EX-99.1
2
e30593ex99_1.txt
PRESS RELEASE

                                                                    Exhibit 99.1

                                     [LOGO]
                               AMERICAN FINANCIAL
                                  REALTY TRUST

At the Company:                                  Media Inquiries:
Muriel Lange                                     Margot Olcay
Investor Relations                               Rubenstein Communications, Inc.
Phone: (215) 887-2280 (X3023)                    Phone: (212) 843-8284
Email: mlange@afrt.com                           Email: molcay@rubenstein.com

      American Financial Realty Trust Announces 2007 Fourth Quarter Results

JENKINTOWN,  PA. February 28, 2008 - American  Financial Realty Trust (NYSE:AFR)
today  reported  financial  results for the quarter ended December 31, 2007. For
the fourth quarter, the Company reported revenues from continuing  operations of
$92.4  million,  excluding  interest and other income,  a $1.5 million  decrease
compared to the prior quarter as adjusted for the  reclassification of buildings
considered  Held-for-Sale at December 31, 2007.

Funds from  operations  ("FFO")(1)  during the fourth quarter were negative $3.9
million,  down $0.03 per share when  compared  with the  previous  quarter.  The
decrease in FFO includes  impairment  charges of $18.1 million primarily related
to assets placed under contract of sale in 2008.

Adjusted  funds from  operations  ("AFFO")(2)  in the fourth  quarter were $19.1
million,  or $0.15 per share,  an increase of $0.02 per share  compared with the
prior quarter.  Excluding the impact of the assets placed under contract in 2008
and costs  associated  with the Company's  pending merger with Gramercy  Capital
Corp. ("Gramercy"), AFFO would have been $28.2 million or $0.22 per share.

For the fourth quarter, the Company's weighted average diluted common shares and
operating partnership units outstanding were 128.9 million.

MG&A expenses for the fourth quarter,  exclusive of deferred equity compensation
costs,  decreased  $0.4 million  compared  with the prior  quarter.

----------
(1)FFO is defined as net income (loss) before minority interest in our operating
partnership   (computed  in  accordance  with  generally   accepted   accounting
principles), excluding gains (losses) from debt restructuring and gains (losses)
from sales of property, less any impairments of asset values at cost (unrealized
loss),  plus  real  estate  related  depreciation  and  amortization  (excluding
amortization  of  deferred  costs)  and  after  adjustments  for  unconsolidated
partnerships and joint ventures.

(2)AFFO does not include GAAP gains (the  difference  between sale price and net
book  value  (original  purchase  price  less  accumulated  depreciation))  as a
component  of AFR's core  earnings.  The Company  includes  economic  gains (the
difference  between sale price and original  purchase price) realized during the
reporting period solely to offset  transaction costs incurred on assets sold and
impairments  taken  within the same  period.



Assets sold during the fourth quarter  resulted in a GAAP gain of $13.0 million,
before minority  interest.  Impairment  charges of $18.1 million were recognized
for  properties  sold  during the period and other  properties  that the Company
expects to sell in subsequent quarters. In addition,  the Company incurred yield
maintenance fees of $1.3 million during the quarter related to the defeasance of
debt  associated  with the assets sold.

For the fourth  quarter,  economic  gains  related to assets sold totaled  $10.8
million, all of which was included in AFFO as an offset of costs associated with
dispositions (impairment charges, yield maintenance fees and defeasance costs).

Full Year Results

Full year AFFO was $81.8 million or $0.63 per share after  impairments and other
charges related to the repositioning program. Excluding the impact of the assets
placed under  contract in 2008 and the one-time  payment of $5.0 million paid to
the  estate of the  former  CEO,  AFFO for the full year  would  have been $95.4
million or $0.73 per share.

Shareholders Approve Merger With Gramercy Capital Corp.

