Company Quick10K Filing
RAIT Financial Trust
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 2 $0
10-Q 2019-11-07 Quarter: 2019-06-30
10-Q 2019-11-07 Quarter: 2019-03-31
10-K 2019-03-26 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-03-16 Annual: 2017-12-31
10-Q 2017-11-13 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-03-13 Annual: 2016-12-31
10-Q 2016-11-10 Quarter: 2016-09-30
10-Q 2016-08-08 Quarter: 2016-06-30
10-Q 2016-05-09 Quarter: 2016-03-31
10-K 2016-03-11 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-03-17 Annual: 2014-12-31
10-Q 2014-11-10 Quarter: 2014-09-30
10-Q 2014-08-06 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-03-07 Annual: 2013-12-31
10-Q 2013-11-05 Quarter: 2013-09-30
10-Q 2013-08-07 Quarter: 2013-06-30
10-Q 2013-05-07 Quarter: 2013-03-31
10-K 2013-03-18 Annual: 2012-12-31
10-Q 2012-08-06 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-02-24 Annual: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-05 Quarter: 2011-03-31
10-K 2011-02-25 Annual: 2010-12-31
10-Q 2010-11-05 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-03-01 Annual: 2009-12-31
8-K 2020-01-30 Bankruptcy, Shareholder Rights, Officers, Other Events, Exhibits
8-K 2019-12-30 Other Events, Exhibits
8-K 2019-12-23 M&A
8-K 2019-12-10 Officers, Regulation FD
8-K 2019-12-06 Regulation FD, Exhibits
8-K 2019-12-02 Other Events, Exhibits
8-K 2019-11-19 Other Events, Exhibits
8-K 2019-10-03 Enter Agreement, Other Events
8-K 2019-08-27 Enter Agreement, Bankruptcy, Off-BS Arrangement, Officers, Regulation FD, Other Events, Exhibits
8-K 2019-08-20 Off-BS Arrangement
8-K 2019-06-06 Other Events
8-K 2019-01-18 Regulation FD
8-K 2018-12-21 Enter Agreement, Officers, Exhibits
8-K 2018-12-04
8-K 2018-10-05 Enter Agreement, Exhibits
8-K 2018-10-01 Other Events
8-K 2018-08-13 Enter Agreement, Exhibits
8-K 2018-08-13 Shareholder Rights, Other Events, Exhibits
8-K 2018-07-19 Officers, Shareholder Vote, Other Events, Exhibits
8-K 2018-06-27 Enter Agreement, Leave Agreement, M&A, Sale of Shares, Officers, Amend Bylaw, Regulation FD, Other Events, Exhibits
8-K 2018-06-14 Enter Agreement, Exhibits
8-K 2018-06-12 Enter Agreement, Other Events, Exhibits
8-K 2018-06-08 Enter Agreement, Exhibits
8-K 2018-06-05
8-K 2018-05-11
8-K 2018-05-11
8-K 2018-04-06 Enter Agreement, Exhibits
8-K 2018-03-30 Enter Agreement, Exhibits
8-K 2018-03-16 Earnings, Regulation FD, Exhibits
8-K 2018-02-21 Officers, Regulation FD
8-K 2018-02-20 Other Events, Exhibits
8-K 2018-01-19 Enter Agreement, Off-BS Arrangement, Exhibits
RAS 2019-06-30
Part I-Financial Information
Item 1. Financial Statements
Note 1: The Company
Note 2: Summary of Significant Accounting Policies
Note 3: Investments in Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests
Note 4: Investments in Real Estate
Note 5: Indebtedness
Note 6: Fair Value of Financial Instruments
Note 7: Variable Interest Entities
Note 8: Series D Preferred Shares
Note 9: Shareholders' Equity
Note 10: Earnings (Loss) per Share
Note 11: Related Party Transactions
Note 12: Supplemental Disclosure To Statement of Cash Flows
Note 13: Commitments and Contingencies
Note 14: Subsequent Events
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 6. Exhibits
EX-31.1 ras-ex311_8.htm
EX-31.2 ras-ex312_9.htm
EX-32.1 ras-ex321_6.htm
EX-32.2 ras-ex322_7.htm

