Company Quick10K Filing
Quick10K
Rodin Global Property Trust
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
8-K 2019-09-28 Enter Agreement, Shareholder Rights, Exhibits
8-K 2019-09-26 Other Events
8-K 2019-06-26 Enter Agreement, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-04-30 Enter Agreement, Off-BS Arrangement
8-K 2019-02-12 Other Events
8-K 2019-01-02 Other Events
8-K 2018-11-07 Enter Agreement, M&A, Exhibits
8-K 2018-07-31 Enter Agreement, M&A, Off-BS Arrangement, Exhibits
8-K 2018-06-29 Enter Agreement, Exhibits
8-K 2018-06-05 Shareholder Vote
8-K 2018-02-14 Other Events
8-K 2018-02-01 Enter Agreement, M&A, Off-BS Arrangement, Exhibits
FXE Invesco Currencyshares Euro Trust 215
FNRN First Northern Community Bancorp 169
GST Gastar Exploration 116
ZMTP Zoom Telephonics 19
OPXS Optex Systems Holdings 14
NIMU Non Invasive Monitoring Systems 12
JONE Jones Energy 2
BLBX Blackboxstocks 0
TCKI Turnkey Capital 0
MZOR Mazor Robotics 0
RGPT 2019-06-30
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-10.5 rgpt-ex105_120.htm
EX-31.1 rgpt-ex311_10.htm
EX-31.2 rgpt-ex312_11.htm
EX-32 rgpt-ex32_8.htm

Rodin Global Property Trust Earnings 2019-06-30

RGPT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 rgpt-10q_20190630.htm 10-Q rgpt-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: 000-56043

 

Rodin Global Property 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)

(212) 938-5000

(Registrant’s telephone number, including area code)

 

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 August 12, 2019, the registrant had 2,799,460 Class A shares, 695,398 Class I shares, and 1,184,157 Class T shares of $0.01 par value common stock outstanding.

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

 

 

 

 


RODIN GLOBAL PROPERTY TRUST, INC.

TABLE OF CONTENTS

 

 

 

Page

 

 

 

PART I - FINANCIAL INFORMATION

 

3

 

 

 

Item 1. Financial Statements (Unaudited)

 

3

 

 

 

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

 

3

 

 

 

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

 

4

 

 

 

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

 

5

 

 

 

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

 

7

 

 

 

Notes to Consolidated Financial Statements

 

8

 

 

 

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

 

41

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

76

 

 

 

Item 4. Controls and Procedures.

 

77

 

 

 

PART II - OTHER INFORMATION

 

78

 

 

 

Item 1. Legal Proceedings.

 

78

 

 

 

Item 1A. Risk Factors.

 

78

 

 

 

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

 

79

 

 

 

Item 3. Defaults Upon Senior Securities.

 

80

 

 

 

Item 4. Mine Safety Disclosures.

 

80

 

 

 

Item 5. Other Information.

 

80

 

 

 

Item 6. Exhibits.

 

80

 

 

 

Signatures

 

83

 

 


PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

RODIN GLOBAL PROPERTY TRUST, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

June 30, 2019

 

 

December 31, 2018

 

Assets

 

 

 

 

 

 

 

Investment in real estate, net of accumulated depreciation of $2,343,805 and $791,575, respectively

$

130,539,475

 

 

$

98,590,705

 

Investments in real estate-related assets

 

21,034,336

 

 

 

13,047,225

 

Cash and cash equivalents

 

17,267,481

 

 

 

14,046,766

 

Intangible assets, net of accumulated amortization of $947,266 and $339,907, respectively

 

18,493,399

 

 

 

12,573,758

 

Deferred rent receivable

 

921,034

 

 

 

344,139

 

Prepaid expenses and other assets

 

533,715

 

 

 

471,805

 

Accrued preferred return receivable

 

76,241

 

 

 

 

Stock subscriptions receivable

 

 

 

 

286,918

 

Due from related party

 

2,450

 

 

 

 

Total assets

$

188,868,131

 

 

$

139,361,316

 

