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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 September 30, 2024
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 001-32559
Commission file number 333-177186
MEDICAL PROPERTIES TRUST, INC.
MPT OPERATING PARTNERSHIP, L.P.
(Exact Name of Registrant as Specified in Its Charter)
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maryland delaware |
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20-0191742 20-0242069 |
(State or other jurisdiction of incorporation or organization) |
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(I. R. S. Employer Identification No.) |
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1000 URBAN CENTER DRIVE, SUITE 501 BIRMINGHAM, AL |
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35242 |
(Address of principal executive offices) |
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(Zip Code) |
REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (205) 969-3755
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common stock, par value $0.001 per share, of Medical Properties Trust, Inc. |
MPW |
The 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. 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 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, 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.
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Large accelerated filer |
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☒ (Medical Properties Trust, Inc. only) |
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Accelerated filer |
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☐ |
Non-accelerated filer |
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☒ (MPT Operating Partnership, L.P. only) |
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Smaller reporting company |
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☐ |
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Emerging growth company |
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☐ |
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 November 8, 2024, Medical Properties Trust, Inc. had 600.4 million shares of common stock, par value $0.001, outstanding.
EXPLANATORY NOTE
This report combines the Quarterly Reports on Form 10-Q for the three and nine months ended September 30, 2024 of Medical Properties Trust, Inc., a Maryland corporation, and MPT Operating Partnership, L.P., a Delaware limited partnership, through which Medical Properties Trust, Inc. conducts substantially all of its operations. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” “Medical Properties,” “MPT,” or the “Company” refer to Medical Properties Trust, Inc. together with its consolidated subsidiaries, including MPT Operating Partnership, L.P. Unless otherwise indicated or unless the context requires otherwise, all references to “operating partnership” refer to MPT Operating Partnership, L.P. together with its consolidated subsidiaries.
MEDICAL PROPERTIES TRUST, INC. AND MPT OPERATING PARTNERSHIP, L.P.
AND SUBSIDIARIES
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED September 30, 2024
Table of Contents
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Page |
PART I — FINANCIAL INFORMATION |
3 |
Item 1 Financial Statements |
3 |
Medical Properties Trust, Inc. and Subsidiaries |
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Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 |
3 |
Condensed Consolidated Statements of Net Income for the Three and Nine Months Ended September 30, 2024 and 2023 |
4 |
Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2024 and 2023 |
5 |
Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2024 and 2023 |
6 |
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 |
8 |
MPT Operating Partnership, L.P. and Subsidiaries |
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Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 |
9 |
Condensed Consolidated Statements of Net Income for the Three and Nine Months Ended September 30, 2024 and 2023 |
10 |
Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2024 and 2023 |
11 |
Condensed Consolidated Statements of Capital for the Three and Nine Months Ended September 30, 2024 and 2023 |
12 |
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 |
14 |
Medical Properties Trust, Inc. and MPT Operating Partnership, L.P. and Subsidiaries |
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Notes to Condensed Consolidated Financial Statements |
15 |
Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations |
36 |
Item 3 Quantitative and Qualitative Disclosures about Market Risk |
49 |
Item 4 Controls and Procedures |
50 |
PART II — OTHER INFORMATION |
51 |
Item 1 Legal Proceedings |
51 |
Item 1A Risk Factors |
51 |
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds |
51 |
Item 3 Defaults Upon Senior Securities |
51 |
Item 4 Mine Safety Disclosures |
51 |
Item 5 Other Information |
51 |
Item 6 Exhibits |
52 |
SIGNATURE |
53 |
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PART I — FINANCIAL INFORMATION
Item 1. Financial Statements.
MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
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September 30,
2024 |
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December 31,
2023 |
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(In thousands, except per share amounts) |
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(Unaudited) |
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(Note 2) |
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Assets |
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Real estate assets |
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Land, buildings and improvements, intangible lease assets, and other |
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$ |
11,653,954 |
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$ |
13,237,187 |
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Investment in financing leases |
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1,184,992 |
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1,231,630 |
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Real estate held for sale |
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85,000 |
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— |
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Mortgage loans |
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298,221 |
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309,315 |
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Gross investment in real estate assets |
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13,222,167 |
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14,778,132 |
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Accumulated depreciation and amortization |
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(1,423,702 |
) |
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(1,407,971 |
) |
Net investment in real estate assets |
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11,798,465 |
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13,370,161 |
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Cash and cash equivalents |
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275,616 |
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250,016 |
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Interest and rent receivables |
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35,142 |
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45,059 |
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Straight-line rent receivables |
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685,742 |
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635,987 |
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Investments in unconsolidated real estate joint ventures |
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1,242,772 |
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1,474,455 |
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Investments in unconsolidated operating entities |
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508,227 |
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1,778,640 |
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Other loans |
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155,889 |
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292,615 |
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Other assets |
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534,303 |
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457,911 |
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Total Assets |
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$ |
15,236,156 |
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$ |
18,304,844 |
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Liabilities and Equity |
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Liabilities |
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Debt, net |
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$ |
9,215,751 |
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$ |
10,064,236 |
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Accounts payable and accrued expenses |
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418,339 |
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412,178 |
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Deferred revenue |
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24,332 |
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37,962 |
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Obligations to tenants and other lease liabilities |
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136,635 |
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156,603 |
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Total Liabilities |
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9,795,057 |
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10,670,979 |
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Equity |
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Preferred stock, $0.001 par value. Authorized 10,000 shares;
no shares outstanding |
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— |
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— |
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Common stock, $0.001 par value. Authorized 750,000 shares;
issued and outstanding — 600,229 shares at September 30, 2024 and
