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10-Q Filing

STERLING REAL ESTATE TRUST CIK: 1412502 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001558370-21-007259
Period End Date 20210331
Filing Date 20210514
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance sret-20210331x10q_htm.xml
Filing Contents
Balance Sheet 64 line items
Line Item Tag Value Unit Period
Lease intangible assets, accumulated amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $14.51M USD Point-in-time
Lease intangible assets, accumulated amortization FiniteLivedIntangibleAssetsAccumulatedAmortization $15.02M USD Point-in-time
Lease intangible liabilities, accumulated amortization BelowMarketLeaseAccumulatedAmortization $1.96M USD Point-in-time
Land and land improvements LandAndLandImprovements $119.11M USD Point-in-time
Lease intangible liabilities, accumulated amortization BelowMarketLeaseAccumulatedAmortization $1.93M USD Point-in-time
Land and land improvements LandAndLandImprovements $119.09M USD Point-in-time
Building and improvements InvestmentBuildingAndBuildingImprovements $719.64M USD Point-in-time
Building and improvements InvestmentBuildingAndBuildingImprovements $712.56M USD Point-in-time
Construction in progress DevelopmentInProcess $13.64M USD Point-in-time
Construction in progress DevelopmentInProcess $9.34M USD Point-in-time
Real estate investments RealEstateInvestmentPropertyAtCost $845.29M USD Point-in-time
Real estate investments RealEstateInvestmentPropertyAtCost $848.09M USD Point-in-time
Less accumulated depreciation RealEstateInvestmentPropertyAccumulatedDepreciation $165.20M USD Point-in-time
Less accumulated depreciation RealEstateInvestmentPropertyAccumulatedDepreciation $160.57M USD Point-in-time
Real estate investments, net RealEstateInvestmentPropertyNet $684.71M USD Point-in-time
Real estate investments, net RealEstateInvestmentPropertyNet $682.89M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $11.72M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $4.29M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $13.89M USD Point-in-time
Restricted deposits and funded reserves RestrictedCashAndCashEquivalents $15.92M USD Point-in-time
Restricted deposits and funded reserves RestrictedCashAndCashEquivalents $16.46M USD Point-in-time
Restricted deposits and funded reserves RestrictedCashAndCashEquivalents $11.40M USD Point-in-time
Investment in unconsolidated affiliates InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $9.66M USD Point-in-time
Investment in unconsolidated affiliates InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $11.66M USD Point-in-time
Notes receivable NotesReceivableGross $2.03M USD Point-in-time
Notes receivable NotesReceivableGross $2.01M USD Point-in-time
Assets held for sale RealEstateHeldforsale $830.00K USD Point-in-time
Assets held for sale RealEstateHeldforsale $831.00K USD Point-in-time
Lease intangible assets, less accumulated amortization of $14,507 in 2021 and $15,019 in 2020 IntangibleAssetsNetExcludingGoodwill $7.37M USD Point-in-time
Lease intangible assets, less accumulated amortization of $14,507 in 2021 and $15,019 in 2020 IntangibleAssetsNetExcludingGoodwill $7.08M USD Point-in-time
Other assets, net OtherAssets $10.45M USD Point-in-time
Other assets, net OtherAssets $10.80M USD Point-in-time
Total Assets Assets $743.03M USD Point-in-time
Total Assets Assets $745.26M USD Point-in-time
Mortgage notes payable, net NotesPayable $421.28M USD Point-in-time
Mortgage notes payable, net NotesPayable $425.16M USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $7.45M USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $7.48M USD Point-in-time
Tenant security deposits payable SecurityDepositLiability $5.08M USD Point-in-time
Tenant security deposits payable SecurityDepositLiability $4.91M USD Point-in-time
Lease intangible liabilities, less accumulated amortization of $1,933 in 2021 and $1,963 in 2020 OffMarketLeaseUnfavorable $947.00K USD Point-in-time
Lease intangible liabilities, less accumulated amortization of $1,933 in 2021 and $1,963 in 2020 OffMarketLeaseUnfavorable $994.00K USD Point-in-time
Liabilities related to assets held for sale RealEstateLiabilitiesAssociatedWithAssetsHeldForDevelopmentAndSale $5.00K USD Point-in-time
Liabilities related to assets held for sale RealEstateLiabilitiesAssociatedWithAssetsHeldForDevelopmentAndSale $17.00K USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrentAndNoncurrent $12.72M USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrentAndNoncurrent $16.87M USD Point-in-time
Total Liabilities Liabilities $451.40M USD Point-in-time
Total Liabilities Liabilities $451.50M USD Point-in-time
COMMITMENTS and CONTINGENCIES - Note 16 CommitmentsAndContingencies - USD Point-in-time
