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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 12/09/21 Freehold Properties, Inc. S-11/A 16:7.1M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: S-11/A Pre-Effective Amendment to Registration Statement HTML 1.84M by a Real Estate Company 2: EX-1.1 Underwriting Agreement or Conflict Minerals Report HTML 135K 3: EX-2.1 Plan of Acquisition, Reorganization, Arrangement, HTML 196K Liquidation or Succession 4: EX-3.3 Articles of Incorporation/Organization or Bylaws HTML 139K 8: EX-10.10 Material Contract HTML 103K 9: EX-10.11 Material Contract HTML 104K 10: EX-10.12 Material Contract HTML 103K 11: EX-10.14 Material Contract HTML 55K 12: EX-10.15 Material Contract HTML 56K 13: EX-10.16 Material Contract HTML 35K 5: EX-10.4 Material Contract HTML 26K 6: EX-10.5 Material Contract HTML 21K 7: EX-10.6 Material Contract HTML 28K 14: EX-21.1 Subsidiaries List HTML 7K 15: EX-23.1 Consent of Expert or Counsel HTML 7K 16: EX-23.2 Consent of Expert or Counsel HTML 7K
tm2030694-11_s11a - none - 37.8596205s |
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Donald C. Brain
Chairman & Chief Executive Officer Freehold Properties, Inc. 232 3rd Avenue N. Franklin, TN 37064 |
| |
Jeffery C. Walraven
Chief Operating Officer Freehold Properties, Inc. 232 3rd Avenue N. Franklin, TN 37064 |
|
|
(Name, address, including zip code, and telephone number, including area code, of agent for service)
|
|
|
Andrew P. Campbell
David P. Slotkin R. John Hensley Morrison & Foerster LLP 2100 L Street, NW Washington, DC 20037-1525 (202) 887-1500 |
| | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | | Smaller reporting company ☒ | |
| | | | | | | | | | Emerging growth company ☒ | |
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Title of Each Class of Securities to be Registered
|
| | |
Proposed Maximum
Aggregate Offering Price(1)(2) |
| | |
Amount of
Registration Fee(3) |
| ||||||
Common stock, $0.0001 par value per share
|
| | | | $ | 115,000,000 | | | | | | $ | 10,661 | | |
| | |
Per Share
|
| |
Total
|
| ||||||
Public offering price
|
| | | $ | | | | | $ | | | ||
Underwriting discounts and commissions(1)
|
| | | $ | | | | | $ | | | ||
Proceeds, before expenses, to us
|
| | | $ | | | | | $ | | | |
|
Stifel
|
| |
Cowen
|
|
| | |
Page
|
| |||
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| | | | 118 | | | |
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| | | | 122 | | | |
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| | | | 129 | | | |
| | | | 136 | | | |
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| | | | 141 | | | |
| | | | 148 | | | |
| | | | 169 | | | |
| | | | 173 | | | |
| | | | 173 | | | |
| | | | 173 | | | |
| | | | 173 | | | |
| | | | F-1 | | |
Loan
|
| |
Property Address
|
| |
Property
Type |
| |
Original
Funding Date |
| |
Original
Loan Maturity |
| |
Principal
Balance(2) |
| |
Percentage
of Portfolio |
| |
Amortization
During Term |
| |
Initial
Interest Rate |
| | ||||||||||||||||||||
FFS – Loan 1
|
| |
30 Worcester Road
Webster, MA |
| |
Cultivation/
Processing |
| | |
|
(1)
|
| | | | | 8/2039 | | | | | $ | 14,465 | | | | | | 37.4% | | | | | | No | | | | | | 11.12%(3) | | | | ||
FFS – Loan 2
|
| | 111 Coolidge Avenue Bellmawr, NJ | | |
Cultivation/
Processing |
| | |
|
(1)
|
| | | | | 8/2039 | | | | | $ | 12,725 | | | | | | 32.9% | | | | | | No | | | | | | 10.51%(3) | | | | ||
FFS – Loan 3
|
| |
3218 US Highway 1
Fort Pierce, FL |
| |
Retail/
Dispensary |
| | |
|
(1)
|
| | | | | 8/2039 | | | | | $ | 1,788 | | | | | | 4.6% | | | | | | No | | | | | | 10.50%(3) | | | | ||
FFS – Loan 4
|
| | 640 Creek Road Bellmawr, NJ | | |
Retail/
Dispensary |
| | |
|
(1)
|
| | | | | 8/2039 | | | | | $ | 1,701 | | | | | | 4.4% | | | | | | No | | | | | | 10.51%(3) | | | | ||
FFS – Loan 5
|
| |
910 W.
International Speedway Boulevard Daytona Beach, FL |
| |
Retail/
Dispensary |
| | |
|
(1)
|
| | | | | 8/2039 | | | | | $ | 1,515 | | | | | | 3.9% | | | | | | No | | | | | | 10.50%(3) | | | | ||
FFS – Loan 6
|
| |
170 Commercial
Street, Unit 3 Provincetown, MA |
| |
Retail/
Dispensary |
| | |
|
(1)
|
| | | | | 8/2039 | | | | | $ | 1,131 | | | | | | 2.9% | | | | | | No | | | | | | 10.44%(3) | | | | ||
Private Co – 1
|
| | Unsecured note | | |
N/A
|
| | | | 1/2021 | | | | | | 1/2026 | | | | | $ | 5,399 | | | | | | 13.9% | | | | | | Yes | | | | | | 6.00%(4) | | | | | |
Total/Weighted Average
|
| | | | | | | | | | | | | | | | | | | | | $ | 38,724 | | | | | | 100% | | | | | | | | | | | | 10.13% | | | |
Loan
|
| |
Property Address
|
| |
Property Type
|
| |
Building
Sq. Ft. |
| |
Principal
Balance(1) |
| |
Percentage
of Mortgage Portfolio |
| |
Estimated
Real Estate Value |
| |
Real Estate
Collateral Coverage |
| |||||||||||||||
FFS – Loan 1 | | |
30 Worcester Road Webster, MA
|
| |
Cultivation/ Processing
|
| | | | 105,000 | | | | | $ | 14,465 | | | | | | 43.4% | | | | | $ | 15,068 | | | | | | 1.04x | | |
FFS – Loan 2 | | |
111 Coolidge Avenue Bellmawr, NJ
|
| |
Cultivation/Processing
|
| | | | 42,433 | | | | | $ | 12,725 | | | | | | 38.2% | | | | | $ | 13,255 | | | | | | 1.04x | | |
FFS – Loan 3 | | |
3218 US Highway 1 Fort Pierce, FL
|
| |
Retail/ Dispensary
|
| | | | 10,311 | | | | | $ | 1,788 | | | | | | 5.4% | | | | | $ | 1,862 | | | | | | 1.04x | | |
FFS – Loan 4 | | | 640 Creek Road Bellmawr, NJ | | |
Retail/ Dispensary
|
| | | | 9,571 | | | | | $ | 1,701 | | | | | | 5.1% | | | | | $ | 1,772 | | | | | | 1.04x | | |
FFS – Loan 5 | | | 910 W. International Speedway Boulevard Daytona Beach, FL | | |
Retail/ Dispensary
|
| | | | 5,620 | | | | | $ | 1,515 | | | | | | 4.5% | | | | | $ | 1,578 | | | | | | 1.04x | | |
FFS – Loan 6 | | |
170 Commercial Street, Unit 3 Provincetown, MA
|
| |
Retail/ Dispensary
|
| | | | 2,700 | | | | | $ | 1,131 | | | | | | 3.4% | | | | | $ | 1,178 | | | | | | 1.04x | | |
Total/Weighted Average
|
| | | | | | | | | | 175,635 | | | | | $ | 33,325 | | | | | | 100% | | | | | $ | 34,713 | | | | | | 1.04x | | |
| | |
As of September 30, 2021
|
| |
As of
December 31, 2020 |
| ||||||||||||
| | |
Pro Forma(1)
|
| |
Historical
|
| ||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | ||||||
Assets | | | | | | | | | | | | | | | | | | | |
Total real estate, net
|
| | | $ | 30,550 | | | | | $ | 30,550 | | | | | $ | 32,144 | | |
Notes receivable
|
| | | | 5,399 | | | | | | 5,399 | | | | | | 5,399 | | |
Total Assets
|
| | | $ | | | | | | $ | 40,680 | | | | | $ | 40,668 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | | | | | | | |
Total Liabilities
|
| | | | | | | | | | 2,364 | | | | | | 1,526 | | |
Total Freehold Properties, Inc. stockholders’ equity
|
| | | | | | | | | | 38,316 | | | | | | 39,142 | | |
Noncontrolling interest
|
| | | | (2,775) | | | | | | — | | | | | | — | | |
Total Stockholders’ Equity
|
| | | | | | | | | | 38,316 | | | | | | 39,142 | | |
Total Liabilities and Stockholders’ Equity
|
| | | $ | | | | | $ | 40,680 | | | | | $ | 40,668 | | |
| | |
Nine Months
ended September 30, 2021 |
| |
Year ended
December 31, 2020 |
| ||||||||||||||||||
| | |
Pro Forma
(unaudited) |
| |
Historical
(unaudited) |
| |
Pro Forma
(unaudited) |
| |
Historical
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Rental income
|
| | | $ | 2,734 | | | | | $ | 2,734 | | | | | $ | 3,575 | | | | | $ | 3,532 | | |
Interest income
|
| | | | — | | | | | | — | | | | | | 345 | | | | | | 345 | | |
Total revenues
|
| | | | 2,734 | | | | | | 2,734 | | | | | | 3,920 | | | | | | 3,877 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | | 2,731 | | | | | | 2,731 | | | | | | 3.291 | | | | | | 3,291 | | |
Depreciation and amortization
|
| | | | 1,600 | | | | | | 1,600 | | | | | | 2,133 | | | | | | 2,091 | | |
Litigation settlement
|
| | | | — | | | | | | — | | | | | | 435 | | | | | | 435 | | |
Transaction costs
|
| | | | 60 | | | | | | 60 | | | | | | 374 | | | | | | 374 | | |
Total operating expenses
|
| | | | 4,391 | | | | | | 4,391 | | | | | | 6,233 | | | | | | 6,191 | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | |
Impairment if real estate assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | (123) | | |