Liabilities and Equity

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Loans payable, net of deferred financing costs of $787,870 and $493,875, respectively

$

73,757,314

 

 

$

51,556,125

 

Intangible liabilities, net of accumulated amortization of $169,709 and $15,278, respectively

 

4,482,607

 

 

 

3,809,038

 

Due to related parties

 

2,098,375

 

 

 

2,742,581

 

Deferred revenue

 

540,697

 

 

 

497,457

 

Distributions payable

 

538,785

 

 

 

424,967

 

Accrued interest payable

 

239,215

 

 

 

159,855

 

Accounts payable and accrued expenses

 

56,685

 

 

 

25,384

 

Restricted reserves

 

170,392

 

 

 

201,191

 

Total liabilities

 

81,884,070

 

 

 

59,416,598

 

Stockholders' equity

 

 

 

 

 

 

 

Controlling interest

 

 

 

 

 

 

 

Preferred stock, $0.01 par value per share, 50,000,000 shares authorized,

   and 0 issued and outstanding at June 30, 2019 and December 31, 2018,

   respectively

 

 

 

 

 

Class A common stock, $0.01 par value per share, 160,000,000 shares authorized,

   and 2,662,386 and 2,116,562 issued and outstanding at June 30, 2019 and

   December 31, 2018, respectively

 

26,624

 

 

 

21,166

 

Class T common stock, $0.01 par value per share, 200,000,000 shares authorized,

  and 1,147,847 and 939,185 issued and outstanding at June 30, 2019 and

   December 31, 2018, respectively

 

11,479

 

 

 

9,392

 

Class I common stock, $0.01 par value per share, 40,000,000 shares authorized,

   and 664,985 and 401,639 issued and outstanding at June 30, 2019 and

   December 31, 2018, respectively

 

6,650

 

 

 

4,016

 

Additional paid-in capital

 

114,119,507

 

 

 

84,467,731

 

Accumulated deficit and cumulative distributions

 

(7,440,977

)

 

 

(4,737,537

)

Total controlling interest

 

106,723,283

 

 

 

79,764,768

 

Non-controlling interests in subsidiaries

 

260,778

 

 

 

179,950

 

Total stockholders' equity

 

106,984,061

 

 

 

79,944,718

 

Total liabilities and stockholders' equity

$

188,868,131

 

 

$

139,361,316

 

See accompanying notes to consolidated financial statements

 

 

3

 


RODIN GLOBAL PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

For the Three Months

 

 

For the Six Months

 

 

Ended June 30,

 

 

Ended June 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

$

2,282,406

 

 

$

117,427

 

 

$

4,205,626

 

 

$

234,853

 

Preferred return income

 

62,899

 

 

 

 

 

 

62,899

 

 

 

 

Tenant reimbursement income

 

219,082

 

 

 

 

 

 

594,995

 

 

 

2,669

 

Total revenues

 

2,564,387

 

 

 

117,427

 

 

 

4,863,520

 

 

 

237,522

 

Operating expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

61,824

 

 

 

49,285

 

 

 

205,052

 

 

 

987,007

 

Depreciation and amortization

 

1,158,291

 

 

 

61,573

 

 

 

2,144,443

 

 

 

123,146

 

Management fees

 

540,126

 

 

 

254,661

 

 

 

1,067,900

 

 

 

254,661

 

Property operating expenses

 

219,082

 

 

 

 

 

 

594,995

 

 

 

2,669

 

Total operating expenses

 

1,979,323

 

 

 

365,519

 

 

 

4,012,390

 

 

 

1,367,483

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from investments in real estate-related assets

 

322,904

 

 

 

146,055

 

 

 

701,222

 

 

 

313,015

 

Interest income

 

70,382

 

 

 

19,467

 

 

 

90,889

 

 

 

27,190

 

Interest expense

 

(781,268

)

 

 

(48,759

)

 

 

(1,395,502

)

 

 

(97,005

)

Total other income (expense)

 

(387,982

)

 

 

116,763

 

 

 

(603,391

)

 

 

243,200

 

Net income (loss)

$

197,082

 

 

$

(131,329

)

 

$

247,739

 

