Not sure a loss of .02 is a "highlight". finally positive ffo, nothing new really, most of this was known when equity was issued it is what it is, not very impressive.....yet? need to close more of teh deals mentioned when the equity was issued
•Recognized total revenues of $13.4 million and recorded a net loss to common stockholders of $1.3 million or $0.02 per diluted common share.
•Generated positive funds from operations (“FFO”) of $2.7 million or $0.05 per diluted common share.
•Reached important milestone of first positive quarterly adjusted funds from operations (“AFFO”) since change in business direction. Generated positive AFFO of $2.2 million or $0.04 per fully diluted common share.
•Acquired four properties for a total purchase price of approximately $17.7 million (initial cap rate 7.1% and GAAP cap rate 7.5%) with an average lease term of 10 years. Subsequent to quarter end, acquired two additional properties for a total purchase price of approximately $27.3 million.
•Closed on a $100.0 million senior secured revolving credit facility with Deutsche Bank AG New York for an initial term of two years with an option for a one-year extension.
•Raised $47.4 million of gross proceeds through the private placement of approximately 11.5 million shares of common equity at a price of $4.11 per share. The private placement settled on October 7, 2013.
•Announced intentions to satisfy and pay all accrued and unpaid preferred stock dividends, and resume timely payments of preferred stock dividend beginning with the dividend due for the fourth quarter of 2013.
I expected higher FFO. Oh well. It's a step in the right direction. To even mention paying a common you gotta think that they expect some sort of ramp up in FFO or something. If they announce a .01 divi in the first quarter or something silly like that. Well. I that'll be a joke.