Monmouth Real Estate Investment Corporation (NYSE:MNR) reported Net
Income Attributable to Common Shareholders of $17.3 million or
$0.17 per diluted share for the three months ended June 30, 2021 as
compared to Net Income Attributable to Common Shareholders of $26.9
million or $0.27 per diluted share for the three months ended June
30, 2020, representing a decrease of $9.6 million or $0.10 per
diluted share. During the three months ended June 30, 2021, we
recognized a $16.5 million unrealized holding gain on securities or
$0.17 per diluted share as compared to a $19.6 million unrealized
holding gain on securities or $0.20 per diluted share for the three
months ended June 30, 2020. Funds from Operations (FFO), which
excludes unrealized and realized gains or losses from our
securities portfolio, for the three months ended June 30, 2021 were
$11.5 million or $0.12 per diluted share versus $19.7 million or
$0.20 per diluted share for the three months ended June 30, 2020,
representing a decrease of $8.2 million or $0.08 per diluted share.
The decrease in Net Income Attributable to Common Shareholders and
FFO is primarily attributable to non-recurring strategic
alternatives and proxy costs of $8.7 million related to our
strategic alternatives process, our pending merger with Equity
Commonwealth and our proxy process. FFO excluding these
non-recurring costs for the three months ended June 30, 2021 were
$20.2 million or $0.20 per diluted share versus $19.7 million or
$0.20 per diluted share for the three months ended June 30, 2020,
representing unchanged per diluted share earnings. For the three
months ended June 30, 2021, Adjusted Funds from Operations (AFFO),
which excludes non-recurring items, including costs related to our
strategic alternatives process and our proxy process and unrealized
and realized gains or losses from our securities portfolio, were
$19.7 million or $0.20 per diluted share compared to $19.5 million
or $0.20 per diluted share for the three months ended June 30,
2020. Sequentially, our AFFO of $0.20 per diluted share for the
third quarter of fiscal 2021 also was unchanged compared to our
AFFO per diluted share for the second quarter of fiscal 2021.
During the nine months ended June 30, 2021, we recognized a $55.4
million unrealized holding gain on our securities portfolio
representing $0.56 per diluted share as compared to a $67.1 million
unrealized holding loss on securities or $0.69 per diluted share
for the nine months ended June 30, 2020.
A summary of significant financial information
for the three and nine months ended June 30, 2021 and 2020 (in
thousands, except per share amounts) is as follows:
|
|
Three Months EndedJune 30, |
|
|
|
2021 |
|
|
2020 |
|
Rental Revenue |
|
$ |
39,032 |
|
|
$ |
35,427 |
|
Reimbursement Revenue |
|
$ |
6,962 |
|
|
$ |
6,348 |
|
Net Operating Income (NOI)
(1) |
|
$ |
38,904 |
|
|
$ |
35,045 |
|
Total Expenses |
|
$ |
32,040 |
|
|
$ |
21,459 |
|
Dividend Income |
|
$ |
1,486 |
|
|
$ |
2,344 |
|
Realized Gain on Sale of Real
Estate Investment |
|
$ |
6,376 |
|
|
$ |
-0- |
|
Unrealized Holding Gains
Arising During the Periods |
|
$ |
16,471 |
|
|
$ |
19,610 |
|
Net Income |
|
$ |
28,602 |
|
|
$ |
33,295 |
|
Net Income Attributable to
Common Shareholders |
|
$ |
17,292 |
|
|
$ |
26,851 |
|
Net Income Attributable to
Common Shareholders Per Diluted Common Share |
|
$ |
0.17 |
|
|
$ |
0.27 |
|
FFO (1) |
|
$ |
11,502 |
|
|
$ |
19,721 |
|
FFO per Diluted Common Share
(1) |
|
$ |
0.12 |
|
|
$ |
0.20 |
|
FFO Excluding Non-recurring
Strategic Alternatives & Proxy Costs (1) |
|
$ |
20,159 |
|
|
$ |
19,721 |
|
FFO Excluding Non-recurring
Strategic Alternatives & Proxy Costs per Diluted Common Share
(1) |
|
$ |
0.20 |
|
|
$ |
0.20 |
|
AFFO (1) |
|
$ |
19,701 |
|
|
$ |
19,463 |
|
AFFO per Diluted Common Share
(1) |
|
$ |
0.20 |
|
|
$ |
0.20 |
|
Dividends Declared per Common
Share |
|
$ |
