Arbor Realty Trust Reports Third Quarter 2020 Results and Increases Quarterly Dividend to $0.32 per Share
Arbor Realty Trust (NYSE: ABR) reported strong third-quarter results for 2020, with a net income of $82.0 million, or $0.72 per diluted share, compared to $34.0 million or $0.35 per diluted share in Q3 2019. Core earnings increased to $67.1 million ($0.50 per share) from $43.1 million ($0.37 per share) year-over-year. The company raised its dividend to $0.32 per share, marking a 6.7% increase year-to-date. The agency business reported $1.47 billion in loan originations, a 10.1% increase from Q3 2019. Overall, Arbor maintains a solid multifamily focus amid diverse income streams.
- GAAP net income of $82.0 million, up from $34.0 million in Q3 2019.
- Core earnings rose to $67.1 million, compared to $43.1 million year-over-year.
- Raised cash dividend to $0.32 per share, a 6.7% increase year-to-date.
- Increased servicing portfolio to $22.56 billion, a 4.5% quarter-over-quarter growth.
- GSE loan originations of $1.47 billion, a 10.1% increase from Q3 2019.
- Average yield from the loan and investment portfolio decreased to 5.98% from 6.16% in Q2 2020.
- Non-performing loans increased to eight, up from six in Q2 2020, with a carrying value of $62.9 million.
Company Highlights:
- Diversified operating platform with a multifamily focus that continues to produce strong core earnings and dividends in all cycles
- GAAP net income of
$0. 72 and core earnings of$0. 50 per diluted common share1 - Raised cash dividend on common stock to
$0. 32 per share, our second consecutive increase, representing a 6.7% increase year-to-date - Continued strong performance from our residential mortgage banking joint venture generating pretax income of $32.3 million
- GAAP net income of
Agency Business
- Grew our servicing portfolio to $22.56 billion, a 4.5% increase from 2Q20, and 12.5% year-to-date
- GSE loan originations of
$1. 47 billion, a 10.1% increase from 3Q19 - Segment income of $40.7 million
Structured Business
- Loan portfolio surpasses
$5.00 billion on $291.8 million of loan originations - Segment income of $55.2 million
UNIONDALE, N.Y., Oct. 30, 2020 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE:ABR), today announced financial results for the third quarter ended September 30, 2020. Arbor reported net income for the quarter of
“These outstanding third quarter results reflect the successful execution of our business strategy and the versatile operating platform we have developed. Arbor continues to be very well positioned to succeed in the current economic climate. Our business model gives us diversified opportunities for growth and has allowed us to outperform in the commercial mortgage REIT space,” said Ivan Kaufman, founder, chairman and CEO of Arbor Realty Trust.
“Our continued momentum and excellent results have once again allowed us to increase our dividend to 32 cents a share – our second consecutive quarterly dividend increase. It is a true testament to the value of our franchise and the many diverse income streams we have created that we are able to succeed in any market cycle.”
