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Spirit MTA REIT Announces Fourth Quarter 2018 Financial and Operating Results

Nachrichtenquelle: Business Wire (engl.)
21.03.2019, 22:03  |  437   |   |   

Spirit MTA REIT (NYSE: SMTA) ("SMTA" or the "Company"), a net-lease real estate investment trust ("REIT") headquartered in Dallas, Texas, today reported its financial and operating results for the fourth quarter ended December 31, 2018.

Unless otherwise specified, financial and operating information prior to May 31, 2018 reflects the financial and operating information of SMTA's legal predecessor entities.

FOURTH QUARTER HIGHLIGHTS

  • Liquidity of $202.1 million as of December 31, 2018, is comprised of cash, cash equivalents and available borrowing capacity under our variable funding notes.
  • Closed on $165.0 million in non-recourse financing loans on November 1, 2018 with net proceeds of $141.9 million, secured by 87 Shopko assets (85 owned properties and two seller-financed notes on properties) in our Other Properties portfolio.
  • Closed on $50.0 million of variable funding notes within Master Trust 2014 on November 1, 2018. No funds were drawn on the variable funding notes as of December 31, 2018.
  • Disposed of eight properties for $15.2 million in gross proceeds. Included in these sales were two properties leased to Shopko sold for gross proceeds of $8.1 million.

CEO COMMENTS

"As a result of its bankruptcy filing, Shopko stopped making rental payments to us and therefore we defaulted on the $165 million CMBS financing related to those properties. Shortly thereafter, our lender foreclosed on the Shopko properties and has taken ownership of them. Given the impact on our ongoing cash available for distribution, we have accelerated efforts in exploring strategic alternatives for the Company. Nevertheless, we declared a first quarter 2019 special dividend of $0.33 per share and now have returned a total of $1.99 of cash per share to our shareholders since our inception. We will continue to keep shareholders updated on further developments related to our ongoing assessment of strategic alternatives,” stated SMTA Chief Executive Officer, President, Chief Financial Officer and Treasurer Ricardo Rodriguez.

FULL YEAR 2018 HIGHLIGHTS

  • On May 31, 2018, the Spin-Off from Spirit Realty Capital, Inc. ("Spirit") was completed with the distribution of one share of SMTA common stock for every ten shares of Spirit common stock held by each of Spirit's shareholders as of May 18, 2018, with 42,851,010 total shares of SMTA common stock issued in conjunction with the Spin-Off.
  • Invested $112.6 million in the acquisition of nine properties, with a weighted average lease term of 15.5 years, a weighted-average initial cash yield of 6.52% and an economic yield of 7.44%.
  • Disposed of 47 properties for $91.0 million in gross proceeds. Included in these sales were ten properties leased to Shopko sold for gross proceeds of $46.7 million.

FINANCIAL RESULTS

Total revenues for the Master Trust 2014 and Other Properties segments were $46.4 million and $16.5 million, respectively, for the three months ended December 31, 2018, compared to $43.4 million and $14.2 million for the same period last year. Total revenues for the Master Trust 2014 and Other Properties segments were $182.5 million and $63.8 million, respectively, for the year ended December 31, 2018, compared to $169.6 million and $62.2 million, respectively, for the same period last year.

Net loss attributable to common shareholders was $214.0 million, or $5.00 per share, for the three months ended December 31, 2018, compared to net income of $1.5 million, or $0.03 per share, for the same period last year. Net loss attributable to common shareholders was $229.5 million, or $5.36 per share, for the year ended December 31, 2018, compared to net income of $18.3 million, or $0.43 per share, for the same period last year. The impact of the Shopko bankruptcy filing resulted in our recording of impairment charges related to tangible and intangible assets of $168.5 million and an allowance for loan loss of $33.8 million relating to our Shopko B-1 Term Loan for the quarter and year ended December 31, 2018. The impact of these items is included in net loss attributable to common shareholders.

FFO per diluted share was $(0.72) and $0.54 for the three months ended December 31, 2018 and 2017, respectively. FFO per diluted share was $0.58 and $2.56 for the years ended December 31, 2018 and 2017, respectively.

AFFO for the three months ended December 31, 2018 was $14.5 million, compared to $29.0 million for the same period last year. AFFO per diluted share was $0.33 and $0.68 for the three months ended December 31, 2018 and 2017, respectively. AFFO for the year ended December 31, 2018 was $89.8 million, compared to $126.8 million for the same period last year. AFFO per diluted share was $2.09 and $2.96 for the years ended December 31, 2018 and 2017, respectively.

