed over three floors. Services performed
at VA - San Jose include primary care, mental health care, women's
health, audiology and speech pathology, podiatry, optometry and
dermatology. The VA also promotes the use of group classes and
instruction by incorporating state-of-the-art training and patient
education spaces throughout the facility.

Outlook for 2018

The Company is modifying its financial guidance for the 12 months ending
December 31, 2018 as follows:

Outlook for the 12 Months Ending December 31,
2018

         
Low High
Net income (loss) per share – fully diluted basis $ 0.33   0.38
Plus: real estate depreciation and amortization $ 0.84 0.84
FFO per share – fully diluted basis $ 1.17 1.22
 

This guidance assumes $515 million of acquisitions and $50 - $75 million
of development-related investment during 2018. This guidance is
forward-looking and reflects management's view of current and future
market conditions. The Company's actual results may differ materially
from this guidance.

Non-GAAP Supplemental Financial Measures

This section contains definitions of certain non-GAAP financial
measures and other terms that the Company uses in this press release
and, where applicable, the reasons why management believes these
non-GAAP financial measures provide useful information to investors
about the Company's financial condition and results of operations and
the other purposes for which management uses the measures. These
measures should not be considered in isolation or as a substitute for
measures of performance in accordance with GAAP. Additional detail can
be found in the Company's most recent annual report on Form 10-K and
quarterly report on Form 10-Q, as well as other documents filed with or
furnished to the SEC from time to time.

Cash Available for Distribution (CAD) is a non-GAAP financial
measure that is not intended to represent cash flow for the period and
is not indicative of cash flow provided by operating activities as
determined under GAAP. CAD is calculated in accordance with the current
NAREIT definition as FFO minus normalized recurring real estate-related
expenditures and other non-cash items and nonrecurring expenditures. CAD
is presented solely as a supplemental disclosure because the Company
believes it provides useful information regarding the Company's ability
to fund its dividends. Because all companies do not calculate CAD the
same way, the presentation of CAD may not be comparable to similarly
titled measures of other companies.

EBITDA is calculated as the sum of net income (loss) before
interest expense, income taxes, depreciation and amortization. EBITDA is
not intended to represent cash flow for the period, is not presented as
an alternative to operating income as an indicator of operating
performance, should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with GAAP and is not
indicative of operating income or cash provided by operating activities
as determined under GAAP. EBITDA is presented solely as a supplemental
disclosure with respect to liquidity because the Company believes it
provides useful information regarding the Company's ability to service
or incur debt. Because all companies do not calculate EBITDA the same
way, the presentation of EBITDA may not be comparable to similarly
titled measures of other companies.

Funds From Operations (FFO) is defined by NAREIT as net income
(loss), calculated in accordance with GAAP, excluding gains or losses
from sales of property and impairment losses on depreciable real estate,
plus real estate depreciation and amortization, and after adjustments
for unconsolidated partnerships and joint ventures. FFO is a widely
recognized measure of REIT performance. Although FFO is a non-GAAP
financial measure, the Company believes that information regarding FFO
is helpful to shareholders and potential investors.

Funds From Operations, as Adjusted (FFO, as Adjusted) adjusts FFO
to present an alternative measure of our operating performance, which,
when applicable, excludes the impact of acquisition costs, straight-line
rent, above-/below-market leases, non-cash interest expense, non-cash
compensation and other non-cash items including amortization of lease
inducements. By excluding these income and expense items from FFO, as
Adjusted, the Company believes it provides useful information as these
items have no cash impact. In addition, by excluding acquisition related
costs the Company believes FFO, as Adjusted provides useful information
that is comparable across periods and more accurately reflects the
operating performance of the Company's properties.

Other Definitions

Fully diluted basis assumes the exchange of all outstanding
common units representing limited partnership interests in the Company's
operating partnership, or common units, the full vesting of all shares
of restricted stock units, and the exchange of all earned and vested
LTIP units in the Company's operating partnership for shares of common
stock on a one-for-one basis, which is not the same as the meaning of
"fully diluted" under GAAP.

Conference Call Information

The Company will host a webcast and conference call at 10:00 a.m.
Eastern Daylight time on August 7, 2018 to review the second quarter
2018 performance, discuss recent events and conduct a
question-and-answer session. The number to call is 1-877-705-6003
(domestic) and 1-201-493-6725 (international). A live webcast will be
available in the Investor Relations section of the Company's website. A
replay of the conference call will be available through August 21, 2018
by dialing 844-512-2921 (domestic) and 1-412-317-6671 (international)
and entering the passcode 13680471. Please note that the full text of
the press release and supplemental information package are available
through the Company's website at ir.easterlyreit.com.

