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Name | Symbol | Market | Type |
---|---|---|---|
Investors Real Estate Trust | NYSE:IRET-C | NYSE | Preference Share |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 26.50 | 0 | 01:00:00 |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
North Dakota | 45-0311232 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
3100 10th Street SW | Post Office Box 1988 | Minot | ND | 58702-1988 | ||||||||||
(Address of principal executive offices) | (Zip code) |
Yes | ☑ | No | ☐ |
Yes | ☑ | No | ☐ |
Large Accelerated Filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||
Smaller Reporting Company | ☐ | Emerging growth company | ☐ |
Yes | ☐ | No | ☑ |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Shares of Beneficial Interest, no par value | CSR | New York Stock Exchange | ||||||
Series C Cumulative Redeemable Preferred Shares | CSR-PRC | New York Stock Exchange |
Page | |||||
(in thousands, except per share data) | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
ASSETS | (Unaudited) | (Audited) | |||||||||
Real estate investments | |||||||||||
Property owned | $ | 2,420,911 | $ | 2,534,124 | |||||||
Less accumulated depreciation | (519,167) | (535,401) | |||||||||
Total real estate investments | 1,901,744 | 1,998,723 | |||||||||
Cash and cash equivalents | 8,939 | 10,458 | |||||||||
Restricted cash | 48,903 | 1,433 | |||||||||
Other assets | 19,298 | 22,687 | |||||||||
TOTAL ASSETS | $ | 1,978,884 | $ | 2,033,301 | |||||||
LIABILITIES, MEZZANINE EQUITY, AND EQUITY | |||||||||||
LIABILITIES | |||||||||||
Accounts payable and accrued expenses | $ | 56,639 | $ | 58,812 | |||||||
Revolving lines of credit | 143,469 | 113,500 | |||||||||
Notes payable, net of unamortized loan costs of $588 and $993, respectively | 299,412 | 399,007 | |||||||||
Mortgages payable, net of unamortized loan costs of $3,750 and $3,615, respectively | 474,999 | 495,126 | |||||||||
TOTAL LIABILITIES | $ | 974,519 | $ | 1,066,445 | |||||||
COMMITMENTS AND CONTINGENCIES (NOTE 10) | |||||||||||
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at March 31, 2023 and December 31, 2022, aggregate liquidation preference of $16,560) | $ | 16,560 | $ | 16,560 | |||||||
EQUITY | |||||||||||
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, $25 per share liquidation preference, 3,881 shares issued and outstanding at March 31, 2023 and December 31, 2022, aggregate liquidation preference of $97,036) | 93,530 | 93,530 | |||||||||
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 15,032 shares issued and outstanding at March 31, 2023 and 15,020 shares issued and outstanding at December 31, 2022) | 1,176,059 | 1,177,484 | |||||||||
Accumulated distributions in excess of net income | (508,420) | (539,422) | |||||||||
Accumulated other comprehensive income (loss) | (1,917) | (2,055) | |||||||||
Total shareholders’ equity | $ | 759,252 | $ | 729,537 | |||||||
Noncontrolling interests – Operating Partnership and Series E preferred units | 227,920 | 220,132 | |||||||||
Noncontrolling interests – consolidated real estate entities | 633 | 627 | |||||||||
TOTAL EQUITY | $ | 987,805 | $ | 950,296 | |||||||
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY | $ | 1,978,884 | $ | 2,033,301 |
(in thousands, except per share data) | |||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
REVENUE | $ | 67,897 | $ | 60,314 | |||||||
EXPENSES | |||||||||||
Property operating expenses, excluding real estate taxes | 21,342 | 19,014 | |||||||||
Real estate taxes | 7,581 | 6,859 | |||||||||
Property management expense | 2,568 | 2,253 | |||||||||
Casualty (gain) loss | 252 | 598 | |||||||||
Depreciation and amortization | 25,993 | 31,001 | |||||||||
General and administrative expenses | 7,723 | 4,500 | |||||||||
TOTAL EXPENSES | $ | 65,459 | $ | 64,225 | |||||||
Gain (loss) on sale of real estate and other investments | 60,159 | — | |||||||||
Operating income (loss) | 62,597 | (3,911) | |||||||||
Interest expense | (10,319) | (7,715) | |||||||||
Interest and other income (loss) | 49 | 1,063 | |||||||||