0.18 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
Weighted Avg. Diluted Common
Shares Outstanding |
|
|
98,539 |
|
|
|
97,962 |
|
|
|
Nine Months
EndedJune 30, |
|
|
|
2021 |
|
|
2020 |
|
Rental Revenue |
|
$ |
115,123 |
|
|
$ |
105,410 |
|
Reimbursement Revenue |
|
$ |
20,818 |
|
|
$ |
19,772 |
|
Lease
Termination Income |
|
$ |
377 |
|
|
$ |
-0- |
|
Net
Operating Income (NOI) (1) |
|
$ |
114,256 |
|
|
$ |
104,633 |
|
Total
Expenses |
|
$ |
79,820 |
|
|
$ |
65,151 |
|
Dividend
Income |
|
$ |
4,681 |
|
|
$ |
8,987 |
|
Realized
Gain on Sale of Real Estate Investment |
|
$ |
6,376 |
|
|
$ |
-0- |
|
Realized
Gain on Sale of Securities Transactions |
|
$ |
2,248 |
|
|
$ |
-0- |
|
Unrealized
Holding Gains (Losses) Arising During the Periods |
|
$ |
55,377 |
|
|
$ |
(67,100 |
) |
Net Income
(Loss) |
|
$ |
96,949 |
|
|
$ |
(25,317 |
) |
Net Income
(Loss) Attributable to Common Shareholders |
|
$ |
68,950 |
|
|
$ |
(44,700 |
) |
Net Income
(Loss) Attributable to Common Shareholders Per Diluted Common
Share |
|
$ |
0.71 |
|
|
$ |
(0.46 |
) |
FFO (1) |
|
$ |
50,982 |
|
|
$ |
59,205 |
|
FFO per
Diluted Common Share (1) |
|
$ |
0.52 |
|
|
$ |
0.61 |
|
FFO
Excluding Non-recurring Strategic Alternatives & Proxy Costs
(1) |
|
$ |
61,878 |
|
|
$ |
59,205 |
|
FFO
Excluding Non-recurring Strategic Alternatives & Proxy Costs
per Diluted Common Share (1) |
|
$ |
0.63 |
|
|
$ |
0.61 |
|
AFFO
(1) |
|
$ |
57,507 |
|
|
$ |
58,705 |
|
AFFO per
Diluted Common Share (1) |
|
$ |
0.58 |
|
|
$ |
0.60 |
|
Dividends
Declared per Common Share |
|
$ |
0.53 |
|
|
$ |
0.51 |
|
|
|
|
|
|
|
|
|
|
Weighted
Avg. Diluted Common Shares Outstanding |
|
|
98,415 |
|
|
|
97,626 |
|
|
|
|
|
|
|
|
|
|
A summary of significant balance sheet
information as of June 30, 2021 and September 30, 2020 (in
thousands) is as follows:
|
|
June 30, 2021 |
|
|
September 30, 2020 |
|
Cash and Cash Equivalents |
|
$ |
90,896 |
|
|
$ |
23,517 |
|
Real Estate
Investments |
|
$ |
1,876,906 |
|
|
$ |
1,747,844 |
|
Securities
Available for Sale at Fair Value |
|
$ |
148,382 |
|
|
$ |
108,832 |
|
Total
Assets |
|
$ |
2,178,078 |
|
|
$ |
1,939,783 |
|
Fixed Rate
Mortgage Notes Payable, net of Unamortized Debt Issuance Costs |
|
$ |
848,994 |
|
|
$ |
799,507 |
|
Loans
Payable |
|
$ |
165,000 |
|
|
$ |
75,000 |
|
Total
Shareholders’ Equity |
|
$ |
1,135,847 |
|
|
$ |
1,037,605 |
|
|
|
|
|
|
|
|
|
|
During the third quarter, we accomplished the
following:
- Increased our Rental and
Reimbursement Revenue by 10% over the prior year period to $46.0
million;
- Increased our Net Operating Income
by 11% over the prior year period to $38.9 million;
- Increased our Gross Leasable Area
(GLA) by 5% over the prior year period to 24.5 million square
feet;
- Grew our acquisition pipeline to
six new build-to-suit properties containing 1.8 million total
square feet representing an aggregate cost of $238.4 million, all
of which will be leased to Investment Grade tenants,. Subsequent to
the quarter end, we acquired one of these properties for $54.8
million representing 144,000 square feet;
- Completed a parking lot expansion
for UPS at our property located in Halfmoon, NY for approximately
$835,000, resulting in an initial increase in annual rent of
approximately $52,000 with 2% annual increases;
- Increased our overall occupancy
rate by 30 basis points over the prior year period to a sector
leading 99.7% currently;
- Renewed all ten leases set to
expire during fiscal 2021. These ten lease renewals, comprising 1.2
million square feet resulted in a 6.2% increase in GAAP rent, a
0.4% increase in cash rent, and have a weighted average lease
renewal term of 4.2 years;
- Maintained a weighted average lease
term of 7.2 years consistent with the prior year period;
- Increased our annualized average
base rent per occupied square foot to $6.50, an increase of 2%
compared to the prior year period;
