Toggle SGML Header (+)


Section 1: 10-Q (10-Q)

nbr_Current folio_10Q

Table of Contents

 

 

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, 2018

 

Commission File Number: 001-32657

 

NABORS INDUSTRIES LTD.

(Exact name of registrant as specified in its charter)

 

 

 

 

Bermuda

 

98-0363970

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

Crown House

Second Floor

4 Par-la-Ville Road

Hamilton, HM08

Bermuda

(441) 292-1510

(Address of principal executive office)

 

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.

 

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 (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 

 

YES ☒  NO ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.

 

 

 

 

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. ☐

 

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

 

YES ☐  NO ☒

 

The number of common shares, par value $.001 per share, outstanding as of October 31, 2018 was 357,794,566, excluding 52,800,203 common shares held by our subsidiaries, or 410,594,769 in the aggregate.

 

 

 

 


 

Table of Contents

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

 

Index

 

 

 

 

PART I FINANCIAL INFORMATION

 

 

 

Item 1. 

Financial Statements

 

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017

3

 

 

 

 

Condensed Consolidated Statements of Income (Loss) for the Three and Nine Months Ended September 30, 2018 and 2017

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2018 and 2017

5

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2018 and 2017

6

 

 

 

 

Condensed Consolidated Statements of Changes in Equity for the Nine Months Ended September 30, 2018 and 2017

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements

8

 

 

 

Item 2. 

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

43

 

 

 

Item 3. 

Quantitative and Qualitative Disclosures About Market Risk

53

 

 

 

Item 4. 

Controls and Procedures

53

 

 

 

PART II OTHER INFORMATION 

 

 

 

Item 1. 

Legal Proceedings

53

 

 

 

Item 1A. 

Risk Factors

54

 

 

 

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

55

 

 

 

Item 3. 

Defaults Upon Senior Securities

55

 

 

 

Item 4. 

Mine Safety Disclosures

55

 

 

 

Item 5. 

Other Information

55

 

 

 

Item 6. 

Exhibits

56

 

 

 

Signatures 

57

 

 

 

 

 

 

2


 

Table of Contents

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

    

2018

    

2017

 

 

 

(In thousands, except per

 

 

 

share amounts)

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

347,525

 

$

336,997

 

Short-term investments

 

 

41,033

 

 

28,369

 

Accounts receivable, net

 

 

775,137

 

 

698,477

 

Inventory, net

 

 

166,827

 

 

166,307

 

Assets held for sale

 

 

20,289

 

 

37,052

 

Other current assets

 

 

188,229

 

 

180,134

 

Total current assets

 

 

1,539,040

 

 

1,447,336

 

Property, plant and equipment, net

 

 

5,608,948

 

 

6,109,565

 

Goodwill

 

 

172,976

 

 

173,226

 

Deferred income taxes

 

 

407,851

 

 

419,003

 

Other long-term assets

 

 

231,732

 

 

252,854

 

Total assets (1)

 

$

7,960,547

 

$

8,401,984

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Current portion of debt

 

$

433

 

$

181

 

Trade accounts payable

 

 

331,713

 

 

363,416

 

Accrued liabilities

 

 

392,476

 

 

533,044

 

Income taxes payable

 

 

27,770

 

 

22,835

 

Total current liabilities

 

 

752,392

 

 

919,476

 

Long-term debt

 

 

3,737,273

 

 

4,027,766

 

Other long-term liabilities

 

 

272,607

 

 

301,633

 

Deferred income taxes

 

 

23,782

 

 

10,338

 

Total liabilities (1)

 

 

4,786,054

 

 

5,259,213

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

Redeemable noncontrolling interest in subsidiary (Note 3)

 

 

210,665

 

 

203,998

 

Equity:

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

Preferred shares, par value $0.001 per share:

 

 

 

 

 

 

 

Series A 6% Cumulative Mandatory Convertible; $50 per share liquidation preference; issued 5,750

 

 

 6

 

 

 —

 

Common shares, par value $0.001 per share:

 

 

 

 

 

 

 

Authorized common shares 800,000; issued 410,160 and 367,510, respectively

 

