CoreCivic Reports Fourth Quarter and Full Year 2022 Financial Results
CoreCivic (CXW) reported its 2022 financial results, highlighting total revenues of $1.85 billion. CoreCivic Safety led revenues at $1.68 billion, while Net Income was $122.3 million, including special items. The diluted EPS stood at $1.03, with adjusted EPS at $0.57. The company made significant strides in debt reduction, lowering its outstanding debt by over $287 million. For 2023, CoreCivic expects net income between $58 million to $75 million and diluted EPS of $0.50 to $0.65, citing labor market challenges and continued occupancy restrictions as concerns.
- Total 2022 revenue of $1.85 billion.
- Debt reduced by over $287 million in 2022.
- Share repurchase of 6.6 million shares at $74.5 million.
- Net income decrease from $28 million in Q4 2021 to $24.4 million in Q4 2022.
- Adjusted diluted EPS declined from $0.27 in Q4 2021 to $0.22 in Q4 2022.
- Ongoing labor market pressures and COVID-19 related occupancy restrictions.
Provides 2023 Full Year Guidance
BRENTWOOD, Tenn., Feb. 08, 2023 (GLOBE NEWSWIRE) -- CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the fourth quarter and full year 2022.
Financial Highlights – Full Year 2022
- Total revenue of
$1.85 billion - CoreCivic Safety revenue of
$1.68 billion - CoreCivic Community revenue of
$103.3 million - CoreCivic Properties revenue of
$57.9 million
- CoreCivic Safety revenue of
- Net income of
$122.3 million - Net income reflects
$54.0 million of special items, including$57.1 million gain on the sale of our McRae Correctional Facility in Georgia, net of taxes, reflected in the third quarter of 2022 - Diluted earnings per share of
$1.03 - Adjusted Diluted EPS of
$0.57 - Normalized FFO per diluted share of
$1.39 - Adjusted EBITDA of
$315.7 million
Damon T. Hininger, CoreCivic's President and Chief Executive Officer, said, “We are pleased to have closed out 2022 with another strong financial performance in a difficult environment, which allowed us to make meaningful progress towards the debt reduction goals we have set. We reduced our outstanding debt balance by over
Hininger continued, “Our full year 2023 financial guidance reflects the positive impact from having substantially completed the transition to the previously announced contract with the state of Arizona at our 3,060-bed La Palma Correctional Center in Arizona, which was disruptive to earnings and cash flow during 2022. However, we expect a challenging labor market to continue in 2023, and we believe it is likely we will see a continuation of occupancy restrictions implemented during the COVID-19 pandemic, particularly by our federal government partners, at least for a meaningful portion of the year. We have increased staffing levels at certain facilities in anticipation of increased occupancy levels, and we are well positioned to accept additional residential populations as pandemic-related occupancy restrictions are removed. Despite these challenges, we are pleased that our 2023 financial guidance reflects normalized per share growth compared with 2022."
Financial Highlights – Fourth Quarter 2022
- Total revenue of
$471.4 million - CoreCivic Safety revenue of
$430.2 million - CoreCivic Community revenue of
$27.0 million - CoreCivic Properties revenue of
$14.2 million
- CoreCivic Safety revenue of
- Net Income of
$24.4 million - Diluted earnings per share of
$0.21 - Adjusted Diluted EPS of
$0.22 - Normalized Funds From Operations per diluted share of
$0.42 - Adjusted EBITDA of
$87.7 million
Fourth Quarter 2022 Financial Results Compared With Fourth Quarter 2021
Net income in the fourth quarter of 2022 totaled
The decline in adjusted per share amounts was primarily the result of transitioning to the previously announced contract with the state of Arizona at our 3,060-bed La Palma Correctional Center in Arizona, the expiration of our contract with the Federal Bureau of Prisons (BOP) at the McRae Correctional Facility on November 30, 2022, and ongoing labor market pressures, including temporary incentives and above average wage inflation. We substantially completed the transition at the La Palma facility by the end of 2022. Despite the expiration of the contract with the BOP, our renewal rate on owned and controlled facilities remains high at
Earnings before interest, taxes, depreciation and amortization (EBITDA) was
Funds From Operations (FFO) was
Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share amounts, are measures calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP). Please refer to the Supplemental Financial Information and the note following the financial statements herein for further discussion and reconciliations of these measures to net income, the most directly comparable GAAP measure.
