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Section 1: 8-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) May 6, 2020

 

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

(Exact name of registrant as specified in its charter)

 

maryland   001-33177   22-1897375
(State or other jurisdiction   (Commission   (IRS Employer
of incorporation)   File Number)   Identification No.)

 

101 Crawfords Corner Road, Holmdel, NJ   07733
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code (732) 577-9996

 

 

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

 

Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 142-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 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. ☐

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
         
Common Stock   MNR   New York Stock Exchange
6.125% Series C Cumulative Redeemable Preferred Stock   MNR-PC   New York Stock Exchange

 

 

 

 
 

 

Item 2.02 Results of Operations and Financial Condition.

 

Item 7.01 Regulation FD Disclosure.

 

On May 6, 2020, Monmouth Real Estate Investment Corporation issued a press release announcing the results for the second quarter ended March 31, 2020 and disclosed a supplemental information package in connection with its earnings conference call for the second quarter ended March 31, 2020. A copy of the supplemental information package and press release is furnished with this report as Exhibit 99 and is incorporated herein by reference.

 

The information in this report and the exhibit attached hereto is being furnished, not filed, for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Item 2.02 and Item 7.01 of Form 8-K will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

 

Forward-Looking Statements

 

Statements contained in this report, including the documents that are incorporated by reference, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995 (the “Exchange Act”). All statements, other than statements of historical facts that address activities, events or developments where the Company uses any of the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” or similar expressions, are forward-looking statements. These forward-looking statements are not guaranteed and are based on the Company’s current intentions and on the Company’s current expectations and assumptions. These statements, intentions, expectations and assumptions involve risks and uncertainties, some of which are beyond the Company’s control that could cause actual results or events to differ materially from those that the Company anticipates or projects, such as:

 

  the ability of our tenants to make payments under their respective leases;
  our reliance on certain major tenants;
  our ability to re-lease properties that are currently vacant or that become vacant;
  our ability to obtain suitable tenants for our properties;
  changes in real estate market conditions, economic conditions in the industrial sector, the markets in which our properties are located and general economic conditions;
  the inherent risks associated with owning real estate, including local real estate market conditions, governing laws and regulations and illiquidity of real estate investments;
  the effect of COVID-19 on our business and general economic conditions;
  our ability to acquire, finance and sell properties on attractive terms;
  our ability to repay debt financing obligations;
  our ability to refinance amounts outstanding under our debt obligations at maturity on terms favorable to us, or at all;
  the loss of any member of our management team;
  our ability to comply with debt covenants;
  our ability to integrate acquired properties and operations into existing operations;
  continued availability of proceeds from issuances of our debt or equity securities;
  the availability of other debt and equity financing alternatives;
  changes in interest rates, including the replacement of the LIBOR reference rate, under our current credit facility and under any additional variable rate debt arrangements that we may enter into in the future;
  our ability to successfully implement our selective acquisition strategy;
  our ability to maintain internal controls and procedures to ensure all transactions are accounted for properly, all relevant disclosures and filings are timely made in accordance with all rules and regulations, and any potential fraud or embezzlement is thwarted or detected;
  changes in federal or state tax rules or regulations that could have adverse tax consequences;
  declines in the market prices of our investment securities; and
  our ability to qualify as a REIT for federal income tax purposes.

 

2
 

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

  99 Supplemental information package for the second quarter ended March 31, 2020 and press release dated May 6, 2020.

 

3
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

MONMOUTH REAL ESTATE INVESTMENT CORPORATION

 

/s/ Kevin S. Miller  
KEVIN S. MILLER  
Chief Financial and Accounting Officer  
   
Date May 6, 2020  

 

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Section 2: EX-99.1

 

Exhibit 99.1

 

 

 

 

 

MREIC Logo black text

 

Table of Contents

 

  Page
Consolidated Balance Sheets 3
Consolidated Statements of Income (Loss) 4
FFO, AFFO and Adjusted EBITDA Reconciliations 5
NOI Reconciliations 6
Financial Highlights 7
Same Property Statistics 9
Consolidated Statements of Cash Flows 10
Capital Structure and Leverage Ratios 11
Debt Maturity 13
Property Table by Tenant 14
Property Table by State 15
Lease Expirations 16
Recent Acquisitions 17
Property Table 18
Definitions 21
Press Release Dated May 6, 2020 22

 

The statement of operations and supplemental statement of operations provided in this supplemental information package present funds from operations (FFO), adjusted funds from operations (AFFO), net operating income (NOI) and adjusted EBITDA, which are REIT industry financial measures that are not calculated in accordance with accounting principles generally accepted in the United States. Please see page 21 for a definition of these supplemental performance measures. Please see the supplemental statement of operations reconciliation for a reconciliation of certain captions in the supplemental statement of operations reported in this supplemental information package to the statement of operations as reported in the Company’s filings with the SEC on Form 10-Q.

 

 

 

 

Consolidated Balance Sheets

(in thousands except for per share amounts)

 

   As of   As of 
  March 31,   September 30, 
   2020   2019 
   (unaudited)     
ASSETS        
Real Estate Investments:          
Land  $245,096   $239,299 
Buildings and Improvements   1,721,612    1,627,219 
Total Real Estate Investments   1,966,708    1,866,518 
Accumulated Depreciation   (272,372)   (249,584)
Real Estate Investments   1,694,336    1,616,934 
           
Cash and Cash Equivalents   35,913    20,179 
Securities Available for Sale at Fair Value   99,035    185,250 
Tenant and Other Receivables   3,688    1,335 
Deferred Rent Receivable   12,340    11,199 
Prepaid Expenses   11,915    6,714 
Intangible Assets, net of Accumulated Amortization of $16,701 and $15,686, respectively   16,456    14,970 
Capitalized Lease Costs, net of Accumulated Amortization of $3,895 and $3,378, respectively   5,931    5,670 
Financing Costs, net of Accumulated Amortization of $162 and $1,352, respectively   1,569    144 
Other Assets   8,865    9,553 
TOTAL ASSETS  $1,890,048   $1,871,948 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
           
Liabilities:          
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs  $779,742   $744,928 
Loans Payable   75,000    95,000 
Accounts Payable and Accrued Expenses   4,257    3,570 
Other Liabilities   22,206    17,407 
Total Liabilities   881,205    860,905 
           
