NEW YORK, May 13, 2014
/PRNewswire/ -- American Realty Capital Healthcare Trust, Inc.
(NASDAQ: HCT) ("HCT" or the "Company") announced today its
financial and operating results for the first quarter of
2014.
"This was a historic quarter for HCT and its shareholders," said
Nicholas S. Schorsch, Executive
Chairman of HCT. "At the end of March, we announced our intention
to list our common shares on the NASDAQ and began trading on
April 7th, meeting our strategic
objective of delivering value and liquidity to our retail
investors. We are now well-positioned to access public capital to
fuel future growth and value."
Earnings Results
Revenues for the quarter ended March 31,
2014 increased 199% to $56.0
million from $18.7 million for
the comparable period in 2013. Net loss for the quarter ended
March 31, 2014 was $7.0 million, which included $28.9 million of depreciation and amortization,
compared to a net loss of $3.6
million for the quarter ended March
31, 2013, which included $11.7
million of depreciation and amortization.
Funds from Operations ("FFO") for the quarter ended March 31, 2014 increased 173% to $21.8 million, or $0.12 per diluted share, from $8.0 million, or $0.10 per diluted share, for the comparable
period last year (reconciliations of non-GAAP measures are included
in the attached tables).
Adjusted FFO ("AFFO") for the quarter increased 159% to
$24.9 million, or $0.14 per diluted share, from $9.6 million, or $0.12 per diluted share, for the comparable
period last year. Weighted average diluted shares outstanding for
the quarter were 182.5 million.
Investment Activity
During the first quarter, the Company completed $222.8 million of gross investments of which
$129.9 million was invested in senior
housing – operating assets; $56.6
million in triple-net leased healthcare and senior housing
assets; $35.1 million in medical
office buildings and $1.2 million
invested in an undeveloped land parcel. The net operating income
("NOI") yield on these investments was 7.4% (NOI divided by gross
investment.)
Subsequent to the end of the first quarter, the Company
completed $115.4 million of gross
investments of which $85.5 million
was invested in triple-net post-acute/skilled nursing assets,
$18.5 million was invested in
triple-net leased senior housing assets and $11.4 million was invested in a medical office
building. The NOI yield on these investments was 11.4%. Through the
date of this release, the Company's 2014 investment activity
totaled $338.2 million, with an
aggregate NOI yield of 8.8%. With this additional investment
activity, HCT currently owns 141 properties, with gross investments
of $2.0 billion, an estimated
annualized Net Operating Income ("NOI") of $158.8 million and an NOI yield of 7.9%.
"We are off to a tremendous start for the year," stated
Thomas D'Arcy, HCT's Chief Executive
Officer. "Our year-to-date investing activities have enabled us to
fully deploy all of the capital we raised prior to our recent
public listing. With our current investment pipeline, and a balance
sheet to support our growth, we are right on track to reach our
stated goal of acquiring $400 to $600
million during the balance of 2014."
Guidance
The Company has not offered guidance as it relates to 2014
results. However, in connection with its public listing, management
indicated that the projected level of investments through the
balance of year, combined with the attendant capital formation to
support asset growth, should generate annualized AFFO in a range of
$0.73 to $0.78 per diluted share of
forecasted fourth quarter 2014 results.
Distributions
The Copany paid monthly cash distributions during the first
quarter ended March 31, 2014 of
$0.0567 per share, representing
$0.17 per share for the quarter and
an annualized amount of $0.68 per
share. There was no change in the distribution per
share from the same period in 2013. The declaration and payment of
monthly distributions remains subject to review and approval by the
Company's board of directors.
Tender Offer
Subsequent to the end of the first quarter, the Company
announced the results of its tender offer initiated in connection
with the public listing of its common stock. The Company accepted
for purchase 13,636,363 shares of the Company's common stock at a
price of $11.00 per share, for an
aggregate cost of approximately $150
million. Based on these results, the Company has 169,301,905
shares outstanding following the settlement of the tender
offer.
Conference Call
The Company will host an earnings conference call reviewing its
results of operations on Wednesday, May 14,
2014, beginning at 1:00 p.m.
ET. The call will be conducted by Nicholas S. Schorsch, the Company's Executive
Chairman, Thomas P. D'Arcy, Chief
Executive Officer and Edward F. Lange,
Jr., Chief Financial Officer and Chief Operating
Officer.
