Company Quick10K Filing
Hines Global Income Trust
Price-0.00 EPS-0
Shares69 P/E0
MCap-0 P/FCF-0
Net Debt645 EBIT-18
TEV645 TEV/EBIT-36
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-15
10-K 2019-12-31 Filed 2020-03-30
10-Q 2019-09-30 Filed 2019-11-13
10-Q 2019-06-30 Filed 2019-08-14
10-Q 2019-03-31 Filed 2019-05-14
10-K 2018-12-31 Filed 2019-03-29
10-Q 2018-09-30 Filed 2018-11-14
10-Q 2018-06-30 Filed 2018-08-14
10-Q 2018-03-31 Filed 2018-05-11
10-K 2017-12-31 Filed 2018-03-29
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-14
10-Q 2017-03-31 Filed 2017-05-15
10-K 2016-12-31 Filed 2017-03-27
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-12
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-24
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-13
10-Q 2015-03-31 Filed 2015-05-13
10-K 2014-12-31 Filed 2015-03-25
10-Q 2014-09-30 Filed 2014-11-10
8-K 2020-06-22
8-K 2020-06-16
8-K 2020-05-14
8-K 2020-04-29
8-K 2020-04-21
8-K 2020-04-20
8-K 2020-04-16
8-K 2020-03-19
8-K 2020-03-17
8-K 2020-02-19
8-K 2020-02-13
8-K 2020-01-29
8-K 2020-01-27
8-K 2020-01-16
8-K 2019-12-18
8-K 2019-12-17
8-K 2019-12-11
8-K 2019-12-11
8-K 2019-11-21
8-K 2019-11-14
8-K 2019-11-14
8-K 2019-10-17
8-K 2019-09-30
8-K 2019-09-26
8-K 2019-09-25
8-K 2019-09-24
8-K 2019-09-19
8-K 2019-09-16
8-K 2019-08-16
8-K 2019-07-17
8-K 2019-06-14
8-K 2019-05-23
8-K 2019-05-16
8-K 2019-05-06
8-K 2019-04-29
8-K 2019-04-15
8-K 2019-04-12
8-K 2019-03-15
8-K 2019-02-14
8-K 2019-01-16
8-K 2018-12-31
8-K 2018-12-18
8-K 2018-12-14
8-K 2018-12-13
8-K 2018-11-15
8-K 2018-11-08
8-K 2018-10-17
8-K 2018-10-03
8-K 2018-10-01
8-K 2018-10-01
8-K 2018-09-20
8-K 2018-09-14
8-K 2018-09-04
8-K 2018-08-17
8-K 2018-08-16
8-K 2018-08-01
8-K 2018-07-27
8-K 2018-07-17
8-K 2018-07-09
8-K 2018-06-15
8-K 2018-06-01
8-K 2018-05-15
8-K 2018-05-01
8-K 2018-04-16
8-K 2018-04-02
8-K 2018-03-30
8-K 2018-03-06
8-K 2018-03-01
8-K 2018-02-01
8-K 2018-01-02

HGIT 10Q Quarterly Report

Part I - Financial Information
Item 1. Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 hgitexhibit3113312020.htm
EX-31.2 hgitexhibit3123312020.htm
EX-32.1 hgitexhibit3213312020.htm

Hines Global Income Trust Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
1.41.10.80.50.2-0.12014201620182020
Assets, Equity
0.10.10.0-0.0-0.1-0.12014201620182020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32014201620182020
Ops, Inv, Fin

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
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: 000-55599
 
Hines Global Income Trust, Inc.
(Exact name of registrant as specified in its charter)
Maryland
80-0947092
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
 
2800 Post Oak Boulevard
 
Suite 5000
 
Houston
Texas
77056-6118
(Address of principal executive offices)
(Zip code)

(888220-6121
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act: None.

