001-31463 | 16-1241537 | |
(Commission File Number) | (IRS Employer Identification No.) |
345 Court Street Coraopolis, Pennsylvania | 15108 | |
(Address of Principal Executive Offices) | (Zip Code) |
Exhibit No. | Description | |
99.1 | Press Release dated August 20, 2013 by Dick's Sporting Goods, Inc. furnished herewith |
DICK'S SPORTING GOODS, INC. | ||
Date: August 20, 2013 | By: | /S/ ANDRÉ J. HAWAUX |
Name: | André J. Hawaux | |
Title: | EVP – Finance, Administration and Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release dated August 20, 2013 by Dick's Sporting Goods, Inc. furnished herewith |
FOR IMMEDIATE RELEASE | ![]() |
• | Consolidated non-GAAP earnings per diluted share increased to $0.71 in the second quarter of 2013 from $0.65 per diluted share in the second quarter of 2012 |
• | Board authorizes quarterly dividend of $0.125 per share |
v | Full Year 2013 – (52 Week Year) Comparisons to Fiscal 2012 – (53 Week Year) |
• | Based on an estimated 126 million diluted shares outstanding, the Company currently anticipates reporting consolidated non-GAAP earnings per diluted share of approximately $2.60 to 2.65, excluding an asset impairment charge and the partial recovery of a previously impaired asset. For the 53 weeks ended February 2, 2013, the Company reported consolidated non-GAAP earnings per diluted share of $2.53, excluding an impairment charge. The 53rd week in fiscal 2012 contributed approximately $0.03 to earnings per diluted share. |
• | Consolidated same store sales are currently expected to be approximately flat to an increase of 1% on a 52-week to 52-week comparative basis, compared to a 4.3% increase in fiscal 2012. |
• | The Company expects to open approximately 40 new DICK'S Sporting Goods stores, relocate one DICK'S Sporting Goods store and complete four full and 75 partial remodels of DICK'S Sporting Goods stores in 2013. The Company also expects to open one new Golf Galaxy store and relocate one Golf Galaxy store in 2013, both of which will be in the new, larger format. |
• | The Company expects to open approximately one new True Runner store and approximately two new Field & Stream stores in 2013. |
v | Third Quarter 2013 |
• | Based on an estimated 126 million diluted shares outstanding, the Company currently anticipates reporting consolidated earnings per diluted share of approximately $0.37 to 0.39 in the third quarter of 2013, compared to third quarter 2012 consolidated earnings per diluted share of $0.40. |
• | Consolidated same store sales adjusted for the shifted calendar, due to the 53rd week in 2012, are currently expected to be approximately flat to an increase of 1% in the third quarter of 2013, or decrease approximately 2 to 3% on an unshifted basis, as compared to a 5.1% increase in the third quarter of 2012. |
• | The Company expects to open approximately 20 new DICK'S Sporting Goods stores, relocate one DICK'S Sporting Goods store and remodel three DICK'S Sporting Goods stores in the third quarter of 2013. |
• | The Company expects to open one new True Runner store and one new Field & Stream store in the third quarter of 2013. |
v | Fourth Quarter 2013 |