Dial-in instructions for the conference call and the replay are
outlined below. This conference call will also be broadcast live
over the Internet and can be accessed by all interested parties
through the HCT website, www.archealthcaretrust.com, in the
"Investor Relations" section. To listen to the live call, please go
to the Company's "Investor Relations" section of the website at
least 15 minutes prior to the start of the call to register and
download any necessary audio software. For those who are not able
to listen to the live broadcast, a replay will be available shortly
after the call on the HCT website.
Conference Call
Details
|
|
Live
Call
|
|
Domestic Dial In
(Toll Free):
|
1-888-317-6003
|
International Dial In
(Toll Free):
|
1-412-317-6061
|
Canada Dial In (Toll
Free):
|
1-866-284-3684
|
Participant Elite
Entry Number:
|
3859076
|
|
|
Conference
Replay*
|
|
Domestic Dial In
(Toll Free):
|
1-877-344-7529
|
International Dial In
(Toll Free):
|
1-412-317-0088
|
Canada Dial In (Toll
Free):
|
1-855-669-9658
|
Conference
Number:
|
10045435
|
*Available one hour
after the end of the conference through End Date: Jun 12, 2014 at
9:00 a.m. ET.
|
Supplemental Information
Supplemental information on the Company's first quarter 2014
operations can be found in the Company's Current Report on Form 8-K
filed with the U.S. Securities and Exchange Commission ("SEC") on
May 14, 2014. The supplemental
information report is titled "1Q 2014 Supplemental Information".
Information in such report includes the following financial data,
in addition to other data: (1) Consolidated Balance Sheets and
Income Statement Details; (2) FFO and AFFO details; (3) Adjusted
EBITDA, NOI and Cash NOI details (all terms defined below); (4) a
Dividend and Payout Summary; and (5) Portfolio Details.
This information can also be found under the "Presentations" tab
in the Investor Relations section of the Company's website at
www.archealthcaretrust.com.
About the Company
HCT is a publicly traded real estate investment trust ("REIT")
listed on the NASDAQ Global Select Market and invests primarily in
real estate serving the healthcare industry in the United States. As of March 31, 2014, the Company owned 129 properties
and other real estate-related assets representing 6.8 million
square feet. Additional information about HCT can be found on its
website at www.archealthcaretrust.com. HCT may disseminate
important information regarding it and its operations, including
financial information, through social media platforms such as
Twitter, Facebook and LinkedIn. Additional information is also
available on the Company's website at
www.archealthcaretrust.com.
Forward-Looking Statements
The statements in this press release that are not historical
facts may be forward-looking statements. These forward-looking
statements involve substantial risks and uncertainties. Actual
results or events could differ materially from the plans,
intentions and expectations disclosed in the forward-looking
statements HCT makes. Forward-looking statements may include, but
are not limited to, statements regarding stockholder liquidity and
investment value and returns. The words "anticipates," "believes,"
"expects," "estimates," "projects," "plans," "intends," "may,"
"will," "would," and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Factors that might
cause such differences include, but are not limited to: the impact
of current and future regulation; the impact of credit rating
changes; the effects of competition; the ability to attract,
develop and retain executives and other qualified employees;
changes in general economic or market conditions; and other
factors, many of which are beyond HCT's control, including other
factors included in HCT's reports filed with the SEC, particularly
in the "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of HCT's
latest Annual Report on Form 10-K and subsequent quarterly reports
on Form 10-Q, each as filed with the SEC, as such Risk Factors may
be updated from time to time in subsequent reports. HCT does not
assume any obligation to update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Non-GAAP Financial Measures
Funds from Operations and Adjusted Funds from
Operations
Due to certain unique operating characteristics of real estate
companies, as discussed below, the National Association of Real
Estate Investment Trusts, Inc. ("NAREIT"), an industry trade group,
has promulgated a measure known as funds from operations ("FFO"),
which the Company believes to be an appropriate supplemental
measure to reflect the operating performance of a REIT. FFO is a
supplemental performance measure but is not equivalent to the
Company's net income or loss as determined under accounting
principles generally accepted in the
United States ("GAAP").