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.  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). Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.
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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No

As of May 1, 2020, approximately 18.7 million shares of the registrant’s Class AX common stock, 19.8 million shares of the registrant’s Class TX common stock, 0.1 million shares of the registrant’s Class IX common stock, 36.7 million shares of the registrant’s Class T common stock, 9.2 million shares of the registrant’s Class D common stock and 11.3 million shares of the registrant’s Class I common stock were outstanding.
 




TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1.
Condensed Consolidated Financial Statements (Unaudited):
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.




PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

HINES GLOBAL INCOME TRUST, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 
March 31, 2020
 
December 31, 2019
 
(in thousands, except per share amounts)
ASSETS
 
 
 
Investment property, net
$
1,304,135

 
$
1,254,304

Investments in real estate-related securities
33,985

 
36,491

Cash and cash equivalents
72,551

 
45,875

Restricted cash
9,809

 
10,563

Derivative instruments
5,941

 
163

Tenant and other receivables
14,248

 
14,160

Intangible lease assets, net
88,038

 
98,537

Right-of-use asset, net
36,576

 
37,606

Deferred leasing costs, net
18,010

 
18,418

Deferred financing costs, net
2,110

 
2,311

Other assets
7,092

 
5,129

Assets held for sale

 
49,988

Total assets
$
1,592,495

 
$
1,573,545

LIABILITIES AND EQUITY
 
 
 
Liabilities:
 
 
 
Accounts payable and accrued expenses
$
28,916

 
$
29,838

Due to affiliates
36,890

 
42,782

Intangible lease liabilities, net
18,517

 
19,633

Operating lease liability
1,450

 
1,583

Other liabilities
16,889

 
21,428

Derivative instruments
29

 
1,079

Distributions payable
4,315

 
3,837

Note payable to affiliate
11,000

 
75,000

Notes payable, net
769,541

 
752,131

Liabilities associated with assets held for sale

 
34,713

Total liabilities
887,547

 
982,024

 
 
 
 
Commitments and contingencies (Note 11)

 

 
 
 
 
Equity:
 
 
 
Stockholders’ equity:
 
 
 
Preferred shares, $0.001 par value per share; 500,000 preferred shares authorized, none issued or outstanding as of September 30, 2019 and December 31, 2018

 

Common shares, $0.001 par value per share (Note 6)
95

 
83

Additional paid-in capital
835,226

 
735,545

Accumulated distributions in excess of earnings
(117,484
)
 
(146,830
)
Accumulated other comprehensive income (loss)
(12,889
)
 
2,723

Total stockholders’ equity
704,948

 
591,521

Noncontrolling interests

 

Total equity
704,948

 
591,521

Total liabilities and equity
$
1,592,495

 
$
1,573,545

See notes to the condensed consolidated financial statements.

1


HINES GLOBAL INCOME TRUST, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended March 31, 2020 and 2019
(UNAUDITED)
 
Three Months Ended March 31,
 
2020
 
2019
 
(in thousands, except per share amounts)
Revenues:
 
 
 
Rental revenue
$
33,119

 
$
21,451

Other revenue
726

 
287

Total revenues
33,845


21,738

Expenses:
 

 
 

Property operating expenses
8,074

 
5,536

Real property taxes
3,482

 
2,597

Property management fees
1,357

 
703

Depreciation and amortization
16,229

 
9,328

Acquisition related expenses
17

 
4

Asset management fees
2,791

 
1,487

Performance participation allocation

 
1,120

General and administrative expenses
1,038

 
847

Total expenses
32,988

 
21,622

Other income (expenses):
 
 
 
Gain (loss) on derivative instruments
6,956

 
(1,110
)
Gain (loss) on investments in real estate-related securities
(7,737
)

1,166

Gain on sale of real estate
49,644

 

Foreign currency gains (losses)
(2,519
)

(69
)
Interest expense
(5,932
)
 
(4,197
)
Interest and other income
551

 
124

Income (loss) before benefit (provision) for income taxes
41,820

 
(3,970
)
Benefit (provision) for income taxes
(68
)
 
(29
)
Net income (loss)
41,752

 
(3,999
)
Net (income) loss attributable to noncontrolling interests
(3
)
 
