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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2020
or
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _______________ to _______________
Commission file number: 001-35795
GLADSTONE LAND CORPORATION
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | |
Maryland | | 54-1892552 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | | |
1521 Westbranch Drive, | Suite 100 | | |
McLean, | Virginia | | 22102 |
(Address of principal executive offices) | | (Zip Code) |
(703) 287-5800
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
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, $0.001 par value per share | | LAND | | The Nasdaq Stock Market, LLC |
6.375% Series A Cumulative Term Preferred Stock, $0.001 par value per share | | LANDP | | The Nasdaq Stock Market, LLC |
6.00% Series B Cumulative Redeemable Preferred Stock, $0.001 par value per share | | LANDO | | The Nasdaq Stock Market, LLC |
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 (§ 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, a 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 shares of the registrant’s Common Stock, $0.001 par value per share, outstanding as of November 3, 2020, was 24,102,406.
GLADSTONE LAND CORPORATION
FORM 10-Q FOR THE QUARTER ENDED
SEPTEMBER 30, 2020
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GLADSTONE LAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per-share data)
(Unaudited)
| | | | | | | | | | | |
| September 30, 2020 | | December 31, 2019 |
ASSETS | | | |
Investments in real estate, net | $ | 858,753 | | | $ | 792,081 | |
Lease intangibles, net | 3,626 | | | 4,827 | |
Cash and cash equivalents | 6,455 | | | 13,688 | |
Other assets, net | 9,543 | | | 6,191 | |
TOTAL ASSETS | $ | 878,377 | | | $ | 816,787 | |
| | | |
LIABILITIES AND EQUITY | | | |
LIABILITIES: | | | |
Borrowings under lines of credit | $ | 11,600 | | | $ | 100 | |
Notes and bonds payable, net | 491,921 | | | 481,829 | |
Series A cumulative term preferred stock, $0.001 par value, $25.00 per share liquidation preference; 2,000,000 shares authorized, 1,150,000 shares issued and outstanding as of September 30, 2020, and December 31, 2019, net | 28,535 | | | 28,359 | |
Accounts payable and accrued expenses | 11,997 | | | 10,132 | |
Due to related parties, net | 2,266 | | | 2,169 | |
Other liabilities, net | 14,743 | | | 15,228 | |
Total liabilities | 561,062 | | | 537,817 | |
Commitments and contingencies (Note 7) | | | |
| | | |
EQUITY: | | | |
Stockholders’ equity: | | | |
Series B cumulative redeemable preferred stock, $0.001 par value, $25.00 per share liquidation preference; 6,456,065 shares authorized 5,956,065 shares issued and outstanding as of September 30, 2020; 6,485,400 shares authorized, 4,755,869 shares issued and outstanding as of December 31, 2019 | 6 | | | 5 | |
Series C cumulative redeemable preferred stock, $0.001 par value, $25.00 per share liquidation preference; 26,000,000 shares authorized, 420,230 shares issued and outstanding as of September 30, 2020; no shares authorized, issued, or outstanding as of December 31, 2019 | — | | | — | |
Common stock, $0.001 par value; 65,543,935 shares authorized 22,204,906 shares issued and outstanding as of September 30, 2020; 91,514,600 shares authorized, 20,936,658 shares issued and outstanding as of December 31, 2019 | 22 | | | 21 | |
Additional paid-in capital | 368,465 | | | 315,770 | |
Accumulated other comprehensive loss | (1,721) | | | (390) | |
Distributions in excess of accumulated earnings | (49,457) | | | (38,785) | |