 

$

(886,761

)

Net income (loss) attributable to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common stockholders

$

197,082

 

 

$

(131,329

)

 

$

247,739

 

 

$

(886,761

)

Weighted average shares outstanding

 

4,275,839

 

 

 

1,719,648

 

 

 

4,008,580

 

 

 

1,416,046

 

Net income (loss) per common share - basic and diluted

$

0.05

 

 

$

(0.08

)

 

$

0.06

 

 

$

(0.63

)

See accompanying notes to consolidated financial statements

4

 


RODIN GLOBAL PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

 

 

Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional

 

 

Deficit and

 

 

Non-

 

 

 

 

 

 

 

Class A

 

 

Class T

 

 

Class I

 

 

Paid-In

 

 

Cumulative

 

 

controlling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Distributions

 

 

interest

 

 

Equity

 

Balance as of January 1, 2018

 

 

478,956

 

 

$

4,790

 

 

 

225,652

 

 

$

2,257

 

 

 

166,296

 

 

$

1,663

 

 

$

21,136,120

 

 

$

(2,270,536

)

 

$

1,000

 

 

$

18,875,294

 

Common stock

 

 

277,143

 

 

 

2,769

 

 

 

137,649

 

 

 

1,376

 

 

 

28,170

 

 

 

281

 

 

 

11,448,511

 

 

 

 

 

 

 

 

 

11,452,937

 

Common stock repurchased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution reinvestment

 

 

3,244

 

 

 

32

 

 

 

1,571

 

 

 

16

 

 

 

207

 

 

 

3

 

 

 

125,055

 

 

 

 

 

 

 

 

 

125,106

 

Offering costs, commissions and fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(668,046

)

 

 

 

 

 

 

 

 

(668,046

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(755,432

)

 

 

 

 

 

(755,432

)

Distributions declared on common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(404,764

)

 

 

 

 

 

(404,764

)

Acquired non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2018

 

 

759,343

 

 

$

7,591

 

 

 

364,872

 

 

$

3,649

 

 

 

194,673

 

 

$

1,947

 

 

$

32,041,640

 

 

$

(3,430,732

)

 

$

1,000

 

 

$

28,625,095

 

Common stock

 

 

569,050

 

 

 

5,693

 

 

 

256,622

 

 

 

2,566

 

 

 

69,107

 

 

 

691

 

 

 

23,056,143

 

 

 

 

 

 

 

 

 

23,065,093

 

Common stock repurchased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution reinvestment

 

 

5,219

 

 

 

52

 

 

 

2,489

 

 

 

25

 

 

 

345

 

 

 

3

 

 

 

200,758

 

 

 

 

 

 

 

 

 

200,838

 

Offering costs, commissions and fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,233,380

)

 

 

 

 

 

 

 

 

(1,233,380

)

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(131,329

)

 

 

 

 

 

(131,329

)

Distributions declared on common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(638,085

)

 

 

 

 

 

(638,085

)

Acquired non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2018

 

 

1,333,612

 

 

$

13,336

 

 

 

623,983

 

 

$

6,240

 

 

 

264,125

 

 

$

2,641

 

 

$

54,065,161

 

 

$

(4,200,146

)

 

$

1,000

 

 

$

49,888,232

 

See accompanying notes to consolidated financial statements

5

 


RODIN GLOBAL PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

 

 

Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional

 

 

Deficit and

 

 

Non-

 

 

 

 

 

 

 

Class A

 

 

Class T

 

 

Class I

 

 

Paid-In

 

 

Cumulative

 

 

controlling

 

 

Total

 

 

 

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

 

See accompanying notes to consolidated financial statement

6

 


RODIN GLOBAL PROPERTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

For the Six Months

 

 

 

Ended June 30,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

247,739

 

 

$

(886,761

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,169,994

 

 

 

127,244

 

Gains from investments in real estate-related assets

 

 

(701,222

)

 

 

(313,015

)

Amortization of above-market lease intangibles

 

 

15,147

 

 

 

15,148

 

Amortization of below-market lease intangibles

 

 

(154,431

)