September 30, 2015 | December 31, 2014 | CHANGE | |||||||||||
1,000 | |||||||||||||
ASSETS | |||||||||||||
Investments in real estate: | |||||||||||||
Land | $ | 204,232 | $ | 145,357 | $ | 58,875 | YES | Related to new acquisitions | |||||
Buildings and equipment | 819,890 | 601,569 | 218,321 | YES | Related to new acquisitions; DFW $31M, Skokie $26M, Townlake $34M, AQ $41M, Whitestone $40M, O'Hare $48 | ||||||||
Less accumulated depreciation | (72,495 | ) | (60,569 | ) | (11,926 | ) | YES | CY expense | |||||
Net property and equipment | 951,627 | 686,357 | 265,270 | ||||||||||
Investment in unconsolidated real estate affiliate | 17,805 | 17,069 | 736 | NO | |||||||||
Investments in real estate and other assets HFS | — | 95,161 | (95,161 | ) | YES | SH Properties- $95M in 4Q14 sold in 1Q15 | |||||||
Net investments in real estate | 969,432 | 798,587 | 170,845 | ||||||||||
Cash and cash equivalents | 103,393 | 32,211 | 71,182 | YES | Main sources and uses- stock sales, stock repurchases, acquisitions, dispositions, new loans and loan payoffs (see CF Workbook for details) | ||||||||
Restricted cash | 1,877 | 1,457 | 420 | NO | |||||||||
Tenant accounts receivable, net | 3,051 | 3,593 | (542 | ) | NO | ||||||||
Deferred expenses, net | 11,720 | 7,825 | 3,895 | YES | L/Cs $3M Amazon Lease | ||||||||
Acquired intangible assets, net | 68,925 | 45,075 | 23,850 | YES | Related to new acquisitions | ||||||||
Deferred rent receivable, net | 8,568 | 7,918 | 650 | NO | |||||||||
Prepaid expenses and other assets | 5,033 | 2,100 | 2,933 | YES | Trades settled before 09.30 $1mm, Ppd RE Tax $600K and Whitestone loan deposit $550K | ||||||||
TOTAL ASSETS | $ | 1,171,999 | $ | 898,766 | $ | 273,233 | |||||||
LIABILITIES AND EQUITY | |||||||||||||
Mortgage notes and other debt payable, net | $ | 433,538 | $ | 350,331 | $ | 83,207 | YES | Related to new acquisitions; DFW $18M, Skokie $24M, Townlake $29M, AQ $26 offset by SBG payoff $9M | |||||
Liabilities held for sale | — | 73,264 | (73,264 | ) | YES | SH Properties-$73mm in 4Q14 sold in 1Q15 | |||||||
Accounts payable and other accrued expenses | 18,747 | 13,936 | 4,811 | YES | Timing of payments | ||||||||
Distributions payable | 7,641 | 5,137 | 2,504 | YES | Increase in dividend due to high number of shares outstanding. | ||||||||
Accrued interest | 1,531 | 1,326 | 205 | NO | |||||||||
Accrued real estate taxes | 5,124 | 2,018 | 3,106 | YES | Primarily related to timing of when tax payments are due. Balance always lower at year end due to many payments being due at that time. | ||||||||
Advisor fees payable | 1,662 | 790 | 872 | NO | |||||||||
Acquired intangible liabilities, net | 14,611 | 10,840 | 3,771 | YES | Related to new acquisitions; AQ $3M and Whitestone $1M | ||||||||
TOTAL LIABILITIES | 482,854 | 457,642 | 25,212 | ||||||||||
Commitments and contingencies | — | — | — | NO | |||||||||
Equity: | |||||||||||||
Class A common stock: $0.01 par value; 200,000,000 shares authorized | 294 | 162 | 132 | NO | |||||||||
Class M common stock: $0.01 par value; 200,000,000 shares authorized; | 265 | 234 | 31 | NO | |||||||||
Class A-I common stock: $0.01 par value; 200,000,000 shares authorized; | 55 | 46 | 9 | NO | |||||||||
Class M-I common stock: $0.01 par value; 200,000,000 shares authorized; | 29 | 7 | 22 | NO | |||||||||
Class D common stock: $0.01 par value; 200,000,000 shares authorized; | 77 | 34 | 43 | NO | |||||||||
Additional paid-in capital | 938,946 | 687,984 | 250,962 | YES | Increase related to increase in CY stock subscriptions and compensation, offset by selling commissions, fees, and repurchases during the CY. |
Accumulated other comprehensive loss | (2,085 | ) | (879 | ) | (1,206 | ) | YES | ||||||
Distributions to stockholders | (142,656 | ) | (123,340 | ) | (19,316 | ) | YES | CY dividends | |||||
Accumulated deficit | (115,874 | ) | (135,745 | ) | 19,871 | YES | CY net income | ||||||
Total Jones Lang LaSalle Income Property Trust, Inc. stockholders’ equity | 679,051 | 428,503 | 250,548 | ||||||||||
Noncontrolling interests | 10,094 | 12,621 | (2,527 | ) | YES | ||||||||
Total equity | 689,145 | 441,124 | 248,021 | ||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 1,171,999 | $ | 898,766 | $ | 273,233 |
Three months ended September 30, 2015 | Three months ended September 30, 2014 | CHANGE | ||||||||||
1,000 | ||||||||||||
Revenues: | ||||||||||||
Minimum rents | $ | 19,230 | $ | 20,515 | $ | (1,285 | ) | YES | SH Properties- sold in 1Q15 | |||
Tenant recoveries and other rental income | 4,045 | 4,165 | (120 | ) | NO | |||||||
Total revenues | 23,275 | 24,680 | (1,405 | ) | ||||||||
Operating expenses: | ||||||||||||
Real estate taxes | 2,817 | 3,195 | (378 | ) | NO | |||||||
