• | Second Quarter 2016 AFFO Per Share of $0.15 on Annualized Basis, in line with management's guidance of $0.15-$0.16. |
• | Leasing spread of 3.6% on renewals-the 14th consecutive quarter of positive rent spreads. |
• | Subsequent to the quarter end, Wheeler raised $15.3 million in gross proceeds via the issuance of 721,761 shares of Series B Preferred Stock. |
• | Total revenue from continuing operations increased by 82.27% or $5.0 million. |
• | Property Net Operating Income ("NOI") from continuing operations increased by 99.76% to approximately $8.0 million. |
• | Adjusted Funds from Operations ("AFFO") of $0.04 per common share and common unit ("Operating Partnership Unit" or "OP Unit") |
• | Average rental rate increase on renewals signed during the quarter was 3.57%. |
• | Occupancy rate of 93.79% at June 30, 2016, compared to 95.57% at June 30, 2015. |
• | During the quarter, the Company completed the acquisition of an additional 605,358 square feet of gross leasable area. |
• | For the three month period, the Company declared monthly cash dividends of approximately $0.0175 per share. On an annualized basis, this amounted to a dividend of $0.21 per common share and OP Unit, or a 13.6% dividend yield based on the June 30, 2016 closing price of $1.54 per share. |
• | Total revenue from continuing operations increased by 80.00% or $9.0 million for the six month period ended June 30, 2016. |
• | NOI from continuing operations increased by 92.98% to approximately $14.0 million for the six month period ended June 30, 2016. |
• | AFFO of $0.06 per common share and common unit OP Unit. |
• | As of June 30, 2016, Wheeler’s property portfolio included 55 properties with a gross leasable area of 3,750,976 square feet and ten undeveloped properties totaling approximately 81 acres of land. As of June 30, 2015, the Company owned 34 properties with a gross leasable area of 2,404,334 square feet and owned seven undeveloped properties totaling approximately 66 acres of land. |
• | For the three months ended June 30, 2016, total revenue from continuing operations increased by approximately 82.27% to $11.1 million, compared with total revenue from continuing operations of $6.1 million for the same prior year period. |
• | Net loss attributable to Wheeler common shareholders for the three months ended June 30, 2016 was $3.2 million, or $0.05 per basic and diluted share, compared to a net loss of $72.7 million, or $4.13 per basic and diluted share, during the same 2015 period. The decrease in net loss for the three months ended June 30, 2016 was primarily due to the reduction of preferred stock dividends, a one time $59.5 million deemed dividend related to beneficial conversion feature of preferred stock that occurred in the second quarter 2015, and the incremental NOI derived from the twenty-five retail property acquisitions occurring subsequent to June 30, 2015. These amounts were partially offset by additional depreciation, amortization and interest expense. |
• | Wheeler reported FFO available to common shareholders and holders of OP Units for the three months ended June 30, 2016 of $1.3 million, or $0.02 per common share and OP Unit, compared to $(3.8) million, or $(0.18) per common share and OP Unit for the prior year period. |
• | AFFO for the three months ended June 30, 2016 was $2.7 million, or $0.04 per common share and OP Unit, compared to $(1.5) million, or $(0.07) per common share and OP Unit for the same period of the prior year. |
• | NOI from continuing operations increased by 99.76% to $8.0 million for the three months ended June 30, 2016, as compared to NOI from continuing operations of $4.0 million for the prior year period. |