RAIT Financial Trust Earnings 2019-06-30

RAS 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
PTCO 0 0 0 0 0 -0 -0 0 0% -3.7
GOVX 0 0 2 1 0 -3 -3 0 0% -0.1 -775%
USAQ 0 0 1 0 0 -0 -0 1 -36.7 -903%
RAS 0 734 665 49 0 -123 -90 537 0% -5.9 -17%
ALPP 0 27 41 19 6 -11 -5 6 30% -1.1 -40%
KSHB 0 161 57 102 18 -35 -31 7 18% -0.2 -22%
JFIL 0 0 1 0 0 -0 -0 0 198% -1.6 -1,033%
AGNU 0 4 4 12 3 -2 -2 0 27% -0.1 -56%
EVOA 0 23 33 34 -0 -8 -7 25 -1% -3.4 -36%
STTH 0 1 4 3 1 -2 -1 1 27% -1.2 -268%

10-Q 1 ras-10q_20190630.htm 10-Q ras-10q_20190630.htm

 

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 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 1-14760

RAIT FINANCIAL TRUST

(Exact Name of Registrant as Specified in its Charter)

Maryland

 

23-2919819

State or Other Jurisdiction of

Incorporation or Organization

 

I.R.S. Employer Identification No.

 

 

 

Two Logan Square, 100 N. 18th Street, 23rd Floor, Philadelphia, PA

 

19103

Address of Principal Executive Offices

 

Zip Code

(215) 207-2100

Registrant’s Telephone Number, Including Area Code

N/A

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

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

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Not applicable

Not applicable

Not applicable

 

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, 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.

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 Act).  Yes     No  

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes     No  

A total of 1,849,252 common shares of beneficial interest, par value $1.50 per share, of the registrant were outstanding as of November 1, 2019.

 

 


 

 

RAIT FINANCIAL TRUST

TABLE OF CONTENTS

 

 

 

 

 

Page

 

 

 

 

 

 

 

PART I—FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements (unaudited)

 

1

 

 

 

 

 

 

 

Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018

 

1

 

 

 

 

 

 

 

Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2019 and 2018

 

2

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2019 and 2018

 

3

 

 

 

 

 

 

 

Consolidated Statement of Changes in Equity for the Three and Six Months Ended June 30, 2019 and 2018

 

4

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018

 

5

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements

 

6

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

39

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

53

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

53

 

 

 

 

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

54

 

 

 

 

 

Item 1A.

 

Risk Factors

 

55

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

57

 

Item 3.

 

Defaults Upon Senior Securities

 

57

 

Item 6.

 

Exhibits

 

58

 

 

 

 

 

 

 

Signatures

 

62

 

 

 


PART I—FINANCIAL INFORMATION

Item  1.

Financial Statements

RAIT Financial Trust

Consolidated Balance Sheets

(Unaudited and dollars in thousands, except share and per share information)

 

 

 

As of June 30, 2019

 

 

As of December 31, 2018

 

Assets

 

 

 

 

 

 

 

 

Investment in mortgage loans, held for investment:

 

 

 

 

 

 

 

 

Commercial mortgage loans, mezzanine loans, and preferred equity interests

 

$

381,279

 

 

$

502,397

 

Allowance for loan losses

 

 

(20,145

)

 

 

(22,336

)

Total investment in mortgage loans, held for investment, net (including $352,064 and $467,656 held by consolidated VIEs, respectively)

 

 

361,134

 

 

 

480,061

 

Investment in mortgage loans, held for sale

 

 

4,973

 

 

 

4,873

 

Investments in real estate, net of accumulated depreciation of $10,722 and $8,768, respectively (including $17,665 and $18,020 held by consolidated VIEs, respectively)

 

 

113,605

 

 

 

107,824

 

Investments in real estate, held for sale

 

 

-

 

 

 

4,918

 

Cash and cash equivalents

 

 

46,705

 

 

 

42,453

 

Restricted cash

 

 

29,282

 

 

 

63,067

 

Accrued interest receivable

 

 

16,754

 

 

 

18,044

 

