Spirit MTA REIT Announces Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended September 30, 2018; Announces Impairment Charges for the Third Quarter Ended September 30, 2018
November 09, 2018 at 05:30 pm IST
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Spirit MTA REIT announced unaudited consolidated earnings results for third quarter and nine months ended September 30, 2018. For the quarter, total revenues were $62,411,000 against $59,159,000 for the same period a year ago. Loss before income tax expense was $3,514,000 against $6,478,000 for the same period a year ago. Net loss attributable to common stockholders was $7,549,000 against $6,523,000 for the same period a year ago. Basic and diluted net loss per share attributable to common stockholders was $0.18 against $0.15 for the same period a year ago. FFO was $18,553,000 against $30,186,000 for the same period a year ago. Diluted FFO per share of common stock was $0.43 against $0.70 for the same period a year ago. AFFO was $22,570,000 against $34,360,000 for the same period a year ago. Diluted FFO per share of common stock was $0.43 against $0.70 for the same period a year ago. Diluted AFFO per share of common stock was $0.52 against $0.80 for the same period a year ago. EBITDA was $50,260,000 against $48,964,000 for the same period a year ago. Adjusted EBITDA was $52,231,000 against $50,713,000 for the same period a year ago.
For the nine months, total revenues were $183,437,000 against $174,252,000 for the same period a year ago. Loss before income tax expense was $10,035,000 against income before income tax expense of $16,948,000 for the same period a year ago. Net loss attributable to common stockholders was $15,474,000 against net income attributable to common stockholders of $16,813,000 for the same period a year ago. Basic and diluted net loss per share attributable to common stockholders was $0.36 against basic and diluted net income per share attributable to common stockholders of $0.39 for the same period a year ago. FFO was $55,548,000 against $86,741 000 for the same period a year ago. Diluted FFO per share of common stock was $1.29 against $2.02 for the same period a year ago. AFFO was $75,263,000 against $97,774,000 for the same period a year ago. Diluted AFFO per share of common stock was $1.75 against $2.28 for the same period a year ago.
The company announced impairment charges for the third quarter ended September 30, 2018. The company reported impairment charges on real estate assets of $9,343,000 against $15,436,000 for the same period a year ago.
Spirit MTA REIT is an externally managed real estate investment trust (REIT). It is engaged in primarily investing in and managing a portfolio of single-tenant, operationally essential real estate throughout the United States that is generally leased on a long-term, triple-net basis to tenants operating within retail, office, and industrial property types. The Company's portfolio includes an asset-backed securitization trust which issues non-recourse asset-backed securities collateralized by commercial real estate, net-leases and mortgage loans (Master Trust 2014); a portfolio of properties leased to Specialty Retail Shops Holding Corp. (Shopko)and its subsidiaries; a single distribution center property leased to a sporting goods tenant encumbered with Commercial Mortgage-Backed Securities (CMBS) debt, and a portfolio of unencumbered properties. It operates through two segments Master Trust 2014 and all other properties (Other Properties).
Spirit MTA REIT Announces Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended September 30, 2018; Announces Impairment Charges for the Third Quarter Ended September 30, 2018