• | Adjusted EBITDA was $6.3 million for the three months ended June 30, 2016, as compared to $2.8 million of Adjusted EBITDA for the three months ended June 30, 2015. |
• | For the six months ended June 30, 2016, total revenue from continuing operations increased by approximately 80.00% to $20.2 million, compared with total revenue from continuing operations of $11.2 million for the same prior year period. |
• | Net loss attributable to Wheeler REIT common shareholders for the six months ended June 30, 2016 was $7.0 million, or $0.10 per basic and diluted share, compared to a net loss of $79.0 million, or $6.20 per basic and diluted share, during the same 2015 period. The decrease in net loss for the six months ended June 30, 2016 was primarily due to the reduction of preferred stock dividends, the one time $59.5 million deemed dividend related to beneficial conversion feature of preferred stock that occurred in the second quarter 2015, and the incremental NOI derived from the twenty-five retail property acquisitions occurring subsequent to June 30, 2015. These amounts were partially offset by additional depreciation, amortization and interest expense. |
• | Wheeler reported FFO available to common shareholders and holders of OP Units for the six months ended June 30, 2016 of $2.2 million, or $0.03 per common share and OP Unit, compared to $(6.1) million, or $(0.37) per common share and OP Unit for the prior year period. |
• | NOI from continuing operations increased by 92.98% to $14.0 million for the six months ended June 30, 2016, as compared to NOI from continuing operations of $7.3 million for the prior year period. |
• | Adjusted EBITDA was $10.8 million for the six months ended June 30, 2016, as compared to $5.3 million of Adjusted EBITDA for the six months ended June 30, 2015. |
• | On April 12, 2016, the Company completed its acquisition of 14 retail shopping centers located in Georgia and South Carolina (collectively the “A-C Portfolio”) for an aggregate purchase price of $71 million, paid through a combination of cash, debt and the issuance of 888,889 common units in the Operating Partnership. Collectively, the A-C Portfolio total 605,358 square feet in leaseable space, and were 92% leased as of the acquisition date by 77 primarily retail tenants. Each property is anchored by either a Bi-Lo, Harris Teeter or Piggly Wiggly grocery store. |
• | For the three months ended June 30, 2016, the Company executed sixteen renewals totaling 76,761 square feet at a weighted-average increase of $0.36 per square foot, representing an increase of 3.57% over prior rates. |
• | For the six months ended June 30, 2016, the Company executed twenty-six renewals totaling 108,817 square feet at a weighted-average increase of $0.53 per square foot, representing an increase of 4.78% over prior rates. |
• | For the three months ended June 30, 2016, Wheeler signed nine new leases totaling approximately 25,732 square feet with a weighted-average rate of $21.76 per square foot. |
• | For the six months ended June 30, 2016, Wheeler signed nineteen new leases totaling approximately 44,669 square feet with a weighted-average rate of $18.48 per square foot. |
• | Approximately 8.15% of Wheeler’s gross leasable area is subject to leases that expire during the twelve months ending June 30, 2017. Based on recent market trends, the Company believes that tenants will renew these leases at amounts and terms comparable to existing lease agreements. |
• | Same-store NOI year-over-over growth for the three months ended June 30, 2016, was 5.92% on a GAAP basis and 2.9% on a cash basis. The same-store pool comprises the 1.7 million square feet that the Company owned as of January 1, 2015. Same-store results were driven by a 54 basis point decline in occupancy to 95.2% at June 30, 2016 and the year-ago period, and 1.6% growth in rents per square foot. |