COMMITMENTS AND CONTINGENCIES          
           
Shareholders’ Equity:          
6.125% Series C Cumulative Redeemable Preferred Stock, $0.01 Par Value Per Share: 21,900 and 16,400 Shares Authorized as of March 31, 2020 and September 30, 2019, respectively; 17,169 and 13,907 Shares Issued and Outstanding as of March 31, 2020 and September 30, 2019, respectively   429,215    347,678 
Common Stock, $0.01 Par Value Per Share: 200,000 and 188,040 Shares Authorized as of March 31, 2020 and September 30, 2019, respectively; 97,980 and 96,399 Shares Issued and Outstanding as of March 31, 2020 and September 30, 2019, respectively   980    964 
Excess Stock, $0.01 Par Value Per Share: 200,000 Shares Authorized as of March 31, 2020 and September 30, 2019; No Shares Issued or Outstanding as of March 31, 2020 and September 30, 2019   -0-    -0- 
Additional Paid-In Capital   578,648    662,401 
Undistributed Income   -0-    -0- 
Total Shareholders’ Equity   1,008,843    1,011,043 
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY  $1,890,048   $1,871,948 

 

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Consolidated Statements of Income (Loss)

(unaudited) (in thousands)

 

   For The   For The 
   Three Months Ended   Six Months Ended 
   3/31/2020   3/31/2019   3/31/2020   3/31/2019 
INCOME:                    
Rental Revenue  $35,114   $32,934   $69,983   $65,551 
Reimbursement Revenue   6,594    5,447    13,424    11,053 
TOTAL INCOME   41,708    38,381    83,407    76,604 
                     
EXPENSES:                    
Real Estate Taxes   5,029    4,163    10,064    8,203 
Operating Expenses   1,634    1,673    3,831    3,537 
General & Administrative Expenses   2,396    2,252    4,660    4,069 
Non-recurring Severance Expense   -0-    -0-    786    -0- 
Depreciation   11,475    10,756    22,907    21,234 
Amortization of Capitalized Lease Costs and Intangible Assets   767    721    1,521    1,423 
TOTAL EXPENSES   21,301    19,565    43,769    38,466 
                     
OTHER INCOME (EXPENSE):                    
Dividend Income   3,404    3,515    6,642    7,882 
Unrealized Holding Gains (Losses) Arising During the Periods   (83,075)   15,568    (86,710)   (27,059)
Interest Expense, including Amortization of Financing Costs   (9,050)   (9,598)   (18,259)   (18,603)
TOTAL OTHER INCOME (EXPENSE)   (88,721)   9,485    (98,327)   (37,780)
                     
NET INCOME (LOSS)   (68,314)   28,301    (58,689)   358 
                     
Less: Preferred Dividends   6,764    4,480    12,862    8,901 
                     
NET INCOME (LOSS) ATTRIBUTABLE TO                    
COMMON SHAREHOLDERS  $(75,078)  $23,821   $(71,551)  $(8,543)

 

SECOND QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION4
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FFO, AFFO and Adjusted EBITDA Reconciliations

(unaudited) (in thousands)

 

   For The   For The 
   Three Months Ended   Six Months Ended 
   3/31/2020   3/31/2019   3/31/2020   3/31/2019 
FFO, AFFO                    
Net Income (Loss) Attributable to Common Shareholders  $(75,078)  $23,821   $(71,551)  $(8,543)
Less/Plus: Unrealized Holding (Gains) Losses Arising During the Periods (1)   83,075    (15,568)   86,710    27,059 
Plus: Depreciation Expense (excluding Corporate Office Capitalized Costs)   11,409    10,589    22,788    21,026 
Plus: Amortization of Intangible Assets   508    505    1,016    1,005 
Plus: Amortization of Capitalized Lease Costs   285    241    557    470 
FFO Attributable to Common Shareholders   20,199    19,588    39,520    41,017 
Plus: Depreciation of Corporate Office Capitalized Costs   66    167    118    208 
Plus: Stock Compensation Expense   114    215    270    344 
Plus: Amortization of Financing Costs   322    320    758    637 
Plus: Non-recurring Severance Expense   -0-    -0-    786    -0- 
Less: Recurring Capital Expenditures   (717)   (630)   (936)   (1,187)
Less: Effect of Non-cash U.S. GAAP Straight-line Rent Adjustment   (632)   (488)   (1,232)   (825)
AFFO Attributable to Common Shareholders  $19,352   $19,172   $39,284   $40,194 

 

   For The   For The 
   Three Months Ended   Six Months Ended 
   3/31/2020   3/31/2019   3/31/2020   3/31/2019 
Adjusted EBITDA                    
Net Income (Loss) Attributable to Common Shareholders  $(75,078)  $23,821   $(71,551)  $(8,543)
Plus: Preferred Dividends   6,764    4,480    12,862    8,901 
Plus: Interest Expense, including Amortization of Financing Costs   9,050    9,598    18,259    18,603 
Plus: Depreciation and Amortization   12,242    11,477    24,428    22,658 
Plus: Net Amortization of Acquired Above and Below Market Lease Revenue   26    25    51    51 
Less/Plus: Unrealized Holding (Gains) Losses Arising During the Periods   83,075    (15,568)   86,710    27,059 
Adjusted EBITDA  $36,079   $33,833   $70,759   $68,729 

 

  (1) Unrealized Holding Gains or Losses Arising During the Periods, if any, were previously reported as an adjustment to Core Funds From Operations (Core FFO).

