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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             

Commission file number

 

   Spirit Realty Capital, Inc.

001-36004

Spirit Realty, L.P.

333-216815-01

 

SPIRIT REALTY CAPITAL, INC.

SPIRIT REALTY, L.P.

(Exact name of registrant as specified in its charter)

 

 

Spirit Realty Capital, Inc.

 

Maryland

 

20-1676382

Spirit Realty, L.P.

 

Delaware

 

20-1127940

 

 

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

 

 

 

 

 

 

 

2727 North Harwood Street, Suite 300,

Dallas, Texas 75201

 

(972) 476-1900

 

 

(Address of principal executive offices; zip code)

 

(Registrant’s telephone number, including area code)

 

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.05 per share

SRC

New York Stock Exchange

6.000% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share

SRC-A

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    

Spirit Realty Capital, Inc.      Yes    No   

Spirit Realty, L.P.      Yes    No   

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    

Spirit Realty Capital, Inc.      Yes    No   

Spirit Realty, L.P.      Yes    No   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Spirit Realty Capital, Inc.

 

 Large accelerated filer

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

Spirit Realty, L.P.

 

 Large accelerated filer

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Spirit Realty Capital, Inc.            

Spirit Realty, L.P.            

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Spirit Realty Capital, Inc.      Yes    No  

Spirit Realty, L.P.      Yes    No  

As of October 29, 2020, there were 108,779,254 shares of common stock, par value $0.05, of Spirit Realty Capital, Inc. outstanding.

 

 


EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the three and nine months ended September 30, 2020 of Spirit Realty Capital, Inc., a Maryland corporation, and Spirit Realty, L.P., a Delaware limited partnership. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” or the “Company” refer to Spirit Realty Capital, Inc. together with its consolidated subsidiaries, including Spirit Realty, L.P. Unless otherwise indicated or unless the context requires otherwise, all references to the “Operating Partnership” refer to Spirit Realty, L.P. together with its consolidated subsidiaries.

Spirit General OP Holdings, LLC ("OP Holdings") is the sole general partner of the Operating Partnership. The Company is a real estate investment trust ("REIT") and the sole member of OP Holdings, as well as the special limited partner of the Operating Partnership. As sole member of the general partner of our Operating Partnership, our Company has the full, exclusive and complete responsibility for our Operating Partnership’s day-to-day management and control.

We believe combining the quarterly reports on Form 10-Q of our Company and Operating Partnership into a single report results in the following benefits:

 

enhancing investors’ understanding of our Company and Operating Partnership by enabling investors to view the business as a whole, reflective of how management views and operates the business;

 

eliminating duplicative disclosure and providing a streamlined presentation as a substantial portion of the disclosures apply to both our Company and Operating Partnership; and

 

creating time and cost efficiencies by preparing one combined report in lieu of two separate reports.

There are a few differences between our Company and Operating Partnership, which are reflected in the disclosures in this report. We believe it is important to understand these differences in the context of how we operate as an interrelated, consolidated company. Our Company is a REIT, the only material assets of which are the partnership interests in our Operating Partnership. As a result, our Company does not conduct business itself, other than acting as the sole member of the general partner of our Operating Partnership, issuing equity from time to time and guaranteeing certain debt of our Operating Partnership. Our Operating Partnership holds substantially all the assets of our Company. Our Company issued convertible notes and guarantees some of the debt of our Operating Partnership, see Note 4 to the consolidated financial statements included herein for further discussion. Our Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from issuances of convertible notes and equity issuances by our Company, which are generally contributed to our Operating Partnership in exchange for partnership units of our Operating Partnership, our Operating Partnership generates the capital required by our Company’s business through our Operating Partnership’s operations or our Operating Partnership’s incurrence of indebtedness.

The presentation of stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of our Company and those of our Operating Partnership. The partnership units in our Operating Partnership are accounted for as partners’ capital in our Operating Partnership’s consolidated financial statements. There are no non-controlling interests in the Company or the Operating Partnership.

To help investors understand the significant differences between our Company and our Operating Partnership, this report presents the consolidated financial statements separately for our Company and our Operating Partnership. All other sections of this report, including “Selected Financial Data,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosures About Market Risk,” are presented together for our Company and our Operating Partnership.

In order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that our Company and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, or the Exchange Act, and 18 U.S.C. §1350, this report also includes separate “Part 1―Financial Information, Item 4. Controls and Procedures” sections and separate Exhibit 31 and 32 certifications for each of our Company and our Operating Partnership.