• | Same-store NOI year-over-over growth for the six months ended June 30, 2016, was 3.39% on a GAAP basis and 2.5% on a cash basis. Same-store results were driven by a 25 basis point decline in occupancy at June 30, 2016 and the year-ago period, and 2.0% growth in rents per square foot. |
• | The Company’s cash and cash equivalents were $2.7 million at June 30, 2016, compared to $10.5 million at December 31, 2015. |
• | Wheeler’s net investment properties as of June 30, 2016 (including assets held for sale) totaled at $295.0 million, as compared to $240.0 million as of December 31, 2015. |
• | The Company’s total debt was $256.7 million (including debt associated with assets held for sale) at June 30, 2016, compared to $191.3 million at December 31, 2015. Wheeler’s weighted-average interest rate and term of its debt (including debt associated with assets held for sale) was 5.00% and 5.79 years, respectively, at June 30, 2016, compared to 4.71% and 7.60 years, respectively, at December 31, 2015. |
• | For the three months ended June 30, 2016, the Company declared approximately $3.8 million in dividend payments to the holders of our common stock and unitholders. |
• | For the three months ended June 30, 2016, the Company declared approximately $0.4 million in dividends to the holders of our Series A and Series B stock. |
• | For the six months ended June 30, 2016, the Company declared approximately $7.6 million in dividend payments to the holders of our common stock and unitholders. |
• | For the six months ended June 30, 2016, the Company declared approximately $0.8 million in dividends to the holders of our Series A and Series B stock. |
• | On July 11, 2016, the Company executed a promissory note for $4.6 million to refinance the Chesapeake Square collateralized portion of the KeyBank Credit Agreement totaling $3.9 million. The new loan matures on August 1, 2026 with principal due at maturity and bears interest at 4.70%. |
• | On July 29, 2016, the Company executed a promissory note for $4.5 million to refinance the Perimeter promissory note totaling $4.1 million. The new loan matures on August 6, 2026 with principal due at maturity and bears interest at 4.06%. |
• | On August 2, 2016, the Company utilized cash raised from the 2016 Series B Preferred Stock Offering described below to pay down the Lumber River collateralized portion of the KeyBank Credit Agreement totaling $3.0 million. |
• | On July 7, 2016 the Company filed shelf registration statement relating to the potential issuance of up to $50.0 million of our 9.00% Series B Convertible Stock, without par value per share (“Series B Stock”). On July 21, 2016, the Company entered into an Equity |
CONTACT: | INVESTOR RELATIONS: |
Wheeler Real Estate Investment Trust, Inc. | The Equity Group Inc. |
Wilkes Graham | Terry Downs |
Chief Financial Officer | Associate |
(757) 627-9088 / wilkes@whlr.us | (212) 836-9615 / tdowns@equityny.com |
Robin Hanisch | Adam Prior |
Corporate Secretary | Senior Vice-President |
(757) 627-9088 / robin@whlr.us | (212) 836-9606 / aprior@equityny.com |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(unaudited) | ||||||||||||||||
REVENUE: | ||||||||||||||||
Rental revenues | $ | 8,455,169 | $ | 4,315,375 | $ | 15,197,362 | $ | 8,104,652 | ||||||||
Asset management fees | 205,357 | 121,184 | 460,248 | 333,482 | ||||||||||||
Commissions | 91,014 | 111,717 | 243,860 | 220,610 | ||||||||||||
Tenant reimbursement and other income | 2,333,834 | 1,533,615 | 4,322,566 | 2,576,899 | ||||||||||||
Total Revenue | 11,085,374 | 6,081,891 | 20,224,036 | 11,235,643 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Property operations | 2,797,096 | 1,848,284 | 5,472,121 | 3,401,958 | ||||||||||||
