Company Quick10K Filing
Rodin Global Property Trust
Price-0.00 EPS0
Shares5 P/E-0
MCap-0 P/FCF-0
Net Debt59 EBIT3
TEV59 TEV/EBIT22
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

RGPT 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Note 1 - Organization and Business Purpose
Note 2 - Summary of Significant Accounting Policies
Note 3 - Investment in Real Estate
Note 4 - Intangibles
Note 5 - Five Year Minimum Rental Payments
Note 6 - Investments in Real Estate - Related Assets
Note 7 - Loans Payable
Note 8 - Stockholders' Equity
Note 9 - Related Party Transactions
Note 10 - Variable Interest Entities
Note 11 - Economic Dependency
Note 12 - Commitments and Contingencies
Note 13 - Fair Value Measurements
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 of Registered Securities.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 cfit-ex311_6.htm
EX-31.2 cfit-ex312_7.htm
EX-32 cfit-ex32_8.htm

Rodin Global Property Trust Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
205164123824102017201820192020
Assets, Equity
3.02.21.40.6-0.2-1.02017201820192020
Rev, G Profit, Net Income
40236-11-28-452017201820192020
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

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: 000-56043

 

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. 59th 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.

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   

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

3

 


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

4

 


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