I Bytes Business Services Industry

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I-Bytes
Business Services
November Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................44
3. Rewards and Recognition Updates..................................................................................................................48
4. Customer Success Updates................................................................................................................................62
5. Partnership Ecosystem Updates.......................................................................................................................73
6. Environment & Social Updates........................................................................................................................86

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Financial, M & A Updates
Business Services Industry

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Financial, M&A Updates
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Alliance Data (USA) Signs Definitive Agreement to Acquire Bread®
Alliance Data Systems Corporation, a leading provider of data-driven marketing, loyalty and
payment solutions, announced it has signed a definitive agreement to acquire Bread, a
technology-driven digital payments company offering an omnichannel solution for retailers and
platform capabilities to bank partners. The transaction is valued at estimated consideration of
$450 million, of which approximately $100 million is Alliance Data common stock. Subject to
regulatory approval and customary closing conditions, the transaction is anticipated to close in
Q4 2020 and expected to be accretive by no later than year three.The point-of-sale technologies
provided by Bread, which include popular installment and buy now, pay later solutions, have a
proven record of driving growth for its clients. The addition of Bread's technology platform
expands Alliance Data's payment offering to include pay-over-time products, expected to be
available for Alliance Data brand partners soon.Upon closing of the transaction, Alliance Data
will welcome Bread's talented group of approximately 185 employees and more than 400 Bread
installment loan or buy now, pay later clients.Bread's flexible, easily-integrated payment
solutions, coupled with Alliance Data's Enhanced Digital Suite, will improve the digital customer
experience and support increased acquisition and checkout rates, offering the best payment
product to the right consumer at pivotal moments in the customer's online shopping journey. With
a diverse suite of payment products, Alliance Data will have an option for every customer need,
while also appealing to younger, digitally native consumers.
Executive Commentary
"As part of our broader transformation efforts, the acquisition of Bread significantly expands
our digital capabilities and payment options for our brand partners and their customers, while
providing another reason for retailers and brands to choose Alliance Data to help them grow
their businesses," said president and chief executive officer, Alliance Data. "Bread's
pay-over-time solutions, together with our robust existing private label, general purpose and
commercial products, will further expand our breadth of payment options and capabilities,
giving our brand partners across all verticals another way to capitalize on the rapidly growing
e-commerce channel."
Description
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Alliance Data (USA) Reports Third Quarter Results
• Alliance Data Systems Corporation, a leading provider of data-driven marketing,
loyalty and payment solutions, announced results for the third quarter ended
September 30, 2020, including net income of $133 million or $2.79 per diluted share.
• Due to the continuing impacts of COVID-19, consolidated revenue decreased
27% to $1,050 million, compared to the third quarter of 2019.
• EBT increased 7% to $176 million, while income from continuing operations
increased 10% to $133 million and EPS increased 16% to $2.79, all compared to the
third quarter of 2019.
• Adjusted EBITDA, net decreased 32% to $250 million as compared to the third
quarter of 2019.
• In September 2020, the Company completed a $500 million offering of senior
notes, maturing in January 2026.
• Net proceeds from the offering were used to repay $494 million of term loans
under the Company's credit agreement, which was amended to allow certain
covenant flexibility over a specified period beginning in 2021.
"Alliance Data executed effectively in the third quarter, posting strong sequential
improvement across key financial metrics," saidpresident and chief executive
officer of Alliance Data. "This positive financial performance, together with
actions to strengthen our balance sheet, advance our technology, and enhance our
digital capabilities and product set, underscores Alliance Data's commitment to
sustainable, profitable long-term growth.Specifically, our third quarter financial
results demonstrated a modest recovery in Card Services credit sales, which
increased 28% sequentially, as credit metrics remained resilient, reflecting strong
payment trends across our cardmember base. Additionally, revenue from
LoyaltyOne® improved from second quarter levels, reflecting better business
conditions and improved AIR MILES® reward activity. At the same time, we
continued to drive significant company-wide expense reductions from ongoing
efficiency programs that have reduced our cost to serve and enabled additional
investment in areas of strategic priority.”
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Key Financial Highlights

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American Tower Corporation Reports Third Quarter 2020 Financial
Results
• Total revenue increased 3.0% to $2,013 million
• Property revenue increased 3.4% to $1,988 million
• Net income decreased 8.4% to $463 million
• Adjusted EBITDA increased 5.6% to $1,298 million
• Consolidated AFFO increased 14.7% to $1,022 million
• Capital Expenditures – During the third quarter of 2020, total capital expenditures were
approximately $251 million, of which $29 million was for non-discretionary capital
improvements and corporate capital expenditures. For additional capital expenditure details,
please refer to the supplemental disclosure package available on the Company’s website.
• Acquisitions – During the third quarter of 2020, the Company spent approximately $101
million to acquire 305 communications sites, primarily in international markets, including 195
communications sites in France as part of its previously announced agreement with Orange S.A.
• Other Events – In April 2019, Tata Teleservices Limited served notice of exercise of its put
options with respect to 100% of its remaining combined holdings with Tata Sons in ATC Telecom
Infrastructure Private Limited (“ATC TIPL”). The Company expects to pay INR 24.8 billion
(approximately $336 million at the September 30, 2020 exchange rate) to redeem the put shares
in the fourth quarter of 2020, subject to regulatory approval. After the completion of the
redemption, the Company will hold an approximately 92% ownership interest in ATC TIPL.
American Tower’s Chief Executive Officer, stated, “We saw strong demand across our
global portfolio of communications real estate in the third quarter as our tenants deployed
new technology, densified their networks and enhanced critical broadband connectivity for
their customers during the ongoing pandemic. As a result, we drove Consolidated AFFO per
Share growth of nearly 15% while again delivering solid growth in our dividend.Looking
forward, as 5G deployments in the U.S. accelerate and as wireless technology evolves
globally, we believe that our macro tower-oriented footprint is well-positioned to generate
consistent, recurring growth and attractive returns. In addition, to further broaden our tenant
base and total addressable market, we are pursuing complementary opportunities to extend
our communications real estate platform.”
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American Tower Announces Agreement to Acquire InSite Wireless Group
American Tower Corporation announced that it has entered into a definitive
agreement to acquire InSite Wireless Group, LLC, which owns, operates and
manages approximately 3,000 communications sites, primarily in the U.S. and
Canada. The portfolio includes more than 1,400 owned towers in the U.S., over 200
owned towers in Canada and approximately 70 distributed antenna system networks
in the U.S. In addition, InSite controls more than 600 land parcels under
communications sites as well as approximately 400 rooftop sites. The total
consideration for the transaction, including cash acquired and the Company’s
assumption and/or repayment of InSite debt at closing, is approximately $3.5 billion,
subject to customary closing adjustments.American Tower expects the assets to
generate approximately $150 million in property revenue and approximately $115
million in gross margin in their first full year in its portfolio. The transaction is
anticipated to be immediately accretive to American Tower’s Consolidated AFFO per
Share and is expected to close by the end of 2020, subject to customary closing
conditions. American Tower anticipates financing the transaction in a manner
consistent with its investment grade credit ratings.
American Tower’s Chief Executive Officer stated, “This transaction augments
our foundational U.S. business through the addition of a well-run, high-quality,
complementary, macro-tower focused portfolio, while also marking our entry
into Canada. We believe that these assets are positioned to enhance our organic
growth and cash flow trajectory in the future as 5G deployments accelerate and
densification initiatives progress.”
Description
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Annaly Capital Management, Inc. (USA) Reports 3rd Quarter 2020
Results
Financial Highlights
• GAAP net income of $0.70 per average common share for the quarter, up from $0.58 in the prior
quarter
• Core earnings (excluding PAA) of $0.32 per average common share for the quarter, up 18.5% from the
prior quarter
• GAAP return on average equity of 29.0% and core return on average equity (excluding PAA) of 13.8%
for the quarter
• Book value per common share of $8.70, up 3.7% from the prior quarter
• Economic leverage of 6.2x, down from 6.4x in the prior quarter
• Declared quarterly common stock cash dividend of $0.22 per share
• Economic return of 6.3% for the third quarter
Business Highlights
• Capital allocation to Agency increased to 80% of dedicated equity capital, which was largely driven
by residential credit securitizations; highly liquid Agency portfolio relatively unchanged at $96.3 billion
and 94% of Annaly's total assets(1)
• Credit businesses remain conservatively positioned and are performing well on improving economic
indicators; will look to be opportunistic amidst steady improvement in deal flow and sector activity
• Total loan loss reserves (CECL and specific) declined by $22 million largely driven by a stronger
economic forecast compared to the prior quarter
"We are quite optimistic about the operating environment for our business - particularly for Agency
MBS - due to low interest rate volatility, strong carry and the lowest financing costs we’ve seen in the
last decade," stated Chief Executive Officer and Chief Investment Officer. "We took advantage of the
rebound in risk sentiment to further enhance our cost of capital and liquidity profile - completing two
securitizations totaling $1 billion. Amidst this backdrop, Annaly delivered a strong 6.3% quarterly
economic return to shareholders driven by an increase in book value through proactive management
of our portfolio and generated core earnings $0.10 higher than the dividend. These solid results were
derived with lower leverage, and with nearly $7 billion of highly liquid unencumbered assets, we are
poised to take advantage of opportunities we see across our market-leading platform."
