Press Release
 

IRET Announces Financial and Operating Results for the Year Ended December 31, 2019 and Provides 2020 Financial Outlook

Company Release - 2/19/2020 4:30 PM ET

MINNEAPOLIS, Feb. 19, 2020 /PRNewswire/ -- IRET (NYSE: IRET) announced today its financial and operating results for the year ended December 31, 2019.  Net income and Funds from Operations ("FFO") per share for the transition period ended December 31, 2019, are detailed below.  Core FFO adjusts FFO for certain non-routine items, and both FFO and Core FFO are reconciled to net income in the tables accompanying this earnings release.



Three Months Ended December 31,


Twelve Months Ended December 31,

Per Share


2019


2018


2019


2018

Earnings (loss) per share - diluted


$

3.89



$

(0.49)



$

6.00



$

(1.83)


FFO - diluted


0.90



0.92



4.05



3.29


Core FFO - diluted


0.96



0.92



3.72



3.41


 



Year-Over-Year
Comparison


Sequential

Comparison


YTD

Comparison

Same-Store Results


4Q19 vs 4Q18


4Q19 vs. 3Q19


CY19 vs. CY18

Revenues


2.8

%


0.4

%


3.7

%

Expenses


6.4

%


1.6

%


3.8

%

Net Operating Income ("NOI")


0.2

%


(0.4)

%


3.6

%

 



Three months ended


Twelve months ended

Same-Store Results


December 31,
2019


September 30,
2019


December 31,
2018


December 31,
2019


December 31,
2018

Weighted Average Occupancy


94.0

%


93.3

%


94.2

%


94.3

%


93.6

%

Net operating income ("NOI"), funds from operations ("FFO"), and Core FFO are non-GAAP financial measures.  For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures, refer to "Non-GAAP Financial Measures and Reconciliations" below.

Financial Highlights for the Year Ended December 31, 2019

  • Grew earnings per share to $6.00 per diluted share for the year ended December 31, 2019, compared to a net loss of $1.83 per diluted share for the year ended December 31, 2018.
  • Increased FFO year-over-year from $3.29 per diluted share to $4.05 per diluted share and increased Core FFO from $3.41 per diluted share to $3.72 per diluted share.
  • Increased same-store revenue year-over-year by 3.7% driven by 3.0% growth in rental revenue and 0.7% growth in occupancy, while same-store operating expenses grew 3.8% year-over-year, primarily due to real estate taxes and insurance. The combination of 3.7% same-store revenue growth and expense control initiatives that limited same-store controllable expenses growth to approximately 1.8% over the same period in 2018, led to same-store NOI growth of 3.6% for the year ended December 31, 2019.
  • Acquired three new apartment communities in the key growth markets of Minneapolis, Minnesota and Denver, Colorado, consisting of 696 homes, for an aggregate purchase price of $169.3 million.
  • Exited slower-growth, less efficient markets in Topeka, Kansas, Sioux City, Iowa, and Sioux Falls, South Dakota, and sold five apartment communities in Bismarck, North Dakota, consisting of a total of 21 apartment communities, two commercial properties, and three parcels of land for an aggregate sale price of $203.1 million.
  • Originated a $29.9 million construction loan and a $15.3 million mezzanine loan, in December 2019, for the development of a multifamily community located in Minneapolis, Minnesota. The loans are secured by mortgages and mature on December 31, 2023. We have an option to purchase the development.
  • Registered an ongoing at-the-market ("ATM") offering and sale of up to $150.0 million in common shares under our 2019 ATM program, from which we issued 308,444 common shares at an average price of $72.29 per share, net of commissions. Total consideration, net of commissions and issuance costs, were approximately $22.0 million in the year ended December 31, 2019.
  • Repurchased and retired approximately 465,000 common shares and Units for an aggregate cost of $26.2 million, including commissions, at an average price per share of $56.24, in the year ended December 31, 2019.
  • Entered into a $150.0 million private shelf agreement. Of the $150.0 million available under the private shelf agreement, we funded $75.0 million of Series A unsecured senior notes and $50.0 million of Series B unsecured senior notes. Proceeds from this private placement facility were used to repay outstanding amounts on IRET's credit facility and retire mortgage debt. Following the funding of the Series B Notes, our average debt maturity duration increased to 6.0 years from 4.6 years while our weighted average interest rate of debt decreased from 4.3% at December 31, 2018 to 4.0% at December 31, 2019. The Company's debt has decreased from 69% secured at December 31, 2018 to 51% secured at December 31, 2019.