Total stockholders’ equity | 317,315 | | | 276,621 | |
Non-controlling interests in Operating Partnership | — | | | 2,349 | |
Total equity | 317,315 | | | 278,970 | |
| | | |
TOTAL LIABILITIES AND EQUITY | $ | 878,377 | | | $ | 816,787 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
GLADSTONE LAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands, except share and per-share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | | |
| 2020 | | 2019 | | 2020 | | 2019 | | | | |
OPERATING REVENUES: | | | | | | | | | | | |
Lease revenue, net | $ | 13,989 | | | $ | 11,012 | | | $ | 41,907 | | | $ | 27,203 | | | | | |
| | | | | | | | | | | |
Total operating revenues | 13,989 | | | 11,012 | | | 41,907 | | | 27,203 | | | | | |
OPERATING EXPENSES: | | | | | | | | | | | |
Depreciation and amortization | 3,909 | | | 3,419 | | | 12,010 | | | 8,952 | | | | | |
Property operating expenses | 287 | | | 536 | | | 1,525 | | | 1,939 | | | | | |
Base management fee | 1,078 | | | 862 | | | 3,159 | | | 2,741 | | | | | |
Incentive fee | 821 | | | — | | | 2,155 | | | — | | | | | |
| | | | | | | | | | | |
Administration fee | 344 | | | 311 | | | 1,084 | | | 866 | | | | | |
General and administrative expenses | 419 | | | 447 | | | 1,462 | | | 1,465 | | | | | |
| | | | | | | | | | | |
Total operating expenses | 6,858 | | | 5,575 | | | 21,395 | | | 15,963 | | | | | |
Credits to fees from Adviser | — | | | — | | | — | | | (1,542) | | | | | |
Total operating expenses, net of credits to fees | 6,858 | | | 5,575 | | | 21,395 | | | 14,421 | | | | | |
OTHER INCOME (EXPENSE): | | | | | | | | | | | |
Other income | 323 | | | 62 | | | 1,668 | | | 937 | | | | | |
Interest expense | (5,202) | | | (4,401) | | | (15,155) | | | (11,396) | | | | | |
Dividends declared on Series A cumulative term preferred stock | (458) | | | (458) | | | (1,375) | | | (1,375) | | | | | |
Loss on dispositions of real estate assets, net | (195) | | | (134) | | | (861) | | | (154) | | | | | |
Property and casualty recovery, net | 1 | | | 17 | | | 68 | | | 10 | | | | | |
| | | | | | | | | | | |
(Loss) income from investments in unconsolidated entities | (19) | | | — | | | 7 | | | — | | | | | |
Total other expense, net | (5,550) | | | (4,914) | | | (15,648) | | | (11,978) | | | | | |
NET INCOME | 1,581 | | | 523 | | | 4,864 | | | 804 | | | | | |
Net loss (income) attributable to non-controlling interests | (13) | | | (6) | | | (52) | | | (9) | | | | | |
NET INCOME ATTRIBUTABLE TO THE COMPANY | 1,568 | | | 517 | | | 4,812 | | | 795 | | | | | |
Dividends declared on Series B cumulative redeemable preferred stock | (2,238) | | | (1,161) | | | (6,604) | | | (2,655) | | | | | |
Other charges related to Series B cumulative redeemable preferred stock | (44) | | | — | | | (44) | | | — | | | | | |
Dividends declared on Series C cumulative redeemable preferred stock | (123) | | | — | | | (145) | | | — | | | | | |
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (837) | | | $ | (644) | | | $ | (1,981) | | | $ | (1,860) | | | | | |
| | | | | | | | | | | |
LOSS PER COMMON SHARE: | | | | | | | | | | | |
Basic and diluted | $ | (0.04) | | | $ | (0.03) | | | $ | (0.09) | | | $ | (0.10) | | | | | |
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | | | | | | | | | | | |
Basic and diluted | 21,991,291 | | | 20,763,615 | | | 21,558,859 | | | 19,154,744 | | | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
GLADSTONE LAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (Continued)
(In thousands, except share and per-share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