Asset Dispositions and Assets Held for Sale
In December 2022, we completed the sale of our idled Oklahoma City Transitional Center, reported in our Community segment. The sale of this facility to a third party generated net sales proceeds of
As of December 31, 2022, we held for sale two actively leased residential reentry facilities located in Philadelphia, Pennsylvania and reported in our Properties segment, and an idle residential reentry facility located in Denver, Colorado and reported in our Community segment. The facility in Denver is under a Purchase and Sale Agreement for a gross sales price of
As previously disclosed, during the second quarter of 2022, we entered into an agreement with the Georgia Building Authority (GBA) to sell our 1,978-bed McRae Correctional Facility located in McRae, Georgia, and reported in our Safety segment, for a sale price of
During the first three quarters of 2022, we also completed the sales of two additional residential reentry facilities located in California reported in our Properties segment, two residential reentry facilities located in Denver, Colorado and reported in our Community segment, and two parcels of undeveloped land located in California. We generated aggregate net proceeds from the sales of these real estate assets of
Debt Repayments
During the year ended December 31, 2022, we reduced our debt balance by
Share Repurchases
On May 12, 2022, our Board of Directors approved a share repurchase program authorizing the Company to repurchase up to
We currently have
2023 Financial Guidance
Based on current business conditions, we are providing the following financial guidance for the full year 2023:
| Full Year 2023 | |
| • Net income | |
| • Diluted EPS | |
| • FFO per diluted share | |
| • EBITDA |
During 2023, we expect to invest
Supplemental Financial Information and Investor Presentations
We have made available on our website supplemental financial information and other data for the fourth quarter of 2022. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Financial Information” of the Investors section. We do not undertake any obligation and disclaim any duties to update any of the information disclosed in this report.
Management may meet with investors from time to time during the first quarter of 2023. Written materials used in the investor presentations will also be available on our website beginning on or about February 20, 2023. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Events & Presentations” of the Investors section.
Conference Call, Webcast and Replay Information
We will host a webcast conference call at 10:00 a.m. central time (11:00 a.m. eastern time) on Thursday, February 9, 2023, which will be accessible through the Company's website at www.corecivic.com under the “Events & Presentations” section of the "Investors" page. To participate via telephone and join the call live, please register in advance here https://register.vevent.com/register/BId87fe936f05a41fa8057f46bf4310550. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode.
About CoreCivic
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Forward-Looking Statements
This press release contains statements as to our beliefs and expectations of the outcome of future events that are "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) changes in government policy, legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or our business, in particular, including, but not limited to, the continued utilization of our correctional and detention facilities by the federal government, including as a consequence of the United States Department of Justice, or DOJ, not renewing contracts as a result of President Biden's Executive Order on Reforming Our Incarceration System to Eliminate the Use of Privately Operated Criminal Detention Facilities, or the Private Prison EO, impacting utilization primarily by the BOP and the United States Marshals Service, and the impact of any changes to immigration reform and sentencing laws (our company does not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual’s incarceration or detention); (ii) our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances; (iii) changes in the privatization of the corrections and detention industry, the acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as our ability to utilize available beds; (iv) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy; (v) fluctuations in our operating results because of, among other things, changes in occupancy levels; competition; contract renegotiations or terminations; inflation and other increases in costs of operations, including a continuing rise in labor costs; fluctuations in interest rates and risks of operations; (vi) the duration of the federal government’s denial of entry at the United States southern border to asylum-seekers and anyone crossing the southern border without proper documentation or authority in an effort to contain the spread of COVID-19, a policy known as Title 42 (Title 42 is subject to ongoing litigation, the outcome of which is unclear. Most recently, on December 27, 2022, the Supreme Court granted a stay on the cessation of Title 42, while it considers an appeal by a group of states to continue the expulsions.); (vii) our ability to successfully identify and consummate future development and acquisition opportunities and realize projected returns resulting therefrom; (viii) our ability to have met and maintained qualification for taxation as a REIT for the years we elected REIT status; and (ix) the availability of debt and equity financing on terms that are favorable to us, or at all. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission.
CoreCivic takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.