Balance Sheet

At December 31, 2019, we had $226.5 million of total liquidity on our balance sheet, including $199.9 million available on our line of credit.

2020 Financial Overview

We are providing the following guidance for our 2020 calendar year performance.

2020 Calendar Year Financial Outlook




Range for 2020


2019 Actual


Low


High

Earnings Per Share - diluted

$

6.00



$

(1.35)



$

(1.07)


FFO per Share - diluted

$

4.05



$

3.52



$

3.80


Core FFO per Share - diluted

$

3.72



$

3.52



$

3.80


Additional assumptions:

  • Same-store capital expenditures of $825 per home to $900 per home
  • Value-add expenditures of $10.0 million to $15.0 million
  • Investments of $66.0 million to $72.0 million

FFO and Core FFO are non-GAAP measures. For more information on their usage and presentation, and a reconciliation to the most directly comparable GAAP measures, please refer to "2020 Financial Outlook" in the Supplemental Information below.

Quarterly Distributions

On December 5, 2019, our Board of Trustees declared a regular quarterly distribution of $0.70 per share/unit (NYSE: IRET), payable on January 15, 2020 to common shareholders and unitholders of record on January 2, 2020. IRET has paid cash dividends to common shareholders and unitholders every quarter since its initial dividend payment in 1971. It represents an annualized rate of $2.80 per share/unit.

On December 5, 2019, our Board of Trustees also declared a dividend of $0.4140625 per share on the 6.625% Series C Cumulative Redeemable Preferred Shares (NYSE: IRET-PC), payable on December 31, 2019, to holders of record on December 16, 2019.  Series C preferred share distributions are cumulative and payable quarterly in arrears at an annual rate of $1.65625 per share.

Earnings Call

Live webcast and replay:  http://ir.iretapartments.com




Live Conference Call


Conference Call Replay

Thursday, February 20, 2020 at 10:00 AM ET


Replay available until March 5, 2020

USA Toll Free Number

1-877-509-9785


USA Toll Free Number

1-877-344-7529

International Toll Free Number

1-412-902-4132


International Toll Free Number

1-412-317-0088

Canada Toll Free Number

1-855-669-9657


Canada Toll Free Number

1-855-669-9658




Conference Number

10137963

Supplemental Information

Supplemental Operating and Financial Data for the year ended December 31, 2019 ("Supplemental Information"), is available in the Investors section on IRET's website at www.iretapartments.com or by calling Investor Relations at 701-837-7104. Non-GAAP financial measures and other capitalized terms, as used in this earnings release, are defined and reconciled in the Supplemental Information, which accompanies this earnings release.

About IRET

IRET is a real estate company focused on the ownership, management, acquisition, redevelopment, and development of apartment communities. As of December 31, 2019, IRET owned interests in 69 apartment communities consisting of 11,953 homes.  IRET's common shares and Series C preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: IRET and IRET-PC, respectively).

Forward-Looking Statements

Certain statements in this press release are based on our current expectations and assumptions, and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Forward-looking statements are typically identified by the use of terms such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and variations of those words and similar expressions. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements to be materially different from the results of operations, financial conditions, or plans expressed or implied by the forward-looking statements.  Although we believe the expectations reflected in our forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be achieved. Any statements contained herein that are not statements of historical fact should be deemed forward-looking statements. As a result, reliance should not be placed on these forward-looking statements, as these statements are subject to known and unknown risks, uncertainties, and other factors beyond our control and could differ materially from our actual results and performance. Such risks and uncertainties are detailed from time to time in our filings with the SEC, including the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" contained in our Annual Report on Form 10-K for the year ended December 31, 2019, in subsequent quarterly reports on Form 10-Q, and in other public reports. We assume no obligation to update or supplement forward-looking statements that become untrue due to subsequent events.