 

410

 

 

368

 

Capital in excess of par value

 

 

3,387,922

 

 

2,791,129

 

Accumulated other comprehensive income (loss)

 

 

(7,115)

 

 

11,185

 

Retained earnings

 

 

864,019

 

 

1,423,154

 

Less: treasury shares, at cost, 52,800 and 52,800 common shares, respectively

 

 

(1,314,020)

 

 

(1,314,020)

 

Total shareholders’ equity

 

 

2,931,222

 

 

2,911,816

 

Noncontrolling interest

 

 

32,606

 

 

26,957

 

Total equity

 

 

2,963,828

 

 

2,938,773

 

Total liabilities and equity

 

$

7,960,547

 

$

8,401,984

 


(1)

The condensed consolidated balance sheet as of September 30, 2018 and December 31, 2017 include assets and liabilities of variable interest entities. See Note 3—Joint Ventures for additional information.

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


 

Table of Contents

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

    

September 30,

    

September 30,

 

 

 

 

2018

 

2017

 

2018

 

2017

 

 

(In thousands, except per share amounts)

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

 

$

779,425

 

$

662,103

 

$

2,275,539

 

$

1,856,008

 

Earnings (losses) from unconsolidated affiliates

 

 

 

 —

 

 

 4

 

 

 1

 

 

 6

 

Investment income (loss)

 

 

 

(1,342)

 

 

373

 

 

(4,041)

 

 

208

 

Total revenues and other income

 

 

 

778,083

 

 

662,480

 

 

2,271,499

 

 

1,856,222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and other deductions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

 

497,194

 

 

441,263

 

 

1,466,572

 

 

1,246,428

 

General and administrative expenses

 

 

 

66,813

 

 

65,010

 

 

209,207

 

 

192,114

 

Research and engineering

 

 

 

14,458

 

 

12,960

 

 

42,703

 

 

36,060

 

Depreciation and amortization

 

 

 

208,517

 

 

217,075

 

 

640,227

 

 

628,837

 

Interest expense

 

 

 

51,415

 

 

54,607

 

 

173,393

 

 

165,813

 

Other, net

 

 

 

22,907

 

 

5,559

 

 

114,597

 

 

29,173

 

Total costs and other deductions

 

 

 

861,304

 

 

796,474

 

 

2,646,699

 

 

2,298,425

 

Income (loss) from continuing operations before income taxes

 

 

 

(83,221)

 

 

(133,994)

 

 

(375,200)

 

 

(442,203)

 

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

 

5,016

 

 

8,644

 

 

17,251

 

 

45,646

 

Deferred

 

 

 

5,473

 

 

(23,353)

 

 

40,061

 

 

(105,460)

 

Total income tax expense (benefit)

 

 

 

10,489

 

 

(14,709)

 

 

57,312

 

 

(59,814)

 

Income (loss) from continuing operations, net of tax

 

 

 

(93,710)

 

 

(119,285)

 

 

(432,512)

 

 

(382,389)

 

Income (loss) from discontinued operations, net of tax

 

 

 

(13,933)

 

 

(27,134)

 

 

(14,592)

 

 

(43,077)

 

Net income (loss)

 

 

 

(107,643)

 

 

(146,419)

 

 

(447,104)

 

 

(425,466)

 

Less: Net (income) loss attributable to noncontrolling interest

 

 

 

(6,934)

 

 

(2,113)

 

 

(10,426)

 

 

(5,001)

 

Net income (loss) attributable to Nabors

 

 

 

(114,577)

 

 

(148,532)

 

 

(457,530)

 

 

(430,467)

 

Less: Preferred stock dividend

 

 

 

(4,313)

 

 

 —

 

 

(7,993)

 

 

 —

 

Net income (loss) attributable to Nabors common shareholders

 

 

$

(118,890)

 

$

(148,532)

 

$

(465,523)

 

$

(430,467)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts attributable to Nabors common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

 

$

(104,957)

 

$

(121,398)

 

$

(450,931)

 

$

(387,390)

 

Net income (loss) from discontinued operations

 

 

