Rodin Global Property Trust Earnings 2020-09-30

Rodin Global Property Trust Earnings 2020-09-30

RGPT 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

10-Q 1 cfit-10q_20200930.htm 10-Q cfit-10q_20200930.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 September 30, 2020

☐	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: 000-56043

Cantor Fitzgerald Income Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland		81-1310268
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

110 E. 59^th Street, New York, NY		10022
(Address of principal executive offices)		(Zip Code)

(Registrant’s telephone number, including area code) (212) 938-5000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

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.

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 ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of November 11, 2020, the registrant had 3,470,451 Class AX Shares, 1,217,886 Class IX Shares, 1,482,846 Class TX Shares, 112,601 Class I Shares, 20,400 Class T Shares, 21,708 Class D Shares and 1,567 Class S Shares of $0.01 par value common stock outstanding.

CANTOR FITZGERALD INCOME TRUST, INC.

TABLE OF CONTENTS

		Page

PART I - FINANCIAL INFORMATION		3

Item 1. Financial Statements (Unaudited)		3

Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019		3

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and September 30, 2019		4

Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2020 and September 30, 2019		5

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and September 30, 2019		7

Notes to Consolidated Financial Statements		8

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.		37

Item 3. Quantitative and Qualitative Disclosures About Market Risk.		61

Item 4. Controls and Procedures.		62

PART II - OTHER INFORMATION		64

Item 1. Legal Proceedings.		64

Item 1A. Risk Factors.		64

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		67

Item 3. Defaults Upon Senior Securities.		67

Item 4. Mine Safety Disclosures.		68

Item 5. Other Information.		68

Item 6. Exhibits.		68

Signatures		70

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

CANTOR FITZGERALD INCOME TRUST, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	September 30, 2020			December 31, 2019
Assets
Investment in real estate, net of accumulated depreciation of $7,512,150 and $4,275,639, respectively	$	155,868,888		$	159,105,399
Cash and cash equivalents		36,782,307			17,305,001
Investments in real estate-related assets		24,400,000			24,400,000
Intangible assets, net of accumulated amortization of $3,552,143 and $1,876,930, respectively		19,134,522			20,809,735
Deferred rent receivable		1,653,321			1,225,863
Prepaid expenses and other assets		459,763			461,251
Due from related party		275,514			49,910
Accrued preferred return receivable		77,323			—
Accrued income from mezzanine loan investment		68,940			—
Stock subscriptions receivable		—			261,038
Total assets	$	238,720,578		$	223,618,197
Liabilities and Equity
Liabilities
Loans payable, net of deferred financing costs of $784,028 and $841,615, respectively	$	83,361,156		$	83,303,569
Intangible liabilities, net of accumulated amortization of $1,052,491 and $416,574, respectively		8,012,825			8,648,742
Due to related parties		1,682,579			2,057,181
Distributions payable		762,558			668,092
Deferred revenue		476,223			561,056
Accounts payable and accrued expenses		381,877			16,384
Restricted reserves		269,015			33,124
Accrued interest payable		262,649			273,200
Total liabilities		95,208,882			95,561,348
Stockholders' equity
Controlling interest
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, and 0 issued and outstanding at each September 30, 2020 and December 31, 2019		—			—
Class AX common stock, $0.01 par value per share, 10,000,000 shares authorized, and 3,477,940 and 3,158,796 issued and outstanding at September 30, 2020 and December 31, 2019, respectively		34,779			31,580
Class TX common stock, $0.01 par value per share, 5,000,000 shares authorized, and 1,482,663 and 1,327,819 issued and outstanding at September 30, 2020 and December 31, 2019, respectively		14,827			13,278
Class IX common stock, $0.01 par value per share, 5,000,000 shares authorized, and 1,213,296 and 853,734 issued and outstanding at September 30, 2020 and December 31, 2019, respectively		12,133			8,537
Class T common stock, $0.01 par value per share, 100,000,000 shares authorized, and 4,083 and 0 issued and outstanding at September 30, 2020 and December 31, 2019, respectively		41			—
Class S common stock, $0.01 par value per share, 20,000,000 shares authorized, and 0 issued and outstanding at each September 30, 2020 and December 31, 2019, respectively		—			—
Class D common stock, $0.01 par value per share, 60,000,000 shares authorized, and 0 issued and outstanding at each September 30, 2020 and December 31, 2019, respectively		—			—
Class I common stock, $0.01 par value per share, 200,000,000 shares authorized, and 13,736 and 0 issued and outstanding at September 30, 2020 and December 31, 2019, respectively		137			—
Additional paid-in capital		156,236,709			135,507,823
Retained earnings/accumulated deficit and cumulative distributions		(15,772,727	)		(10,543,287	)
Total controlling interest		140,525,899			125,017,931
Non-controlling interests in subsidiaries		2,985,797			3,038,918
Total stockholders' equity		143,511,696			128,056,849
Total liabilities and stockholders' equity	$	238,720,578		$	223,618,197

