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 | |
8-K | 2020-10-30 | |
8-K | 2020-09-30 | |
8-K | 2020-08-31 | |
8-K | 2020-08-10 | |
8-K | 2020-07-30 | |
8-K | 2020-06-28 | |
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 |
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 |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
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 |
| (I.R.S. Employer |
|
|
|
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.
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
PART I — FINANCIAL INFORMATION
CANTOR FITZGERALD INCOME TRUST, INC.
(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 |
| — |
|
| — |
|
|
| — |
|
| — |