NET INCOME (LOSS) | $ | 52,327 | $ | (10,563) | |||||||
Dividends to Series D preferred unitholders | (160) | (160) | |||||||||
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | (8,566) | 2,157 | |||||||||
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities | (30) | (23) | |||||||||
Net income (loss) attributable to controlling interests | 43,571 | (8,589) | |||||||||
Dividends to preferred shareholders | (1,607) | (1,607) | |||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ | 41,964 | $ | (10,196) | |||||||
NET INCOME (LOSS) PER COMMON SHARE – BASIC | $ | 2.79 | $ | (0.68) | |||||||
NET INCOME (LOSS) PER COMMON SHARE – DILUTED | $ | 2.76 | $ | (0.68) | |||||||
(in thousands) | |||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net income (loss) | $ | 52,327 | $ | (10,563) | |||||||
Other comprehensive income (loss): | |||||||||||
Unrealized gain (loss) from derivative instrument | — | 1,581 | |||||||||
(Gain) loss on derivative instrument reclassified into earnings | 138 | 304 | |||||||||
Total comprehensive income (loss) | $ | 52,465 | $ | (8,678) | |||||||
Net comprehensive (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | (8,543) | 2,480 | |||||||||
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities | (30) | (23) | |||||||||
Comprehensive income (loss) attributable to controlling interests | $ | 43,892 | $ | (6,221) |
(in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | PREFERRED SHARES | NUMBER OF COMMON SHARES | COMMON SHARES | ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NONCONTROLLING INTERESTS | TOTAL EQUITY | |||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 93,530 | 15,016 | $ | 1,157,255 | $ | (474,318) | $ | (4,435) | $ | 224,248 | $ | 996,280 | |||||||||||||||||||||||||
Net income (loss) attributable to controlling interests and noncontrolling interests | (8,589) | (2,134) | (10,723) | |||||||||||||||||||||||||||||||||||
Change in fair value of derivatives and amortization of swap settlements | 1,885 | 1,885 | ||||||||||||||||||||||||||||||||||||
Distributions - common shares and Units ($0.73 per share and Unit) | (11,218) | (728) | (11,946) | |||||||||||||||||||||||||||||||||||
Distributions – Series C preferred shares ($0.414063 per Series C share) | (1,607) | (1,607) | ||||||||||||||||||||||||||||||||||||
Distributions - Series E preferred units ($0.96875 per unit) | (1,757) | (1,757) | ||||||||||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | 19 | 719 | 719 | |||||||||||||||||||||||||||||||||||
Sale of common shares, net | 321 | 31,684 | 31,684 | |||||||||||||||||||||||||||||||||||
Issuance of Units | 13,023 | 9,859 | 22,882 | |||||||||||||||||||||||||||||||||||
Redemption of Units for common shares | 10 | (388) | 388 | — | ||||||||||||||||||||||||||||||||||
Redemption of units for cash | (2,903) | (2,903) | ||||||||||||||||||||||||||||||||||||
Change in redemption value of Series D preferred units | 2,919 | 2,919 | ||||||||||||||||||||||||||||||||||||
Shares withheld for taxes | (1,274) | (1,274) | ||||||||||||||||||||||||||||||||||||
Other | — | (253) | — | (253) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 93,530 | 15,366 | $ | 1,203,685 | $ | (495,732) | $ | (2,550) | $ | 226,973 | $ | 1,025,906 | |||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | 93,530 | 15,020 | $ | 1,177,484 | $ | (539,422) | $ | (2,055) | $ | 220,759 | $ | 950,296 | |||||||||||||||||||||||||
Net income (loss) attributable to controlling interests and noncontrolling interests | 43,571 | 8,596 | 52,167 | |||||||||||||||||||||||||||||||||||
Amortization of swap settlements | 138 | 138 | ||||||||||||||||||||||||||||||||||||
Distributions - common shares and Units ($0.73 per share and unit) | (10,962) | (706) | (11,668) | |||||||||||||||||||||||||||||||||||
Distributions – Series C preferred shares ($0.4140630 per Series C share) | (1,607) | (1,607) | ||||||||||||||||||||||||||||||||||||
Distributions - Series E preferred units ($0.96875 per unit) | (1,704) | (1,704) | ||||||||||||||||||||||||||||||||||||