Agency Business
Loan Origination Platform
| Agency Loan Volume (in thousands) | ||||||||
| Quarter Ended | ||||||||
| September 30, 2020 | June 30, 2020 | |||||||
| Originations: | ||||||||
| Fannie Mae | $ | 1,117,679 | $ | 1,140,181 | ||||
| Freddie Mac | 252,014 | 135,720 | ||||||
| FHA | 100,345 | 75,533 | ||||||
| Private Label | 5,840 | 49,122 | ||||||
| Total Originations | $ | 1,475,878 | $ | 1,400,556 | ||||
| Total Loan Sales | $ | 1,219,462 | $ | 1,992,889 | ||||
| Total Loan Commitments | $ | 1,528,551 | $ | 1,206,723 | ||||
For the quarter ended September 30, 2020, the Agency Business generated revenues (excluding gains and losses on derivative instruments) of
At September 30, 2020, loans held-for-sale was
Fee-Based Servicing Portfolio
Our fee-based servicing portfolio totaled
| Fee-Based Servicing Portfolio ($ in thousands) | ||||||||||||||
| As of September 30, 2020 | As of June 30, 2020 | |||||||||||||
| UPB | Wtd. Avg. Fee | Wtd. Avg. Life (in years) | UPB | Wtd. Avg. Fee | Wtd. Avg. Life (in years) | |||||||||
| Fannie Mae | $ | 16,462,041 | 0.516 | % | 8.4 | $ | 15,672,931 | 0.505 | % | 8.2 | ||||
| Freddie Mac | 4,687,197 | 0.288 | % | 10.4 | 4,560,382 | 0.295 | % | 10.6 | ||||||
| FHA | 685,263 | 0.171 | % | 20.4 | 621,487 | 0.154 | % | 19.6 | ||||||
| Private Label | 727,063 | 0.200 | % | 9.4 | 727,132 | 0.200 | % | 9.5 | ||||||
| Total | $ | 22,561,564 | 0.448 | % | 9.2 | $ | 21,581,932 | 0.441 | % | 9.1 | ||||
Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”), and includes
Structured Business
Portfolio and Investment Activity
- Significant income generated by our residential mortgage banking joint venture
- Originated 13 loans totaling
$291.8 million , and consisted primarily of multifamily bridge loans totaling$235.1 million - Payoffs and pay downs on 15 loans totaling
$206.0 million - Portfolio growth of
$124.7 million , or2.5%
The Company recorded pretax income of
At September 30, 2020, the loan and investment portfolio’s unpaid principal balance, excluding loan loss reserves, was
The average balance of the Company’s loan and investment portfolio during the third quarter of 2020, excluding loan loss reserves, was
During the third quarter of 2020, the Company recorded a reversal of its provision for loan losses of
Financing Activity
The balance of debt that finances the Company’s loan and investment portfolio at September 30, 2020 was
The Company is subject to various financial covenants and restrictions under the terms of its collateralized securitization vehicles, financing facilities and unsecured debt. The Company believes it was in compliance with all financial covenants and restrictions as of September 30, 2020 and as of the most recent collateralized securitization vehicle determination dates in October 2020.
Dividends
The Company announced today that its Board of Directors has declared a quarterly cash dividend of
The Company also announced today that its Board of Directors has declared cash dividends on the Company's Series A, Series B and Series C cumulative redeemable preferred stock reflecting accrued dividends from September 1, 2020 through November 30, 2020. The dividends are payable on November 30, 2020 to preferred stockholders of record on November 15, 2020. The Company will pay total dividends of
Earnings Conference Call
The Company will host a conference call today at 10:00 a.m. Eastern Time. A live webcast and replay of the conference call will be available at http://www.arbor.com in the investor relations section of the Company’s website. Those without web access should access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (877) 876-9176 for domestic callers and (785) 424-1670 for international callers. Please use participant passcode ABRQ320 when prompted by the operator.
A telephonic replay of the call will be available until November 6, 2020. The replay dial-in numbers are (800) 839-5679 for domestic callers and (402) 220-2566 for international callers.
About Arbor Realty Trust, Inc.
Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. Headquartered in New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a Fannie Mae DUS® lender and Freddie Mac Optigo Seller/Servicer. Arbor’s product platform also includes CMBS, bridge, mezzanine and preferred equity lending. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan.
Safe Harbor Statement
Certain items in this press release may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Arbor’s expectations include, but are not limited to, changes in economic conditions generally, and the real estate markets specifically, in particular, due to the uncertainties created by the COVID-19 pandemic, continued ability to source new investments, changes in interest rates and/or credit spreads, and other risks detailed in Arbor’s Annual Report on Form 10-K for the year ended December 31, 2019 and its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. Arbor expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Arbor’s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.