 

 

 

 

 

 

 


INDEX

 

Glossary

 

4

PART I — FINANCIAL INFORMATION

 

6

 

Item 1.

 

Financial Statements (Unaudited)

 

6

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

36

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

58

 

Item 4.

 

Controls and Procedures

 

59

PART II — OTHER INFORMATION

 

60

 

Item 1.

 

Legal Proceedings

 

60

 

Item 1A.

 

Risk Factors

 

60

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

62

 

Item 3.

 

Defaults Upon Senior Securities

 

62

 

Item 4.

 

Mine Safety Disclosures

 

62

 

Item 5.

 

Other Information

 

62

 

Item 6.

 

Exhibits

 

63

 

 

 

Signatures

 

64

 

 

 

 

 


GLOSSARY

2015 Credit Agreement

Revolving credit facility agreement between the Operating Partnership and certain lenders dated March 31, 2015, as amended or otherwise modified from time to time, providing for an $800.0 million unsecured credit facility

2015 Term Loan Agreement

Term loan agreement between the Operating Partnership and certain lenders dated November 3, 2015, as amended or otherwise modified from time to time, providing for a $420.0 million unsecured term loan facility

2017 Tax Legislation

Tax Cuts and Jobs Act of 2017

2019 Credit Facility

$800.0 million unsecured revolving credit facility pursuant to the 2019 Revolving Credit and Term Loan Agreement

2019 Facilities Agreements

2019 Revolving Credit and Term Loan Agreement and A-2 Term Loans

2019 Notes

$402.5 million convertible notes of the Corporation settled in 2019

2019 Revolving Credit and Term Loan Agreement

Revolving credit and term loan agreement between the Operating Partnership and certain lenders dated January 14, 2019, as amended or otherwise modified from time to time

2020 Term Loans

$400.0 million senior unsecured term facility pursuant to the 2020 Term Loan Agreement

2020 Term Loan Agreement

Term loan agreement between the Operating Partnership and certain lenders dated April 2, 2020, as amended or otherwise modified from time to time

2021 Notes

$345.0 million convertible notes of the Corporation due in 2021

2026 Senior Notes

$300.0 million aggregate principal amount of senior notes issued in August 2016

2027 Senior Notes

$300.0 million aggregate principal amount of senior notes issued in September 2019

2029 Senior Notes

$400.0 million aggregate principal amount of senior notes issued in June 2019

2030 Senior Notes

$500.0 million aggregate principal amount of senior notes issued in September 2019

2031 Senior Notes

$450.0 million aggregate principal amount of senior notes issued in August 2020

A-1 Term Loans

$420.0 million unsecured term loan facility pursuant to the 2019 Revolving Credit and Term Loan Agreement

A-2 Term Loans

$400.0 million unsecured term loan facility pursuant to a term loan agreement between the Operating Partnership and certain lenders dated January 14, 2019, as amended or otherwise modified from time to time

Adjusted Debt

Adjusted Debt is a non-GAAP financial measure. See definition in Management's Discussion and Analysis of Financial Condition and Results of Operations

Adjusted EBITDAre

Adjusted EBITDAre is a non-GAAP financial measure. See definition in Management's Discussion and Analysis of Financial Condition and Results of Operations

AFFO

Adjusted Funds From Operations. See definition in Management's Discussion and Analysis of Financial Condition and Results of Operations

Amended Incentive Award Plan

Amended and Restated Spirit Realty Capital, Inc. and Spirit Realty, L.P. 2012 Incentive Award Plan, as amended

Annualized Base Rent (ABR)

Represents Base Rent and earned income from direct financing leases from the final month of the reporting period, adjusted to exclude amounts from properties sold during that period and to include a full month of rental income for properties acquired during that period. The total is then multiplied by 12. We use ABR when calculating certain metrics that are useful to evaluate portfolio credit and diversification and to manage risk.

AOCL

Accumulated Other Comprehensive Loss

ASC

Accounting Standards Codification

Asset Management Agreement

Asset Management Agreement between Spirit Realty, L.P. and Spirit MTA REIT dated May 31, 2018, subsequently assigned by Spirit Realty, L.P. to Spirit Realty AM Corporation on April 1, 2019 and terminated effective as of September 20, 2019

ASU

Accounting Standards Update

ATM Program

At the Market equity distribution program, pursuant to which the Corporation may offer and sell registered shares of common stock from time to time

Base Rent

Represents rental income for the period, including amounts deferred or abated and excluding contingent rents, from our owned properties recognized during the month. We use Base Rent to monitor cash collection and to evaluate past due receivables.