 

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NOI Reconciliations

(unaudited) (in thousands)

 

   For The   For The 
   Three Months Ended   Six Months Ended 
   3/31/2020   3/31/2019   3/31/2020   3/31/2019 
Net Operating Income                    
Net Income (Loss) Attributable to Common Shareholders  $(75,078)  $23,821   $(71,551)  $(8,543)
Plus: Preferred Dividends   6,764    4,480    12,862    8,901 
Plus: General & Administrative Expenses   2,396    2,252    4,660    4,069 
Plus: Non-recurring Severance Expense   -0-    -0-    786    -0- 
Plus: Depreciation   11,475    10,756    22,907    21,234 
Plus: Amortization of Capitalized Lease Costs and Intangible Assets   767    721    1,521    1,423 
Plus: Interest Expense, including Amortization of Financing Costs   9,050    9,598    18,259    18,603 
Less/Plus: Unrealized Holding (Gains) Losses Arising During the Periods   83,075    (15,568)   86,710    27,059 
Less: Dividend Income   (3,404)   (3,515)   (6,642)   (7,882)
Net Operating Income – NOI  $35,045   $32,545   $69,512   $64,864 

 

   For The   For The 
   Three Months Ended   Six Months Ended 
   3/31/2020   3/31/2019   3/31/2020   3/31/2019 
Components of Net Operating Income Consists of:                    
Revenues:                    
Rental Revenue  $35,114   $32,934   $69,983   $65,551 
Reimbursement Revenue   6,594    5,447    13,424    11,053 
Total Rental and Reimbursement Revenue   41,708    38,381    83,407    76,604 
                     
Expenses:                    
Real Estate Taxes   5,029    4,163    10,064    8,203 
Operating Expenses   1,634    1,673    3,831    3,537 
Total Real Estate Taxes and Operating Expenses   6,663    5,836    13,895    11,740 
Net Operating Income – NOI  $35,045   $32,545   $69,512   $64,864 

 

SECOND QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION6
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Financial Highlights

(unaudited) (in thousands except for per share amounts)

 

   For The   For The 
   Three Months Ended   Six Months Ended 
   3/31/2020   3/31/2019   Change (%)   3/31/2020   3/31/2019   Change (%) 
                         
Weighted Average Common Shares Outstanding                              
Basic   97,864    92,978    5.3%   97,370    91,728    6.2%
Diluted   97,941    93,059    5.2%   97,466    91,831    6.1%
                               
Net Income (Loss) Attributable to Common Shareholders  $(75,078)  $23,821    (415.2)%  $(71,551)  $(8,543)   (737.5)%
                               
Basic  $(0.77)  $0.26    (396.2)%  $(0.73)  $(0.09)   (711.1)%
Diluted   (0.77)   0.26    (396.2)%   (0.73)   (0.09)   (711.1)%
                               
Net Operating Income – NOI  $35,045   $32,545    7.7%  $69,512   $64,864    7.2%
                               
Basic  $0.36   $0.35    2.9%  $0.71   $0.71    0.0%
Diluted   0.36    0.35    2.9%   0.71    0.71    0.0%
                               
Funds From Operations – FFO  $20,199   $19,588    3.1%  $39,520   $41,017    (3.6)%
                               
Basic  $0.21   $0.21    0.0%  $0.41   $0.45    (8.9)%
Diluted   0.21    0.21    0.0%   0.41    0.45    (8.9)%
                               
Adjusted Funds From Operations – AFFO  $19,352   $19,172    0.9%  $39,284   $40,194    (2.3)%
                               
Basic  $0.20   $0.21    (4.8)%  $0.40   $0.44    (9.1)%
Diluted   0.20    0.21    (4.8)%   0.40    0.44    (9.1)%
                               
Dividends Declared per Common Share  $0.17   $0.17        $0.34   $0.34      
                               
Dividend/AFFO Payout Ratio   85.0%   81.0%        85.0%   77.3%     

 

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Same Property Statistics

(unaudited) (in thousands except for square feet)

 

   For The Three Months Ended         
   3/31/2020       3/31/2019   Change   Change % 
                     
Total Square Feet / Total Properties   23,019,627 / 116        21,802,046 / 113    1,217,581    5.6%
Occupancy Percentage at End of Period   99.4%        98.9%   50 bps    0.5%
                          
Same Property Square Feet / Number of Same Properties        21,513,880 / 112                
Same Property Occupancy Percentage at End of Period   99.4%        98.9%   50 bps    0.5%
                          
Same Property Net Operating Income (NOI) (GAAP)  $32,834        $32,201   $633    2.0%
                          
Reversal of Effect of Non-cash U.S. GAAP Straight-line Rent Adjustment   (435)        (454)   19      
Same Property Cash NOI  $32,399        $31,747   $652    2.1%

 

Same Property Statistics include all properties owned during the entire periods presented with the exclusion of properties expanded during the periods presented.

 

Reconciliation of Same Property NOI to Total NOI

(unaudited) (in thousands)

 

   For The       
   Three Months Ended       
   3/31/2020   3/31/2019   Change   Change % 
                 
Same Property NOI (GAAP)  $32,834   $32,201   $633    2.0%
                     
NOI of properties purchased subsequent to December 31, 2018 (one property purchased during fiscal 2019 and two properties purchased during fiscal 2020)   1,700    0           
                     
NOI of property expanded subsequent to December 31, 2018 (one property expanded during fiscal 2019)   511    344           
                     
Total NOI  $35,045   $32,545   $2,500    7.7%

 

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Same Property Statistics

(unaudited) (in thousands except for square feet)

 

   For The Six Months Ended         
   3/31/2020       3/31/2019   Change   Change % 
                     
Total Square Feet / Total Properties   23,019,627 / 116        21,802,046 / 113    1,217,581    5.6%
Occupancy Percentage at End of Period   99.4%        98.9%   50 bps    0.5%
                          
Same Property Square Feet / Number of Same Properties        21,040,215 / 110                
Same Property Occupancy Percentage at End of Period   99.3%        98.9%   40 bps    0.4%
                          
Same Property Net Operating Income (NOI) (GAAP)  $61,709        $61,178   $531    0.9%
                          
Reversal of Effect of Non-cash U.S. GAAP Straight-line Rent Adjustment   (878)        (919)   41      
Same Property Cash NOI  $60,831        $60,259   $572    0.9%

 

Same Property Statistics include all properties owned during the entire periods presented with the exclusion of properties expanded during the periods presented.