Other assets

 

 

8,755

 

 

 

10,807

 

Intangible assets, net of accumulated amortization of $6,050 and $5,703, respectively

 

 

1,370

 

 

 

1,717

 

Total assets

 

$

582,578

 

 

$

733,764

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

Indebtedness, net of unamortized discounts, premiums and deferred financing costs of $15,256 and $16,643 respectively (including $301,711 and $440,776 held by consolidated VIEs, respectively)

 

$

485,951

 

 

$

625,916

 

Accrued interest payable

 

 

2,160

 

 

 

2,401

 

Accounts payable and accrued expenses

 

 

2,785

 

 

 

3,330

 

Borrowers' escrows

 

 

22,745

 

 

 

31,343

 

Other liabilities

 

 

4,483

 

 

 

2,268

 

Total liabilities

 

 

518,124

 

 

 

665,258

 

Preferred shares, $0.01 par value per share, 25,000,000 shares authorized;

 

 

 

 

 

 

 

 

7.75% Series A cumulative redeemable preferred shares, liquidation preference $25.00 per share, 8,069,288 shares authorized, 5,727,500 and 5,727,500 shares issued and outstanding, respectively

 

 

57

 

 

 

57

 

8.375% Series B cumulative redeemable preferred shares, liquidation preference $25.00 per share, 4,300,000 shares authorized, 2,508,797 and 2,508,797 shares issued and outstanding, respectively

 

 

25

 

 

 

25

 

8.875% Series C cumulative redeemable preferred shares, liquidation preference $25.00 per share, 3,600,000 shares authorized, 1,758,030 and 1,758,030 shares issued and outstanding, respectively

 

 

18

 

 

 

18

 

Common shares, $1.50 par value per share, 200,000,000 shares authorized 1,849,488 and 1,850,451 issued and outstanding, respectively, including 4,924 and 6,844 unvested restricted common share awards, respectively

 

 

2,774

 

 

 

2,776

 

Additional paid in capital

 

 

2,102,435

 

 

 

2,102,274

 

Accumulated other comprehensive income (loss)

 

 

12,673

 

 

 

11,473

 

Retained earnings (deficit)

 

 

(2,053,528

)

 

 

(2,048,117

)

Total shareholders' equity

 

 

64,454

 

 

 

68,506

 

Total liabilities and shareholders' equity

 

$

582,578

 

 

$

733,764

 

The accompanying notes are an integral part of these consolidated financial statements.

1


RAIT Financial Trust

Consolidated Statements of Operations

(Unaudited and dollars in thousands, except share and per share information)

 

 

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment interest income

 

$

6,063

 

 

$

16,324

 

 

$

12,984

 

 

$

35,189

 

Investment interest expense

 

 

(3,727

)

 

 

(9,590

)

 

 

(7,890

)

 

 

(20,139

)

Net interest margin

 

 

2,336

 

 

 

6,734

 

 

 

5,094

 

 

 

15,050

 

Property income

 

 

3,323

 

 

 

8,666

 

 

 

6,630

 

 

 

17,482

 

Fee and other income

 

 

99

 

 

 

1,153

 

 

 

187

 

 

 

2,362

 

Total revenue

 

 

5,758

 

 

 

16,553

 

 

 

11,911

 

 

 

34,894

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

3,966

 

 

 

6,356

 

 

 

7,962

 

 

 

13,127

 

Real estate operating expense

 

 

1,713

 

 

 

5,402

 

 

 

3,716

 

 

 

11,192

 

Property management expenses

 

 

-

 

 

 

1,739

 

 

 

-

 

 

 

3,670

 

General and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense

 

 

1,976

 

 

 

3,113

 

 

 

4,205

 

 

 

6,038

 

Other general and administrative expense

 

 

3,637

 

 

 

4,085

 

 

 

7,088

 

 

 

10,423

 

Total general and administrative expenses

 

 

5,613

 

 

 

7,198

 

 

 

11,293

 

 

 

16,461

 

Acquisition and integration expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

133

 

Provision (benefit) for loan losses

 

 

(9,509

)

 

 

14,748

 

 

 

(10,092

)

