The discussion below should be read in conjunction with our consolidated financial statements and related notes in this quarterly report on Form 10-Q and our 2021 Annual Report. These historical financial statements may not be indicative of our future performance.
Executive Overview
Business Overview
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The table below shows the current estimated UCA in our owned residual portfolio as of
discussion of the valuation methodology used and important limitations and
qualifications of the calculation of UCA. See “Risk Factors-Certain tenant (1) rights under our Ground Leases may limit the value and the UCA we are able to
realize upon lease expiration, sale of our land and Ground Leases or other
events” in our 2021 Annual Report for a discussion of certain tenant rights
and other terms of the leases that may limit our ability to realize value
from the UCA.
Combined Property Value includes our applicable percentage interests in our
unconsolidated ventures and
transactions with remaining unfunded commitments as of
percentage interests in our unconsolidated ventures and
2021, respectively. As of
of combined property value was 40%.
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reported to us by our tenants, -Our estimates of Ground Rent Coverage for properties in development or transition, or for which we do not receive current tenant financial information, may prove to be incorrect” in our 2021 Annual Report for a discussion of our estimated Ground Rent Coverage).
Below is an overview of the top 10 assets in our portfolio as of
Lease
(1) Gross book value represents the historical purchase price plus accrued
interest on sales-type leases.
Gross book value for this property represents our pro rata share of the gross (2) book value of our unconsolidated venture (refer to Note 6 to the consolidated
single master lease. A majority of the land underlying one of these (3) properties is owned by a third party and is ground leased to us through 2044
subject to changes in the CPI; however, our tenant at the property pays this
cost directly to the third party.
The following tables show our portfolio by region and property type as of
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Results of Operations for the Three Months Ended
Interest income from sales-type leases increased to
During the three months ended
General and administrative expenses include management fees, an allocation of expenses to us from our Manager, costs of operating as a public company and stock-based compensation (primarily to our non-management directors). The following table presents our general and administrative expenses for the three months ended
1,875
1,460
1,215
Total general and administrative expenses
Refer to Note 13 to the consolidated financial statements. Historically,
pursuant to the Manager’s option under the management agreement, the Manager
has elected to not seek reimbursement for certain expenses. This historical (1) election is not a waiver of reimbursement for similar expenses in future
periods and the Manager has started to elect to seek, and may further seek in
the future, reimbursement of such additional expenses that it has not
previously sought, including, without limitation, rent, overhead and certain
Results of Operations for the Six Months Ended
Interest income from sales-type leases increased to
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Other income for both the six months ended
General and administrative expenses include management fees, an allocation of expenses to us from our Manager, costs of operating as a public company and stock-based compensation (primarily to our non-management directors). The following table presents our general and administrative expenses for the six months ended
Refer to Note 13 to the consolidated financial statements. Historically,
pursuant to the Manager’s option under the management agreement, the Manager
has elected to not seek reimbursement for certain expenses. This historical (1) election is not a waiver of reimbursement for similar expenses in future
periods and the Manager has started to elect to seek, and may further seek in
the future, reimbursement of such additional expenses that it has not
previously sought, including, without limitation, rent, overhead and certain
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Liquidity and Capital Resources
In the first quarter 2021, we entered into an at-the-market equity offering (the “ATM”) pursuant to which we may sell shares of our common stock up to an aggregate purchase price of
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Cash flows provided by operating activities
(599,780)
Cash flows provided by financing activities 877,137 191,090
686,047
Supplemental Guarantor Disclosure
Critical Accounting Estimates
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under the circumstances. For all of these estimates, we caution that future events rarely develop exactly as forecasted, and, therefore, routinely require adjustment.
For a discussion of our critical accounting policies, refer to Note 3 to the consolidated financial statements and our 2021 Annual Report.
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