Base Cash Rent

Represents Base Rent reduced for amounts abated and rent deemed not probable of collection.

CMBS

Commercial Mortgage-Backed Securities

Code

Internal Revenue Code of 1986, as amended

Company

The Corporation and its consolidated subsidiaries

Convertible Notes

The 2019 Notes and 2021 Notes, together

4


 

Corporation

Spirit Realty Capital, Inc., a Maryland corporation

CPI

Consumer Price Index

EBITDAre

EBITDAre is a non-GAAP financial measure and is computed in accordance with standards established by NAREIT. See definition in Management's Discussion and Analysis of Financial Condition and Results of Operations

Exchange Act

Securities Exchange Act of 1934, as amended

FASB

Financial Accounting Standards Board

FFO

Funds From Operations. See definition in Management's Discussion and Analysis of Financial Condition and Results of Operations

GAAP

Generally Accepted Accounting Principles in the United States

Interim Management Agreement

Interim Management Agreement between Spirit Realty AM Corporation, a wholly-owned subsidiary of the Company, and Spirit MTA REIT dated June 2, 2019, which was effective from September 20, 2019 through September 4, 2020

LIBOR

London Interbank Offered Rate

Master Trust 2013

The net-lease mortgage securitization trust established in December 2013

Master Trust 2014

The net-lease mortgage securitization trust established in 2005 and amended and restated in 2014

Master Trust Notes

Master Trust 2013 and Master Trust 2014, together

Master Trust Release

Proceeds from the sale of assets securing the Master Trust Notes held in restricted accounts until a qualifying substitution is made or until used for principal reduction

NAREIT

National Association of Real Estate Investment Trusts

Occupancy

The number of economically yielding owned properties divided by total owned properties

OP Holdings

Spirit General OP Holdings, LLC, a Delaware limited liability company

Operating Partnership

Spirit Realty, L.P., a Delaware limited partnership

Property Management and Servicing Agreement

Second amended and restated agreement governing the management services and special services provided to Master Trust 2014 by Spirit Realty, L.P., dated as of May 20, 2014, as amended, supplemented, amended and restated or otherwise modified and terminated effective September 20, 2019

Real Estate Investment Value

The gross acquisition cost, including capitalized transaction costs, plus improvements and less impairments, if any

REIT

Real estate investment trust

S&P

S&P's Global Ratings

SEC

Securities and Exchange Commission

Securities Act

Securities Act of 1933, as amended

Senior Unsecured Notes

2026 Senior Notes, 2027 Senior Notes, 2029 Senior Notes, 2030 Senior Notes, and 2031 Senior Notes, collectively

Series A Preferred Stock

6,900,000 shares of 6.000% Cumulative Redeemable Preferred Stock issued October 3, 2017, with a liquidation preference of $25.00 per share

Shopko

Specialty Retail Shops Holding Corp. and certain of its affiliates

SMTA

Spirit MTA REIT, a Maryland real estate investment trust, or SMTA Liquidating Trust, a Maryland common law trust, as the context dictates. On January 1, 2020, Spirit MTA REIT transferred all of its assets (subject to all of its liabilities) to SMTA Liquidating Trust.

Spin-Off

Creation of an independent, publicly traded REIT, SMTA, through our contribution of properties leased to Shopko, assets that collateralize Master Trust 2014 and other additional assets to SMTA followed by the distribution by us to our stockholders of all of the common shares of beneficial interest in SMTA.

SubREIT

Spirit MTA SubREIT, Inc., previously a wholly-owned subsidiary of SMTA. SubREIT was dissolved on October 1, 2019

Total Debt

Principal debt outstanding before discounts, premiums or deferred financing costs

TSR

Total Shareholder Return

U.S.

United States

Vacant

Owned properties which are not economically yielding

 

Unless otherwise indicated or unless the context requires otherwise, all references to the “registrant, the "Company," "Spirit Realty Capital," "we," "us" or "our" refer to the Corporation and its consolidated subsidiaries, including the Operating Partnership. Unless otherwise indicated or unless the context requires otherwise, all references to the "Operating Partnership" refer to Spirit Realty, L.P. and its consolidated subsidiaries.