See accompanying notes to consolidated financial statements

CANTOR FITZGERALD INCOME TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	For the Three Months						For the Nine Months
	Ended September 30,						Ended September 30,
	2020			2019			2020			2019
Revenues:
Rental revenues	$	3,069,547		$	2,539,063		$	9,208,642		$	6,744,689
Preferred return income		237,123			234,439			706,214			297,338
Income from mezzanine loan investment		252,992			—			753,475			—
Tenant reimbursement income		300,156			221,714			1,177,981			816,709
Total revenues		3,859,818			2,995,216			11,846,312			7,858,736
Operating expenses (income):
General and administrative expenses		29,464			123,959			117,668			329,011
Depreciation and amortization		1,629,668			1,316,588			4,889,002			3,461,031
Management fees		461,891			502,445			1,328,016			1,570,345
Property operating expenses		286,322			221,714			1,264,516			816,709
Total operating expenses		2,407,345			2,164,706			7,599,202			6,177,096
Other income (expense):
Income from investments in real estate-related assets		—			177,156			—			878,378
Interest income		3,042			100,853			55,394			191,742
Interest expense		(990,020	)		(901,999	)		(2,948,724	)		(2,297,501	)
Total other income (expense)		(986,978	)		(623,990	)		(2,893,330	)		(1,227,381	)
Net income (loss)	$	465,495		$	206,520		$	1,353,780		$	454,259
Net income (loss) attributable to non-controlling interest		7,626			3,639			(9,121	)		3,639
Net income (loss) attributable to common stockholders	$	457,869		$	202,881		$	1,362,901		$	450,620
Weighted average shares outstanding		6,148,092			4,709,406			5,875,372			4,244,768
Net income (loss) per common share - basic and diluted	$	0.07		$	0.04		$	0.23		$	0.11

See accompanying notes to consolidated financial statements

CANTOR FITZGERALD INCOME TRUST, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

