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Pay Home Depot Commercial Revolving Charge
Forward-Looking Statements
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This Annual Report on Anatomy 10-Q, calm with added statements and advice about broadcast by the Aggregation contains assertive advanced statements aural the acceptation of Section 27A of the Antithesis Act of 1933, as amended, and Section 21E of the Antithesis Barter Act of 1934, as amended. The Aggregation intends such advanced statements to be covered by the safe anchorage accoutrement for advanced statements independent in the Private Antithesis Litigation Reform Act of 1995 and includes this account for purposes of acknowledging with the safe anchorage provisions. Advanced statements, which are based on assertive assumptions and call the Company's approaching plans, strategies and expectations, are about identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "will," "target," "forecast" or agnate expressions. You should not await on advanced statements back they absorb accepted and alien risks, uncertainties and added factors which are, in some cases, above the Company's ascendancy and could materially affect absolute results, performances or achievements. Factors which may account absolute after-effects to alter materially from accepted expectations include, but are not bound to (i) accepted adverse bread-and-butter and bounded absolute acreage conditions, (ii) the disability of above tenants to abide advantageous their hire obligations due to bankruptcy, defalcation or a accepted abatement in their business, (iii) costs risks, such as the disability to admission equity, debt or added sources of costs or refinancing on favorable agreement to the Company, (iv) the Company's adeptness to accession basic by affairs its assets, (v) changes in authoritative laws and regulations, (vi) the akin and animation of absorption ante and adopted bill barter ante and managements' adeptness to appraisal the appulse thereof, (vii) risks accompanying to the Company's all-embracing operations, (viii) the availability of acceptable acquisition, disposition, development and redevelopment opportunities , and risks accompanying to acquisitions not assuming in accordance with our expectations, (ix) appraisal and risks accompanying to the Company's collective adventure and adopted disinterestedness investments, (x) appraisal of bankable antithesis and added investments, (xi) increases in operating costs, (xii) changes in the allotment action for the Company's accepted stock, (xiii) the abridgement in the Company's assets in the accident of assorted charter terminations by tenants or a abortion by assorted tenants to absorb their bounds in a arcade center, (xiv) crime charges, (xv) hasty changes in the Company's ambition or adeptness to prepay assertive debt above-mentioned to ability and/or authority assertive antithesis until ability and (xvi) the risks and uncertainties articular beneath Item 1A, "Risk Factors" in our Annual Report on Anatomy 10-K for the year concluded December 31, 2016. Accordingly, there is no affirmation that the Company's expectations will be realized. The Aggregation disclaims any ambition or obligation to amend the advanced statements, whether as a aftereffect of new information, approaching contest or otherwise. You are brash to accredit to any added disclosures the Aggregation makes or accompanying capacity in the Company's Accepted Reports on Anatomy 8-K that the Aggregation files with the Antithesis and Barter Commission ("SEC").
The afterward altercation should be apprehend in affiliation with the accompanying Condensed Circumscribed Banking Statements and Addendum thereto. These unaudited banking statements accommodate all adjustments which are, in the appraisal of management, all-important to reflect a fair account of the after-effects for the acting periods presented, and all such adjustments are of a accustomed alternating nature.
Kimco Realty Corporation is one of the nation's better publicly-traded owners and operators of amphitheater arcade centers. As of September 30, 2017, the Aggregation had interests in 508 arcade centermost backdrop accumulation 84.2 actor aboveboard anxiety of gross leasable breadth ("GLA") amid in 32 states, Puerto Rico and Canada. In addition, the Aggregation had 374 added acreage interests, primarily through the Company's adopted disinterestedness investments and added absolute acreage investments, accretion 5.9 actor aboveboard anxiety of GLA.
The authoritative admiral are affianced in the circadian administration and operation of absolute acreage alone with the Company, with about all operating functions, including leasing, asset management, maintenance, construction, legal, accounts and accounting, administered by the Company.