 

(13,933)

 

 

(27,134)

 

 

(14,592)

 

 

(43,077)

 

Net income (loss) attributable to Nabors common shareholders

 

 

$

(118,890)

 

$

(148,532)

 

$

(465,523)

 

$

(430,467)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (losses) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic from continuing operations

 

 

$

(0.31)

 

$

(0.42)

 

$

(1.39)

 

$

(1.35)

 

Basic from discontinued operations

 

 

 

(0.04)

 

 

(0.10)

 

 

(0.05)

 

 

(0.16)

 

Total Basic

 

 

$

(0.35)

 

$

(0.52)

 

$

(1.44)

 

$

(1.51)

 

Diluted from continuing operations

 

 

$

(0.31)

 

$

(0.42)

 

$

(1.39)

 

$

(1.35)

 

Diluted from discontinued operations

 

 

 

(0.04)

 

 

(0.10)

 

 

(0.05)

 

 

(0.16)

 

Total Diluted

 

 

$

(0.35)

 

$

(0.52)

 

$

(1.44)

 

$

(1.51)

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

350,194

 

 

279,313

 

 

329,118

 

 

278,670

 

Diluted

 

 

 

350,194

 

 

279,313

 

 

329,118

 

 

278,670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


 

Table of Contents

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

 

    

September 30,

    

September 30,

 

 

 

 

 

2018

 

2017

 

2018

 

2017

 

 

 

(In thousands)

 

Net income (loss) attributable to Nabors

 

 

$

(114,577)

 

$

(148,532)

 

$

(457,530)

 

$

(430,467)

 

 

Other comprehensive income (loss), before tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment attributable to Nabors

 

 

 

5,309

 

 

16,444

 

 

(9,604)

 

 

31,183

 

 

Unrealized gains (losses) on marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on marketable securities

 

 

 

 —

 

 

(5,706)

 

 

 —

 

 

(5,122)

 

 

Less: reclassification adjustment for (gains) losses included in net income (loss)

 

 

 

 —

 

 

 —

 

 

 —

 

 

1,341

 

 

Unrealized gains (losses) on marketable securities

 

 

 

 —

 

 

(5,706)

 

 

 —

 

 

(3,781)

 

 

Pension liability amortization and adjustment

 

 

 

54

 

 

50

 

 

162

 

 

150

 

 

Unrealized gains (losses) and amortization on cash flow hedges

 

 

 

143

 

 

153

 

 

425

 

 

459

 

 

Adoption of ASU No. 2016-01

 

 

 

 —

 

 

 —

 

 

(9,144)

 

 

 —

 

 

Other comprehensive income (loss), before tax

 

 

 

5,506

 

 

10,941

 

 

(18,161)

 

 

28,011

 

 

Income tax expense (benefit) related to items of other comprehensive income (loss)

 

 

 

48

 

 

78

 

 

139

 

 

235

 

 

Other comprehensive income (loss), net of tax

 

 

 

5,458

 

 

10,863

 

 

(18,300)

 

 

27,776

 

 

Comprehensive income (loss) attributable to Nabors

 

 

 

(109,119)

 

 

(137,669)

 

 

(475,830)

 

 

(402,691)

 

 

Net income (loss) attributable to noncontrolling interest

 

 

 

6,934

 

 

2,113

 

 

10,426

 

 

5,001

 

 

Translation adjustment attributable to noncontrolling interest

 

 

 

58

 

 

160

 

 

(101)

 

 

317

 

 

Comprehensive income (loss) attributable to noncontrolling interest

 

 

 

6,992

 

 

2,273

 

 

10,325

 

 

5,318

 

 

Comprehensive income (loss)

 

 

$

(102,127)

 

$

(135,396)

 

$

(465,505)

 

$

(397,373)

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


 

Table of Contents

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

    

2018

    

2017

 

 

 

(In thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income (loss)

 

$

(447,104)

 

$

(425,466)

 

Adjustments to net income (loss):

 

 

 

 

 

 

 

Depreciation and amortization

 

 

641,841

 

 

630,773

 

Deferred income tax expense (benefit)