CORECIVIC, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
| ASSETS | December 31, 2022 | December 31, 2021 | ||||||
| Cash and cash equivalents | $ | 149,401 | $ | 299,645 | ||||
| Restricted cash | 12,764 | 11,062 | ||||||
| Accounts receivable, net of credit loss reserve of | 312,435 | 282,809 | ||||||
| Prepaid expenses and other current assets | 32,134 | 26,872 | ||||||
| Assets held for sale | 6,936 | 6,996 | ||||||
| Total current assets | 513,670 | 627,384 | ||||||
| Real estate and related assets: | ||||||||
| Property and equipment, net of accumulated depreciation of | 2,176,098 | 2,283,256 | ||||||
| Other real estate assets | 208,181 | 218,915 | ||||||
| Goodwill | 4,844 | 4,844 | ||||||
| Other assets | 341,976 | 364,539 | ||||||
| Total assets | $ | 3,244,769 | $ | 3,498,938 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Accounts payable and accrued expenses | $ | 285,226 | $ | 305,592 | ||||
| Current portion of long-term debt | 165,525 | 35,376 | ||||||
| Total current liabilities | 450,751 | 340,968 | ||||||
| Long-term debt, net | 1,084,858 | 1,492,046 | ||||||
| Deferred revenue | 22,590 | 27,551 | ||||||
| Non-current deferred tax liabilities | 99,618 | 88,157 | ||||||
| Other liabilities | 154,544 | 177,748 | ||||||
| Total liabilities | 1,812,361 | 2,126,470 | ||||||
| Commitments and contingencies | ||||||||
| Preferred stock ― | - | - | ||||||
| Common stock ― | 1,150 | 1,203 | ||||||
| Additional paid-in capital | 1,807,689 | 1,869,955 | ||||||
| Accumulated deficit | (376,431 | ) | (498,690 | ) | ||||
| Total stockholders’ equity | 1,432,408 | 1,372,468 | ||||||
| Total liabilities and stockholders' equity | $ | 3,244,769 | $ | 3,498,938 | ||||
CORECIVIC, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
| For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| REVENUE: | ||||||||||||||||
| Safety | $ | 430,247 | $ | 432,785 | $ | 1,684,035 | $ | 1,693,968 | ||||||||
| Community | 26,994 | 25,313 | 103,263 | 99,435 | ||||||||||||
| Properties | 14,169 | 14,007 | 57,873 | 68,934 | ||||||||||||
| Other | 23 | 28 | 158 | 279 | ||||||||||||
| 471,433 | 472,133 | 1,845,329 | 1,862,616 | |||||||||||||
| EXPENSES: | ||||||||||||||||
| Operating | ||||||||||||||||
| Safety | 326,095 | 309,948 | 1,313,567 | 1,236,938 | ||||||||||||
| Community | 22,485 | 20,059 | 86,016 | 81,610 | ||||||||||||
| Properties | 3,121 | 2,832 | 13,682 | 18,155 | ||||||||||||
| Other | 268 | 80 | 527 | 362 | ||||||||||||
| Total operating expenses | 351,969 | 332,919 | 1,413,792 | 1,337,065 | ||||||||||||
| General and administrative | 34,892 | 38,412 | 127,700 | 135,770 | ||||||||||||
| Depreciation and amortization | 31,688 | 33,951 | 127,906 | 134,738 | ||||||||||||
| Shareholder litigation expense | - | - | 1,900 | 54,295 | ||||||||||||
| Asset impairments | 879 | 2,027 | 4,392 | 11,378 | ||||||||||||
| 419,428 | 407,309 | 1,675,690 | 1,673,246 | |||||||||||||
| OTHER INCOME (EXPENSE): | ||||||||||||||||
| Interest expense, net | (19,593 | ) | (23,239 | ) | (84,974 | ) | (85,542 | ) | ||||||||
| Expenses associated with debt repayments and refinancing transactions | (489 | ) | (4,112 | ) | (8,077 | ) | (56,279 | ) | ||||||||
| Gain on sale of real estate assets, net | 579 | - | 87,728 | 38,766 | ||||||||||||
| Other income (expense) | 52 | (105 | ) | 986 | (212 | ) | ||||||||||
| INCOME BEFORE INCOME TAXES | 32,554 | 37,368 | 165,302 | 86,103 | ||||||||||||
| Income tax expense | (8,117 | ) | (9,331 | ) | (42,982 | ) | (137,999 | ) | ||||||||
NET INCOME (LOSS) | $ | 24,437 | $ | 28,037 | $ | 122,320 | $ | (51,896 | ) | |||||||
| BASIC EARNINGS (LOSS) PER SHARE | $ | 0.21 | $ | 0.23 | $ | 1.03 | $ | (0.43 | ) | |||||||
| DILUTED EARNINGS (LOSS) PER SHARE | $ | 0.21 | $ | 0.23 | $ | 1.03 | $ | (0.43 | ) | |||||||
CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
CALCULATION OF ADJUSTED NET INCOME AND ADJUSTED DILUTED EPS
| For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net income (loss) | $ | 24,437 | $ | 28,037 | $ | 122,320 | $ | (51,896 | ) | ||||||
| Special items: | |||||||||||||||
| Expenses associated with debt repayments and refinancing transactions | 489 | 4,112 | 8,077 | 56,279 | |||||||||||