Net loss
|
| | | | (1,657) | | | | | $ | (1,657) | | | | | $ | (2,313) | | | | | $ | (2,437) | | |
Less: preferred stock dividends
|
| | | | — | | | | | | (8) | | | | | | — | | | | | | (15) | | |
Less: Net loss attributable to noncontrolling interest
|
| | | | 1,511 | | | | | | — | | | | | | 2,036 | | | | | | — | | |
Net loss attributable to common stockholders
|
| | | $ | (146) | | | | | $ | (1,665) | | | | | $ | (277) | | | | | $ | (2,452) | | |
Net loss per common share | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | $ | | | | | $ | (0.35) | | | | | $ | | | | | $ | (0.52) | | | ||
Weighted average common shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | | | | | | 4,751 | | | | | | | | | | | 4,733 | | |
| | |
Nine Months
ended September 30, 2021 |
| |
Year ended
December 31, 2020 |
| | ||||||||||||||||||||
| | |
Pro Forma
|
| |
Historical
|
| |
Pro Forma
|
| |
Historical
|
| | | | ||||||||||||
FFO attributable to common stockholders(2)
|
| | | $ | (146) | | | | | $ | (71) | | | | | $ | (277) | | | | | $ | (245) | | | | ||
AFFO attributable to common stockholders(2)
|
| | | | 699 | | | | | | 774 | | | | | | 984 | | | | | | 1,016 | | | |
| | |
As of September 30, 2021
|
| |||||||||
| | |
Actual(1)
|
| |
As Adjusted(1)(2)
|
| ||||||
| | |
(unaudited, amounts in
thousands, except share and per share amounts) |
| |||||||||
Cash | | | | $ | 2,240 | | | | | $ | | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Common stock, par value $0.0001 per share, 450,000,000 shares authorized;
5,333,355 shares issued and outstanding, actual, and shares issued and outstanding, as adjusted |
| | | | 1 | | | | | | | | |
Preferred stock, par value $0.0001 per share, 50,000,000 shares authorized; 125 shares issued and outstanding, actual and no shares issued and outstanding, as adjusted
|
| | | | — | | | | | | | | |
Additional paid-in capital
|
| | | | 43,405 | | | | | | | | |
Accumulated deficit
|
| | | | (5,066) | | | | | | (5,066) | | |
Dividends declared
|
| | | | (24) | | | | | | (24) | | |
Total Freehold Properties, Inc. stockholders’ equity
|
| | | | 38,316 | | | | | | | | |
Noncontrolling interest
|
| | | | — | | | | | | (2,775) | | |
Total stockholders’ equity
|
| | | $ | 38,316 | | | | | $ | | |
|
Assumed initial public offering price per share
|
| | | | | | | | | $ | | | |
|
Net tangible book value per share at September 30, 2021
|
| | | $ | 6.78 | | | | | | | | |
|
Net increase in net tangible book value per share attributable to this offering
|
| | | $ | | | | | | | | | |
|
As adjusted net tangible book value per share after this offering
|
| | | | | | | | | $ | | | |
|
Dilution per share to new investors
|
| | | | | | | | | $ | | |
| | |
Shares Purchased
|
| |
Total Consideration
|
| |
Average Price
per Share |
| ||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |||||||||||||||
Restricted shares of common stock previously granted to officers and directors
|
| | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | | ||
Restricted shares of common stock granted to
officers, directors, and consultants concurrent with this offering |
| | | | | | | % | | | | | $ | | | |
|
| | | $ | | | |||||
Existing stockholders
|
| | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | | ||
New investors
|
| | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | | ||
Total
|
| | | | | | | 100.0% | | | | | $ | | | | | | 100.0% | | | | | | | | |
| | |
As of September 30, 2021
|
| | | |||||||||||||
| | |
Pro Forma(1)
|
| |
Historical
|
| ||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | ||||||
Assets | | | | | | | | | | | | | | | | | | | |
Total real estate, net
|
| | | $ | 30,550 | | | | | $ | 30,550 | | | | | $ | 32,144 | | |
Notes receivable
|
| | | | 5,399 | | | | | | 5,399 | | | | | | 5,399 | | |
Total Assets
|
| | | $ | | | | | $ | 40,680 | | | | | $ | 40,668 | | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | | | | | | | |
Total Liabilities
|
| | | | | | | | | | 2,364 | | | | | | 1,526 | | |
Total Freehold Properties, Inc. stockholders’ equity
|
| | | | | | | | | | 38,316 | | | | | | 39,142 | | |
Noncontrolling interest
|
| | | | (2,775) | | | | | | — | | | | | | — | | |
Total Stockholders’ Equity
|
| | | | | | | | | | 38,316 | | | | | | 39,142 | | |
Total Liabilities and Stockholders’ Equity
|
| | | $ | | | | | $ | 40,680 | | | | | $ | 40,668 | | |
| | |
Nine Months ended
September 30, 2021 |
| |
Year ended
December 31, 2020 |
| ||||||||||||||||||
| | |
Pro Forma
(unaudited) |
| |
Historical
(unaudited) |
| |
Pro Forma
(unaudited) |
| |
Historical
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Rental income
|
| | | $ | 2,734 | | | | | $ | 2,734 | | | | | $ | 3,575 | | | | | $ | 3,532 | | |
Interest income
|
| | | | — | | | | | | — | | | | | | 345 | | | | | | 345 | | |
Total revenues
|
| | | | 2,734 | | | | | | 2,734 | | | | | | 3,920 | | | | | | 3,877 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | | 2,731 | | | | | | 2,731 | | | | | | 3,291 | | | | | | 3,291 | | |
Depreciation and amortization
|
| | | | 1,600 | | | | | | 1,600 | | | | | | 2,133 | | | | | | 2,091 | | |
Litigation settlement
|
| | | | — | | | | | | — | | | | | | 435 | | | | | | 435 | | |
Transaction costs
|
| | | | 60 | | | | | | 60 | | | | | | 374 | | | | | | 374 | | |
Total operating expenses
|
| | | | 4,391 | | | | | | 4,391 | | | | | | 6,233 | | | | | | 6,191 | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | |
Impairment if real estate assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | (123) | | |
Net loss
|
| | | | (1,657) | | | | | $ | (1,657) | | | | | $ | (2,313) | | | | | $ | (2,437) | | |
Less: preferred stock dividends
|
| | | | — | | | | | | (8) | | | | | | — | | | | | | (15) | | |
Less: Net loss attributable to noncontrolling interest
|
| | | | 1,511 | | | | | | — | | | | | | 2,036 | | | | | | — | | |
Net loss attributable to common stockholders
|
| | | $ | (146) | | | | | $ | (1,665) | | | | | $ | (277) | | | | | | (2,452) | | |
Net loss per common share | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | $ | | | | | $ | (0.35) | | | | | $ | | | | | $ | (0.52) | | | ||
Weighted average common shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | | | | | | | 4,751 | | | | | | | | | | | | 4,733 | | |
| | |
Nine Months ended
September 30, 2021 |
| |
Year ended
December 31, 2020 |
| ||||||||||||||||||
| | |
Pro Forma
|
| |
Historical
|
| |
Pro Forma
|
| |
Historical
|
| ||||||||||||
FFO attributable to common stockholders(2)
|
| | | $ | (146) | | | | | $ | (71) | | | | | $ | (277) | | | | | $ | (245) | | |
AFFO attributable to common stockholders(2)
|
| | | | 699 | | | | | | 774 | | | | | | 984 | | | | | | 1,016 | | |
| | | | | | |
Change
|
| |||||||||||||||||
|
$
|
| |
%
|
| ||||||||||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | | | | | | | ||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Rental income
|
| | | $ | 917 | | | | | $ | 891 | | | | | $ | 26 | | | | | | 3% | | |
Total revenues
|
| | | | 917 | | | | | | 891 | | | | | | 26 | | | | | | 3% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | | 996 | | | | | | 1,039 | | | | | | (43) | | | | | | (4%) | | |
Depreciation and amortization
|
| | | | 534 | | | | | | 533 | | | | | | 1 | | | | | | — | | |
Transaction costs
|
| | | | — | | | | | | 2 | | | | | | (2) | | | | | | (100%) | | |
Total operating expenses
|
| | | | 1,530 | | | | | | 1,574 | | | | | | (44) | | | | | | (3%) | | |
Other Income (Expense) | | | | | | | | | | | | | | | | | | | | | | | | | |
Impairment of real estate assets
|
| | | | — | | | | | | (123) | | | | | | 123 | | | | | | 100% | | |
Net loss
|
| | | $ | (613) | | | | | $ | (806) | | | | | $ | 193 | | | | | | 24% | | |
Less: preferred stock dividends
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss attributable to common stockholders
|
| | | $ | (613) | | | | | $ | (806) | | | | | $ | 193 | | | | | | 24% | | |
| | |
Nine months ended
September 30, 2021 |
| |
Nine months ended
September 30, 2020 |
| |
Change
|
| |||||||||||||||
|
$
|
| |
%
|
| ||||||||||||||||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| | | | | | | | | | | | | ||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Rental income
