INVENTRUST PROPERTIES CORP. Certain statements in this "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Quarterly Report on Form 10-Q for the quarter endedMarch 31, 2023 (the "Quarterly Report"), other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"). These statements include statements aboutInvenTrust Properties Corp.'s (the "Company" or "InvenTrust") plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events; and they involve known and unknown risks that are difficult to predict. As a result, our actual financial results, performance, achievements, or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "illustrative," and "should" and variations of these terms and similar expressions, or the negatives of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while we consider reasonable based on our knowledge and understanding of the business and industry, are inherently uncertain. These statements are expressed in good faith and are not guarantees of future performance or results. Our actual results could differ materially from those expressed in the forward-looking statements and stockholders should not rely on forward-looking statements in making investment decisions. There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this Quarterly Report. Such risks, uncertainties and other important factors, include, among others, the risks, uncertainties and factors set forth in our filings with theSecurities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year endedDecember 31, 2022 (the "Annual Report"), and as updated in this Quarterly Report and other quarterly and current reports, which are on file with theSEC and are available at theSEC's website (www.sec.gov). Such risks and uncertainties are related to, among others, the following:
•our ability to collect rent from tenants or to rent space on favorable terms or at all;
•declaration of bankruptcy by our retail tenants;
•the economic success and viability of our anchor retail tenants;
•our ability to identify, execute and complete acquisition opportunities and to integrate and successfully operate any retail properties acquired in the future and manage the risks associated with such retail properties;
•our ability to manage the risks of expanding, developing or redeveloping our retail properties;
•loss of members of our senior management team or other key personnel;
•changes in the competitive environment in the leasing market and any other market in which we operate;
•shifts in consumer retail shopping from brick and mortar stores to e-commerce;
•the impact of leasing and capital expenditures to improve our retail properties to retain and attract tenants;
•our ability to refinance or repay maturing debt or to obtain new financing on attractive terms;
•future increases in interest rates;
•inflation;
•our status as a real estate investment trust ("REIT") for federal tax purposes; and
•changes in federal, state or local tax law, including legislative, administrative, regulatory or other actions affecting REITs.
These factors are not necessarily all of the important factors that could cause
our actual results, performance or achievements to differ materially from those
expressed in or implied by any of our forward-looking statements. Other unknown
or unpredictable factors also could harm our business, financial condition,
results of operations, cash flows and overall value. All forward-looking
statements attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the cautionary statements set forth above.
Forward-looking statements are only as of the date they are made; we do not
undertake or assume any obligation to update publicly any of these
forward-looking statements to reflect actual results, new information, future
events, changes in assumptions or changes in other factors affecting
forward-looking statements, except to the extent required by applicable law. If
we update one or more forward-looking statements, no inference should be drawn
that we will make additional updates with respect to those or other
forward-looking statements.
The following discussion and analysis should be read in conjunction with our
condensed consolidated financial statements and the related notes included in
this Quarterly Report. All square feet and dollar amounts are stated in
thousands, except per share amounts and per square foot metrics, unless
otherwise noted.
17
--------------------------------------------------------------------------------Overview
Strategy and Outlook
InvenTrust Properties Corp. is a premierSun Belt , multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers, as well as high-quality power centers that often have a grocery component. We pursue our business strategy by acquiring retail properties inSun Belt markets, opportunistically disposing of retail properties, maintaining a flexible capital structure, and enhancing our environment, social and governance practices and standards. InvenTrust focuses onSun Belt markets with favorable demographics, including above average growth in population, employment, income and education levels. We believe these conditions create favorable demand characteristics for grocery-anchored and necessity-based essential retail centers, which will position us to capitalize on potential future rent increases while benefiting from sustained occupancy at our centers. Our strategically located regional field offices are within a two-hour drive of over 95% of our properties which affords us the ability to respond to the needs of our tenants and provides us with in-depth local market knowledge. We believe that ourSun Belt portfolio of high quality grocery-anchored assets is a distinct differentiator for us in the marketplace.