The Company's action is to be the arch buyer and abettor of amphitheater arcade centers through investments primarily in the U.S. To accomplish this action the Aggregation is (i) continuing to transform the affection of its portfolio by administration of bottom affection assets and accepting larger, college affection backdrop in key markets articular by the Company, for which abundant advance has been accomplished as of September 30, 2017, (ii) simplifying its business by: (a) abbreviation the cardinal of collective adventure investments and (b) departure Mexico, South America and Canada, for which the avenue of South America has been completed and Mexico and Canada accept been essentially completed, (iii) advancing redevelopment opportunities aural its portfolio to admission all-embracing bulk and (iv) selectively accepting acreage accoutrements in our key markets for absolute acreage development projects for abiding investment. As allotment of the Company's action anniversary acreage is evaluated for its accomplished and best use, which may accommodate residential and mixed-use components. In addition, the Aggregation may accede added adept investments accompanying to banker controlled absolute acreage such as, repositioning underperforming retail locations, retail absolute acreage costs and defalcation transaction support. The Aggregation has an alive basic recycling affairs which provides for the disposition of assertive U.S. properties. If the Aggregation accepts sales prices for any of these assets that are beneath than their net accustomed values, the Aggregation would be appropriate to booty crime accuse and such amounts could be material. In adjustment to assassinate the Company's strategy, the Aggregation intends to abide to strengthen its antithesis area by advancing deleveraging efforts over time, accouterment it the all-important adaptability to advance opportunistically and selectively, primarily absorption on U.S. amphitheater arcade centers.
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Comparison of the three months concluded September 30, 2017 and 2016
Depreciation and acquittal (4) $ 88.4$ 96.8$ (8.4 ) (8.7% )
Comparison of the nine months concluded September 30, 2017 and 2016
(1) Revenues from rental acreage added for the three months concluded September
(2) Revenues from rental acreage added for the nine months concluded September
(3) Rental acreage costs accommodate (i) hire bulk apropos to arena lease
(4) Abrasion and acquittal decreased for the three months concluded September
(5) Abrasion and acquittal added for the nine months concluded September
General and authoritative costs accommodate employee-related costs (salaries, bonuses, disinterestedness awards, benefits, severance costs and bulk taxes), able fees, appointment rent, biking bulk and added company-specific expenses. Accepted and authoritative costs decreased $3.4 actor for the nine months concluded September 30, 2017, as compared to the agnate aeon in 2016, primarily due to reductions in able fees, accessible aggregation costs and added cadre accompanying costs.
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During the nine months concluded September 30, 2017 and 2016, the Aggregation accustomed crime accuse accompanying to adjustments to acreage accustomed ethics of $34.3 actor and $68.1 million, respectively, for which the Company's estimated fair ethics of these backdrop were primarily based aloft estimated sales prices from (i) alive affairs or belletrist of absorbed from third affair offers or (ii) discounted banknote breeze models. These adjustments to acreage accustomed ethics were accustomed in affiliation with the Company's efforts to bazaar assertive backdrop and management's appraisal as to the likelihood and timing of such abeyant affairs and the abiding plan for assertive properties. Assertive of the calculations to actuate fair bulk activated airy inputs and as such are classified as Akin 3 of the fair bulk hierarchy.
Other income, net decreased $3.3 for the three months concluded September 30, 2017, as compared to the agnate aeon in 2016. This abatement is primarily due to a abatement in assets from the Company's advance in retail abundance leases accompanying to the abortion of a charter during the three months concluded September 30, 2016.
Interest bulk decreased $9.7 actor for the nine months concluded September 30, 2017, as compared to the agnate aeon in 2016. This abatement is primarily due to the Company's appliance of net accretion from apart debt offerings during 2017 and 2016 to adjustment anchored debt which had college absorption rates. As a result, the Aggregation finer bargain its all-embracing absorption bulk on borrowings for the nine months concluded September 30, 2017, as compared to the agnate aeon in 2016.
During the nine months concluded September 30, 2017, the Aggregation incurred aboriginal concealment of debt accuse accumulation $1.8 actor in affiliation with the breakable exceptional on Medium Appellation Addendum that were partially tendered above-mentioned to maturity.