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Boston Properties (USA) Announces Third Quarter 2020 Results
Financial highlights for the third quarter include:
• Net income attributable to common shareholders of $89.9 million, or $0.58 per diluted share (EPS), compared to $107.8 million, or $0.70 per diluted share, for the quarter ended September 30, 2019. The third
quarter of 2020 included a $0.06 per share charge to revenue related to the write-off of accrued rent and accounts receivable of tenants primarily in the retail, fitness and entertainment sectors.
• Funds from Operations (FFO) of $244.0 million, or $1.57 per diluted share, compared to FFO of $253.6 million, or $1.64 per diluted share, for the quarter ended September 30, 2019. The third quarter of 2020
included a $0.06 per share charge to revenue related to the write-off of accrued rent and accounts receivable of tenants primarily in the retail, fitness and entertainment sectors.
Third quarter and recent business highlights include:
• Completed 811,000 square feet of leases and renewals in the third quarter with a weighted average lease term of approximately seven years. Notable leases signed in the quarter include a 13-year expansion and a
long-term extension with Microsoft Corporation in Reston, Virginia totaling 186,000 square feet and a new, 14-year, 82,000 square foot lease with Columbia Threadneedle Investments at Atlantic Wharf in Boston,
Massachusetts.
• In addition, the Company recently signed a 196,000 square foot, 20-year lease with the Volkswagen Group of America at BXP’s 1.1 million square foot development in the new phase of Reston Town Center in
Reston, Virginia. With this new lease, the development is 85% pre-leased. Further details can be found in the press release issued.
• Collected 99% of its total rent payments from office tenants in the third quarter. Rent collections from all commercial tenants, including base rent from retail tenants, were 97% in total in Q3.
• Completed and fully placed in-service two developments in the third quarter including Hub50House, a 320,000 square foot residential property in Boston, Massachusetts which the Company has a 50% ownership
and The Skylyne, a 331,000 square foot residential property in Oakland, California.
• Entered into an agreement with an existing joint venture partner for the future development of a 1.2 million square foot site in Waltham, Massachusetts, a popular submarket of Boston for leading and emerging
companies in the life sciences, biotechnology and technology sectors. The agreement allows for the phased development of office and lab properties across 41-acres. Boston Properties will serve as the development
manager and expects to be a majority owner of the properties. This agreement builds on Boston Properties’ current footprint of 4.3 million square feet of Class A Office and lab properties in this submarket.
• Completed the acquisition of a 50% interest in Beach Cities Media Center, a 6.4-acre land site on the Rosecrans Corridor of the El Segundo submarket of Los Angeles, California for a purchase price of
approximately $21.2 million.
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Broadridge (USA) Reports First Quarter Fiscal Year 2021 Results
• Total revenues increased 7% to $1,017 million from $949 million in the prior year
period.
• Operating income was $79 million, an increase of $5 million, or 8%. Operating income
margin was unchanged at 7.7% in the current and prior year periods. Operating income
includes the combined impact of $38 million of charges related to the Company's actions to
reduce ongoing costs in the face of the Covid-19 pandemic as well as other Covid-19 related
charges.
• Interest expense, net was $14 million, an increase of $1 million, driven by an increase in
interest expense from higher average borrowings.
• The effective tax rate was 10.6% compared to 12.4% in the prior year period. The
decrease in the effective tax rate was driven by higher excess tax benefits attributable to
stock-based compensation of $9 million in the current year period, compared to $6 million
in the comparable prior year period.
• Net earnings increased 18% to $66 million and Adjusted Net earnings increased 43% to
$114 million.Diluted earnings per share increased 17% to $0.56, compared to $0.48 in the
prior year period and Adjusted earnings per share increased 44% to $0.98, compared to
$0.68 in the prior year period.
"Broadridge reported strong first quarter results including 8% Recurring revenue growth
and record first quarter earnings," said Broadridge's Chief Executive Officer. "Our
continued growth highlights the long-term trends driving our business and the strength
of our recurring revenue business model. In addition, our strong cost actions helped
drive significant margin expansion. This positive start to the fiscal year gives us
additional confidence in our full year guidance and enables us to increase our level of
investment in our people, platforms, and technology.We have updated our outlook to
reflect our increased confidence in our full year results. Our updated guidance now calls
for Recurring revenue growth of 3-6% and Adjusted EPS growth of 6-10%. By investing
now, we will be even better positioned to address our clients' accelerating need for
next-generation mutualization, resiliency, and digital transformation."
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Bunzl (UK) Agrees To Acquire Brazil Based Safety Business And Completes Safety
Acquisition In Denmark
Bunzl plc, the specialist international distribution and services Group,
announces that it has recently entered into an agreement to purchase SP
Equipamentos, a leading personal protection equipment distributor based
in Sao Paulo, Brazil, with revenue in 2019 of BRL143 million (c.£22
million). SP Equipamentos supplies a broad range of safety products to
customers across a number of markets, including the mining, steel,
construction and agriculture sectors. Completion of the acquisition is
expected to take place at the end of November. In addition, and further to
the announcement issued on 24 February 2020, Bunzl plc also announces
that it has now completed the acquisition of ICM, a distributor of
personal protection equipment to a variety of customers in Denmark,
including a number operating in the wind energy sector. ICM generated
revenue in 2019 of DKK410 million (c.£49 million).
Commenting on the acquisitions, Chief Executive Officer of Bunzl,
said: “These two acquisitions will further expand and develop our
safety businesses in Brazil and Denmark, complementing our product
offering and broadening our customer base in both markets. Growth
through acquisitions continues to be an important part of the strategy
of the Group and I am pleased that year to date our committed
acquisition spend totals more than £400m. Our acquisition pipeline
remains promising with a number of discussions ongoing.”
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CRCT to acquire five business park properties and the balance 49% interest in
Rock Square for RMB4,945 million
CapitaLand Retail China Trust Management Limited, as the manager of CapitaLand
Retail China Trust announced the proposed acquisition of the respective interests in
the companies which hold five business park properties located in the provincial
cities of Suzhou, Xi’an and Hangzhou, China, together with the balance 49% interest
in the company which indirectly holds Rock Square in Guangzhou, China from
related parties of CRCT. This follows the recent expansion of CRCT’s investment
mandate to cover multi-assets that are used primarily for retail, office and industrial
use, including business parks, logistics facilities, data centres and integrated
developments.The Acquisition is based on an agreed property valueof RMB4,945.0
million (approximately S$1,005.5 million), with an implied Net Property Income
(“NPI”) yield of 5.8%. The agreed property value represents a discount of
approximately 1.3% and 1.4% to the valuations by independent valuers appointed by
HSBC Institutional Trust Services (Singapore) Limited (as trustee of CRCT) and the
Manager respectively. CRCT’s total acquisition cost is estimated at approximately
S$822.4 million, subject to post-completion adjustments.
Chairman, CRCTML, said: “The first major economy to recover from the
COVID-19 impact, China is showing encouraging signs of regaining growth
momentum, having expanded year-on-year by 4.9% in 3Q 2020. China’s strong
recovery and economic direction are expected to boost the growth of various
industries, including the demand for business park space. Benefiting from
strategic policy support, Chinese business park properties aligned with the
government’s economic growth initiatives have demonstrated resilience and
strong market performance over the years. The Acquisition is thus strategic and
timely, enabling CRCT’s foray into China’s highly resilient business park sector
at an attractive valuation. This will pave the way to enhance CRCT’s long-term
resilience, diversification and growth.”
