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 2020-06-30 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

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 rgpt-ex311_6.htm
EX-31.2 rgpt-ex312_7.htm
EX-32 rgpt-ex32_8.htm

Rodin Global Property Trust Earnings 2020-06-30

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 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

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.

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

3

 


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

4

 


 

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

5

 


 

 

 

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