598,991 shares at December 31, 2023 |
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600 |
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599 |
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Additional paid-in capital |
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8,578,355 |
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8,560,309 |
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Retained deficit |
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(3,197,505 |
) |
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(971,809 |
) |
Accumulated other comprehensive income |
|
|
57,114 |
|
|
|
42,501 |
|
Total Medical Properties Trust, Inc. stockholders’ equity |
|
|
5,438,564 |
|
|
|
7,631,600 |
|
Non-controlling interests |
|
|
2,535 |
|
|
|
2,265 |
|
Total Equity |
|
|
5,441,099 |
|
|
|
7,633,865 |
|
Total Liabilities and Equity |
|
$ |
15,236,156 |
|
|
$ |
18,304,844 |
|
See accompanying notes to condensed consolidated financial statements.
MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Net Income
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, |
|
|
For the Nine Months
Ended September 30, |
|
(In thousands, except per share amounts) |
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Rent billed |
$ |
169,721 |
|
|
$ |
229,306 |
|
|
$ |
552,784 |
|
|
$ |
724,954 |
|
Straight-line rent |
|
36,602 |
|
|
|
21,511 |
|
|
|
119,719 |
|
|
|
38,875 |
|
Income from financing leases |
|
9,798 |
|
|
|
26,066 |
|
|
|
53,832 |
|
|
|
107,729 |
|
Interest and other income |
|
9,706 |
|
|
|
29,693 |
|
|
|
37,368 |
|
|
|
122,624 |
|
Total revenues |
|
225,827 |
|
|
|
306,576 |
|
|
|
763,703 |
|
|
|
994,182 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
106,243 |
|
|
|
106,709 |
|
|
|
316,358 |
|
|
|
308,833 |
|
Real estate depreciation and amortization |
|
204,875 |
|
|
|
77,802 |
|
|
|
382,701 |
|
|
|
526,065 |
|
Property-related |
|
4,994 |
|
|
|
6,483 |
|
|
|
17,475 |
|
|
|
38,269 |
|
General and administrative |
|
36,625 |
|
|
|
38,110 |
|
|
|
105,300 |
|
|
|
115,438 |
|
Total expenses |
|
352,737 |
|
|
|
229,104 |
|
|
|
821,834 |
|
|
|
988,605 |
|
Other (expense) income |
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) on sale of real estate |
|
91,795 |
|
|
|
(20 |
) |
|
|
475,196 |
|
|
|
209 |
|
Real estate and other impairment charges, net |
|
(607,922 |
) |
|
|
(3,750 |
) |
|
|
(1,438,429 |
) |
|
|
(93,288 |
) |
Earnings (loss) from equity interests |
|
21,643 |
|
|
|
11,264 |
|
|
|
(369,565 |
) |
|
|
34,840 |
|
Debt refinancing and unutilized financing (costs) benefit |
|
(713 |
) |
|
|
862 |
|
|
|
(3,677 |
) |
|
|
46 |
|
Other (including fair value adjustments on securities) |
|
(169,790 |
) |
|
|
41,125 |
|
|
|
(566,821 |
) |
|
|
25,447 |
|
Total other (expense) income |
|
(664,987 |
) |
|
|
49,481 |
|
|
|
(1,903,296 |
) |
|
|
(32,746 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before income tax |
|
(791,897 |
) |
|
|
126,953 |
|
|
|
(1,961,427 |
) |
|
|
(27,169 |
) |
Income tax (expense) benefit |
|
(9,032 |
) |
|
|
(10,058 |
) |
|
|
(34,538 |
) |
|
|
134,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
(800,929 |
) |
|
|
116,895 |
|
|
|
(1,995,965 |
) |
|
|
107,492 |
|
Net income attributable to non-controlling interests |
|
(234 |
) |
|
|
(185 |
) |
|
|
(1,458 |
) |
|
|
(25 |
) |
Net (loss) income attributable to MPT common stockholders |
$ |
(801,163 |
) |
|
$ |
116,710 |
|
|
$ |
(1,997,423 |
) |
|
$ |
107,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share — basic and diluted |
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to MPT common stockholders |
$ |
(1.34 |
) |
|
$ |
0.19 |
|
|
$ |
(3.33 |
) |
|
$ |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding — basic |
|
600,229 |
|
|
|
598,444 |
|
|
|
600,197 |
|
|
|
598,363 |
|
Weighted average shares outstanding — diluted |
|
600,229 |
|
|
|
598,553 |
|
|
|
600,197 |
|
|
|
598,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share |
$ |
0.08 |
|
|
$ |
0.15 |
|
|
$ |
0.38 |
|
|
$ |
0.73 |
|
See accompanying notes to condensed consolidated financial statements.
MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive (Loss) Income
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended September 30, |
|
|
For the Nine Months
Ended September 30, |
|
(In thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net (loss) income |
|
$ |
(800,929 |
) |
|
$ |
116,895 |
|
|
$ |
(1,995,965 |
) |
|
$ |
107,492 |
|
Other comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on interest rate hedges, net of tax |
|
|
(9,823 |
) |
|
|
(12,440 |
) |
|
|
(16,099 |
) |
|
|
(9,845 |
) |
Reclassification of interest rate hedges gain from AOCI to
earnings, net of tax |
|
|
(13,349 |
) |
|
|
— |
|
|
|
(17,354 |
) |
|
|
(28,553 |
) |
Foreign currency translation gain (loss) |
|
|
114,196 |
|
|
|
(54,018 |
) |
|
|
48,066 |
|
|
|
34,570 |
|
Reclassification of foreign currency translation loss from
AOCI to earnings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,234 |
|
Total comprehensive (loss) income |
|
|
(709,905 |
) |
|
|
50,437 |
|
|
|
(1,981,352 |
) |
|
|
106,898 |
|
Comprehensive income attributable to non-controlling interests |
|
|
(234 |
) |
|
|
(185 |
) |
|
|
(1,458 |
) |
|
|
(25 |
) |
Comprehensive (loss) income attributable to MPT common stockholders |
|
$ |
(710,139 |
) |
|
$ |
50,252 |
|
|
$ |
(1,982,810 |
) |
|
$ |
106,873 |
|
See accompanying notes to condensed consolidated financial statements.
MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Equity
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred |
|
|
Common |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share amounts) |
|
Shares |
|
|
Par
Value |
|
|
Shares |
|
|
Par
Value |
|
|
Additional
Paid-in
Capital |
|
|
Retained
Deficit |
|
|
Accumulated
Other
Comprehensive
(Loss) Income |
|
|
Non-
Controlling
Interests |
|
|
Total
Equity |
|
Balance at December 31, 2023 |
|
|
— |
|
|
$ |
— |
|
|
|
598,991 |
|
|
$ |
599 |
|
|
$ |
8,560,309 |
|
|
$ |
(971,809 |
) |
|
$ |
42,501 |
|
|
$ |
2,265 |
|
|
$ |
7,633,865 |
|
Net (loss) income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(875,625 |
) |
|
|
— |
|
|
|
248 |
|
|
|
(875,377 |
) |
Unrealized loss on interest rate hedges,
net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,797 |
) |
|
|
— |
|
|
|
(2,797 |
) |
Foreign currency translation loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(58,542 |
) |
|
|
— |
|
|
|
(58,542 |
) |
Stock vesting and amortization of
stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
1,370 |
|
|
|
1 |
|
|
|
7,173 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,174 |
|
Stock vesting - satisfaction of tax
withholdings |
|
|
— |
|
|
|
— |
|
|
|
(57 |
) |
|
|
— |
|
|
|
(283 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(283 |
) |
Distributions to non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(245 |
) |
|
|
(245 |
) |
Dividends declared adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
572 |
|
|
|
— |
|
|
|
— |
|
|
|
572 |
|
Balance at March 31, 2024 |
|
|
— |
|
|
$ |
— |
|
|
|
600,304 |
|
|
$ |
600 |
|
|
$ |
8,567,199 |
|
|
$ |
(1,846,862 |
) |
|
$ |
(18,838 |
) |
|
$ |
2,268 |
|
|
$ |
6,704,367 |
|
Net (loss) income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(320,635 |
) |
|
|
— |
|
|
|
976 |
|
|
|
(319,659 |
) |
Unrealized loss on interest rate hedges,
net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,479 |
) |
|
|
— |
|
|
|
(3,479 |
) |
Reclassification of interest rate hedge gain
to earnings, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,005 |
) |
|
|
— |
|
|
|
(4,005 |
) |
Foreign currency translation loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,588 |
) |
|
|
— |
|
|
|
(7,588 |
) |
Stock vesting and amortization of
stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
270 |
|
|
|
— |
|
|
|
7,013 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,013 |
|
Stock vesting - satisfaction of tax
withholdings |
|
|
— |
|
|
|
— |
|
|
|
(517 |
) |
|
|
— |
|
|
|
(2,550 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,550 |
) |
Distributions to non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(349 |
) |
|
|
(349 |
) |
Dividends declared ($0.30 per
common share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(180,673 |
) |
|
|
— |
|
|
|
— |
|
|
|
(180,673 |
) |
Balance at June 30, 2024 |
|
|
— |
|
|
$ |
— |
|
|
|
600,057 |
|
|
$ |
600 |
|
|
$ |
8,571,662 |
|
|
$ |
(2,348,170 |
) |
|
$ |
(33,910 |
) |
|
$ |
2,895 |
|
|
$ |
6,193,077 |
|
Net (loss) income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(801,163 |
) |
|
|
— |
|
|
|
234 |
|
|
|
(800,929 |
) |
Unrealized loss on interest rate hedges,
net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,823 |
) |
|
|
— |
|
|
|
(9,823 |
) |
Reclassification of interest rate hedges gain
to earnings, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,349 |
) |
|
|
— |
|
|
|
(13,349 |
) |
Foreign currency translation gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
114,196 |
|
|
|
— |
|
|
|
114,196 |
|
Stock vesting and amortization of
stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
266 |
|
|
|
— |
|
|
|
7,112 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,112 |
|
Stock vesting - satisfaction of tax
withholdings |
|
|
— |
|
|
|
— |
|
|
|
(94 |
) |
|
|
— |
|
|
|
(419 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(419 |
) |
Distributions to non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(594 |
) |
|
|
(594 |
) |
Dividends declared ($0.08 per
common share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(48,172 |
) |
|
|
— |
|
|
|
— |
|
|
|
(48,172 |
) |
Balance at September 30, 2024 |
|
|
— |
|
|
$ |
— |
|
|
|
600,229 |
|
|
$ |
600 |
|
|
$ |
8,578,355 |
|
|
$ |
(3,197,505 |
) |
|
$ |
57,114 |
|
|
$ |
2,535 |
|
|
$ |
5,441,099 |
|
MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Equity
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred |
|
|
Common |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share amounts) |
|
Shares |
|
|
Par
Value |
|
|
Shares |
|
|
Par
Value |
|
|
Additional
Paid-in
Capital |
|
|
Retained
Deficit |
|
|
Accumulated
Other
Comprehensive
(Loss) Income |
|
|
Non-
Controlling
Interests |
|
|
Total
Equity |
|
Balance at December 31, 2022 |
|
|
— |
|
|
$ |
— |
|
|
|
597,476 |
|
|
$ |
597 |
|
|
$ |
8,535,140 |
|
|
$ |
116,285 |
|
|
$ |
(59,184 |
) |
|
$ |
1,569 |
|
|
$ |
8,594,407 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
32,794 |
|
|
|
— |
|
|
|
236 |
|
|
|
33,030 |
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