The Company defines FFO, a non-GAAP measure, consistent with the
standards established by the White Paper on FFO approved by the
Board of Governors of NAREIT, as revised in February 2004 (the "White Paper"). The White
Paper defines FFO as net income or loss computed in accordance with
GAAP, excluding gains or losses from sales of property but
including asset impairment writedowns, plus depreciation and
amortization, after adjustments for unconsolidated partnerships and
joint ventures. Adjustments for unconsolidated partnerships and
joint ventures are calculated to reflect FFO. The Company's FFO
calculation complies with NAREIT's definition.
The historical accounting convention used for real estate assets
requires straight-line depreciation of buildings and improvements,
which implies that the value of a real estate asset diminishes
predictably over time, especially if not adequately maintained or
repaired and renovated as required by relevant circumstances or as
requested or required by lessees for operational purposes in order
to maintain the value disclosed. The Company believes that, because
real estate values historically rise and fall with market
conditions, including inflation, interest rates, the business
cycle, unemployment and consumer spending, presentations of
operating results for a REIT using historical accounting for
depreciation and certain other items may be less informative.
Historical accounting for real estate involves the use of GAAP. Any
other method of accounting for real estate such as the fair value
method cannot be construed to be any more accurate or relevant than
the comparable methodologies of real estate valuation found in
GAAP. Nevertheless, the Company believes that the use of FFO, which
excludes the impact of real estate related depreciation and
amortization, among other things, provides a more complete
understanding of the Company's performance to investors and to
management, and when compared year over year, reflects the impact
on the Company's operations from trends in occupancy rates, rental
rates, operating costs, general and administrative expenses, and
interest costs, which may not be immediately apparent from net
income. However, FFO and adjusted funds from operations ("AFFO"),
as described below, should not be construed to be more relevant or
accurate than the current GAAP methodology in calculating net
income or in its applicability in evaluating the Company's
operating performance. The method utilized to evaluate the value
and performance of real estate under GAAP should be construed as a
more relevant measure of operational performance and considered
more prominently than the non-GAAP FFO and AFFO measures and the
adjustments to GAAP in calculating FFO and AFFO. Other REITs may
not define FFO in accordance with the current NAREIT definition (as
the Company does) or may interpret the current NAREIT definition
differently than the Company does and/or calculate AFFO differently
than the Company does. Consequently, the Company's presentation of
FFO and AFFO may not be comparable to other similarly titled
measures presented by other REITs.
The Company considers FFO and AFFO useful indicators of its
performance. Because FFO calculations exclude such factors as
depreciation and amortization of real estate assets and gains or
losses from sales of operating real estate assets (which can vary
among owners of identical assets in similar conditions based on
historical cost accounting and useful-life estimates), FFO
facilitates comparisons of operating performance between periods
and between other REITs in the Company's peer group.
Changes in the accounting and reporting promulgations under GAAP
(for acquisition fees and expenses from a
capitalization/depreciation model to an expensed-as-incurred model)
that were put into effect in 2009 and other changes to GAAP
accounting for real estate subsequent to the establishment of
NAREIT's definition of FFO have prompted an increase in
cash-settled expenses, specifically acquisition fees and expenses
for all industries as items that are expensed under GAAP, that are
typically accounted for as operating expenses.
The Company excludes certain income or expense items from AFFO
that it considers more reflective of investing activities, other
non-cash income and expense items and the income and expense
effects of other activities that are not a fundamental attribute of
the Company's business plan. These items include unrealized gains
and losses, which may not ultimately be realized, such as gains or
losses on derivative instruments, gains or losses on contingent
valuation rights, gains and losses on investments and early
extinguishment of debt. The Company also excludes distributions on
Class B OP Units. In addition, by excluding non-cash income and
expense items such as amortization of above and below market
leases, amortization of deferred financing costs, straight-line
rent and non-cash equity compensation from AFFO the Company
believes it provides useful information regarding income and
expense items which have no cash impact and do not provide
liquidity to the Company or require capital resources of the
Company. By providing AFFO, the Company believes it is presenting
useful information that assists investors and analysts to better
assess the sustainability of the Company's ongoing operating
performance without the impacts of transactions that are not
related to the ongoing profitability of the Company's portfolio of
properties. The Company also believes that AFFO is a recognized
measure of sustainable operating performance by the REIT industry.