Description
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CapitaLand (Singapore) to divest interest in five business park properties and
Rock Square mall in China
CapitaLand, through its associates, has entered into agreements to divest its share of interest
in the companies which hold five business park properties and Rock Square mall in China to
CapitaLand Retail China Trust (“CRCT”). The agreed value of the properties, arrived at on
a willing-buyer and willing-seller basis, amounts to RMB8,130 million (S$1,653.1 million)
on a 100% basis. CapitaLand’s effective stake comprises:
• a 23% interest in Ascendas Xinsu Portfolio, Suzhou; Ascendas Innovation Towers,
Xi’an; and Ascendas Innovation Hub, Xi’an (80%) held through Ascendas China Business
Parks Fund 4 (“ACBPF 4”);
• an 80% interest in Singapore-Hangzhou Science & Technology Park Phase I and Phase
II, Hangzhou; and
• a 49% interest in Rock Square, Guangzhou.
The proposed divestment, which is conditional upon the approval of CRCT’s independent
unitholders, is expected to be completed by 1Q 2021. Upon completion, CapitaLand is
expected to receive proceeds of about S$541.7 million and realise an estimated gain of
S$35.6 million. ACBPF 4, managed by CapitaLand, will draw to a close after fully divesting
all its assets.
Group CEO, CapitaLand Group, said: “The proposed divestment of the five business
park properties in China to CRCT is the latest illustration of the robust asset pipeline and
value creation opportunities arising from CapitaLand’s combination with
Ascendas-Singbridge last year. Recycling these quality assets into CRCT will enable
CapitaLand to unlock capital, realise development profits and tap recurring yield through
our fund management platform.”
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Dexus (Australia) and HWPF to acquire state-of-the-art healthcare development
Dexus and the Healthcare Wholesale Property Fund (HWPF) have exchanged contracts to
acquire (in 50/50 co-ownership) the Australian Bragg Centre in Adelaide from Commercial
& General. The asset was acquired for a development completion price of $446.2 million ,
making the transaction one of the largest single-asset private healthcare acquisitions in
Australia. The Australian Bragg Centre building (also known as SAHMRI 2) is a
state-of-the-art clinical and research facility within Adelaide’s $3.6 billion BioMed City
precinct, incorporating world-class facilities for cutting edge research by the South
Australian Health and Medical Research Institute (SAHMRI) and lab and office space for SA
Health and biomedical companies. The building will house Australia’s first proton therapy
unit specialising in next generation cancer treatment. The proton therapy unit will sit in a
purpose-built bunker and be overseen by the clinical and research expertise of SAHMRI and
is supported by Federal and State Government funding. The building, which is currently
under development, is 77% pre-leased to customers either backed or supported by the South
Australian Government, with a weighted average lease expiry of 21.9 years from completion
in August 2023. The acquisition terms include a two-year rental guarantee provided by
Commercial & General over the remaining space to be leased.
Dexus CEO, said: “This transaction accelerates the growth of our funds management
platform and is a step towards our goal of being a partner of choice in Australian
healthcare property. It also increases Dexus’s portfolio diversification, providing
exposure to a sector with strong tailwinds.”
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Interxion: A Digital Realty Company Acquires Expansion Land In Vienna
Interxion: A Digital Realty Company and a leading European provider of carrier-
and cloud-neutral colocation data centre solutions, has acquired the freehold to a
parcel of land within approximately one kilometre of its existing campus in
Vienna. The expansion parcel totals 22.000m² that will support the development
of up to 40 megawatts of additional IT capacity and will be fully connected to the
existing campus, the most highly connected in the central and eastern European
region with 120 carriers, four Internet Exchanges and direct access to seven
global cloud platforms. Digital Realty’s ongoing expansion demonstrates its
continued investment in PlatformDIGITAL®, the company’s global data centre
platform supporting customers around the world as they navigate digital
transformation strategies and the complexities of rapidly growing demand, the
need for global coverage and additional capacity.The land acquired is part of the
urban development project “TwentyOne” by Bondi Consult. The transaction was
supported by Gassauer-Fleissner Attorneys at Law.
“The expansion of our Vienna campus will enable Interxion to offer local and
global service providers additional data centre capacity to seamlessly expand
their services in the region via PlatformDIGITAL®,” said Managing Director,
Austria, Interxion: A Digital Realty Company. “At the same time, we will
continue to support Austrian enterprises as they roll out their hybrid IT
infrastructure by combining leading cloud services, global connectivity and
Interxion’s colocation solutions.”
Description
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Digital Realty (USA) Reports Third Quarter 2020 Results
Financial Results
• Digital Realty reported revenues for the third quarter of 2020 of $1.0 billion, a 3% increase from the
previous quarter and a 27% increase from the same quarter last year.
• The company delivered third quarter of 2020 net loss of ($1) million, and a net loss available to common
stockholders of ($37) million, or ($0.14) per diluted share, compared to $0.20 per diluted share in the previous
quarter and $0.24 per diluted share in the same quarter last year.
• Digital Realty generated third quarter of 2020 Adjusted EBITDA of $568 million, a 2% increase from the
previous quarter and a 17% increase over the same quarter last year.
• The company reported third quarter of 2020 funds from operations of $336 million, or $1.19 per share,
compared to $1.49 per share in the previous quarter and $1.59 per share in the same quarter last year.
• Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered
third quarter of 2020 core FFO per share of $1.54, unchanged from $1.54 per share in the previous quarter, and
an 8% decrease from $1.67 per share in the same quarter last year.
• Reported net loss available to common stockholders of ($0.14) per share in 3Q20, compared to net income
available to common stockholders of $0.24 in 3Q19
• Reported FFO per share of $1.19 in 3Q20, compared to $1.59 in 3Q19
• Reported core FFO per share of $1.54 in 3Q20, compared to $1.67 in 3Q19
• Signed total bookings during 3Q20 expected to generate $89 million of annualized GAAP rental revenue,
including a $14 million contribution from interconnection
• Raised 2020 core FFO per share outlook from $6.00-$6.10 to $6.10-$6.15
"We delivered solid third-quarter results, driven by consistent execution and growth across the business,"
said Digital Realty Chief Executive Officer. "Our new logo growth and heightened deal velocity reflect the
power of our global platform and the resiliency of our business. As we close out the year, we remain
focused on delivering for our customers, maintaining our momentum, and investing in our global platform
to support long-term growth."
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Extra Space Storage Inc. (USA) Reports 2020 Third Quarter Results
Highlights for the three months ended September 30, 2020:
• Achieved net income attributable to common stockholders of $0.88 per diluted share, representing a
6.0% increase compared to the same period in 2019.
• Achieved funds from operations attributable to common stockholders and unit holders ("FFO") of
$1.30 per diluted share. FFO, excluding acceleration of share-based compensation expense due to
retirement of an executive officer and adjustments for non-cash interest ("Core FFO"), was $1.31 per
diluted share, representing a 5.6% increase compared to the same period in 2019.
• Experienced decreases in same-store revenue of (1.5)% and same-store net operating income ("NOI")
of (2.7)% compared to the same period in 2019.
• Reported same-store occupancy of 95.9% as of September 30, 2020, compared to 93.8% as of
September 30, 2019.
• Acquired eight operating stores for a total cost of approximately $87.4 million.
• In conjunction with joint venture partners, acquired two stores at completion of construction (a
"Certificate of Occupancy store" or "C of O store") for a total cost of approximately $19.6 million, of which
the Company invested $9.8 million.
• Purchased a senior mezzanine note at 98.0% of the $103.0 million principal balance.
• Added 42 stores (gross) to the Company's third-party management platform. As of September 30,
2020, the Company managed 718 stores for third parties and 253 stores in joint ventures, for a total of 971
managed stores.
• Paid a quarterly dividend of $0.90 per share.
CEO of Extra Space Storage Inc., commented: "The storage sector experienced a number of tailwinds
in the third quarter that benefited our earnings. Demand was healthy and vacates remained muted,
resulting in strong occupancy and increased rental rates to new customers, offset by lower late fees and
higher bad debt. These improved trends resulted in better than expected same-store performance,
which together with contributions from our various external growth and balance sheet initiatives,
resulted in solid third quarter FFO growth of 5.6%. We recognize that future risks and uncertainties
related to the pandemic and general macro-economic conditions may still impact future results,
however, to date the impact has been less significant than previously anticipated."
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FIS (USA) Reports Third Quarter 2020 Results
Third Quarter 2020 Results
• On a GAAP basis, revenue increased 13% to $3,197 million, primarily due to the July 31,
2019 acquisition of Worldpay, Inc. (Worldpay).