|
| | | $ | 2,734 | | | | | $ | 2,624 | | | | | $ | 110 | | | | | | 4% | | |
Interest income
|
| | | | — | | | | | | 345 | | | | | | (345) | | | | | | (100%) | | |
Total revenues
|
| | | | 2,734 | | | | | | 2,969 | | | | | | (235) | | | | | | (8%) | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | | 2,731 | | | | | | 3,126 | | | | | | (395) | | | | | | (13%) | | |
Depreciation and amortization
|
| | | | 1,600 | | | | | | 1,557 | | | | | | 43 | | | | | | 3% | | |
Transaction costs
|
| | | | 60 | | | | | | 274 | | | | | | (214) | | | | | | (78%) | | |
Total operating expenses
|
| | | | 4,391 | | | | | | 4,957 | | | | | | (566) | | | | | | (11%) | | |
Other Income (Expense) | | | | | | | | | | | | | | | | | | | | | | | | | |
Impairment of real estate assets
|
| | | | — | | | | | | (123) | | | | | | 123 | | | | | | 100% | | |
Net loss
|
| | | $ | (1,657) | | | | | $ | (2,111) | | | | | $ | 454 | | | | | | 22% | | |
Less: preferred stock dividends
|
| | | | (8) | | | | | | (7) | | | | | | (1) | | | | | | (14%) | | |
Net loss attributable to common stockholders
|
| | | $ | (1,665) | | | | | $ | (2,118) | | | | | $ | 453 | | | | | | 21% | | |
| | |
Year ended
December 31, 2020 |
| | | |
Change
|
| ||||||||||||||||
| | | | | | | | | | | | | | |
$
|
| |
%
|
| ||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Rental income
|
| | | $ | 3,532 | | | | | $ | 1,115 | | | | | $ | 2,417 | | | | | | 217% | | |
Interest income
|
| | | | 345 | | | | | | 90 | | | | | | 255 | | | | | | 283% | | |
Total revenues
|
| | | | 3,877 | | | | | | 1,205 | | | | | | 2,672 | | | | | | 222% | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | | 3,291 | | | | | | 1,455 | | | | | | 1,836 | | | | | | 126% | | |
Depreciation and amortization
|
| | | | 2,091 | | | | | | 663 | | | | | | 1,428 | | | | | | 215% | | |
Litigation settlement
|
| | | | 435 | | | | | | — | | | | | | 435 | | | | | | —% | | |
Transaction costs
|
| | | | 374 | | | | | | 59 | | | | | | 315 | | | | | | 534% | | |
Total operating expenses
|
| | | | 6,191 | | | | | | 2,177 | | | | | | 4,014 | | | | | | 184% | | |
Other Income (Expense) | | | | | | | | | | | | | | | | | | | | | | | | | |
Impairment of real estate assets
|
| | | | (123) | | | | | | — | | | | | | (123) | | | | | | —% | | |
Net loss
|
| | | $ | (2,437) | | | | | $ | (972) | | | | | $ | (1,465) | | | | | | 151% | | |
Less: preferred stock dividends
|
| | | | (15) | | | | | | (1) | | | | | | (14) | | | | | | 1400% | | |
Net loss attributable to common stockholders
|
| | | $ | (2,452) | | | | | $ | (973) | | | | | $ | (1,479) | | | | | | 152% | | |
| | |
Nine months ended
September 30, 2021 |
| |
Nine months ended
September 30, 2020 |
| ||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Cash at beginning of period
|
| | | $ | 1,816 | | | | | $ | 1,477 | | |
Net cash provided by (used in) operating activities
|
| | | | 434 | | | | | | (968) | | |
Net cash used in investing activities
|
| | | | (2) | | | | | | (1,542) | | |
Net cash (used in) provided by financing activities
|
| | | | (8) | | | | | | 2,804 | | |
Cash at end of period
|
| | | $ | 2,240 | | | | | $ | 1,771 | | |
| | |
Year ended
December 31, 2020 |
| | | |||||||
Cash at beginning of period
|
| | | $ | 1,477 | | | | | $ | — | | |
Net cash (used in) provided by operating activities
|
| | | | (914) | | | | | | 475 | | |
Net cash used in investing activities
|
| | | | (1,543) | | | | | | (36,058) | | |
Net cash provided by financing activities
|
| | | | 2,796 | | | | | | 37,060 | | |
Cash at end of period
|
| | | $ | 1,816 | | | | | $ | 1,477 | | |
| | |
For the three months
ended September 30, (unaudited) |
| |
For the nine months
ended September 30, (unaudited) |
| ||||||||||||||||||||||||
|
Historical
|
| |
Pro Forma
|
| |
Historical
|
| |||||||||||||||||||||||
|
2021
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||||||
Net loss attributable to common stockholders
|
| | | $ | (613) | | | | | $ | (806) | | | | | $ | (146) | | | | | $ | (1,665) | | | | | $ | (2,118) | | |
Real estate depreciation and amortization
|
| | | | 532 | | | | | | 531 | | | | | | — | | | | | | 1,594 | | | | | | 1,552 | | |
Impairment of real estate assets
|
| | | | — | | | | | | 123 | | | | | | — | | | | | | — | | | | | | 123 | | |
FFO attributable to common stockholders
|
| | | | (81) | | | | | | (152) | | | | | | (146) | | | | | | (71) | | | | | | (443) | | |
Stock-based compensation expense
|
| | | | 325 | | | | | | 303 | | | | | | 839 | | | | | | 839 | | | | | | 762 | | |
Non-real estate depreciation and amortization
|
| | | | 2 | | | | | | 2 | | | | | | 6 | | | | | | 6 | | | | | | 5 | | |
AFFO attributable to common stockholders
|
| | | $ | 246 | | | | | $ | 153 | | | | | $ | 699 | | | | | $ | 774 | | | | | $ | 324 | | |
FFO per share – basic
|
| | | $ | (0.02) | | | | | $ | (0.03) | | | | | $ | | | | | | $ | (0.01) | | | | | $ | (0.09) | | |
FFO per share – diluted
|
| | | $ | (0.02) | | | | | $ | (0.03) | | | | | $ | | | | | | $ | (0.01) | | | | | $ | (0.09) | | |
AFFO per share – basic
|
| | | $ | 0.05 | | | | | $ | 0.03 | | | | | $ | | | | | | $ | 0.16 | | | | | $ | 0.07 | | |
AFFO per share – diluted
|
| | | $ | 0.05 | | | | | $ | 0.03 | | | | | $ | | | | | | $ | 0.16 | | | | | $ | 0.07 | | |
FFO weighted average common shares outstanding – basic
|
| | | | 4,754 | | | | | | 4,745 | | | | | | | | | | | | 4,751 | | | | | | 4,727 | | |
FFO weighted average common shares outstanding – diluted
|
| | | | 4,754 | | | | | | 4,745 | | | | | | | | | | | | 4,751 | | | | | | 4,727 | | |
AFFO weighted average common shares outstanding – basic
|
| | | | 4,754 | | | | | | 4,745 | | | | | | | | | | | | 4,751 | | | | | | 4,727 | | |
AFFO weighted average common shares outstanding – diluted
|
| | | | 4,882 | | | | | | 4,794 | | | | | | | | | | | | 4,858 | | | | | | 4,781 | | |
| | |
For the yearended
December 31, 2020 |
| | | |||||||||||||
| | |
Pro Forma
(unaudited) |
| |
Historical
|
| ||||||||||||
Net loss attributable to common stockholders
|
| | | $ | (277) | | | | | $ | (2,452) | | | | | $ | (973) | | |
Real estate depreciation and amortization
|
| | | | — | | | | | | 2,084 | | | | | | 661 | | |
Impairment of real estate assets
|
| | | | — | | | | | | 123 | | | | | | | | |
FFO attributable to common stockholders
|
| | | | (277) | | | | | | (245) | | | | | | (312) | | |
Organizational costs
|
| | | | — | | | | | | — | | | | | | 335 | | |
Litigation settlement expense
|
| | | | 435 | | | | | | 435 | | | | | | — | | |
Stock-based compensation expense
|
| | | | 819 | | | | | | 819 | | | | | | 20 | | |
Non-real estate depreciation and amortization
|
| | | | 7 | | | | | | 7 | | | | | | 2 | | |
AFFO attributable to common stockholders
|
| | | $ | 984 | | | | | $ | 1,016 | | | | | $ | 45 | | |
FFO per share – basic and diluted
|
| | | $ | | | | | | $ | (0.05) | | | | | $ | (0.07) | | |
AFFO per share – basic and diluted
|
| | | $ | | | | | | $ | 0.21 | | | | | $ | 0.01 | | |
FFO weighted average common shares outstanding – basic and diluted
|
| | | | | | | | | | 4,733 | | | | | | 4,592 | | |
AFFO weighted average common shares outstanding – basic
|
| | | | | | | | | | 4,733 | | | | | | 4,592 | | |
AFFO weighted average common shares outstanding – diluted
|
| | | | | | | | | | 4,808 | | | | | | 4,592 | | |
|
Building
|
| |
28 to 42 years
|
|
|
Improvements
|
| |
6 to 17 years
|
|
|
Equipment
|
| |
5 to 8 years
|
|
Loan
|
| |
Property
Address |
| |
Property
Type |
| |
Original
Funding Date |
| |
Original
Loan Maturity |
| |
Principal
Balance(2) |
| |
Percentage
of Portfolio |
| |
Amortization
During Term |
| |
Initial
Interest Rate |
| ||||||||||||||||||
FFS – Loan 1
|
| |
30 Worcester Road
Webster, MA |
| |
Cultivation/
Processing |
| | |
|
(1)
|
| | | | | 8/2039 | | | | | $ | 14,465 | | | | | | 37.4% | | | | | | No | | | | | | 11.12%(3) | | |
FFS – Loan 2
|
| |
111 Coolidge
Avenue Bellmawr, NJ |
| |
Cultivation/
Processing |
| | |
|
(1)
|
| | | | | 8/2039 | | | | | $ | 12,725 | | | | | | 32.9% | | | | | | No | | | | | | 10.51%(3) | | |
FFS – Loan 3
|
| |
3218 US Highway