Further, the Company believes AFFO is useful in comparing the
sustainability of its operating performance with the sustainability
of the operating performance of other real estate companies that
are not as involved in activities which are excluded from the
Company's calculation. Investors are cautioned that AFFO should
only be used to assess the sustainability of the Company's
operating performance excluding these activities, as it excludes
certain costs that have a negative effect on the Company's
operating performance during the periods in which these costs are
incurred.
In calculating AFFO, the Company excludes expenses, which under
GAAP are characterized as operating expenses in determining
operating net income. These expenses are paid in cash by the
Company, and therefore such funds will not be available to
distribute to investors. All paid and accrued merger and
acquisition fees and certain other expenses negatively impact the
Company's operating performance during the period in which expenses
are incurred or properties are acquired will also have negative
effects on returns to investors, the potential for future
distributions, and cash flows generated by the Company, unless
earnings from operations or net sales proceeds from the disposition
of other properties are generated to cover the purchase price of
the property and certain other expenses. Therefore, AFFO may not be
an accurate indicator of the Company's operating performance,
especially during periods in which mergers are being consummated or
properties are being acquired or certain other expenses are being
incurred. AFFO that excludes such costs and expenses would only be
comparable to companies that did not have such activities. Further,
under GAAP, certain contemplated non-cash fair value and other
non-cash adjustments are considered operating non-cash adjustments
to net income in determining cash flow from operating activities.
In addition, the Company views fair value adjustments as items
which are unrealized and may not ultimately be realized. The
Company views both gains and losses from fair value adjustments as
items which are not reflective of ongoing operations and are
therefore typically adjusted for when assessing operating
performance. Excluding income and expense items detailed above from
the Company's calculation of AFFO provides information consistent
with management's analysis of the operating performance of the
properties. Additionally, fair value adjustments, which are based
on the impact of current market fluctuations and underlying
assessments of general market conditions, but can also result from
operational factors such as rental and occupancy rates, may not be
directly related or attributable to the Company's current operating
performance. By excluding such changes that may reflect anticipated
and unrealized gains or losses, the Company believes AFFO provides
useful supplemental information.
As a result, the Company believes that the use of FFO and AFFO,
together with the required GAAP presentations, provide a more
complete understanding of the Company's performance relative to its
peers and a more informed and appropriate basis on which to make
decisions involving operating, financing, and investing
activities.
Earnings before Interest, Taxes and Depreciation and
Amortization, Net Operating Income and Cash Net Operating
Income
Earnings before interest, taxes, depreciation and amortization
adjusted for acquisition fees and expenses and including the
Company's pro-rata share from unconsolidated joint ventures
("Adjusted EBITDA") is an appropriate measure of the Company's
ability to incur and service debt. Adjusted EBITDA should not be
considered as an alternative to cash flows from operating
activities, as a measure of the Company's liquidity or as an
alternative to net income as an indicator of the Company's
operating activities. Other REITs may calculate Adjusted EBITDA
differently and the Company's calculation should not be compared to
that of other REITs.
Net operating income ("NOI") is a non-GAAP financial measure
equal to net income attributable to stockholders, the most directly
comparable GAAP financial measure, less discontinued operations,
plus corporate general and administrative expense, acquisition and
transaction costs, depreciation and amortization and interest
expense, income from unconsolidated joint ventures, interest and
other income and gains from investments in securities. NOI is
adjusted to include the Company's pro-rata share of NOI from
unconsolidated joint ventures. The Company uses NOI internally as a
performance measure and believes NOI provides useful information to
investors regarding the Company's financial condition and results
of operations because it reflects only those income and expense
items that are incurred at the property level. Therefore, the
Company believes NOI is a useful measure for evaluating the
operating performance of the Company's real estate assets and to
make decisions about resource allocations. Further, the Company
believes NOI is useful to investors as a performance measure
because, when compared across periods, NOI reflects the impact on
operations from trends in occupancy rates, rental rates, operating
costs and acquisition activity on an unleveraged basis, providing
perspective not immediately apparent from net income. NOI excludes
certain components from net income in order to provide results that
are more closely related to a property's results of operations. For
example, interest expense is not necessarily linked to the
operating performance of a real estate asset and is often incurred
at the corporate level as opposed to the property level. In
addition, depreciation and amortization, because of historical cost
accounting and useful life estimates, may distort operating
performance at the property level. NOI presented by the Company may
not be comparable to NOI reported by other REITs that define NOI
differently. The Company believes that in order to facilitate a
clear understanding of its operating results, NOI should be
examined in conjunction with net income as presented in the
Company's consolidated financial statements. NOI should not be
considered as an alternative to net income as an indication of the
Company's performance or to cash flows as a measure of the
Company's liquidity or ability to make distributions.
