Form 10-K for the fiscal year ended December 31, 2015
It appears that your measure of Funds Available for Distribution can be used as a non- GAAP liquidity measure. Please explain to us how you have considered question 102.05 of the C&DI related to Non-GAAP Financial Measures in drafting your Non-GAAP disclosures related to FAD. In particular, explain to us how you determined presentation of FAD on a per share basis would be appropriate in light of this guidance.
No reply letter found.
First report after the SEC's letter of 2016-09-13: 10-Q filed 2016-11-01 ↗, against the 10-Q filed 2016-08-09 ↗.
Tickdelta does not hold the text of both reports, so they are not compared here.
Please expand your disclosure to provide a more detailed discussion of the reasons why management believes the measures of FFO as adjusted and FAD are useful non-GAAP measures for investors.
No reply letter found.
First report after the SEC's letter of 2016-09-13: 10-Q filed 2016-11-01 ↗, against the 10-Q filed 2016-08-09 ↗.
Tickdelta does not hold the text of both reports, so they are not compared here.
Please tell us what consideration you have given to providing a discussion of the reason for changes in your non-same property portfolio (i.e. quantifying the change due to dispositions, redevelopment, acquisitions etc.).
No reply letter found.
First report after the SEC's letter of 2016-09-13: 10-Q filed 2016-11-01 ↗, against the 10-Q filed 2016-08-09 ↗.
Tickdelta does not hold the text of both reports, so they are not compared here.
Please clarify for us how you have accounted for the NNN Lease Restructuring and the basis for your conclusions. Cite any relevant accounting literature in your response. In your response, please explain to us whether you accounted for the transaction as the termination of the pre-existing lease and creation of a new lease, and how you determined the lease-related intangibles, initial direct costs and straight-lineRest of the question
rent receivables associated with the previous leases should be amortized prospectively over the new lease term. Reference is made to ASC Topic 840-10-35-4.
No reply letter found.
First report after the SEC's letter of 2016-09-13: 10-Q filed 2016-11-01 ↗, against the 10-Q filed 2016-08-09 ↗.
Tickdelta does not hold the text of both reports, so they are not compared here.
Please provide us with a more detailed description of the effective offset of $53 million related to the NNN Lease Restructuring transactions. In your response explain to us how you have accounted for this portion of the transaction and the basis for your conclusions. Cite any relevant accounting literature in your response.
No reply letter found.
First report after the SEC's letter of 2016-09-13: 10-Q filed 2016-11-01 ↗, against the 10-Q filed 2016-08-09 ↗.
Tickdelta does not hold the text of both reports, so they are not compared here.
We note your disclosure of 2015 other real estate acquisitions. Please tell us why you did not include results of operations for these acquisitions in the unaudited pro forma consolidated results of operations numbers that you provided. Reference is made to ASC 805-10-50-3.
No reply letter found.
First report after the SEC's letter of 2016-09-13: 10-Q filed 2016-11-01 ↗, against the 10-Q filed 2016-08-09 ↗.
Tickdelta does not hold the text of both reports, so they are not compared here.
Also in this review: closing letter, 2016-10-28