Spirit Realty Capital, Inc. (SRC)

FORM 10-Q | Quarterly Report
SPIRIT REALTY CAPITAL, INC. (Form: 10-Q, Received: 08/07/2019 17:10:46)
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             

Commission file number

 

   Spirit Realty Capital, Inc.

001-36004

Spirit Realty, L.P.

333-216815-01

 

SPIRIT REALTY CAPITAL, INC.

SPIRIT REALTY, L.P.

(Exact name of registrant as specified in its charter)

 

 

Spirit Realty Capital, Inc.

 

Maryland

 

20-1676382

Spirit Realty, L.P.

 

Delaware

 

20-1127940

 

 

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

 

 

 

 

 

 

 

2727 North Harwood Street, Suite 300,

Dallas, Texas 75201

 

(972) 476-1900

 

 

(Address of principal executive offices; zip code)

 

(Registrant’s telephone number, including area code)

 

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.05 per share

SRC

New York Stock Exchange

6.000% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share

SRC-A

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    

 

Spirit Realty Capital, Inc.      Yes    No   

Spirit Realty, L.P.      Yes    No   

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    

 

Spirit Realty Capital, Inc.      Yes    No   

Spirit Realty, L.P.      Yes    No   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Spirit Realty Capital, Inc.

 

 Large accelerated filer

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

Spirit Realty, L.P.

 

 Large accelerated filer

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Spirit Realty Capital, Inc.            

Spirit Realty, L.P.            

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Spirit Realty Capital, Inc.      Yes    No  

Spirit Realty, L.P.      Yes    No  

As of August 5, 2019, there were 90,108,177 shares of common stock, par value $0.05, of Spirit Realty Capital, Inc. outstanding.

 

 


Explanatory Note

This report combines the quarterly reports on Form 10-Q for the three and six months ended June 30, 2019 of Spirit Realty Capital, Inc., a Maryland corporation, and Spirit Realty, L.P., a Delaware limited partnership. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” or the “Company” refer to Spirit Realty Capital, Inc. together with its consolidated subsidiaries, including Spirit Realty, L.P. Unless otherwise indicated or unless the context requires otherwise, all references to the “Operating Partnership” refer to Spirit Realty, L.P. together with its consolidated subsidiaries.

Spirit General OP Holdings, LLC ("OP Holdings") is the sole general partner of the Operating Partnership. The Company is a real estate investment trust ("REIT") and the sole member of OP Holdings, as well as the special limited partner of the Operating Partnership. As sole member of the general partner of our Operating Partnership, our Company has the full, exclusive and complete responsibility for our Operating Partnership’s day-to-day management and control.

We believe combining the quarterly reports on Form 10-Q of our Company and Operating Partnership into a single report results in the following benefits:

 

enhancing investors’ understanding of our Company and Operating Partnership by enabling investors to view the business as a whole, reflective of how management views and operates the business;

 

eliminating duplicative disclosure and providing a streamlined presentation as a substantial portion of the disclosures apply to both our Company and Operating Partnership; and

 

creating time and cost efficiencies by preparing one combined report in lieu of two separate reports.

There are a few differences between our Company and Operating Partnership, which are reflected in the disclosures in this report. We believe it is important to understand these differences in the context of how we operate as an interrelated, consolidated company. Our Company is a REIT, the only material assets of which are the partnership interests in our Operating Partnership. As a result, our Company does not conduct business itself, other than acting as the sole member of the general partner of our Operating Partnership, issuing equity from time to time and guaranteeing certain debt of our Operating Partnership. Our Operating Partnership holds substantially all the assets of our Company. Our Company issued convertible notes and guarantees some of the debt of our Operating Partnership. See Note 4 to the consolidated financial statements included herein for further discussion. Our Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from the issuance of convertible notes and equity issuances by our Company, which are generally contributed to our Operating Partnership in exchange for partnership units of our Operating Partnership, our Operating Partnership generates the capital required by our Company’s business through our Operating Partnership’s operations or our Operating Partnership’s incurrence of indebtedness.