5


 

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

SPIRIT REALTY CAPITAL, INC.

Consolidated Balance Sheets

(In Thousands, Except Share and Per Share Data)

(Unaudited)

 

 

 

September 30,

2020

 

 

December 31,

2019

 

Assets

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Real estate investments:

 

 

 

 

 

 

 

 

Land and improvements

 

$

1,995,780

 

 

$

1,910,287

 

Buildings and improvements

 

 

4,022,944

 

 

 

3,840,220

 

Total real estate investments

 

 

6,018,724

 

 

 

5,750,507

 

Less: accumulated depreciation

 

 

(810,215

)

 

 

(717,097

)

 

 

 

5,208,509

 

 

 

5,033,410

 

Loans receivable, net

 

 

 

 

 

34,465

 

Intangible lease assets, net

 

 

349,347

 

 

 

385,079

 

Real estate assets under direct financing leases, net

 

 

7,444

 

 

 

14,465

 

Real estate assets held for sale, net

 

 

33,885

 

 

 

1,144

 

Net investments

 

 

5,599,185

 

 

 

5,468,563

 

Cash and cash equivalents

 

 

116,814

 

 

 

14,492

 

Deferred costs and other assets, net

 

 

149,820

 

 

 

124,006

 

Goodwill

 

 

225,600

 

 

 

225,600

 

Total assets

 

$

6,091,419

 

 

$

5,832,661

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Revolving credit facilities

 

$

 

 

$

116,500

 

Term loans, net

 

 

177,170

 

 

 

 

Senior Unsecured Notes, net

 

 

1,926,752

 

 

 

1,484,066

 

Mortgages and notes payable, net

 

 

213,479

 

 

 

216,049

 

Convertible Notes, net

 

 

188,216

 

 

 

336,402

 

Total debt, net

 

 

2,505,617

 

 

 

2,153,017

 

Intangible lease liabilities, net

 

 

121,066

 

 

 

127,335

 

Accounts payable, accrued expenses and other liabilities

 

 

132,555

 

 

 

139,060

 

Total liabilities

 

 

2,759,238

 

 

 

2,419,412

 

Commitments and contingencies (see Note 6)

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock and paid in capital, $0.01 par value, 20,000,000 shares authorized: 6,900,000 shares issued and outstanding at both September 30, 2020 and December 31, 2019

 

 

166,177

 

 

 

166,177

 

Common stock, $0.05 par value, 175,000,000 shares authorized: 105,884,703 and 102,476,152 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

 

5,294

 

 

 

5,124

 

Capital in excess of common stock par value

 

 

5,813,128

 

 

 

5,686,247

 

Accumulated deficit

 

 

(2,643,063

)

 

 

(2,432,838

)

Accumulated other comprehensive loss

 

 

(9,355

)

 

 

(11,461

)

Total stockholders’ equity

 

 

3,332,181

 

 

 

3,413,249

 

Total liabilities and stockholders’ equity

 

$

6,091,419

 

 

$

5,832,661

 

 

See accompanying notes.

6


 

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Operations

(In Thousands, Except Share and Per Share Data)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

112,916

 

 

$

109,511

 

 

$

351,469

 

 

$

320,084

 

Interest income on loans receivable

 

 

189

 

 

 

843

 

 

 

998

 

 

 

2,749

 

Earned income from direct financing leases

 

 

131

 

 

 

267

 

 

 

439

 

 

 

971

 

Related party fee income

 

 

178

 

 

 

54,795

 

 

 

678

 

 

 

68,971

 

Other income

 

 

327

 

 

 

1,531

 

 

 

1,401

 

 

 

2,510

 

Total revenues

 

 

113,741

 

 

 

166,947

 

 

 

354,985

 

 

 

395,285

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

10,931

 

 

 

12,727

 

 

 

36,396

 

 

 

39,741

 

Termination of interest rate swaps

 

 

 

 

 

12,461

 

 

 

 

 

 

12,461

 

Property costs (including reimbursable)

 

 

5,049

 

 

 

4,407

 

 

 

18,219

 

 

 

13,968

 

Deal pursuit costs

 

 

597

 

 

 

330

 

 

 

1,630

 

 

 

574

 

Interest

 

 

26,404

 

 

 

24,675

 

 

 

77,858

 

 

 

76,462

 

Depreciation and amortization

 

 

52,170

 

 

 

43,907

 

 

