On
“We are pleased with the Company’s growth during the second quarter of 2021 and given the capital we recently raised in our Initial Public Offering, we are well positioned to continue that growth,” said
Second Quarter 2021 Financial Highlights and Subsequent Events (comparison is to the second quarter of 2020):
- Revenue totaled
$6.7 million , as compared to$2.1 million . - Net income attributable to common shareholders totaled
$2.7 million or$0.16 per basic and diluted share as compared to$0.3 million . - Adjusted funds from operations (“AFFO”) totaled
$4.9 million or$0.28 per basic and diluted share. - Funds from operations (“FFO”) totaled
$4.8 million or$0.28 per basic and$0.27 per diluted share. - Cash and cash equivalents as of
June 30, 2021 was$76.5 million . - On
August 11, 2021 , prior to closing the Company’s IPO, the Company declared a special cash dividend on its common stock, dividend equivalents on its restricted stock units, and in capacity as a general partner of the operating partnership, authorized distributions on its OP units totaling approximately$2.1 million ($0.12 per share) to shareholders of record onAugust 11, 2021 .
First Half 2021 Financial Highlights (comparison is to the first half of 2020)
- Revenue totaled
$11.1 million , as compared to$4.2 million . - Net income attributable to common shareholders totaled
$4.2 million or$0.31 per basic and$0.30 per diluted share as compared to$1.0 million . - AFFO totaled
$8.3 million or$0.61 per basic and diluted share. - FFO totaled
$7.3 million or$0.54 per basic and$0.53 per diluted share.
Acquired Properties During the Six Months Ended
Tenant | Market | Costs (1) | ||||
$ | 41,100 | |||||
17,946 | ||||||
14,467 | ||||||
Curaleaf | 3,374 | |||||
2,450 | ||||||
Curaleaf | 2,478 | |||||
Curaleaf | 3,935 | |||||
Curaleaf | 1,991 | |||||
Curaleaf | 3,936 | |||||
1,421 | ||||||
Curaleaf | 2,529 | |||||
2,693 | ||||||
Curaleaf | 1,202 | |||||
1,901 | (2) | |||||
Curaleaf | 2,596 | |||||
1,570 | ||||||
4,846 | ||||||
Curaleaf | 2,237 | |||||
Curaleaf | 693 | |||||
Acquired through Merger | 113,365 | |||||
Mint | 1,600 | |||||
Mint | 2,715 | (3) | ||||
Revolutionary | 42,852 | (4) | ||||
Total | $ | 160,532 | ||||
(1) Includes real estate, in-place lease costs and allocated transaction costs. | ||||||
(2) Includes | ||||||
(3) Includes | ||||||
(4) Includes |
Financial Results:
Rental income for the three months ended
- The
Mount Dora, Florida property, acquired inAugust 2020 , which generated approximately$1.8 million of rental income for the three months endedJune 30, 2021 and no revenue during the three months endedJune 30, 2020 . - The nineteen properties acquired in
March 2021 in connection with the Merger, which generated approximately$2.5 million of rental revenue for the three months endedJune 30, 2021 . - The expansion of a property that was funded during the second quarter of 2020, which generated an additional
$0.2 million of rental income for the three months endedJune 30, 2021 . - The three properties acquired during the three months ended
June 2021 , which generated approximately$73,000 of rental income in 2021. The property sold inNovember 2020 generated approximately$0.1 million of rental income for the three months endedJune 30, 2020 . In addition, approximately$20,000 of the increase in rental revenue is attributable to annual rent escalations from properties acquired in prior periods.
Rental income for the six months ended
- The
Mount Dora, Florida property, acquired inAugust 2020 , which generated approximately$3.5 million of rental income in 2021 and no revenue during the six months endedJune 30, 2020 . - The nineteen properties acquired in
March 2021 in connection with the Merger, which generated approximately$2.9 million of rental revenue in 2021, representing the period from Merger closing onMarch 17, 2021 toJune 30, 2021 . - The expansion of a property that was funded during the second quarter of 2020, which generated an additional
$0.5 million of rental income during the six months endedJune 30, 2021 . - The three properties acquired in
April 2021 andJune 2021 , which generated approximately$73,000 of rental income in 2021. The property sold inNovember 2020 generated approximately$0.3 million of rental income for the six months endedJune 30, 2020 . In addition, approximately$40,000 of the increase in rental revenue is attributable to annual rent escalations from properties acquired in prior periods.