 

 

22,780

 

Depreciation and amortization expense

 

 

1,295

 

 

 

2,887

 

 

 

2,679

 

 

 

6,330

 

Total expenses

 

 

3,078

 

 

 

38,330

 

 

 

15,558

 

 

 

73,693

 

Operating (Loss) Income

 

 

2,680

 

 

 

(21,777

)

 

 

(3,647

)

 

 

(38,799

)

Interest and other income (expense), net

 

 

254

 

 

 

94

 

 

 

358

 

 

 

443

 

Gains (losses) on assets

 

 

1,230

 

 

 

(3,211

)

 

 

1,533

 

 

 

(4,148

)

Gains (losses) on deconsolidation of VIEs

 

 

-

 

 

 

(8,177

)

 

 

-

 

 

 

(8,177

)

Gains (losses) on extinguishments of debt

 

 

(346

)

 

 

(2,438

)

 

 

(631

)

 

 

(3,429

)

Asset impairment

 

 

(2,781

)

 

 

(21,625

)

 

 

(2,807

)

 

 

(30,816

)

Change in fair value of financial instruments

 

 

(210

)

 

 

111

 

 

 

(180

)

 

 

198

 

Income (loss) before taxes

 

 

827

 

 

 

(57,023

)

 

 

(5,374

)

 

 

(84,728

)

Income tax benefit (provision)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income (loss)

 

 

827

 

 

 

(57,023

)

 

 

(5,374

)

 

 

(84,728

)

(Income) loss allocated to preferred shares

 

 

(5,071

)

 

 

6,861

 

 

 

(10,134

)

 

 

472

 

Net income (loss) allocable to common shares

 

$

(4,244

)

 

$

(50,162

)

 

$

(15,508

)

 

$

(84,256

)

Earnings (loss) per share-Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share-Basic

 

$

(2.30

)

 

$

(27.26

)

 

$

(8.41

)

 

$

(45.82

)

Weighted-average shares outstanding-Basic

 

 

1,844,563

 

 

 

1,839,826

 

 

 

1,844,302

 

 

 

1,838,666

 

Earnings (loss) per share-Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share-Diluted

 

$

(2.30

)

 

$

(27.26

)

 

$

(8.41

)

 

$

(45.82

)

Weighted average shares outstanding-Diluted

 

 

1,844,563

 

 

 

1,839,826

 

 

 

1,844,302

 

 

 

1,838,666

 

 

The accompanying notes are an integral part of these consolidated financial statements.

2


RAIT Financial Trust

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited and dollars in thousands)

 

 

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income (loss)

 

$

827

 

 

$

(57,023

)

 

$

(5,374

)

 

$

(84,728

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) from change in fair value based on instrument specific credit risk

 

 

620

 

 

 

2,021

 

 

 

1,200

 

 

 

3,287

 

Total other comprehensive income (loss)

 

 

620

 

 

 

2,021

 

 

 

1,200

 

 

 

3,287

 

Comprehensive income (loss)

 

$

1,447

 

 

$

(55,002

)

 

$

(4,174

)

 

$

(81,441

)

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

3


RAIT Financial Trust

Consolidated Statement of Changes in Equity

(Unaudited and dollars in thousands, except share information)

 

For the three and six months ended June 30, 2019

 

 

Preferred

Shares—

Series A

 

Par Value

Preferred

Shares—

Series A

 

Preferred

Shares—

Series B

 

Par Value

Preferred

Shares—

Series B

 

Preferred

Shares—

Series C

 

Par Value

Preferred

Shares—

Series C

 

Common

Shares

 

Par

Value

Common

Shares

 

Additional

Paid In

Capital

 

AOCI

 

Retained

Earnings

(Deficit)

 

Total

Shareholders’

Equity

 

Total

Equity

 

Balance, December 31, 2018

 

5,727,500

 

$

57

 

 

2,508,797

 

$

25

 

 

1,758,030

 

$

18

 

 

1,850,451

 

$

2,776

 

$

2,102,274

 

$

11,473

 

$

(2,048,117

)

$

68,506

 

$

68,506

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,201

)

 

(6,201

)