 

157,566

 

 

 

126,598

 

Impairments

 

 

8,106

 

 

 

5,932

 

 

 

69,929

 

 

 

13,231

 

Total expenses

 

 

103,257

 

 

 

104,439

 

 

 

361,598

 

 

 

283,035

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on debt extinguishment

 

 

(7,252

)

 

 

(5,580

)

 

 

(7,252

)

 

 

(11,473

)

Gain on disposition of assets

 

 

10,763

 

 

 

32,254

 

 

 

11,809

 

 

 

70,760

 

Preferred dividend income from SMTA

 

 

 

 

 

3,302

 

 

 

 

 

 

10,802

 

Total other income

 

 

3,511

 

 

 

29,976

 

 

 

4,557

 

 

 

70,089

 

Income (loss) before income tax expense

 

 

13,995

 

 

 

92,484

 

 

 

(2,056

)

 

 

182,339

 

Income tax expense

 

 

(197

)

 

 

(11,190

)

 

 

(406

)

 

 

(11,730

)

Net income (loss)

 

 

13,798

 

 

 

81,294

 

 

 

(2,462

)

 

 

170,609

 

Dividends paid to preferred shareholders

 

 

(2,587

)

 

 

(2,587

)

 

 

(7,763

)

 

 

(7,763

)

Net income (loss) attributable to common stockholders

 

$

11,211

 

 

$

78,707

 

 

$

(10,225

)

 

$

162,846

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.11

 

 

$

0.87

 

 

$

(0.11

)

 

$

1.85

 

Diluted

 

$

0.11

 

 

$

0.87

 

 

$

(0.11

)

 

$

1.85

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

102,750,120

 

 

 

90,040,353

 

 

 

102,553,798

 

 

 

87,529,786

 

Diluted

 

 

102,938,860

 

 

 

90,396,797

 

 

 

102,553,798

 

 

 

87,784,477

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share issued

 

$

0.6250

 

 

$

0.6250

 

 

$

1.8750

 

 

$

1.8750

 

 

See accompanying notes.

7


 

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Comprehensive Income (Loss)

(In Thousands)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss) attributable to common stockholders

 

$

11,211

 

 

$

78,707

 

 

$

(10,225

)

 

$

162,846

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net reclassification of amounts from (to) AOCL

 

 

702

 

 

 

8,772

 

 

 

2,106

 

 

 

(5,003

)

Total comprehensive income (loss)

 

$

11,913

 

 

$

87,479

 

 

$

(8,119

)

 

$

157,843

 

 

See accompanying notes.

 

8


SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Stockholders' Equity

(In Thousands, Except Share Data)

(Unaudited)

 

Nine Months Ended September 30, 2020

 

Preferred Stock

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Value and

Capital in Excess

of Par Value

 

 

Shares

 

 

Par

Value

 

 

Capital in

Excess of

Par Value

 

 

Accumulated

Deficit

 

 

AOCL

 

 

Total

Stockholders’

Equity

 

Balances, December 31, 2019

 

 

6,900,000

 

 

$

166,177

 

 

 

102,476,152

 

 

$

5,124

 

 

$

5,686,247

 

 

$

(2,432,838

)

 

$

(11,461

)

 

$

3,413,249

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,847

)

 

 

 

 

 

(15,847

)

Dividends declared on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,588

)

 

 

 

 

 

(2,588

)

Net loss attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,435

)

 

 

 

 

 

(18,435

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

702

 

 

 

702

 

Dividends declared on common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(64,338

)

 

 

 

 

 

(64,338

)

Tax withholdings related to net stock settlements

 

 

 

 

 

 

 

 

(44,488

)

 

 

(2

)

 

 

 

 

 

(2,347

)

 

 

 

 

 

(2,349

)

Issuance of shares of common stock, net

 

 

 

 

 

 

 

 

362,481

 

 

 

18

 

 

 

17,580

 

 

 

 

 

 

 

 

 

17,598

 

Stock-based compensation, net

 

 

 

 

 

 

 

 

148,017

 

 

 

7

 

 

 

3,444

 

 

 

(470

)

 

 

 

 

 

2,981

 

Balances, March 31, 2020

 

 

6,900,000

 

 

$

166,177

 

 

 

102,942,162

 

 

$

5,147

 

 

$

5,707,271

 

 

$

(2,518,428

)

 

$

(10,759

)

 

$

3,349,408

 

Net loss