(3
)
Net income (loss) attributable to common stockholders
$
41,749

 
$
(4,002
)
Basic and diluted income (loss) per common share
$
0.47


$
(0.09
)
Weighted average number of common shares outstanding
88,256

 
47,038

 
 
 
 
Comprehensive income (loss):
 
 
 
Net income (loss)
$
41,752

 
$
(3,999
)
Other comprehensive income (loss):


 


Foreign currency translation adjustment
(15,613
)
 
(2,020
)
Comprehensive income (loss)
$
26,139

 
$
(6,019
)
Comprehensive (income) loss attributable to noncontrolling interests
(3
)
 
(3
)
Comprehensive income (loss) attributable to common stockholders
$
26,136

 
$
(6,022
)

See notes to the condensed consolidated financial statements.

2


HINES GLOBAL INCOME TRUST, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Three Months Ended March 31, 2020 and 2019
(UNAUDITED)
(In thousands)
Hines Global Income Trust, Inc. Stockholders
 
Common Shares
 
Additional Paid-in Capital
 
Accumulated Distributions in Excess of Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Total Stockholders’ Equity
 
Noncontrolling Interests
 
Shares
 
Amount
 
 
 
 
 
Balance as of January 1, 2020
81,847

 
$
83

 
$
735,545

 
$
(146,832
)
 
$
2,724

 
$
591,520

 
$

Issuance of common shares
10,735

 
12

 
112,179

 

 

 
112,191

 

Distributions declared

 

 

 
(12,401
)
 

 
(12,401
)
 
(3
)
Redemption of common shares
(464
)
 

 
(5,395
)
 

 

 
(5,395
)
 

Selling commissions, dealer manager fees and distribution and stockholder servicing fees

 

 
(6,240
)
 

 

 
(6,240
)
 

Offering costs

 

 
(863
)
 

 

 
(863
)
 

Net income (loss)

 

 

 
41,749

 

 
41,749

 
3

Foreign currency translation adjustment

 

 

 

 
(15,613
)
 
(15,613
)
 

Balance as of March 31, 2020
92,118

 
$
95

 
$
835,226

 
$
(117,484
)
 
$
(12,889
)
 
$
704,948

 
$



Hines Global Income Trust, Inc. Stockholders
 
Common Shares
Additional Paid-in Capital
 
Accumulated Distributions in Excess of Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Total Stockholders’ Equity
 
Noncontrolling Interests
 
Shares
 
Amount
 
 
 
 
 
Balance as of January 1, 2019
43,584

 
$
44

 
$
371,274

 
$
(91,711
)
 
$
(874
)
 
$
278,733

 
$

Issuance of common shares
6,109

 
7

 
62,886

 

 

 
62,893

 

Distributions declared

 

 

 
(6,704
)
 

 
(6,704
)
 
(3
)
Redemption of common shares
(362
)
 

 
(4,014
)
 

 

 
(4,014
)
 

Selling commissions, dealer manager fees and distribution and stockholder servicing fees

 

 
(4,366
)
 

 

 
(4,366
)
 

Offering costs

 

 
(1,240
)
 

 

 
(1,240
)
 

Net income (loss)

 

 

 
(4,002
)
 

 
(4,002
)
 
3

Foreign currency translation adjustment

 

 

 

 
(2,020
)
 
(2,020
)
 

Balance as of March 31, 2019
49,331

 
$
51

 
$
424,540

 
$
(102,417
)
 
$
(2,894
)
 
$
319,280

 
$



See notes to the condensed consolidated financial statements.

