Attached files
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8-K - FORM 8-K - Corporate Property Associates 17 - Global INC | c92899e8vk.htm |
Supplemental Information
Executive Offices
|
Investor Relations | |
50 Rockefeller Plaza
|
Susan C. Hyde | |
New York, NY 10020
|
Managing Director & Director of Investor Relations | |
Tel: 1-800-WPCAREY or (212) 492-1100
|
W. P. Carey & Co. LLC | |
Fax: (212) 492-8922
|
Phone: (212) 492-1151 | |
Web Site Address: www.CPA17GLOBAL.com |
(in thousands, except share and per share amounts)
Three months ended | Nine months ended | |||||||
September 30, | September 30, | |||||||
2009 | 2009 | |||||||
Net income attributable to CPA®:17 Global shareholders |
$ | 4,551 | $ | 9,293 | ||||
Depreciation, amortization, and other non-cash charges |
1,762 | 3,702 | ||||||
Straight-line and other rent adjustments |
(974 | ) | (2,400 | ) | ||||
AFFO adjustment to earnings from equity investments |
240 | 943 | ||||||
AFFO adjustment to share of earnings of noncontrolling interests |
56 | 92 | ||||||
AFFO |
$ | 5,635 | $ | 11,630 | ||||
AFFO per share (a) |
$ | 0.11 | $ | 0.28 | ||||
Weighted average shares outstanding |
58,804,027 | 48,082,751 | ||||||
(a) AFFO per share calculation: |
||||||||
AFFO |
$ | 5,635 | $ | 11,630 | ||||
Add: Issuance of shares to an affiliate in satisfaction of fees due |
652 | 1,731 | ||||||
AFFO numerator in determination of AFFO per share |
$ | 6,287 | $ | 13,361 | ||||
Weighted average shares outstanding including dilutive effect of
shares issued in satisfaction of fees due |
58,804,027 | 48,082,751 | ||||||
We were formed in February 2007 and commenced our initial public offering in November 2007. We did not generate significant revenue or net income (loss) for the period from our inception through December 31, 2008. Accordingly, our current year results are not comparable to our results in the prior year. Therefore, we do not believe that the results for the comparable periods of the prior year are meaningful to an investor; and they are not presented in this supplemental information.
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(in thousands, except share and per share amounts)
Nine months ended | ||||
September 30, | ||||
2009 | ||||
Cash flow from operating activities as reported |
$ | 22,733 | ||
Adjustments: |
||||
Distributions received from equity investments in real estate in excess of equity income, net (a) |
1,936 | |||
Distributions paid to noncontrolling interests, net (b) |
(8,382 | ) | ||
Changes in
working capital
(c) |
739 | |||
Adjusted cash flow from operating activities |
$ | 17,026 | ||
Adjusted cash flow per share |
$ | 0.35 | ||
Distributions declared per share |
$ | 0.4724 | ||
Payout ratio (distributions per share/adjusted cash flow per share) |
135 | % | ||
Weighted average shares outstanding |
48,082,751 | |||
(a) | To the extent we receive distributions in excess of equity income that we recognize, we include such amounts in our evaluation of cash flow from core operations. | |
(b) | Represents noncontrolling interests share of distributions made by ventures that we consolidate in our financial statements. | |
(c) | Timing differences arising from the payment of certain liabilities in a period other than that in which the expense is recognized in determining net income may distort the actual cash flow that our core operations generate. We adjust our GAAP cash flow from operations to record such amounts in the period in which the liability was actually incurred. |
We were formed in February 2007 and commenced our initial public offering in November 2007. We did not generate significant cash flow from operating activities for the period from our inception through December 31, 2008. Accordingly, our current year results are not comparable to our results in the prior year. Therefore, we do not believe that the results for the comparable period of the prior year are meaningful to an investor; and they are not presented in this supplemental information.
