Rodin Global Property Trust Earnings 2020-06-30

Rodin Global Property Trust Earnings 2020-06-30

RGPT 10Q Quarterly Report

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

10-Q 1 rgpt-10q_20200630.htm 10-Q rgpt-10q_20200630.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, 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.

The aggregate market value of the common stock held by non-affiliates of the Registrant: No established market exists for the Registrant’s common stock.

As of August 11, 2020, the registrant had 3,503,457 Class AX shares, 1,213,904 Class IX shares and 1,479,864 Class TX 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 June 30, 2020 and December 31, 2019		3

Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and June 30, 2019		4

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

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and June 30, 2019		7

Notes to Consolidated Financial Statements		8

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.		38

Item 3. Quantitative and Qualitative Disclosures About Market Risk.		63

Item 4. Controls and Procedures.		64

PART II - OTHER INFORMATION		66

Item 1. Legal Proceedings.		66

Item 1A. Risk Factors.		66

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		68

Item 3. Defaults Upon Senior Securities.		69

Item 4. Mine Safety Disclosures.		70

Item 5. Other Information.		70

Item 6. Exhibits.		70

Signatures		72

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

CANTOR FITZGERALD INCOME TRUST, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	June 30, 2020			December 31, 2019
Assets
Investment in real estate, net of accumulated depreciation of $6,433,313 and $4,275,639, respectively	$	156,947,725		$	159,105,399
Cash and cash equivalents		33,403,408			17,305,001
Investments in real estate-related assets		24,400,000			24,400,000
Intangible assets, net of accumulated amortization of $2,993,739 and $1,876,930, respectively		19,692,926			20,809,735
Deferred rent receivable		1,512,721			1,225,863
Prepaid expenses and other assets		525,938			461,251
Due from related party		310,255			49,910
Accrued preferred return receivable		77,323			—
Accrued income from mezzanine loan investment		68,940			—
Stock subscriptions receivable		—			261,038
Total assets	$	236,939,236		$	223,618,197
Liabilities and Equity
Liabilities
Loans payable, net of deferred financing costs of $803,302 and $841,615, respectively	$	83,341,882		$	83,303,569
Intangible liabilities, net of accumulated amortization of $840,519 and $416,574, respectively		8,224,797			8,648,742
Due to related parties		1,861,062			2,057,181
Distributions payable		733,307			668,092
Accounts payable and accrued expenses		686,864			16,384
Deferred revenue		473,395			561,056
Restricted reserves		380,745			33,124
Accrued interest payable		262,649			273,200
Total liabilities		95,964,701			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 June 30, 2020 and December 31, 2019		—			—
Class A common stock, $0.01 par value per share, 160,000,000 shares authorized, and 3,410,823 and 3,158,796 issued and outstanding at June 30, 2020 and December 31, 2019, respectively		34,108			31,580
Class T common stock, $0.01 par value per share, 200,000,000 shares authorized, and 1,440,760 and 1,327,819 issued and outstanding at June 30, 2020 and December 31, 2019, respectively		14,408			13,278
Class I common stock, $0.01 par value per share, 40,000,000 shares authorized, and 1,151,593 and 853,734 issued and outstanding at June 30, 2020 and December 31, 2019, respectively		11,516			8,537
Additional paid-in capital		151,842,791			135,507,823
Accumulated deficit and cumulative distributions		(13,906,459	)		(10,543,287	)
Total controlling interest		137,996,364			125,017,931
Non-controlling interests in subsidiaries		2,978,171			3,038,918
Total stockholders' equity		140,974,535			128,056,849
Total liabilities and stockholders' equity	$	236,939,236		$	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 Six Months
	Ended June 30,						Ended June 30,
	2020			2019			2020			2019
Revenues:
Rental revenues	$	3,069,548		$	2,282,406		$	6,139,095		$	4,205,626
Preferred return income		234,545			62,899			469,091			62,899
Income from mezzanine loan investment		250,241			—			500,483			—
Tenant reimbursement income		456,666			219,082			877,825			594,995
Total revenues		4,011,000			2,564,387			7,986,494			4,863,520
Operating expenses (income):
General and administrative expenses		33,439			61,824			88,204			205,052
Depreciation and amortization		1,629,666			1,158,291			3,259,334			2,144,443
Management fees		443,370			540,126			866,125			1,067,900
Property operating expenses		545,230			219,082			978,194			594,995
Total operating expenses		2,651,705			1,979,323			5,191,857			4,012,390
Other income (expense):
Income from investments in real estate-related assets		—			322,904			—			701,222
Interest income		6,268			70,382			52,352			90,889
Interest expense		(979,354	)		(781,268	)		(1,958,704	)		(1,395,502	)
Total other income (expense)		(973,086	)		(387,982	)		(1,906,352	)		(603,391	)
Net income (loss)	$	386,209		$	197,082		$	888,285		$	247,739
Net income (loss) attributable to non-controlling interest		(17,978	)		—			(16,747	)		—
Net income (loss) attributable to common stockholders	$	404,187		$	197,082		$	905,032		$	247,739
Weighted average shares outstanding		5,938,547			4,275,839			5,737,510			4,008,580
Net income (loss) per common share - basic and diluted	$	0.07		$	0.05		$	0.16		$	0.06