3


HINES GLOBAL INCOME TRUST, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2020 and 2019
(UNAUDITED)
 
2020
 
2019
 
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income (loss)
$
41,752

 
$
(3,999
)
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
 
 
 
Depreciation and amortization
16,727

 
9,771

Gain on sale of real estate
(49,644
)
 

Foreign currency (gains) losses
2,519

 
69

(Gain) loss on derivative instruments
(6,956
)
 
1,110

(Gain) loss on investments in real estate-related securities
7,737

 
(1,166
)
Changes in assets and liabilities:
 
 
 
Change in other assets
(1,572
)
 
(35
)
Change in tenant and other receivables
(1,092
)
 
(2,270
)
Change in deferred leasing costs
(1,809
)
 
(3,029
)
Change in accounts payable and accrued expenses
870

 
103

Change in other liabilities
(2,829
)
 
(2,069
)
Change in due to affiliates
(8,042
)
 
(4,393
)
Net cash from (used in) operating activities
(2,339
)
 
(5,908
)
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Investments in acquired properties and lease intangibles
(133,935
)
 
(45,471
)
Capital expenditures at operating properties
(1,155
)
 
(582
)
Proceeds from sale of real estate
148,467

 

Purchases of real estate-related securities
(15,202
)
 
(3,048
)
Proceeds from settlement of real estate-related securities
9,971

 
3,014

Net cash from (used in) investing activities
8,146

 
(46,087
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Proceeds from issuance of common shares
105,660

 
59,461

Redemption of common shares
(4,739
)
 
(3,634
)
Payment of offering costs
(1,659
)
 
(1,306
)
Payment of selling commissions, dealer manager fees and distribution and stockholder servicing fees
(3,270
)
 
(1,981
)
Distributions paid to stockholders and noncontrolling interests
(5,418
)
 
(2,963
)
Proceeds from notes payable
59,000

 
26,715

Payments on notes payable
(64,547
)
 
(433
)
Proceeds from related party note payable

 
14,000

Payments on related party note payable
(64,000
)
 
(37,500
)
Change in security deposit liability
(294
)
 
(53
)
Deferred financing costs paid
(8
)
 
(517
)
Payments related to interest rate contracts

 
(55
)
Net cash from (used in) financing activities
20,725

 
51,734

Effect of exchange rate changes on cash, restricted cash and cash equivalents
(610
)
 
(172
)
Net change in cash, restricted cash and cash equivalents
25,922

 
(433
)
Cash, restricted cash and cash equivalents, beginning of period
56,438

 
36,986

Cash, restricted cash and cash equivalents, end of period
$
82,360

 
$
36,553


See notes to the condensed consolidated financial statements.

4


HINES GLOBAL INCOME TRUST INC, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Three Months Ended March 31, 2020 and 2019

1.  ORGANIZATION

The accompanying interim unaudited condensed consolidated financial information has been prepared according to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly and in conformity with accounting principles generally accepted in the United States of America (“GAAP”) the financial position of Hines Global Income Trust, Inc. as of March 31, 2020 and December 31, 2019, the results of operations for the three months ended March 31, 2020 and 2019, the changes in stockholders’ equity for each of the quarterly periods in the three months ended March 31, 2020 and 2019 and cash flows for the three months ended March 31, 2020 and 2019 have been included.  The results of operations for such interim periods are not necessarily indicative of the results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations. For further information, refer to the financial statements and footnotes included in Hines Global Income Trust, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2019.

Hines Global Income Trust, Inc. (the “Company”), is a Maryland corporation formed in 2013 to invest in a diversified portfolio of quality commercial real estate properties and other real estate investments throughout the United States and internationally, and to a lesser extent, invest in real-estate related securities. The Company is sponsored by Hines Interests Limited Partnership (“Hines”), a fully integrated global real estate investment and management firm that has acquired, developed, owned, operated and sold real estate for over 60 years. The Company is managed by Hines Global REIT II Advisors LP (the “Advisor”), an affiliate of Hines. The Company conducts substantially all of its operations through Hines Global REIT II Properties, LP (the “Operating Partnership”). An affiliate of the Advisor, Hines Global REIT II Associates LP, owns less than a 1% limited partner interest in the Operating Partnership as of March 31, 2020 and the Advisor also owns the special limited partnership interest in the Operating Partnership. The Company has elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes beginning with its taxable year ended December 31, 2015.