Investor Relations Contact Information

Jonathan Bishop
Vice President - Finance
Phone: 701-837-7104
E-mail: IR@iret.com

Common Share Data (NYSE: IRET)




Three Months Ended


Two Months Ended



December 31, 2019


September 30, 2019


June 30, 2019


March 31, 2019


December 31, 2018

High Closing Price


$

78.91



$

74.67



$

61.28



$

61.50



$

54.70


Low Closing Price


$

71.74



$

59.22



$

57.19



$

49.92



$

47.00


Average Closing Price


$

74.67



$

66.83



$

59.54



$

58.11



$

52.45


Closing Price at end of quarter


$

72.50



$

74.67



$

58.67



$

59.91



$

49.07


Common Share Distributions—annualized


$

2.80



$

2.80



$

2.80



$

2.80



$

2.80


Closing Dividend Yield - annualized


3.9

%


3.8

%


4.8

%


4.7

%


5.7

%

Closing common shares outstanding (thousands)


12,099



11,625



11,656



11,768



11,942


Closing limited partnership units outstanding (thousands)


1,058



1,223



1,224



1,365



1,368


Closing market value of outstanding common shares, plus imputed closing market value of outstanding limited partnership units (thousands)


$

953,883



$

959,360



$

755,670



$

786,798



$

653,122


 

IRET

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share amounts)




Three Months Ended



Twelve months ended



12/31/2019


9/30/2019


6/30/2019


3/31/2019


12/31/2018



12/31/2019


12/31/2018

REVENUE


$

45,777



$

47,436



$

46,934



$

45,608



$

45,730




$

185,755



$

180,368


EXPENSES
















Property operating expenses, excluding real estate taxes


14,018



14,485



13,942



14,804



13,292




57,249



55,910


Real estate taxes


4,835



5,425



5,574



5,232



5,098




21,066



20,171


Property management expenses


1,634



1,553



1,445



1,554



1,447




6,186



5,537


Casualty loss


205



178



92



641



540




1,116



815


Depreciation/amortization


18,972



18,751



18,437



18,111



18,812




74,271



77,624


Impairment of real estate investments










1,221






19,030


General and administrative expenses


3,647



3,448



3,549



3,806



3,769




14,450



14,883


TOTAL EXPENSES


$

43,311



$

43,840



$

43,039



$

44,148



$

44,179




$

174,338



$

193,970


Operating income (loss)


2,466



3,596



3,895



1,460



1,551




11,417



(13,602)


Interest expense


(7,357)



(7,694)



(7,590)



(7,896)



(7,682)




(30,537)



(32,733)


Loss on extinguishment of debt


(864)



(1,087)



(407)



(2)



(5)




(2,360)



(678)


Interest and other income


702



498



468



424



483




2,092



2,027


Income (loss) before gain (loss) on sale of real estate and other investments, gain (loss) on litigation settlement, and income (loss) from discontinued operations


(5,053)



(4,687)



(3,634)



(6,014)



(5,653)




(19,388)



(44,986)


Gain (loss) on sale of real estate and other investments


57,850



39,105



615



54



612




97,624



12,011


Gain (loss) on litigation settlement




300



6,286








6,586




Income (loss) from continuing operations


52,797



34,718



3,267



(5,960)



(5,041)




84,822



(32,975)


Income (loss) from discontinued operations















14,690


Net income (loss)


$

52,797



$

34,718



$

3,267



$

(5,960)



$

(5,041)




$

84,822



$

(18,285)


Dividends to preferred unitholders


(160)



(160)



(160)



(57)






(537)




Net (income) loss attributable to noncontrolling interest – Operating Partnership


(4,202)



(3,145)



(148)



743



665




(6,752)



2,553


Net (income) loss attributable to noncontrolling interests – consolidated real estate entities


223



183



154



576



270




1,136



709


Net income (loss) attributable to controlling interests


48,658



31,596



3,113



(4,698)



(4,106)




78,669



(15,023)


Dividends to preferred shareholders


(1,705)