Evaluation of Financial Condition
Historically, management has evaluated our financial condition and operating performance by focusing on the following financial and nonfinancial indicators, discussed in further detail herein:
•Net Operating Income ("NOI") and Same Property NOI, supplemental non-GAAP measures;
•NAREIT Funds From Operations ("NAREIT FFO") Applicable to
•Core FFO Applicable to
•Cash flow from operations as determined in accordance with GAAP;
•Economic and leased occupancy and rental rates;
•Leasing activity and lease rollover;
•Operating expense levels and trends;
•General and administrative expense levels and trends;
•Debt maturities and leverage ratios; and
•Liquidity levels.
Recent Developments
OnJanuary 18, 2023 , the Company acquired the four remaining retail properties held by its joint venture entity,IAGM Retail Fund I, LLC ("IAGM"), for an aggregate purchase price of$222.3 million by acquiring 100% of the membership interests in each of IAGM's wholly owned subsidiaries. The Company assumed aggregate mortgage debt of$92.5 million and funded the remaining balance with its available liquidity. IAGM recognized a gain on sale of$45.2 million , of which the Company's share was approximately$24.9 million . Subsequent to the transaction, IAGM proportionately distributed substantially all net proceeds from the sale, of which the Company's share was approximately$71.4 million . In connection with the foregoing, IAGM adopted a liquidation plan onJanuary 11, 2023 . As ofMarch 31, 2023 , net assets of IAGM was$28.6 million , inclusive of cash and cash equivalents of$30.7 million . 18 --------------------------------------------------------------------------------
Our Retail Portfolio
Our wholly-owned and managed retail properties include grocery-anchored community and neighborhood centers and power centers, including those classified as necessity-based, as defined in our Annual Report. As ofMarch 31, 2023 , we owned 62 retail properties with a total gross leasable area ("GLA") of approximately 10.3 million square feet. For the three months endedMarch 31, 2022 , we have included results from the IAGM properties at 55% ("at share") when combined with our wholly-owned properties, defined as "Pro Rata Combined Retail Portfolio". The following table summarizes our retail portfolio as ofMarch 31, 2023 and 2022. IAGM Pro Rata Combined Retail Portfolio Retail Properties Retail Portfolio 2023 2022 2023 2022 2023 2022 No. of properties 62 57 - 6 62 63 GLA (square feet) 10,295 9,081 - 1,562 10,295 9,940 Economic occupancy (a) 94.0% 93.9% -% 86.5% 94.0% 93.2% Leased occupancy (b) 96.1% 95.1% -% 87.3% 96.1% 94.4% ABR PSF (c)$19.12 $18.76 $-$17.23 $19.12 $18.64 (a)Economic occupancy is defined as the percentage of occupied GLA divided by total GLA (excluding Specialty Leases) for which a tenant is obligated to pay rent under the terms of its lease agreement as of the rent commencement date, regardless of the actual use or occupancy by that tenant of the area being leased. Actual use may be less than economic occupancy. Specialty Leases represent leases of less than one year in duration for small shop space and include any term length for common area space.
(b)Leased occupancy is defined as economic occupancy plus the percentage of signed but not yet commenced GLA divided by total GLA.
(c)Annualized Base Rent ("ABR") is computed as base rent for the period
multiplied by twelve months. Base rent is inclusive of ground rent and any
abatement concessions, but excludes Specialty Lease rent. ABR per square foot
("PSF") is computed as ABR divided by the occupied square footage as of the end
of the period.
Retail Portfolio Summary by Center Type
The following tables summarize our retail portfolio, by center type, as defined
in our Annual Report, as of
Community and neighborhood centers
IAGM Pro Rata Combined
Retail Portfolio Retail Properties Retail Portfolio
2023 2022 2023 2022 2023 2022
No. of properties 50 45 - 5 50 50
GLA (square feet) 6,772 5,508 - 1,387 6,772 6,271
Economic occupancy 94.0% 94.4% -% 85.9% 94.0% 93.4%
Leased occupancy 96.5% 95.7% -% 86.9% 96.5% 94.6%
ABR PSF $19.92 $19.80 $- $17.11 $19.92 $19.50
Power centers
IAGM Pro Rata Combined
Retail Portfolio Retail Properties Retail Portfolio
2023 2022 2023 2022 2023 2022
No. of properties 12 12 - 1 12 13
GLA (square feet) 3,523 3,573 - 175 3,523 3,669
Economic occupancy 93.9% 93.1% -% 90.8% 93.9% 93.0%
Leased occupancy 95.5% 94.4% -% 90.8% 95.5% 94.0%
ABR PSF $17.57 $17.15 $- $18.13 $17.57 $17.18
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Same Property Retail Portfolio Summary
Properties classified as same property were owned for the entirety of both
periods presented ("Same Properties "). The following table summarizes the GLA,
economic occupancy, leased occupancy, and ABR PSF of Same Properties included in
our retail portfolio for the three months ended March 31, 2023 and 2022.