	Controlling Interest
																																				Retained Earnings/
	Common Stock																																Additional			Accumulated Deficit and			Non-			Total
	Class AX						Class TX						Class IX				Class I				Class T				Class D				Class S				Paid-In			Cumulative			controlling			Stockholders'
	Shares			Amount			Shares			Amount			Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Capital			Distributions			interest			Equity
Balance as of January 1, 2019		2,116,562		$	21,166			939,185		$	9,392			401,639	$	4,016		—	$	—		—	$	—	$	—	$	—	$	—	$	—	$	84,467,731		$	(4,737,537	)	$	179,950		$	79,944,718
Common stock		263,629			2,636			113,727			1,137			148,278		1,483		—		—		—		—		—		—		—		—		13,599,025			—			—			13,604,281
Common stock repurchased		—			—			—			—			—		—		—		—		—		—		—		—		—		—		—			—			—			—
Distribution reinvestment		12,509			125			4,570			46			1,573		16		—		—		—		—		—		—		—		—		468,239			—			—			468,426
Offering costs, commissions and fees		—			—			—			—			—		—		—		—		—		—		—		—		—		—		(643,788	)		—			—			(643,788	)
Net income (loss)		—			—			—			—			—		—		—		—		—		—		—		—		—		—		—			50,657			(70	)		50,587
Distributions declared on common stock		—			—			—			—			—		—		—		—		—		—		—		—		—		—		—			(1,368,762	)		—			(1,368,762	)
Acquired non-controlling interests		—			—			—			—			—		—		—		—		—		—		—		—		—		—		—			—			—			—
Balance as of March 31, 2019		2,392,700		$	23,927			1,057,482		$	10,575			551,490	$	5,515		—	$	—		—	$	—	$	—	$	—	$	—	$	—	$	97,891,207		$	(6,055,642	)	$	179,880		$	92,055,462
Common stock		274,447			2,745			88,364			884			111,436		1,115		—		—		—		—		—		—		—		—		12,359,412			—			—			12,364,156
Common stock repurchased		(18,774	)		(188	)		(3,037	)		(30	)		—		—		—		—		—		—		—		—		—		—		(542,663	)		—			—			(542,881	)
Distribution reinvestment		14,013			140			5,038			50			2,059		20		—		—		—		—		—		—		—		—		533,057			—			—			533,267
Offering costs, commissions and fees		—			—			—			—			—		—		—		—		—		—		—		—		—		—		(598,424	)		—			—			(598,424	)
Net income (loss)		—			—			—			—			—		—		—		—		—		—		—		—		—		—		—			197,082			—			197,082
Distributions declared on common stock		—			—			—			—			—		—		—		—		—		—		—		—		—		—		—			(1,582,417	)		—			(1,582,417	)
Acquired non-controlling interests		—			—			—			—			—		—		—		—		—		—		—		—		—		—		4,476,918			—			80,898			4,557,816
Balance as of June 30, 2019		2,662,386		$	26,624			1,147,847		$	11,479			664,985	$	6,650		—	$	—		—	$	—	$	—	$	—	$	—	$	—		114,119,507		$	(7,440,977	)	$	260,778		$	106,984,061
Common stock		266,476			2,665			69,963			699			94,181		941		—		—		—		—		—		—		—		—		11,092,723			—			—			11,097,028
Common stock repurchased		(8,651	)		(87	)		—			—			—		—		—		—		—		—		—		—		—		—		(213,553	)		—			—			(213,640	)
Distribution reinvestment		15,130			151			5,721			57			2,375		24		—		—		—		—		—		—		—		—		584,762			—			—			584,994
Offering costs, commissions and fees		—			—			—			—			—		—		—		—		—		—		—		—		—		—		(380,998	)		—			—			(380,998	)
Net income (loss)		—			—			—			—			—		—		—		—		—		—		—		—		—		—		—			202,881			3,639			206,520
Distributions declared on common stock		—			—			—			—			—		—		—		—		—		—		—		—		—		—		—			(1,767,313	)		—			(1,767,313	)
Acquired non-controlling interests		—			—			—			—

Price	-0.00	EPS	0
Shares	5	P/E	-0
MCap	-0	P/FCF	-0
Net Debt	59	EBIT	3
TEV	59	TEV/EBIT	22
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-09-30	Filed 2020-11-13
10-Q	2020-06-30	Filed 2020-08-13
10-Q	2020-03-31	Filed 2020-05-13
10-K	2019-12-31	Filed 2020-03-19
10-Q	2019-09-30	Filed 2019-11-14
10-Q	2019-06-30	Filed 2019-08-14
10-Q	2019-03-31	Filed 2019-05-15
10-K	2018-12-31	Filed 2019-03-27
10-Q	2018-09-30	Filed 2018-11-14
10-Q	2018-06-30	Filed 2018-08-13
10-Q	2018-03-31	Filed 2018-05-15
10-K	2017-12-31	Filed 2018-03-30
10-Q	2017-09-30	Filed 2017-11-14
10-Q	2017-06-30	Filed 2017-08-11
10-Q	2017-03-31	Filed 2017-05-12

8-K	2020-11-30	Regulation FD
8-K	2020-10-30	Regulation FD, Other Events
8-K	2020-09-30	Regulation FD
8-K	2020-08-31	Regulation FD
8-K	2020-08-10	Enter Agreement, Exhibits
8-K	2020-07-30	Amend Bylaw, Exhibits
8-K	2020-06-28	Enter Agreement, Shareholder Vote
8-K	2020-05-04
8-K	2020-03-31
8-K	2020-02-13
8-K	2019-12-20
8-K	2019-09-28
8-K	2019-09-26
8-K	2019-06-26
8-K	2019-04-30
8-K	2019-02-12
8-K	2019-01-02
8-K	2018-11-07
8-K	2018-07-31
8-K	2018-06-29
8-K	2018-06-05
8-K	2018-02-14
8-K	2018-02-01

EX-31.1	cfit-ex311_6.htm
EX-31.2	cfit-ex312_7.htm
EX-32	cfit-ex32_8.htm

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company