About Easterly Government Properties, Inc.

Easterly Government Properties, Inc. (NYSE:DEA) is based in Washington,
D.C., and focuses primarily on the acquisition, development and
management of Class A commercial properties that are leased to the U.S.
Government. Easterly's experienced management team brings specialized
insight into the strategy and needs of mission-critical U.S. Government
agencies for properties leased to such agencies either directly or
through the U.S. General Services Administration (GSA). For further
information on the company and its properties, please visit www.easterlyreit.com.

Forward Looking Statements

We make statements in this press release that are considered
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, or the Securities Act, and Section
21E of the Securities Exchange Act of 1934, as amended, or the Exchange
Act, which are usually identified by the use of words such as
"anticipates," "believes," "estimates," "expects," "intends," "may,"
"plans," "projects," "seeks," "should," "will," and variations of such
words or similar expressions and include our guidance with respect to
Net income (loss) and FFO per share on a fully diluted basis.
We
intend these forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and are including this
statement in this press release for purposes of complying with those
safe harbor provisions. These forward-looking statements reflect our
current views about our plans, intentions, expectations, strategies and
prospects, which are based on the information currently available to us
and on assumptions we have made.
Although we believe that our
plans, intentions, expectations, strategies and prospects as reflected
in or suggested by those forward-looking statements are reasonable, we
can give no assurance that the plans, intentions, expectations or
strategies will be attained or achieved.
Furthermore, actual
results may differ materially from those described in the
forward-looking statements and will be affected by a variety of risks
and factors that are beyond our control including, without limitation:
risks associated with our dependence on the U.S. Government and its
agencies for substantially all of our revenues; risks associated with
ownership and development of real estate; the risk of decreased rental
rates or increased vacancy rates; loss of key personnel; general
volatility of the capital and credit markets and the market price of our
common stock; the risk we may lose one or more major tenants;
difficulties in completing and successfully integrating acquisitions;
failure of acquisitions or development projects to occur at anticipated
levels or to yield anticipated results; risks associated with actual or
threatened terrorist attacks; intense competition in the real estate
market that may limit our ability to attract or retain tenants or
re-lease space; insufficient amounts of insurance or exposure to events
that are either uninsured or underinsured; uncertainties and risks
related to adverse weather conditions, natural disasters and climate
change; exposure to liability relating to environmental and health and
safety matters; limited ability to dispose of assets because of the
relative illiquidity of real estate investments and the nature of our
assets; exposure to litigation or other claims; risks associated with
breaches of our data security; risks associated with our indebtedness;
and other risks and uncertainties detailed in the "Risk Factors" section
of our Form 10-K for the year ended December 31, 2017, filed with the
Securities and Exchange Commission on March 1, 2018.
In addition,
our anticipated qualification as a real estate investment trust involves
the application of highly technical and complex provisions of the
Internal Revenue Code of 1986, or the Code, and depends on our ability
to meet the various requirements imposed by the Code through actual
operating results, distribution levels and diversity of stock ownership.

We assume no obligation to update publicly any forward looking
statements, whether as a result of new information, future events or
otherwise.

 

Balance Sheet

(Unaudited, in thousands, except share amounts)

       
June 30, 2018 December 31, 2017
Assets
Real estate properties, net $ 1,254,368 $ 1,230,162
Cash and cash equivalents 147,505 12,682
Restricted cash 6,330 3,519
Deposits on acquisitions 15,750 750
Rents receivable 14,074 12,751
Accounts receivable 8,198 9,347
Deferred financing, net 3,753 945
Intangible assets, net 132,477 143,063
Interest rate swaps 6,552 4,031
Prepaid expenses and other assets   10,405   8,088
Total assets $ 1,599,412 $ 1,425,338
 
Liabilities
Revolving credit facility - 99,750
Term loan facilities, net 99,271 99,202
Notes payable, net 173,727 173,692
Mortgage notes payable, net 211,164 203,250
Intangible liabilities, net 33,937 38,569
Accounts payable and accrued liabilities   25,285   19,786
Total liabilities   543,384   634,249
 
Equity

Common stock, par value $0.01, 200,000,000 shares authorized,
60,376,466 and 44,787,040 shares issued and outstanding at June
30, 2018 and December 31, 2017, respectively.