As of March 31, 2020, the Company owned direct real estate investments in 18 properties totaling 8.7 million square feet that were 94% leased. In April 2020, the Company sold its Bishop’s Square property for a contract price of approximately 181.6 million (approximately $198.0 million assuming a rate of $1.09 per EUR as of the date of transaction). Bishop’s Square is a Class A office property located in Dublin, Ireland, originally acquired by the Company in March 2015. See Note 12—Subsequent Events for additional information regarding the disposition of Bishop’s Square.

The Company raises capital for its investments through public offerings of its common stock. The Company commenced its initial public offering of up to $2.5 billion in shares of its common stock (the “Initial Offering”) in August 2014, and commenced its second public offering of up to $2.5 billion in shares of common stock including $500.0 million of shares offered under its distribution reinvestment plan (the “Follow-On Offering”) in December 2017. As of May 15, 2020, the Company had received gross offering proceeds of $1.0 billion from the sale of 101.8 million shares through its public offerings, including shares issued pursuant to its distribution reinvestment plan.


5


2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The condensed consolidated financial statements of the Company included in this Quarterly Report on Form 10-Q include the accounts of Hines Global Income Trust, Inc. and the Operating Partnership (over which the Company exercises financial and operating control). All intercompany balances and transactions have been eliminated in consolidation.

Coronavirus Outbreak

The preparation of financial statements in conformity with U.S GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates. In particular, the COVID-19 pandemic (more commonly referred to as the Coronavirus pandemic), has adversely impacted and is likely to further adversely impact the Company’s business, the businesses of the Company’s tenants and the real estate market generally. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including fair value measurements, and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or address its impact, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume.

The ongoing global outbreak of the Coronavirus pandemic continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. It has disrupted global travel and supply chains, adversely impacted global commercial activity, and its long-term economic impact remains uncertain. Considerable uncertainty still surrounds the Coronavirus and its potential effects on the population, as well as the effectiveness of any responses taken on a national and local level by government authorities and businesses. The travel restrictions, limits on hours of operations and/or closures of non-essential businesses and other efforts to curb the spread of the Coronavirus have significantly disrupted business activity globally, including in the markets where the Company invests, and has had an adverse impact on the performance of certain of the Company’s investments. Many of the Company’s tenants are subject to shelter in place and other quarantine restrictions, and the restrictions could be in place for an extended period of time. These restrictions are particularly adversely impacting many of the Company’s retail tenants (other than grocery tenants), as government instructions regarding social distancing and mandated closures have reduced and, in some cases, eliminated customer foot traffic, causing many of the Company’s retail tenants to temporarily close their brick and mortar stores. As of May 15, 2020, the Company owned two retail properties in the U.S., which comprised 19% of the Company’s portfolio, based on the estimated value of its real estate investments as of that date, as well as 22% of the Company’s total revenue for the three months ended March 31, 2020. Further, while the Company collected approximately 94% of March rents at its retail properties, collections in April dropped to around 30%. The Company is in preliminary discussions with these tenants and currently expects to grant relief to some of its tenants to defer rent payments as a result of their estimated lost revenues from the current Coronavirus pandemic; however, there can be no assurance the Company will reach an agreement with any tenant or if an agreement is reached, that any such tenant will be able to repay any such deferred rent in the future.

Excluding retail properties, the Company collected approximately 96% of March rents and more than 93% of April rents. However, the Company has agreed to refund May and June rents for up to 40-60% of its tenants at its European student housing properties due to school campus closings. The Company is not able to determine when these school campuses will reopen. If they remain closed for an extended period and do not reopen later in the year, the lost rent with respect to these properties would be significant.

The Coronavirus pandemic will likely have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown. In addition, the rapidly evolving nature of the pandemic makes it difficult to ascertain the long term impact it will have on commercial real estate markets and the Company’s investments. Nevertheless, the Coronavirus pandemic presents material uncertainty and risk with respect to the Company’s performance and financial results, such as rent concessions or reduced rental rates, the potential negative impact to occupancy at its properties, the potential closure of certain of its assets for an extended period, the potential for increased difficulty in obtaining financing, increased costs of operations, decrease in values of its real estate investments, the potential for increased difficulty of maintaining the current distribution rate, changes in law and/or regulation, and uncertainty regarding government and regulatory policy. The Company is unable to estimate the impact the Coronavirus pandemic will have on its financial results at this time.