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Portfolio Diversification as of September 30, 2009 (Unaudited)
(in thousands)
Percentage of | ||||||||
Tenant/Lease Guarantor | Annualized Rent | Total Annualized Rent | ||||||
The New York Times Company |
$ | 13,303 | 34 | % | ||||
LifeTime Fitness, Inc. |
5,658 | 15 | % | |||||
Tesco Global Aruhazak Zrt. (a) |
3,604 | 9 | % | |||||
Berry Plastics, LLC |
3,320 | 8 | % | |||||
Actebis Peacock GmbH (a) |
3,072 | 8 | % | |||||
Frontier Spinning Mills, Inc. |
2,754 | 7 | % | |||||
Sabre Communications Corporation and Cellxion, LLC |
2,563 | 7 | % | |||||
Laureate Education, Inc. |
2,442 | 6 | % | |||||
Wagon Automotive Nagold GmbH and Wagon Automotive
GmbH (a)(b) |
2,014 | 5 | % | |||||
Flexmag Industries, Inc. |
235 | 1 | % | |||||
Total |
$ | 38,965 | 100 | % | ||||
(a) | Rent amounts are subject to fluctuations in foreign currency exchange rates. | |
(b) | Wagon Automotive GmbH filed for bankruptcy in Germany in December 2008 and terminated its lease with us in the bankruptcy proceedings effective May 2009, but as of September 30, 2009 was paying rent to us, albeit at a significantly reduced rate. Wagon Automotive Nagold GmbH has not filed for bankruptcy, and while it briefly ceased making rent payments during the second quarter of 2009, it subsequently resumed paying rent to us substantially in accordance with the terms stated in its lease. In October 2009, we terminated the existing lease and signed a new lease with Wagon Automotive Nagold GmbH on substantially the same terms. |
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Portfolio Diversification as of September 30, 2009 (Unaudited)
by Geography and Property Type (Pro Rata Basis)
(in thousands)
Region | Annualized Rent | Percent | ||||||
U.S. |
||||||||
East |
$ | 19,399 | 50 | % | ||||
Midwest |
5,300 | 14 | % | |||||
West |
3,013 | 8 | % | |||||
South |
2,563 | 6 | % | |||||
U.S. Total |
30,275 | 78 | % | |||||
International |
||||||||
Germany |
5,086 | 13 | % | |||||
Hungary |
3,604 | 9 | % | |||||
International
Total |
8,690 | 22 | % | |||||
Total |
$ | 38,965 | 100 | % | ||||
Property Type | Annualized Rent | Percent | ||||||
Office |
$ | 15,053 | 39 | % | ||||
Industrial |
10,769 | 28 | % | |||||
Retail |
5,658 | 14 | % | |||||
Warehouse/Distribution |
5,026 | 13 | % | |||||
Other
Properties (a) |
2,459 | 6 | % | |||||
Total |
$ | 38,965 | 100 | % | ||||
(a) | Includes revenue from tenants in the following property types: education (6.3%) and residential (0.04%). |
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Portfolio Diversification as of September 30, 2009 (Unaudited)
by Tenant Industry (Pro Rata Basis)
(in thousands)
Industry Type (a) | Annualized Rent | Percent | ||||||
Media: Printing and Publishing |
$ | 13,303 | 34 | % | ||||
Leisure, Amusement, Entertainment |
5,658 | 15 | % | |||||
Electronics |
5,635 | 14 | % | |||||
Retail Trade |
3,604 | 9 | % | |||||
Chemicals, Plastics, Rubber, and Glass |
3,320 | 9 | % | |||||
Textiles, Leather, and Apparel |
2,754 | 7 | % | |||||
Healthcare, Education and Childcare |
2,442 | 6 | % | |||||
Automobile |
2,014 | 5 | % | |||||
Mining, Metals, and Primary Metal Industries |
235 | 1 | % | |||||
Total |
$ | 38,965 | 100 | % | ||||
(a) | Based on the Moodys Classification System and information provided by the tenant. |
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