• Net earnings attributable to common stockholders was $20 million or $0.03 per diluted
share.
• On an organic basis, revenue increased 1% as compared to the prior year period, primarily
due to consumer spending trends associated with the ongoing COVID-19 pandemic. Adjusted
EBITDA margin expanded by 30 basis points (bps) over the prior year period to 42.5%, primarily
due to the achievement of Worldpay cost synergies.
• Adjusted net earnings were $887 million or $1.42 per diluted share.
Balance Sheet and Cash Flows
• As of September 30, 2020, the Company had $4,227 million of available liquidity, including
$1,826 million of cash and cash equivalents and $2,401 million of capacity available under its
revolving credit facility. Debt outstanding totaled $20,189 million with an effective weighted
average interest rate of 1.6%.
• Third quarter net cash provided by operating activities was $1,411 million, and free cash
flow was $866 million or 27% of revenue. Additionally, FIS paid dividends of $217 million
during the quarter.
“COVID-19 has greatly influenced how businesses must interact with their customers in
order to survive and thrive,” said FIS chairman, president and chief executive officer. “We
are pleased that our unique business model enables us to quickly deliver solutions that are
helping our clients adapt to these rapidly shifting market dynamics. Our strong third quarter
results demonstrate the momentum we’re building to continue accelerating revenue growth.”
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FLEETCOR (USA) Reports Third Quarter 2020 Financial Results
Financial Results for Third Quarter of 2020:
GAAP Results
• Total revenues decreased 14% to $585.3 million in the third quarter of
2020, compared to $681.0 million in the third quarter of 2019.
• Net income decreased 16% to $188.8 million in the third quarter of 2020,
compared to $225.8 million in the third quarter of 2019.
• Net income per diluted share decreased 12% to $2.19 in the third quarter of
2020, compared to $2.49 per diluted share in the third quarter of 2019.
Non-GAAP Results
• Adjusted net income1 decreased 14% to $241.9 million in the third quarter
of 2020, compared to $280.6 million in the third quarter of 2019.
• Adjusted net income per diluted share1 decreased 10% to $2.80 in the third
quarter of 2020, compared to $3.10 per diluted share in the third quarter of
2019.
“We’re pleased that our third quarter volumes stepped up sequentially in
every line of business, driven primarily from increasing existing client
usage. New sales performance also improved dramatically in the quarter,
returning to 80% of prior period levels,” said chairman and chief executive
officer, FLEETCOR Technologies, Inc. “Client retention and credit trends
were also very encouraging in the quarter and better than last year.We’re
progressing towards a first quarter, 2021 closing of our AFEX cross border
acquisition that we announced in September, and we have a couple of
additional active acquisition opportunities in and around the Corporate
Payments space that we’re currently working.”
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Gecina (France) successfully raises €400m on the bond market, with an
average maturity of 10.1 years and an average yield of 0.47%
Gecina has successfully raised €400m through the following two bond issues:
• Reopening the bond issue maturing in June 2027 (remaining maturity of 6.7 years) for €200m, at a yield of 0.08%.
• Reopening the bond issue maturing in May 2034 (remaining maturity of 13.6 years) for €200m, at a yield of 0.86%.
By raising €400m with an average maturity of 10.1 years and a weighted average yield of 0.47%, the Group is extending the
average maturity of its debt to 7.3 years under favorable conditions, further strengthening the solidity and flexibility of its
balance sheet. For a maturity of over five years, this is Gecina’s bond issue with the lowest rate to date. The offers were
widely oversubscribed by a top-tier base of pan-European investors, confirming the market's confidence in Gecina's credit
rating. Gecina is rated A- / outlook stable by Standard & Poor’s and A3 / outlook stable by Moody’s. Crédit Agricole CIB,
CIC, IMI – Intesa Sanpaolo, Natixis and Santander were the bookrunners for this operation.
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Global Payments (USA) Reports Third Quarter 2020 Results
Third Quarter 2020 Summary
• GAAP revenues were $1.918 billion, compared to $1.106 billion in the third
quarter of 2019; diluted earnings per share were $0.74 compared to $0.54 in the prior
year; and operating margin was 15.1%.
• Adjusted net revenues declined 4% to $1.746 billion, compared to $1.820 billion
in the third quarter of 2019 on a combined basis.
• Adjusted earnings per share increased 1% to $1.71, compared to $1.70 in the
third quarter of 2019.
• Adjusted operating margin of 41.1% expanded 250 basis points on a combined
basis.
• Global Payments’ Board of Directors approved a dividend of $0.195 per share
payable December 31, 2020 to shareholders of record as of December 17, 2020.
“We are pleased with our results for the third quarter, which demonstrate
substantial ongoing improvement across our markets and significant margin
expansion for each of our segments," said Chief Executive Officer. "These
results validate the actions we took at the start of the pandemic to position our
businesses and return to growth. We are grateful to our team members for their
extraordinary commitments to our customers, to each other and to the
communities in which they live and work during this difficult time.We have
made meaningful progress strategically this year, with an emphasis on driving
further digital growth. We are delighted with our collaboration with Amazon
Web Services, our preferred cloud provider of issuer technologies, a relationship
that is already generating significant momentum since our August
announcement; the acquisition of an incremental stake in our joint venture with
CaixaBank in October, bringing our ownership to 80%; and the ongoing mix
shift of our revenues toward technology enablement, where we recently crossed
the 60% target that we set in March 2018, ahead of our plan.”
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Hertz Global Holdings (USA) Reports Third Quarter 2020 Financial
Results
• Hertz Global Holdings, Inc. reported results for its third quarter 2020 with revenue of $1.3
billion, a net loss attributable to the Company of $222 million and Adjusted Corporate EBITDA
loss of $26 million. Liquidity at the end of the third quarter was $1.1 billion.
• Throughout the third quarter, Hertz Global aggressively sold fleet into a record-high U.S.
residual market, taking average operating fleet down 34% through its retail, wholesale and
dealer-direct channels. As of the end of October, the Company's U.S. fleet level is well positioned
to match current demand. Hertz Global's average international fleet, down 51% in the third
quarter year over year, also is now sized appropriately for the current rental environment.
• Based on the significant reduction in direct operating and selling, general and administrative
expenses to date, the Company is increasing its annualized global cost savings target to $3.0
billion, up from $2.5 billion.
• In addition to the $1.1 billion in liquidity at September 30, 2020, the Company recently
closed on $1.65 billion of debtor-in-possession financing which provides support for ongoing
operations, vehicle procurement and key investments in the business. The Company has also
secured commitments for $4.0 billion of fleet financing which, if approved by the court, will
enable the Company to meet its forecasted U.S. fleet needs through 2021. In October, the
Company closed on a fleet financing facility of up to $400 million for its Donlen leasing and fleet
management operations.
"Our U.S. Chapter 11 process is progressing well. Recent, new funding and commitments of
more than $6.0 billion allow us to continue taking steps to best position our business as a
rental-car and fleet-leasing leader through the pandemic and for the future," said, Hertz
Global's President and Chief Executive Officer.The impact of the Covid-19 pandemic has
been tough on everyone. But our employees have met the challenges head on, adapted
processes and continued to put our customers' safety and satisfaction first," said Stone. "Last
month, we couldn't have been prouder to have Hertz awarded No. 1 in Customer Satisfaction
for Rental Cars by J.D. Power for a second consecutive year. It's a true testament to our
preferred position among rental car customers and our team's commitment and dedication to
our Company."
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Host Hotels & Resorts, Inc. Reports Results For Third Quarter 2020
Host Hotels & Resorts, Inc. the nation’s largest lodging real estate investment trust
(“REIT”), announced results for the third quarter of 2020.
Portfolio Highlights:
• As of November 4, 2020, re-opened 31 of the 35 hotels that had suspended
operations, and had open a total of 75 of its 79 consolidated hotels, representing 94%
of the Company’s room count.
• Improved average monthly occupancy by 680 basis points, from 12.9% in July to
19.7% in September 2020.
• Achieved break-even or positive hotel-level operating profit at 22% of its hotels,
representing 18% of rooms, for the month of September 2020, excluding severance
costs and the Employee Retention Credit (“ERC”) that, under the CARES Act,
partially offset the costs for the operator’s furloughed hotel employees.
• Subsequent to quarter end, completed the sale of the Newport Beach Marriott
Hotel & Spa for $216 million and sold three parcels of land at The Phoenician hotel
for $66 million.