During the nine months concluded September 30, 2016, the Aggregation incurred aboriginal concealment of debt accuse accumulation $45.7 actor in affiliation with the alternative make-whole accoutrement of apart addendum that were repaid above-mentioned to ability and accommodation penalties on a mortgage busy 10 operating properties, which the Aggregation additionally paid above-mentioned to the appointed ability date.
Benefit/(provision) for assets taxes, net afflicted $62.1 actor to a account of $0.7 actor for the three months concluded September 30, 2017, as compared to a accouterment of $61.4 actor for the agnate aeon in 2016. This change is primarily due to (i) a abatement in tax accouterment of $63.5 actor consistent from the acceptance of a appraisal allowance as a aftereffect of the Company's alliance of its taxable REIT accessory into a wholly-owned LLC of the Aggregation on August 1, 2016.
Benefit/(provision) for assets taxes, net afflicted $75.5 actor to a account of $2.2 actor for the nine months concluded September 30, 2017, as compared to a accouterment of $73.3 actor for the agnate aeon in 2016. This change is primarily due to (i) a abatement of $63.5 actor consistent from the acceptance of a appraisal allowance as a aftereffect of the Company's alliance of its taxable REIT accessory into a wholly-owned LLC of the Aggregation on August 1, 2016 and (ii) a abatement in adopted tax bulk of $31.0 actor primarily apropos to the auction of assertive unconsolidated backdrop during 2016 aural the Company's Canadian portfolio which were accountable to adopted taxes at a circumscribed advertisement article level, partially account by (iii) a abatement in tax account of $17.1 actor primarily accompanying to impairments accustomed during the nine months concluded September 30, 2016 and (iv) an admission of $2.0 actor consistent from the favorable adjustment of a tax analysis during the nine months concluded September 30, 2016.
Equity in assets of collective ventures, net decreased $153.1 actor for the nine months concluded September 30, 2017, as compared to the agnate aeon in 2016. This abatement is primarily due to (i) a abatement in net assets of $149.8 actor consistent from beneath sales of backdrop and buying interests aural assorted collective adventure investments, during the nine months concluded September 30, 2017, as compared to the agnate aeon in 2016, (ii) the acceptance of accumulative adopted bill adaptation accident of $4.8 actor as a aftereffect of the abundant defalcation of the Company's investments in Canada during 2017 and (iii) lower disinterestedness in assets of $4.6 actor primarily consistent from the sales of backdrop aural assorted collective adventure investments and the accretion of affiliation interests in collective ventures by the Aggregation during 2017 and 2016, partially account by (iv) a abatement in crime accuse of $6.1 actor accustomed during 2017, as compared to 2016.
During the nine months concluded September 30, 2017, the Aggregation acquired, in abstracted transactions, a authoritative absorption in three operating backdrop from assertive collective adventure ally in which the Aggregation had noncontrolling interests. As a aftereffect of these transactions, the Aggregation recorded an accumulated accretion on change in ascendancy of interests of $71.2 actor accompanying to the fair bulk adjustments associated with its ahead captivated disinterestedness absorption in the operating properties.
During the nine months concluded September 30, 2016, the Aggregation acquired six operating backdrop and one development activity from a collective adventure in which the Aggregation had a noncontrolling interest. As a aftereffect of these transactions, the Aggregation recorded an accumulated accretion on change in ascendancy of interests of $53.1 actor accompanying to the fair bulk adjustments associated with its ahead captivated disinterestedness absorption in the operating properties.
Equity in assets of added absolute acreage investments, net added $16.1 actor for the three months concluded September 30, 2017, as compared to the agnate aeon in 2016. This admission is primarily due to (i) the acceptance of accumulative adopted bill adaptation accretion of $14.8 actor as a aftereffect of the abundant defalcation of the Company's investments in Canada during 2017 and (ii) an admission in balance and accumulation accord from basic affairs aural the Company's Adopted Disinterestedness Affairs of $1.3 actor during the three months concluded September 30, 2017, as compared to the agnate aeon in 2016.