Cash NOI is NOI presented on a cash basis, which is NOI after
eliminating the effects of straight-lining of rent and the
amortization of above and below market leases.
AMERICAN REALTY
CAPITAL HEALTHCARE TRUST, INC.
|
Consolidated
Balance Sheets
|
(In
thousands)
|
|
|
|
March 31,
|
|
December 31,
|
|
|
2014
|
|
2013
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
Real estate
investments, at cost:
|
|
|
|
|
Land
|
|
$
|
121,978
|
|
|
$
|
107,719
|
|
Buildings, fixtures
and improvements
|
|
1,556,438
|
|
|
1,363,858
|
|
Construction in
progress
|
|
16,148
|
|
|
11,112
|
|
Acquired intangible
lease assets
|
|
199,630
|
|
|
181,264
|
|
Total real estate
investments, at cost
|
|
1,894,194
|
|
|
1,663,953
|
|
Less: accumulated
depreciation and amortization
|
|
(116,558)
|
|
|
(87,350)
|
|
Total real estate
investments, net
|
|
1,777,636
|
|
|
1,576,603
|
|
Cash and cash
equivalents
|
|
142,928
|
|
|
103,447
|
|
Restricted
cash
|
|
1,841
|
|
|
1,381
|
|
Investment
securities, at fair value
|
|
16,297
|
|
|
14,670
|
|
Preferred equity
investment
|
|
8,800
|
|
|
—
|
|
Prepaid expenses and
other assets
|
|
19,693
|
|
|
17,431
|
|
Deferred costs,
net
|
|
23,715
|
|
|
21,041
|
|
Total
assets
|
|
$
|
1,990,910
|
|
|
$
|
1,734,573
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Mortgage notes
payable
|
|
$
|
298,650
|
|
|
$
|
259,348
|
|
Mortgage premiums,
net
|
|
4,192
|
|
|
2,769
|
|
Credit
facility
|
|
231,500
|
|
|
—
|
|
Below-market lease
liabilities, net
|
|
5,345
|
|
|
5,543
|
|
Derivatives, at fair
value
|
|
314
|
|
|
333
|
|
Accounts payable and
accrued expenses
|
|
21,452
|
|
|
17,460
|
|
Deferred rent and
other liabilities
|
|
5,267
|
|
|
2,949
|
|
Distributions
payable
|
|
10,522
|
|
|
10,427
|
|
Total
liabilities
|
|
577,242
|
|
|
298,829
|
|
Preferred
stock
|
|
—
|
|
|
—
|
|
Common
stock
|
|
1,821
|
|
|
1,805
|
|
Additional paid-in
capital
|
|
1,607,456
|
|
|
1,591,941
|
|
Accumulated other
comprehensive loss
|
|
(1,597)
|
|
|
(3,243)
|
|
Accumulated
deficit
|
|
(195,863)
|
|
|
(158,378)
|
|
Total stockholders'
equity
|
|
1,411,817
|
|
|
1,432,125
|
|
Non-controlling
interests
|
|
1,851
|
|
|
3,619
|
|
Total
equity
|
|
1,413,668
|
|
|
1,435,744
|
|
Total liabilities and
equity
|
|
$
|
1,990,910
|
|
|
$
|
1,734,573
|
|
AMERICAN REALTY
CAPITAL HEALTHCARE TRUST, INC.