6


Due to the business disruptions and challenges severely affecting the global economy caused by the Coronavirus pandemic, many lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in Accounting Standards Codification (“ASC”) Topic 842 ("Topic 842") addresses routine changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate concessions being so rapidly executed to address the sudden liquidity constraints of some lessees arising from the Coronavirus pandemic. In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the Coronavirus pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief and will avail itself of the election to avoid performing a lease by lease analysis for the lease concessions that 1) were granted as relief due to the Coronavirus pandemic and 2) result in the cash flows remaining substantially the same or less. The Lease Modification Q&A has no material impact on the Company’s consolidated financial statements as of and for the three months ended March 31, 2020, however, its future impact to the Company is dependent upon the extent of lease concessions granted to tenants as a result of the Coronavirus pandemic in future periods and the elections made by the Company at the time of entering into such concessions.

Investments in Real Estate-Related Securities

The Company holds investments in real estate-related securities, which consist of common equities, preferred equities and debt investments of publicly traded REITs. The Company has elected to classify these investments as trading securities and carry such investments at fair value. These assets are valued on a recurring basis, which resulted in a realized loss of $350,000 and an unrealized loss of $7.4 million for the three months ended March 31, 2020, both of which are recorded in “gain (loss) on investments in real estate-related securities” in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Company has also earned $481,000 in interest and dividend income for the three months ended March 31, 2020, relating to its investments in these securities, which are recorded in “Interest and other income” in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Assets and Liabilities Held for Sale

Properties that are intended to be sold are to be designated as “held for sale” on the condensed consolidated balance sheets at the lesser of carrying amount or fair value less estimated selling costs when they meet specific criteria to be presented as held for sale, under GAAP, most significantly that the sale is probable within one year. The Company evaluates probability of sale based on specific facts including whether a sales agreement is in place and the buyer has made significant non-refundable deposits. Properties are no longer depreciated when they are classified as held for sale.  As of March 31, 2020, there were no assets designated as held for sale. As of December 31, 2019, the Company had one property, the Domain Apartments, designated as held for sale. The Company sold the Domain Apartments in January 2020. See Note 3—Investment Property for additional information regarding the disposition of the Domain Apartments.

Tenant and Other Receivables

Tenant and other receivables consists primarily of receivables attributable to straight-line rent and receivables related to base rents and tenant reimbursements. Straight-line rent receivable consists of the difference between the tenants’ rents calculated on a straight-line basis from the date of acquisition or lease commencement over the remaining terms of the related leases and the tenants’ actual rents due under the lease agreements. Straight-line rent receivables were $8.6 million and $8.6 million as of March 31, 2020 and December 31, 2019, respectively. Tenant and other receivables are shown at cost in the condensed consolidated balance sheets.

7



Other Assets

Other assets included the following (in thousands):
 
 
March 31, 2020
 
December 31, 2019
 
Prepaid insurance
 
$
1,024

 
$
726

 
Prepaid property taxes
 
713

 
589

 
Deferred tax assets (1)
 
3,204

 
2,973

 
Other
 
2,151

 
932

 
Other assets
 
$
7,092

 
$
5,220

(2) 


(1)
Includes the effects of a valuation allowance of $1.6 million and $1.8 million as of March 31, 2020 and December 31, 2019, respectively.
(2)
Includes $0.1 million classified as other assets within assets held for sale as of December 31, 2019.

Recently Adopted Accounting Pronouncements

In August 2018, the FASB issued ASU No. 2018-13, "Changes to the Disclosure Requirements for Fair Value Measurement." This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. The ASU also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU No. 2018-13 are effective for the Company as of January 1, 2020 and have not materially impacted the Company’s financial statements.