COMMITMENTS and CONTINGENCIES - Note 16 CommitmentsAndContingencies - USD Point-in-time
Beneficial interest StockholdersEquityAttributableToParentBeneficialInterest $109.37M USD Point-in-time
Beneficial interest StockholdersEquityAttributableToParentBeneficialInterest $110.99M USD Point-in-time
Operating partnership MinorityInterestInOperatingPartnerships $181.62M USD Point-in-time
Operating partnership MinorityInterestInOperatingPartnerships $179.91M USD Point-in-time
Partially owned properties MinorityInterestInPartiallyOwnedProperties $2.38M USD Point-in-time
Partially owned properties MinorityInterestInPartiallyOwnedProperties $2.35M USD Point-in-time
Accumulated other comprehensive (loss) income AccumulatedOtherComprehensiveIncomeLossNetOfTax $579.00K USD Point-in-time
Accumulated other comprehensive (loss) income AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.80M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $279.05M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $286.01M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $293.86M USD Point-in-time
Total Shareholders' Equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $291.53M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $745.26M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $743.03M USD Point-in-time
Income Statement 48 line items
Line Item Tag Value Unit Period
Real estate rental income Revenues $31.76M USD 1 Quarter
Real estate rental income Revenues $29.91M USD 1 Quarter
Operating expenses, excluding real estate taxes OperatingExpensesExcludingRealEstateTaxes $12.11M USD 1 Quarter
Operating expenses, excluding real estate taxes OperatingExpensesExcludingRealEstateTaxes $12.54M USD 1 Quarter
Real estate taxes RealEstateTaxExpense $3.16M USD 1 Quarter
Real estate taxes RealEstateTaxExpense $3.24M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $5.25M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $5.33M USD 1 Quarter
Interest FinancingInterestExpense $4.29M USD 1 Quarter
Interest FinancingInterestExpense $4.35M USD 1 Quarter
Total expenses from rental operations OperatingCostsAndExpenses $25.30M USD 1 Quarter
Total expenses from rental operations OperatingCostsAndExpenses $24.97M USD 1 Quarter
Administration of REIT GeneralAndAdministrativeExpense $1.20M USD 1 Quarter
Administration of REIT GeneralAndAdministrativeExpense $1.16M USD 1 Quarter
Total expenses CostsAndExpenses $26.46M USD 1 Quarter
Total expenses CostsAndExpenses $26.17M USD 1 Quarter
Income from operations OperatingIncomeLoss $5.59M USD 1 Quarter
Income from operations OperatingIncomeLoss $3.44M USD 1 Quarter
Equity in income of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $158.00K USD 1 Quarter
Equity in income of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $-27.00K USD 1 Quarter
Other income OtherNonoperatingIncome $270.00K USD 1 Quarter
Other income OtherNonoperatingIncome $119.00K USD 1 Quarter
Gain on sale of real estate and non-real estate investments GainLossOnSaleOfRealEstateAndNonRealEstateInvestments $1.46M USD 1 Quarter
Gain on involuntary conversion GainLossOnInvoluntaryConversions $52.00K USD 1 Quarter
Total other income NonoperatingIncomeExpenseIncludingIncomeLossFromEquityMethodInvestments $243.00K USD 1 Quarter
Total other income NonoperatingIncomeExpenseIncludingIncomeLossFromEquityMethodInvestments $1.78M USD 1 Quarter
Net (loss) income ProfitLoss $5.23M USD 1 Quarter
Net (loss) income ProfitLoss $5.84M USD 1 Quarter
Net income (loss) attributable to noncontrolling interest in operating partnership NoncontrollingInterestInNetIncomeLossOperatingPartnerships $3.42M USD 1 Quarter
Net income (loss) attributable to noncontrolling interest in operating partnership NoncontrollingInterestInNetIncomeLossOperatingPartnerships $3.75M USD 1 Quarter
Net income (loss) attributable to noncontrolling interest in partially owned properties NoncontrollingInterestInNetIncomeLossPartiallyOwnedProperties $-5.00K USD 1 Quarter
Net income (loss) attributable to noncontrolling interest in partially owned properties NoncontrollingInterestInNetIncomeLossPartiallyOwnedProperties $31.00K USD 1 Quarter
Net income attributable to Sterling Real Estate Trust NetIncomeLoss $2.05M USD 1 Quarter
Net income attributable to Sterling Real Estate Trust NetIncomeLoss $1.81M USD 1 Quarter
Net income attributable to Sterling Real Estate Trust per common share, basic and diluted EarningsPerShareBasicAndDiluted $190.00 USD 1 Quarter
Net income attributable to Sterling Real Estate Trust per common share, basic and diluted EarningsPerShareBasicAndDiluted $210.00 USD 1 Quarter
Net income ProfitLoss $5.23M USD 1 Quarter
Net income ProfitLoss $5.84M USD 1 Quarter
Other comprehensive gain (loss) - change in fair value of interest rate swaps OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $2.38M USD 1 Quarter