On  November  2, 2007,  Gramercy  (NYSE:  GKK) and the  Company  entered  into a
definitive   merger   agreement   for   Gramercy  to  acquire  the  Company  for
approximately   $3.4  billion,   including  the   assumption  of  the  Company's
outstanding  indebtedness.  The  transaction  was  unanimously  approved  by the
Gramercy board of directors and the Company's board of trustees, and on February
13,  2008,  the  Company's  shareholders  approved  the  merger  and  Gramercy's
stockholders  approved  the  issuance  of its common  stock in the merger at the
respective  special meetings of each company.  The acquisition is expected to be
completed  during the second half of March 2008 and will  combine  the  existing
operating  platforms  of the  Company  and  Gramercy  to  create  an  integrated
commercial real estate finance and operating company.

The Company's fourth quarter dividend for shareholders of beneficial interest of
$0.19 per share was paid on January 18,  2008,  to  shareholders  and  Operating
Partnership unit holders of record at December 31, 2007.  Pursuant to the merger
agreement  with  Gramercy,  the  Company  is  not  permitted  to  pay  dividends
thereafter.

FOURTH QUARTER 2007 PORTFOLIO AND TENANT OVERVIEW

Occupancy(3):  As of December 31, 2007,  the  portfolio  included in  continuing
operations had occupancy of 90.6%,  while Same Store occupancy was approximately
91.8%.  The  Held-for-Sale  asset  portfolio had an average  occupancy of 64.1%,
which when combined with the continuing  operations  portfolio resulted in total
occupancy of 86.7%.

Dispositions: The Company sold 19 properties, including two land parcels, all of
which were non-core or off-strategy assets, for an aggregate sales price, net of
transaction  costs, of  approximately  $50.2 million.  In addition,  the Company
terminated one leasehold in the fourth quarter. These dispositions resulted in a
reduction to the real estate portfolio of approximately  657,000 square feet, of
which approximately 124,500 square feet were vacant.

----------
(3) Stable  occupancy is the total  occupancy less any space acquired during the
quarter and all  activity  in the  quarter  associated  with those  assets,  and
recapture space. Total occupancy encompasses the entire portfolio,  exclusive of
joint  venture  assets,  at any  specific  point in time.  Same Store  occupancy
includes  properties  that  were  owned  at the  beginning  and  the  end of the
reporting  period,  excluding assets held for sale. See AFR 4Q 2007 Supplemental
for additional details.


                                      -2-


Acquisitions: The Company completed the acquisition of 31 bank branch properties
comprising  approximately  154,000  rentable  square feet, and four land parcels
under the terms of its Formulated Price Contract with Wachovia Bank, N.A. for an
aggregate  purchase  price of  approximately  $34.5 million,  including  closing
costs.

Leasing  activity:  The Company added  approximately  205,300 square feet of new
leasing  from 49  leases,  with an average  rent of $20.87  per square  foot.(4)
Associated tenant improvement costs, calculated on a weighted average lease term
of 7.96 years, were $3.90 per square foot per year.

As of December 31, 2007, the total  potential  recapture  space remaining in two
portfolios was approximately 30,100 square feet, most of which is expected to be
returned by the second quarter of 2008.

The following table provides  statistics on the AFR portfolio as of December 31,
2007, with comparisons to the portfolio as of September 30, 2007.

----------
(4) See AFR 4Q 2007 Supplemental page 31 for additional details.