President and Chief Executive Officer, said, “During the third quarter, we
achieved a meaningful sequential increase in revenue and reduced our net loss
and hotel-level operating losses from second-quarter levels, despite a
year-over-year decrease in travel due to COVID-19. We reopened 20 hotels
during the quarter, and consistently improved RevPAR each month as our
operators increased average hotel occupancy by 680 basis points from July to
September. In addition, we took important steps with our hotel operators towards
achieving our goal of permanent cost savings as we continue to redefine our
operating model and strengthen our business for the long term.”
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Land Securities Group (UK): Half-yearly results for the six months
ended 30 September 2020
Financial results
• Revenue profit down 48.9% to £115m
• Loss before tax for the period of £835m (2019: loss of £147m)
• Adjusted diluted earnings per share down 49.0% to 15.5p
• Reinstated dividend of 12.0p per share (2019: 23.2p)
• Combined Portfolio valued at £11.8bn, with a valuation deficit of £945m or 7.7%
• EPRA net tangible assets per share down 9.5% to 1,079p
• Ungeared total property return of -5.9%
• Total business return of -9.5%
• Like-for-like net rental income, excluding provisions for bad and doubtful debts, down £31m or
10.3%
Strong financial position
• Resilient central London portfolio consisting of high-quality assets with good liquidity
• Low leverage with a Group LTV ratio at 33.2% (31 March 2020: 30.7%)
• Adjusted net debt of £3.9bn (31 March 2020: £3.9bn)
• Weighted average cost of debt at 2.1% (31 March 2020: 1.8%)
• Weighted average maturity of debt at 10.9 years (31 March 2020: 9.6 years)
• Cash and available facilities of £1.2bn
Chief Executivesaid:“While today’s results clearly show the impact of the pandemic on our
business, Landsec remains in a fundamentally strong position. Together, the high quality of our
portfolio and low leverage of our balance sheet provide a solid foundation for executing our
growth strategy and creating value for all stakeholders. This strength also means we have been
able to take a proactive and responsible approach to the challenges of Covid-19, supporting our
communities and customers.As we begin to look beyond Covid-19, I am confident the business
is well placed to capitalise on opportunities as they emerge. The investment market for
high-quality London office assets, such as those owned by Landsec, has remained robust
throughout the pandemic and there is little sign of that interest waning. Access to this liquidity,
coupled with the acquisition and development opportunities that are likely to arise as a result of
increased obsolescence of older office stock, as well as the long-term need for urban mixed use
regeneration, mean there will be ample opportunity for Landsec to create significant value. We
look ahead with a clear strategic direction and are optimistic about the future.”
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Logan Group (China) Records Contract Sales of RMB13.06 billion in
September, Significant Increase of 46.4% Y-o-Y
Logan Group has announced the Company’s sales performance in September 2020. The Company achieved contract
sales attributable to shareholders of approximately RMB13.06 billion in September, a significant increase of 46.4%
year-on-year (Y-o-Y), which helped it continue to maintain strong growth. As of September 30, Logan Group had
realized a total of approximately RMB83.51 billion in contract sales attributable to shareholder during the year, an
increase of 23.8% Y-o-Y. Based on the Company’s calculations, Logan Group has reached 76% of the annual RMB110
billion contract sales target in the first three quarters, and the sales performance growth rate and sales completion rate
rank among the top in the industry. At present, Logan Group has abundant saleable resources and good sales momentum.
Coupled with accelerated sales launch in the fourth quarter and the release of market backlog demand, the Company is
confident that it will successfully achieve the annual sales target.
Description
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Logan Group’s (China) Contract Sales in October Increase 93.2% to RMB13.5
Billion, Single Month Performance Hits Record High
Logan Group has announced its sales performance for October. The Company achieved contract sales attributable to shareholders of approximately RMB13.5
billion in October, a significant increase of 93.2% year-on-year (Y-o-Y), hitting a record high for single month contract sales. Also, it is the fourth consecutive
month that Logan Group has achieved single-month contract sales exceeding RMB10 billion, indicating that the Company has great potential for development
and continues to maintain strong growth. As of October 31, Logan Group had realized a total of approximately RMB97.02 billion in contract sales attributable to
shareholders during the year, an increase of 30.3% Y-o-Y. Based on the Company’s calculations, Logan Group’s contract sales in the first ten month of 2020 have
surpassed the contract sales of the entire year of 2019, reaching 88.2% of the annual RMB110 billion contract sales target. Furthermore, the sales growth rate and
sales target completion rate rank among the top in the industry. For the first ten months of 2020, Logan Group’s contract sales exceeded RMB10 billion in a
number of cities, thanks to the forward-looking city-focused penetration strategy and high-value products of the Company. Meanwhile, Logan Group grasped the
opportunity in the land market in October, entered Ningbo for the first time, increased its land bank in Shenzhen and continued to improve its national strategic
layout. As Logan Group continues to enter more cities with high growth potential, the Company's project supply will continue to increase in the future, and sales
growth will remain strong. Logan Group plans to launch a number of high-value projects in November and December. At present, Logan Group has abundant
resources and most of its stocks are located in core cities, with a sound economic foundation and strong market demand. Coupled with the strong recovery of
market demand, the Company is confident that it will outperform the annual sales target.
Description
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ManpowerGroup (USA) Reports 3rd Quarter 2020 Results
• ManpowerGroup reported net earnings of $0.18 per diluted share for the three months ended September 30, 2020
compared to $2.42 per diluted share in the prior year period.
• Net earnings in the quarter were $10.3 million compared to $146.1 million a year earlier. Revenues for the third
quarter were $4.6 billion, a 13% decline from the prior year period.
• The current year quarter included restructuring costs and other special items consisting of a discrete tax item and
a loss on dispositions. The restructuring costs and other special items reduced earnings per share by $1.02 in the current
quarter. Excluding the restructuring charges and other special items, earnings per share was $1.20 per diluted share in
the quarter. The prior year period included a special item related to the gain from the Greater China IPO which
increased earnings per share by 50 cents.
• Financial results in the quarter were also impacted by the weaker U.S. dollar relative to foreign currencies
compared to the prior year period. Reported earnings per share in the quarter were not impacted by changes in foreign
currencies compared to the prior year, but adjusted earnings per share excluding restructuring costs and other special
items were positively impacted two cents. On a constant currency basis, revenues decreased 14.5%. Excluding the
impact of the restructuring costs and other special items, on a constant currency basis, net earnings per diluted share
decreased 39%.
• Net losses for the nine months ended September 30, 2020 were $52.4 million, or net loss of $0.90 per diluted share
compared to net earnings of $326.9 million, or net earnings of $5.40 per diluted share in the prior year. The year to date
period included special items and restructuring costs which reduced earnings per share by $3.09. The prior year-to-date
period included special items and restructuring costs which increased earnings per share by 5 cents.
• Revenues for the nine-month period were $12.9 billion, a decrease of 17% from the prior year or a decrease of 16%
in constant currency. Earnings per share for the nine-month period were negatively impacted 1 cent by changes in
foreign currencies compared to the prior year, or 2 cents excluding the special items and restructuring costs.
ManpowerGroup Chairman & CEO, said, "As the global recovery took hold in the third quarter we experienced
strengthening demand for our services reflecting the diversity of our offerings and strength of our digital
capabilities. We also continued to advance strategic initiatives in the quarter including restructuring activities to
improve efficiency, adjustments to our country portfolio to improve profitability, and ongoing execution of our
digitization initiatives. All of these actions are improving our business for further progress as we gradually
recover from the current crisis. I would like to thank our talented teams around the world for their contribution to
these results, their unwavering support to clients and candidates as well as their commitment to creating a positive
social impact."
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Moody’s (USA) Purchases Acquire Media, Advancing Leadership in Counterparty
Screening, Surveillance Solutions
Moody’s Corporation announced the acquisition of Acquire Media (AM), an aggregator and
distributor of curated real-time news, multimedia, data, and alerts, from Naviga, Inc., a
leading provider of content engagement solutions for the global media industry. The
acquisition advances Moody’s Analytics’ (MA) position as a leader in Know Your Customer
(KYC) solutions by strengthening its ability to provide early warning and real-time insight to
market participants. AM’s patented technology platform ingests information from over
18,000 global content sources, including media outlets, blogs, websites, government
regulatory commissions, and social media, then distributes curated real-time feeds and alerts
to customers across the financial services, corporate and media sectors.The transaction
complements both Moody’s 2017 acquisition of company data and analytical software
provider Bureau van Dijk (BvD) and its January 2020 acquisition of Regulatory DataCorp
(RDC), a provider of anti-money laundering (AML) and KYC data and due diligence
solutions.Moody’s will combine AM’s real-time content aggregation and distribution
infrastructure with BvD’s and RDC’s information portfolios, datasets, and analytical tools.