Three Months Ended March 31
2023 2022
No. of properties 52 52
GLA (square feet) 8,092 8,087
Economic occupancy 94.4% 93.5%
Leased occupancy 96.5% 94.8%
ABR PSF $19.72 $19.09
Lease Expirations
The following table presents the lease expirations of our economic occupied
Retail Portfolio as of
No. of GLA of Percent of ABR of
Lease Expiring Expiring Leases Total GLA of Expiring Percent of Expiring
Expiration Year Leases (square feet) Expiring Leases Leases Total ABR ABR PSF
2023 92 340 3.5% $ 7,233 3.7% $ 21.27
2024 175 953 9.8% 19,775 10.1% 20.75
2025 173 1,142 11.8% 20,179 10.3% 17.67
2026 209 973 10.1% 22,466 11.4% 23.09
2027 269 1,952 20.3% 39,756 20.2% 20.37
2028 165 922 9.5% 20,873 10.5% 22.64
2029 103 653 6.7% 13,752 7.0% 21.06
2030 72 366 3.8% 9,263 4.7% 25.31
2031 73 506 5.2% 10,590 5.4% 20.93
2032 92 575 5.9% 13,091 6.7% 22.77
Thereafter 57 1,262 13.0% 18,736 9.5% 14.85
Other (a) 14 36 0.4% 908 0.5% 25.22
1,494 9,680 100% $ 196,622 100% $ 20.31 (a)Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases.
In preparing the above table, we have not assumed that unexercised contractual
lease renewal or extension options contained in our leases will, in fact, be
exercised. Our retail business is neither highly dependent on specific retailers
nor subject to lease roll-over concentration. We believe this minimizes risk to
our retail portfolio from significant revenue variances over time.
20
--------------------------------------------------------------------------------Leasing Activity, Retail Portfolio
The following table summarizes the leasing activity for leases that were executed during the three months endedMarch 31, 2023 , compared with expiring or expired leases for the same or previous tenant for renewals and the same unit for new leases at the 62 properties in our Retail Portfolio. In our Retail Portfolio, we had GLA totaling 320 thousand square feet expiring during the three months endedMarch 31, 2023 , of which 304 thousand square feet was re-leased to the in-place tenant. This achieved a retention rate of approximately 95.0%. New Prior % Change Contractual Contractual over Prior Weighted Average Tenant Improvement No. of Leases GLA SF Rent Rent Lease Lease Term Allowance Lease Executed (in thousands) ($PSF) (b) ($PSF) (b) Rent (b) (Years) ($PSF) Commissions ($PSF) All Tenants Comparable Renewal Leases (a) 46 132$29.61 $27.52 7.6% 5.4$0.63 $- Comparable New Leases (a) 4 10$34.85 $34.75 0.3% 9.7$27.91 $17.11 Non-Comparable Renewal and New Leases 14 112$21.10 N/A N/A 4.7$6.38 $2.64 Total 64 254$29.97 $28.02 7.0% 5.2$4.22 $1.83 Anchor Tenants (leases ten thousand square feet and over) Comparable Renewal Leases (a) 2 35$19.43 $17.68 9.9% 5.0 $- $- Comparable New Leases (a) - - $- $- -% - $- $- Non-Comparable Renewal and New Leases 2 82$17.17 N/A N/A 3.6 $- $- Total 4 117$19.43 $17.68 9.9% 4.0 $- $- Small Shop Tenants (leases under ten thousand square feet) Comparable Renewal Leases (a) 44 97$33.35 $31.14 7.1% 5.5$0.86 $- Comparable New Leases (a) 4 10$34.85 $34.75 0.3% 9.7$27.91 $17.11 Non-Comparable Renewal and New Leases 12 30$31.71 N/A N/A 7.7$23.62 $9.77 Total 60 137$33.49 $31.47 6.4% 6.3$7.85 $3.40 (a)Comparable leases are leases that meet all of the following criteria: terms greater than or equal to one year, unit was vacant less than one year prior to executed lease, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant.