Other comprehensive gain (loss) - change in fair value of interest rate swaps OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $-1.49M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $3.74M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $8.22M USD 1 Quarter
Comprehensive income attributable to noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $2.44M USD 1 Quarter
Comprehensive income attributable to noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $5.33M USD 1 Quarter
Comprehensive income attributable to Sterling Real Estate Trust ComprehensiveIncomeNetOfTax $1.30M USD 1 Quarter
Comprehensive income attributable to Sterling Real Estate Trust ComprehensiveIncomeNetOfTax $2.90M USD 1 Quarter
Weighted average Common Shares outstanding, basic and diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 9.98M shares 1 Quarter
Weighted average Common Shares outstanding, basic and diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted 9.56M shares 1 Quarter
Cash Flow Statement 63 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $5.23M USD 1 Quarter
Net income ProfitLoss $5.84M USD 1 Quarter
Gain on sale of real estate investments GainsLossesOnSalesOfInvestmentRealEstate $1.46M USD 1 Quarter
Gain on involuntary conversion GainLossOnInvoluntaryConversions $52.00K USD 1 Quarter
Equity in loss (income) of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $158.00K USD 1 Quarter
Equity in loss (income) of unconsolidated affiliates IncomeLossFromEquityMethodInvestments $-27.00K USD 1 Quarter
Distributions of earnings of unconsolidated affiliates EquityMethodInvestmentDividendsOrDistributions $57.00K USD 1 Quarter
Distributions of earnings of unconsolidated affiliates EquityMethodInvestmentDividendsOrDistributions $158.00K USD 1 Quarter
Allowance for uncollectible accounts receivable ProvisionForDoubtfulAccounts $-47.00K USD 1 Quarter
Allowance for uncollectible accounts receivable ProvisionForDoubtfulAccounts $113.00K USD 1 Quarter
Depreciation Depreciation $4.87M USD 1 Quarter
Depreciation Depreciation $5.01M USD 1 Quarter
Amortization AmortizationOfIntangibleAssets $315.00K USD 1 Quarter
Amortization AmortizationOfIntangibleAssets $380.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $130.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $140.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-229.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-1.45M USD 1 Quarter
Tenant security deposits payable IncreaseDecreaseInSecurityDeposits $176.00K USD 1 Quarter
Tenant security deposits payable IncreaseDecreaseInSecurityDeposits $131.00K USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilities $-3.62M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilities $-2.82M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $7.18M USD 1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES NetCashProvidedByUsedInOperatingActivities $8.91M USD 1 Quarter
Purchase of real estate investment properties PaymentsToAcquireAndDevelopRealEstate $375.00K USD 1 Quarter
Capital expenditures and tenant improvements PaymentsForLeasingCostsCommissionsAndTenantImprovements $5.06M USD 1 Quarter
Capital expenditures and tenant improvements PaymentsForLeasingCostsCommissionsAndTenantImprovements $3.69M USD 1 Quarter
Proceeds from sale of real estate investments and non-real estate investments PaymentsForProceedsFromRealEstatePartnershipInvestmentAndOtherInvestmentsNet $-3.49M USD 1 Quarter
Proceeds from involuntary conversion ProceedsFromInsuranceForInvoluntaryConversions $259.00K USD 1 Quarter
Proceeds from involuntary conversion ProceedsFromInsuranceForInvoluntaryConversions $1.64M USD 1 Quarter
Investment in unconsolidated affiliates PaymentsToAcquireEquityMethodInvestments $38.00K USD 1 Quarter
Investment in unconsolidated affiliates PaymentsToAcquireEquityMethodInvestments $2.09M USD 1 Quarter
Distributions in excess of earnings received from unconsolidated affiliates ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $1.00K USD 1 Quarter
Distributions in excess of earnings received from unconsolidated affiliates ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital $105.00K USD 1 Quarter
Notes receivable payments received ProceedsFromCollectionOfNotesReceivable $17.00K USD 1 Quarter
NET CASH USED IN INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-1.61M USD 1 Quarter
NET CASH USED IN INVESTING ACTIVITIES NetCashProvidedByUsedInInvestingActivities $-4.12M USD 1 Quarter
Payments for financing, debt issuance PaymentsOfFinancingCosts $154.00K USD 1 Quarter
Payments for financing, debt issuance PaymentsOfFinancingCosts $98.00K USD 1 Quarter
Payments on investment certificates and subordinated debt PaymentsOnInvestmentCertificatesAndSubordinatedDebt $25.00K USD 1 Quarter