| 2020 | | 2019 | | 2020 | | 2019 |
COMPREHENSIVE INCOME: | | | | | | | |
Net income attributable to the Company | $ | 1,568 | | | $ | 517 | | | $ | 4,812 | | | $ | 795 | |
Change in fair value related to interest rate hedging instruments | 95 | | | (347) | | | (1,331) | | | (347) | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY | $ | 1,663 | | | $ | 170 | | | $ | 3,481 | | | $ | 448 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
GLADSTONE LAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended September 30, 2020 |
| Series B Preferred Stock | | Series C Preferred Stock | | Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Loss | | Distributions in Excess of Accumulated Earnings | | Total Stockholders’ Equity | | Non- Controlling Interests | | Total Equity |
| Number of Shares | | Par Value | | Number of Shares | | Par Value | | Number of Shares | | Par Value | | | | | |
Balance at June 30, 2020 | 5,972,482 | | | $ | 6 | | | 130,702 | | | $ | — | | | 21,534,739 | | | $ | 22 | | | $ | 352,677 | | | $ | (1,816) | | | $ | (45,653) | | | $ | 305,236 | | | $ | 1,147 | | | $ | 306,383 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Redemptions of Series B Preferred Stock | (16,417) | | | 0 | | — | | | — | | | — | | | — | | | (327) | | | — | | | (44) | | | (371) | | | — | | | (371) | |
Issuance of Series C Preferred Stock, net | — | | | — | | | 289,528 | | | 0 | | — | | | — | | | 6,563 | | | — | | | — | | | 6,563 | | | — | | | 6,563 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Redemption of OP Units | — | | | — | | | — | | | — | | | 144,151 | | | 0 | | | 2,291 | | | — | | | — | | | 2,291 | | | (2,291) | | | — | |
Issuance of common stock, net | — | | | — | | | — | | | — | | | 526,016 | | | 0 | | 8,392 | | | — | | | — | | | 8,392 | | | — | | | 8,392 | |
Net income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,568 | | | 1,568 | | | 13 | | | 1,581 | |
Dividends—Series B Preferred Stock and Series C Preferred Stock | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (2,361) | | | (2,361) | | | — | | | (2,361) | |
Distributions—OP Units and common stock | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (2,967) | | | (2,967) | | | | | (2,967) | |
Comprehensive income attributable to the Company | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 95 | | | — | | | 95 | | | — | | | 95 | |
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership | — | | | — | | | — | | | — | | | — | | | — | | | (1,131) | | | — | | | — | | | (1,131) | | | 1,131 | | | — | |
Balance at September 30, 2020 | 5,956,065 | | | $ | 6 | | | 420,230 | | | $ | — | | | 22,204,906 | | | $ | 22 | | | $ | 368,465 | | | $ | (1,721) | | | $ | (49,457) | | | $ | 317,315 | | | $ | — | | | $ | 317,315 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine months ended September 30, 2020 |
| Series B Preferred Stock | | Series C Preferred Stock | | Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Loss | | Distributions in Excess of Accumulated Earnings | | Total Stockholders’ Equity | | Non- Controlling Interests | | Total Equity |
| Number of Shares | | Par Value | | Number of Shares | | Par Value | | Number of Shares | | Par Value | | | | | |
Balance at December 31, 2019 | 4,755,869 | | $ | 5 | | | — | | $ | — | | | 20,936,658 | | $ | 21 | | | $ | 315,770 | | | $ | (390) | | | $ | (38,785) | | | $ | 276,621 | | | $ | 2,349 | | | $ | 278,970 | |
Issuance of Series B Preferred Stock, net | 1,229,531 | | 1 | | | — | | — | | | — | | — | | | 27,049 | | | — | | | — | | | 27,050 | | | — | | | 27,050 | |