1. Non-GAAP Financial Measures
During the quarterly earnings conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A supplemental schedule of non-GAAP financial measures and the comparable GAAP financial measure can be found on page 11 of this release.
| Contacts: Arbor Realty Trust, Inc. Paul Elenio, Chief Financial Officer 516-506-4422 pelenio@arbor.com | Investors: The Ruth Group Daniel Kontoh-Boateng/James Salierno 646-536-7019/7028 dboateng@theruthgroup.com jsalierno@theruthgroup.com | Media: Bonnie Habyan Chief Marketing Officer 516-506-4615 bhabyan@arbor.com |
| ARBOR REALTY TRUST, INC. AND SUBSIDIARIES | |||||||||||||||||
| Consolidated Statements of Income - (Unaudited) | |||||||||||||||||
| ($ in thousands—except share and per share data) | |||||||||||||||||
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||
| Interest income | $ | 81,701 | $ | 80,509 | $ | 253,307 | $ | 233,957 | |||||||||
| Interest expense | 37,888 | 48,064 | 129,172 | 138,213 | |||||||||||||
| Net interest income | 43,813 | 32,445 | 124,135 | 95,744 | |||||||||||||
| Other revenue: | |||||||||||||||||
| Gain on sales, including fee-based services, net | 19,895 | 21,298 | 60,566 | 51,897 | |||||||||||||
| Mortgage servicing rights | 42,357 | 29,911 | 96,708 | 62,852 | |||||||||||||
| Servicing revenue, net | 13,348 | 13,790 | 40,156 | 39,954 | |||||||||||||
| Property operating income | 1,033 | 2,237 | 3,976 | 8,187 | |||||||||||||
| Loss on derivative instruments, net | (753 | ) | (5,003 | ) | (58,852 | ) | (6,726 | ) | |||||||||
| Other income, net | 1,050 | 325 | 3,404 | 1,314 | |||||||||||||
| Total other revenue | 76,930 | 62,558 | 145,958 | 157,478 | |||||||||||||
| Other expenses: | |||||||||||||||||
| Employee compensation and benefits | 32,962 | 32,861 | 101,652 | 93,647 | |||||||||||||
| Selling and administrative | 9,356 | 10,882 | 29,013 | 31,122 | |||||||||||||
| Property operating expenses | 1,300 | 2,563 | 4,778 | 7,649 | |||||||||||||
| Depreciation and amortization | 1,922 | 1,841 | 5,830 | 5,663 | |||||||||||||
| Impairment loss on real estate owned | - | - | - | 1,000 | |||||||||||||
| Provision for loss sharing (net of recoveries) | (2,227 | ) | 735 | 21,706 | 1,557 | ||||||||||||
| Provision for credit losses (net of recoveries) | (7,586 | ) | - | 59,510 | - | ||||||||||||
| Total other expenses | 35,727 | 48,882 | 222,489 | 140,638 | |||||||||||||
| Income before extinguishment of debt, sale of real estate, equity affiliates, and income taxes | |||||||||||||||||
| 85,016 | 46,121 | 47,604 | 112,584 | ||||||||||||||
| Loss on extinguishment of debt | - | - | (3,546 | ) | (128 | ) | |||||||||||
| Loss on sale of real estate | (1,868 | ) | - | (1,868 | ) | - | |||||||||||
| Income from equity affiliates | 32,358 | 3,718 | 56,758 | 9,133 | |||||||||||||
| Provision for income taxes | (17,785 | ) | (6,623 | ) | (15,493 | ) | (10,963 | ) | |||||||||
| Net income | 97,721 | 43,216 | 83,455 | 110,626 | |||||||||||||
| Preferred stock dividends | 1,888 | 1,888 | 5,665 | 5,665 | |||||||||||||
| Net income attributable to noncontrolling interest | 13,836 | 7,363 | 11,012 | 19,429 | |||||||||||||
| Net income attributable to common stockholders | $ | 81,997 | $ | 33,965 | $ | 66,778 | $ | 85,532 | |||||||||
| Basic earnings per common share | $ | 0.72 | $ | 0.36 | $ | 0.60 | $ | 0.95 | |||||||||
| Diluted earnings per common share | $ | 0.72 | $ | 0.35 | $ | 0.59 | $ | 0.93 | |||||||||
| Weighted average shares outstanding: | |||||||||||||||||
| Basic | 113,766,446 | 94,486,839 | 111,775,436 | 89,899,074 | |||||||||||||