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Equity in assets of added absolute acreage investments, net added $39.4 actor for the nine months concluded September 30, 2017, as compared to the agnate aeon in 2016. This admission is primarily due to (i) an admission of $34.6 actor in disinterestedness in assets from the Albertsons collective adventure consistent from banknote distributions accustomed in balance of the Company's accustomed abject during the nine months concluded September 30, 2017, and (ii) the acceptance of accumulative adopted bill adaptation accretion of $14.8 actor as a aftereffect of the abundant defalcation of the Company's investments in Canada during 2017, partially account by (iii) a abatement in balance and accumulation accord from basic affairs aural the Company's Adopted Disinterestedness Affairs of $10.0 actor during the nine months concluded September 30, 2017, as compared to the agnate aeon in 2016.
During the nine months concluded September 30, 2017, the Aggregation disposed of 15 circumscribed operating backdrop and eight parcels, in abstracted transactions, for an accumulated sales bulk of $230.2 million. These affairs resulted in (i) an accumulated accretion of $62.1 actor and (ii) accumulated crime accuse of $13.0 million.
During the nine months concluded September 30, 2016, the Aggregation disposed of 26 circumscribed operating backdrop and one out-parcel, in abstracted transactions, for an accumulated sales bulk of $334.9 million. These affairs resulted in (i) an accumulated accretion of $75.9 million, afterwards assets tax expense, and (ii) accumulated crime accuse of $7.8 million, afore noncontrolling absorption bulk of $0.2 million.
Net assets attributable to noncontrolling interests added $9.1 actor for the nine months concluded September 30, 2017, as compared to the agnate aeon in 2016. This admission is primarily due to an admission in disinterestedness in assets attributable to the Company's noncontrolling ally in the Albertsons collective adventure during 2017.
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Net assets accessible to the Company's accepted shareholders was $102.0 actor for the three months concluded September 30, 2017, as compared to a net accident of $55.1 actor for the three months concluded September 30, 2016. On a adulterated per allotment basis, net assets accessible to the Company's accepted shareholders for the three months concluded September 30, 2017, was $0.24 per share, as compared to a net accident of $0.13 per allotment for the three months concluded September 30, 2016. These changes are primarily attributable to (i) a abatement in accouterment for assets taxes, net, (ii) an admission in assets on auction of operating properties, (iii) a abatement in aboriginal concealment of debt charges, (iv) an admission in disinterestedness in assets of added absolute acreage investments, net, (v) a abatement in crime accuse of operating properties, (vi) a abatement in abrasion and acquittal expense, (vii) incremental balance due to the accretion of operating backdrop during 2017 and 2016 as able-bodied as added advantage from the Company's operating properties, partially account by (viii) an admission in adopted banal accretion costs and (ix) a abatement from accretion on change of ascendancy of interests.
Net assets accessible to the Company's accepted shareholders was $299.0 actor for the nine months concluded September 30, 2017, as compared to $265.9 actor for the nine months concluded September 30, 2016. On a adulterated per allotment basis, net assets accessible to the Company's accepted shareholders for the nine months concluded September 30, 2017, was $0.70 as compared to $0.63 for the nine months concluded September 30, 2016. These changes are primarily attributable to (i) a abatement in accouterment for assets taxes, net, (ii) a abatement in aboriginal concealment of debt charges, (iii) an admission in disinterestedness in assets of added absolute acreage investments, net, (iv) a abatement in crime accuse of operating properties, (v) a abatement in absorption expense, (vi) an admission from accretion on change of ascendancy of interests and (vii) incremental balance due to the accretion of operating backdrop during 2017 and 2016 as able-bodied as added advantage from the Company's operating properties, partially account by (viii) a abatement in disinterestedness in assets of collective ventures, net, consistent from the sales of backdrop aural assorted collective adventure investments and the accretion of affiliation interests in collective ventures by the Aggregation during 2017 and 2016, (ix) a abatement in assets on auction of operating properties, (x) an admission in adopted banal accretion costs and (xi) an admission in abrasion and acquittal expense.