Redemptions of Series B Preferred Stock | (29,335) | | 0 | | | — | | — | | | — | | — | | | (636) | | | — | | | (44) | | | (680) | | | — | | | (680) | |
Issuance of Series C Preferred Stock, net | — | | — | | | 420,230 | | 0 | | — | | — | | | 9,526 | | | — | | | — | | | 9,526 | | | — | | | 9,526 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Redemptions of OP Units | — | | — | | | — | | — | | | 288,303 | | 0 | | | 4,383 | | | — | | | — | | | 4,383 | | | (4,383) | | | — | |
Issuance of common stock, net | — | | — | | | — | | — | | | 979,945 | | 1 | | | 14,423 | | | — | | | — | | | 14,424 | | | — | | | 14,424 | |
Net income | — | | — | | | — | | — | | | — | | — | | | — | | | — | | | 4,812 | | | 4,812 | | | 52 | | | 4,864 | |
Dividends—Series B Preferred Stock and Series C Preferred Stock | — | | — | | | — | | — | | | — | | — | | | — | | | — | | | (6,749) | | | (6,749) | | | — | | | (6,749) | |
Distributions—OP Units and common stock | — | | — | | | — | | — | | | — | | — | | | — | | | — | | | (8,691) | | | (8,691) | | | (68) | | | (8,759) | |
Comprehensive loss attributable to the Company | — | | — | | | — | | — | | | — | | — | | | — | | | (1,331) | | | — | | | (1,331) | | | — | | | (1,331) | |
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership | — | | — | | | — | | — | | | — | | — | | | (2,050) | | | — | | | — | | | (2,050) | | | 2,050 | | | — | |
Balance at September 30, 2020 | 5,956,065 | | $ | 6 | | | 420,230 | | $ | — | | | 22,204,906 | | $ | 22 | | | $ | 368,465 | | | $ | (1,721) | | | $ | (49,457) | | | $ | 317,315 | | | $ | — | | | $ | 317,315 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2019 |
| Series B Preferred Stock | | Series C Preferred Stock | | Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Loss | | Distributions in Excess of Accumulated Earnings | | Total Stockholders’ Equity | | Non- Controlling Interests | | Total Equity |
| Number of Shares | | Par Value | | Number of Shares | | Par Value | | Number of Shares | | Par Value | | | | | |
Balance at June 30, 2019 | 2,636,068 | | $ | 3 | | | — | | — | | | 20,532,770 | | $ | 21 | | | $ | 263,249 | | | $ | — | | | $ | (31,919) | | | $ | 231,354 | | | $ | — | | | $ | 231,354 | |
Issuance of Series B Preferred Stock, net | 831,579 | | 0 | | | — | | — | | | — | | — | | | 18,517 | | | — | | | — | | | 18,517 | | | — | | | 18,517 | |
Redemptions of Series B Preferred Stock | (2,120) | | 0 | | | — | | — | | | — | | — | | | (48) | | | — | | | — | | | (48) | | | — | | | (48) | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Issuance of OP Units as consideration in real estate acquisitions, net | — | | — | | | — | | — | | | — | | — | | | — | | | — | | | — | | | — | | | 3,276 | | | 3,276 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Issuance of common stock, net | — | | — | | | — | | — | | | 355,305 | | 0 | | | 3,996 | | | — | | | — | | | 3,996 | | | — | | | 3,996 | |
Net income | — | | — | | | — | | — | | | — | | — | | | — | | | — | | | 517 | | | 517 | | | 6 | | | 523 | |
Dividends—Series B Preferred Stock and Series C Preferred Stock | — | | — | | | — | | — | | | — | | — | | | — | | | — | | | (1,161) | | | (1,161) | | | — | | | (1,161) | |
Distributions—OP Units and common stock | — | | — | | | — | | — | | | — | | — | | | — | | | — | | | (2,781) | | | (2,781) | | | (39) | | | (2,820) | |
Comprehensive loss attributable to the Company | | | | | | | | | | | | | | | (347) | | | — | | | (347) | | | | | (347) | |
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership | — | | — | | | — | | — | | | — | | — | | | 848 | | | — | | | — | | | 848 | | | (848) | | | — | |