Together, the integrated products and services will provide customers with enhanced KYC
and counterparty screening and surveillance, valuable real-time context, and horizon
scanning solutions.
“Acquire Media plays an integral role in the dissemination of real-time news and
information,” said President of Moody’s Analytics. “The acquisition bolsters our ability
to provide customers with counterparty screening and surveillance, as well as early
warning insights to help them make better decisions.”
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Moody's Corporation (USA) Reports Results for Third Quarter 2020
• Moody's Corporation reported revenue of $1.4 billion for the three months ended September 30, 2020, up 9% from the prior-year period.
Foreign currency translation favorably impacted Moody's revenue by 1%.
• Moody's Investors Service (MIS) Third Quarter Revenue Up 11%
• Revenue for MIS for the third quarter of 2020 was $825 million, up 11% from the prior-year period. Foreign currency translation favorably
impacted MIS revenue by 1%. The MIS adjusted operating margin was 64.2%.
• Corporate finance revenue was $461 million, up 18% from the prior-year period. This was driven by both strong U.S. investment grade and
U.S. speculative grade issuance due to favorable credit market conditions. Robust bond activity was partially offset by a decline in bank loans,
similar to last quarter.
• Financial institutions revenue was $134 million, up 12% from the prior-year period. This was largely driven by a favorable mix of
infrequent U.S. bank issuers, specifically finance and securities companies seeking opportunistic funding.
• Public, project and infrastructure finance revenue was $133 million, up 11% from the prior-year period. This was due to an increase in U.S.
public finance activity amid a receptive market environment.
• Structured finance revenue was $88 million, down 16% from the prior-year period, principally driven by a decline in U.S. and EMEA
collateralized loan obligation (CLO) activity due to lack of new loan supply and wider spreads.
• Moody's Analytics (MA) Third Quarter Revenue Up 7%
• Revenue for MA for the third quarter of 2020 was $531 million, up 7% from the prior-year period. Organic MA revenue1 was $510 million,
up 9% and excluded the impact of the divestiture of Moody's Analytics Knowledge Services (MAKS) and acquisitions completed in the past
twelve months. Foreign currency translation favorably impacted total MA revenue by 2%. The MA adjusted operating margin was 31.4%.
• Research, Data and Analytics (RD&A) revenue was $386 million, up 22% from the prior-year period. Organic RD&A revenue1 was $354
million, up 12% and excluded revenue from the reclassification of Moody’s Analytics Learning Solutions (MALS), as well as the acquisitions of
Regulatory DataCorp and ABS Suite. This result reflected robust growth in know-your-customer (KYC) and compliance solutions, as well as new
data feed sales and strong customer retention rates.
• Enterprise Risk Solutions (ERS) revenue was $145 million, up 8% from the prior-year period. Organic ERS revenue1 was $143 million,
up 7% and excluded revenue from the acquisition of RiskFirst. The increase was led by subscriptions to credit assessment and loan origination
solutions, as well as IFRS 17 and other insurance products.
“This quarter, customer demand for Moody’s services, insights and solutions continued to drive strong revenue growth across both
Moody’s Investors Service and Moody’s Analytics. Moody’s Investors Service benefitted from a third consecutive record issuance quarter
as fixed-rate issuers took advantage of historically low borrowing costs to refinance existing debt and strengthen liquidity positions.
Moody’s Analytics top-line grew on increased sales of know-your-customer solutions, research and data feeds. As the results of the first
nine months have continued to exceed our expectations, we are raising and narrowing our full year 2020 adjusted diluted EPS guidance
range to $9.95 to $10.15, with the expectation for debt issuance to moderate in the final quarter,” said President and Chief Executive
Officer of Moody’s. "As previously announced, after leading Moody’s for more than 15 years as CEO, I will retire at the end of the year
and hand the reins over to Rob Fauber. I extend my sincere gratitude to all of our employees - their dedication and hard work has positioned
Moody’s for continued success. I am confident in Rob’s leadership of the company going forward given his impressive track record and
deep understanding of our businesses.”
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Moody’s (USA) Acquires Minority Stake in MioTech, a Provider of Alternative
Data and Analytical Tools for ESG and KYC Markets in Greater China
Moody’s Corporationannounced that it has acquired a minority stake in MioTech,
a leading provider of alternative data and insights serving the environmental,
social, and governance (ESG) and know your customer (KYC) markets in Greater
China. The investment reflects Moody’s commitment to providing China’s
evolving financial markets with innovative ESG and KYC solutions. MioTech
uses artificial intelligence (AI) to track and scan alternative data sources related
to ESG and KYC factors, supply chains, and financial information for over
800,000 public and private companies in China. Its analytical tools are designed
to turn unstructured datasets into insights for portfolio managers, research
analysts, and risk managers, and its AI algorithms detect entities’ vulnerabilities
by monitoring news, social media, disclosure, and other forms of alternative data
in real-time.Moody’s and its affiliates will seek to incorporate MioTech’s
alternative data and product offerings to streamline analytical processes, monitor
portfolios, inform risk assessments, accelerate product developments, and deepen
coverage of China.
“MioTech’s leading technology platform collates and analyzes an impressive
range of company, industry, ESG, and KYC data from a variety of public
sources to provide relevant information to customers,” saidManaging Director
and Head of International for Moody’s. “Our partnership will provide
valuable data, analytics, and insights to China’s domestic risk and investment
markets.”
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New World Development Invests Over HKD10 Billion to Develop Prince Bay in
Shenzhen
New World Development Company Limited announced that the Group will invest over HKD10 billion to develop a large scale cultural retail destination in
Prince Bay of Shenzhen. New World Group has been actively developing the Greater Bay Area (GBA) with a key focus on Shenzhen, the “key driving force
for the Bay Area”. Situated next to the brand-new cruise terminal in Shekou with a GFA of 3.9 million square feet, the Prince Bay project will become the
largest harbourfront cultural-retail destination in Shenzhen. Modeling on Victoria Dockside, its flagship project in Hong Kong, the Group will bring
top-notch creative design and green initiatives into the project, turning it into the “Victoria Dockside 2.0” that brings in the brand new circular economy
model and cultural-retail experience. The Prince Bay project, which is scheduled for completion by stages starting from 2024, is poised to become a new
and magnificent landmark on the Shenzhen harbourfront. Located in the heart of GBA, the New World Group’s Prince Bay Project is in close proximity to
Nanshan District that features a cluster of strategic and high-tech industrial base, tertiary institutions, tourist attractions and logistics facilities. Such a prime
location offers the Prince Bay project numerous development potential. The one-hour living circle covers a population of 32 million in Shenzhen,
Dongguan, Zhuhai, Huizhou and Zhongshan, etc. The project is easily accessible by sea, land and air. It is right above the Prince Bay subway station and is
seamlessly connected to the nearby Prince Bay cruise terminal with an estimated annual passenger flow of six million. The Bao’an International Airport is
only half an hour away. The huge population and passenger flow within this living circle will bring unlimited business opportunities to Prince Bay.
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Prologis (USA) Reports Third Quarter 2020 Earnings Results
• Net earnings per diluted share was $0.40 for the quarter compared with $0.71
for the third quarter of 2019. Core funds from operations was $0.90 per diluted
share, compared with $0.97 for the same period in 2019. Excluding net promote
income, Core FFO was $0.92 in 2020 compared with $0.79 in 2019.
• During the quarter, Prologis and its co-investment ventures completed $2.4
billion of debt refinancing at a weighted average rate of 1.4 percent and a
weighted average term of 12 years. This activity includes a $750 million green
bond issued at 1.25 percent in August.
• Debt as a percentage of total market capitalization was 19.2 percent and the
company's weighted average rate on its share of total debt was 2.1 percent with a
weighted average remaining term of 9.9 years. At September 30, the company's
unconsolidated co-investment ventures had liquidity of approximately $2.6
billion and a loan-to-value ratio of approximately 21 percent. The combined
investment capacity of Prologis and its open-ended vehicles, at levels in line with
their current credit ratings, is $13 billion.