Share-based compensation, net of forfeitures | 12 | 1,519 | 1,519 | |||||||||||||||||||||||||||||||||||
Redemption of Units for common shares | 4 | (697) | 697 | — | ||||||||||||||||||||||||||||||||||
Redemption of Series E preferred units for common shares | 16 | (935) | 935 | — | ||||||||||||||||||||||||||||||||||
Shares repurchased | — | (19) | (1,022) | — | (1,022) | |||||||||||||||||||||||||||||||||
Shares withheld for taxes | (161) | (161) | ||||||||||||||||||||||||||||||||||||
Other | (1) | (129) | (24) | (153) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | 93,530 | 15,032 | $ | 1,176,059 | $ | (508,420) | $ | (1,917) | $ | 228,553 | $ | 987,805 |
(in thousands) | |||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income (loss) | $ | 52,327 | $ | (10,563) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used by) operating activities: | |||||||||||
Depreciation and amortization, including amortization of capitalized loan costs | 26,650 | 31,096 | |||||||||
(Gain) loss on sale of real estate and other investments | (60,159) | — | |||||||||
Share-based compensation expense | 1,519 | 719 | |||||||||
(Gain) loss on interest rate swap mark-to-market and settlement amortization | 138 | (613) | |||||||||
Other, net | 194 | 416 | |||||||||
Changes in other assets and liabilities: | |||||||||||
Other assets | 1,783 | 1,316 | |||||||||
Accounts payable and accrued expenses | (648) | (10,773) | |||||||||
Net cash provided by (used by) operating activities | $ | 21,804 | $ | 11,598 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Proceeds from sale of real estate and other investments | 141,587 | — | |||||||||
Payments for acquisitions of real estate investments | — | (9,545) | |||||||||
Payments for improvements of real estate investments | (11,237) | (3,474) | |||||||||
Other investing activities | 834 | 288 | |||||||||
Net cash provided by (used by) investing activities | $ | 131,184 | $ | (12,731) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Principal payments on mortgages payable | (20,734) | (2,154) | |||||||||
Proceeds from revolving lines of credit | 35,969 | 13,000 | |||||||||
Principal payments on revolving lines of credit | (6,000) | (43,000) | |||||||||
Principal payments on notes payable | (100,000) | — | |||||||||
Payment for termination of interest rate swap | — | (3,209) | |||||||||
Net proceeds from issuance of common shares | — | 31,684 | |||||||||
Repurchase of common shares | (1,022) | — | |||||||||
Redemption of partnership units | — | (2,903) | |||||||||
Distributions paid to common shareholders | (10,917) | (10,812) | |||||||||
Distributions paid to preferred shareholders | (1,607) | (1,607) | |||||||||
Distributions paid to Series D preferred unitholders | (160) | (160) | |||||||||
Distributions paid to noncontrolling interests – Operating Partnership and Series E preferred units | (2,413) | (2,356) | |||||||||
Other financing activities | (153) | (253) | |||||||||
Net cash provided by (used by) financing activities | $ | (107,037) | $ | (21,770) | |||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 45,951 | (22,903) | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD | 11,891 | 38,625 | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ | 57,842 | $ | 15,722 |
SUPPLEMENTARY SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||||||
Accrued capital expenditures | $ | 3,804 | $ | 2,596 | |||||||
Operating partnership units converted to shares | (697) | (388) | |||||||||
Distributions declared but not paid to common shareholders | 11,668 | 11,946 | |||||||||
Series E preferred units converted to common shares | (935) | — | |||||||||
Retirement of shares withheld for taxes | 161 | 1,274 | |||||||||
Real estate assets acquired through assumption of debt | — | 41,623 | |||||||||
Fair value adjustment to debt | — | 1,224 | |||||||||
Real estate assets acquired through exchange of note receivable | — | 43,276 | |||||||||
Note receivable exchanged through real estate acquisition | — | (43,276) | |||||||||