                                      -3-


--------------------------------------------------------------------------------------------------------------- As of As of As of As of December 31, December 31, September 30, September 30, 2007 2007, 2007 2007, Net of Net of Held-for-Sale Held-for-Sale --------------------------------------------------------------------------------------------------------------- Number of Properties 1,081 950 1,066 937 --------------------------------------------------------------------------------------------------------------- -- Branches 690 622 669 603 --------------------------------------------------------------------------------------------------------------- -- Office Buildings 377 314 385 322 --------------------------------------------------------------------------------------------------------------- -- Land 14 14 12 12 --------------------------------------------------------------------------------------------------------------- Total Square Feet 30,224,165 25,758,756 30,730,275 27,207,281 --------------------------------------------------------------------------------------------------------------- -- Branches 4,574,365 3,919,857 4,502,269 3,817,490 --------------------------------------------------------------------------------------------------------------- -- Office Buildings 25,649,800 21,838,899 26,228,006 23,389,791 --------------------------------------------------------------------------------------------------------------- Occupancy --------------------------------------------------------------------------------------------------------------- -- Total Occupancy 86.7% 90.6% 86.6% 90.5% --------------------------------------------------------------------------------------------------------------- -- Stable Occupancy 87.1% 91.0% 86.8% 90.7% --------------------------------------------------------------------------------------------------------------- -- Same Store Occupancy (797 91.8% 91.8% 91.3% 91.3% properties) --------------------------------------------------------------------------------------------------------------- % Rent from Financial Institutions 79.9% 82.8% 80.2% 80.9% --------------------------------------------------------------------------------------------------------------- % Rent from "A-" Rated Tenants 74.1% 76.2% 74.4% 74.8% --------------------------------------------------------------------------------------------------------------- % Rent from Net Leases 76.6% 86.3% 76.6% 77.5% --------------------------------------------------------------------------------------------------------------- Lease Expirations (within 1 year) 1.4% 1.3% 1.3% 1.2% --------------------------------------------------------------------------------------------------------------- Average Remaining Lease Term (years) 11.0 11.5 11.2 11.2 --------------------------------------------------------------------------------------------------------------- Average Remaining Debt Term (years) 8.8 N/A 9.1 N/A --------------------------------------------------------------------------------------------------------------- % Fixed Rate Debt to Total Debt 89.5% N/A 93.2% N/A --------------------------------------------------------------------------------------------------------------- Unconsolidated Joint Venture --------------------------------------------------------------------------------------------------------------- -- Branches owned in joint venture 239 239 239 239 --------------------------------------------------------------------------------------------------------------- -- Total Square feet in branches owned 982,634 982,634 982,634 982,634 in joint venture ---------------------------------------------------------------------------------------------------------------
-4- BALANCE SHEET UPDATE As of December 31, 2007, the Company's total net debt (net of cash and certain escrow balances) to enterprise value (net debt and equity market capitalization) was 64.5% and the ratio of net debt to net assets at net book value was 61.5% within the Company's stated targeted range of 60 - 65%. The ratio of net secured debt to total real estate investments and real estate intangibles (at cost and before joint venture investments) was 45.2%, compared with 48.1% in the prior quarter. Mortgage debt outstanding decreased during the period by $65.7 million due to the payoff of the 123 South Broad Street - Unit II mortgage at maturity, the off-balance sheet defeasance of six properties from the Wachovia BBD loan, and monthly principal amortization. Advances under the Company's secured line of credit increased by a net of $81.0 million during the period. This reflects $50.0 million advanced in connection with the payoff of the 123 South Broad Street - Unit II mortgage at maturity, and $31.0 million advanced to fund acquisitions from Wachovia in