See accompanying notes to consolidated financial statements

CANTOR FITZGERALD INCOME TRUST, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

	Controlling Interest
																				Accumulated
	Common Stock																Additional			Deficit and			Non-			Total
	Class A						Class T						Class I				Paid-In			Cumulative			controlling			Stockholders'
	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 statements

CANTOR FITZGERALD INCOME TRUST, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

	Controlling Interest
																						Accumulated
	Common Stock																		Additional			Deficit and			Non-			Total
	Class A						Class T						Class I						Paid-In			Cumulative			controlling			Stockholders'
	Shares			Amount			Shares			Amount			Shares			Amount			Capital			Distributions			interest			Equity
Balance as of January 1, 2020		3,158,796		$	31,580			1,327,819		$	13,278			853,734		$	8,537		$	135,507,823		$	(10,543,287	)	$	3,038,918		$	128,056,849
Common stock		150,441			1,512			66,220			662			215,102			2,151			11,035,494			—			—			11,039,819
Common stock repurchased		(17,256	)		(173	)		(8,028	)		(80	)		—			—			(620,406	)		—			—			(620,659	)
Distribution reinvestment		17,854			179			6,722			67			3,808			38			711,122			—			—			711,406
Offering costs, commissions and fees		—			—			—			—			—			—			(381,233	)		—			—			(381,233	)
Net income (loss)		—			—			—			—			—			—			—			500,845			1,231			502,076
Distributions declared on common stock		—			—			—			—			—			—			—			(2,058,381	)		—			(2,058,381	)
Acquired non-controlling interests		—			—			—			—			—			—			—			—			(16,500	)		(16,500	)
Balance as of March 31, 2020		3,309,835		$	33,098			1,392,733		$	13,927			1,072,644		$	10,726		$	146,252,800		$	(12,100,823	)	$	3,023,649		$	137,233,377
Common stock		144,689			1,447			49,180			492			89,113			892			7,113,748			—			—			7,116,579
Common stock repurchased		(62,524	)		(625	)		(8,544	)		(85	)		(15,887	)		(159	)		(2,021,342	)		—			—			(2,022,211	)
Distribution reinvestment		18,823			188			7,391			74			5,723			57			785,939			—			—			786,258
Offering costs, commissions and fees		—			—			—			—			—			—			(288,354	)		—			—			(288,354	)
Net income (loss)		—			—			—			—			—			—			—			404,187			(17,978	)		386,209
Distributions declared on common stock		—			—			—			—			—			—			—			(2,209,823	)		—			(2,209,823	)
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	2020-06-30	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	2020-08-31	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	rgpt-ex311_6.htm
EX-31.2	rgpt-ex312_7.htm
EX-32	rgpt-ex32_8.htm

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company