Real estate assets acquired through issuance of operating partnership units | — | 22,882 | |||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||
Cash paid for interest | $ | 6,168 | $ | 7,182 |
(in thousands) | |||||||||||||||||
Balance sheet description | March 31, 2023 | December 31, 2022 | March 31, 2022 | ||||||||||||||
Cash and cash equivalents | $ | 8,939 | $ | 10,458 | $ | 13,313 | |||||||||||
Restricted cash | 48,903 | 1,433 | 2,409 | ||||||||||||||
Total cash, cash equivalents and restricted cash | $ | 57,842 | $ | 11,891 | $ | 15,722 |
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters | ||||||||
ASU 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 | This ASU extends the sunset date of Reference Rate Reform (Topic 848): Facilitation of Reference Rate Reform to December 31, 2024. | This ASU is effective immediately for all companies. | The ASU will not have a material impact on the Condensed Consolidated Financial Statements. |
(in thousands) | ||||||||
2023 (remainder) | $ | 2,281 | ||||||
2024 | 2,999 | |||||||
2025 | 2,953 | |||||||
2026 | 2,350 | |||||||
2027 | 1,265 | |||||||
Thereafter | 5,760 | |||||||
Total scheduled lease income - commercial operating leases | $ | 17,608 |
(in thousands) | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
Revenue Stream | Applicable Standard | 2023 | 2022 | |||||||||||
Fixed lease income - operating leases | Leases | $ | 63,265 | $ | 56,673 | |||||||||
Variable lease income - operating leases | Leases | 3,500 | 2,523 | |||||||||||
Other property revenue | Revenue from contracts with customers | 1,132 | 1,118 | |||||||||||
Total revenue | $ | 67,897 | $ | 60,314 |
(in thousands, except per share data) | |||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
NUMERATOR | |||||||||||
Net income (loss) attributable to controlling interests | $ | 43,571 | $ | (8,589) | |||||||
Dividends to preferred shareholders | (1,607) | (1,607) | |||||||||
Numerator for basic earnings (loss) per share – net income available to common shareholders | 41,964 | (10,196) | |||||||||
Noncontrolling interests – Operating Partnership and Series E preferred units | 8,566 | (2,157) | |||||||||
Dividends to preferred unitholders | 160 | 160 | |||||||||
Numerator for diluted earnings (loss) per share | $ | 50,690 | $ | (12,193) | |||||||
DENOMINATOR | |||||||||||
Denominator for basic earnings per share weighted average shares | 15,025 | 15,097 | |||||||||
Effect of redeemable operating partnership units | 968 | — | |||||||||
Effect of Series D preferred units | 228 | — | |||||||||
Effect of Series E preferred units | 2,118 | — | |||||||||
Effect of dilutive restricted stock units and stock options | 20 | — | |||||||||
Denominator for diluted earnings per share | 18,359 | 15,097 | |||||||||
NET INCOME (LOSS) PER COMMON SHARE – BASIC | $ | 2.79 | $ | (0.68) | |||||||
NET INCOME (LOSS) PER COMMON SHARE – DILUTED | $ | 2.76 | $ | (0.68) |
(in thousands) | |||||||||||
Three Months Ended March 31, | Number of Units | Net Book Basis | |||||||||
2023 | 4 | $ | (697) | ||||||||
2022 | 10 | $ | (388) | ||||||||
(in thousands, except per Unit data) | |||||||||||||||||
Three Months Ended March 31, | Number of Units | Aggregate Cost | Average Price Per Unit | ||||||||||||||
2023 | — | $ | — | $ | — | ||||||||||||
2022 | 31 | $ | 2,903 | $ | 93.14 | ||||||||||||
(in thousands) | ||||||||||||||
Number of Series E | Number of | Total | ||||||||||||
Three Months Ended March 31, | Preferred Units Redeemed | Common Shares Issued | Value | |||||||||||
2023 | 13 | 16 | $ | 935 |
(in thousands, except per share amounts) | |||||||||||||||||
Three Months Ended March 31, | Number of Common Shares | Net Consideration(1) | Average Net Price Per Share | ||||||||||||||
2023 | — | $ | — | $ | — | ||||||||||||
2022 | 321 | $ | 31,732 | $ | 98.89 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||
Three Months Ended March 31, | Number of Common Shares | Aggregate Cost(1) | Average Price Per Share(1) | ||||||||
2023 | 19.464 | $ | 1,022 | $ | 52.51 |
(in thousands) | ||||||||||||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||||||||