• | Based on an estimated 126 million diluted shares outstanding, the Company currently anticipates reporting consolidated earnings per diluted share of approximately $1.04 to 1.07 in the fourth quarter of 2013, compared to fourth quarter 2012 consolidated earnings per diluted share of $1.03. The 14th week in fiscal 2012 contributed approximately $0.03 to earnings per diluted share. |
• | Consolidated same store sales adjusted for the shifted calendar, due to the 53rd week in 2012, are currently expected to increase approximately 3 to 4% in the fourth quarter of 2013, or approximately negative 2 to negative 1% on an unshifted basis, as compared to a 1.2% increase in the fourth quarter of 2012. |
• | The Company expects to open approximately eleven new DICK'S Sporting Goods stores and remodel one DICK'S Sporting Goods store in the fourth quarter of 2013. |
• | The Company expects to open approximately one new Field & Stream store in the fourth quarter of 2013. |
v | Capital Expenditures |
• | In 2013, the Company anticipates capital expenditures to be approximately $299 million on a gross basis and approximately $258 million on a net basis. |
13 Weeks Ended | ||||||||||||||
August 3, 2013 | % of Sales (1) | July 28, 2012 | % of Sales (1) | |||||||||||
Net sales | $ | 1,531,431 | 100.00 | % | $ | 1,437,041 | 100.00 | % | ||||||
Cost of goods sold, including occupancy and distribution costs | 1,052,101 | 68.70 | 989,261 | 68.84 | ||||||||||
GROSS PROFIT | 479,330 | 31.30 | 447,780 | 31.16 | ||||||||||
Selling, general and administrative expenses | 336,950 | 22.00 | 310,864 | 21.63 | ||||||||||
Pre-opening expenses | 5,285 | 0.35 | 2,276 | 0.16 | ||||||||||
INCOME FROM OPERATIONS | 137,095 | 8.95 | 134,640 | 9.37 | ||||||||||
Impairment of available-for-sale investments | — | — | 32,370 | 2.25 | ||||||||||
Interest expense | 716 | 0.05 | 1,000 | 0.07 | ||||||||||
Other (income) expense | (1,735 | ) | (0.11 | ) | 54 | — | ||||||||
INCOME BEFORE INCOME TAXES | 138,114 | 9.02 | 101,216 | 7.04 | ||||||||||
Provision for income taxes | 53,951 | 3.52 | 47,553 | 3.31 | ||||||||||
NET INCOME | $ | 84,163 | 5.50 | % | $ | 53,663 | 3.73 | % | ||||||
EARNINGS PER COMMON SHARE: | ||||||||||||||
Basic | $ | 0.68 | $ | 0.45 | ||||||||||
Diluted | $ | 0.67 | $ | 0.43 | ||||||||||
WEIGHTED AVERAGE COMMON SHARES | ||||||||||||||
OUTSTANDING: | ||||||||||||||
Basic | 122,901 | 119,928 | ||||||||||||
Diluted | 125,593 | 124,533 | ||||||||||||
Cash dividend declared per share | $ | 0.125 | $ | 0.125 | ||||||||||
(1) Column does not add due to rounding |
26 Weeks Ended | ||||||||||||||
August 3, 2013 | % of Sales (1) | July 28, 2012 | % of Sales | |||||||||||
Net sales | $ | 2,865,132 | 100.00 | % | $ | 2,718,745 | 100.00 | % | ||||||
Cost of goods sold, including occupancy and distribution costs | 1,974,149 | 68.90 | 1,876,358 | 69.02 | ||||||||||
GROSS PROFIT | 890,983 | 31.10 | 842,387 | 30.98 | ||||||||||
Selling, general and administrative expenses | 649,658 | 22.67 | 606,995 | 22.33 | ||||||||||
Pre-opening expenses | 6,614 | 0.23 | 5,017 | 0.18 | ||||||||||
INCOME FROM OPERATIONS | 234,711 | 8.19 | 230,375 | 8.47 | ||||||||||
Impairment of available-for-sale investments | — | — | 32,370 | 1.19 | ||||||||||
Interest expense | 1,385 | 0.05 | 4,449 | 0.16 | ||||||||||
Other income | (7,940 | ) | (0.28 | ) | (1,811 | ) | (0.07 | ) | ||||||
INCOME BEFORE INCOME TAXES | 241,266 | 8.42 | 195,367 | 7.19 | ||||||||||