(b)Non-comparable leases are not included in totals.
21
--------------------------------------------------------------------------------Results of Operations
Comparison of results for the three months ended
We generate substantially all of our earnings from property operations. Since
The following table presents the changes in our income for the three months
ended
Three months ended March 31
2023 2022 Increase (Decrease)
Income
Lease income, net $ 64,830 $ 57,768 $ 7,062
Other property income 295 264 31
Other fee income 80 754 (674)
Total income $ 65,205 $ 58,786 $ 6,419
Lease income, net increased
•$1.9 million of increased minimum rent attributable to increased occupancy levels and rental rates,
•$0.6 million of increased recoveries associated with common area maintenance, insurance, and real estate taxes,
•$0.2 million of increased percentage rent attributable to grocers' heightened sales volumes, partially offset by:
•$1.5 million of increased amortization of market lease intangibles and straight-line rent adjustments, and
•$0.4 million of net changes in credit losses and related reversals primarily attributable to lump sum rent collections from our cash basis tenants in 2022 pertaining to prior period rent charges.
Other fee income decreased
The following table presents the changes in our operating expenses for the three
months ended
Three months ended March
31
Increase
2023 2022 (Decrease)
Operating expenses
Depreciation and amortization $ 26,758 $ 22,829 $ 3,929
Property operating 10,230 8,285 1,945
Real estate taxes 9,628 8,043 1,585
General and administrative 7,731 7,887 (156)
Total operating expenses $ 54,347 $ 47,044 $ 7,303 Depreciation and amortization increased
•$5.7 million of increases from properties acquired, partially offset by:
•$0.8 million of decreases from properties disposed, and
•$1.0 million of decreased in-place lease intangible amortization from our
Property operating expenses increased
•$1.6 million of increases from properties acquired, and
•$0.8 million of increased insurance premiums and other costs from our
•$0.5 million of decreases from properties disposed.
22
--------------------------------------------------------------------------------
Real estate taxes increased
•$1.7 million of increased real estate taxes from properties acquired, and
•$0.4 million of increased real estate taxes from our
•$0.5 million of decreased real estate taxes from properties disposed.
The following table presents the changes in our other income and expenses for
the three months ended
Three months ended March
31
2023 2022 Change
Other (expense) income
Interest expense, net $ (9,509) $ (4,809) $ (4,700)
Loss on extinguishment of debt - (96) 96
Equity in (losses) earnings of unconsolidated
entities (663) 2,716 (3,379)
Other income and expense, net 447 (52) 499
Total other (expense) income, net $
(9,725)
Interest expense, net
Interest expense, net, for the three months ended
•the private placement of our senior notes, generating increased interest
expense of
•increased interest rates on our corporate credit facilities generating
increased interest expense of
•aggregate assumption of mortgages of
•increased amortization of debt issuance costs of
•aggregate reduction of mortgage payable of
Loss on extinguishment of debt
During the three months ended
Equity in (losses) earnings of unconsolidated entities
Equity in (losses) earnings of unconsolidated entities decreased
Other income and expense, net
Other income and expense, net, increased
23
--------------------------------------------------------------------------------Net Operating Income
We evaluate the performance of our retail properties based on NOI, which
excludes general and administrative expenses, depreciation and amortization,
provision for asset impairment, other income and expense, net, gains (losses)
from sales of properties, gains (losses) on extinguishment of debt, interest
expense, net, equity in earnings (losses) from unconsolidated entities, lease
termination income and expense, and GAAP rent adjustments such as straight-line
rent adjustments, amortization of market lease intangibles, and amortization of
lease incentives ("GAAP Rent Adjustments"). We bifurcate NOI into Same Property
NOI and NOI from other investment properties based on whether the underlying
retail properties meet our Same Property criteria.