Carrying Amount | Weighted Average Interest Rate | Carrying Amount | Weighted Average Interest Rate | Weighted Average Maturity in Years at March 31, 2023 | ||||||||||||||||
Lines of credit (1) | $ | 143,469 | 6.39 | % | $ | 113,500 | 4.12 | % | 2.00 | |||||||||||
Term loans | — | — | 100,000 | 5.57 | % | — | ||||||||||||||
Unsecured senior notes (2)(5) | 300,000 | 3.12 | % | 300,000 | 3.12 | % | 8.01 | |||||||||||||
Unsecured debt | 443,469 | 513,500 | 6.51 | |||||||||||||||||
Mortgages payable - Fannie Mae credit facility (5) | 198,850 | 2.78 | % | 198,850 | 2.78 | % | 7.99 | |||||||||||||
Mortgages payable - other (3)(5) | 279,340 | 3.85 | % | 299,427 | 3.85 | % | 5.09 | |||||||||||||
Total debt (4) | $ | 921,659 | 3.71 | % | $ | 1,011,777 | 3.62 | % | 6.06 | |||||||||||
(in thousands) | |||||||||||||||||
Amount | Maturity Date | Interest Rate | |||||||||||||||
Series A | $ | 75,000 | September 13, 2029 | 3.84 | % | ||||||||||||
Series B | $ | 50,000 | September 30, 2028 | 3.69 | % | ||||||||||||
Series C | $ | 50,000 | June 6, 2030 | 2.70 | % | ||||||||||||
Series 2021-A | $ | 35,000 | September 17, 2030 | 2.50 | % | ||||||||||||
Series 2021-B | $ | 50,000 | September 17, 2031 | 2.62 | % | ||||||||||||
Series 2021-C | $ | 25,000 | September 17, 2032 | 2.68 | % | ||||||||||||
Series 2021-D | $ | 15,000 | September 17, 2034 | 2.78 | % |
(in thousands) | |||||
2023 (remainder) | $ | 25,995 | |||
2024 | 8,981 | ||||
2025 | 173,350 | ||||
2026 | 50,088 | ||||
2027 | 47,088 | ||||
Thereafter | 616,157 | ||||
Total payments | $ | 921,659 |
(in thousands) | |||||||||||||||||||||||||||||
Gain (Loss) Recognized in OCI | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Gain (Loss) Reclassified from Accumulated OCI into Income (Loss) | |||||||||||||||||||||||||||
Three months ended March 31, | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Total derivatives in cash flow hedging relationships - Interest rate contracts | $ | — | $ | 1,581 | Interest expense | $ | (138) | $ | (304) | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balance Sheet Location | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Notes receivable | Other assets | $ | 5,661 | — | — | $ | 5,661 | |||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Notes receivable | Other assets | $ | 5,871 | — | — | $ | 5,871 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Fair Value Measurement | Other Gains (Losses) | Interest Income | Total Changes in Fair Value Included in Current-Period Earnings | ||||||||||||||||||||
Three months ended March 31, 2023 | |||||||||||||||||||||||
Notes receivable | $ | 5,661 | $ | 5 | $ | 67 | $ | 72 | |||||||||||||||
Three months ended March 31, 2022 | |||||||||||||||||||||||
Notes receivable | $ | 6,068 | $ | 4 | $ | 460 | $ | 464 |
(in thousands) | ||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Balance Sheet Location | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
FINANCIAL ASSETS | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 8,939 | $ | 8,939 | $ | 10,458 | $ | 10,458 | |||||||||||||||||
Restricted cash | Restricted cash | $ | 48,903 | $ | 48,903 | $ | 1,433 | $ | 1,433 | |||||||||||||||||
FINANCIAL LIABILITIES | ||||||||||||||||||||||||||
Revolving lines of credit | Revolving lines of credit | $ | 143,469 | $ | 143,469 | $ | 113,500 | $ | 113,500 | |||||||||||||||||
Term loans | Notes payable | $ | — | $ | — | $ | 100,000 | $ | 100,000 | |||||||||||||||||
Unsecured senior notes | Notes payable | $ | 300,000 | $ | 245,627 | $ | 300,000 | $ | 238,446 | |||||||||||||||||
Mortgages payable - Fannie Mae | Mortgages payable | $ | 198,850 | $ | 164,227 | $ | 198,850 | $ | 161,297 | |||||||||||||||||
Mortgages payable - other | Mortgages payable | $ | 279,340 | $ | 258,799 | $ | 299,427 | $ | 274,029 |
Date Acquired | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Acquisition Cost(1) | Form of Consideration | Investment Allocation | |||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Cash | Units(2) | Other(3) | Land | Building | Intangible Assets(4) | Other(5) | ||||||||||||||||||||||||||||||||||||||||||||||
