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Wednesday 2-20-19

|Includes: CyrusOne Inc. (CONE), NM, O, UNIT, WINMQ, WPG

I should have an opinion piece on Uniti (UNIT)/Windstream (WIN) out today on the importance of the verdict and the greater good - if it isn't published as an article, I will blog post it.

Update on Navios Maritime (NM) preferred tender:  Navios Holdings Extended Time Period Under Exchange Offer and Waived Minimum Condition The Company has extended the expiration date of its exchange offer and consent solicitation (the “Exchange Offer”) to exchange cash and/or newly issued 9.75% Senior Notes due 2024 (the “Notes”) for approximately 66 2/3% of each of the outstanding American Depositary Shares, each representing 1/100th of a share of 8.75% Series G Cumulative Redeemable Perpetual Preferred Stock (the “Series G ADSs”) and 8.625% Series H Cumulative Redeemable Perpetual Preferred Stock (the “Series H ADSs”) through 5:00 pm on Friday, March 1, 2019 whereby the Company has offered to exchange:

  • $7.25 in cash and/or $8.28 principal amount of the Notes for each Series G ADS and
  • $7.16 in cash and/or $8.19 principal amount of the Notes for each Series H ADS.

The Company is waiving the following condition to the Exchange Offer:

  1. 946,100, representing approximately 66 2/3%, of the outstanding Series G ADSs having been validly tendered and not properly withdrawn prior to the Expiration Date; and
  2. 1,907,600, representing approximately 66 2/3%, of the outstanding Series H ADSs having been validly tendered and not properly withdrawn prior to the Expiration Date.

What a long, strange trip it's been:

This could be interesting:

Say what you want about Washington Prime (WPG), but I like Lou's sense of humor.  From their release on Grand Central Mall in West VA:  Conforti added: “While delving into the history of Parkersburg, I discovered a little known fact regarding one of its first settlers, Harman Blennerhassett. Seems like Mr. Blennerhassett and Aaron Burr (who also happened to kill Alexander Hamilton during a pistol duel), conspired to have the then westernmost section of the United States secede and become a separate nation. Upon further research, it also came to my attention when the federal government caught wind of this rebellion, both men escaped by disguising themselves as women with an array of cosmetics from Ulta Beauty; separates from the Moschino x H&M Collection; and outran their pursuers by lacing up their Nike Air VaporMax purchased from Hibbett Sports. Word on the street is Lin-Manuel Miranda is seriously considering a Broadway musical to memorialize this little known historical tidbit.”

It was only a matter of time.  CDS determination committee asked if Windstream (WIN) has experienced a credit event

CyrusOne (CONE) - funny feeling tomorrow is not going to be kind:

Chart
Data by YCharts

Uh-O.  Realty Income (O) misses:  Realty Income forecast FFO per share for 2019; the guidance missed the average analyst estimate. Sees 2019 FFO per share $3.23 to $3.29, estimate $3.30 (range $3.26 to $3.36) (Bloomberg data).  4Q FFO per share 73c, estimate 74c (range 73c to 76c) (BD)

That said:

  • AFFO for the quarter ended December 31, 2018, increased 10.0% to $236.8 million, as compared to $215.3 million for the same quarter in 2017. AFFO per share for the quarter ended December 31, 2018, increased 3.9% to $0.79, as compared to $0.76 for the same quarter in 2017.
  • AFFO for 2018 increased 10.3% to $924.6 million, as compared to $838.6 million for 2017. AFFO per share for 2018 increased 4.2% to $3.19, as compared to $3.06 for 2017.
  • During the quarter ended December 31, 2018, same store rents on 4,629 properties under lease increased 0.8% to $272.1 million, as compared to $270.0 million for the same quarter in 2017. During 2018, same store rents on 4,629 properties under lease increased 0.9% to $1.08 billion, as compared to $1.07 billion for 2017. - Kinda meh.

We estimate FFO per share for 2019 of $3.23 to $3.29. We estimate AFFO per share for 2019 of $3.25 to $3.31, an increase of 2% to 4% over 2018 AFFO per share of $3.19

Still bulletproof on the debt side:

Shares are unch'd after hours.