Non-REIT management and leasing services | 265,947 | 231,777 | 643,355 | 601,552 | ||||||||||||
Depreciation and amortization | 5,431,672 | 3,839,249 | 10,311,759 | 6,840,227 | ||||||||||||
Provision for credit losses | 77,455 | 54,538 | 164,981 | 101,736 | ||||||||||||
Corporate general & administrative | 2,526,574 | 3,508,497 | 4,807,682 | 5,817,461 | ||||||||||||
Total Operating Expenses | 11,098,744 | 9,482,345 | 21,399,898 | 16,762,934 | ||||||||||||
Operating Loss | (13,370 | ) | (3,400,454 | ) | (1,175,862 | ) | (5,527,291 | ) | ||||||||
Interest expense | (3,742,213 | ) | (1,979,266 | ) | (6,162,028 | ) | (4,121,985 | ) | ||||||||
Net Loss from Continuing Operations | (3,755,583 | ) | (5,379,720 | ) | (7,337,890 | ) | (9,649,276 | ) | ||||||||
Discontinued Operations | ||||||||||||||||
Income from discontinued operations | 55,824 | 84,482 | 76,349 | 130,849 | ||||||||||||
Gain on sales | 688,019 | — | 688,019 | — | ||||||||||||
Net Income from Discontinued Operations | 743,843 | 84,482 | 764,368 | 130,849 | ||||||||||||
Net Loss | (3,011,740 | ) | (5,295,238 | ) | (6,573,522 | ) | (9,518,427 | ) | ||||||||
Less: Net loss attributable to noncontrolling interests | (312,911 | ) | (440,216 | ) | (645,787 | ) | (902,592 | ) | ||||||||
Net Loss Attributable to Wheeler REIT | (2,698,829 | ) | (4,855,022 | ) | (5,927,735 | ) | (8,615,835 | ) | ||||||||
Preferred stock dividends | (511,299 | ) | (8,334,102 | ) | (1,022,599 | ) | (10,836,325 | ) | ||||||||
Deemed dividend related to beneficial conversion feature of preferred stock | — | (59,520,000 | ) | — | (59,520,000 | ) | ||||||||||
Net Loss Attributable to Wheeler REIT Common Shareholders | $ | (3,210,128 | ) | $ | (72,709,124 | ) | $ | (6,950,334 | ) | $ | (78,972,160 | ) | ||||
Loss per share from continuing operations (basic and diluted): | $ | (0.06 | ) | $ | (4.13 | ) | $ | (0.11 | ) | $ | (6.21 | ) | ||||
Income per share from discontinued operations: | 0.01 | — | 0.01 | 0.01 | ||||||||||||
$ | (0.05 | ) | $ | (4.13 | ) | $ | (0.10 | ) | $ | (6.20 | ) | |||||
Weighted-average number of shares: | ||||||||||||||||
Basic and Diluted | 67,284,942 | 17,594,873 | 66,778,934 | 12,727,710 | ||||||||||||
Dividends declared per common share | $ | 0.05 | $ | 0.07 | $ | 0.11 | $ | 0.15 |
June 30, 2016 | December 31, 2015 | |||||||
(unaudited) | ||||||||
ASSETS: | ||||||||
Investment properties, net | $ | 294,822,999 | $ | 238,764,631 | ||||
Cash and cash equivalents | 2,651,557 | 10,477,576 | ||||||
Restricted cash | 9,020,723 | 7,592,984 | ||||||
Rents and other tenant receivables, net | 3,097,931 | 3,452,700 | ||||||
Goodwill | 5,485,823 | 5,485,823 | ||||||
Assets held for sale | 365,880 | 1,692,473 | ||||||
Above market lease intangibles, net | 8,303,799 | 6,517,529 | ||||||
Deferred costs and other assets, net | 42,039,200 | 35,259,526 | ||||||
Total Assets | $ | 365,787,912 | $ | 309,243,242 | ||||
LIABILITIES: | ||||||||
Loans payable | $ | 248,202,613 | $ | 184,629,082 | ||||
Liabilities associated with assets held for sale | 1,350,000 | 1,992,318 | ||||||
Below market lease intangible, net | 9,307,292 | 7,721,335 | ||||||
Accounts payable, accrued expenses and other liabilities | 9,161,674 | 7,533,769 | ||||||
Total Liabilities | 268,021,579 | 201,876,504 | ||||||
Commitments and contingencies | ||||||||
EQUITY: | ||||||||
Series A preferred stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding, respectively) | 452,971 | 452,971 | ||||||
Series B preferred stock (no par value, 3,000,000 shares authorized, 729,119 shares issued and outstanding, respectively) | 17,262,198 | 17,085,147 | ||||||
Common stock ($0.01 par value, 150,000,000 and 75,000,000 shares authorized, 67,860,281 and 66,259,673 shares issued and outstanding, respectively) | 678,602 | 662,596 | ||||||