- Maintained a weighted average debt
maturity on our fixed-rate mortgage debt of 11.1 years;
- Reduced the weighted average
interest rate on our fixed-rate mortgage debt to 3.86% from 4.00%
in the prior year period;
- Reported $16.5 million in
unrealized gains on our securities portfolio for the three months
ended June 30, 2021. In addition, reported $55.4 million in
unrealized gains on our securities portfolio for the nine months
ended June 30, 2021.
Highlights from the
Third Quarter of Fiscal 2021:
- Acquisitions.
Through the third quarter end, Monmouth has completed the
acquisitions of two high quality properties comprising 1.1 million
square feet for an aggregate purchase price of $170.0 million and
are expected to generate $10.1 million in annual rent. In addition,
subsequent to quarter end, we acquired one building comprising
144,000 square feet situated on 43.4 acres located in the
Burlington, VT MSA for $54.8 million. This property is leased to
FedEx Ground for 15 years and is expected to generate $3.2 million
in annual rent.
- Pipeline.
Monmouth’s $183.6 million acquisition pipeline currently contains
five new build-to-suit properties, comprising 1.6 million total
square feet. These properties have a weighted average lease term of
13.4 years and are expected to generate $10.5 million in annual
rent. These projects are all leased to investment grade tenants,
with 68% leased to FedEx Ground and 32% leased to Mercedes
Benz.
- Parking Expansion
Projects. The Company currently has eight FedEx Ground
parking expansion projects underway that it expects to cost
approximately $37.3 million. These parking expansion projects will
result in additional rent and extensions to the existing lease
terms. We are also in discussions to expand parking at nine
additional locations.
- Lease Renewals.
The Company has renewed all ten leases that were set to expire this
fiscal year representing 1.2 million square feet. These lease
renewals have a weighted average lease term of 4.2 years, and a
weighted average lease rate of $4.77 per square foot on a GAAP
basis and $4.66 on a cash basis. This represents an increase of
6.2% on a GAAP basis and an increase of 0.4% on a cash basis.
- Key Financial Metrics and
Ratios. At quarter end, Monmouth’s weighted average lease
maturity was 7.2 years and its weighted average mortgage debt
maturity was 11.1 years. For the quarter, Net Debt to Adjusted
EBITDA was at 6.0x, Fixed Charge Coverage at 2.1x, and Net Debt to
Total Market Capitalization at 27%. The Company’s occupancy rate
has been over 98.9% for six consecutive years and its weighted
average lease term has exceeded seven years for seven consecutive
years.
- Securities
Portfolio. At quarter end, the Company’s $148.4 million
securities portfolio represented 5.9% of its undepreciated assets.
Securities Available for Sale increased by $16.7 million during the
current quarter and increased by $39.6 million from September 30,
2020 to June 30, 2021. The increase was primarily due to an
Unrealized Holding Gain of $16.5 million during the three months
ended and an Unrealized Holding Gain of $55.4 million for the nine
months ended June 30, 2021. There were also sales and redemptions
of securities during the nine month period totaling $18.8 million
which resulted in a realized gain of $2.2 million. Our investment
in UMH Properties is now showing a 118% gain, or $17 million not
including substantial dividends.
- Asset Sale. During
the quarter, on April 15, 2021, Monmouth sold its 60,400 square
foot building located in Carlstadt, NJ for $13.0 million. The
Company owned a 51% interest in this property. Its 51% portion of
the sale proceeds resulted in a U.S. GAAP net realized gain of
approximately $3.3 million, representing a 159% gain over its
depreciated basis and a net realized gain of approximately $2.6
million, or a 96% net gain over its historic undepreciated
cost.