Provision for income taxes | 92,282 | 3.22 | 84,547 | 3.11 | ||||||||||
NET INCOME | $ | 148,984 | 5.20 | % | $ | 110,820 | 4.08 | % | ||||||
EARNINGS PER COMMON SHARE: | ||||||||||||||
Basic | $ | 1.21 | $ | 0.92 | ||||||||||
Diluted | $ | 1.18 | $ | 0.88 | ||||||||||
WEIGHTED AVERAGE COMMON SHARES | ||||||||||||||
OUTSTANDING: | ||||||||||||||
Basic | 122,802 | 120,721 | ||||||||||||
Diluted | 125,728 | 125,768 | ||||||||||||
Cash dividends declared per share | $ | 0.250 | $ | 0.250 | ||||||||||
(1) Column does not add due to rounding |
August 3, 2013 | July 28, 2012 | February 2, 2013 | ||||||||||
ASSETS | ||||||||||||
CURRENT ASSETS: | ||||||||||||
Cash and cash equivalents | $ | 134,765 | $ | 350,404 | $ | 345,214 | ||||||
Accounts receivable, net | 84,956 | 53,704 | 34,625 | |||||||||
Income taxes receivable | 2,455 | 7,845 | 15,737 | |||||||||
Inventories, net | 1,275,215 | 1,134,594 | 1,096,186 | |||||||||
Prepaid expenses and other current assets | 109,146 | 67,071 | 73,838 | |||||||||
Deferred income taxes | 46,138 | 27,689 | 30,289 | |||||||||
Total current assets | 1,652,675 | 1,641,307 | 1,595,889 | |||||||||
Property and equipment, net | 937,310 | 817,427 | 840,135 | |||||||||
Construction in progress - leased facilities | — | 10,207 | — | |||||||||
Intangible assets, net | 97,858 | 75,061 | 98,903 | |||||||||
Goodwill | 200,594 | 200,594 | 200,594 | |||||||||
Other assets: | ||||||||||||
Deferred income taxes | 4,114 | 8,196 | 4,382 | |||||||||
Other | 126,920 | 110,148 | 147,904 | |||||||||
Total other assets | 131,034 | 118,344 | 152,286 | |||||||||
TOTAL ASSETS | $ | 3,019,471 | $ | 2,862,940 | $ | 2,887,807 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Accounts payable | $ | 598,263 | $ | 561,161 | $ | 507,247 | ||||||
Accrued expenses | 295,010 | 275,158 | 269,900 | |||||||||
Deferred revenue and other liabilities | 111,101 | 101,437 | 146,362 | |||||||||
Income taxes payable | 12,777 | — | 68,746 | |||||||||
Current portion of other long-term debt and leasing obligations | 8,300 | 8,579 | 8,513 | |||||||||
Total current liabilities | 1,025,451 | 946,335 | 1,000,768 | |||||||||
LONG-TERM LIABILITIES: | ||||||||||||
Other long-term debt and leasing obligations | 6,360 | 14,407 | 7,762 | |||||||||
Non-cash obligations for construction in progress - leased facilities | — | 10,207 | — | |||||||||
Deferred income taxes | 8,449 | — | 7,413 | |||||||||
Deferred revenue and other liabilities | 314,756 | 279,927 | 284,540 | |||||||||
Total long-term liabilities | 329,565 | 304,541 | 299,715 | |||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||
Common stock | 981 | 959 | 981 | |||||||||
Class B common stock | 249 | 250 | 249 | |||||||||
Additional paid-in capital | 913,580 | 797,620 | 874,236 | |||||||||
Retained earnings | 1,030,108 | 1,013,087 | 911,704 | |||||||||
Accumulated other comprehensive income | 81 | 106 | 112 | |||||||||
Treasury stock | (280,544 | ) | (199,958 | ) | (199,958 | ) | ||||||
Total stockholders’ equity | 1,664,455 | 1,612,064 | 1,587,324 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 3,019,471 | $ | 2,862,940 | $ | 2,887,807 | ||||||
26 Weeks Ended | ||||||||
August 3, 2013 | July 28, 2012 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 148,984 | $ | 110,820 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 76,314 | 58,100 | ||||||