604 448
Additional paid-in capital 1,008,615 740,546
Retained earnings 10,086 7,127
Cumulative dividends (107,573 ) (83,718 )
Accumulated other comprehensive income   5,692   3,403
Total stockholders' equity   917,424   667,806
Non-controlling interest in Operating Partnership   138,604   123,283
Total equity   1,056,028   791,089
Total liabilities and equity $ 1,599,412 $ 1,425,338
 
 

Income Statement

(Unaudited, in thousands, except share and per share amounts)

 
      Three Months Ended   Six Months Ended
June 30, 2018   June 30, 2017(1) June 30, 2018   June 30, 2017(1)
Revenues
Rental income $ 32,459 $ 27,501 $ 64,748 $ 53,521
Tenant reimbursements 4,089 2,974 7,572 6,602
Other income   424   128   626   367
Total revenues   36,972   30,603   72,946   60,490
 
Operating expenses
Property operating 7,223 5,837 13,783 12,186
Real estate taxes 3,845 2,979 7,545 5,714
Depreciation and amortization 14,588 13,272 29,222 26,141
Acquisition costs 499 456 723 988
Corporate general and administrative   3,623   3,142   7,082   6,586
Total expenses   29,778   25,686   58,355   51,615
Operating income   7,194   4,917   14,591   8,875
 
Other expenses
Interest expense, net   (5,475 )   (3,714 )   (11,057 )   (6,131 )
Net income 1,719 1,203 3,534 2,744
 
Non-controlling interest in Operating Partnership (279 ) (221 ) (575 ) (525 )

Net income available to Easterly Government

               
Properties, Inc. $ 1,440 $ 982 $ 2,959 $ 2,219
 

Net income available to Easterly Government

Properties, Inc. per share:
Basic $ 0.02 $ 0.03 $ 0.05 $ 0.06
Diluted $ 0.02 $ 0.02 $ 0.05 $ 0.05
 
Weighted-average common shares outstanding:
Basic 47,531,128 37,408,603 46,276,125 37,151,527
Diluted 49,124,886 39,845,314 47,845,560 39,534,993
 
Net income, per share - fully diluted basis $ 0.03 $ 0.03 $ 0.06 $ 0.06
 

Weighted average common shares outstanding - fully diluted basis

56,782,105 45,959,288 55,305,734 45,953,530
 

1 In the fourth quarter of 2017, the Company revised the
prior period depreciation and amortization expense amount. Refer to the
Company's Annual Report on Form 10-K for the year ended December 31,
2017, for a detailed discussion of the revision.

 

EBITDA, FFO and CAD

(Unaudited, in thousands, except share and per share amounts)

 
      Three Months Ended   Six Months Ended
June 30, 2018   June 30, 2017(1) June 30, 2018   June 30, 2017(1)
Net income $ 1,719 $ 1,203 $ 3,534 $ 2,744
Depreciation and amortization 14,588 13,272 29,222 26,141
Interest expense   5,475   3,714   11,057   6,131
EBITDA $ 21,782 $ 18,189 $ 43,813 $ 35,016
 
 
Net income $ 1,719 $ 1,203 $ 3,534 $ 2,744
Depreciation and amortization   14,588   13,272   29,222   26,141
Funds From Operations (FFO) $ 16,307 $ 14,475 $ 32,756 $ 28,885
Adjustments to FFO:
Acquisition costs 499 456 723 988
Straight-line rent and amortization of lease inducements (1,253 ) (350 ) (3,047 ) (493 )
Above-/below-market leases (2,239 ) (2,106 ) (4,518 ) (4,218 )
Non-cash interest expense 299 244 563 474
Non-cash compensation   712   740   1,576   1,467
Funds From Operations, as Adjusted $ 14,325 $ 13,459 $ 28,053 $ 27,103
 
 
FFO, per share - fully diluted basis $ 0.29 $ 0.31 $ 0.59 $ 0.63
FFO, as Adjusted, per share - fully diluted basis $ 0.25 $ 0.29 $ 0.51 $ 0.59
 
Funds From Operations, as Adjusted $ 14,325 $ 13,459 $ 28,053 $ 27,103
Acquisition costs (499 ) (456 ) (723 ) (988 )
Principal amortization (797 ) (741 ) (1,560 ) (1,473 )
Maintenance capital expenditures (1,009 ) (766 ) (1,475 ) (951 )
Contractual tenant improvements (456 ) (139 ) (551 ) (152 )
Leasing related expenditures   (632 )   (40 )   (915 )   (241 )
Cash Available for Distribution (CAD) $ 10,932 $ 11,317 $ 22,829 $ 23,298
 

Weighted average common shares outstanding - fully diluted basis

56,782,105 45,959,288 55,305,734 45,953,530
 

1 In the fourth quarter of 2017, the Company revised the
prior period depreciation and amortization expense amount. Refer to the
Company's Annual Report on Form 10-K for the year ended December 31,
2017, for a detailed discussion of the revision.

View Comments and Join the Discussion!