Balance at September 30, 2019 | 3,465,527 | | $ | 3 | | | — | | $ | — | | | 20,888,075 | | $ | 21 | | | $ | 286,562 | | | $ | (347) | | | $ | (35,344) | | | $ | 250,895 | | | $ | 2,395 | | | $ | 253,290 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2019 | | |
| Series B Preferred Stock | | Series C Preferred Stock | | Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Loss | | Distributions in Excess of Accumulated Earnings | | Total Stockholders’ Equity | | Non- Controlling Interests | | Total Equity |
| Number of Shares | | Par Value | | Number of Shares | | Par Value | | Number of Shares | | Par Value | | | | | | |
Balance at December 31, 2018 | 1,144,393 | | $ | 1 | | | — | | — | | | 17,891,340 | | $ | 18 | | | $ | 202,053 | | | $ | — | | | $ | (25,826) | | | $ | 176,246 | | | $ | 4,807 | | | $ | 181,053 | |
Issuance of Series B Preferred Stock, net | 2,330,654 | | 2 | | | — | | — | | | — | | — | | | 51,975 | | | — | | | — | | | 51,977 | | | — | | | 51,977 | |
Redemptions of Series B Preferred Stock | (9,520) | | 0 | | | — | | — | | | — | | — | | | (214) | | | — | | | — | | | (214) | | | — | | | (214) | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Issuance of OP Units as consideration in real estate acquisitions, net | — | | — | | | — | — | | — | | | — | | — | | | — | | | — | | | — | | | — | | | 3,276 | | | 3,276 | |
Redemption of OP Units | — | | — | | | — | | — | | | 570,879 | | 1 | | | 4,714 | | | — | | | — | | | 4,715 | | | (4,715) | | | — | |
Issuance of common stock, net | — | | — | | | — | | — | | | 2,425,856 | | 2 | | | 27,143 | | | — | | | — | | | 27,145 | | | — | | | 27,145 | |
Net income | — | | — | | | — | | — | | | — | | — | | | — | | | — | | | 795 | | | 795 | | | 9 | | | 804 | |
Dividends—Series B Preferred Stock and Series C Preferred Stock | — | | — | | | — | | — | | | — | | — | | | — | | | — | | | (2,655) | | | (2,655) | | | — | | | (2,655) | |
Distributions—OP Units and common stock | — | | — | | | — | | — | | | — | | — | | | — | | | — | | | (7,658) | | | (7,658) | | | (91) | | | (7,749) | |
Comprehensive loss attributable to the Company | | | | | | | | | | | | | | | (347) | | | — | | | (347) | | | — | | | (347) | |
Adjustment to non-controlling interests resulting from changes in ownership of the Operating Partnership | — | | — | | | — | | — | | | — | | — | | | 891 | | | — | | | — | | | 891 | | | (891) | | | — | |
Balance at September 30, 2019 | 3,465,527 | | $ | 3 | | | — | | $ | — | | | 20,888,075 | | $ | 21 | | | $ | 286,562 | | | $ | (347) | | | $ | (35,344) | | | $ | 250,895 | | | $ | 2,395 | | | $ | 253,290 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
GLADSTONE LAND CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| | | | | | | | | | | |
| For the Nine Months Ended September 30, |
| 2020 | | 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | |
Net income | $ | 4,864 | | | $ | 804 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 12,010 | | | 8,952 | |
Amortization of debt issuance costs | 559 | | | 461 | |
Amortization of deferred rent assets and liabilities, net | (212) | | | (226) | |
Amortization of right-of-use asset from operating leases and operating lease liabilities, net | (12) | | | (18) | |
Income from investments in unconsolidated entities | (7) | | | — | |
Bad debt expense | 12 | | | 24 | |
Loss on dispositions of real estate assets, net | 861 | | | 154 | |
Property and casualty recovery, net | (68) | | | (10) | |
| | | |
Changes in operating assets and liabilities: | | | |
Other assets, net | (3,192) | | | 281 | |
Accounts payable and accrued expenses and Due to related parties, net | ( |