We believe the supplemental non-GAAP financial measures of NOI, same property
NOI, and NOI from other investment properties provide added comparability across
periods when evaluating our financial condition and operating performance that
is not readily apparent from "Operating income" or "Net income" in accordance
with GAAP.
Comparison of Same Property results for the three months ended
A total of 52 wholly-owned retail properties met our Same Property criteria for the three months endedMarch 31, 2023 and 2022. The following table presents the reconciliation of net income, the most directly comparable GAAP measure, to NOI and Same Property NOI for the three months endedMarch 31, 2023 and 2022: Three months ended March 31 2023 2022 Net income$ 1,133 $ 9,501 Adjustments to reconcile to non-GAAP metrics: Other income and expense, net (447) 52 Equity in losses (earnings) of unconsolidated entities 663 (2,716) Interest expense, net 9,509 4,809 Loss on extinguishment of debt - 96 Depreciation and amortization 26,758 22,829 General and administrative 7,731 7,887 Other fee income (80) (754) Adjustments to NOI (a) (2,559) (3,872) NOI 42,708 37,832 NOI from other investment properties (6,869) (3,107) Same Property NOI$ 35,839 $ 34,725
(a)Adjustments to NOI include termination fee income and expense and GAAP Rent Adjustments.
24
--------------------------------------------------------------------------------
Comparison of the components of Same Property NOI for the three months ended
March 31, 2023 and 2022
Three months ended March 31
2023 2022 Change Variance
Lease income, net $ 51,501 $ 49,162 $ 2,339 4.8 %
Other property income 255 267 (12) (4.5) %
51,756 49,429 2,327 4.7 %
Property operating 8,337 7,563 774 10.2 %
Real estate taxes 7,580 7,141 439 6.1 %
15,917 14,704 1,213 8.2 %
Same Property NOI $ 35,839
Same Property NOI increased by
•$1.9 million of increased minimum rent attributable to increased occupancy levels and rental rates,
•$0.2 million of increased percentage rent attributable to grocers' heightened sales volumes, partially offset by:
•$0.4 million of net changes in credit losses and related reversals primarily attributable to lump sum rent collections from our cash basis tenants in 2022 pertaining to prior period rent charges,
•$0.2 million of increased operating expense, net of associated recoveries, primarily attributable to increased insurance premiums and other operating costs, and
•$0.4 million of increased non-recoverable operating expenses relating to compensation costs tied to performance.
25
--------------------------------------------------------------------------------Funds From Operations
The National Association of Real Estate Investment Trusts ("NAREIT"), an industry trade group, has promulgated a widely accepted non-GAAP financial measure of operating performance known as Funds From Operations ("NAREIT FFO"). Our NAREIT FFO is net income (or loss) in accordance with GAAP, excluding gains (or losses) resulting from dispositions of properties, plus depreciation and amortization and impairment charges on depreciable real property. Adjustments for IAGM are calculated to reflect our proportionate share of the joint venture's funds from operations on the same basis. Core Funds From Operations ("Core FFO") is an additional supplemental non-GAAP financial measure of our operating performance. In particular, Core FFO provides an additional measure to compare the operating performance of different REITs without having to account for certain remaining amortization assumptions within NAREIT FFO and other unique revenue and expense items, which some may consider not pertinent to measuring a particular company's on-going operating performance. In that regard, we use Core FFO as an input to our compensation plan to determine cash bonuses and measure the achievement of certain performance-based equity awards. See our Annual Report for expanded descriptions of NAREIT FFO and Core FFO. NAREIT FFO Applicable toCommon Shares and Dilutive Securities and Core FFO Applicable toCommon Shares and Dilutive Securities is calculated as follows: Three months endedMarch 31, 2023 2022 Net income $
1,133
26,543 22,622
Unconsolidated joint venture adjustments (a) 342 (465)
NAREIT FFO Applicable to
28,018 31,658
Amortization of above and below-market leases and lease inducements, net
(1,516) (2,547)
Straight-line rent adjustments, net (909) (1,157)
Adjusting items, net (b) 1,934 873
Unconsolidated joint venture adjusting items, net (c) (156) 194
Core FFO Applicable to Common Shares and Dilutive Securities $
27,371
Weighted average common shares outstanding - basic 67,508,641 67,354,717 Dilutive effect of unvested restricted shares (d) 145,883 221,321 Weighted average common shares outstanding - diluted 67,654,524 67,576,038 Net income per common share - diluted $
0.02
0.39 0.33
NAREIT FFO Applicable to
$
0.41
(0.01) (0.04)
Core FFO Applicable to
$
0.40
(a)Represents our share of depreciation, amortization and gain on sale related to investment properties held in IAGM.