accordance with our formulated price contracts with the bank in the quarter, along with other working capital needs. As of December 31, 2007, the Company had total indebtedness of approximately $2.2 billion, with a weighted average remaining term of 8.8 years and a weighted average interest rate (including amortized hedging costs) of 5.68%, compared to 5.73% in the prior quarter, reflecting increased short term borrowings from the Company's secured credit facility. Supplemental Quarterly Financial and Operating Data American Financial Realty Trust publishes supplemental quarterly financial and operating data, which can be found under the Investor Relations section of the Company's website at www.afrt.com. These materials are also available via e-mail by calling 312-640-6770. Non-GAAP Financial Measures The Company believes that FFO and AFFO are helpful to investors as measures of the Company's performance as an equity REIT because they provide investors with an understanding of the Company's operating performance and profitability. FFO and AFFO are non-GAAP financial measures commonly used in the REIT industry, and therefore these measures may be useful in comparing the Company's performance with that of other REITs. However, the Company's definitions of FFO and AFFO may differ from those used by other companies, and investors should take definitional differences into account when comparing FFO and AFFO reported by other REITs. Additionally, FFO and AFFO (and their per share equivalents) should be evaluated along with GAAP net income and net income per share (the most directly comparable GAAP measures) in evaluating the performance of equity REITs. The Company believes that EBITDA, which represents earnings before interest, taxes, depreciation and amortization, is also helpful to investors as a measure of the Company's performance. -5- About American Financial Realty Trust American Financial Realty Trust is a self-administered, self-managed real estate investment trust that acquires properties from, and leases properties to, regulated financial institutions. The Company through its operating partnership and various affiliates owns and manages its assets primarily under long-term triple net and bond net leases with banks. The Company is traded on the New York Stock Exchange under the ticker symbol AFR. For more information on American Financial Realty Trust, visit the Company's website at www.afrt.com. Forward-Looking Statements This document may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. All forward-looking statements speak only as of the date of this press release. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of American Financial Realty Trust and its affiliates or industry results or the benefits of the proposed transaction to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors relate to, among others, the satisfaction of closing conditions to the Gramercy Capital Corp, merger transaction, the effects of general and local economic conditions, interest rates, capital market conditions, bankruptcies and defaults of borrowers or tenants in properties securing the Company's investments, and other factors, which are beyond the company's control. Additional information or factors which could impact the companies and the forward-looking statements contained herein are included in each company's filings with the Securities and Exchange Commission. American Financial Realty Trust assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. Additional Information and Where to Find It This document does not constitute an offer of any securities for sale. Gramercy Capital Corp. filed with the SEC a Registration Statement on Form S-4, which included a joint proxy statement/prospectus of Gramercy Capital Corp. and American Financial Realty Trust and other relevant materials in connection with the merger. The joint proxy statement/prospectus was mailed to the stockholders of Gramercy Capital Corp. and American Financial Realty Trust. Investors and security holders of Gramercy Capital Corp. and American Financial Realty Trust are urged to read the joint proxy statement/prospectus and the other relevant materials because they contain important information about Gramercy Capital Corp., American Financial Realty Trust and the merger. The joint proxy statement/prospectus and other relevant materials and any other documents filed by Gramercy Capital Corp. or American Financial Realty Trust with the SEC, may be obtained free of charge at the SEC's web site at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by Gramercy Capital Corp. by contacting Gramercy Capital Corp.'s Investor Relations at -6- www.gramercycapitalcorp.com or via telephone at 212-297-1000. Investors and security holders may obtain free copies of the documents filed with the SEC by American Financial Realty Trust at www.afrt.com or via telephone at 215-887-2280. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND THE OTHER RELEVANT MATERIALS. Financial Statements The attached financial statements and data are presented to supplement the Company's audited and unaudited regulatory filings and should be read in conjunction with those filings. The unaudited financial data presented herein is provided from the perspective of timeliness to assist readers of quarterly and annual financial filings. This financial data was prepared prior to the Company's auditors completing their audit. As such, data otherwise contained in future regulatory filings covering this same time period may differ from the data presented herein. The Company does not accept responsibility for highlighting these changes in its subsequent filings. -7- Set forth below is a reconciliation of our calculations of FFO and AFFO to net (loss) income (unaudited, in thousands except per share data and coverage ratio):
Quarter Ended Year to Date Ended --------------------------------------- ------------------------- December 31, December 31, September 30, December 31, December 31, 2007 2006 2007 2007 2006 --------------------------------------- ------------------------- Funds from operations (NAREIT defined): Net (loss) income $ (22,954) $ 45,536 $ (22,782) $ (49,511) $ (20,598) Add: Minority interest - Operating Partnership (326) 782 (322) (678) (871) Depreciation and amortization 33,296 38,270 34,355 134,421 168,077 Less: Non-real estate depreciation and amortization (1,117) (1,103) (1,172) (4,525) (4,325) Amortization of fair market rental adjustment, net 208 (42) 132 333 (186) Net gains from extinguishment of debt -- -- -- (4,583) -- Net gains from disposals, net of income taxes (13,021) (158,890) (9,809) (70,949) (243,854) --------- --------- --------- --------- --------- Funds from operations (NAREIT defined) $ (3,914) $ (75,447) $ 402 $ 4,508 $(101,757) --------- --------- --------- --------- --------- Funds from operations - diluted per share $ (0.03) $ (0.57) $ 0 $ 0.03 $ (0.77) --------- --------- --------- --------- --------- ------------------------------------------------------------------------------------------------------------------------------------ Adjusted funds from operations: Funds from operations $ (3,914) $ (75,447) $ 402 $ 4,508 $(101,757) Add: Economic gains 10,782 84,660 5,270 34,453 107,252 Non-real estate depreciation and amortization 1,117 1,103 1,172 4,525 4,325 Reverse straightline rental income 11,020 11,060 10,250 42,493 41,629 Amortization of deferred compensation 1,508 1,285 1,388 4,471 8,687 Amortization of deferred costs and interest rate cap 3,092 4,847 3,409 8,475 16,976 Straightline fee income (170) (217) (209) 783 (1,032) Amortization of deferred compensation - severance -- -- -- -- 4,344 Less: Straightline rental income (2,335) (3,340) (2,460) (1,726) (874) Recurring capex and tenant improvements (1,695) (1,762) (1,552) (6,427) (5,386) Capital expenditure reimbursement revenue (302) (776) (285) (9,725) (11,283) --------- --------- --------- --------- --------- Adjusted funds from operations $ 19,103 $ 21,413 $ 17,385 $ 81,830 $ 62,881 --------- --------- --------- --------- --------- Adjusted funds from operations - diluted per share $ 0.15 $ 0.16 $ 0.13 $ 0.63 $ 0.48 --------- --------- --------- --------- --------- ------------------------------------------------------------------------------------------------------------------------------------ AFFO coverage ratio: Quarterly dividend $ 24,416 $ 25,328 $ 24,765 $ 98,396 $ 122,419 AFFO / quarterly dividend 0.78x 0.85x 0.7x 0.83x 0.51x
-8- AMERICAN FINANCIAL REALTY TRUST Comparative Balance Sheets (Unaudited and in thousands, except per share data) December 31, December 31, 2007 2006 ------------ ----------- Assets: Real estate investments, at cost: Land $ 312,232 $ 333,716 Land held for development 10,528 14,632 Buildings and improvements 1,844,805 1,947,977 Equipment and fixtures 264,539 283,704 Leasehold interests 18,930 16,039 Investment in joint venture 16,331 21,903 ----------- ----------- Total real estate investments, at cost 2,467,365 2,617,971 Less accumulated depreciation (358,833) (297,371) ----------- ----------- Total real estate investments, net 2,108,532 2,320,600 ----------- ----------- Cash and cash equivalents 124,848 106,006 Restricted cash 125,786 76,448 Marketable investments and accrued interest 2,675 3,457 Pledged treasury securities, net 88,658 32,391 Tenant and other receivables, net 67,499 62,946 Prepaid expenses and other assets 20,926 32,191 Assets held for sale 359,294 594,781 Intangible assets, net 271,294 314,753 Deferred costs, net 61,866 62,591 ----------- ----------- Total assets $ 3,231,378 $ 3,606,164 =========== =========== Liabilities and Shareholders' Equity: Mortgage notes payable $ 1,436,248 $ 1,557,313 Credit facilities 195,363 212,609 Convertible notes, net 446,551 446,343 Accounts payable 2,453 7,246 Accrued interest expense 15,593 15,601 Accrued expenses and other liabilities 45,052 58,940 Dividends and distributions payable 25,021 25,328 Below-market lease liabilities, net 43,660 57,173 Deferred revenue 264,738 179,456 Liabilities related to assets held for sale 142,902 247,798 ----------- ----------- Total liabilities 2,617,581 2,807,807 Minority interest 7,380 12,393 Shareholders' equity: Preferred shares, 100,000,000 shares authorized at $0.001 per share, no shares issued and outstanding at December 31, 2007 and December 31, 2006 -- -- Common shares, 500,000,000 shares authorized at $0.001 per share, 132,147,856 issued and 128,510,395 outstanding at December 31, 2007; 130,966,141 issued and outstanding at December 31, 2006 132 131 Capital contributed in excess of par 1,395,858 1,389,827 Common shares held in treasury at cost, 3,637,461 shares at December 31, 2007 (34,990) -- Accumulated deficit (747,504) (599,596) Accumulated other comprehensive loss (7,079) (4,398) ----------- ----------- Total shareholders' equity 606,417 785,964 ----------- ----------- Total liabilities and shareholders' equity $ 3,231,378 $ 3,606,164 =========== =========== -9- AMERICAN FINANCIAL REALTY TRUST Comparative Statements of Operations (Unaudited and in thousands, except per share data)
Quarter Ended Year to date ------------------------ ------------------------ December December December December 31, 2007 31, 2006 31, 2007 31, 2006 --------- --------- --------- --------- Revenues: Rental income $ 59,555 $ 58,519 $ 239,114 $ 226,917 Operating expense reimbursements 32,877 39,637 133,786 161,857 --------- --------- --------- --------- Total revenues 92,432 98,156 372,900 388,774 Property operating expenses: Ground rents and leasehold obligations 3,660 3,352 14,266 14,218 Real estate taxes 9,638 9,137 39,885 39,398 Utilities 8,710 12,080 39,496 51,756 Property and leasehold impairments 141 2,033 1,880 10,416 Direct billable expenses 2,044 2,181 6,973 6,014 Other property operating expenses 20,624 26,258 85,776 97,813 --------- --------- --------- --------- Total property operating expenses 44,817 55,041 188,276 219,615 --------- --------- --------- --------- Property net operating income 47,615 43,115 184,624 169,159 Expenses: Marketing, general and administrative 4,162 5,588 19,483 25,110 Amortization of deferred equity compensation 1,492 1,285 4,471 8,687 Repositioning costs -- 418 -- 9,065 Merger costs 399 -- 399 -- Severance and related accelerated amortization of deferred compensation -- -- 5,000 21,917 --------- --------- --------- --------- Operating income 41,562 35,824 155,271 104,380 Investment and other income 5,955 2,979 11,728 6,315 --------- --------- --------- --------- EBITDA 47,517 38,803 166,999 110,695 Interest expense 32,057 35,635 128,423 132,459 Depreciation and amortization 30,875 28,262 119,556 113,100 --------- --------- --------- --------- Loss before equity in loss from unconsolidated joint venture, gain on sale of properties in continuing operations, minority interest and discontinued operations (15,415) (25,094) (80,980) (134,864) Equity in loss from joint venture (715) (697) (2,878) (1,397) Gain on sale of properties in continuing operations 103 13 782 2,043 --------- --------- --------- --------- Loss from continuing operations before minority interest (16,027) (25,778) (83,076) (134,218) Minority interest 260 362 1,174 2,731 --------- --------- --------- --------- Loss from continuing operations (15,767) (25,416) (81,902) (131,487) Discontinued operations: Loss from operations, net of minority interest of $233, ($286), $529 and $1,805 (19,553) (52,405) (42,741) (80,258) Yield maintenance fees and gains on extinguishment of debt, net of minority interest of $5, $15,319, $(84) and $15,564 (371) (32,724) 5,870 (46,409) Net gains on disposals, net of minority interest of $181, $72,587, $905 and $74,046 12,737 156,081 69,262 237,556 --------- --------- --------- --------- (Loss) income from discontinued operations (7,187) 70,952 32,391 110,889 --------- --------- --------- --------- Net (loss) income $ (22,954) $ 45,536 $ (49,511) $ (20,598) ========= ========= ========= ========= Basic and diluted (loss) income per share: From continuing operations $ (0.13) $ (0.20) $ (0.65) $ (1.03) From discontinued operations (0.05) 0.55 0.26 0.86 --------- ========= ========= ========= Total basic and diluted (loss) income per share $ (0.18) $ 0.35 $ (0.39) $ (0.17) ========= ========= ========= =========
-10-

The following information was filed by American Financial Realty Trust on Thursday, February 28, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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