Net income attributable to common shareholders for the three months ended
For the second quarter of 2021, FFO attributable to common shareholders and FFO per diluted share was approximately
FFO and AFFO are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income attributable to common stockholders to FFO and AFFO and definitions of terms are included at the end of this release.
Third Quarter 2021 Inaugural Teleconference and Webcast Notice:
Management intends to host quarterly conference calls to discuss its quarterly financial results commencing with the third quarter ending
About
Forward-Looking Statements
This press release contains “forward-looking statements.” Forward-looking statements can be identified by words like “may,” “will,” “likely,” “should,” “expect,” “anticipate,” “future,” “plan,” “believe,” “intend,” “goal,” “project,” “continue” and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs and expectations. Forward-looking statements, including statements regarding the timing of settlement and the use of proceeds of the initial public offering, are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, changes in the condition of the
CONSOLIDATED BALANCE SHEETS | |||||||||
(In thousands, except share amounts) | |||||||||
2021 | 2020 | ||||||||
ASSETS: | (Unaudited) | ||||||||
Real Estate | |||||||||
Land | $ | 15,446 | $ | 2,490 | |||||
Building and Improvements | 248,930 | 124,121 | |||||||
264,376 | 126,611 | ||||||||
Less Accumulated Depreciation | (5,200 | ) | (2,650 | ) | |||||
259,176 | 123,961 | ||||||||
Cash and Cash Equivalents | 76,530 | 19,617 | |||||||
In-Place Lease Intangible Assets, net | 25,008 | - | |||||||
Other Assets | 1,718 | 598 | |||||||
TOTAL ASSETS | $ | 362,432 | $ | 144,176 | |||||
LIABILITIES AND EQUITY: | |||||||||
LIABILITIES: | |||||||||
Security Deposits Payable | $ | 5,431 | $ | 1,594 | |||||
Dividends, Dividend Equivalents and Distributions Payable | 4,277 | 894 | |||||||
Accrued Expenses and Other Liabilities | 1,895 | 659 | |||||||
Rent Received in Advance | 913 | - | |||||||
Tenant Improvements Payable | 807 | - | |||||||
Total Liabilities | 13,323 | 3,147 | |||||||
COMMITMENTS AND CONTINGENCIES | |||||||||
EQUITY: | |||||||||
Preferred Stock, | |||||||||
12.5% Series A Redeemable Cumulative Preferred Stock, 0 and 125 Shares | |||||||||
Issued and Outstanding at | - | 61 | |||||||
Common Stock, | |||||||||
17,329,964 Shares Issued and Outstanding at | |||||||||
and 7,758,145 Shares Issued and Outstanding at | 173 | 78 | |||||||
359,514 | 151,778 | ||||||||
Accumulated Deficit | (19,415 | ) | (17,154 | ) | |||||
Total Stockholders' Equity | 340,272 | 134,763 | |||||||
NONCONTROLLING INTERESTS - OPERATING PARTNERSHIP | 8,837 | 6,266 | |||||||
Total Equity | 349,109 | 141,029 | |||||||
TOTAL LIABILITIES AND EQUITY | $ | 362,432 | $ | 144,176 |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||||||||
For the Six Months Ended | For the Three Months Ended | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||
REVENUE: | |||||||||||||||||||
Rental Income | $ | 11,068 | $ | 4,151 | $ | 6,650 | $ | 2,141 | |||||||||||
EXPENSES: | |||||||||||||||||||
Depreciation and Amortization Expense | 3,137 | 960 | 2,051 | 498 | |||||||||||||||
General and Administrative Expense | 2,591 | 2,328 | 1,702 | 1,321 | |||||||||||||||
Stock-Based Compensation | 1,004 | 13 | 97 | 6 | |||||||||||||||