3. INVESTMENT PROPERTY

Investment property consisted of the following amounts as of March 31, 2020 and December 31, 2019 (in thousands):
 
March 31, 2020
 
December 31, 2019
 
Buildings and improvements
$
1,068,769

 
$
1,077,207

 
Less: accumulated depreciation
(47,459
)
 
(51,719
)
 
Buildings and improvements, net
1,021,310

 
1,025,488

 
Land
282,825

 
278,639

 
Investment property, net
$
1,304,135

 
$
1,304,127

(1) 


(1)
Includes $49.8 million classified within assets held for sale as of December 31, 2019.

Recent Dispositions of Investment Property

In January 2020, the Company sold the Domain Apartments, a multi-family community located in Henderson, Nevada.
The contract sales price for the Domain Apartments was $80.1 million. The Company acquired the Domain Apartments in
January 2016 for a contract purchase price of $58.1 million. The Company recognized a gain on sale of this asset of $29.5
million, which was recorded in gain on sale of real estate on the condensed consolidated statements of operations and
comprehensive income (loss).

In February 2020, the Company sold Goodyear Crossing II, a Class A industrial warehouse located in Goodyear, Arizona, a submarket of Phoenix, Arizona. The contract sales price for Goodyear Crossing II was $72.0 million. The Company acquired Goodyear Crossing II in August 2016 for a contract purchase price of $56.2 million. The Company recognized a gain on sale of this asset of $20.2 million, which was recorded in gain on sale of real estate on the condensed consolidated statements of operations and comprehensive income (loss).

In April 2020, the Company sold Bishop’s Square for a contract price of approximately 181.6 million (approximately $198.0 million assuming a rate of $1.09 per EUR as of the date of transaction). Bishop’s Square is a Class A office property

8


located in Dublin, Ireland, originally acquired by the Company in March 2015. See Note 12—Subsequent Events for additional information regarding the disposition of Bishop’s Square.

Recent Acquisition of Investment Property

In January 2020, the Company acquired the Emerson, an apartment property located in Centreville, Virginia. The net purchase price for the Emerson was $117.0 million, exclusive of transaction costs and working capital reserves.

In February 2020, the Company acquired Bratzler ABC Westland, an industrial property located in The Hague, Netherlands. The net purchase price for Bratzler ABC Westland was 11.5 million (approximately $12.5 million assuming a rate of $1.09 per EUR as of the acquisition date), exclusive of transaction costs and working capital reserves. Bratzler ABC Westland is an addition to our existing ownership in ABC Westland previously acquired in May 2019.

The amounts recognized for the asset acquisitions as of the acquisition dates were determined by allocating the net purchase price as follows (in thousands):
Property Name
 
Acquisition Date
 
Building and
Improvements
 
Land
 
In-place Lease Intangibles
 
Out-of-Market Lease Intangibles, Net
 
Total
The Emerson
 
1/24/2020
 
$
97,659

 
$
17,725

 
$
2,197

 
$

 
$
117,581

Bratzler ABC Westland
 
2/19/2020
 
$
7,181

 
$
5,704

 
$
816

 
$

 
$
13,701



As of March 31, 2020, the cost basis and accumulated amortization related to lease intangibles are as follows (in thousands):
 
Lease Intangibles
 
In-Place Leases
 
Out-of-Market
Lease Assets
 
Out-of-Market
Lease Liabilities
 
 
 
Cost
$
129,092

 
$
6,638

 
$
(24,976
)
Less: accumulated amortization
(46,221
)
 
(1,471
)
 
6,459

Net
$
82,871

 
$
5,167

 
$
(18,517
)

As of December 31, 2019, the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands):
 
Lease Intangibles
 
In-Place Leases
 
Out-of-Market
Lease Assets
 
Out-of-Market
Lease Liabilities
 
 
 
Cost
$
136,215

 
$
8,957

 
$
(25,579
)
Less: accumulated amortization
(43,808
)
 
(2,827
)
 
5,946

Net
$
92,407

 
$
6,130

 
$
(19,633
)


Amortization expense of in-place leases was $9.0 million and $4.6 million for the three months ended March 31, 2020 and 2019, respectively. Net amortization of out-of-market leases resulted in an increase to rental revenue of $0.5 million and $0.2 million for the three months ended March 31, 2020 and 2019, respectively.