|
Consolidated
Statements of Operations
|
(In thousands,
except share and per share data)
|
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2014
|
|
2013
|
Revenues:
|
|
|
|
|
Rental
income
|
|
$
|
47,517
|
|
|
$
|
15,987
|
|
Operating expense
reimbursements
|
|
4,184
|
|
|
2,189
|
|
Resident services and
fee income
|
|
4,288
|
|
|
502
|
|
Total
revenues
|
|
55,989
|
|
|
18,678
|
|
Operating
expenses:
|
|
|
|
|
Property operating
and maintenance
|
|
23,479
|
|
|
5,192
|
|
Acquisition and
transaction related
|
|
3,422
|
|
|
2,038
|
|
General and
administrative
|
|
1,928
|
|
|
249
|
|
Depreciation and
amortization
|
|
28,943
|
|
|
11,694
|
|
Total operating
expenses
|
|
57,772
|
|
|
19,173
|
|
Operating
loss
|
|
(1,783)
|
|
|
(495)
|
|
Other income
(expenses):
|
|
|
|
|
Interest
expense
|
|
(5,543)
|
|
|
(3,089)
|
|
Income from preferred
equity investment and investment securities
|
|
299
|
|
|
—
|
|
Other
income
|
|
1
|
|
|
—
|
|
Total other
expense
|
|
(5,243)
|
|
|
(3,089)
|
|
Net loss
|
|
(7,026)
|
|
|
(3,584)
|
|
Net income
attributable to non-controlling interests
|
|
(9)
|
|
|
(22)
|
|
Net loss attributable
to stockholders
|
|
$
(7,035)
|
|
|
$
(3,606)
|
|
|
|
|
|
|
Basic and diluted
weighted average shares outstanding
|
|
181,621,246
|
|
|
77,029,025
|
|
Basic and diluted net
loss per share attributable to stockholders
|
|
$
|
(0.04)
|
|
|
$
|
(0.05)
|
|
AMERICAN REALTY
CAPITAL HEALTHCARE TRUST, INC.
|
Funds from
Operations and Adjusted Funds from Operations
|
(In
thousands)
|
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2014
|
|
2013
|
Net loss attributable
to stockholders (in accordance with GAAP)
|
|
$
|
(7,035)
|
|
|
$
|
(3,606)
|
|
Depreciation and
amortization attributable to stockholders
|
|
28,853
|
|
|
11,579
|
|
FFO
|
|
21,818
|
|
|
7,973
|
|
Acquisition fees and
expenses
|
|
3,422
|
|
|
2,038
|
|
Amortization of above
or below market leases and liabilities, net
|
|
95
|
|
|
67
|
|
Straight-line
rent
|
|
(1,908)
|
|
|
(990)
|
|
Amortization of
mortgage premiums
|
|
(264)
|
|
|
(179)
|
|
Amortization of
deferred financing costs
|
|
1,561
|
|
|
617
|
|
Non-cash equity
compensation expense
|
|
10
|
|
|
9
|
|
Distributions on
Class B units
|
|
139
|
|
|
17
|
|
AFFO
|
|
$
|
24,873
|
|
|
$
|
9,552
|
|
AMERICAN REALTY
CAPITAL HEALTHCARE TRUST, INC.
|
Reconciliation of
Net Loss to Adjusted EBITDA, NOI and Cash NOI
|
(In
thousands)
|
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
|
|
2014
|
|
2013
|
Net loss
attributable to stockholders (in accordance with GAAP)
|
|
$
|
(7,035)
|
|
|
$
|
(3,606)
|
|
Acquisition
fees and expenses
|
|
3,422
|
|
|
2,038
|
|
Depreciation and amortization attributable to
stockholders
|
|
28,943
|
|
|
11,694
|
|
Interest
Expense
|
|
5,543
|
|
|
3,089
|
|
Income
from preferred equity investment and investment
securities
|
|
(299)
|
|
|
—
|
|
Other
income
|
|
(1)
|
|
|
—
|
|
Non-controlling interests
|
|
9
|
|
|
22
|
|
Adjusted
EBITDA
|
|
30,582
|
|
|
13,237
|
|
General and
administrative
|
|
1,928
|
|
|
249
|
|
NOI
|
|
32,510
|
|
|
13,486
|
|
Amortization
of above or accretion of below market lease intangibles,
net
|
|
95
|
|
|
67
|
|
Straight-line
rent
|
|
(1,930)
|
|
|
(1,026)
|
|
Cash NOI
|
|
$
|
30,675
|
|
|
$
|
12,527
|
|
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SOURCE American Realty Capital Healthcare Trust, Inc.