 

 

36,164

 

 

(114,973)

 

Impairments and other charges

 

 

16,530

 

 

35,293

 

Deferred financing costs amortization

 

 

6,287

 

 

5,300

 

Discount amortization on long-term debt

 

 

16,024

 

 

15,129

 

Losses (gains) on debt buyback

 

 

10,476

 

 

16,005

 

Losses (gains) on long-lived assets, net

 

 

74,388

 

 

10,180

 

Losses (gains) on investments, net

 

 

7,198

 

 

1,342

 

Provision (recovery) of bad debt

 

 

(2,568)

 

 

(692)

 

Share-based compensation

 

 

20,371

 

 

25,057

 

Foreign currency transaction losses (gains), net

 

 

7,870

 

 

1,728

 

Equity in (earnings) losses of unconsolidated affiliates, net of dividends

 

 

(1)

 

 

(6)

 

Other

 

 

(9,865)

 

 

(4,596)

 

Changes in operating assets and liabilities, net of effects from acquisitions:

 

 

 

 

 

 

 

Accounts receivable

 

 

(82,195)

 

 

(127,850)

 

Inventory

 

 

(1,478)

 

 

(14,567)

 

Other current assets

 

 

21,724

 

 

(6,967)

 

Other long-term assets

 

 

12,883

 

 

35,378

 

Trade accounts payable and accrued liabilities

 

 

(160,018)

 

 

21,611

 

Income taxes payable

 

 

(23,717)

 

 

19,790

 

Other long-term liabilities

 

 

(67,891)

 

 

(158,578)

 

Net cash (used for) provided by operating activities

 

 

76,919

 

 

(36,109)

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of investments

 

 

(676)

 

 

(6,722)

 

Sales and maturities of investments

 

 

2,962

 

 

12,533

 

Cash paid for acquisition of businesses, net of cash acquired

 

 

 —

 

 

(50,764)

 

Capital expenditures

 

 

(338,968)

 

 

(448,864)

 

Proceeds from sales of assets and insurance claims

 

 

86,666

 

 

32,805

 

Net cash (used for) provided by investing activities

 

 

(250,016)

 

 

(461,012)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Increase (decrease) in cash overdrafts

 

 

(261)

 

 

(78)

 

Proceeds from issuance of long-term debt

 

 

800,000

 

 

411,200

 

Debt issuance costs

 

 

(13,262)

 

 

(11,039)

 

Proceeds from revolving credit facilities

 

 

905,000

 

 

410,000

 

Reduction in revolving credit facilities

 

 

(1,200,000)

 

 

 —

 

Proceeds from issuance of common shares, net of issuance costs

 

 

301,835

 

 

8,300

 

Proceeds from issuance of preferred stock, net of issuance costs

 

 

278,358

 

 

 —

 

Distributions to noncontrolling interest

 

 

(4,676)

 

 

(7,272)

 

Noncontrolling interest contribution

 

 

 —

 

 

20,000

 

Reduction in long-term debt

 

 

(774,802)

 

 

(382,815)

 

Dividends to common shareholders

 

 

(57,661)

 

 

(51,346)

 

Dividends to preferred shareholders

 

 

(3,680)

 

 

 —

 

Proceeds from (payment for) commercial paper

 

 

(40,000)

 

 

78,000

 

Cash proceeds (payments) from equity component of exchangeable debt

 

 

 —

 

 

159,952

 

Payments on term loan

 

 

 —

 

 

(162,500)

 

Proceeds from (payments for) short-term borrowings

 

 

252

 

 

(528)

 

Purchase of capped call hedge transactions

 

 

 —

 

 

(40,250)

 

Other

 

 

(3,722)

 

 

(7,864)

 

Net cash provided by financing activities

 

 

187,381

 

 

423,760

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(5,320)

 

 

251

 

Net increase (decrease) in cash and cash equivalents and restricted cash

 

 

8,964

 

 

(73,110)

 

Cash and cash equivalents and restricted cash, beginning of period

 

 

342,029

 

 

264,990

 

Cash and cash equivalents and restricted cash, end of period

 