| Diluted | 133,997,087 | 117,468,044 | 132,401,315 | 113,033,968 | |||||||||||||
| Dividends declared per common share | $ | 0.31 | $ | 0.29 | $ | 0.91 | $ | 0.84 | |||||||||
| ARBOR REALTY TRUST, INC. AND SUBSIDIARIES | ||||||||
| Consolidated Balance Sheets | ||||||||
| ($ in thousands—except share and per share data) | ||||||||
| September 30, | December 31, | |||||||
| 2020 | 2019 | |||||||
| (Unaudited) | ||||||||
| Assets: | ||||||||
| Cash and cash equivalents | $ | 192,204 | $ | 299,687 | ||||
| Restricted cash | 110,263 | 210,875 | ||||||
| Loans and investments, net (allowance for credit losses: | 4,910,872 | 4,189,960 | ||||||
| Loans held-for-sale, net | 631,138 | 861,360 | ||||||
| Capitalized mortgage servicing rights, net | 335,235 | 286,420 | ||||||
| Securities held-to-maturity, net (allowance for credit losses: | 118,260 | 88,699 | ||||||
| Investments in equity affiliates | 82,322 | 41,800 | ||||||
| Real estate owned, net | 2,894 | 13,220 | ||||||
| Due from related party | 23,814 | 10,651 | ||||||
| Goodwill and other intangible assets | 106,716 | 110,700 | ||||||
| Other assets | 175,500 | 125,788 | ||||||
| Total assets | $ | 6,689,218 | $ | 6,239,160 | ||||
| Liabilities and Equity: | ||||||||
| Credit facilities and repurchase agreements | $ | 1,449,940 | $ | 1,678,288 | ||||
| Collateralized loan obligations | 2,516,032 | 2,130,121 | ||||||
| Debt fund | - | 68,629 | ||||||
| Senior unsecured notes | 662,289 | 319,799 | ||||||
| Convertible senior unsecured notes, net | 266,706 | 284,152 | ||||||
| Junior subordinated notes to subsidiary trust issuing preferred securities | 141,470 | 140,949 | ||||||
| Due to related party | 802 | 13,100 | ||||||
| Due to borrowers | 76,304 | 79,148 | ||||||
| Allowance for loss-sharing obligations | 71,160 | 34,648 | ||||||
| Other liabilities | 181,279 | 134,299 | ||||||
| Total liabilities | 5,365,982 | 4,883,133 | ||||||
| Equity: | ||||||||
| Arbor Realty Trust, Inc. stockholders' equity: | ||||||||
| Preferred stock, cumulative, redeemable, | 89,472 | 89,501 | ||||||
| Common stock, | 1,159 | 1,097 | ||||||
| Additional paid-in capital | 1,222,945 | 1,154,932 | ||||||
| Accumulated deficit | (120,539 | ) | (60,920 | ) | ||||
| Total Arbor Realty Trust, Inc. stockholders’ equity | 1,193,037 | 1,184,610 | ||||||
| Noncontrolling interest | 130,199 | 171,417 | ||||||
| Total equity | 1,323,236 | 1,356,027 | ||||||
| Total liabilities and equity | $ | 6,689,218 | $ | 6,239,160 | ||||
| ARBOR REALTY TRUST, INC. AND SUBSIDIARIES | |||||||||||||||||
| Statement of Income Segment Information - (Unaudited) | |||||||||||||||||
| (in thousands) | |||||||||||||||||
| Quarter Ended September 30, 2020 | |||||||||||||||||
| Structured Business | Agency Business | Other / Eliminations (1) | Consolidated | ||||||||||||||
| Interest income | $ | 75,471 | $ | 6,230 | $ | - | $ | 81,701 | |||||||||
| Interest expense | 35,252 | 2,636 | - | 37,888 | |||||||||||||
| Net interest income | 40,219 | 3,594 | - | 43,813 | |||||||||||||
| Other revenue: | |||||||||||||||||
| Gain on sales, including fee-based services, net | - | 19,895 | - | 19,895 | |||||||||||||
| Mortgage servicing rights | - | 42,357 | - | 42,357 | |||||||||||||
| Servicing revenue | - | 25,764 | - | 25,764 | |||||||||||||
| Amortization of MSRs | - | (12,416 | ) | - | (12,416 | ) | |||||||||||
| Servicing revenue, net | - | 13,348 | - | 13,348 | |||||||||||||
| Property operating income | 1,033 | - | - | 1,033 | |||||||||||||
| Gain (loss) on derivative instruments, net | 118 | (871 | ) | - | (753 | ) | |||||||||||
