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Post by peppy on Feb 19, 2022 20:21:05 GMT -5
So the millions derived from the sales lease back will not officially show in the 4th Quarter results? does anyone know if the sale was at a profit over cost minus depreciation? On September 23, 2021, MannKind Corporation ("MannKind") entered into a purchase and sale agreement (the "Purchase Agreement") with 1 Casper, LLC (the "Purchaser"), an affiliate of Creative Manufacturing Properties, pursuant to which MannKind agreed to sell certain real estate located at One Casper Street, Danbury, CT (the "Real Property") to the Purchaser for a purchase price of $102.25 million (the "Sale-Leaseback Transaction"), subject to terms and the conditions contained in the Purchase Agreement. The Real Property includes MannKind's manufacturing facility (commonly known as Building 1), which consists of approximately 263,900 square feet, but does not include MannKind's adjacent research and development facility (commonly known as Building 8). The closing of the Sale-Leaseback Transaction is expected to occur no later than November 8, 2021, subject to certain closing conditions, including a due diligence contingency that expired on September 29, 2021. Upon the closing of the Sale-Leaseback Transaction, MannKind and the Purchaser will enter into a lease agreement (the "Lease"), pursuant to which MannKind will lease the Real Property from the Purchaser for an initial term of 20 years, with four renewal options of five years each. The total annual rent under the Lease will start at approximately $9.5 million per year, subject to a 50% rent abatement during the first year of the Lease, and will increase annually by (i) 2.5% in the second through fifth year of the Lease and (ii) 3% in the sixth and each subsequent year of the Lease, including any renewal term. MannKind will also be responsible for payment of operating expenses, property taxes and insurance for the Real Property. The Purchaser will hold a security deposit of $2.0 million during the Lease term. Pursuant to the terms of the Lease, MannKind will have four options to repurchase the Real Property, in 2026, 2031, 2036 and 2041, for the greater of (i) $102.25 million and (ii) the fair market value of the Real Property. investors.mannkindcorp.com/node/17871/html |
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Post by prcgorman2 on Feb 20, 2022 9:54:23 GMT -5
So that says what is being sold, the price, the leaseback costs, and schedule for opportunities to re-purchase (and the cost), but doesn’t say the value of the property. It’s a sale of real-estate so it could be taxed but probably not at the same rate as income/revenue. Depreciation does play into it, I think, as it should increase the portion of the sale that’s considered taxable gain assuming that the price exceeds remaining value after depreciation. The tax estimation isn’t something we’ve talked about but I suspect it could be a combination of pro-rated property tax on appraised value as well as capital gains. Home owners still enjoy a tax benefit for occupancy over some time but not sure if commercial properties have any sort of similar accomodation.
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Post by olebob1 on Feb 20, 2022 18:40:04 GMT -5
does anyone know if the sale was at a profit over cost minus depreciation? On September 23, 2021, MannKind Corporation ("MannKind") entered into a purchase and sale agreement (the "Purchase Agreement") with 1 Casper, LLC (the "Purchaser"), an affiliate of Creative Manufacturing Properties, pursuant to which MannKind agreed to sell certain real estate located at One Casper Street, Danbury, CT (the "Real Property") to the Purchaser for a purchase price of $102.25 million (the "Sale-Leaseback Transaction"), subject to terms and the conditions contained in the Purchase Agreement. The Real Property includes MannKind's manufacturing facility (commonly known as Building 1), which consists of approximately 263,900 square feet, but does not include MannKind's adjacent research and development facility (commonly known as Building 8). The closing of the Sale-Leaseback Transaction is expected to occur no later than November 8, 2021, subject to certain closing conditions, including a due diligence contingency that expired on September 29, 2021. Upon the closing of the Sale-Leaseback Transaction, MannKind and the Purchaser will enter into a lease agreement (the "Lease"), pursuant to which MannKind will lease the Real Property from the Purchaser for an initial term of 20 years, with four renewal options of five years each. The total annual rent under the Lease will start at approximately $9.5 million per year, subject to a 50% rent abatement during the first year of the Lease, and will increase annually by (i) 2.5% in the second through fifth year of the Lease and (ii) 3% in the sixth and each subsequent year of the Lease, including any renewal term. MannKind will also be responsible for payment of operating expenses, property taxes and insurance for the Real Property. The Purchaser will hold a security deposit of $2.0 million during the Lease term. Pursuant to the terms of the Lease, MannKind will have four options to repurchase the Real Property, in 2026, 2031, 2036 and 2041, for the greater of (i) $102.25 million and (ii) the fair market value of the Real Property. investors.mannkindcorp.com/node/17871/htmlI understand the sale price, but does anyone know the depreciated cost basis? Then we should have a better idea of the profit or loss. |
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Post by Clement on Feb 21, 2022 7:21:07 GMT -5
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Post by prcgorman2 on Feb 23, 2022 8:23:55 GMT -5
Will today be the big day? Inquiring minds want to know!