$

350,993

 

$

191,880

 

 

 

 

 

 

 

 

 

RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

 

336,997

 

 

264,093

 

Restricted cash, beginning of period

 

 

5,032

 

 

897

 

Cash and cash equivalents and restricted cash, beginning of period

 

$

342,029

 

$

264,990

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

 

347,525

 

 

190,556

 

Restricted cash, end of period

 

 

3,468

 

 

1,324

 

Cash and cash equivalents and restricted cash, end of period

 

$

350,993

 

$

191,880

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

6


 

Table of Contents

NABORS INDUSTRIES LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mandatory Convertible

 

 

 

 

 

 

Capital

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Shares

 

Common Shares

 

in Excess

 

Other

 

 

 

 

 

 

 

Non-

 

 

 

 

 

    

 

    

Par

    

 

    

Par

    

of Par

    

Comprehensive

    

Retained

    

Treasury

    

controlling

    

Total

 

(In thousands)

 

Shares

 

Value

 

Shares

 

Value

 

Value

 

Income

 

Earnings

 

Shares

 

Interest

 

Equity

 

As of December 31, 2016

 

 —

 

$

 —

 

333,598

 

$

334

 

$

2,521,332

 

$

(12,119)

 

$

2,033,427

 

$

(1,295,949)

 

$

7,770

 

$

3,254,795

 

Net income (loss)

 

 —

 

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(430,467)

 

 

 —

 

 

5,001

 

 

(425,466)

 

Dividends to shareholders ($0.18 per share)

 

 —

 

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(51,460)

 

 

 —

 

 

 —

 

 

(51,460)

 

Other comprehensive income (loss), net of tax

 

 —

 

 

 —

 

 —

 

 

 —

 

 

 —

 

 

27,776

 

 

 —

 

 

 —

 

 

317

 

 

28,093

 

Issuance of common shares for stock options exercised, net of surrender of unexercised stock options

 

 —

 

 

 —

 

843

 

 

 1

 

 

8,299

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

8,300

 

Share-based compensation

 

 —

 

 

 —

 

 —

 

 

 —

 

 

25,057

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

25,057

 

Equity component of exchangeable debt

 

 —

 

 

 —

 

 —

 

 

 —

 

 

116,195

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

116,195

 

Capped call transactions

 

 —

 

 

 —

 

 —

 

 

 —

 

 

(40,250)

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(40,250)

 

Adoption of ASU No. 2016-09

 

 —

 

 

 —

 

 —

 

 

 —

 

 

1,943

 

 

 —

 

 

5,150

 

 

 —

 

 

 —

 

 

7,093

 

Noncontrolling interest contributions (distributions)

 

 —

 

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

12,728

 

 

12,728

 

Other

 

 —

 

 

 —

 

1,109

 

 

 1

 

 

(7,865)

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(7,864)

 

As of September 30, 2017

 

 —

 

$

 —

 

335,550

 

$

336

 

$

2,624,711

 

$

15,657

 

$

1,556,650

 

$

(1,295,949)

 

$

25,816

 

$

2,927,221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2017

 

 —

 

$

 —

 

367,510

 

$

368

 

$

2,791,129

 

$

11,185

 

$

1,423,154

 

$

(1,314,020)

 

$

26,957

 

$

2,938,773

 

Net income (loss)

 

 —

 

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(457,530)

 

 

 —

 

 

10,426

 

 

(447,104)

 

Dividends to common shareholders ($0.18 per share)

 

 —

 

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(61,956)

 

 

 —

 

 

 —

 

 

(61,956)

 

Dividends to preferred shareholders ($1.39 per share)

 

 —

 

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(7,993)

 

 

 —

 

 

 —

 

 

(7,993)

 

Common share issuance

 

 —

 

 

 —

 

40,250

 

 

40

 

 

301,794

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

301,834

 

Convertible preferred share issuance

 

5,750

 

 

 6

 

 —

 

 

 —

 

 

278,352

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

278,358

 

Other comprehensive income (loss), net of tax

 

 —

 

 

 —

 

 —

 

 

 —

 

 

 —