Additional paid-in capital | 222,341,497 | 220,370,984 | ||||||
Accumulated deficit | (154,277,513 | ) | (140,306,846 | ) | ||||
Total Shareholders' Equity | 86,457,755 | 98,264,852 | ||||||
Noncontrolling interests | 11,308,578 | 9,101,886 | ||||||
Total Equity | 97,766,333 | 107,366,738 | ||||||
Total Liabilities and Equity | $ | 365,787,912 | $ | 309,243,242 | ||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||
Same Stores | New Stores | Total | Period Over Period Changes | ||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | $ | % | ||||||||||||||||||||||||
Net income (loss) | $ | (2,366,359 | ) | $ | (4,192,252 | ) | $ | (645,381 | ) | $ | (1,102,986 | ) | $ | (3,011,740 | ) | $ | (5,295,238 | ) | $ | 2,283,498 | (43.12 | )% | |||||||||
Depreciation of real estate assets from continuing operations | 1,851,677 | 2,489,096 | 3,579,995 | 1,350,153 | 5,431,672 | 3,839,249 | 1,592,423 | 41.48 | % | ||||||||||||||||||||||
Depreciation of real estate assets from discontinued operations | — | 207,448 | — | 28,052 | — | 235,500 | (235,500 | ) | (100.00 | )% | |||||||||||||||||||||
Depreciation of real estate assets | 1,851,677 | 2,696,544 | 3,579,995 | 1,378,205 | 5,431,672 | 4,074,749 | 1,356,923 | 33.30 | % | ||||||||||||||||||||||
Gain on sale of discontinued operations | (688,019 | ) | — | — | — | (688,019 | ) | — | (688,019 | ) | — | % | |||||||||||||||||||
FFO | $ | (1,202,701 | ) | $ | (1,495,708 | ) | $ | 2,934,614 | $ | 275,219 | $ | 1,731,913 | $ | (1,220,489 | ) | $ | 2,952,402 | (241.90 | )% | ||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||
Same Stores | New Stores | Total | Period Over Period Changes | ||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | $ | % | ||||||||||||||||||||||||
Net income (loss) | $ | (4,981,754 | ) | $ | (7,734,036 | ) | $ | (1,591,768 | ) | $ | (1,784,391 | ) | $ | (6,573,522 | ) | $ | (9,518,427 | ) | $ | 2,944,905 | 30.94 | % | |||||||||
Depreciation of real estate assets from continuing operations | 3,823,579 | 5,051,281 | 6,488,180 | 1,788,946 | 10,311,759 | 6,840,227 | 3,471,532 | 50.75 | % | ||||||||||||||||||||||
Depreciation of real estate assets from discontinued operations | — | 414,903 | — | 56,103 | — | 471,006 | (471,006 | ) | (100.00 | )% | |||||||||||||||||||||
Depreciation of real estate assets | 3,823,579 | 5,466,184 | 6,488,180 | 1,845,049 | 10,311,759 | 7,311,233 | 3,000,526 | 41.04 | % | ||||||||||||||||||||||
Gain on sale of discontinued operations | (688,019 | ) | — | — | — | (688,019 | ) | — | (688,019 | ) | — | % | |||||||||||||||||||
FFO | $ | (1,846,194 | ) | $ | (2,267,852 | ) | $ | 4,896,412 | $ | 60,658 | $ | 3,050,218 | $ | (2,207,194 | ) | $ | 5,257,412 | 238.19 | % | ||||||||||||
Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Reconciliation of Adjusted Funds From Operations (AFFO) (unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2015 (3) | 2016 | 2015 (3) | |||||||||||||
Net (loss) | $ | (3,011,740 | ) | $ | (5,295,238 | ) | $ | (6,573,522 | ) | $ | (9,518,427 | ) | ||||
Depreciation of real estate assets from continuing operations | 5,431,672 | 3,839,249 | 10,311,759 | 6,840,227 | ||||||||||||
Depreciation of real estate assets from discontinued operations | — | 235,500 | — | 471,006 | ||||||||||||
Depreciation of real estate assets | 5,431,672 | 4,074,749 | 10,311,759 | 7,311,233 | ||||||||||||
Gain on sale of discontinued operations | (688,019 | ) | — | (688,019 | ) | — | ||||||||||
FFO | 1,731,913 | (1,220,489 | ) | 3,050,218 | (2,207,194 | ) | ||||||||||
Preferred stock dividends | (511,299 | ) | (8,334,102 | ) | (1,022,599 | ) | (10,836,325 | ) | ||||||||
Preferred stock accretion adjustments | 88,526 | 5,768,361 | 177,051 | 6,979,563 | ||||||||||||
FFO available to common shareholders and common unitholders | 1,309,140 | (3,786,230 | ) | 2,204,670 | (6,063,956 | ) | ||||||||||