(1,705)



(1,706)



(1,705)



(1,705)




(6,821)



(6,821)


NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS


$

46,953



$

29,891



$

1,407



$

(6,403)



$

(5,811)




$

71,848



$

(21,844)


















Per Share Data - Basic
















Earnings (loss) per common share from continuing operations – basic


$

3.95



$

2.57



$

0.11



$

(0.54)



$

(0.49)




$

6.06



$

(2.93)


Earnings (loss) per common share from discontinued operations – basic















1.10


Net earnings (loss) per common share – basic


$

3.95



$

2.57



$

0.11



$

(0.54)



$

(0.49)




$

6.06



$

(1.83)


Per Share Data - Diluted
















Earnings (loss) per common share from continuing operations – diluted


$

3.89



$

2.54



$

0.11



$

(0.54)



$

(0.49)




$

6.00



$

(2.93)


Earnings (loss) per common share from discontinued operations – diluted















$

1.10


Net earnings (loss) per common share – diluted


$

3.89



$

2.54



$

0.11



$

(0.54)



$

(0.49)




$

6.00



$

(1.83)


 

IRET

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands)




12/31/2019


9/30/2019


6/30/2019


3/31/2019


12/31/2018

ASSETS











Real estate investments











Property owned


$

1,643,078



$

1,720,352



$

1,663,539



$

1,673,158



$

1,627,636


Less accumulated depreciation


(349,122)



(370,492)



(380,321)



(371,672)



(353,871)




1,293,956



1,349,860



1,283,218



1,301,486



1,273,765


Unimproved land


1,376



1,376



1,746



2,252



5,301


Mortgage loans receivable


16,140



10,140



10,140



10,260



10,410


Total real estate investments


1,311,472



1,361,376



1,295,104



1,313,998



1,289,476


Cash and cash equivalents


26,579



8,500



17,406



23,329



13,792


Restricted cash


19,538



3,339



4,672



4,819



5,464


Other assets


34,829



30,589



30,626



29,166



27,265


TOTAL ASSETS


$

1,392,418



$

1,403,804



$

1,347,808



$

1,371,312



$

1,335,997













LIABILITIES, MEZZANINE EQUITY, AND EQUITY











LIABILITIES











Accounts payable and accrued expenses


$

47,155



$

40,546



$

44,766



$

40,697



$

40,892


Revolving line of credit


50,079



103,143



177,939



118,677



57,500


Notes payable, net of loan costs


269,058



269,006



144,082



144,036



143,991


Mortgages payable, net of loan costs


329,664



360,886



370,461



430,950



444,197


TOTAL LIABILITIES


$

695,956



$

773,581



$

737,248



$

734,360



$

686,580













REDEEMABLE NONCONTROLLING INTERESTS – CONSOLIDATED REAL ESTATE ENTITIES


$



$



$



$



$

5,968


SERIES D PREFERRED UNITS


16,560



16,560



16,560



16,560




EQUITY











Series C Preferred Shares of Beneficial Interest


99,456



99,456



99,456



99,456



99,456


Common Shares of Beneficial Interest


917,400



886,598



888,541



895,381



899,234


Accumulated distributions in excess of net income


(390,196)



(428,680)



(450,433)



(443,661)



(429,048)


Accumulated other comprehensive income (loss)


(7,607)



(9,793)



(7,598)



(3,139)



(856)


Total shareholders' equity


$

619,053



$

547,581



$

529,966



$

548,037



$

568,786


Noncontrolling interests – Operating Partnership


55,284



60,169



57,902



66,060



67,916


Noncontrolling interests – consolidated real estate entities


5,565



5,913



6,132



6,295



6,747


Total equity


$

679,902



$

613,663



$

594,000



$

620,392



$

643,449


TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND EQUITY


$

1,392,418



$

1,403,804



$

1,347,808



$

1,371,312



$

1,335,997


IRET
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (unaudited)

This release contains certain non-GAAP financial measures. The non-GAAP measures should not be considered a substitute for operating results determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The definitions and calculations of these non-GAAP measures, as calculated by us, may not be comparable to non-GAAP measures reported by other REITs that do not define each of the non-GAAP measures exactly as we do.