Merger Transaction with Equity
Commonwealth
As previously announced, in January 2021, our Board of Directors
unanimously decided to explore strategic alternatives to maximize
shareholder value. Following a comprehensive strategic alternatives
process, on May 4, 2021, we entered into a definitive merger
agreement with Equity Commonwealth (“EQC”), a New York Stock
Exchange traded real estate investment trust, under which, on the
terms and subject to the conditions set forth in the merger
agreement, we will merge with and into a new wholly-owned
subsidiary of Equity Commonwealth, resulting in Equity Commonwealth
acquiring us in an all-stock transaction. The merger agreement
provides that, upon closing of the merger, our common stockholders
will be entitled to receive 0.67 shares of Equity Commonwealth
common stock for every share of Monmouth common stock they own and
the outstanding shares of Monmouth common stock will be
extinguished. We plan to continue to pay our regular quarterly
common stock dividend and our quarterly Series C Cumulative
Redeemable Preferred Stock dividend until closing of the merger.
Under the terms of the definitive merger agreement, upon closing of
the merger, each holder of our 6.125% Series C Preferred Stock will
be entitled to receive an amount in cash equal to $25.00 per share
plus accumulated and unpaid dividends and the outstanding shares of
our 6.125% Series C Cumulative Redeemable Preferred Stock will be
extinguished. The merger transaction is expected to close during
the second half of calendar 2021, subject to customary closing
conditions, including approval by common stockholders of both
Equity Commonwealth and MREIC. Equity Commonwealth and MREIC
stockholders are expected to own approximately 65% and 35%,
respectively, of the pro forma company following the close of the
transaction. On July 23, 2021, we filed with the SEC, and shortly
thereafter began distributing to our stockholders, a definitive
joint proxy statement/prospectus of MREIC and EQC pursuant to which
both MREIC and EQC are seeking approval of the merger from their
respective stockholders at special stockholder meetings that have
been called for August 24, 2021.
Under
the terms of the merger agreement, Monmouth plans to continue to
pay its regular quarterly common stock dividend and its Series C
Cumulative Redeemable Preferred Stock dividend between signing and
closing of the transaction. Equity Commonwealth expects to begin
paying a quarterly dividend after the transaction has closed. The
Equity Commonwealth Board of Trustees will determine the timing and
amount of the dividend.
In light of
the pending transaction with Equity Commonwealth, we do not intend
to host a conference call or webcast in connection with our third
quarter FY 2021 financial results. The results will be available on
the Company’s website at www.mreic.reit in the Investor Relations
section, under Filings and Reports.
Monmouth Real
Estate Investment Corporation, founded in 1968, is one of the
oldest public equity REITs in the world. We specialize in
single tenant, net-leased industrial properties, subject to
long-term leases, primarily to investment-grade tenants. Monmouth
Real Estate is a fully integrated and self-managed real estate
company, whose property portfolio consists of 121 properties,
containing a total of approximately 24.7 million rentable square
feet, geographically diversified across 32 states. Our occupancy
rate is currently 99.7%, our weighted average building age is
currently 10 years, and our percentage of revenue derived from
Investment Grade tenants or their subsidiaries is currently
83%.
Certain
statements included in this press release which are not historical
facts may be deemed forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Any such
forward-looking statements are based on our current expectations
and involve various risks and uncertainties. Although we believe
the expectations reflected in any forward-looking statements are
based on reasonable assumptions, we can provide no assurance those
expectations will be achieved. The risks and uncertainties that
could cause actual results or events to differ materially from
expectations include risks and uncertainties relating to the
proposed merger with Equity Commonwealth and other risks and
uncertainties described in our annual report on Form 10-K and in
our other filings with the SEC. We undertake no obligation to
publicly update or revise any forward-looking statements whether as
a result of new information, future events, or otherwise.