 

Reconciliation of Same Property NOI to Total NOI

(unaudited) (in thousands)

 

   For The Six Months Ended         
   3/31/2020   3/31/2019   Change   Change % 
                 
Same Property NOI (GAAP)  $61,709   $61,178   $531    0.9%
                     
NOI of properties purchased subsequent to September 30, 2018 (three properties purchased during fiscal 2019 and two properties purchased during fiscal 2020)   6,782    3,084           
                     
NOI of property expanded subsequent to September 30, 2018 (one property expanded during fiscal 2019)   1,021    602           
                     
Total NOI  $69,512   $64,864   $4,648    7.2%

 

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Consolidated Statements of Cash Flows

 

(unaudited)(in thousands)

 

   For The 
   Six Months Ended 
   3/31/2020   3/31/2019 
CASH FLOWS FROM OPERATING ACTIVITIES          
Net Income (Loss)  $(58,689)  $358 
Noncash Items Included in Net Income (Loss):          
Depreciation & Amortization   25,186    23,294 
Deferred Straight Line Rent   (1,232)   (825)
Stock Compensation Expense   270    344 
Securities received as Dividend Income   (745)   (430)
Unrealized Holding Losses Arising During the Periods   86,710    27,059 
Changes in:          
Tenant & Other Receivables   (2,302)   (401)
Prepaid Expenses   (5,201)   (4,041)
Other Assets & Capitalized Lease Costs   (1,380)   1,349 
Accounts Payable, Accrued Expenses & Other Liabilities   5,237    3,511 
NET CASH PROVIDED BY OPERATING ACTIVITIES   47,854    50,218 
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Purchase of Real Estate & Intangible Assets   (99,424)   (113,406)
Capital Improvements   (3,314)   (9,205)
Return of Deposits on Real Estate   1,300    200 
Deposits Paid on Acquisitions of Real Estate   (200)   (1,550)
Proceeds from Sale of Securities Available for Sale Called for Redemption   250    -0- 
Purchase of Securities Available for Sale   -0-    (49,067)
NET CASH USED IN INVESTING ACTIVITIES   (101,388)   (173,028)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Net Repayments on Loans Payable   (20,000)   (56,850)
Proceeds from Fixed Rate Mortgage Notes Payable   61,900    72,500 
Principal Payments on Fixed Rate Mortgage Notes Payable   (27,191)   (29,929)
Financing Costs Paid on Debt   (2,078)   (443)
Proceeds from the Exercise of Stock Options   1,016    567 
Proceeds from Underwritten Public Offering of Common Stock,
net of offering costs
   -0-    132,338 
Proceeds from At-The-Market 6.125% Series C Preferred Stock,
net of offering costs
   80,288    11,282 
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments   18,489    32,147 
Shares repurchased through the Common Stock Repurchase Plan   (3,209)   -0- 
Preferred Dividends Paid   (12,445)   (8,839)
Common Dividends Paid, net of Reinvestments   (27,502)   (22,929)
NET CASH PROVIDED BY FINANCING ACTIVITIES   69,268    129,844 
           
NET INCREASE IN CASH AND CASH EQUIVALENTS   15,734    7,034 
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   20,179    9,324 
CASH AND CASH EQUIVALENTS - END OF PERIOD  $35,913   $16,358 

 

SECOND QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION10
Table of Contents

 

Capital Structure and Leverage Ratios

(unaudited) (in thousands except for per share amounts)

 

   As of   As of   As of 
   3/31/2020   3/31/2019   9/30/2019 
             
Fixed Rate Mortgage Notes Payable, net of Unamortized Debt Issuance Costs  $779,742   $754,123   $744,928 
Loans Payable   75,000    129,759    95,000 
Total Debt   854,742    883,882    839,928 
                
6.125% Series C Cumulative Redeemable Preferred Stock   429,215    299,230    347,678 
Common Stock, Additional Paid-In-Capital & Other   579,628    643,882    663,365 
Total Shareholders’ Equity   1,008,843    943,112    1,011,043 
                
Total Book Capitalization   1,863,585    1,826,994    1,850,971 
                
Accumulated Depreciation   272,372    228,092    249,584 
Total Undepreciated Book Capitalization  $2,135,957   $2,055,086   $2,100,555 
                
Shares Outstanding   97,980    93,869    96,399 
Market Price Per Share  $12.05   $13.18   $14.41 
                
Equity Market Capitalization  $1,180,654   $1,237,194   $1,389,107 
Total Debt   854,742    883,882    839,928 
Total Preferred Stock   429,215    299,230    347,678 
Total Market Capitalization  $2,464,611   $2,420,306   $2,576,713 
                
Total Debt  $854,742   $883,882   $839,928 
less: Cash and Cash Equivalents   35,913    16,358    20,179 
Net Debt  $818,829   $867,524   $819,749 
less: Securities Available for Sale at Fair Value (Securities)   99,035    177,359    185,250 
Net Debt Less Securities  $719,794   $690,165   $634,499 
                
Net Debt / Total Undepreciated Book Capitalization   38.3%   42.2%   39.0%
Net Debt / Total Market Capitalization   33.2%   35.8%   31.8%
Net Debt Plus Preferred Stock / Total Market Capitalization   50.6%   48.2%   45.3%
Net Debt Less Securities / Total Undepreciated Book Capitalization   33.7%   33.6%   30.2%
Net Debt Less Securities / Total Market Capitalization   29.2%   28.5%   24.6%
Net Debt Less Securities Plus Preferred Stock / Total Market Capitalization   46.6%   40.9%   38.1%
                
Weighted Average Interest Rate on Fixed Rate Mortgage Debt   4.04%   4.07%   4.03%
Weighted Average Term on Fixed Rate Mortgage Debt   11.3 yrs.    11.6 yrs.    11.3 yrs. 
Weighted Average Interest Rate on Fixed Rate Debt (1)   3.94%   4.07%   4.03%
Weighted Average Term on Fixed Rate Debt (1)   10.7 yrs.    11.6 yrs.    11.3 yrs. 
Weighted Average Lease Term   7.4 yrs.    8.0 yrs.    7.6 yrs. 

 

  (1) For the quarter ended 3/31/20, Fixed Rate Debt (excluding unamortized debt issue costs) includes $788 million in Fixed Rate Mortgage Debt and a $75 million term loan that is fixed with a LIBOR interest rate swap agreement. We obtained the $75 million term loan during the six months ended 3/31/20. Therefore, for prior year quarters presented, the Fixed Rate Debt only includes Fixed Rate Mortgage Debt.