We provide certain information on a same-store and non-same-store basis.  Same-store apartment communities are owned or in service for the entirety of the periods being compared, and, in the case of development properties, have achieved a target level of physical occupancy of 90%. On the first day of each calendar year, we determine the composition of our same-store pool for that year as well as adjust the previous year, which allows us to evaluate full period-over-period operating comparisons for existing apartment communities and their contribution to net income. We believe that measuring performance on a same-store basis is useful to investors because it enables evaluation of how a fixed pool of our communities are performing year-over-year. We use this measure to assess whether or not we have been successful in increasing NOI, renewing the leases on existing residents, controlling operating costs, and making prudent capital improvements.

Reconciliation of Operating Income (Loss) to Net Operating Income

Net operating income, or NOI, is a non-GAAP measure which we define as total real estate revenues less property operating expenses, including real estate taxes.  We believe that NOI is an important supplemental measure of operating performance for real estate because it provides a measure of operations that is unaffected by depreciation, amortization, financing, property management overhead, casualty losses, and general and administrative expenses.  NOI does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income, net income available for common shareholders, or cash flow from operating activities as a measure of financial performance.


(in thousands, except percentages)


Three Months Ended December 31,



Twelve Months Ended December 31,


2019


2018


$ Change


% Change



2019


2018


$ Change


% Change


















Operating income (loss)

$

2,466



$

1,551



$

915



59.0

%



$

11,417



$

(13,602)



$

25,019



(183.9)

%

Adjustments:

















Property management expenses

1,634



1,447



187



12.9

%



6,186



5,537



649



11.7

%

Casualty loss

205



540



(335)



(62.0)

%



1,116



815



301



36.9

%

Depreciation and amortization

18,972



18,812



160



0.9

%



74,271



77,624



(3,353)



(4.3)

%

Impairment



1,221



(1,221)



(100.0)

%





19,030



(19,030)



(100.0)

%

General and administrative expenses

3,647



3,769



(122)



(3.2)

%



14,450



14,883



(433)



(2.9)

%

Net operating income

$

26,924



$

27,340



$

(416)



(1.5)

%



$

107,440



$

104,287



$

3,153



3.0

%


















Revenue

















Same-store

$

34,303



$

33,374



$

929



2.8

%



$

135,939



$

131,149



$

4,790



3.7

%

Non-same-store

8,089



4,608



3,481



75.5

%



25,495



15,646



9,849



62.9

%

Other properties and dispositions

3,385



7,748



(4,363)



(56.3)

%



24,321



33,573



(9,252)



(27.6)

%

Total

45,777



45,730



47



0.1

%



185,755



180,368



5,387



3.0

%


















Property operating expenses, including real estate taxes

















Same-store

14,715



13,832



883



6.4

%



58,155



56,047



2,108



3.8

%

Non-same-store

2,704



1,404



1,300



92.6

%



9,031



5,518



3,513



63.7

%

Other properties and dispositions

1,434



3,154



(1,720)



(54.5)

%



11,129



14,516



(3,387)



(23.3)

%

Total

18,853



18,390



463



2.5

%



78,315



76,081



2,234



2.9

%


















Net operating income

















Same-store

19,588



19,542



46



0.2

%



77,784



75,102



2,682



3.6

%

Non-same-store

5,385



3,204



2,181



68.1

%



16,464



10,128



6,336



62.6

%

Other properties and dispositions

1,951



4,594



(2,643)



(57.5)

%



13,192



19,057



(5,865)



(30.8)

%

Total

$

26,924



$

27,340



$

(416)



(1.5)

%



$

107,440



$

104,287



$

3,153



3.0

%

Same-Store Expense Comparison


(in thousands, except percentages)


Three Months Ended December 31,



Twelve Months Ended December 31,


2019


2018


$ Change


% Change



2019


2018


$ Change


% Change


















Controllable expenses

















Compensation

$

3,921



$

3,731



$

190



5.1

%



$

15,267



$

15,555



$

(288)



(1.9)