1 Fort Pierce, FL |
| |
Retail/
Dispensary |
| | |
|
(1)
|
| | | | | 8/2039 | | | | | $ | 1,788 | | | | | | 4.6% | | | | | | No | | | | | | 10.50%(3) | | |
FFS – Loan 4
|
| |
640 Creek Road
Bellmawr, NJ |
| |
Retail/
Dispensary |
| | |
|
(1)
|
| | | | | 8/2039 | | | | | $ | 1,701 | | | | | | 4.4% | | | | | | No | | | | | | 10.51%(3) | | |
FFS – Loan 5
|
| |
910 W. International
Speedway Boulevard Daytona Beach, FL |
| |
Retail/
Dispensary |
| | |
|
(1)
|
| | | | | 8/2039 | | | | | $ | 1,515 | | | | | | 3.9% | | | | | | No | | | | | | 10.50%(3) | | |
FFS – Loan 6
|
| |
170 Commercial
Street, Unit 3 Province town, MA |
| |
Retail/
Dispensary |
| | |
|
(1)
|
| | | | | 8/2039 | | | | | $ | 1,131 | | | | | | 2.9% | | | | | | No | | | | | | 10.44%(3) | | |
Private Co – 1
|
| | Unsecured note | | |
N/A
|
| | | | 1/2021 | | | | | | 1/2026 | | | | | $ | 5,399 | | | | | | 13.9% | | | | | | Yes | | | | | | 6.00%(4) | | |
Total/Weighted Average
|
| | | | | | | | | | | | | | | | | | | | | $ | 38,724 | | | | | | 100% | | | | | | | | | | | | 10.13% | | |
Loan
|
| |
Property Address
|
| |
Property Type
|
| |
Building
Sq. Ft. |
| |
Principal
Balance(1) |
| |
Percentage
of Mortgage Portfolio |
| |
Estimated
Real Estate Value |
| |
Real Estate
Collateral Coverage |
| |||||||||||||||
FFS – Loan 1
|
| |
30 Worcester Road
Webster, MA |
| |
Cultivation/
Processing |
| | | | 105,000 | | | | | $ | 14,465 | | | | | | 43.4% | | | | | $ | 15,068 | | | | | | 1.04x | | |
FFS – Loan 2
|
| |
111 Coolidge Avenue
Bellmawr, NJ |
| |
Cultivation/
Processing |
| | | | 42,433 | | | | | $ | 12,725 | | | | | | 38.2% | | | | | $ | 13,255 | | | | | | 1.04x | | |
FFS – Loan 3
|
| |
3218 US Highway 1 Fort
Pierce, FL |
| |
Retail/
Dispensary |
| | | | 10,311 | | | | | $ | 1,788 | | | | | | 5.4% | | | | | $ | 1,862 | | | | | | 1.04x | | |
FFS – Loan 4
|
| |
640 Creek Road Bellmawr,
NJ |
| |
Retail/
Dispensary |
| | | | 9,571 | | | | | $ | 1,701 | | | | | | 5.1% | | | | | $ | 1,772 | | | | | | 1.04x | | |
FFS – Loan 5
|
| |
910 W. International
Speedway Boulevard Daytona Beach, FL |
| |
Retail/
Dispensary |
| | | | 5,620 | | | | | $ | 1,515 | | | | | | 4.5% | | | | | $ | 1,578 | | | | | | 1.04x | | |
FFS – Loan 6
|
| |
170 Commercial Street,
Unit 3 Provincetown, MA |
| |
Retail/
Dispensary |
| | | | 2,700 | | | | | $ | 1,131 | | | | | | 3.4% | | | | | $ | 1,178 | | | | | | 1.04x | | |
Total/Weighted Average
|
| | | | | | | | | | 175,635 | | | | | $ | 33,325 | | | | | | 100% | | | | | $ | 34,713 | | | | | | 1.04x | | |
Name
|
| |
Age
|
| |
Position
|
| |||
| | | | 67 | | | | Chief Executive Officer and Chairman of the Board of Directors | | |
| | | | 52 | | | | Chief Operating Officer and Director | | |
| | | | 43 | | | | Chief Financial Officer | | |
| | | | 41 | | | | Senior Vice President and Chief Accounting Officer | | |
John A. Travis
|
| | | | 51 | | | |
Senior Vice President and Chief of Acquisitions and Asset Management
|
|
Randall L. Churchey*
|
| | | | 61 | | | | Director | |
Terry Wheatley*
|
| | | | 68 | | | | Director | |
Lori B. Wittman*
|
| | | | 62 | | | | Director | |
Name
|
| |
Fees Earned or
Paid in Cash |
| |
Stock Awards(1)
|
| |
Total
|
| |||||||||
Randall L. Churchey
|
| | | $ | 66,875 | | | | | $ | — | | | | | $ | 66,875 | | |
James G. Mueller(2)
|
| | | | 50,000 | | | | | | — | | | | | | 50,000 | | |
Terry Wheatley(3)
|
| | | | — | | | | | | — | | | | | | — | | |
Lori B. Wittman
|
| | | | 75,000 | | | | | | — | | | | | | 75,000 | | |
Name and Principal Position
|
| |
Year
|
| |
Salary(1)
|
| |
Bonus
|
| |
Stock
Awards(5) |
| |
Total
|
| |||||||||||||||
Donald C. Brain
Chief Executive Officer and Chairman |
| | | | 2020 | | | | | $ | 475,000(2) | | | | | | — | | | | | $ | 237,500(6) | | | | | $ | 712,500 | | |
| | | 2019 | | | | | | 249,390(2) | | | | | | 249,390(2) | | | | | | 380,030(7) | | | | | | 878,810 | | | ||
Jeffery C. Walraven
Chief Operating Officer |
| | | | 2020 | | | | | | 400,000(3) | | | | | | — | | | | | | 200,000(8) | | | | | | 600,000 | | |
| | | 2019 | | | | | | 218,840(3) | | | | | | 220,020(3) | | | | | | 427,030(9) | | | | | | 865,890 | | | ||
Louis S. Yi
Chief Financial Officer |
| | | | 2020 | | | | | | 300,000(4) | | | | | | — | | | | | | 150,000(10) | | | | | | 450,000 | | |
| | | 2019 | | | | | | 162,090(4) | | | | | | 165,020(4) | | | | | | 297,860(11) | | | | | | 624,970 | | |
Name
|
| |
Number of Shares or
Units of Stock That Have Not Vested(1) |
| |
Market Value of
Shares or Units of Stock That Have Not Vested(2) |
| ||||||
| | | | 123,506 | | | | | $ | 1,235,060 | | | |
Chief Executive Officer and Chairman
|
| | | | | | | | | | | | |
| | | | 125,406 | | | | | $ | 1,254,060 | | | |
Chief Operating Officer and Director
|
| | | | | | | | | | | | |
| | | | 89,572 | | | | | $ | 895,720 | | | |
Chief Financial Officer
|
| | | | | | | | | | | | |
|
Absolute TSR Award
|
| |||
|
TSR Performance
|
| |
% of Award Earned
|
|
|
24.00%
|
| |
0%
|
|
|
30.00%
|
| |
50%
|
|
|
36.00%
|
| |
100%
|
|
| | |
Shares Beneficially
Owned Before the Offering |
| |
Shares Beneficially
Owned After the Offering(1) |
| ||||||||||||||||||
Name
|
| |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| ||||||||||||
| | | | 391,028(2) | | | | | | 7.3% | | | | |
|
(3)
|
| | | | | % | | | |
| | | | 125,406(4) | | | | | | 2.4% | | | | |
|
(5)
|
| | | | | % | | | |
| | | | 115,574(6) | | | | | | 2.2% | | | | |
|
(7)
|
| | | | | % | | | |
Terry Wheatley
|
| | | | — | | | | | | —% | | | |
|
| | | | % | | | |||
Randall Churchey(8)
|
| | | | 78,904 | | | | | | 1.5% | | | |
|
| |
|
| ||||||
Lori B. Wittman(9)
|
| | | | 37,301 | | | | | | * | | | |
|
| |
|
| ||||||
All executive officers and directors as a group (6 persons)
|
| | | | 748,213 | | | | | | 14.0% | | | |
|
| | | | % | | | |||
Tilden Park Investment Master Fund LP(10)
|
| | | | 2,750,275 | | | | | | 51.6% | | | |
|
| | | | % | | | |||
The David A.Straz Jr. Foundation(11)
|
| | | | 600,000 | | | | | | 11.3% | | | |
|
| | | | % | | | |||
Heritage Insurance Holdings, Inc.(12)
|
| | | | 400,000 | | | | | | 7.5% | | | |
|
| | | | % | | | |||
Focused Investment Partners, LLC(13)
|
| | | | 311,991 | | | | | | 5.8% | | | |
|
| | | | % | | |
Name
|
| |
Number of Shares
|
|
Stifel, Nicolaus & Company, Incorporated
|
| |
|
|
Cowen and Company, LLC
|
| | | |
Lake Street Capital Markets, LLC
|
| | | |
Total
|
| |
|
|
| | |
Total
|
| |||||||||||||||
| | |
Per Share
|
| |
No Exercise
|
| |
Full Exercise
|
| |||||||||
Public offering price
|
| | | $ | | | | | | $ | | | | | | $ | | | |
Underwriting discount paid by us
|
| | | $ | | | | | $ | | | | | $ | | | |||
Proceeds, before expenses, to us
|
| | | $ | | | | | $ | | | | | $ | | | |
| Unaudited Pro Forma Consolidated Financial Statements: | | | | | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| Historical Financial Statements: | | | | | | | |
| | | | | F-8 | | | |
| | | | | F-9 | | | |
| | | | | F-10 | | | |
| | | | | F-11 | | | |
| | | | | F-12 | | | |
| | | | | F-24 | | | |
| | | | | F-26 | | | |
| | | | | F-27 | | | |
| | | | | F-28 | | | |
| | | | | F-29 | | | |
| | | | | F-30 | | |
| | |
Freehold
Properties, Inc. |
| |
Spin-Off
Transaction |
| |
Pro Forma
before Offering |
| |
Proceeds
from Offering |
| |
Use of
Proceeds |
| |
Company
Pro Forma |
| ||||||||||||||||||
| | |
A
|
| |
B
|
| | | | | | | |
C
|
| |
D
|
| | | | | | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Real Estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Land
|
| | | $ | 4,543 | | | | | $ | — | | | | | $ | 4,543 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,543 | | |
Buildings, improvements and equipment
|
| | | | 30,170 | | | | | | — | | | | | | 30,170 | | | | | | — | | | | | | — | | | | | | 30,170 | | |
Total real estate
|
| | | | 34,713 | | | | | | — | | | | | | 34,713 | | | | | | — | | | | | | — | | | | | | 34,713 | | |
Less accumulated depreciation
|
| | | | (4,163) | | | | | | — | | | | | | (4,163) | | | | | | — | | | | | | — | | | | | | (4,163) | | |
Total real estate, net
|
| | | | 30,550 | | | | | | — | | | | | | 30,550 | | | | | | — | | | | | | — | | | | | | 30,550 | | |
Notes receivable
|