 

SECOND QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION11
Table of Contents

 

Capital Structure and Leverage Ratios

(unaudited) (in thousands)

 

   For the Three Months Ended   For the Six Months Ended   Fiscal Year Ended 
   3/31/2020   3/31/2019   3/31/2020   3/31/2019   9/30/2019 
Net Income (Loss) Attributable to Common Shareholders  $(75,078)  $23,821   $(71,551)  $(8,543)  $11,026 
Plus: Preferred Dividends   6,764    4,480    12,862    8,901    18,774 
Plus: Interest Expense, including Amortization of Financing Costs   9,050    9,598    18,259    18,603    36,912 
Plus: Depreciation and Amortization   12,242    11,477    24,428    22,658    45,890 
Plus: Net Amortization of Acquired Above and Below Market Lease Revenue   26    25    51    51    103 
Less/Plus: Unrealized Holding (Gains) Losses Arising During the Periods   83,075    (15,568)   86,710    27,059    24,680 
Adjusted EBITDA  $36,079   $33,833   $70,759   $68,729   $137,385 
                          
Interest Expense, including Amortization of Financing Costs  $9,050   $9,598   $18,259   $18,603   $36,912 
Preferred Dividends   6,764    4,480    12,862    8,901    18,774 
Total Fixed Charges  $15,814   $14,078   $31,121   $27,504   $55,686 
                          
Interest Coverage   4.0 x    3.5 x    3.9 x    3.7 x     3.7 x 
Fixed Charge Coverage   2.3 x    2.4 x    2.3 x    2.5 x     2.5 x 
                          
Net Debt  $818,829   $867,524   $818,829   $867,524   $819,749 
Net Debt Less Securities   719,794    690,165    719,794    690,165    634,499 
Total Preferred Stock   429,215    299,230    429,215    299,230    347,678 
Annualized Adjusted EBITDA   144,316    135,332    141,518    137,458    137,385 
                          
Net Debt / Adjusted EBITDA   5.7 x    6.4 x    5.8 x    6.3 x     6.0 x 
Net Debt Less Securities / Adjusted EBITDA   5.0 x    5.1 x    5.1 x    5.0 x     4.6 x 
Net Debt + Preferred Stock / Adjusted EBITDA   8.6 x    8.6 x    8.8 x    8.5 x     8.5 x 
Net Debt Less Securities + Preferred Stock / Adjusted EBITDA   8.0 x    7.3 x    8.1 x    7.2 x     7.1 x 

 

SECOND QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION12
Table of Contents

 

Debt Maturity

(unaudited) (In thousands)

 

 

Fiscal Year Ended      Mortgages   Loans Payable     Total   % of Total 
                       
2020      $28,156   $-0-     $28,156    3.3%
2021       58,193    -0-      58,193    6.7%
2022       80,477    -0-      80,477    9.3%
2023       59,338    -0-      59,338    6.9%
2024       72,535    -0-      72,535    8.4%
Thereafter       488,926    75,000  (B)   563,926    65.4%
                           
Total as of 3/31/2020  (A)   $787,625   $75,000     $862,625    100.0%
                           
Weighted Average Interest Rate       4.04%   2.92%     3.94%     
Weighted Average Term       11.3 yrs.    4.8 yrs.      10.7 yrs.      

 

  (A) Mortgages does not include unamortized debt issuance costs of $7.9 million.
  (B) Represents a Term Loan maturing January 2025.

 

SECOND QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION13
Table of Contents

 


Property Table by Tenant

(unaudited)

 

 
Tenant
 
 
 
 
 
 
Property
Count
 
 
 
 
Square
Footage
 
 
 
 
Occupied Square
Footage
 
 
 
 
% of Occupied
sf
 
 
 
 
Annual
Rent
 
 
 
 
% of Total
Ann. Rent
 
 
 
 
Rent Per
sf Occup.
 
 
 
 
Undepreciated
Cost
 
 
 
 
Mortgage
Balance
 
 
                                        
FedEx Ground Package System, Inc.      44    8,815,312    8,815,312    38.3%  $71,005,000    49.4%  $8.05   $1,008,572,421   $434,473,387 
FedEx Corporation      15    1,095,096    1,095,096    4.8%   6,720,000    4.7%   6.14    95,883,586    12,598,966 
FedEx Forward Depots, Inc.      1    449,900    449,900    2.0%   1,394,000    0.9%   3.10    16,092,852    3,758,157 
Total FedEx      60    10,360,308    10,360,308    45.1%   79,119,000    55.0%   7.64    1,120,548,859    450,830,510 
                                                 