Impairment of available-for-sale investments | — | 32,370 | ||||||
Deferred income taxes | (14,545 | ) | (10,989 | ) | ||||
Stock-based compensation | 13,925 | 15,207 | ||||||
Excess tax benefit from exercise of stock options | (15,475 | ) | (39,863 | ) | ||||
Tax benefit from exercise of stock options | 102 | 3,141 | ||||||
Other non-cash items | 290 | (84 | ) | |||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | (21,690 | ) | (13,228 | ) | ||||
Inventories | (179,029 | ) | (119,597 | ) | ||||
Prepaid expenses and other assets | (12,738 | ) | (688 | ) | ||||
Accounts payable | 83,458 | 41,925 | ||||||
Accrued expenses | (15,561 | ) | 1,369 | |||||
Income taxes payable / receivable | (27,212 | ) | 6,623 | |||||
Deferred construction allowances | 12,756 | 12,191 | ||||||
Deferred revenue and other liabilities | (44,173 | ) | (30,317 | ) | ||||
Net cash provided by operating activities | 5,406 | 66,980 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Capital expenditures | (95,479 | ) | (95,158 | ) | ||||
Purchase of JJB Sports convertible notes and equity securities | — | (31,986 | ) | |||||
Proceeds from sale of other assets | 11,000 | — | ||||||
Deposits and purchases of other assets | (48,469 | ) | (44,408 | ) | ||||
Net cash used in investing activities | (132,948 | ) | (171,552 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Payments on other long-term debt and leasing obligations | (1,615 | ) | (138,611 | ) | ||||
Construction allowance receipts | — | — | ||||||
Proceeds from exercise of stock options | 22,736 | 44,939 | ||||||
Excess tax benefit from exercise of stock options | 15,475 | 39,863 | ||||||
Minimum tax withholding requirements | (12,877 | ) | (5,237 | ) | ||||
Cash paid for treasury stock | (80,603 | ) | (198,774 | ) | ||||
Cash dividend paid to stockholders | (33,550 | ) | (30,417 | ) | ||||
Increase in bank overdraft | 7,558 | 8,823 | ||||||
Net cash used in financing activities | (82,876 | ) | (279,414 | ) | ||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (31 | ) | (12 | ) | ||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (210,449 | ) | (383,998 | ) | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 345,214 | 734,402 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 134,765 | $ | 350,404 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Construction in progress - leased facilities | $ | — | $ | 10,207 | ||||
Accrued property and equipment | $ | 77,409 | $ | 35,213 | ||||
Cash paid for interest | $ | 1,091 | $ | 851 | ||||
Cash paid for income taxes | $ | 140,712 | $ | 92,375 |
DICK’S | ||
Store | Market | |
Alliance, TX | Dallas | |
Dublin, CA | San Francisco | |
Petaluma, CA | Santa Rosa | |
Pensacola, FL | Pensacola | |
Chico, CA | Chico | |
Colonial Heights, VA | Richmond | |
Portage, MI | Kalamazoo |
Fiscal 2013 | Fiscal 2012 | |||||||||||||||||
DICK'S Sporting Goods | Golf Galaxy | Total | DICK'S Sporting Goods | Golf Galaxy | Total | |||||||||||||
Beginning stores | 518 | 81 | 599 | 480 | 81 | 561 | ||||||||||||
Q1 New stores | 2 | — | 2 | 6 | — | 6 | ||||||||||||
Q2 New stores | 7 | — | 7 | 4 | — | 4 | ||||||||||||
Ending stores | 527 | 81 | 608 | 490 | 81 | 571 | ||||||||||||
Remodeled stores | — | — | — | — | — | — | ||||||||||||