Acquisition costs | 383,041 | 740,223 | 796,351 | 1,433,739 | ||||||||||||
Capital related costs | 187,699 | 553,132 | 249,868 | 621,650 | ||||||||||||
Other non-recurring and non-cash expenses (1) | 221,742 | 327,480 | 459,202 | 416,980 | ||||||||||||
Share-based compensation | 260,750 | 256,300 | 411,000 | 301,300 | ||||||||||||
Straight-line rent | (134,964 | ) | (34,824 | ) | (142,070 | ) | (93,435 | ) | ||||||||
Loan cost amortization | 645,906 | 259,050 | 835,448 | 745,248 | ||||||||||||
Above (below) market lease amortization | 650 | 213,746 | 72,262 | 409,475 | ||||||||||||
Perimeter legal accrual | — | 124,300 | — | 124,300 | ||||||||||||
Recurring capital expenditures and tenant improvement reserves | (187,836 | ) | (139,500 | ) | (327,019 | ) | (270,400 | ) | ||||||||
AFFO | $ | 2,686,128 | $ | (1,486,323 | ) | $ | 4,559,712 | $ | (2,375,099 | ) | ||||||
Weighted Average Common Shares | 67,284,942 | 17,594,873 | 66,778,934 | 12,727,710 | ||||||||||||
Weighted Average Common Units | 5,644,460 | 3,695,990 | 5,173,854 | 3,618,712 | ||||||||||||
Total Common Shares and Units | 72,929,402 | 21,290,863 | 71,952,788 | 16,346,422 | ||||||||||||
FFO per Common Share and Common Units | $ | 0.02 | $ | (0.18 | ) | $ | 0.03 | $ | (0.37 | ) | ||||||
AFFO per Common Share and Common Units | $ | 0.04 | $ | (0.07 | ) | $ | 0.06 | $ | (0.15 | ) | ||||||
Pro Forma AFFO per Common Share and Common Units (2) | $ | 0.04 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Property revenues | $ | 10,789,003 | $ | 5,848,990 | $ | 19,519,928 | $ | 10,681,551 | ||||||||
Property expenses | 2,797,096 | 1,848,284 | 5,472,121 | 3,401,958 | ||||||||||||
Property Net Operating Income | 7,991,907 | 4,000,706 | 14,047,807 | 7,279,593 | ||||||||||||
Asset Management and Commission Revenues | 296,371 | 232,901 | 704,108 | 554,092 | ||||||||||||
Non-REIT management and leasing services | 265,947 | 231,777 | 643,355 | 601,552 | ||||||||||||
Depreciation and amortization | 5,431,672 | 3,839,249 | 10,311,759 | 6,840,227 | ||||||||||||
Provision for credit losses | 77,455 | 54,538 | 164,981 | 101,736 | ||||||||||||
Corporate general & administrative | 2,526,574 | 3,508,497 | 4,807,682 | 5,817,461 | ||||||||||||
Total Other Operating Expenses | 8,301,648 | 7,634,061 | 15,927,777 | 13,360,976 | ||||||||||||
Interest expense | 3,742,213 | 1,979,266 | 6,162,028 | 4,121,985 | ||||||||||||
Net Loss from Continuing Operations | (3,755,583 | ) | (5,379,720 | ) | (7,337,890 | ) | (9,649,276 | ) | ||||||||
Discontinued Operations | ||||||||||||||||
Income from operations | 55,824 | 84,482 | 76,349 | 130,849 | ||||||||||||
Gain on sales | 688,019 | — | 688,019 | — | ||||||||||||
Net Income from Discontinued Operations | 743,843 | 84,482 | 764,368 | 130,849 | ||||||||||||
Net Loss | $ | (3,011,740 | ) | $ | (5,295,238 | ) | $ | (6,573,522 | ) | $ | (9,518,427 | ) | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net Loss | $ | (3,011,740 | ) | $ | (5,295,238 | ) | $ | (6,573,522 | ) | $ | (9,518,427 | ) | ||||
Add back: Depreciation and amortization (1) | 5,432,322 | 4,288,495 | 10,384,021 | 7,720,708 | ||||||||||||
Interest Expense (2) | 3,761,751 | 2,217,592 | 6,203,674 | 4,596,056 | ||||||||||||
EBITDA | 6,182,333 | 1,210,849 | 10,014,173 | 2,798,337 | ||||||||||||
Adjustments for items affecting comparability: | ||||||||||||||||
Acquisition costs | 383,041 | 740,223 | 796,351 | 1,433,739 | ||||||||||||
Capital related costs | 187,699 | 553,132 | 249,868 | 621,650 | ||||||||||||
Other non-recurring expenses (3) | 221,742 | 327,480 | 459,202 | 416,980 | ||||||||||||
Gain on sales | (688,019 | ) | — | (688,019 | ) | — | ||||||||||
$ | 6,286,796 | $ | 2,831,684 | $ | 10,831,575 | $ | 5,270,706 |