Amazon.com Services, Inc. (Amazon.com, Inc.)      4    1,370,465    1,370,465    6.0%   9,709,000    6.8%   7.08    151,565,650    86,911,455 
Milwaukee Electric Tool Corporation      1    861,889    861,889    3.7%   3,076,000    2.1%   3.57    36,914,917    18,987,962 
Shaw Industries, Inc.      1    831,764    831,764    3.6%   3,529,000    2.5%   4.24    56,025,945    29,322,922 
ULTA, Inc.      1    671,354    671,354    2.9%   2,755,000    1.9%   4.10    37,540,423    18,070,216 
Jim Beam Brands Company (Beam Suntory)      1    599,840    599,840    2.6%   2,092,000    1.5%   3.49    28,000,000    15,155,360 
International Paper Company      2    578,472    578,472    2.5%   2,639,000    1.8%   4.56    37,024,608    18,591,412 
TreeHouse Private Brands, Inc.      1    558,600    558,600    2.4%   2,246,000    1.6%   4.02    26,807,852    14,185,207 
Autoneum North America, Inc.      1    413,605    413,605    1.8%   2,221,000    1.5%   5.37    21,040,396    13,276,078 
B. Braun Medical Inc.      1    399,440    399,440    1.7%   2,159,000    1.5%   5.41    30,008,069    17,727,063 
UGN, Inc.      1    387,000    387,000    1.7%   2,088,000    1.5%   5.40    21,576,756    13,098,389 
CBOCS Distribution, Inc. (Cracker Barrel)      1    381,240    381,240    1.7%   1,475,000    1.0%   3.87    14,215,126    -0- 
Best Buy Warehousing Logistics, LLC      1    368,060    368,060    1.6%   1,709,000    1.2%   4.64    19,600,000    8,356,776 
Toyota Tsusho America, Inc.      1    350,000    350,000    1.5%   1,710,000    1.2%   4.89    25,078,587    16,521,184 
Coca-Cola      2    323,358    323,358    1.4%   1,725,000    1.2%   5.33    20,504,069    2,888,659 
Science Applications International Corporation      1    302,400    302,400    1.3%   1,683,000    1.2%   5.57    14,446,471    -0- 
Bunzl USA Holdings, Inc.      2    268,778    268,778    1.2%   1,500,000    1.0%   5.58    18,731,674    11,275,723 
Woodstream Corporation  (A)    1    256,000    256,000    1.1%   932,000    0.6%   3.64    8,958,278    -0- 
Anda Pharmaceuticals, Inc.      1    234,660    234,660    1.0%   1,215,000    0.8%   5.18    14,550,000    6,596,916 
United Technologies Corporation      2    223,150    223,150    1.0%   1,507,000    1.0%   6.75    23,594,917    5,185,920 
Mickey Thompson Performance Tires and Wheels (Cooper Tire)      1    219,765    219,765    1.0%   1,523,000    1.1%   6.93    18,934,065    11,149,989 
Rinnai America Corporation      1    218,120    218,120    0.9%   851,000    0.6%   3.90    15,082,217    -0- 
Anheuser-Busch, Inc.      1    184,800    184,800    0.8%   843,000    0.6%   4.56    12,697,848    -0- 
Carlisle Tire & Wheel Company      1    179,280    179,280    0.8%   765,000    0.5%   4.27    7,232,986    -0- 
NF&M International, Inc.  (B)    1    174,802    174,802    0.8%   841,000    0.6%   4.81    5,411,182    -0- 
Home Depot USA, Inc.      1    171,200    171,200    0.7%   1,064,000    0.7%   6.21    11,303,317    -0- 
Magna Seating of America, Inc.      1    153,000    153,000    0.7%   1,197,000    0.8%   7.82    17,557,830    9,400,000 
Victory Packaging, L.P.      1    148,000    148,000    0.6%   514,000    0.4%   3.47    5,455,379    -0- 
Challenger Lifts, Inc. (Snap-On Inc.)      1    137,500    137,500    0.6%   852,000    0.6%   6.20    11,304,000    5,913,698 
Altec Industries, Inc.   (A)    1    126,880    126,880    0.6%   376,000    0.3%   2.96    4,439,947    -0- 
General Electric Company      1    125,860    125,860    0.5%   1,334,000    0.9%   10.60    19,964,283               10,000,245 
Keurig Dr Pepper      2    110,080    110,080    0.5%   753,000    0.5%   6.84    10,498,031    1,483,106 
Style Crest, Inc.      1    106,507    106,507    0.5%   398,000    0.3%   3.74    7,263,673    -0- 
Sonwil Distribution Center, Inc.      1    104,981    104,981    0.5%   630,000    0.4%   6.00    10,960,823    -0- 
Pittsburgh Glass Works, LLC      1    102,135    102,135    0.4%   450,000    0.3%   4.41    4,249,615    -0- 
Dakota Bodies, LLC      1    96,687    96,687    0.4%   378,000    0.3%   3.91    7,785,314    -0- 
National Oilwell Varco, Inc.      1    91,295    91,295    0.4%   796,000    0.6%   8.72    8,163,278    1,377,267 
Joseph T. Ryerson and Son, Inc.      1    89,052    89,052    0.4%   514,000    0.4%   5.77    7,066,732    -0- 
CHEP USA, Inc.      1    83,000    83,000    0.4%   506,000    0.4%   6.10    7,463,672    -0- 
Sherwin-Williams Company      2    78,887    78,887    0.3%   648,000    0.5%   8.21    7,258,078    -0- 
RGH Enterprises, Inc. (Cardinal Health)      1    75,000    75,000    0.3%   619,000    0.4%   8.25    5,525,600    -0- 
Tampa Bay Grand Prix      1    68,385    68,385    0.3%   361,000    0.3%   5.28    5,677,982    -0- 
Various Tenants at Retail Shopping Center      1    64,220    62,440    0.3%   784,000    0.5%   12.56    3,139,564    -0- 
SOFIVE, Inc.      1    60,400    60,400    0.3%   633,000    0.4%   10.48    5,296,752    1,318,819 
Locke Supply Co.      1    60,000    60,000    0.3%   325,000    0.2%   5.42    4,914,955    -0- 
Siemens Real Estate      1    51,130    51,130    0.1%   459,000    0.3%   8.98    4,452,425    -0- 
Foundation Building Materials, LLC      1    36,270    36,270    0.1%   178,000    0.1%   4.91    2,543,770    -0- 
Graybar Electric Company      1    26,340    26,340    0.1%   121,000    0.1%   4.59    2,312,027    -0- 
Vacant   (B)    2    135,668    -0-    0.0%   -0-    0.0%   -0-    6,009,731    -0- 
Total as of 3/31/20      116    23,019,627    22,882,179    99.4%  $143,802,000    100.0%  $6.28   $1,966,697,673  (C)  $ 787,624,876 

 

  (A) Woodstream Corporation and Altec Industries, Inc. are located at one property and, therefore, are counted as one property in the Property Count Total.
  (B) NF&M International is located in a 255,658 square foot industrial park in Monaca (Pittsburgh), PA, of which 80,856 square feet is vacant. This industrial park is counted as one property in the Property Count Total.
    Other than two properties indicated in footnotes (A) and (B) and one retail property, all properties are single-tenant.
  (C) Does not include unamortized debt issuance costs of $7,883,277.

 

SECOND QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION14
Table of Contents

 

Property Table by State

(unaudited)

 

 
State
 
 
Property
Count
 
 
 
 
Square
Footage
 
 
 
 
Occupied Square
Footage
 
 
 
 
% of Total
sf
 
 
 
 
Annual
Rent
 
 
 
 
% of Total
Ann. Rent
 
 
 
 
Rent Per
sf Occup.
 
 
 
 
Undepreciated
Cost
 
 
 