(b)Adjusting items, net, are primarily loss on extinguishment of debt, amortization of debt discounts and financing costs, depreciation and amortization of corporate assets, and non-operating income and expenses, net, which includes items which are not pertinent to measuring on-going operating performance, such as basis difference recognition arising from acquiring the four remaining properties of our joint venture, and miscellaneous and settlement income.
(c)Represents our share of amortization of market lease intangibles and inducements, net, straight line rent adjustments, net and adjusting items, net related to IAGM.
(d)For purposes of calculating non-GAAP per share metrics, the same denominator
is used as that which would be used in calculating diluted earnings per share in
accordance with GAAP.
26
--------------------------------------------------------------------------------Liquidity and Capital Resources
Development, Redevelopment, Capital Expenditures and Leasing Activities
The following table summarizes capital resources used through development and redevelopment, capital expenditures, and leasing activities at our retail properties owned during the three months endedMarch 31, 2023 . These costs are classified as cash used in capital expenditures and tenant improvements and investment in development and redevelopment projects on the condensed consolidated statements of cash flows during the three months endedMarch 31, 2023 . Development and Redevelopment Capital Expenditures Leasing Total Direct costs $ 589 (a) $ 3,095$ 1,208 (c)$ 4,892 Indirect costs 220 (b) 431 - 651 Total $ 809 $ 3,526$ 1,208 $ 5,543
(a)Direct development and redevelopment costs relate to construction of buildings at our retail properties.
(b)Indirect development and redevelopment costs relate to capitalized interest, real estate taxes, insurance, and payroll attributed to improvements at our retail properties.
(c)Direct leasing costs relate to improvements to a tenant space that are either paid directly by or reimbursed to the tenants.
Short-Term Liquidity and Capital Resources
On a short-term basis, our principal uses for funds are to pay our operating and corporate expenses, interest and principal on our indebtedness, property capital expenditures, and to make distributions to our stockholders. Our ability to maintain adequate liquidity for our operations in the future is dependent upon a number of factors, including our revenue, macroeconomic conditions, our ability to contain costs, including capital expenditures, and to collect rents and other receivables, and various other factors, many of which are beyond our control. We will continue to monitor our liquidity position and may seek to raise funds through debt or equity financing in the future to fund operations, significant investments or acquisitions that are consistent with our strategy. Our ability to raise these funds may also be diminished by other macroeconomic factors.
Long-Term Liquidity and Capital Resources
Our objectives are to maximize revenue generated by our retail platform, to further enhance the value of our retail properties to produce attractive current yield and long-term returns for our stockholders, and to generate sustainable and predictable cash flow from our operations to distribute to our stockholders. Any future determination to pay distributions will be at the discretion of our board of directors (the "Board") and will depend on our financial condition, capital requirements, restrictions contained in current or future financing instruments, and such other factors as our Board deems relevant.
Capital Sources and Uses
Our primary sources and uses of capital are as follows:
Sources Uses •Operating cash flows from our real estate •To invest in
properties;
investments; •To fund development, redevelopment,
•Distributions from our joint venture investment; maintenance and capital expenditures or leasing
•Proceeds from sales of properties; incentives;
•Proceeds from mortgage loan borrowings on •To make distributions to our stockholders;
properties; •To service or pay down our debt;
•Proceeds from corporate borrowings and debt •To pay our operating expenses;
financings; •To repurchase shares of our common stock; and
•Proceeds from any ATM Program activities; and •To fund other general corporate uses.
•Proceeds from our Series A Notes and Series B
Notes.
From time to time, we may seek to acquire additional amounts of our outstanding
common stock through cash purchases or exchanges for other securities. Such
purchases or exchanges, if any, will depend on our liquidity requirements,
contractual restrictions, and other factors. At this time, we believe our
current sources of liquidity are sufficient to meet our short- and long-term
cash demands.
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