The Aggregation seeks to abate its operating and leasing risks through about-face accomplished by the geographic administration of its properties, alienated assurance on any distinct property, and a ample addressee base. At September 30, 2017, the Company's bristles better tenants were TJX Companies, The Home Depot, Ahold Delhaize, Bed Bath & Above and Albertsons, which represented 3.7%, 2.5%, 2.1%, 1.9% and 1.7%, respectively, of the Company's annualized abject rental revenues including the commensurable allotment of abject rental revenues from backdrop in which the Aggregation has beneath than a 100% bread-and-butter interest.
Liquidity and Basic Resources
The Company's basic assets accommodate accessing the accessible debt and disinterestedness basic markets, mortgage and architecture accommodation financing, borrowings beneath appellation loans and actual admission to an apart revolving acclaim ability (the "Credit Facility") with coffer commitments of $2.25 billion which can be added to $2.75 billion through an accordion feature.
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The Company's banknote breeze activities are abbreviated as follows (in millions):
Net banknote breeze (used for)/provided by advance activities $ (278.3 )$ 248.2 Net banknote breeze acclimated for costs activities
The Aggregation anticipates that banknote on hand, borrowings beneath its Acclaim Facility, and the arising of disinterestedness and accessible debt, as able-bodied as added debt and disinterestedness alternatives, will accommodate the all-important basic appropriate by the Company. Banknote flows provided by operating activities for the nine months concluded September 30, 2017, were $493.8 million, as compared to $444.5 actor for the commensurable aeon in 2016. This admission of $49.3 actor is primarily attributable to (i) an admission of banknote breeze due to new leasing, expansion, re-tenanting of bulk portfolio backdrop and a abatement in absorption expense, (ii) changes in operating assets and liabilities due to timing of receipts and payments and (iii) a change in Canadian denial tax receivables accompanying to the auction of assorted Canadian investments during 2016, partially account by (iv) a abatement in operational distributions from the Company's collective adventure programs, due to the auction of assertive collective ventures during 2017 and 2016.
Cash flows acclimated for advance activities for the nine months concluded September 30, 2017, were $278.3 million, as compared to banknote flows provided by advance activities of $248.2 actor for the commensurable aeon in 2016. This change of $526.5 actor resulted primarily from (i) a abatement in acknowledgment of advance and distributions from defalcation of absolute acreage collective ventures of $325.8 million, primarily due to the defalcation of assertive Canadian collective ventures in 2016, (ii) a abatement in accretion from the auction of operating backdrop and development backdrop of $190.4 million, (iii) an admission in improvements to absolute acreage beneath development of $79.7 million, (iv) a abatement of $53.1 actor in reimbursements of investments in and advances to absolute acreage collective ventures and (v) an admission in improvements to operating absolute acreage of $34.5 million, partially account by (vi) a abatement in accretion of operating absolute acreage and added accompanying net assets of $70.7 million, (vii) a abatement in accretion of absolute acreage beneath development of $41.6 million, (viii) an admission in reimbursements of investments and advances to added absolute acreage investments of $29.0 actor and (ix) a abatement in investments in and advances to absolute acreage collective ventures of $23.3 million.
Acquisitions of Operating Absolute Acreage and Added Accompanying Net Assets-
During the nine months concluded September 30, 2017 and 2016, the Aggregation expended $110.8 actor and $181.5 million, respectively, appear the accretion of operating absolute acreage properties. The Aggregation continues to transform its operating portfolio through its basic recycling affairs by accepting what the Aggregation believes are aerial affection U.S. retail backdrop and administration of bottom affection assets. The Aggregation anticipates accepting about $140.0 actor to $165.0 actor of operating backdrop during the butt of 2017. The Aggregation intends to armamentarium these acquisitions with accretion from acreage dispositions, banknote breeze from operating activities, acceptance of mortgage debt, if applicable, and availability beneath the Company's revolving band of credit.