| Other income, net | 1,052 | - | - | 1,052 | |||||||||||||
| Total other revenue | 2,203 | 74,729 | - | 76,932 | |||||||||||||
| Other expenses: | |||||||||||||||||
| Employee compensation and benefits | 8,874 | 24,089 | - | 32,963 | |||||||||||||
| Selling and administrative | 4,665 | 4,691 | - | 9,356 | |||||||||||||
| Property operating expenses | 1,300 | - | - | 1,300 | |||||||||||||
| Depreciation and amortization | 598 | 1,324 | - | 1,922 | |||||||||||||
| Provision for loss sharing (net of recoveries) | - | (2,227 | ) | - | (2,227 | ) | |||||||||||
| Provision for credit losses (net of recoveries) | (6,065 | ) | (1,521 | ) | - | (7,586 | ) | ||||||||||
| Total other expenses | 9,372 | 26,356 | - | 35,728 | |||||||||||||
| Income before sale of real estate, equity affiliates, and income taxes | 33,050 | 51,967 | - | 85,017 | |||||||||||||
| Loss on sale of real estate | (1,868 | ) | - | - | (1,868 | ) | |||||||||||
| Income from equity affiliates | 32,358 | - | - | 32,358 | |||||||||||||
| Provision for income taxes | (6,494 | ) | (11,292 | ) | - | (17,786 | ) | ||||||||||
| Net income | 57,046 | 40,675 | - | 97,721 | |||||||||||||
| Preferred stock dividends | 1,888 | - | - | 1,888 | |||||||||||||
| Net income attributable to noncontrolling interest | - | - | 13,836 | 13,836 | |||||||||||||
| Net income (loss) attributable to common stockholders | $ | 55,158 | $ | 40,675 | $ | (13,836 | ) | $ | 81,997 | ||||||||
| (1) Includes certain income or expenses not allocated to the two reportable segments. Amount reflects income attributable to the noncontrolling interest holders. | |||||||||||||||||
| ARBOR REALTY TRUST, INC. AND SUBSIDIARIES | ||||||||||||
| Balance Sheet Segment Information - (Unaudited) | ||||||||||||
| (in thousands) | ||||||||||||
| September 30, 2020 | ||||||||||||
| Structured Business | Agency Business | Consolidated | ||||||||||
| Assets: | ||||||||||||
| Cash and cash equivalents | $ | 103,655 | $ | 88,549 | $ | 192,204 | ||||||
| Restricted cash | 103,412 | 6,851 | 110,263 | |||||||||
| Loans and investments, net | 4,910,872 | - | 4,910,872 | |||||||||
| Loans held-for-sale, net | - | 631,138 | 631,138 | |||||||||
| Capitalized mortgage servicing rights, net | - | 335,235 | 335,235 | |||||||||
| Securities held-to-maturity, net | 20,000 | 98,260 | 118,260 | |||||||||
| Investments in equity affiliates | 82,322 | - | 82,322 | |||||||||
| Goodwill and other intangible assets | 12,500 | 94,216 | 106,716 | |||||||||
| Other assets | 154,509 | 47,699 | 202,208 | |||||||||
| Total assets | $ | 5,387,270 | $ | 1,301,948 | $ | 6,689,218 | ||||||
| Liabilities: | ||||||||||||
| Debt obligations | $ | 4,468,886 | $ | 567,551 | $ | 5,036,437 | ||||||
| Allowance for loss-sharing obligations | - | 71,160 | 71,160 | |||||||||
| Other liabilities | 194,289 | 64,096 | 258,385 | |||||||||
| Total liabilities | $ | 4,663,175 | $ | 702,807 | $ | 5,365,982 | ||||||
| ARBOR REALTY TRUST, INC. AND SUBSIDIARIES | |||||||||||||||
| Supplemental Schedule of Non-GAAP Financial Measures - (Unaudited) | |||||||||||||||
| Reconciliation of Core Earnings to GAAP Net Income (Loss) | |||||||||||||||
| ($ in thousands—except share and per share data) | |||||||||||||||
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Net income attributable to common stockholders | $ | 81,997 | $ | 33,965 | $ | 66,778 | $ | 85,532 | |||||||
| Adjustments: | |||||||||||||||
| Net income attributable to noncontrolling interest | 13,836 | 7,363 | 11,012 | 19,429 | |||||||||||