The presentation of stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of our Company and those of our Operating Partnership. The partnership units in our Operating Partnership are accounted for as partners’ capital in our Operating Partnership’s consolidated financial statements. There are no non-controlling interests in the Company or the Operating Partnership.

To help investors understand the significant differences between our Company and our Operating Partnership, this report presents the consolidated financial statements separately for our Company and our Operating Partnership. All other sections of this report, including “Selected Financial Data,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosures About Market Risk,” are presented together for our Company and our Operating Partnership.

In order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that our Company and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, or the Exchange Act, and 18 U.S.C. §1350, this report also includes separate “Item 4. Controls and Procedures” sections and separate Exhibit 31 and 32 certifications for each of our Company and our Operating Partnership.

 

 

 


INDEX

 

 

 

 

 

3


GLOSSARY

 

1031 Exchange

Tax-deferred like-kind exchange of properties held for business or investment purposes, pursuant to Section 1031 of the Code

2015 Credit Agreement

Revolving credit facility agreement between the Operating Partnership and certain lenders dated March 31, 2015, as amended or otherwise modified from time to time

2015 Credit Facility

$800.0 million unsecured credit facility pursuant to the 2015 Credit Agreement

2015 Term Loan

$420.0 million senior unsecured term facility pursuant to the 2015 Term Loan Agreement

2015 Term Loan Agreement

Term loan agreement between the Operating Partnership and certain lenders dated November 3, 2015, as amended or otherwise modified from time to time

2017 Tax Legislation

Tax Cuts and Jobs Act

2019 Credit Facility

$800.0 million unsecured revolving credit facility pursuant to the 2019 Revolving Credit and Term Loan Agreement

2019 Facilities Agreements

2019 Revolving Credit and Term Loan Agreement and A-2 Term Loans

2019 Notes

$402.5 million convertible notes of the Corporation due in 2019

2019 Revolving Credit and Term Loan Agreement

Revolving credit and term loan agreement between the Operating Partnership and certain lenders dated January 14, 2019, as amended or otherwise modified from time to time

2021 Notes

$345.0 million convertible notes of the Corporation due in 2021

2026 Senior Unsecured Notes

$300 million aggregate principal amount of senior notes issued in August 2016

2029 Senior Unsecured Notes

$400 million aggregate principal amount of senior notes issued in June 2019

A-1 Term Loans

$420.0 million unsecured term loan facility pursuant to the 2019 Revolving Credit and Term Loan Agreement

A-2 Term Loans

$400.0 million unsecured term loan facility pursuant to a term loan agreement between the Operating Partnership and certain lenders dated January 14, 2019, as amended or otherwise modified from time to time

Adjusted Debt

Adjusted Debt is a non-GAAP financial measure. See definition in Management's Discussion and Analysis of Financial Condition and Results of Operations

Adjusted EBITDA re

Adjusted EBITDA re is a non-GAAP financial measure. See definition in Management's Discussion and Analysis of Financial Condition and Results of Operations

AFFO

Adjusted Funds From Operations. See definition in Management's Discussion and Analysis of Financial Condition and Results of Operations

Amended Incentive Award Plan

Amended and Restated Spirit Realty Capital, Inc. and Spirit Realty, L.P. 2012 Incentive Award Plan, as amended

AOCL

Accumulated Other Comprehensive Loss

ASC

Accounting Standards Codification

Asset Management Agreement

Asset Management Agreement between Spirit Realty, L.P. and Spirit MTA REIT dated May 31, 2018 and subsequently assigned by Spirit Realty, L.P. to Spirit Realty AM Corporation on April 1, 2019

ASU

Accounting Standards Update

ATM Program

At the Market equity distribution program, pursuant to which the Company may offer and sell registered shares of common stock from time to time

CMBS

Commercial Mortgage-Backed Securities

Code

Internal Revenue Code of 1986, as amended

Company

The Corporation and its consolidated subsidiaries

Contractual Rent

Monthly contractual cash rent and earned income from direct financing leases, excluding percentage rents, from our properties owned fee-simple or ground leased, recognized during the final month of the reporting period, adjusted to exclude amounts received from properties sold during that period and adjusted to include a full month of contractual rent for properties acquired during that period. We use Contractual Rent when calculating certain metrics that are useful to evaluate portfolio credit, asset type, industry, and geographic diversity and to manage risk.