%

Repairs and maintenance

2,904



2,429



475



19.6

%



11,137



10,452



685



6.6

%

Utilities

2,411



2,364



47



2.0

%



9,923



9,756



167



1.7

%

Administrative and marketing

771



743



28



3.8

%



3,024



2,891



133



4.6

%

Total

$

10,007



$

9,267



$

740



8.0

%



$

39,351



$

38,654



$

697



1.8

%


















Non-controllable expenses

















Real estate taxes

$

3,639



$

3,766



$

(127)



(3.4)

%



$

15,116



$

14,853



$

263



1.8

%

Insurance

1,069



799



270



33.8

%



3,688



2,540



1,148



45.2

%

Total

4,708



4,565



143



3.1

%



18,804



17,393



1,411



8.1

%


















Total

$

14,715



$

13,832



$

883



6.4

%



$

58,155



$

56,047



$

2,108



3.8

%

Reconciliation of Net Income (Loss) Available to Common Shareholders to Funds From Operations, Core Funds From Operations, and Adjusted Funds From Operations

We use the definition of FFO adopted by the National Association of Real Estate Investment Trusts, Inc. ("Nareit"). Nareit defines FFO as net income or loss calculated in accordance with GAAP, excluding:

  • depreciation and amortization related to real estate;
  • gains and losses from the sale of certain real estate assets; and
  • impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.

Due to the limitations of the FFO definition adopted by Nareit, we have made certain interpretations in applying the definition. We believe that all such interpretations not specifically provided for in the Nareit definition are consistent with the definition. Nareit's FFO White Paper 2018 Restatement clarified that impairment write-downs of land related to a REIT's main business are excluded from FFO, and a REIT has the option to exclude impairment write-downs of assets that are incidental to the main business.

We believe that FFO, which is a standard supplemental measure for equity real estate investment trusts, is helpful to investors in understanding our operating performance, primarily because its calculation excludes depreciation and amortization expense on real estate assets, thereby providing an additional perspective on our operating results. We believe that GAAP historical cost depreciation of real estate assets is not correlated with changes in the value of those assets, whose value does not diminish predictably over time, as historical cost depreciation implies. The exclusion in Nareit's definition of FFO of impairment write-downs and gains and losses from the sale of real estate assets helps to identify the operating results of the long-term assets that form the base of our investments, and assists management and investors in comparing those operating results between periods.

While FFO is widely used by us as a primary performance metric, not all real estate companies use the same definition of FFO or calculate FFO in the same way. Accordingly, FFO presented here is not necessarily comparable to FFO presented by other real estate companies. FFO should not be considered as an alternative to net income or any other GAAP measurement of performance, but rather should be considered as an additional, supplemental measure. FFO also does not represent cash generated from operating activities in accordance with GAAP, and is not necessarily indicative of sufficient cash flow to fund all of our needs or our ability to service indebtedness or make distributions.

Core Funds from Operations ("Core FFO") is FFO as adjusted for non-routine items or items not considered core to our business operations. By further adjusting for items that are not considered part of our core business operations, we believe that Core FFO provides investors with additional information to compare our core operating and financial performance between periods. Core FFO should not be considered as an alternative to net income as an indication of financial performance, or as an alternative to cash flows from operations as a measure of liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions to shareholders. Core FFO is a non-GAAP and non-standardized measure that may be calculated differently by other REITs and that should not be considered a substitute for operating results determined in accordance with GAAP.



(in thousands, except per share amounts)



Three Months Ended



Twelve Months Ended



12/31/2019


9/30/2019


6/30/2019


3/31/19


12/31/2018



12/31/2019


12/31/2018

Net (loss) income available to common shareholders


$

46,953



$

29,891



$

1,407



$

(6,403)



$

(5,811)




$

71,848



$

(21,844)


Adjustments:
















Noncontrolling interests - Operating Partnership


4,202



3,145



148



(743)



(665)




6,752



(2,553)


Depreciation and amortization


18,972



18,751



18,437



18,111



18,812




74,271



77,624


Less depreciation - non real estate


(88)



(71)



(79)



(85)



(76)




(322)