Principal payments on special assessments payable PrincipalPaymentsOnSpecialAssessmentsPayable $253.00K USD 1 Quarter
Proceeds from issuance of mortgage notes payable and subordinated debt ProceedsFromIssuanceOfLongTermDebt $18.48M USD 1 Quarter
Proceeds from issuance of mortgage notes payable and subordinated debt ProceedsFromIssuanceOfLongTermDebt $7.79M USD 1 Quarter
Principal payments on mortgage notes payable RepaymentsOfLongTermDebt $14.53M USD 1 Quarter
Principal payments on mortgage notes payable RepaymentsOfLongTermDebt $9.13M USD 1 Quarter
Proceeds from issuance of shares under optional purchase plan ProceedsFromIssuanceOfSharesUnderOptionalPurchasePlan $1.31M USD 1 Quarter
Proceeds from issuance of shares under optional purchase plan ProceedsFromIssuanceOfSharesUnderOptionalPurchasePlan $1.20M USD 1 Quarter
Shares/units redeemed PaymentsForRepurchaseOfCommonStock $1.24M USD 1 Quarter
Shares/units redeemed PaymentsForRepurchaseOfCommonStock $1.41M USD 1 Quarter
Dividends/distributions paid PaymentsOfDividendsCommonStock $5.76M USD 1 Quarter
Dividends/distributions paid PaymentsOfDividendsCommonStock $5.53M USD 1 Quarter
NET CASH USED IN FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-7.26M USD 1 Quarter
NET CASH USED IN FINANCING ACTIVITIES NetCashProvidedByUsedInFinancingActivities $-2.08M USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-1.69M USD 1 Quarter
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $2.71M USD 1 Quarter
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.38M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $27.64M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $30.35M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF YEAR CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $15.69M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF QUARTER CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $17.38M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF QUARTER CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $27.64M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF QUARTER CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $30.35M USD Point-in-time
CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF QUARTER CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $15.69M USD Point-in-time
Stockholders Equity 27 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $279.05M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $286.01M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $293.86M USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $291.53M USD Point-in-time
Beginning Balance (in shares) CommonStockSharesOutstanding 9.86M shares Point-in-time
Beginning Balance (in shares) CommonStockSharesOutstanding 9.97M shares Point-in-time
Contribution of assets in exchange for the issuance of noncontrolling interest shares NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest $9.03M USD 1 Quarter
Shares/units redeemed StockRepurchasedDuringPeriodValue $1.41M USD 1 Quarter
Shares/units redeemed StockRepurchasedDuringPeriodValue $1.24M USD 1 Quarter
Dividends declared DividendsCommonStockCash $7.48M USD 1 Quarter
Dividends declared DividendsCommonStockCash $7.36M USD 1 Quarter
Dividends reinvested - stock dividend StockIssuedDuringPeriodValueDividendReinvestmentPlan $1.69M USD 1 Quarter
Dividends reinvested - stock dividend StockIssuedDuringPeriodValueDividendReinvestmentPlan $1.58M USD 1 Quarter
Dividends reinvested - stock dividend (in shares) StockIssuedDuringPeriodSharesDividendReinvestmentPlan 87,000.00 shares 1 Quarter
Dividends reinvested - stock dividend (in shares) StockIssuedDuringPeriodSharesDividendReinvestmentPlan 89,000.00 shares 1 Quarter
Issuance of shares under optional purchase plan StockIssuedDuringPeriodValueStockPurchasePlan $1.31M USD 1 Quarter
Issuance of shares under optional purchase plan StockIssuedDuringPeriodValueStockPurchasePlan $1.20M USD 1 Quarter
Change in fair value of interest rate swaps OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $2.38M USD 1 Quarter
Change in fair value of interest rate swaps OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $-1.49M USD 1 Quarter
Net income ProfitLoss $5.23M USD 1 Quarter
Net income ProfitLoss $5.84M USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $279.05M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $286.01M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $293.86M USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $291.53M USD Point-in-time
Ending balance (in shares) CommonStockSharesOutstanding 9.86M shares Point-in-time
Ending balance (in shares) CommonStockSharesOutstanding 9.97M shares Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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