| Income from mortgage servicing rights | (42,357 | ) | (29,911 | ) | (96,708 | ) | (62,852 | ) | |||||||
| Deferred tax provision (benefit) | 3,853 | 2,223 | (5,172 | ) | (1,026 | ) | |||||||||
| Amortization and write-offs of MSRs | 15,456 | 18,904 | 48,739 | 52,558 | |||||||||||
| Depreciation and amortization | 2,867 | 2,789 | 8,731 | 8,504 | |||||||||||
| Loss on extinguishment of debt | - | - | 3,546 | 128 | |||||||||||
| Provision for credit losses, net | (11,137 | ) | 431 | 79,144 | 1,021 | ||||||||||
| Loss on derivative instruments, net | 753 | 5,003 | 44,113 | 6,726 | |||||||||||
| Stock-based compensation | 1,854 | 2,316 | 7,286 | 7,574 | |||||||||||
| Core earnings (1) | $ | 67,122 | $ | 43,083 | $ | 167,469 | $ | 117,594 | |||||||
| Diluted core earnings per share (1) | $ | 0.50 | $ | 0.37 | $ | 1.26 | $ | 1.04 | |||||||
| Diluted weighted average shares outstanding (1) | 133,997,087 | 117,468,044 | 132,401,315 | 113,033,968 | |||||||||||
| (1) Amounts are attributable to common stockholders and OP Unit holders. The OP Units are redeemable for cash, or at the Company's option for shares of the Company's common stock on a one-for-one basis. | |||||||||||||||
| Beginning in the first quarter of 2020, the Company is presenting core earnings as its non-GAAP financial measure in replacement of adjusted funds from operations ("AFFO"). Core earnings is comparable to our previous AFFO metric, revised to exclude provisions for credit losses (including CECL) related to our structured loan portfolio, securities held-to-maturity and loss-sharing obligations related to the Fannie Mae program. The Company is presenting core earnings because management believes it is important supplemental measure of the Company’s operating performance and is frequently used by peers, analysts, investors and other parties in the evaluation of REITs. Prior period amounts presented above have been conformed to reflect this change. | |||||||||||||||
| The Company defines core earnings as net income (loss) attributable to common stockholders (computed in accordance with GAAP) adjusted for accounting items such as depreciation and amortization (adjusted for unconsolidated joint ventures), non-cash stock-based compensation expense, income from mortgage servicing rights ("MSRs"), amortization and write-offs of MSRs, gains and losses on derivative instruments primarily associated with private label loans that have not yet been sold and securitized, the tax impact on cumulative gains or losses on derivative instruments associated with private label loans that were sold during the periods presented, changes in fair value of GSE-related derivatives that temporarily flow through earnings, deferred tax (benefit) provision, CECL provisions for credit losses (excluding specifically reserved provisions for loss-sharing) and the amortization of the convertible senior notes conversion option. The Company also adds back one-time charges such as acquisition costs and one-time gains or losses on the early extinguishment of debt. | |||||||||||||||
| Core earnings is not intended to be an indication of the Company's cash flow from operating activities (determined in accordance with GAAP) or a measure of its liquidity, nor is it entirely indicative of funding the Company's cash needs, including its ability to make cash distributions. The Company’s calculation of core earnings may be different from the calculations used by other companies and, therefore, comparability may be limited. | |||||||||||||||
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