Alaris Equity Partners Income Trust Releases Q1 2021 Financial Results
https://www.bloomberg.com/press-releases/...q1-2021-financial-results
Q1 2021 Highlights :
* Generated revenue of $32.2 million in the quarter, in line with the
previous guidance, or $0.79 per unit;
* Normalized EBITDA was $28.8 million, an increase of 22.4% on a per unit
basis compared to Q1 2020. The increase is a result of the approximate
$350.0 million of capital deployment over the preceding twelve months to
March 31, 2021;
* Capital deployment in Q1 2021 of approximately $180.0 million: * New partner contribution of US$40.0 million to Falcon Master Holdings
LLC (" FNC "), (US$32.2 million of preferred equity and a US$7.8
million minority common equity investment). During the three months
ended March 31, 2021, Alaris received US$0.3 million in common
distributions from FNC;
* New partner contribution of US$66.0 million to Brown & Settle
Investments, LLC and a subsidiary thereof (collectively, " Brown &
Settle "), (US$53.7 million of a combination of subordinated debt and
preferred equity and a US$12.3 minority common equity investment);
* Follow-on contribution to Accscient, LLC (" Accscient ") of US$8.0
million; and
* New partner contribution of US$22.5 million of preferred equity to
3E, LLC (" 3E "). An additional US$7.5 million has been placed into
an escrow account to fund up to two additional preferred unit
tranches, once escrow targets are met by 3E. * Included in earnings in Q1 2021 is a total increase in the fair value of
investments of approximately $5.5 million as well as a bad debt recovery
of $4.0 million. The recovery of bad debt is a reversal of previously
recorded credit losses related to long-term accounts receivable and
promissory notes due from Kimco Holdings, LLC (" Kimco ") as their credit
risk has improved substantially as a result of the continued success of
the business. Also, subsequent to March 31, 2021, Kimco repaid from cash
flow US$4.0 million of the total US$18.3 million of accrued long-term
accounts receivable and promissory notes due to Alaris;
* Beginning January 2021, PFGP began to pay partial distributions of US$0.33
million per month (US$4.0 million per annum) and will continue to do so
until June 2021. While nothing can be assured, based on PFGP's current
forecast including membership numbers and bank covenants, Alaris currently
expect that beginning in July 2021 distributions will return to full
contracted amounts. A return to full distributions would add $0.11 per
unit of cash flow and reduce Alaris' pay out ratio by approximately 4%;
and
* Both Federal Resources Supply Company (" FED ") and Kimco are continuing
to evaluate the possibility of a full or partial redemption of Alaris'
investment. Nothing is imminent, nor can any redemption be assured;
however, the redemption value of FED is estimated to be between US$75.0
million and US$85.0 million and Kimco's is based upon a revised formula
factoring in several valuation factors and is estimated to be between
US$70.0 million and US$80.0 million. "We are pleased to be putting out a first quarter as guided, which saw
revenues increase from the capital deployed in the last two quarters" said
Darren Driscoll, CFO. "Expected redemptions from FED and Kimco will provide
capital for further growth while maintaining our low payout ratio", said Mr.
Driscoll. Per Unit Results Three months ended
Period ending March 31 2021 2020 % Change
Revenue $ 0.79 $0.93 -15.1%
Earnings $0.56 $(1.16) +147.7%
Normalized EBITDA $0.71 $0.58 +22.4%
Net cash from operating activities $0.66 $0.72 -8.3%
Distributions declared $1.32 $1.65 -19.8%
Basic earnings / (loss) $0.56 $(1.16) +147.7%
Fully diluted earnings / (loss) $0.55 $(1.16) +147.2%
Weighted average basic units (000's) 40,803 36,694
|
Thread abonnieren