191 homes - Martin Blu - Minneapolis, MN | January 4, 2022 | $ | 49,825 | $ | 3,031 | $ | 18,885 | $ | 27,909 | $ | 3,547 | $ | 45,212 | $ | 1,813 | $ | (747) | ||||||||||||||||||||||||||||||||||||
31 homes - Elements - Minneapolis, MN | January 4, 2022 | 9,066 | 1,290 | 1,748 | 6,028 | 941 | 7,853 | 335 | (63) | ||||||||||||||||||||||||||||||||||||||||||||
45 homes - Zest - Minneapolis, MN | January 4, 2022 | 11,364 | 1,429 | 2,249 | 7,686 | 936 | 10,261 | 574 | (407) | ||||||||||||||||||||||||||||||||||||||||||||
130 homes - Noko Apartments - Minneapolis, MN | January 26, 2022 | 46,619 | 3,343 | — | 43,276 | 1,915 | 42,754 | 1,950 | — | ||||||||||||||||||||||||||||||||||||||||||||
Total Acquisitions | $ | 116,874 | $ | 9,093 | $ | 22,882 | $ | 84,899 | $ | 7,339 | $ | 106,080 | $ | 4,672 | $ | (1,217) |
(in thousands) | |||||||||||||||||||||||
Dispositions | Date Disposed | Sale Price | Book Value and Sales Cost | Gain/(Loss) | |||||||||||||||||||
115 homes - Boulder Court - Eagan, MN | March 8, 2023 | $ | 14,605 | $ | 4,970 | $ | 9,635 | ||||||||||||||||
498 homes - 2 Nebraska apartment communities | March 14, 2023 | $ | 48,500 | $ | 14,975 | $ | 33,525 | ||||||||||||||||
892 homes - 5 Minnesota apartment communities | March 15, 2023 | $ | 74,500 | $ | 55,053 | $ | 19,447 | ||||||||||||||||
62 homes - Portage - Minneapolis, MN | March 15, 2023 | $ | 6,650 | $ | 9,098 | $ | (2,448) | ||||||||||||||||
Total Dispositions | $ | 144,255 | $ | 84,096 | $ | 60,159 |
(in thousands) | |||||||||||||||||
Three Months Ended March 31, 2023 | Multifamily | All Other | Total | ||||||||||||||
Revenue | $ | 62,498 | $ | 5,399 | $ | 67,897 | |||||||||||
Property operating expenses, including real estate taxes | 25,903 | 3,020 | 28,923 | ||||||||||||||
Net operating income | $ | 36,595 | $ | 2,379 | $ | 38,974 | |||||||||||
Property management | (2,568) | ||||||||||||||||
Casualty gain (loss) | (252) | ||||||||||||||||
Depreciation and amortization | (25,993) | ||||||||||||||||
General and administrative expenses | (7,723) | ||||||||||||||||
Gain (loss) on sale of real estate and other investments | 60,159 | ||||||||||||||||
Interest expense | (10,319) | ||||||||||||||||
Interest and other income | 49 | ||||||||||||||||
Net income (loss) | $ | 52,327 |
(in thousands) | |||||||||||||||||
Three Months Ended March 31, 2022 | Multifamily | All Other | Total | ||||||||||||||
Revenue | $ | 54,916 | $ | 5,398 | $ | 60,314 | |||||||||||
Property operating expenses, including real estate taxes | 23,080 | 2,793 | 25,873 | ||||||||||||||
Net operating income | $ | 31,836 | $ | 2,605 | $ | 34,441 | |||||||||||
Property management | (2,253) | ||||||||||||||||
Casualty gain (loss) | (598) | ||||||||||||||||
Depreciation and amortization | (31,001) | ||||||||||||||||
General and administrative expenses | (4,500) | ||||||||||||||||
Interest expense | (7,715) | ||||||||||||||||
Interest and other income | 1,063 | ||||||||||||||||
Net income (loss) | $ | (10,563) |
(in thousands) | |||||||||||||||||
As of March 31, 2023 | Multifamily | All Other | Total | ||||||||||||||
Segment assets | |||||||||||||||||
Property owned | $ | 2,394,065 | $ | 26,846 | $ | 2,420,911 | |||||||||||
Less accumulated depreciation | (510,716) | (8,451) | (519,167) | ||||||||||||||
Total property owned | $ | 1,883,349 | $ | 18,395 | $ | 1,901,744 | |||||||||||
Cash and cash equivalents | 8,939 | ||||||||||||||||
Restricted cash | 48,903 | ||||||||||||||||
Other assets | 19,298 | ||||||||||||||||
Total Assets | $ | 1,978,884 |
(in thousands) | |||||||||||||||||
As of December 31, 2022 | Multifamily | All Other | Total | ||||||||||||||
Segment assets | |||||||||||||||||
Property owned | $ | 2,385,351 | $ | 148,773 | $ | 2,534,124 | |||||||||||
Less accumulated depreciation | (487,129) | (48,272) | (535,401) | ||||||||||||||
Total property owned | $ | 1,898,222 | $ | 100,501 | $ | 1,998,723 | |||||||||||
Cash and cash equivalents | 10,458 | ||||||||||||||||
Restricted cash | 1,433 | ||||||||||||||||