| Expenses associated with COVID-19 | - | - | - | 2,434 | |||||||||||
| Income taxes associated with change in corporate tax structure and other special tax items | - | - | - | 114,249 | |||||||||||
| Gain on sale of real estate assets, net | (579 | ) | - | (87,728 | ) | (38,766 | ) | ||||||||
| Shareholder litigation expense | - | - | 1,900 | 54,295 | |||||||||||
| Asset impairments | 879 | 2,027 | 4,392 | 11,378 | |||||||||||
| Income tax expense (benefit) for special items | (205 | ) | (1,533 | ) | 19,338 | (21,227 | ) | ||||||||
| Adjusted net income | $ | 25,021 | $ | 32,643 | $ | 68,299 | $ | 126,746 | |||||||
| Weighted average common shares outstanding – basic | 114,982 | 120,285 | 118,199 | 120,192 | |||||||||||
| Effect of dilutive securities: | |||||||||||||||
| Restricted stock-based awards | 1,274 | 933 | 899 | 531 | |||||||||||
| Non-controlling interest – operating partnership units | - | - | - | 952 | |||||||||||
| Weighted average shares and assumed conversions - diluted | 116,256 | 121,218 | 119,098 | 121,675 | |||||||||||
| Adjusted Diluted EPS | $ | 0.22 | $ | 0.27 | $ | 0.57 | $ | 1.04 | |||||||
CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
CALCULATION OF FUNDS FROM OPERATIONS AND NORMALIZED FUNDS FROM OPERATIONS
| For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net income (loss) | $ | 24,437 | $ | 28,037 | $ | 122,320 | $ | (51,896 | ) | ||||||
| Depreciation and amortization of real estate assets | 24,092 | 25,176 | 96,917 | 98,738 | |||||||||||
| Impairment of real estate assets | 879 | 2,027 | 4,392 | 3,335 | |||||||||||
| Gain on sale of real estate assets, net | (579 | ) | - | (87,728 | ) | (38,766 | ) | ||||||||
| Income tax expense for special items | (78 | ) | (506 | ) | 21,995 | 8,785 | |||||||||
| Funds From Operations | $ | 48,751 | $ | 54,734 | $ | 157,896 | $ | 20,196 | |||||||
| Expenses associated with debt repayments and refinancing transactions | 489 | 4,112 | 8,077 | 56,279 | |||||||||||
| Expenses associated with COVID-19 | - | - | - | 2,434 | |||||||||||
| Income taxes associated with change in corporate tax structure and other special tax items | - | - | - | 114,249 | |||||||||||
| Shareholder litigation expense | - | - | 1,900 | 54,295 | |||||||||||
| Goodwill and other impairments | - | - | - | 8,043 | |||||||||||
| Income tax benefit for special items | (127 | ) | (1,027 | ) | (2,657 | ) | (30,012 | ) | |||||||
| Normalized Funds From Operations | $ | 49,113 | $ | 57,819 | $ | 165,216 | $ | 225,484 | |||||||
| Funds From Operations Per Diluted Share | $ | 0.42 | $ | 0.45 | $ | 1.33 | $ | 0.17 | |||||||
| Normalized Funds From Operations Per Diluted Share | $ | 0.42 | $ | 0.48 | $ | 1.39 | $ | 1.85 | |||||||
CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
CALCULATION OF EBITDA AND ADJUSTED EBITDA
| For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | |||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||
| Net income (loss) | $ | 24,437 | $ | 28,037 | $ | 122,320 | $ | (51,896 | ) | |||||
| Interest expense | 22,712 | 25,700 | 95,851 | 95,565 | ||||||||||
| Depreciation and amortization | 31,688 | 33,951 | 127,906 | 134,738 | ||||||||||
| Income tax expense | 8,117 | 9,331 | 42,982 | 137,999 | ||||||||||
| EBITDA | $ | 86,954 | $ | 97,019 | $ | 389,059 | $ | 316,406 | ||||||
| Expenses associated with debt repayments and refinancing transactions | 489 | 4,112 | 8,077 | 56,279 | ||||||||||
| Expenses associated with COVID-19 | - | - | - | 2,434 | ||||||||||
| Gain on sale of real estate assets, net | (579 | ) | - | (87,728 | ) | (38,766 | ) | |||||||
| Shareholder litigation expense | - | - | 1,900 | 54,295 | ||||||||||
| Asset impairments | 879 | 2,027 | 4,392 | 11,378 | ||||||||||
| Adjusted EBITDA | $ | 87,743 | $ | 103,158 | $ | 315,700 | $ | 402,026 | ||||||
CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
GUIDANCE -- CALCULATION OF FUNDS FROM OPERATIONS & EBITDA
| For the Year Ending December 31, 2023 | |||||
| Low End of Guidance | High End of Guidance | ||||
| Net income | $ | 58,000 | $ | 75,000 | |
| Depreciation and amortization of real estate assets | 98,250 | 98,750 | |||
| Funds From Operations | $ | 156,250 | $ | 173,750 | |