 
Mortgage
Balance
 
 
Florida   13    2,211,583    2,211,583    9.6%  $15,817,000    11.0%  $7.15   $227,294,042   $       87,155,584 
Indiana   4    1,964,923    1,964,923    8.5%   11,132,000    7.7%   5.67    167,487,002    95,387,657 
Ohio   10    1,858,506    1,858,506    8.1%   11,218,000    7.8%   6.04    137,086,907    52,569,190 
Texas   10    1,781,967    1,781,967    7.7%   13,788,000    9.6%   7.74    183,030,482    69,218,487 
Georgia   6    1,639,696    1,639,696    7.1%   10,551,000    7.3%   6.43    166,213,681    82,651,157 
South Carolina   6    1,371,721    1,371,721    6.0%   10,309,000    7.2%   7.52    129,916,784    53,457,653 
Kentucky   3    1,295,940    1,295,940    5.6%   5,190,000    3.6%   4.00    66,111,852    35,254,265 
Mississippi   4    1,158,889    1,158,889    5.0%   4,532,000    3.2%   3.91    55,677,635    25,584,878 
Illinois   9    958,045    958,045    4.2%   6,222,000    4.3%   6.49    82,801,814    7,642,546 
North Carolina   4    939,706    939,706    4.1%   5,686,000    4.0%   6.05    85,815,885    38,843,474 
Tennessee   3    891,777    891,777    3.9%   3,188,000    2.2%   3.57    35,677,250    3,758,157 
Michigan   4    833,054    833,054    3.6%   5,577,000    3.9%   6.69    73,374,059    23,112,149 
Kansas   4    813,043    813,043    3.5%   4,678,000    3.3%   5.75    60,943,937    26,607,739 
Missouri   4    740,119    740,119    3.2%   2,900,000    2.0%   3.92    35,436,389    6,365,378 
Oklahoma   4    614,941    614,941    2.7%   3,975,000    2.8%   6.46    54,961,021    26,803,706 
New York   3    518,565    518,565    2.3%   3,572,000    2.5%   6.89    51,587,223    19,429,142 
Pennsylvania   3    504,040    423,184    2.2%   2,826,000    2.0%   6.68    36,901,415    12,639,230 
New Jersey   3    471,765    469,985    2.0%   6,723,000    4.7%   14.30    92,423,939    52,687,945 
Alabama   2    451,595    451,595    2.0%   2,650,000    1.8%   5.87    39,714,135    17,270,843 
Virginia   5    407,265    407,265    1.8%   2,456,000    1.7%   6.03    34,860,124    3,652,516 
Colorado   2    295,227    295,227    1.3%   2,441,000    1.7%   8.27    35,683,647    15,106,669 
Arizona   1    283,358    283,358    1.2%   1,393,000    1.0%   4.92    16,824,226    2,450,448 
Wisconsin   2    238,666    238,666    1.0%   1,295,000    0.9%   5.43    16,377,221    2,141,856 
Washington   1    210,445    210,445    0.9%   1,962,000    1.4%   9.32    30,320,686    16,058,668 
Louisiana   1    175,315    175,315    0.8%   1,270,000    0.9%   7.24    18,425,875    10,059,120 
Maryland   1    148,881    148,881    0.6%   1,455,000    1.0%   9.77    14,512,355    -0- 
Nebraska   1    89,115    89,115    0.4%   446,000    0.2%   5.00    5,963,626    -0- 
Minnesota   1    60,398    60,398    0.3%   372,000    0.2%   6.16    5,223,944    1,716,419 
Connecticut   1    54,812    -0-    0.2%   -0-    0.0%   -0-    3,506,747    -0- 
Iowa   1    36,270    36,270    0.2%   178,000    0.1%   4.91    2,543,770    -0- 
Total as of 3/31/20   116    23,019,627    22,882,179    100.0%  $143,802,000    100.0%  $6.28   $1,966,697,673 (A)  $787,624,876 

 

  (A) Does not include unamortized debt issuance costs of $7,883,277.

 

SECOND QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION15
Table of Contents

 

Lease Expirations

(unaudited)

 


Fiscal Year
 
 
 
 
 
 
 
 
Property
Count
 
 
 
 
Square
Footage
 
 
 
 
% of Total
Sf
 
 
 
 
Annual
Rent
 
 
 
 
% of Total
Ann. Rent
 
 
 
 
Rent Per sf
Occup.
 
 
 
 
Lease Exp.
Term in Years
 
 
 
 
Undepreciated
Cost
 
 
 
 
Mortgage
Balance
 
 
                                         
2020(B)       1    98,045    0.4%  $490,000    0.3%  $5.00    0.2   $-0-   $-0- 
2021(A)       10    1,206,723    5.2%   5,560,000    3.9%   4.61    1.2    69,813,125    6,803,589 
2022       7    1,152,006    5.0%   6,372,000    4.4%   5.53    1.9    78,920,819              20,268,373 
2023(A)       14    1,840,004    8.0%   10,612,000    7.4%   5.77    3.2    128,514,559    18,177,152 
2024       13    1,887,034    8.2%   11,722,000    8.2%   6.21    4.1    137,370,052    23,574,582 
2025(A)       10    2,459,470    10.7%   12,462,000    8.7%   5.07    5.1    164,430,576    65,735,019 
2026       8    1,078,913    4.7%   8,331,000    5.8%   7.72    6.1    113,183,322    31,020,612 
2027       12    2,373,001    10.3%   13,049,000    9.1%   5.50    7.4    185,550,657    65,599,896 
2028       11    2,571,915    11.2%   13,970,000    9.7%   5.43    8.0    182,446,253    63,454,104 
2029       9    1,830,929    8.0%   10,548,000    7.3%   5.76    9.1    147,728,409    63,010,860 
2030       5    1,026,032    4.5%   8,177,000    5.7%   7.97    10.0    119,468,217    59,863,914 
2031       3    963,269    4.2%   7,152,000    5.0%   7.42    11.1    104,617,800    59,109,378 
2032(B)       8    2,131,983    9.3%   18,803,000    13.1%   8.82    12.1    290,952,566    167,404,925 
2033       2    639,068    2.8%   6,486,000    4.5%   10.15    13.1    106,803,506    64,469,981 
2034       3    1,561,347    6.8%   9,284,000    6.5%   5.95    14.0    127,748,517    79,132,491 
Various tenants at retail shopping center       1    64,220    0.2%   784,000    0.4%   12.56    -0-    3,139,564    -0- 
Vacant  (A)    2    135,668    0.5%   -0-    0.0%   -0-    -0-    6,009,731    -0- 
Total as of 3/31/20       116    23,019,627    100.0%  $143,802,000    100.0%  $6.28    7.4   $1,966,697,673 (C)  $787,624,876 

 

  (A) Included in 2021 is Woodstream Corporation and included in 2023 is Altec Industries which both occupy one property. Included in 2025 is NF&M International, which occupies 174,802 square feet of a 255,658 square foot Industrial Park. The remaining 80,856 square feet is included in Vacant. Each of these properties are counted as one property in the Property Count Total. Other than these properties and one retail property, all properties are single-tenant.
  (B) Included in 2020 and 2032 is a property located in Aiken (Augusta, GA), SC leased to Autoneum North America, Inc. This property contains two leasable structures with two different lease terms. Both are counted as one property in the property count total.
  (C) Does not include unamortized debt issuance costs of $7,883,277.