 

(6,201

)

Common dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29

)

 

(29

)

 

(29

)

Other comprehensive income (loss), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

580

 

 

 

 

 

580

 

 

580

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89

 

 

 

 

 

 

 

 

89

 

 

89

 

Common shares activity related to equity compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(921

)

 

(2

)

 

 

 

 

 

 

 

 

 

 

(2

)

 

(2

)

Balance, March 31, 2019

 

5,727,500

 

$

57

 

 

2,508,797

 

$

25

 

 

1,758,030

 

$

18

 

 

1,849,530

 

$

2,774

 

$

2,102,363

 

$

12,053

 

$

(2,054,347

)

$

62,943

 

$

62,943

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

827

 

 

827

 

 

827

 

Preferred dividends paid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8

)

 

(8

)

 

(8

)

Other comprehensive income (loss), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

620

 

 

 

 

 

620

 

 

620

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72

 

 

 

 

 

 

 

 

72

 

 

72

 

Balance, June 30, 2019

 

5,727,500

 

$

57

 

 

2,508,797

 

$

25

 

 

1,758,030

 

$

18

 

 

1,849,530

 

$

2,774

 

$

2,102,435

 

$

12,673

 

$

(2,053,528

)

$

64,454

 

$

64,454

 

 

For the three and six months ended June 30, 2018

 

 

 

 

 

Preferred

Shares—

Series A

 

Par Value

Preferred

Shares—

Series A

 

Preferred

Shares—

Series B

 

Par Value

Preferred

Shares—

Series B

 

Preferred

Shares—

Series C

 

Par Value

Preferred

Shares—

Series C

 

Common

Shares

 

Par

Value

Common

Shares

 

Additional

Paid In

Capital

 

AOCI

 

Retained

Earnings

(Deficit)

 

Total

Shareholders’

Equity

 

Noncontrolling

Interests

 

Total

Equity

 

Balance, December 31, 2017

 

5,344,353

 

$

53

 

 

2,340,969

 

$

23

 

 

1,640,425

 

$

17

 

 

1,860,903

 

$

2,791

 

$

2,094,804

 

$

0

 

$

(1,921,533

)

$

176,155

 

$

3,632

 

$

179,787

 

Cumulative effect adjustments from adoption of recently issued accounting pronouncements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,257

 

 

(8,496

)

 

761

 

 

 

 

 

761

 

Adjusted Balance, January 1, 2018

 

5,344,353

 

$

53

 

 

2,340,969

 

$

23

 

 

1,640,425

 

$

17

 

 

1,860,903

 

$

2,791

 

$

2,094,804

 

$

9,257

 

$

(1,930,029

)

$

176,916

 

$

3,632

 

$

180,548

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,705

)

 

(27,705

)

 

 

 

 

(27,705

)

Preferred dividends paid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,389

)

 

(6,389

)

 

 

 

 

(6,389

)

Common dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(105

)

 

(105

)

 

 

 

 

(105

)

Other comprehensive income (loss), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,266

 

 

 

 

 

1,266

 

 

 

 

 

1,266

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(539

)

 

 

 

 

 

 

 

(539

)

 

 

 

 

(539

)

Issuance of noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

76

 

 

76

 

Acquisition of noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,239

 

 

 

 

 

 

 

 

3,239

 

 

(3,582

)

 

(343

)

Common shares activity related to equity compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,369

)

 

(14

)

 

(57

)

 

 

 

 

 

 

 

(71

)

 

 

 

 

(71

)

Balance, March 31, 2018

 

5,344,353

 

$

53

 

 

2,340,969

 

$

23

 

 

1,640,425

 

$

17

 

 

1,851,535

 

$

2,777

 

$

2,097,447

 

$

10,523

 

$

(1,964,228

)

$

146,612

 

$

126

 

$

146,738

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(57,023

)

 

(57,023

)

 

 

 

 

(57,023

)

Preferred shares issued, net

 

383,147

 

 

4

 

 

167,828

 

 

2

 

 

117,605

 

 

1

 

 

 

 

 

 

 

 

4,359

 

 

 

 

 

 

 

 

4,366