Other assets | 22,687 | ||||||||||||||||
Total Assets | $ | 2,033,301 |
2023 | |||||
Exercise price | $ | 58.67 | |||
Risk-free rate | 3.97 | % | |||
Expected term | 6.25 years | ||||
Expected volatility | 28.7 | % | |||
Dividend yield | 4.977 | % |
(in thousands, except percentages) | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Operating income (loss) | $ | 62,597 | $ | (3,911) | $ | 66,508 | (1,700.5) | % | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Property management expenses | 2,568 | 2,253 | 315 | 14.0 | % | ||||||||||||||||||
Casualty (gain) loss | 252 | 598 | (346) | (57.9) | % | ||||||||||||||||||
Depreciation and amortization | 25,993 | 31,001 | (5,008) | (16.2) | % | ||||||||||||||||||
General and administrative expenses | 7,723 | 4,500 | 3,223 | 71.6 | % | ||||||||||||||||||
(Gain) loss on sale of real estate and other investments | (60,159) | — | (60,159) | N/A | |||||||||||||||||||
Net operating income | $ | 38,974 | $ | 34,441 | $ | 4,533 | 13.2 | % |
(in thousands, except percentages) | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Same-store(1) | $ | 58,859 | $ | 53,249 | $ | 5,610 | 10.5 | % | |||||||||||||||
Non-same-store(1) | 3,639 | 1,667 | 1,972 | 118.3 | % | ||||||||||||||||||
Other(1) | 1,002 | 916 | 86 | 9.4 | % | ||||||||||||||||||
Dispositions(1) | 4,397 | 4,482 | (85) | (1.9) | % | ||||||||||||||||||
Total | 67,897 | 60,314 | 7,583 | 12.6 | % | ||||||||||||||||||
Property operating expenses, including real estate taxes | |||||||||||||||||||||||
Same-store(1) | 24,593 | 22,370 | 2,223 | 9.9 | % | ||||||||||||||||||
Non-same-store(1) | 1,310 | 710 | 600 | 84.5 | % | ||||||||||||||||||
Other(1) | 151 | 329 | (178) | (54.1) | % | ||||||||||||||||||
Dispositions(1) | 2,869 | 2,464 | 405 | 16.4% | |||||||||||||||||||
Total | 28,923 | 25,873 | 3,050 | 11.8 | % | ||||||||||||||||||
Net operating income(1) | |||||||||||||||||||||||
Same-store(1) | 34,266 | 30,879 | 3,387 | 11.0 | % | ||||||||||||||||||
Non-same-store(1) | 2,329 | 957 | 1,372 | 143.4 | % | ||||||||||||||||||
Other(1) | 851 | 587 | 264 | 45.0 | % | ||||||||||||||||||
Dispositions(1) | 1,528 | 2,018 | (490) | (24.3) | % | ||||||||||||||||||
Total | $ | 38,974 | $ | 34,441 | $ | 4,533 | 13.2 | % | |||||||||||||||
Property management expenses | (2,568) | (2,253) | 315 | 14.0 | % | ||||||||||||||||||
Casualty gain (loss) | (252) | (598) | (346) | (57.9) | % | ||||||||||||||||||
Depreciation and amortization | (25,993) | (31,001) | (5,008) | (16.2) | % | ||||||||||||||||||
General and administrative expenses | (7,723) | (4,500) | 3,223 | 71.6 | % | ||||||||||||||||||
Gain (loss) on sale of real estate and other investments | 60,159 | — | (60,159) | N/A | |||||||||||||||||||
Interest expense | (10,319) | (7,715) | 2,604 | 33.8 | % | ||||||||||||||||||
Interest and other income (loss) | 49 | 1,063 | (1,014) | (95.4) | % | ||||||||||||||||||
NET INCOME (LOSS) | $ | 52,327 | $ | (10,563) | $ | 62,890 | (595.4) | % | |||||||||||||||
Dividends to Series D preferred unitholders | (160) | (160) | — | — | |||||||||||||||||||
Net (income) loss attributable to noncontrolling interests – Operating Partnership and Series E preferred units | (8,566) | 2,157 | (10,723) | (497.1) | % | ||||||||||||||||||
Net (income) loss attributable to noncontrolling interests – consolidated real estate entities | (30) | (23) | (7) | 30.4 | % | ||||||||||||||||||
Net income (loss) attributable to controlling interests | 43,571 | (8,589) | 52,160 | (607.3) | % | ||||||||||||||||||
Dividends to preferred shareholders | (1,607) | (1,607) | — | — | |||||||||||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ | 41,964 | $ | (10,196) | $ | 52,160 | (511.6) | % |
Three Months Ended March 31, | |||||||||||
Weighted Average Occupancy(1) | 2023 | 2022 | |||||||||
Same-store | 94.8 | % | 94.1 | % | |||||||
Non-same-store | 95.9 | % | 91.5 | % | |||||||
Total | 94.9 | % | 94.0 | % |
Number of Apartment Homes | March 31, 2023 | March 31, 2022 | |||||||||
Same-store | 12,885 | 12,885 | |||||||||
Non-same-store | 612 | 397 | |||||||||