9


Anticipated amortization of the Company’s in-place leases and out-of-market leases, net for the period from April 1, 2020 through December 31, 2020 and for each of the years ending December 31, 2021 through December 31, 2025 are as follows (in thousands):
 
In-Place Lease
 
Out-of-Market
Leases, Net
April 1, 2020 through December 31, 2020
$
21,402

 
$
(1,283
)
2021
$
17,215

 
$
(1,686
)
2022
$
13,881

 
$
(1,571
)
2023
$
10,668

 
$
(1,408
)
2024
$
7,232

 
$
(931
)
2025
$
6,237

 
$
(778
)


Commercial Leases

The Company’s commercial leases are generally for terms of 15 years or less and may include multiple options to extend the lease term upon tenant election. The Company’s leases typically do not include an option to purchase. Generally, the Company does not expect the value of its real estate assets to be impacted materially at the end of any individual lease term, as the Company is typically able to re-lease the space and real estate assets tend to hold their value over a long period of time. Tenant terminations prior to the lease end date occasionally result in a one-time termination fee based on the remaining unpaid lease payments including variable payments and could be material to the tenant. Many of the Company’s leases have increasing minimum rental rates during the terms of the leases through escalation provisions. In addition, the majority of the Company’s leases provide for separate billings for variable rent, such as, reimbursements of real estate taxes, maintenance and insurance and may include an amount based on a percentage of the tenants’ sales. Total billings related to expense reimbursements from tenants for the three months ended March 31, 2020 and 2019 was $4.9 million and $2.9 million, respectively, which is included in Rental revenue on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company has entered into non-cancelable lease agreements with tenants for space.  As of March 31, 2020, the approximate fixed future minimum rentals for the period from April 1, 2020 through December 31, 2020, for each of the years ending December 31, 2021 through 2025 and thereafter related to the Company’s commercial properties are as follows (in thousands):
 
Fixed Future Minimum Rentals
April 1, 2020 through December 31, 2020
$
60,005

2021
74,008

2022
63,414

2023
55,782

2024
47,621

2025
43,264

Thereafter
192,719

Total
$
536,813



During the three months ended March 31, 2020 and 2019, the Company did not earn more than 10% of its revenue from any individual tenant.

The Company also enters into leases with tenants at its student housing properties and multi-family properties. These leases generally have terms less than one year and do not contain options to extend, terminate or purchase, escalation clauses, or other such terms, which are common in the Company’s commercial leases.



10


4. DEBT FINANCING

As of March 31, 2020 and December 31, 2019, the Company had approximately $784.1 million and $865.7 million of debt outstanding, with weighted average years to maturity of 2.6 years and 2.6 years, respectively, and a weighted average interest rate of 2.28% and 2.54%, respectively. The following table provides additional information regarding the Company’s debt outstanding at March 31, 2020 and December 31, 2019 (in thousands):
Description
 
Origination or Assumption Date
 
Maturity Date
 
Maximum Capacity in Functional Currency
 
Interest Rate Description
 
Interest Rate as of March 31, 2020
 
Principal Outstanding at March 31, 2020
 
Principal Outstanding at December 31, 2019
Secured Mortgage Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bishop's Square
 
3/3/2015
 
3/2/2022
 
55,200

 
Euribor + 1.30% (1)
 
1.30%
 
$
60,720

(3) 
$
61,907

Domain Apartments
 
1/29/2016
 
1/29/2020
(4) 
$
34,300

 
Libor + 1.60% (1)
 
N/A
 

 
34,300

Cottonwood Corporate Center
 
7/5/2016
 
8/1/2023
 
$
78,000

 
Fixed
 
2.98%
 
71,913

 
72,359

Goodyear Crossing II
 
8/18/2016
 
8/18/2021
(5) 
$