 

SECOND QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION16
Table of Contents

 

Recent Acquisitions During Fiscal 2020

(unaudited)

 

 
No
 
 
 
Tenant
 
 
 
City (MSA)
 
 
 
State
 
 
 
 
Date of
Acquisition
 
 
 
 
Square
Footage
 
 
 
 
Annual
Rent
 
 
 
 
Rent Per
sf Occup.
 
 
 
 
Lease
Expiration
 
 
 
 
Purchase
Price
 
 
 
 
Initial Mortgage
Balance
 
 
1  Amazon.com Services, Inc.  Greenwood (Indianapolis)  IN     10/10/19    615,747   $4,950,000   $8.04    8/31/34   $81,500,000   $52,500,000 
2  Magna Seating of America, Inc.  Lancaster (Columbus)  OH    3/30/20    153,000    1,197,000    7.82    1/31/30    17,900,000    9,400,000 
   As of 3/31/20               768,747   $6,147,000   $8.00        $99,400,000   $61,900,000 

 

SECOND QUARTER FISCAL YEAR 2020 SUPPLEMENTAL INFORMATION17
Table of Contents

 

Property Table

(unaudited)

 

                 Fiscal Year       Square   Annual   Rent Per sf   Lease Exp. Term in   Undepreciated   Mortgage 
No  Tenant      City (MSA)  State   Acquisition   Occup.   Footage   Rent   Occup.   Years   Cost   Balance 
 1  Milwaukee Electric Tool Corporation      Olive Branch (Memphis, TN)  MS   2013    100.0%   861,889   $3,076,000   $3.57    8.3   $36,914,917   $18,987,962 
 2  Shaw Industries, Inc.      Savannah  GA   2018    100.0%   831,764    3,529,000    4.24    7.5    56,025,945    29,322,922 
 3  ULTA, Inc.      Greenwood (Indianapolis)  IN   2015    100.0%   671,354    2,755,000    4.10    5.3    37,540,423    18,070,216 
 4  Amazon.com Services, Inc. (Amazon.com, Inc.)      Greenwood (Indianapolis)  IN    2020    100.0%   615,747    4,950,000    8.04    14.4    79,363,910    51,848,895 
 5  Jim Beam Brands Company (Beam Suntory)      Frankfort (Lexington)  KY   2015    100.0%   599,840    2,092,000    3.49    4.8    28,000,000    15,155,360 
 6  TreeHouse Private Brands, Inc.      Buckner (Louisville)  KY   2014    100.0%   558,600    2,246,000    4.02    13.6    26,807,852    14,185,207 
 7  FedEx Forward Depots, Inc.      Memphis  TN   2010    100.0%   449,900    1,394,000    3.10    9.2    16,092,852    3,758,157 
 8  Autoneum North America, Inc.  (B)   Aiken (Augusta, GA)  SC   2017    100.0%   315,560    1,731,000    5.49    12.1    21,040,396    13,276,078 
   Autoneum North America, Inc.      Aiken (Augusta, GA)  SC   2017    100.0%   98,045    490,000    5.00    0.2    -0-    -0- 
 9  B. Braun Medical Inc.      Daytona Beach  FL   2018    100.0%   399,440    2,159,000    5.41    8.0    30,008,069    17,727,063 
 10  UGN, Inc.      Monroe (Cincinnati)  OH   2015    100.0%   387,000    2,088,000    5.40    13.9    21,576,756    13,098,389 
 11  Woodstream Corporation      St. Joseph  MO   2001    100.0%   256,000    932,000    3.64    1.5    8,958,278    -0- 
   Altec Industries, Inc.      St. Joseph  MO   2001    100.0%   126,880    376,000    2.96    2.9    4,439,947    -0- 
 12  CBOCS Distribution, Inc. (Cracker Barrel)      Lebanon (Nashville)  TN   2011    100.0%   381,240    1,475,000    3.87    4.3    14,215,126    -0- 
 13  FedEx Ground Package System, Inc.      Braselton (Atlanta)  GA   2018    100.0%   373,750    3,782,000    10.12    12.9    60,227,126    36,887,372 
 14  Best Buy Warehousing Logistics, LLC      Streetsboro (Cleveland)  OH   2012    100.0%   368,060    1,709,000    4.64    1.8    19,600,000    8,356,776 
 15  Amazon.com Services, Inc. (Amazon.com, Inc.)      Mobile  AL   2018    100.0%   362,942    2,045,000    5.63    8.7    33,052,316    17,270,843 
 16  FedEx Ground Package System, Inc.      Concord (Charlotte)  NC   2017    100.0%   354,482    2,537,000    7.16    12.2    40,043,145    22,786,022 
 17  FedEx Ground Package System, Inc.      Mesquite (Dallas)  TX   2017    100.0%   351,874    3,203,000    9.10    12.0    49,880,493    28,268,492 
 18  Toyota Tsusho America, Inc.       Lafayette  IN   2019    100.0%   350,000    1,710,000    4.89    9.3    25,078,587    16,521,184 
 19  FedEx Ground Package System, Inc.      Trenton  NJ   2019    100.0%   347,145    5,306,000    15.28    12.3    83,987,622    51,369,126 
 20  FedEx Ground Package System, Inc.      Walker (Grand Rapids)  MI   2017    100.0%   343,483    2,105,000    6.13    11.8    31,654,987    17,797,468 
 21  FedEx Ground Package System, Inc.      Hamburg (Buffalo)  NY   2017    100.0%   338,584    2,323,000    6.86    11.0    35,100,800    19,429,142 
 22  FedEx Ground Package System, Inc.      Concord (Charlotte)  NC   2016    100.0%   330,717    2,237,000    6.76    5.3    33,053,688    16,057,452 
 23  FedEx Ground Package System, Inc.      Indianapolis  IN   2014    100.0%   327,822    1,717,000    5.24    7.6    25,504,083    8,947,362 
 24  FedEx Ground Package System, Inc.      Olathe (Kansas City)  KS   2016    100.0%   313,763    2,210,000    7.04    11.2    31,737,000    18,142,152 
 25  FedEx Ground Package System, Inc.      Davenport (Orlando)  FL   2016    100.0%   310,922