Convertible Notes

The 2019 Notes and 2021 Notes, together

Corporation

Spirit Realty Capital, Inc., a Maryland corporation

CPI

Consumer Price Index

 

4


 

 

EBITDA re

EBITDA re is a non-GAAP financial measure and is computed in accordance with standards established by NAREIT. See definition in Management's Discussion and Analysis of Financial Condition and Results of Operations

Exchange Act

Securities Exchange Act of 1934, as amended

FASB

Financial Accounting Standards Board

FFO

Funds From Operations. See definition in Management's Discussion and Analysis of Financial Condition and Results of Operations

GAAP

Generally Accepted Accounting Principles in the United States

LIBOR

London Interbank Offered Rate

Master Trust 2013

The net-lease mortgage securitization trust established in December 2013

Master Trust 2014

The net-lease mortgage securitization trust established in 2005 and amended and restated in 2014

Master Trust Notes

Master Trust 2013 and Master Trust 2014 notes, together

Master Trust Release

Proceeds from the sale of assets securing the Master Trust Notes held in restricted accounts until a qualifying substitution is made or until used for principal reduction

Moody's

Moody's Investor Services

NAREIT

National Association of Real Estate Investment Trusts

Occupancy

The number of economically yielding owned properties divided by total owned properties

OP Holdings

Spirit General OP Holdings, LLC

Operating Partnership

Spirit Realty, L.P., a Delaware limited partnership

Property Management and Servicing Agreement

Second amended and restated agreement governing the management services and special services provided to Master Trust 2014 by Spirit Realty, L.P., dated as of May 20, 2014, as amended, supplemented, amended and restated or otherwise modified

Real Estate Investment Value

The gross acquisition cost, including capitalized transaction costs, plus improvements and less impairments, if any

REIT

Real Estate Investment Trust

S&P

S&P's Global Ratings

SEC

Securities and Exchange Commission

Securities Act

Securities Act of 1933, as amended

Senior Unsecured Notes

2026 Senior Unsecured Notes and 2029 Senior Unsecured Notes, collectively

Series A Preferred Stock

6,900,000 shares of 6.000% Cumulative Redeemable Preferred Stock issued October 3, 2017, with a liquidation preference of $25.00 per share.

Shopko

Specialty Retail Shops Holding Corp. and certain of its affiliates

SMTA

Spirit MTA REIT, a Maryland real estate investment trust

Spin-Off

Creation of an independent, publicly traded REIT, SMTA, through our contribution of properties leased to Shopko, assets that collateralize Master Trust 2014 and other additional assets to SMTA followed by the distribution by us to our stockholders of all of the common shares of beneficial interest in SMTA.

SubREIT

Spirit MTA SubREIT, a wholly-owned subsidiary of SMTA

Spirit Property Ranking Model

A proprietary model used annually to rank properties across twelve factors and weightings consisting of both real estate quality scores and credit underwriting criteria, in order to benchmark property quality, identify asset recycling opportunities and to enhance acquisition or disposition decisions

TSR

Total Stockholder Return

U.S.

United States

Vacant

Owned properties which are not economically yielding

 

Unless otherwise indicated or unless the context requires otherwise, all references to the "Company," "Spirit Realty Capital," "we," "us" or "our" refer to the Corporation and its consolidated subsidiaries, including the Operating Partnership. Unless otherwise indicated or unless the context requires otherwise, all references to the "Operating Partnership" refer to Spirit Realty, L.P. and its consolidated subsidiaries.

5


 

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

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 (see Note 6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

See accompanying notes.

6


 

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

 

$

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share issued

 

$

0.6250

 

 

$

0.9000

 

 

$

1.2500

 

 

$

1.8000

 

 

See accompanying notes.