Additional Information and Where to Find
It
In connection with the proposed merger between
Monmouth and EQC, EQC has filed a registration statement on Form
S-4 with the SEC, which became effective on July 23, 2021, to
register the common shares of beneficial interest of EQC to be
issued pursuant to the merger. The registration statement includes
a joint proxy statement/prospectus which has been filed by EQC and
Monmouth with the SEC and has been sent to the common shareholders
of EQC seeking their approval of the share issuance and to the
common shareholders of Monmouth seeking their approval of the
merger (the “joint proxy statement/prospectus”). EQC and Monmouth
may also file other documents regarding the proposed merger and
share issuance with the SEC. BEFORE MAKING ANY VOTING OR INVESTMENT
DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO CAREFULLY
READ THE ENTIRE REGISTRATION STATEMENT AND THE JOINT PROXY
STATEMENT/PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH
THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE
DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND SHARE ISSUANCE.
Investors and security holders may obtain free copies of the
registration statement and joint proxy statement/prospectus and
other documents filed with the SEC by EQC or Monmouth through the
website maintained by the SEC at www.sec.gov. In addition,
investors and security holders may obtain free copies of the
registration statement and the joint proxy statement/prospectus and
other documents filed with the SEC by EQC on EQC’s website at
www.eqcre.com and may obtain free copies of the joint proxy
statement/prospectus and other documents filed with the SEC by
Monmouth on Monmouth’s website at www.mreic.reit.
Notes:
(1) Non-U.S. GAAP Information: FFO, as defined
by The National Association of Real Estate Investment Trusts
(NAREIT), represents net income attributable to common
shareholders, as defined by accounting principles generally
accepted in the United States of America (U.S. GAAP), excluding
gains or losses from sales of previously depreciated real estate
assets, impairment charges related to depreciable real estate
assets, certain non-cash items such as real estate asset
depreciation and amortization, plus our portion of these items
related to our consolidated investment that we have a
non-controlling interest in. Included in the NAREIT FFO White Paper
- 2018 Restatement, is an option pertaining to assets incidental to
our main business in the calculation of NAREIT FFO to make an
election to include or exclude mark-to-market changes in the value
recognized on these marketable equity securities. In conjunction
with the adoption of the FFO White Paper - 2018 Restatement, for
all periods presented, we have elected to exclude unrealized gains
and losses from our investments in marketable equity securities
from our FFO calculation. NAREIT created FFO as a non-GAAP
supplemental measure of REIT operating performance. Our calculation
of Adjusted Funds From Operations (AFFO) differs from NAREIT’s
definition of AFFO because we exclude certain items that we view as
nonrecurring or impacting comparability from period to
period. We define AFFO as FFO, excluding stock based
compensation expense, depreciation of corporate office tenant
improvements, amortization of deferred financing costs, realized
gain on sale of securities, lease termination income, non-recurring
strategic alternatives & proxy costs, non-recurring severance
expense, effect of non-cash U.S. GAAP straight-line rent
adjustments and subtracting recurring capital expenditures, plus
our portion of these items related to our equity investments that
our investees have a non-controlling interest in. We define
recurring capital expenditures as all capital expenditures that are
recurring in nature, excluding capital expenditures related to
expansions at our current locations or capital expenditures that
are incurred in conjunction with obtaining a new lease or a lease
renewal. We believe that, as widely recognized measures of
performance used by other REITs, FFO and AFFO may be considered by
investors as supplemental measures to compare our operating
performance to those of other REITs. FFO and AFFO exclude
historical cost depreciation as an expense and may facilitate the
comparison of REITs which have a different cost basis. However,
other REITs may use different methodologies to calculate FFO and
AFFO and, accordingly, our FFO and AFFO may not be comparable to
all other REITs. The items excluded from FFO and AFFO are
significant components in understanding our financial
performance.
FFO and AFFO are non-GAAP performance measures
and (i) do not represent Cash Flow from Operations as defined by
U.S. GAAP; (ii) should not be considered as an alternative to Net
Income or Net Income Attributable to Common Shareholders as a
measure of operating performance or to Cash Flows from Operating,
Investing and Financing Activities; and (iii) are not an
alternative to Cash Flows from Operating, Investing and Financing
Activities as a measure of liquidity. FFO and AFFO, as calculated
by us, may not be comparable to similarly titled measures reported
by other REITs.