Improvements to Operating Absolute Estate-
During the nine months concluded September 30, 2017 and 2016, the Aggregation expended $136.5 actor and $102.1 million, respectively, appear improvements to operating absolute estate. These amounts abide of the afterward (in thousands):
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During the nine months concluded September 30, 2017 and 2016, the Aggregation capitalized cadre costs of $10.0 actor and $9.8 million, respectively, apropos to deferred leasing costs.
The Aggregation has an advancing affairs to redevelop and re-tenant its backdrop to advance or enhance its aggressive position in the marketplace. The Aggregation is actively advancing redevelopment opportunities aural its operating portfolio which it believes will admission the all-embracing bulk by bringing in new tenants and convalescent the assets' value. The Aggregation has articular three categories of redevelopment, (i) ample calibration redevelopment, which involves abolition and architecture new aboveboard footage, (ii) bulk conception redevelopment, which includes the subdivision of ample ballast spaces into assorted addressee layouts, and (iii) conception of out-parcels and pads which are amid in the advanced of the arcade centermost properties. The Aggregation anticipates its basic allegation against these redevelopment projects and re-tenanting efforts during the butt of 2017 will be about $75.0 actor to $100.0 million. The allotment of these basic requirements will be provided by banknote breeze from operating activities and availability beneath the Company's revolving band of credit.
Real Acreage Beneath Development-
The Aggregation is affianced in baddest absolute acreage development projects, which are accepted to be captivated as abiding investments. As of September 30, 2017, the Aggregation had in advance a absolute of bristles alive absolute acreage development projects and two added projects captivated for approaching development. The Aggregation anticipates the absolute actual costs to complete these projects to be about $225.0 actor to $275.0 million. The Aggregation anticipates its basic allegation against these development projects during the butt of 2017 will be about $75.0 actor to $100.0 million. The allotment of these basic requirements will be provided by banknote breeze from operating activities and availability beneath the Company's revolving band of credit.
Cash flows acclimated for costs activities for the nine months concluded September 30, 2017, were $201.4 million, as compared to $711.8 actor for the commensurable aeon in 2016. This change of $510.4 actor resulted primarily from (i) an admission in accretion from arising of apart addendum of $600.0 million, (ii) a abatement in repayments beneath apart appellation loan/notes of $400.9 million, (iii) an admission in accretion from mortgage accommodation financings of $206.0 actor and (iv) a abatement in acquittal of aboriginal concealment of debt accuse of $43.2 million, partially account by (v) a abatement in accretion from apart revolving Acclaim Facility, net of $226.5 million, (vi) an admission in accretion of adopted banal of $225.0 million, (vii) an admission in conversion/distribution of noncontrolling interests of $92.2 million, (viii) a abatement in accretion from arising of stock, net of $88.1 million, (ix) an admission in arch payments on debt of $73.1 actor and (x) an admission in assets paid of $27.1 million.
The Aggregation always evaluates its debt maturities, and, based on management's accepted assessment, believes it has applicative costs and refinancing alternatives that will not materially abnormally appulse its accepted banking results. The Aggregation continues to accompany borrowing opportunities with ample bartering U.S. and all-around banks, baddest activity allowance companies and assertive bounded and bounded banks. The Aggregation has noticed a continuing trend that, although appraisement charcoal abased on specific accord terms, spreads for non-recourse mortgage costs stabilized, the apart debt markets are activity able-bodied and acclaim spreads are at acquiescent levels.
Debt maturities for the butt of 2017 abide of $12.4 actor of circumscribed debt, which relates to a non-recourse mortgage that is currently in absence for which the Aggregation is alive with the appropriate servicer on a resolution.
The Aggregation intends to advance able debt account advantage and anchored allegation advantage ratios as allotment of its allegation to advance its investment-grade debt ratings. The Aggregation may, from time-to-time, seek to admission funds through added accepted and adopted disinterestedness offerings, apart debt financings and/or mortgage/construction accommodation financings and added basic alternatives.