Property operating | 5,528 | 7,403 | (1,875 | ) | YES | SH Properties- sold in 1Q15 | ||||||
Provision for doubtful accounts | 108 | 168 | (60 | ) | NO | |||||||
Advisor fees | 3,090 | 1,554 | 1,536 | YES | Increase in our NAV attributable to capital raised and performance fee $895K accrued during CQ | |||||||
Company level expenses | 265 | 724 | (459 | ) | NO | |||||||
General and administrative | 148 | 212 | (64 | ) | NO | |||||||
Acquisition expenses | 482 | 5 | 477 | NO | ||||||||
Depreciation and amortization | 9,859 | 7,353 | 2,506 | YES | New acquisitions offset by SH Properties- sold in 1Q15 | |||||||
Total operating expenses | 22,297 | 20,614 | 1,683 | |||||||||
Operating income | 978 | 4,066 | (3,088 | ) | ||||||||
Other income and (expenses): | ||||||||||||
Interest expense | (4,768 | ) | (4,687 | ) | (81 | ) | NO | |||||
Equity in income of unconsolidated affiliate | 244 | — | 244 | NO | ||||||||
Gain on disposition of property and extinguishment of debt | — | 589 | (589 | ) | NO | |||||||
Total other income and (expenses) | (4,524 | ) | (4,098 | ) | (426 | ) | ||||||
(Loss) income from continuing operations | (3,546 | ) | (32 | ) | (3,514 | ) | ||||||
Discontinued operations: | ||||||||||||
Income from discontinued operations | — | 813 | (813 | ) | NO | |||||||
Total income from discontinued operations | — | 813 | (813 | ) | ||||||||
Net (loss) income | (3,546 | ) | 781 | (4,327 | ) | |||||||
Less: Net loss (income) attributable to the noncontrolling interests | 257 | 188 | 69 | NO | ||||||||
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. | $ | (3,289 | ) | $ | 969 | $ | (4,258 | ) | ||||
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | $ | (0.05 | ) | $ | 0.02 | |||||||
Weighted average common stock outstanding-basic and diluted | 63,528,103 | 47,271,566 | ||||||||||
Other comprehensive loss: | ||||||||||||
Foreign currency translation adjustment | (583 | ) | (448 | ) | (135 | ) | NO | |||||
Total other comprehensive loss | (583 | ) | (448 | ) | (135 | ) | ||||||
Net comprehensive (loss) income | $ | (3,872 | ) | $ | 521 | $ | (4,393 | ) |
Nine months ended September 30, 2015 | Nine months ended September 30, 2014 | CHANGE | ||||||||||
Revenues: | 1,000 | |||||||||||
Minimum rents | $ | 54,364 | $ | 60,370 | ||||||||
Tenant recoveries and other rental income | 12,110 | 11,865 | 245 | NO | ||||||||
Total revenues | 66,474 | 72,235 | (5,761 | ) | ||||||||
Operating expenses: | ||||||||||||
Real estate taxes | 8,415 | 9,036 | (621 | ) | NO | |||||||
Property operating | 14,356 | 18,952 | (4,596 | ) | YES | SH Properties- sold in 1Q15 | ||||||
Provision for doubtful accounts | 341 | 317 | 24 | NO | ||||||||
Advisor fees | 6,545 | 4,356 | 2,189 | YES | Increase in our NAV attributable to capital raised and performance fee $895K accrued during CQ | |||||||
Company level expenses | 1,610 | 1,901 | (291 | ) | NO | |||||||
General and administrative | 516 | 640 | (124 | ) | NO | |||||||
Acquisition expenses | 1,120 | 520 | 600 | NO | ||||||||
Depreciation and amortization | 24,007 | 20,685 | 3,322 | YES | New acquisitions offset by SH Properties- sold in 1Q15 | |||||||
Total operating expenses | 56,910 | 56,407 | 503 | |||||||||
Operating income | 9,564 | 15,828 | (6,264 | ) | ||||||||
Other income and (expenses): | ||||||||||||
Interest expense | (13,154 | ) | (13,736 | ) | 582 | NO | ||||||
Equity in income of unconsolidated affiliate | 651 | — | 651 | NO | ||||||||
Gain on disposition of property and extinguishment of debt | 29,009 | 589 | 28,420 | YES | SH Properties- sold in 1Q15 | |||||||
Total other income and (expenses) | 16,506 | (13,147 | ) | 29,653 | ||||||||
(Loss) income from continuing operations | 26,070 | 2,681 | 23,389 | |||||||||
Discontinued operations: | ||||||||||||
Income from discontinued operations | — | 813 | (813 | ) | NO | |||||||
Total income from discontinued operations | — | 813 | (813 | ) | ||||||||
Net (loss) income | 26,070 | 3,494 | 22,576 | |||||||||
Less: Net loss (income) attributable to the noncontrolling interests | (6,199 | ) | (367 | ) | (5,832 | ) | YES | SH Properties- sold in 1Q15 | ||||
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. | $ | 19,871 | $ | 3,127 | $ | 16,744 | ||||||
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | $ | 0.36 | $ | 0.07 | ||||||||
Weighted average common stock outstanding-basic and diluted | 55,849,531 | 45,043,996 | ||||||||||
Other comprehensive loss: | ||||||||||||
Foreign currency translation adjustment | (1,206 | ) | (474 | ) | (732 | ) | NO | |||||
Total other comprehensive loss | (1,206 | ) | (474 | ) | (732 | ) | ||||||
Net comprehensive (loss) income | $ | 18,665 | $ | 2,653 | $ | 16,012 |