| | | | 5,399 | | | | | | — | | | | | | 5,399 | | | | | | — | | | | | | — | | | | | | 5,399 | | |
Cash
|
| | | | 2,240 | | | | | | — | | | | | | 2,240 | | | | | | | | | | | | | | | | | | | | |
Other assets, net
|
| | | | 2,491 | | | | | | — | | | | | | 2,491 | | | | | | | | | | | | | | | | | | | | |
Total Assets
|
| | | $ | 40,680 | | | | | $ | — | | | | | $ | 40,680 | | | | | $ | | | | | $ | | | | | $ | | | |||
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 2,364 | | | | | $ | — | | | | | $ | 2,364 | | | | | $ | | | | | $ | | | | | $ | | | |||
Total Liabilities
|
| | | | 2,364 | | | | | | — | | | | | | 2,364 | | | | | | | | | | | | | | | | | | | | |
Stockholders’ Equity:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | |
Common stock
|
| | | | 1 | | | | | | — | | | | | | 1 | | | | | | | | | | | | | | | | | | | | |
Additional paid in capital
|
| | | | 43,405 | | | | | | 2,775 | | | | | | 46,180 | | | | | | | | | | | | | | | | | | | | |
Accumulated deficit
|
| | | | (5,066) | | | | | | — | | | | | | (5,066) | | | | | | — | | | | | | — | | | | | | (5,066) | | |
Dividends declared
|
| | | | (24) | | | | | | — | | | | | | (24) | | | | | | — | | | | | | — | | | | | | (24) | | |
Total Freehold Properties, Inc. stockholders’ equity
|
| | | | 38,316 | | | | | | 2,775 | | | | | | 41,091 | | | | | | | | | | | | | | | | | | | | |
Noncontrolling interest
|
| | | | — | | | | | | (2,775) | | | | | | (2,775) | | | | | | — | | | | | | — | | | | | | (2,775) | | |
Total Stockholders’ Equity:
|
| | | | 38,316 | | | | | | — | | | | | | 38,316 | | | | | | | | | | | | | | | | | | | | |
Total Liabilities and Stockholders’ Equity
|
| | | $ | 40,680 | | | | | $ | — | | | | | $ | 40,680 | | | | | $ | | | | | $ | | | | | $ | | |
| | |
Freehold
Properties, Inc. |
| |
Spin-Off
Transaction |
| |
Other Pro
Forma Adjustments |
| | | | | | | |
Company
Pro Forma |
| | | | | | | ||||||||||||
| | |
AA
|
| |
BB
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Rental income
|
| | | $ | 2,734 | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | 2,734 | | | | | | | | |
Total revenues
|
| | | | 2,734 | | | | | | — | | | | | | — | | | | | | | | | | | | 2,734 | | | | | | | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | | 2,731 | | | | | | — | | | | | | — | | | | | | | | | | | | 2,731 | | | | | | | | |
Depreciation and amortization
|
| | | | 1,600 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,600 | | | | | | | | |
Transaction costs
|
| | | | 60 | | | | | | — | | | | | | — | | | | | | | | | | | | 60 | | | | | | | | |
Total operating expenses
|
| | | | 4,391 | | | | | | — | | | | | | — | | | | | | | | | | | | 4,391 | | | | | | | | |
Net Income (loss)
|
| | | $ | (1,657) | | | | | $ | — | | | | | $ | — | | | | | | | | | | | $ | (1,657) | | | | | | | | |
Less: preferred stock dividends
|
| | | $ | (8) | | | | | $ | — | | | | | $ | 8 | | | | |
|
CC
|
| | | | $ | — | | | | | | | | |
Less: Net loss attributable to noncontrolling interest
|
| | | | — | | | | | | 1,511 | | | | | | — | | | | | | | | | | | | 1,511 | | | | | | | | |
Net loss attributable to common
stockholders |
| | | $ | (1,665) | | | | | $ | 1,511 | | | | | $ | 8 | | | | | | | | | | | $ | (146) | | | | | | | | |
Net loss per share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | $ | (0.35) | | | | | | | | | | | | | | | | | | | | | | | $ | | | | |
|
DD
|
| | |
Weighted average shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 4,751 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Freehold
Properties, Inc. |
| |
Spin-Off
Transaction |
| |
Other Pro
Forma Adjustments |
| | | | | | | |
Company
Pro Forma |
| | | | | | | ||||||||||||
| | |
AA
|
| |
BB
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Rental income
|
| | | $ | 3,532 | | | | | $ | — | | | | | $ | 43 | | | | |
|
EE
|
| | | | $ | 3,575 | | | | | | | | |
Interest income
|
| | | | 345 | | | | | | — | | | | | | — | | | | | | | | | | | | 345 | | | | | | | | |
Total revenues
|
| | | | 3,877 | | | | | | — | | | | | | 43 | | | | | | | | | | | | 3,920 | | | | | | | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | | 3,291 | | | | | | — | | | | | | — | | | | | | | | | | | | 3,291 | | | | | | | | |
Depreciation and amortization
|
| | | | 2,091 | | | | | | — | | | | | | 42 | | | | |
|
EE
|
| | | | | 2,133 | | | | | | | | |
Litigation settlement
|
| | | | 435 | | | | | | — | | | | | | — | | | | | | | | | | | | 435 | | | | | | | | |
Transaction costs
|
| | | | 374 | | | | | | — | | | | | | — | | | | | | | | | | | | 374 | | | | | | | | |
Total operating expenses
|
| | | | 6,191 | | | | | | — | | | | | | 42 | | | | | | | | | | | | 6,233 | | | | | | | | |
Other Income (Expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Impairment of real estate assets
|
| | | | (123) | | | | | | — | | | | | | 123 | | | | |
|
EE
|
| | | | | — | | | | | | | | |
Net Income (loss)
|
| | | $ | (2,437) | | | | | $ | — | | | | | $ | 124 | | | | | | | | | | | $ | (2,313) | | | | | | | | |
Less: preferred stock dividends
|
| | | $ | (15) | | | | | $ | — | | | | | $ | 15 | | | | |
|
CC
|
| | | | $ | — | | | | | | | | |
Less: Net loss attributable to noncontrolling
interest |
| | | | — | | | | | | 1,996 | | | | | | 40 | | | | | | | | | | | | 2,036 | | | | | | | | |
Net loss attributable to common stockholders
|
| | | $ | (2,452) | | | | | $ | 1,996 | | | | | $ | 179 | | | | | | | | | | | $ | (277) | | | | | | | | |
Net loss per share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | $ | (0.52) | | | | | | | | | | | | | | | | | | | | | | | $ | | | | |
|
DD
|
| | |
Weighted average shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 4,733 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Gross Proceeds
|
| | | $ | | | |
| Less: | | | | | | | |
|
Underwriters’ discount
|
| |
|
| |||
|
Offering expenses
|
| |
|
| |||
|
Net proceeds
|
| | | $ | | |
|
Number of common shares issued and outstanding – September 30, 2021
|
| | | | 4,751 | | |
|
Number of common shares issued in the Offering
|
| | | | | | |
|
Total number of common shares – basic
|
| |
|
| |||
|
Dilutive potential shares – September 30, 2021
|
| | | | | | |
|
Total number of common shares – diluted
|
| | | | | |
|
Number of common shares issued and outstanding – DECEMBER 31, 2020
|
| | | | 4,733 | | |
|
Number of common shares issued in the Offering
|
| | | | | | |
|
Total number of common shares – basic
|
| |
|
| |||
|
Dilutive potential shares – DECEMBER 31, 2020
|
| | | | | | |
|
Total number of common shares – diluted
|
| | | | | |
| | | | | | ||||||||
| | |
(Unaudited)
|
| | | | | | | |||
Assets | | | | | | | | | | | | | |
Real Estate:
|
| | | | | | | | | | | | |
Land
|
| | | $ | 4,543 | | | | | $ | 4,543 | | |
Buildings, improvements and equipment
|
| | | | 30,170 | | | | | | 30,170 | | |
Total real estate
|
| | | | 34,713 | | | | | | 34,713 | | |
Less accumulated depreciation
|
| | | | (4,163) | | | | | | (2,569) | | |
Total real estate, net
|
| | | | 30,550 | | | | | | 32,144 | | |
Note receivable
|
| | | | 5,399 | | | | | | 5,399 | | |
Cash
|
| | | | 2,240 | | | | | | 1,816 | | |
Other assets, net
|
| | | | 2,491 | | | | | | 1,309 | | |
Total Assets
|
| | | $ | 40,680 | | | | | $ | 40,668 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Liabilities
|
| | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 2,364 | | | | | $ | 1,526 | | |
Total Liabilities
|
| | | | 2,364 | | | | | | 1,526 | | |
Commitments and contingencies – Note 11
|
| | | | | | | | | | | | |
Stockholders’ Equity:
|
| | | | | | | | | | | | |
Preferred stock, $0.0001 par value, 50,000,000 authorized, 125 shares issued and outstanding
|
| | | | — | | | | | | — | | |
Common stock, $0.0001 par value, 450,000,000 authorized, 5,333,355 and 5,192,755 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
|
| | | | 1 | | | | | | 1 | | |
Additional paid in capital
|
| | | | 43,405 | | | | | | 42,566 | | |
Accumulated deficit
|
| | | | (5,066) | | | | | | (3,409) | | |
Dividends declared
|
| | | | (24) | | | | | | (16) | | |
Total Stockholders’ Equity
|
| | | | 38,316 | | | | | | 39,142 | | |
Total Liabilities and Stockholders’ Equity
|