On December 5, 2018, the Board of Trustees declared a total cash dividend of $1.33 per common share, comprised of $0.33 for the quarter ended December 31, 2018 and a special cash dividend of $1.00, that was paid on January 15, 2019 to holders of record as of December 31, 2018. The Board of Trustees also declared a cash dividend of $0.625 per share of SMTA Preferred Stock that was paid on December 31, 2018 to holders of record as of December 17, 2018.

The amount and timing of dividends for 2019 and beyond will be at the discretion of the Board of Trustees. The Board of Trustees' decisions regarding the payment of dividends will depend on many factors, including, but not limited to, maintaining the Company's REIT tax status, timing and magnitude of disposition activities, execution of strategic alternatives and working capital needs.

PORTFOLIO HIGHLIGHTS

As of December 31, 2018, SMTA's diversified real estate portfolio, comprised of 876 owned properties, with 778 and 98 in the Master Trust 2014 and Other Properties segments, respectively, was 97.1% occupied with a weighted average remaining lease term of 9.7 years.

During the year ended December 31, 2018, SMTA invested $115.2 million for the acquisition of nine properties and revenue producing capital expenditures on 18 properties, all related to the Master Trust 2014 portfolio. The newly acquired properties have a weighted average lease term of 15.5 years, a weighted-average initial cash yield of approximately 6.52% and an economic yield of 7.44%.

During the year ended December 31, 2018, SMTA disposed of 47 properties for $91.0 million in gross proceeds, including the sale of 35 income producing properties for $74.8 million. These disposals comprised:

  • 35 properties within Master Trust 2014 for gross proceeds of $38.9 million,
  • ten properties leased to Shopko for gross proceeds of $46.7 million, and
  • two other properties for gross proceeds of $5.4 million.

BALANCE SHEET, LIQUIDITY & CAPITAL MARKETS

  • As of December 31, 2018, net investments for the Master Trust 2014 and Other Properties segments were $1.7 billion and $0.34 billion, respectively.
  • As of December 31, 2018, total cash was $161.0 million and restricted cash for the Master Trust 2014 and Other Properties segments was $25.7 million and $18.4 million, respectively.
  • As of December 31, 2018, debt for the Master Trust 2014 and Other Properties segments was $1.91 billion and $0.23 billion, respectively.
  • Adjusted Debt to Annualized Adjusted EBITDAre was 12.6x as of December 31, 2018, based on the three months ended December 31, 2018 (during 2018, the definition of Adjusted EBITDAre was revised to reflect adjustments made for income producing acquisitions and dispositions made during the quarter, and Annualized Adjusted EBITDAre was revised to reflect adjustments for items where annualization is not appropriate).

SUBSEQUENT EVENTS

  • On January 16, 2019, Shopko, the Company's largest tenant, filed for relief under Chapter 11 of the Bankruptcy Code.
  • On January 16, 2019, SMTA announced that its Board of Trustees had elected to accelerate its strategic plan by initiating a process to explore strategic alternatives focused on maximizing shareholder value. Strategic alternatives to be considered may include, but are not limited to, a sale of the Company or Master Trust 2014, a merger, the sale of other assets, and the maximizing of recoveries in connection with the Shopko bankruptcy filing.
  • On March 1, 2019, the lender for the Shopko CMBS financing, with remaining outstanding principal of $157.4 million, foreclosed on and took ownership of the legal entities that own the remaining 85 Shopko assets (83 owned properties and two seller-financed notes on properties) collateralizing the loan.
  • On March 5, 2019, the Board of Trustees declared a special cash dividend of $0.33 per common share for the first quarter ended March 31, 2019. The dividend will be paid on April 15, 2019 to holders of record as of March 29, 2019.
  • As of March 19, 2019, SMTA had approximately $155.8 million in liquidity, comprised of $110.0 million in cash and cash equivalents and $45.8 million in available borrowing capacity under our variable funding notes.
  • As of March 19, 2019, SMTA had additional liquidity available for acquisitions of approximately $16.5 million in its Master Trust 2014 Release Account.
  • As of March 19, 2019, our outstanding common share count is 43,085,751.

EARNINGS WEBCAST

The Company has provided pre-recorded comments from management. Interested parties can listen to the presentation via the following:

Internet:      

The webcast link can be located on the investor relations page of the Company's website at www.spiritmastertrust.com

 
Telephone: (844) 512-2921 (Domestic) / (412) 317-6671 (International)
Access code 1133124

ABOUT SPIRIT MTA REIT

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