Relocated stores | — | — | — | 1 | — | 1 |
DICK'S Sporting Goods | Golf Galaxy | Total | |||||||
Q1 2012 | 26.5 | 1.3 | 27.8 | ||||||
Q2 2012 | 26.7 | 1.3 | 28.0 | ||||||
Q3 2012 | 27.9 | 1.3 | 29.2 | ||||||
Q4 2012 | 28.2 | 1.4 | 29.6 | ||||||
Q1 2013 | 28.3 | 1.4 | 29.7 | ||||||
Q2 2013 | 28.7 | 1.4 | 30.1 |
Fiscal 2013 | |||||||||||||
13 Weeks Ended August 3, 2013 | |||||||||||||
As Reported | Asset Impairment Charge | Non-GAAP Total | |||||||||||
Net sales | $ | 1,531,431 | $ | — | $ | 1,531,431 | |||||||
Cost of goods sold, including occupancy and distribution costs | 1,052,101 | — | 1,052,101 | ||||||||||
GROSS PROFIT | 479,330 | — | 479,330 | ||||||||||
Selling, general and administrative expenses | 336,950 | (7,881 | ) | 329,069 | |||||||||
Pre-opening expenses | 5,285 | — | 5,285 | ||||||||||
INCOME FROM OPERATIONS | 137,095 | 7,881 | 144,976 | ||||||||||
Interest expense | 716 | — | 716 | ||||||||||
Other income | (1,735 | ) | — | (1,735 | ) | ||||||||
INCOME BEFORE INCOME TAXES | 138,114 | 7,881 | 145,995 | ||||||||||
Provision for income taxes | 53,951 | 3,152 | 57,103 | ||||||||||
NET INCOME | $ | 84,163 | $ | 4,729 | $ | 88,892 | |||||||
EARNINGS PER COMMON SHARE: | |||||||||||||
Basic | $ | 0.68 | $ | 0.72 | |||||||||
Diluted | $ | 0.67 | $ | 0.71 | |||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||
Basic | 122,901 | 122,901 | |||||||||||
Diluted | 125,593 | 125,593 |
Fiscal 2013 | |||||||||||||||||
26 Weeks Ended August 3, 2013 | |||||||||||||||||
As Reported | Recovery of Previously Impaired Asset | Asset Impairment Charge | Non-GAAP Total | ||||||||||||||
Net sales | $ | 2,865,132 | $ | — | $ | — | $ | 2,865,132 | |||||||||
Cost of goods sold, including occupancy and distribution costs | 1,974,149 | — | — | 1,974,149 | |||||||||||||
GROSS PROFIT | 890,983 | — | — | 890,983 | |||||||||||||
Selling, general and administrative expenses | 649,658 | — | (7,881 | ) | 641,777 | ||||||||||||
Pre-opening expenses | 6,614 | — | — | 6,614 | |||||||||||||
INCOME FROM OPERATIONS | 234,711 | — | 7,881 | 242,592 | |||||||||||||
Interest expense | 1,385 | — | — | 1,385 | |||||||||||||
Other income | (7,940 | ) | 4,342 | — | (3,598 | ) | |||||||||||
INCOME BEFORE INCOME TAXES | 241,266 | (4,342 | ) | 7,881 | 244,805 | ||||||||||||
Provision for income taxes | 92,282 | — | 3,152 | 95,434 | |||||||||||||
NET INCOME | $ | 148,984 | $ | (4,342 | ) | $ | 4,729 | $ | 149,371 | ||||||||
EARNINGS PER COMMON SHARE: | |||||||||||||||||
Basic | $ | 1.21 | $ | 1.22 | |||||||||||||
Diluted | $ | 1.18 | $ | 1.19 | |||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||||
Basic | 122,802 | 122,802 | |||||||||||||||
Diluted | 125,728 | 125,728 |
Fiscal 2012 | |||||||||||||
13 Weeks Ended July 28, 2012 | |||||||||||||
As Reported | Impairment of Investments | Non-GAAP Total | |||||||||||
Net sales | $ | 1,437,041 | $ | — | $ | 1,437,041 | |||||||
Cost of goods sold, including occupancy and distribution costs | 989,261 | — | 989,261 | ||||||||||
GROSS PROFIT | 447,780 | — | 447,780 | ||||||||||
Selling, general and administrative expenses | 310,864 | — | 310,864 | ||||||||||
Pre-opening expenses | 2,276 | — | 2,276 | ||||||||||
INCOME FROM OPERATIONS | 134,640 | — | 134,640 | ||||||||||
Impairment of available-for-sale investments | 32,370 | (32,370 | ) | — | |||||||||