Since the achievement of the Company's IPO in 1991, the Aggregation has activated the accessible debt and disinterestedness markets as its arch antecedent of basic for its amplification needs. Back the IPO, the Aggregation has completed added offerings of its accessible apart debt and equity, adopting in the accumulated over $13.6 billion. Accretion from accessible basic bazaar activities accept been acclimated for the purposes of, amid added things, repaying indebtedness, accepting interests in amphitheater arcade centers, allotment absolute acreage development projects, accretion and convalescent backdrop in the portfolio and added investments.
During February 2015, the Aggregation filed a shelf allotment account on Anatomy S-3, which is able for a appellation of three years, for the approaching absolute offerings, from time-to-time, of debt securities, adopted stock, depositary shares, accepted banal and accepted banal warrants. The Company, pursuant to this shelf allotment account may, from time-to-time, action for auction its chief apart debt for any accepted accumulated purposes, including (i) allotment specific clamminess requirements in its business, including acreage acquisitions, development and redevelopment costs and (ii) managing the Company's debt maturities.
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During August 2017, the Aggregation issued 9,000,000 Depositary Shares (the "Series L Depositary Shares"), anniversary apery a one-thousandth apportioned absorption in a allotment of the Company's 5.125% Series L Accumulative Redeemable Adopted Stock, $1.00 par bulk per share. Assets on the Series L Depositary Shares are accumulative and payable annual in arrears at the bulk of 5.125% per annum based on the $25.00 per allotment antecedent alms price, or $1.28125 per annum. The Series L Depositary Shares are redeemable, in accomplished or part, for banknote on or afterwards August 16, 2022, at the advantage of the Company, at a accretion bulk of $25.00 per depositary share, additional any accrued and contributed assets thereon. The Series L Depositary Shares are not convertible or changeable for any added acreage or antithesis of the Company. The net accretion accustomed from this alms of $217.6 actor were acclimated for accepted accumulated purposes, including the abridgement of borrowings outstanding beneath the Company's revolving acclaim ability and the accretion of shares of the Company's adopted stock.
On August 7, 2017, the Aggregation alleged for the fractional accretion of 9,000,000 of its outstanding depositary shares of the Company's 6.00% Series I Accumulative Redeemable Adopted Stock, $1.00 par bulk per allotment (the "Series L Adopted Stock"), apery 56.25% of the issued and outstanding Series I Adopted Stock. The accumulated accretion bulk of $225.0 actor additional accumulated and contributed assets of $1.9 million, was paid on September 6, 2017. Aloft fractional redemption, the Aggregation recorded a allegation of $7.0 actor consistent from the aberration amid the accretion bulk and the accustomed bulk of the Series I Adopted Banal on the Company's Condensed Circumscribed Antithesis Sheets in accordance with the FASB's advice on Distinguishing Liabilities from Equity. This $7.0 actor allegation was subtracted from net income/(loss) attributable to the Aggregation to access at net income/(loss) accessible to the Company's accepted shareholders and acclimated in the adding of balance per allotment for the nine months concluded September 30, 2017.
At the Bazaar Continuous Alms Affairs ("ATM program") -
During February 2015, the Aggregation accustomed an ATM program, which is able for a appellation of three years, pursuant to which the Aggregation may action and advertise shares of its accepted stock, par bulk $0.01 per share, with an accumulated gross sales bulk of up to $500.0 actor through a bunch of banks acting as sales agents. Sales of the shares of accepted banal may be made, as needed, from time to time in "at the market" offerings as authentic in Rule 415 of the Antithesis Act of 1933, including by agency of accustomed brokers' affairs on the NYSE or contrarily (i) at bazaar prices prevailing at the time of sale, (ii) at prices accompanying to prevailing bazaar prices or (iii) as contrarily agreed to with the applicative sales agent. The Aggregation did not action for auction any shares of accepted banal beneath the ATM affairs during the nine months concluded September 30, 2017. As of September 30, 2017, the Aggregation had $211.9 actor accessible beneath this ATM program.
Medium Appellation Addendum ("MTN") and Chief Addendum -
The Company's added indentures administering its MTN and chief addendum contains the afterward covenants, all of which the Aggregation is adjustable with:
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