| Diluted EPS | $ | 0.50 | $ | 0.65 | |
| FFO per diluted share | $ | 1.35 | $ | 1.50 | |
| Net income | $ | 58,000 | $ | 75,000 | |
| Interest expense | 86,250 | 85,250 | |||
| Depreciation and amortization | 130,000 | 130,000 | |||
| Income tax expense | 24,250 | 23,250 | |||
| EBITDA | $ | 298,500 | $ | 313,500 | |
NOTE TO SUPPLEMENTAL FINANCIAL INFORMATION
Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share metrics are non-GAAP financial measures. The Company believes that these measures are important operating measures that supplement discussion and analysis of the Company's results of operations and are used to review and assess operating performance of the Company and its properties and their management teams. The Company believes that it is useful to provide investors, lenders and security analysts disclosures of its results of operations on the same basis that is used by management.
FFO, in particular, is a widely accepted non-GAAP supplemental measure of performance of real estate companies, grounded in the standards for FFO established by the National Association of Real Estate Investment Trusts (NAREIT). NAREIT defines FFO as net income computed in accordance with GAAP, excluding gains (or losses) from sales of property and extraordinary items, plus depreciation and amortization of real estate and impairment of depreciable real estate and after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis. As a company with extensive real estate holdings, we believe FFO and FFO per share are important supplemental measures of our operating performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs and other real estate operating companies, many of which present FFO and FFO per share when reporting results. EBITDA, Adjusted EBITDA, and FFO are useful as supplemental measures of performance of the Company's properties because such measures do not take into account depreciation and amortization, or with respect to EBITDA, the impact of the Company's tax provisions and financing strategies. Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), this accounting presentation assumes that the value of real estate assets diminishes at a level rate over time. Because of the unique structure, design and use of the Company's properties, management believes that assessing performance of the Company's properties without the impact of depreciation or amortization is useful. The Company may make adjustments to FFO from time to time for certain other income and expenses that it considers non-recurring, infrequent or unusual, even though such items may require cash settlement, because such items do not reflect a necessary or ordinary component of the ongoing operations of the Company. Normalized FFO excludes the effects of such items. The Company calculates Adjusted Net Income by adding to GAAP Net Income expenses associated with the Company’s debt repayments and refinancing transactions, and certain impairments and other charges that the Company believes are unusual or non-recurring to provide an alternative measure of comparing operating performance for the periods presented.
Other companies may calculate Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO differently than the Company does, or adjust for other items, and therefore comparability may be limited. Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO and, where appropriate, their corresponding per share measures are not measures of performance under GAAP, and should not be considered as an alternative to cash flows from operating activities, a measure of liquidity or an alternative to net income as indicators of the Company's operating performance or any other measure of performance derived in accordance with GAAP. This data should be read in conjunction with the Company's consolidated financial statements and related notes included in its filings with the Securities and Exchange Commission.
| Contact: | Investors: Cameron Hopewell - Managing Director, Investor Relations - (615) 263-3024 Financial Media: David Gutierrez, Dresner Corporate Services - (312) 780-7204 | |
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