Interest expense | 1,000 | — | 1,000 | ||||||||||
Other expense | 54 | — | 54 | ||||||||||
INCOME BEFORE INCOME TAXES | 101,216 | 32,370 | 133,586 | ||||||||||
Provision for income taxes | 47,553 | 4,734 | 52,287 | ||||||||||
NET INCOME | $ | 53,663 | $ | 27,636 | $ | 81,299 | |||||||
EARNINGS PER COMMON SHARE: | |||||||||||||
Basic | $ | 0.45 | $ | 0.68 | |||||||||
Diluted | $ | 0.43 | $ | 0.65 | |||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||
Basic | 119,928 | 119,928 | |||||||||||
Diluted | 124,533 | 124,533 |
Fiscal 2012 | |||||||||||||
26 Weeks Ended July 28, 2012 | |||||||||||||
As Reported | Impairment of Investments | Non-GAAP Total | |||||||||||
Net sales | $ | 2,718,745 | $ | — | $ | 2,718,745 | |||||||
Cost of goods sold, including occupancy and distribution costs | 1,876,358 | — | 1,876,358 | ||||||||||
GROSS PROFIT | 842,387 | — | 842,387 | ||||||||||
Selling, general and administrative expenses | 606,995 | — | 606,995 | ||||||||||
Pre-opening expenses | 5,017 | — | 5,017 | ||||||||||
INCOME FROM OPERATIONS | 230,375 | — | 230,375 | ||||||||||
Impairment of available-for-sale investments | 32,370 | (32,370 | ) | — | |||||||||
Interest expense | 4,449 | — | 4,449 | ||||||||||
Other income | (1,811 | ) | — | (1,811 | ) | ||||||||
INCOME BEFORE INCOME TAXES | 195,367 | 32,370 | 227,737 | ||||||||||
Provision for income taxes | 84,547 | 4,734 | 89,281 | ||||||||||
NET INCOME | $ | 110,820 | $ | 27,636 | $ | 138,456 | |||||||
EARNINGS PER COMMON SHARE: | |||||||||||||
Basic | $ | 0.92 | $ | 1.15 | |||||||||
Diluted | $ | 0.88 | $ | 1.10 | |||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||
Basic | 120,721 | 120,721 | |||||||||||
Diluted | 125,768 | 125,768 |
13 Weeks Ended | ||||||||
August 3, 2013 | July 28, 2012 | |||||||
(dollars in thousands) | ||||||||
Net income | $ | 84,163 | $ | 53,663 | ||||
Provision for income taxes | 53,951 | 47,553 | ||||||
Interest expense | 716 | 1,000 | ||||||
Depreciation and amortization | 43,506 | 30,444 | ||||||
EBITDA | $ | 182,336 | $ | 132,660 | ||||
Add: Impairment of available-for-sale investments | — | 32,370 | ||||||
Adjusted EBITDA, as defined | $ | 182,336 | $ | 165,030 | ||||
% increase in adjusted EBITDA | 10 | % |
26 Weeks Ended | ||||||||
August 3, 2013 | July 28, 2012 | |||||||
(dollars in thousands) | ||||||||
Net income | $ | 148,984 | $ | 110,820 | ||||
Provision for income taxes | 92,282 | 84,547 | ||||||
Interest expense | 1,385 | 4,449 | ||||||
Depreciation and amortization | 76,314 | 58,100 | ||||||
EBITDA | $ | 318,965 | $ | 257,916 | ||||
Add: Impairment of available-for-sale investments | — | 32,370 | ||||||
Less: Recovery of previously impaired asset | (4,342 | ) | — | |||||
Adjusted EBITDA, as defined | $ | 314,623 | $ | 290,286 | ||||
% increase in adjusted EBITDA | 8 | % |
26 Weeks Ended | ||||||||
August 3, 2013 | July 28, 2012 | |||||||
(dollars in thousands) | ||||||||
Gross capital expenditures | $ | (95,479 | ) | $ | (95,158 | ) | ||
Proceeds from sale-leaseback transactions | — | — | ||||||
Deferred construction allowances | 12,756 | 12,191 | ||||||
Construction allowance receipts | — | — | ||||||
Net capital expenditures | $ | (82,723 | ) | $ | (82,967 | ) |
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