| | | $ | 40,680 | | | | | $ | 40,668 | | |
| | |
For the Three Months
Ended September 30, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||
| | | | |
2020
|
| |
2021
|
| |
2020
|
| |||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Rental income
|
| | | $ | 917 | | | | | $ | 891 | | | | | $ | 2,734 | | | | | $ | 2,624 | | |
Interest income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 345 | | |
Total revenues
|
| | | | 917 | | | | | | 891 | | | | | | 2,734 | | | | | | 2,969 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | | 996 | | | | | | 1.039 | | | | | | 2,731 | | | | | | 3,126 | | |
Depreciation and amortization
|
| | | | 534 | | | | | | 533 | | | | | | 1,600 | | | | | | 1,557 | | |
Transaction costs
|
| | | | — | | | | | | 2 | | | | | | 60 | | | | | | 274 | | |
Total operating expenses
|
| | | | 1,530 | | | | | | 1,574 | | | | | | 4,391 | | | | | | 4,957 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Other Income (Expense) | | | | | | ||||||||||||||||||||
Impairment of real estate assets
|
| | | | — | | | | | | (123) | | | | | | — | | | | | | (123) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (613) | | | | | $ | (806) | | | | | $ | (1,657) | | | | | $ | (2,111) | | |
Less: preferred stock dividends
|
| | | | — | | | | | | — | | | | | | (8) | | | | | | (7) | | |
Net loss attributable to common stockholders
|
| | | $ | (613) | | | | | $ | (806) | | | | | $ | (1,665) | | | | | $ | (2,118) | | |
Net loss per share | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | $ | (0.13) | | | | | $ | (0.17) | | | | | $ | (0.35) | | | | | $ | (0.45) | | |
Weighted average shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 4,754 | | | | | | 4,745 | | | | | | 4,751 | | | | | | 4,727 | | |
| | |
Series A Preferred Stock
|
| |
Common Stock
|
| |
Additional
Paid in Capital |
| |
Accumulated
Deficit |
| |
Dividends
Declared |
| |
Total
|
| ||||||||||||||||||||||||||||||
|
Shares
|
| |
Par Value
|
| |
Shares
|
| |
Par Value
|
| ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020
|
| | | | — | | | | | $ | — | | | | | | 5,193 | | | | | $ | 1 | | | | | $ | 42,566 | | | | | $ | (3,409) | | | | | $ | (16) | | | | | $ | 39,142 | | |
Stock-based compensation, net of forfeitures
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 209 | | | | | | — | | | | | | — | | | | | | 209 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (680) | | | | | | — | | | | | | (680) | | |
Balance at March 31, 2021
|
| | | | — | | | | | $ | — | | | | | | 5,193 | | | | | $ | 1 | | | | | $ | 42,775 | | | | | $ | (4,089) | | | | | $ | (16) | | | | | $ | 38,671 | | |
Stock-based compensation, net of forfeitures
|
| | | | — | | | | | | — | | | | | | 108 | | | | | | — | | | | | | 305 | | | | | | — | | | | | | — | | | | | | 305 | | |
Dividends to preferred stockholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8) | | | | | | (8) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (364) | | | | | | — | | | | | | (364) | | |
Balance at June 30, 2021
|
| | | | — | | | | | $ | — | | | | | | 5,301 | | | | | $ | 1 | | | | | $ | 43,080 | | | | | $ | (4,453) | | | | | $ | (24) | | | | | $ | 38,604 | | |
Stock-based compensation, net of forfeitures
|
| | | | — | | | | | | — | | | | | | 32 | | | | | | — | | | | | | 325 | | | | | | — | | | | | | — | | | | | | 325 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (613) | | | | | | — | | | | | | (613) | | |
Balance at September 30, 2021
|
| | | | — | | | | | $ | — | | | | | | 5,333 | | | | | $ | 1 | | | | | $ | 43,405 | | | | | $ | (5,066) | | | | | $ | (24) | | | | | $ | 38,316 | | |
| | |
Series A Preferred Stock
|
| |
Common Stock
|
| |
Additional
Paid in Capital |
| |
Accumulated
Deficit |
| |
Dividends
Declared |
| |
Total
|
| ||||||||||||||||||||||||||||||
|
Shares
|
| |
Par Value
|
| |
Shares
|
| |
Par Value
|
| ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019
|
| | | | — | | | | | $ | — | | | | | | 4,695 | | | | | $ | — | | | | | $ | 38,359 | | | | | $ | (972) | | | | | $ | (1) | | | | | $ | 37,386 | | |
Issuance of common stock, net of offering
costs |
| | | | — | | | | | | — | | | | | | 300 | | | | | | 1 | | | | | | 2,810 | | | | | | — | | | | | | — | | | | | | 2,811 | | |
Issuance of common stock to settle liabilities
|
| | | | — | | | | | | — | | | | | | 58 | | | | | | — | | | | | | 578 | | | | | | — | | | | | | — | | | | | | 578 | | |
Stock-based compensation, net of forfeitures
|
| | | | — | | | | | | — | | | | | | 140 | | | | | | — | | | | | | 157 | | | | | | — | | | | | | — | | | | | | 157 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (730) | | | | | | — | | | | | | (730) | | |
Balance at March 31, 2020
|
| | | | — | | | | | $ | — | | | | | | 5,193 | | | | | $ | 1 | | | | | $ | 41,904 | | | | | $ | (1,702) | | | | | $ | (1) | | | | | $ | 40,202 | | |
Stock-based compensation, net of forfeitures
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 302 | | | | | | — | | | | | | — | | | | | | 302 | | |
Dividends to preferred stockholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7) | | | | | | (7) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (575) | | | | | | — | | | | | | (575) | | |
Balance at June 30, 2020
|
| | | | — | | | | | $ | — | | | | | | 5,193 | | | | | $ | 1 | | | | | $ | 42,206 | | | | | $ | (2,277) | | | | | $ | (8) | | | | | $ | 39,922 | | |
Stock-based compensation, net of forfeitures
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 303 | | | | | | — | | | | | | — | | | | | | 303 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (806) | | | | | | — | | | | | | (806) | | |
Balance at September 30, 2020
|
| | | | — | | | | | $ | — | | | | | | 5,193 | | | | | $ | 1 | | | | | $ | 42,509 | | | | | $ | (3,083) | | | | | $ | (8) | | | | | $ | 39,419 | | |
| | |
For the Nine Months
Ended September 30, |
| |||||||||
| | | | |
2020
|
| |||||||
Operating Activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (1,657) | | | | | $ | (2,111) | | |
Adjustments to reconcile net loss to net cash provided by (used in) operations:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 1,600 | | | | | | 1,557 | | |
Impairment of real estate assets
|
| | | | — | | | | | | 123 | | |
Stock-based compensation
|
| | | | 839 | | | | | | 762 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Other assets
|
| | | | (1,186) | | | | | | (832) | | |
Deferred revenue
|
| | | | — | | | | | | 14 | | |
Accounts payable and accrued liabilities
|
| | | | 838 | | | | | | (481) | | |
Net cash provided by (used in) operating activities
|
| | | | 434 | | | | | | (968) | | |
Investing Activities | | | | | | | | | | | | | |
Acquisitions of real estate assets
|
| | | | — | | | | | | (5,432) | | |
Proceeds from sale of real estate assets
|
| | | | — | | | | | | 5,415 | | |
Investment in note receivable
|
| | | | — | | | | | | (1,523) | | |
Acquisitions of corporate property
|
| | | | (2) | | | | | | (2) | | |
Net cash used in investing activities
|
| | | | (2) | | | | | | (1,542) | | |
Financing Activities | | | | | | | | | | | | | |
Proceeds from sale of common shares, net of offering costs
|
| | | | — | | | | | | 2,811 | | |
Dividends paid on Series A preferred stock
|
| | | | (8) | | | | | | (7) | | |
Net cash (used in) provided by financing activities
|
| | | | (8) | | | | | | 2,804 | | |
Increase in cash
|
| | | | 424 | | | | | | 294 | | |
Cash at beginning of the period
|
| | | | 1,816 | | | | | | 1,477 | | |
Cash at end of period
|
| | | $ | 2,240 | | | | | $ | 1,771 | | |
Supplemental Cash Flow Information | | | | | | | | | | | | | |
Liabilities settled with issuance of equity
|
| | | $ | — | | | | | $ | 578 | | |
|
Building
|
| |
28 to 42 years
|
|
|
Improvements
|
| |
6 to 17 years
|
|
|
Equipment
|
| |
5 to 8 years
|
|
Year
|
| |
Contractual
Minimum Rent |
| |||
Remainder of 2021
|
| | | $ | 935 | | |
2022
|
| | | | 3,775 | | |
2023
|
| | | | 3,885 | | |
2024
|
| | | | 3,998 | | |
2025
|
| | | | 4,114 | | |
Thereafter
|
| | | | 16,123 | | |
Total
|
| | | $ | 32,830 | | |
State
|
| |
Number of
Properties |
| |
Gross
Investment |
| |
% of Total Real
Estate Property Investments |
| | | | | |||||||||||||||||