"Activity in our portfolio is robust and broadening – a reflection of increased
demand in the quarter across multiple sectors, the adoption of e-commerce
and the need for higher levels of inventory," said chairman and CEO,
Prologis. "We remain focused on addressing customer pain points through our
investments in data, labor solutions, technology and innovation."
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Prologis (USA) Completes Sale of £473 Million UK Portfolio
Prologis, Inc., the global leader in logistics real estate, announced it has
completed the sale of a portfolio of buildings and land in the UK to real
estate funds managed by Blackstone for £473 million ($618 million).
The disposition represents the largest sale of logistics real estate assets
on record in the UK. The majority of the assets were acquired from
Liberty Property Trust upon Prologis' acquisition of the company in
February 2020. The portfolio comprises approximately 4.3 million
square feet of buildings and approximately 31 acres of consented
development land across England:
• 22 stand-alone buildings totaling 4.3 million square feet located
principally in the Midlands, as well as in the South West and North West.
• Approximately 31 acres of consented development land in
Staffordshire and Widnes.
"This transaction completes the realignment of our UK portfolio with
our long-term investment strategy in key distribution locations in the
Midlands and the South East, along with our focus on urban Last
Touch® properties in London," said Senior vice president, regional
head, Prologis UK. "The outcome demonstrates the strength of the
logistics sector as an investment asset class."
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Public Storage (USA) Reports Results for the Three and Nine Months
Ended September 30, 2020
Operating Results for the Three Months Ended September 30, 2020
• For the three months ended September 30, 2020, net income allocable to our common shareholders was $246.9 million or $1.41 per diluted common share, compared to $337.4 million
or $1.93 per diluted common share in 2019 representing a decrease of $90.5 million or $0.52 per diluted common share. The decrease is due primarily to a $57.5 million decrease due to the
impact of foreign currency exchange gains and losses associated with our Euro denominated debt, a $14.2 million decrease due to the impact of allocations to preferred shareholders with
respect to redemption of preferred shares, a $9.5 million decrease in self-storage net operating income (described below), and a $9.1 million increase in depreciation and amortization
expense.
• The $9.5 million decrease in self-storage net operating income is a result of a $16.8 million decrease in our Same Store Facilities (as defined below), offset by a $7.2 million increase in
our non-Same Store Facilities (as defined below).
• Revenues for the Same Store Facilities decreased 2.7% or $17.0 million in the three months ended September 30, 2020 as compared to 2019, due primarily to lower realized annual rent
per occupied square foot and reduced late charges and administrative fees.
Operating Results for the Nine Months Ended September 30, 2020
• For the nine months ended September 30, 2020, net income allocable to our common shareholders was $806.2 million or $4.62 per diluted common share, compared to $945.5 million
or $5.42 per diluted common share in 2019 representing a decrease of $139.3 million or $0.80 per diluted common share.
• The $22.5 million decrease in self-storage net operating income is a result of a $46.7 million decrease in our Same Store Facilities (as defined below), offset by a $24.1 million increase
in our non-Same Store Facilities (as defined below). Revenues for the Same Store Facilities decreased 1.5% or $28.5 million in the nine months ended September 30, 2020 as compared to
2019, due primarily to reduced late charges and administrative fees.
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Realty Income (USA) Announces Operating Results For Third Quarter
And First Nine Months Of 2020
For the quarter ended September 30, 2020:
• Net income per share was $0.07
• AFFO per share was $0.81
• Collected 93.1% of contractual rent
• Invested $658.6 million in 89 properties and properties under development or
expansion, including $230.0 million in seven properties in the U.K.
• Issued $350.0 million of 3.250% senior unsecured notes due 2031
• Raised $348.6 million from the sale of common stock, primarily through our
At-The-Market (ATM) program
• Established $1.0 billion U.S. dollar-denominated commercial paper program
For the month ended October 31, 2020:
• Appointed Christie Kelly as Executive Vice President, Chief Financial Officer and
Treasurer ("CFO"), effective January 2021
• Collected 92.9% of contractual rent due
• Issued £400.0 million through the issuance of 1.625% senior unsecured notes due 2030
in our debut Sterling public offering
"I appreciate the continued commitment of our dedicated and talented team toward
advancing the strategy and objectives of our company, as well as the support from our
clients and partners," said Realty Income's President and Chief Executive Officer. "Our
operating results during the third quarter demonstrate our commitment to judiciously
managing through the COVID-19 pandemic while also proactively driving our business
forward. During the third quarter, we invested $658.6 million, $230.0 million of which
represents investments in the U.K., primarily in high-quality real estate leased to
leading operators in essential and resilient industries, like the grocery, home
improvement and convenience store industries.We continued to have excellent access to
well-priced capital, as during the quarter we issued $350.0 million of senior unsecured
notes due 2031 with an effective yield to maturity of 2.341% and raised approximately
$348.6 million of equity; and we established a $1.0 billion commercial paper program
which further enhances our financial flexibility. Subsequent to quarter-end, we
completed our debut Sterling-denominated public debt offering, issuing £400.0 million
of senior unsecured notes due 2030 at an effective yield to maturity of 1.712%. Given
the strength of our financial position and the continued performance of our business, we
are increasing our 2020 acquisition guidance to approximately $2.0 billion."
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Ryder (USA) Reports Third Quarter 2020 Results
• Q3 total revenue of $2.2 billion, down 3%, reflecting lower fuel revenue
• Q3 operating revenue (non-GAAP) of $1.8 billion, unchanged as higher
revenues in supply chain solutions and lease were offset by lower revenues in
commercial rental and dedicated transportation solutions
• Q3 GAAP EPS from continuing operations of $0.85 versus a loss of $(1.75)
in prior year, primarily reflecting declining depreciation impact from prior
residual value estimate changes as well as improved lease performance and
higher supply chain solutions results
• Q3 comparable EPS (non-GAAP) from continuing operations of $1.21 versus
a loss of $(1.49) in prior year
• Improvement in areas impacted by COVID-19: Used vehicle sales results
benefited from record sales volume and higher sequential truck and tractor
pricing Commercial rental demand and utilization improved throughout the
quarter, with September utilization above same month in prior year. Supply chain
automotive revenue returned to pre-pandemic levels
Commenting on the company's third quarter results, response to the
challenges of COVID-19, and the current business environment, Ryder
Chairman and CEO said, "Over the last year, we've taken significant actions
to address a historic downturn in the used vehicle market and the impacts
from COVID-19 on our used vehicle sales, commercial rental, and
automotive supply chain businesses. These actions include adjusting our
vehicle residual values, reducing the size of our rental fleet, and lowering
operating and overhead costs. In addition, we have remained focused on our
strategic initiatives to achieve our goal of 15% adjusted return on equity.In the
third quarter, we saw improvement in the areas of our business most directly
impacted by the pandemic. An improved freight environment contributed to
the stabilization of used vehicle and rental market conditions in the quarter.
Strong automotive production activity benefited our supply chain automotive
business. We also continued to see the positive results of the actions we are
taking.”
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SEGRO (UK) acquires £133 million urban warehouse park in prime London
market
SEGRO plc has acquired Electra Park, a 13 acre urban warehouse estate in
Canning Town, London from Schroders for £133 million.The estate is in a prime
location, close to Canary Wharf and London City Airport as well as being
bordered by the A12 and A13 main roads, connecting it directly to central
London. It is also within walking distance of three Zone 2/3 London Underground
stations allowing easy access for workers on the estate.Electra Park provides
21,200 sq m of lettable space across 10 units of which nine are let, with the final
unit currently under offer. The WAULT on the let space is 4.3 years to break and
6.4 years to expiry. The estate generates a topped-up passing rent of £3.4 million,
reflecting a low average in-place rent of approximately £14 per square foot with
an estimated ERV of £21 per square foot. Reflecting these low current rental
levels and the potential of this unusually central location, the topped-up net initial
yield upon acquisition is 2.3 per cent (rising to 2.6 per cent once the vacant unit,
currently under discussion, is let) and the equivalent yield is 3.3 per cent.
Business Unit Director for SEGRO’s Greater London portfolio, said:“This
acquisition is an exciting opportunity for SEGRO to consolidate its leading
London footprint and is a strong fit with its well established prime urban
warehouse portfolio. Situated on the edge of Zone 2, at the gateway between
Central London and the rest of our East London assets, it is in an area that is
currently undergoing significant redevelopment and modernisation. This
should further improve the already attractive supply/ demand dynamics and
create the potential for strong rental growth, as we have seen happen in other
inner London markets.Electra Park helps us to build further scale in an area
where we have made great progress through the East Plus partnership in
conjunction with the Greater London Authority. This enables us to improve
choice and provide an excellent customer experience as well as represents an
opportunity for us to create value by applying our asset management expertise
and knowledge of the local market.”