The following is a reconciliation of the
Company’s U.S. GAAP Net Income (Loss) Attributable to Common
Shareholders to the Company’s FFO and AFFO for the three and nine
months ended June 30, 2021 and 2020 (in thousands):
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
6/30/2021 |
|
|
6/30/2020 |
|
|
6/30/2021 |
|
|
6/30/2020 |
|
Net Income (Loss) Attributable to Common Shareholders |
|
$ |
17,292 |
|
|
$ |
26,851 |
|
|
$ |
68,950 |
|
|
$ |
(44,700 |
) |
Less/Plus:
Unrealized Holding (Gains) Losses Arising During the Periods |
|
|
(16,471 |
) |
|
|
(19,610 |
) |
|
|
(55,377 |
) |
|
|
67,100 |
|
Plus:
Depreciation Expense (excluding Corporate Office Capitalized
Costs) |
|
|
12,960 |
|
|
|
11,672 |
|
|
|
37,959 |
|
|
|
34,436 |
|
Plus:
Amortization of Intangible Assets |
|
|
599 |
|
|
|
524 |
|
|
|
1,731 |
|
|
|
1,539 |
|
Plus:
Amortization of Capitalized Lease Costs |
|
|
374 |
|
|
|
284 |
|
|
|
971 |
|
|
|
830 |
|
Less:
Realized Gain on Sale of Real Estate Investment (1) |
|
|
(3,252 |
) |
|
|
-0- |
|
|
|
(3,252 |
) |
|
|
-0- |
|
FFO
Attributable to Common Shareholders (2) |
|
|
11,502 |
|
|
|
19,721 |
|
|
|
50,982 |
|
|
|
59,205 |
|
Plus:
Depreciation of Corporate Office Capitalized Costs |
|
|
57 |
|
|
|
57 |
|
|
|
172 |
|
|
|
176 |
|
Plus: Stock
Compensation Expense |
|
|
77 |
|
|
|
98 |
|
|
|
210 |
|
|
|
368 |
|
Plus:
Amortization of Financing Costs |
|
|
350 |
|
|
|
326 |
|
|
|
1,026 |
|
|
|
1,082 |
|
Plus:
Non-recurring Strategic Alternatives & Proxy Costs |
|
|
8,657 |
|
|
|
-0- |
|
|
|
10,896 |
|
|
|
-0- |
|
Plus:
Non-recurring Severance Expense |
|
|
-0- |
|
|
|
-0- |
|
|
|
-0- |
|
|
|
786 |
|
Less:
Realized Gain on Sale of Securities Transactions |
|
|
-0- |
|
|
|
-0- |
|
|
|
(2,248 |
) |
|
|
-0- |
|
Less: Lease
Termination Income |
|
|
-0- |
|
|
|
-0- |
|
|
|
(377 |
) |
|
|
-0- |
|
Less:
Recurring Capital Expenditures |
|
|
(229 |
) |
|
|
(508 |
) |
|
|
(791 |
) |
|
|
(1,443 |
) |
Less: Effect
of Non-cash U.S. GAAP Straight-line Rent Adjustment |
|
|
(713 |
) |
|
|
(231 |
) |
|
|
(2,363 |
) |
|
|
(1,469 |
) |
AFFO
Attributable to Common Shareholders |
|
$ |
19,701 |
|
|
$ |
19,463 |
|
|
$ |
57,507 |
|
|
$ |
58,705 |
|
(1) |
Represents our portion of the net realized gain from the sale of
our property that we owned a 51% interest in. |
(2) |
FFO Attributable to Common Shareholders for the three and nine
months ended June 30, 2021 includes Non-recurring Strategic
Alternatives & Proxy Costs of $8.7 million and $10.9 million,
respectively. FFO Attributable to Common Shareholders for the three
and nine months ended June 30, 2021 excluding these Non-recurring
Strategic Alternatives & Proxy Costs is $20.2 million and $61.9
million, respectively. |
The following are the Cash Flows provided
(used) by Operating, Investing and Financing Activities for the
nine months ended June 30, 2021 and 2020 (in thousands):
|
|
Nine Months Ended |
|
|
|
6/30/2021 |
|
|
6/30/2020 |
|
|
|
|
|
|
|
|
Operating Activities |
|
$ |
76,768 |
|
|
$ |
74,964 |
|
Investing
Activities |
|
|
(145,246 |
) |
|
|
(163,049 |
) |
Financing
Activities |
|
|
135,857 |
|
|
|
80,010 |
|
|
|
|
|
|
|
|
|
|
# # # # #
Contact:
Becky Coleridge732-577-9996 |
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