New Jersey
|
| | | | 2 | | | | | $ | 15,027 | | | | | | 43.3% | | | | | | 42.2% | | | | | | 42.2% | | |
Massachusetts
|
| | | | 2 | | | | | | 16,246 | | | | | | 46.8% | | | | | | 48.1% | | | | | | 48.1% | | |
Florida
|
| | | | 2 | | | | | | 3,440 | | | | | | 9.9% | | | | | | 9.7% | | | | | | 9.7% | | |
| | | | | 6 | | | | | $ | 34,713 | | | | | | 100.0% | | | | | | 100.0% | | | | | | 100.0% | | |
State
|
| |
Number of
Properties |
| |
Gross
Investment |
| |
% of Total Real
Estate Property Investments |
| | | | | |||||||||||||||||
New Jersey
|
| | | | 2 | | | | | $ | 15,027 | | | | | | 43.3% | | | | | | 44.2% | | | | | | 54.3% | | |
Massachusetts
|
| | | | 2 | | | | | | 16,246 | | | | | | 46.8% | | | | | | 46.1% | | | | | | 36.0% | | |
Florida
|
| | | | 2 | | | | | | 3,440 | | | | | | 9.9% | | | | | | 9.7% | | | | | | 9.7% | | |
| | | | | 6 | | | | | $ | 34,713 | | | | | | 100.0% | | | | | | 100.0% | | | | | | 100.0% | | |
|
Remainder of 2021
|
| | | $ | 18,750 | | |
|
2022
|
| | | | 56,250 | | |
|
Total
|
| | | $ | 75,000 | | |
| | | | | | ||||||||
Prepaid assets
|
| | | $ | 298 | | | | | $ | 225 | | |
Deferred offering costs
|
| | | | 1,971 | | | | | | 909 | | |
Deferred acquisition costs
|
| | | | 128 | | | | | | 20 | | |
Right of use asset
|
| | | | 75 | | | | | | 131 | | |
Other, net
|
| | | | 19 | | | | | | 24 | | |
| | | | $ | 2,491 | | | | | $ | 1,309 | | |
| | |
Restricted
Stock |
| |
Restricted
Stock Units |
| ||||||
Nonvested awards at December 31, 2019
|
| | | | 310,144 | | | | | | — | | |
Granted
|
| | | | 144,500 | | | | | | 170,234 | | |
Vested
|
| | | | (5,499) | | | | | | — | | |
Forfeited
|
| | | | (5,000) | | | | | | (170,234) | | |
Nonvested awards at December 31, 2020
|
| | | | 444,145 | | | | | | — | | |
Granted
|
| | | | 140,600 | | | | | | 234,400 | | |
Vested
|
| | | | (15,497) | | | | | | — | | |
Nonvested awards at September 30, 2021
|
| | | | 569,248 | | | | | | 234,400 | | |
| | |
For the three months
ended September 30, |
| |
For the nine months
ended September 30, |
| ||||||||||||||||||
| | | | |
2020
|
| |
2021
|
| |
2020
|
| |||||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (613) | | | | | $ | (806) | | | | | $ | (1,657) | | | | | $ | (2,111) | | |
Preferred stock dividends
|
| | | | — | | | | | | — | | | | | | (8) | | | | | | (7) | | |
Net loss attributable to common stockholders used to compute net loss per share
|
| | | $ | (613) | | | | | $ | (806) | | | | | $ | (1,665) | | | | | $ | (2,118) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average common shares
|
| | | | 4,754 | | | | | | 4,745 | | | | | | 4,751 | | | | | | 4,727 | | |
Basic and diluted earnings per common share
|
| | | $ | (0.13) | | | | | $ | (0.17) | | | | | $ | (0.35) | | | | | $ | (0.45) | | |
| | | | | | ||||||||
Assets
|
| | | | | | | | | | | | |
Real Estate:
|
| | | | | | | | | | | | |
Land
|
| | | $ | 4,543 | | | | | $ | 5,094 | | |
Buildings, improvements and equipment
|
| | | | 30,170 | | | | | | 29,900 | | |
Total real estate
|
| | | | 34,713 | | | | | | 34,994 | | |
Less accumulated depreciation
|
| | | | (2,569) | | | | | | (661) | | |
Total real estate, net
|
| | | | 32,144 | | | | | | 34,333 | | |
Cash
|
| | | | 1,816 | | | | | | 1,477 | | |
Note receivable
|
| | | | 5,399 | | | | | | 3,876 | | |
Other assets, net
|
| | | | 1,309 | | | | | | 805 | | |
Total assets
|
| | | $ | 40,668 | | | | | $ | 40,491 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Liabilities
|
| | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 1,526 | | | | | $ | 2,845 | | |
Deferred revenue
|
| | | | — | | | | | | 260 | | |
Total liabilities
|
| | | | 1,526 | | | | | | 3,105 | | |
Commitments and contingencies – Note 11
|
| | | | | | | | | | | | |
Stockholders’ Equity
|
| | | | | | | | | | | | |
Preferred stock, $0.0001 par value, 50,000 authorized, 125 shares
issued and outstanding |
| | | | — | | | | | | — | | |
Common stock, $0.0001 par value, 450,000 authorized, 5,193 and 4,695 shares issued and outstanding, respectively
|
| | | | 1 | | | | | | — | | |
Additional paid in capital
|
| | | | 42,566 | | | | | | 38,359 | | |
Accumulated deficit
|
| | | | (3,409) | | | | | | (972) | | |
Dividends declared
|
| | | | (16) | | | | | | (1) | | |
Total stockholders’ equity
|
| | | | 39,142 | | | | | | 37,386 | | |
Total Liabilities and Stockholders’ Equity
|
| | | $ | 40,668 | | | | | $ | 40,491 | | |
| | |
Year Ended
December 31, 2020 |
| | | |||||||
Revenues
|
| | | | | | | | | | | | |
Rental income
|
| | | $ | 3,532 | | | | | $ | 1,115 | | |
Interest on mortgage note receivable
|
| | | | 345 | | | | | | 90 | | |
Total revenues
|
| | | | 3,877 | | | | | | 1,205 | | |
Expenses
|
| | | | | | | | | | | | |
General and administrative
|
| | | | 3,291 | | | | | | 1,455 | | |
Depreciation and amortization
|
| | | | 2,091 | | | | | | 663 | | |
Litigation settlement
|
| | | | 435 | | | | | | — | | |
Transaction costs
|
| | | | 374 | | | | | | 59 | | |
Total operating expenses
|
| | | | 6,191 | | | | | | 2,177 | | |
Other Income (Expense) | | | | | | | | | | | | | |
Impairment of real estate assets
|
| | | | (123) | | | | | | — | | |
Net loss
|
| | | $ | (2,437) | | | | | $ | (972) | | |
Less: preferred stock dividends
|
| | | | (15) | | | | | | (1) | | |
Net loss attributable to common stockholders
|
| | | $ | (2,452) | | | | | $ | (973) | | |
Net loss per share | | | | | | | | | | | | | |
Basic and diluted
|
| | | $ | (0.52) | | | | | $ | (0.21) | | |
Weighted average shares outstanding | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 4,733 | | | | | | 4,592 | | |
| | |
Series A Preferred Stock
|
| |
Common Stock
|
| |
Additional
Paid in Capital |
| |
Accumulated
Deficit |
| |
Dividends
Declared |
| |
Total
Stockholders’ Equity |
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Par Value
|
| |
Shares
|
| |
Par Value
|
| ||||||||||||||||||||||||||||||||||||
Balance at April 23, 2019 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of common stock, net of offering costs
|
| | | | — | | | | | | — | | | | | | 9,695 | | | | | | 1 | | | | | | 38,228 | | | | | | — | | | | | | — | | | | | | 38,229 | | |
Common stock redemption
|
| | | | — | | | | | | — | | | | | | (5,000) | | | | | | (1) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1) | | |
Issuance of preferred stock, net of offering costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 111 | | | | | | — | | | | | | — | | | | | | 111 | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20 | | | | | | — | | | | | | — | | | | | | 20 | | |
Dividends to preferred stockholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1) | | | | | | (1) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (972) | | | | | | — | | | | | | (972) | | |
Balance at December 31, 2019
|
| | | | — | | | | | $ | — | | | | | | 4,695 | | | | | $ | — | | | | | $ | 38,359 | | | | | $ | (972) | | | | | $ | (1) | | | | | $ | 37,386 | | |
Issuance of common stock, net of offering costs
|
| | | | — | | | | | | — | | | | | | 300 | | | | | | 1 | | | | | | 2,810 | | | | | | — | | | | | | — | | | | | | 2,811 | | |
Issuance of common stock to settle liabilities
|
| | | | — | | | | | | — | | | | | | 58 | | | | | | — | | | | | | 578 | | | | | | — | | | | | | — | | | | | | 578 | | |
Stock-based compensation, net of forfeitures
|
| | | | — | | | | | | — | | | | | | 140 | | | | | | — | | | | | | 819 | | | | | | — | | | | | | — | | | | | | 819 | | |
Dividends to preferred stockholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15) | | | | | | (15) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,437) | | | | | | — | | | | | | (2,437) | | |
Balance at December 31, 2020
|
| | | | — | | | | | $ | — | | | | | | 5,193 | | | | | $ | 1 | | | | | $ | 42,566 | | | | | $ | (3,409) | | | | | $ | (16) | | | | | $ | 39,142 | | |
| | | | | | ||||||||
Operating Activities
|
| | | | | | | | | | | | |
Net loss
|
| | | $ | (2,437) | | | | | $ | (972) | | |
Adjustments to reconcile net loss to net cash (used in) provided by operations:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 2,091 | | | | | | 663 | | |
Litigation settlement
|
| | | | 435 | | | | | | — | | |