7


 

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Comprehensive Income

(In Thousands)

(Unaudited)

 

 

 

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

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in net unrealized losses on cash flow hedges

 

 

(8,754

)

 

 

 

 

 

(13,775

)

 

 

 

Total comprehensive income

 

$

34,395

 

 

$

14,576

 

 

$

70,364

 

 

$

42,706

 

 

See accompanying notes.

8


 

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Stockholders' Equity

(In Thousands, Except Share Data)

(Unaudited)

 

Six Months Ended June 30, 2019

 

Preferred Stock

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Value

and Capital

in Excess

of Par

Value

 

 

Shares

 

 

Par

Value

 

 

Capital in

Excess of

Par Value

 

 

Accumulated

Deficit

 

 

AOCL

 

 

Total

Stockholders’

Equity

 

Balances, December 31, 2018

 

 

6,900,000

 

 

$

166,177

 

 

 

85,787,355

 

 

$

4,289

 

 

$

4,995,697

 

 

$

(2,357,255

)

 

$

(7,159

)

 

$

2,801,749

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43,578

 

 

 

 

 

 

43,578

 

Dividends declared on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,588

)

 

 

 

 

 

(2,588

)

Net income attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,990

 

 

 

 

 

 

40,990

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,021

)

 

 

(5,021

)

Dividends declared on common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(54,254

)

 

 

 

 

 

(54,254

)

Tax withholdings related to net stock settlements

 

 

 

 

 

 

 

 

(17,800

)

 

 

(1

)

 

 

 

 

 

(703

)

 

 

 

 

 

(704

)

Issuance of shares of common stock, net

 

 

 

 

 

 

 

 

893,526

 

 

 

45

 

 

 

32,641

 

 

 

 

 

 

 

 

 

32,686

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(79

)

 

 

 

 

 

 

 

 

(79

)

Stock-based compensation, net

 

 

 

 

 

 

 

 

148,705

 

 

 

8

 

 

 

3,570

 

 

 

(309

)

 

 

 

 

 

3,269

 

Balances, March 31, 2019

 

 

6,900,000

 

 

$

166,177

 

 

 

86,811,786

 

 

$

4,341

 

 

$

5,031,829

 

 

$

(2,371,531

)

 

$

(12,180

)

 

$

2,818,636

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,737

 

 

 

 

 

 

45,737

 

Dividends declared on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,588

)

 

 

 

 

 

(2,588

)

Net income attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43,149

 

 

 

 

 

 

43,149

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,754

)

 

 

(8,754

)

Dividends declared on common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(56,318

)

 

 

 

 

 

(56,318

)

Tax withholdings related to net stock settlements

 

 

 

 

 

 

 

 

(16,367

)

 

 

(1

)

 

 

 

 

 

(677

)

 

 

 

 

 

(678

)

Issuance of shares of common stock, net

 

 

 

 

 

 

 

 

3,292,102

 

 

 

165

 

 

 

129,685

 

 

 

 

 

 

 

 

 

129,850

 

Stock-based compensation, net

 

 

 

 

 

 

 

 

23,206

 

 

 

1

 

 

 

3,882

 

 

 

(308

)

 

 

 

 

 

3,575

 

Balances, June 30, 2019

 

 

6,900,000

 

 

$

166,177

 

 

 

90,110,727

 

 

$

4,506

 

 

$

5,165,396

 

 

$

(2,385,685

)

 

$

(20,934

)

 

$

2,929,460

 

 

 

Six Months Ended June 30, 2018

 

Preferred Stock

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Value

and Capital

in Excess of

Par Value

 

 

Shares

 

 

Par

Value

 

 

Capital in

Excess of

Par Value

 

 

Accumulated

Deficit

 

 

AOCL

 

 

Total

Stockholders’

Equity

 

Balances, December 31, 2017

 

 

6,900,000

 

 

$

166,193

 

 

 

89,774,135

 

 

$

4,489

 

 

$

5,193,631

 

 

$

(2,044,704

)

 

$

 

 

$

3,319,609

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,718

 

 

 

 

 

 

30,718

 

Dividends declared on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,588

)