TOTAL EXPENSES | 6,732 | 3,301 | 3,850 | 1,825 | |||||||||||||||
INCOME FROM OPERATIONS | 4,336 | 850 | 2,800 | 316 | |||||||||||||||
OTHER INCOME: | |||||||||||||||||||
Interest Income | 18 | 152 | 16 | 2 | |||||||||||||||
TOTAL OTHER INCOME | 18 | 152 | 16 | 2 | |||||||||||||||
NET INCOME | 4,354 | 1,002 | 2,816 | 318 | |||||||||||||||
Preferred Stock Dividends | (4 | ) | (8 | ) | - | (4 | ) | ||||||||||||
Net Income Attributable to Noncontrolling Interests | (155 | ) | - | (78 | ) | - | |||||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 4,195 | $ | 994 | $ | 2,738 | $ | 314 | |||||||||||
Net Income Attributable to Common Stockholders Per Share - Basic | $ | 0.31 | $ | 0.14 | $ | 0.16 | $ | 0.04 | |||||||||||
Net Income Attributable to Common Stockholders Per Share - Diluted | $ | 0.30 | $ | 0.14 | $ | 0.16 | $ | 0.04 | |||||||||||
Weighted Average Shares of Common Stock Outstanding - Basic | 13,645,990 | 7,060,250 | 17,329,964 | 7,060,250 | |||||||||||||||
Weighted Average Shares of Common Stock Outstanding - Diluted | 13,759,484 | 7,063,250 | 17,455,599 | 7,063,250 |
The table below is a reconciliation of net income attributable to common stockholders to FFO and AFFO for the six and three months ended
For the Six Months ended | For the Three Months ended | ||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||
Net income attributable to common stockholders | $ | 4,195 | $ | 994 | $ | 2,738 | $ | 314 | |||
Real estate depreciation and amortization | 3,137 | 960 | 2,051 | 498 | |||||||
FFO attributable to common stockholders | 7,332 | 1,954 | 4,789 | 812 | |||||||
Stock- based compensation | 1,004 | 13 | 97 | 6 | |||||||
AFFO attributable to common stockholders | $ | 8,336 | $ | 1,967 | $ | 4,886 | $ | 818 | |||
FFO per share – basic | $ | 0.54 | $ | 0.28 | $ | 0.28 | $ | 0.12 | |||
FFO per share – diluted | $ | 0.53 | $ | 0.28 | $ | 0.27 | $ | 0.11 | |||
AFFO per share – basic | $ | 0.61 | $ | 0.28 | $ | 0.28 | $ | 0.12 | |||
AFFO per share – diluted | $ | 0.61 | $ | 0.28 | $ | 0.28 | $ | 0.12 | |||
Weighted average shares outstanding – basic | 13,645,990 | 7,060,250 | 17,329,964 | 7,060,250 | |||||||
Weighted average shares outstanding – diluted | 13,759,484 | 7,063,250 | 17,455,599 | 7,063,250 |
FFO and AFFO are non-GAAP financial measures and should not be viewed as alternatives to net income calculated in accordance with GAAP as a measurement of our operating performance. We believe that FFO and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.
We calculate FFO in accordance with the current
We calculate AFFO by starting with FFO and adding back non-cash and certain non-recurring transactions, including non-cash components of compensation expense and our internalization costs. Other REITs may not define AFFO in the same manner as we do and therefore our calculation of AFFO may not be comparable to such other REITs. You should not consider FFO and AFFO to be alternatives to net income as a reliable measure of our operating performance; nor should you consider FFO and AFFO to be alternatives to cash flows from operating, investing or financing activities (as defined by GAAP) as measures of liquidity.
Contact Information:
President and Chief Investment Officer
aconiglio@newlake.com
Investor Contact:
Valter@KCSA.com
PH: (212) 896-1254
Media Contact:
MMiller@kcsa.com
PH: (212) 896-1254
Source:
2021 GlobeNewswire, Inc., source