Impairment of real estate assets
|
| | | | 123 | | | | | | — | | |
Stock-based compensation
|
| | | | 819 | | | | | | 20 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Other assets
|
| | | | (944) | | | | | | (783) | | |
Deferred revenue
|
| | | | (260) | | | | | | 260 | | |
Accounts payable and accrued liabilities
|
| | | | (741) | | | | | | 1,287 | | |
Net cash (used in) provided by operating activities
|
| | | | (914) | | | | | | 475 | | |
Investing Activities
|
| | | | | | | | | | | | |
Acquisitions of real estate
|
| | | | (5,432) | | | | | | (32,158) | | |
Proceeds from sale of real estate assets
|
| | | | 5,414 | | | | | | — | | |
Investment in mortgage note receivable
|
| | | | (1,523) | | | | | | (3,876) | | |
Acquisitions of corporate property
|
| | | | (2) | | | | | | (24) | | |
Net cash used in investing activities
|
| | | | (1,543) | | | | | | (36,058) | | |
Financing Activities
|
| | | | | | | | | | | | |
Proceeds from sale of common shares, net of offering costs
|
| | | | 2,811 | | | | | | 36,950 | | |
Proceeds from sale of Series A preferred stock, net of offering
costs |
| | | | — | | | | | | 111 | | |
Dividends paid on Series A preferred stock
|
| | | | (15) | | | | | | (1) | | |
Net cash provided by financing activities
|
| | | | 2,796 | | | | | | 37,060 | | |
Increase in cash and cash equivalents
|
| | | | 339 | | | | | | 1,477 | | |
Cash and cash equivalents at beginning of the period
|
| | | | 1,477 | | | | | | — | | |
Cash and cash equivalents at end of period
|
| | | $ | 1,816 | | | | | $ | 1,477 | | |
Supplemental Cash Flow Information
|
| | | | | | | | | | | | |
Liabilities settled with issuance of equity
|
| | | $ | 578 | | | | | $ | — | | |
Real estate acquired via issuance of common stock
|
| | | $ | — | | | | | $ | 2,836 | | |
Invoices accrued for offering costs
|
| | | $ | — | | | | | $ | 1,558 | | |
|
Building
|
| |
28 to 42 years
|
|
|
Improvements
|
| |
6 to 17 years
|
|
|
Equipment
|
| |
5 to 8 years
|
|
| | |
Total
Purchase Price |
| |||
Land
|
| | | $ | 5,094 | | |
Buildings, improvements and equipment
|
| | | | 29,900 | | |
Total real estate
|
| | | | 34,994 | | |
Common stock issued
|
| | | | (2,836) | | |
Total cash paid
|
| | | $ | 32,158 | | |
Year
|
| |
Contractual
Minimum Rent |
| |||
2021
|
| | | $ | 3,668 | | |
2022
|
| | | | 3,775 | | |
2023
|
| | | | 3,885 | | |
2024
|
| | | | 3,998 | | |
2025
|
| | | | 4,114 | | |
Thereafter
|
| | | | 16,123 | | |
Total
|
| | | $ | 35,563 | | |
State
|
| |
Number of
Properties |
| |
Gross
Investment |
| |
% of Total Real
Estate Property Investments |
| |
% of Rental
Income |
| ||||||||||||
New Jersey
|
| | | | 2 | | | | | $ | 15,027 | | | | | | 43.3% | | | | | | 51.2% | | |
Massachusetts
|
| | | | 2 | | | | | | 16,246 | | | | | | 46.8% | | | | | | 39.1% | | |
Florida
|
| | | | 2 | | | | | | 3,440 | | | | | | 9.9% | | | | | | 9.7% | | |
| | | | | 6 | | | | | $ | 34,713 | | | | | | 100.0% | | | | | | 100.0% | | |
State
|
| |
Number of
Properties |
| |
Gross
Investment |
| |
% of Total Real
Estate Property Investments |
| |
% of Rental
Income |
| ||||||||||||
New Jersey
|
| | | | 3 | | | | | $ | 20,740 | | | | | | 59.3% | | | | | | 57.0% | | |
Massachusetts
|
| | | | 2 | | | | | | 10,814 | | | | | | 30.9% | | | | | | 32.6% | | |
Florida
|
| | | | 2 | | | | | | 3,440 | | | | | | 9.8% | | | | | | 10.4% | | |
| | | | | 7 | | | | | $ | 34,994 | | | | | | 100.0% | | | | | | 100.0% | | |
|
2021
|
| | | $ | 75,000 | | |
|
2022
|
| | | | 56,250 | | |
|
Total
|
| | | $ | 131,250 | | |
| | | | | | ||||||||
Prepaid assets
|
| | | $ | 225 | | | | | $ | 235 | | |
Deferred offering costs
|
| | | | 909 | | | | | | 180 | | |
Deferred acquisition costs
|
| | | | 20 | | | | | | 266 | | |
Interest receivable
|
| | | | — | | | | | | 90 | | |
Right of use asset
|
| | | | 131 | | | | | | — | | |
Other, net
|
| | | | 24 | | | | | | 34 | | |
| | | | $ | 1,309 | | | | | $ | 805 | | |
| | |
Restricted
Stock |
| |
Restricted
Stock Units |
| ||||||
Nonvested awards at April 23, 2019 (inception)
|
| | | | — | | | | | | — | | |
Granted
|
| | | | 310,144 | | | | | | — | | |
Nonvested awards at December 31, 2019
|
| | | | 310,144 | | | | | | — | | |
Granted
|
| | | | 144,500 | | | | | | 170,234 | | |
Vested
|
| | | | (5,499) | | | | | | — | | |
Forfeited
|
| | | | (5,000) | | | | | | (170,234) | | |
Nonvested awards at December 31, 2020
|
| | | | 444,145 | | | | | | — | | |
| | | | | | ||||||||
Numerator: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (2,437) | | | | | $ | (972) | | |
Preferred stock dividends
|
| | | | (15) | | | | | | (1) | | |
Net loss attributable to common stockholders used to compute net loss per share
|
| | | $ | (2,452) | | | | | $ | (973) | | |
Denominator: | | | | | | | | | | | | | |
Basic and diluted weighted average common shares
|
| | | | 4,733 | | | | | | 4,592 | | |
Basic and diluted earnings per common share
|
| | | $ | (0.52) | | | | | $ | (0.21) | | |
|
SEC registration fee
|
| | | $ | 10,661 | | |
|
FINRA filing fee
|
| | | | 17,750 | | |
|
Nasdaq listing fee
|
| | | | 150,000 | | |
|
Printing and mailing expenses
|
| | | | * | | |
|
Legal fees and expenses
|
| | | | * | | |
|
Accounting fees and expenses
|
| | | | * | | |
|
Transfer agent fees
|
| | | | * | | |
|
Miscellaneous
|
| | | | * | | |
|
Total
|
| | | $ | * | | |
Exhibit
Number |
| |
Exhibit Document
|
|
1.1 | | | | |
2.1 | | | | |
3.1* | | | | |
3.2* | | | | |
3.3 | | | | |
5.1** | | | Opinion of Morrison & Foerster LLP. | |
8.1** | | | Opinion of Morrison & Foerster LLP. | |
10.1* | | | | |
10.2†* | | | | |
10.3†* | | | | |
10.4† | | | | |
10.5† | | | | |
10.6† | | | | |
10.7†* | | | | |
10.8†* | | | | |
10.9†* | | | | |
10.10† | | | | |
10.11† | | | | |
10.12† | | | | |
10.13* | | | | |
10.14 | | | Amended and Restated Investor Rights Agreement, dated as of November 24, 2021, by and among Freehold Properties, Inc. and each of the entities listed on Exhibit A thereto. | |
10.15† | | | | |
10.16 | | | | |
10.17** | | | Form of Option Agreement | |
16.1* | | | | |
21.1 | | | | |
23.1 | | | | |
23.2 | | | |
Exhibit
Number |
| |
Exhibit Document
|
|
23.3 | | | Consent of Morrison & Foerster LLP (included in Exhibit 5.1). | |
23.4 | | | Consent of Morrison & Foerster LLP (included in Exhibit 8.1). | |
24.1* | | | |
| | | | FREEHOLD PROPERTIES, INC. | |
| | | |
By:
/s/ Donald C. Brain
Donald C. Brain
Chief Executive Officer |
|
|
NAME
|
| |
CAPACITY
|
| |
DATE
|
|
|
/s/ Donald C. Brain
|
| | Chief Executive Officer and Chairman (Principal Executive Officer) | | | | |
|
|
| | Chief Operating Officer and Director | | | | |
|
/s/ Louis S. Yi
|
| | Chief Financial Officer (Principal Financial Officer) | | | | |
|
|
| | Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) | | | | |
|
*
Randall L. Churchey
|
| | Director | | | | |
|
*
Terry Wheatley
|
| | Director | | | | |
|
*
Lori B. Wittman
|
| | Director | | | |
| *By: | | |
Jeffery C. Walraven
Attorney-in-fact |
| | | | | | |
This ‘S-11/A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
1/1/27 | ||||
12/31/26 | ||||
1/1/26 | ||||
12/31/25 | ||||
8/25/25 | ||||
1/1/23 | ||||
5/31/22 | ||||
2/18/22 | ||||
12/31/21 | ||||
Filed on: | 12/9/21 | |||
12/6/21 | ||||
11/24/21 | ||||
10/18/21 | ||||
9/30/21 | ||||
9/27/21 | ||||
9/7/21 | ||||
9/1/21 | ||||
8/28/21 | ||||
6/30/21 | ||||
5/28/21 | ||||
5/4/21 | ||||
3/31/21 | ||||
2/8/21 | ||||
1/1/21 | ||||
12/31/20 | ||||
12/14/20 | ||||
12/4/20 | ||||
10/26/20 | DRS | |||
10/22/20 | ||||
9/30/20 | ||||
8/28/20 | ||||
7/29/20 | ||||
7/13/20 | ||||
6/30/20 | ||||
3/31/20 | ||||
3/13/20 | ||||
3/11/20 | ||||
1/28/20 | ||||
1/23/20 | ||||
1/13/20 | ||||
1/7/20 | ||||
1/1/20 | ||||
12/31/19 | ||||
12/20/19 | ||||
10/30/19 | ||||
10/11/19 | ||||
10/4/19 | ||||
9/27/19 | ||||
9/13/19 | ||||
8/29/19 | ||||
8/28/19 | ||||
8/23/19 | ||||
7/1/19 | ||||
6/24/19 | ||||
4/23/19 | ||||
2/14/14 | ||||
8/29/13 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/12/22 Freehold Properties, Inc. S-11/A 3:5.8M Toppan Merrill/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/22/21 Freehold Properties, Inc. S-11 14:7M Toppan Merrill/FA |