| SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) |
SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
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2015 |
Quarter Ended |
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Year Ended |
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March 31 (A)(B) |
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June 30 (A) |
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September 30 (A) |
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December 31 (B) |
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December 31 |
Interest income |
$ |
27,078 |
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$ |
24,265 |
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|
$ |
23,010 |
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|
$ |
21,538 |
|
|
$ |
95,891 |
|
Interest expense |
(16,727 |
) |
|
(16,950 |
) |
|
(14,715 |
) |
|
(13,737 |
) |
|
(62,129 |
) |
Net interest income |
10,351 |
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|
7,315 |
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|
8,295 |
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|
7,801 |
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|
33,762 |
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Impairment |
405 |
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|
13,679 |
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|
3,460 |
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|
1,857 |
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|
19,401 |
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Operating revenues |
60,826 |
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|
82,803 |
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|
82,864 |
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|
69,363 |
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|
295,856 |
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Other income (loss) (C) |
501 |
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29,373 |
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11,987 |
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(2,360 |
) |
|
39,501 |
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Property operating expenses |
60,990 |
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|
74,546 |
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76,826 |
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64,740 |
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|
277,102 |
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Depreciation and amortization |
6,753 |
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7,119 |
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7,111 |
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7,651 |
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|
28,634 |
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Other operating expenses |
4,477 |
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|
6,279 |
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6,592 |
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|
5,381 |
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|
22,729 |
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Income tax expense |
46 |
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|
27 |
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1,257 |
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|
(985 |
) |
|
345 |
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Income (loss) from continuing operations |
(993 |
) |
|
17,841 |
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|
7,900 |
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(3,840 |
) |
|
20,908 |
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Income from discontinued operations |
115 |
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|
524 |
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7 |
|
|
— |
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|
646 |
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Preferred dividends |
(1,395 |
) |
|
(1,395 |
) |
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(1,395 |
) |
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(1,395 |
) |
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(5,580 |
) |
Net loss (income) attributable to noncontrolling interests |
181 |
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49 |
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(13 |
) |
|
76 |
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|
293 |
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Income (loss) applicable to common stockholders |
$ |
(2,092 |
) |
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$ |
17,019 |
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$ |
6,499 |
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$ |
(5,159 |
) |
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$ |
16,267 |
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Net income (loss) per share of common stock |
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Basic |
$ |
(0.03 |
) |
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$ |
0.26 |
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$ |
0.10 |
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$ |
(0.08 |
) |
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$ |
0.24 |
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Diluted |
$ |
(0.03 |
) |
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$ |
0.25 |
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$ |
0.09 |
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$ |
(0.08 |
) |
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$ |
0.24 |
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Income from discontinued operations per share of common stock |
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Basic |
$ |
— |
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$ |
0.01 |
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$ |
— |
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$ |
— |
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$ |
0.01 |
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Diluted |
$ |
— |
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$ |
0.01 |
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$ |
— |
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$ |
— |
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$ |
0.01 |
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Weighted average number of shares of common stock outstanding |
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Basic |
66,424,508 |
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66,426,980 |
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66,484,962 |
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66,579,072 |
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66,479,321 |
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Diluted |
66,424,508 |
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69,204,717 |
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69,069,659 |
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66,579,072 |
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68,647,915 |
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2014 |
Quarter Ended |
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Year Ended |
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March 31 (A) |
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June 30 (A) |
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September 30 (A) |
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December 31 (B) |
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December 31 |
Interest income |
$ |
46,452 |
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$ |
29,893 |
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$ |
27,544 |
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$ |
23,738 |
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$ |
127,627 |
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Interest expense |
(22,170 |
) |
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(20,328 |
) |
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(18,411 |
) |
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(19,113 |
) |
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(80,022 |
) |
Net interest income |
24,282 |
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|
9,565 |
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9,133 |
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4,625 |
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|
47,605 |
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Impairment (reversal) |
1,246 |
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1,526 |
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(4,015 |
) |
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(1,176 |
) |
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(2,419 |
) |
Operating revenues |
62,632 |
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|
82,737 |
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81,494 |
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64,674 |
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|
291,537 |
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Other income (loss) (C) |
15,808 |
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41,707 |
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12,618 |
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|
4,329 |
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|
74,462 |
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Property operating expenses |
65,603 |
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|
75,289 |
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77,167 |
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|
66,316 |
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|
284,375 |
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Depreciation and amortization |
5,863 |
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6,317 |
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7,204 |
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|
7,583 |
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|
26,967 |
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Other operating expenses |
10,314 |
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|
10,471 |
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|
8,955 |
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|
7,150 |
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|
36,890 |
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Income tax expense |
140 |
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4 |
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— |
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|
64 |
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|
208 |
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Income (loss) from continuing operations |
19,556 |
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|
40,402 |
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13,934 |
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(6,309 |
) |
|
67,583 |
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Income (loss) from discontinued operations |
(15,299 |
) |
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(8,504 |
) |
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(8,624 |
) |
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(2,762 |
) |
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(35,189 |
) |
Preferred dividends |
(1,395 |
) |
|
(1,395 |
) |
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(1,395 |
) |
|
(1,395 |
) |
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(5,580 |
) |
Net income attributable to noncontrolling interests |
661 |
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29 |
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21 |
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|
141 |
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|
852 |
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Income (loss) applicable to common stockholders |
$ |
3,523 |
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$ |
30,532 |
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$ |
3,936 |
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$ |
(10,325 |
) |
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$ |
27,666 |
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Net income (loss) per share of common stock |
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Basic |
$ |
0.06 |
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$ |
0.52 |
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$ |
0.06 |
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$ |
(0.16 |
) |
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$ |
0.45 |
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Diluted |
$ |
0.06 |
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$ |
0.50 |
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$ |
0.06 |
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$ |
(0.16 |
) |
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$ |
0.44 |
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Income (loss) from discontinued operations per share of common stock |
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Basic |
$ |
(0.26 |
) |
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$ |
(0.15 |
) |
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$ |
(0.14 |
) |
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$ |
(0.04 |
) |
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$ |
(0.57 |
) |
Diluted |
$ |
(0.26 |
) |
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$ |
(0.15 |
) |
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$ |
(0.14 |
) |
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$ |
(0.04 |
) |
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$ |
(0.57 |
) |
Weighted average number of shares of common stock outstanding |
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Basic |
58,575,582 |
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58,599,666 |
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|
62,329,023 |
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66,404,248 |
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61,500,913 |
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Diluted |
60,511,128 |
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60,477,084 |
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63,865,796 |
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66,404,248 |
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63,131,227 |
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See footnotes on next page.
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(A) |
The Income Available for Common Stockholders shown agrees with Newcastle’s quarterly report(s) on Form 10-Q as filed with the Securities and Exchange Commission. However, individual line items may vary from such report(s) due to the operations of properties sold, or classified as held for sale, during subsequent periods being retroactively reclassified to Income for Discontinued Operations for all periods presented (Note 3). |
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(B) |
The options outstanding are excluded from the diluted share calculation as their effect would have been anti-dilutive. |
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(C) |
Includes equity in earnings of unconsolidated subsidiaries. |
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