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Post by wiscdh on Feb 23, 2022 9:32:49 GMT -5
This pole was taken prior to the latest drop in the market and now with the Ukraine situation. I wonder, if another pole was taken today what would the price expectation be for everyone.
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Post by awesomo on Feb 23, 2022 9:43:43 GMT -5
This pole was taken prior to the latest drop in the market and now with the Ukraine situation. I wonder, if another pole was taken today what would the price expectation be for everyone. The poll was started on Feb 4 when the PPS was 3.59, below what it is now, so I doubt the expectation would differ much. |
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Post by cretin11 on Feb 23, 2022 11:28:08 GMT -5
This pole was taken prior to the latest drop in the market and now with the Ukraine situation. I wonder, if another pole was taken today what would the price expectation be for everyone. The poll was started on Feb 4 when the PPS was 3.59, below what it is now, so I doubt the expectation would differ much. So our share price is actually higher today than it was when the poll opened. I’m sticking with my answer. I guess people can change theirs if they want. The anticipation is getting strong, why did we move up our earnings call if we didn’t expect approval announcement beforehand? Or will we hear something this afternoon? |
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Post by oldfishtowner on Feb 24, 2022 9:33:21 GMT -5
It is now obvious that question should have been, what happens to the pps if TyvasoDPI approval is delayed or rejected. Regardless, sadly those of us who voted for the <5 were more realistic than the rest of you.
MNKD's timing is impeccable. Bad news on the worst of all days. It couldn't have been staged any worse.
If this is a cya by the FDA, more evidence that they are no more competent and just as spineless as their boss's boss. Today is a sad day all around.
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Post by cjm18 on Feb 24, 2022 9:46:04 GMT -5
It is now obvious that question should have been, what happens to the pps if TyvasoDPI approval is delayed or rejected. Regardless, sadly those of us who voted for the <5 were more realistic than the rest of you.
MNKD's timing is impeccable. Bad news on the worst of all days. It couldn't have been staged any worse.
If this is a cya by the FDA, more evidence that they are no more competent and just as spineless as their boss's boss. Today is a sad day all around.
The poll said what happens if approved. We will have to wait until approvals to see who was right. The markets could be in a better place by then. |
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Post by cretin11 on Feb 24, 2022 10:44:16 GMT -5
The poll was fun but this thread has outlived its usefulness. Oldfishtowner is right, in hindsight it shoulda been a different poll question.
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Post by akemp3000 on Feb 24, 2022 11:10:50 GMT -5
The poll was accurate in asking, "IF approved in Q1". It wasn't, so the poll no longer applies. You can bet if the same poll is taken prior to May, expectations will understandably be lower.
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Post by stockwhisperer on Feb 24, 2022 11:11:33 GMT -5
Imagine MNKD has plenty of work to do. Who knows, maybe they just decided to get the earnings call out of the way. Hope for good results.
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Post by mymann on Feb 25, 2022 16:48:08 GMT -5
We should start another poll for old timers. Has this been the worst investment ever made?
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Post by mytakeonit on Feb 25, 2022 16:55:51 GMT -5
No ... still above 80 cents.
But, that's mytakeonit
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