Total | 13,497 | 13,282 |
(in thousands, except per share and unit amounts) | |||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net income (loss) available to common shareholders | $ | 41,964 | $ | (10,196) | |||||||
Adjustments: | |||||||||||
Noncontrolling interests – Operating Partnership and Series E preferred units | 8,566 | (2,157) | |||||||||
Depreciation and amortization | 25,993 | 31,001 | |||||||||
Less depreciation – non real estate | (91) | (101) | |||||||||
Less depreciation – partially owned entities | (19) | (21) | |||||||||
(Gain) loss on sale of real estate and other investments | (60,159) | — | |||||||||
FFO applicable to common shares and Units | $ | 16,254 | $ | 18,526 | |||||||
Adjustments to Core FFO: | |||||||||||
Non-cash casualty (gain) loss | 13 | 25 | |||||||||
Technology implementation costs(1) | — | 103 | |||||||||
Interest rate swap termination, amortization, and mark-to-market | 138 | (613) | |||||||||
Amortization of assumed debt | (116) | (115) | |||||||||
Pursuit costs | 5 | — | |||||||||
Severance and transition related costs | 3,199 | — | |||||||||
Other miscellaneous items(2) | 49 | (4) | |||||||||
Core FFO applicable to common shares and Units | $ | 19,542 | $ | 17,922 | |||||||
FFO applicable to common shares and Units | $ | 16,254 | $ | 18,526 | |||||||
Dividends to preferred unitholders | 160 | 160 | |||||||||
FFO applicable to common shares and Units - diluted | $ | 16,414 | $ | 18,686 | |||||||
Core FFO applicable to common shares and Units | $ | 19,542 | $ | 17,922 | |||||||
Dividends to preferred unitholders | 160 | 160 | |||||||||
Core FFO applicable to common shares and Units - diluted | $ | 19,702 | $ | 18,082 | |||||||
Per Share Data | |||||||||||
Net income (loss) per common share - diluted | $ | 2.76 | $ | (0.68) | |||||||
FFO per share and Unit - diluted | $ | 0.89 | $ | 1.01 | |||||||
Core FFO per share and Unit - diluted | $ | 1.07 | $ | 0.98 | |||||||
Weighted average shares - basic | 15,025 | 15,097 | |||||||||
Effect of redeemable operating partnership Units | 968 | 965 | |||||||||
Effect of Series D preferred units | 228 | 228 | |||||||||
Effect of Series E preferred units | 2,118 | 2,186 | |||||||||
Effect of dilutive restricted stock units and stock options | 20 | 66 | |||||||||
Weighted average shares and Units - diluted | 18,359 | 18,542 |
(in thousands, except per share amounts) | |||||||||||
Three Months Ended March 31, | Number of Common Shares | Aggregate Cost(1) | Average Price Per Share(1) | ||||||||
2023 | 19.464 | $ | 1,022 | $ | 52.51 |
Maximum Dollar | |||||||||||||||||
Total Number of Shares | Amount of Shares That | ||||||||||||||||
Total Number of | Average Price | Purchased as Part of | May Yet Be Purchased | ||||||||||||||
Shares and Units | Paid per | Publicly Announced | Under the Plans or | ||||||||||||||
Period | Purchased(1) | Share and Unit(2) | Plans or Programs | Programs(3) | |||||||||||||
January 1 - 31, 2023 | — | $ | — | — | $ | 20,949,598 | |||||||||||
February 1 - 28, 2023 | — | — | — | 20,949,598 | |||||||||||||
March 1 - 31, 2023 | 19,464 | 52.51 | 19,464 | 19,928,020 | |||||||||||||
Total | 19,464 | $ | 52.51 | 19,464 |
Exhibit No. | Description | ||||
3.1 | |||||
3.2 | |||||
3.3 | |||||
10.1 | |||||
10.2 | |||||
10.3 | |||||
31.1* | |||||
31.2* | |||||
32.1* | |||||
32.2* | |||||
101 INS** | INSTANCE DOCUMENT | ||||
101 SCH** | SCHEMA DOCUMENT | ||||
101 CAL** | CALCULATION LINKBASE DOCUMENT | ||||
101 LAB** | LABELS LINKBASE DOCUMENT | ||||
101 PRE** | PRESENTATION LINKBASE DOCUMENT | ||||
101 DEF** | DEFINITION LINKBASE DOCUMENT | ||||
104** | COVER PAGE INTERACTIVE DATA FILE - THE COVER PAGE XBRL TAGS ARE EMBEDDED WITHIN THE INLINE XBRL DOCUMENT |
/s/ Anne Olson | |||||
Anne Olson | |||||
President and Chief Executive Officer | |||||
/s/ Bhairav Patel | |||||
Bhairav Patel | |||||
Executive Vice President and Chief Financial Officer | |||||
Date: May 1, 2023 |
1 Year Investors Real Estate Chart |
1 Month Investors Real Estate Chart |
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