Description
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SGS (Switzerland) Acquires Engineering Control Limited (Ecl)
SGS is pleased to announce the acquisition of Engineering Control
Limited (ECL).Headquartered in New Zealand, ECL is a consultancy
company focusing on process automation and functional safety of
process systems across multiple industries including oil & gas, power,
food & beverage and industrial cybersecurity services. Founded in
1997 by Guy Heaysman and Greg Chapman in New Plymouth, New
Zealand, ECL employs 23 staff members and generated revenues of
NZ$ 7.7 million in its fiscal year to end-March 2020.SGS is the
world's leading inspection, verification, testing and certification
company. SGS is recognized as the global benchmark for quality and
integrity. With more than 89,000 employees, SGS operates a network
of over 2,600 offices and laboratories around the world.
“This acquisition will complement and diversify our industrial
services offering in New Zealand.” said CEO of SGS. “It enables
us to provide more high-value, complex and niche services to our
customers, enhancing our customer value proposition.”
Description
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Simon Property Group (USA) Reports Third Quarter 2020 Results
Results for the Quarter
• Net income attributable to common stockholders was $145.9 million, or $0.48 per diluted share, as compared to $544.3 million, or $1.77
per diluted share in 2019. The current year period includes a non-cash impairment charge of $91.3 million, or $0.26 per diluted share, related to
the Company's interests in four unconsolidated joint ventures.
• Funds From Operations ("FFO") was $723.2 million, or $2.05 per diluted share, as compared to $1.081 billion, or $3.05 per diluted share,
in the prior year period. FFO in the current year period was negatively impacted by $1.10 due to reduced revenues from the Company's domestic
and international operations caused by the impact of the COVID-19 pandemic, partially offset by approximately $0.23 per diluted share from cost
reduction initiatives. In comparison to the prior year, the current year period includes $0.10 per diluted share of lower straight-line lease income,
$0.06 per diluted share of litigation expenses and $0.01 per diluted share of lower lease settlement income.
• Portfolio net operating income ("NOI") for the three months ended September 30, 2020 declined 22.4% and comparable property NOI
declined 24.4%. The year-over-year decline is primarily due to reduced revenues from agreed upon tenant rent abatements, higher provisions for
uncollectible rents, lower sales-based rents and a reduction in ancillary property income, including Simon Brand Ventures sponsorship income,
partially offset by cost reduction initiatives. The Company did not amortize any rent abatements; instead, abatements were expensed in the period
granted.
Results for the Nine Months
• Net income attributable to common stockholders was $837.7 million, or $2.74 per diluted share, as compared to $1.588 billion, or $5.15
per diluted share in 2019. Results for the nine months ended 2020 include impairment charges of $98.2 million, or $0.28 per diluted share. Results
for the nine months ended 2019 included a combined $83.6 million, or $0.24 per diluted share, of proceeds from an insurance settlement and a
gain on the sale of our interest in a multi-family residential property.
• FFO was $2.450 billion, or $6.95 per diluted share, as compared to $3.227 billion, or $9.09 per diluted share, in the prior year period. FFO
for the nine months ended 2020 was negatively impacted by $2.23 per diluted share primarily due to reduced revenues from the Company's
domestic and international operations caused by the impact of the COVID-19 pandemic, partially offset by approximately $0.59 per diluted share
from cost reduction initiatives. The nine months ended 2019 also included the $0.24 per diluted share noted above.
• Portfolio NOI for the nine months ended September 30, 2020 declined 14.6% and comparable property NOI declined 14.4%.
"I am pleased with the solid profitability and substantial improvement in cash flow from operations we generated in the third quarter," said
Chairman, Chief Executive Officer and President. "As we continue to navigate through the pandemic and the resulting economic
conditions, the well-being of our employees, shoppers and communities we serve remains at the forefront. Despite COVID-19, we are
encouraged by the increases we are seeing in shopper traffic, retailer sales and tenant rent collections across our portfolio. We continue to
improve our company through innovative investment opportunities which, when combined with our A-rated balance sheet, sets us apart
and allows us to re-define the future."
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Two Harbors Investment Corp. Reports Third Quarter 2020 Financial
Results
Quarterly Summary
• Reported book value of $7.37 per common share, representing a 12.1% quarterly return
on book value; excluding the $0.51 reversal of the previously accrued management
agreement termination fee, quarterly return on book value would have been 4.5%
• Generated Comprehensive Income of $219.2 million, representing an annualized return
on average common equity of 45.6%
• Reported Core Earnings of $75.6 million, or $0.28 per weighted average basic common
share
• Declared a third quarter common stock dividend of $0.14 per share
• Continued strength in MSR flow-sale program; settled on $14.5 billion unpaid principal
balance (UPB) of MSR through these arrangements
• Strengthened liquidity position by closing a $200 million financing facility for servicing
advance receivables and a $100 million financing facility for MSR
• Experienced reduced forbearance rates; 5.0% of our MSR portfolio by loan count in
forbearance and 3.6% by loan count in forbearance and not current at September 30, 2020
• Completed transition to self-management after the termination of the management
agreement on August 14, 2020
“We are very encouraged by the amount of MSR we have been able to source at
attractive levels,” stated Two Harbors’ Chief Investment Officer. “We settled on $14.5
billion UPB through our flow program in the third quarter, and the fourth quarter is
shaping up to be even higher. Based on our current flow volumes coupled with
post-quarter end bulk settlements of an additional $14.5 billion UPB, our MSR portfolio
has started to grow again.”
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Ventas Life Science (USA) and Healthcare Real Estate Fund Acquires
Trophy Life Science Portfolio in South San Francisco for $1.0 Billion
Ventas, Inc. announced that the Ventas Life Science and Healthcare Real Estate Fund, L.P. (the “Fund”) has acquired a
trophy life science portfolio in the premier South San Francisco life science cluster for $1.0 billion. Ventas is the
Sponsor and General Partner of the Fund, which is a perpetual life vehicle focused on investments in core and core plus
life science, medical office and senior housing real estate in North America.
Portfolio & South San Francisco (“SSF”) Market Overview
• The Class A trophy portfolio is strategically positioned at the entrance to the South San Francisco life science
cluster.
• The portfolio consists of a campus of three newly developed or renovated buildings totaling nearly 800,000 square
feet. It is 96 percent leased with a weighted average lease term of over six years.
• Nearly half of the tenant base consists of public companies averaging over $10 billion in market cap with the
balance comprised of a diverse group of early to-mid stage life science companies backed by leading venture capital and
private equity firms.
• The portfolio is purpose-built for advanced research functions, and is predominantly dedicated to best-in-class lab
space supporting biotechnology and other life sciences research. Tenant suites feature a modular benching system
designed to meet the needs of substantially all life sciences companies, promoting efficient and cost-effective
re-tenanting.
• The campus is well-positioned for continued strong occupancy due to its vibrant community environment which
facilitates research and employee engagement, as well as an unparalleled location in a market known for its rich talent
and new company formations.
• The SSF market consistently ranks as one of the elite life science clusters in the world with less than two percent
lab vacancy, unparalleled access to a large concentration of life science firms, an extensive venture capital network and
world-class talent pool sourced from three major research universities.
“We are pleased to further expand our growing research & innovation footprint into the premier South San
Francisco life science cluster with the acquisition of this outstanding lab portfolio,” said Ventas Chairman and
Chief Executive Officer. “Strong and growing capital flows into the life science sector are accelerating innovation
and discovery. These flows support the demand for first class lab space in dynamic markets like South San
Francisco. Ventas now owns or has an investment in over seven million square feet of research & innovation
properties located in the life science clusters of Cambridge, South San Francisco, and on the campuses of over 15
top tier research universities.”
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Verisk (USA) Reports Third-Quarter 2020 Financial Results
• Consolidated revenues were $703 million, up 7.6%, and up 3.6% on an organic
constant currency (OCC) basis for the third quarter of 2020.
• Net income was $186 million, up 466% for the third quarter of 2020. Adjusted
EBITDA, a non-GAAP measure, was $366 million, up 18.4%, and up 14.8% on an
OCC basis.
• Diluted GAAP earnings per share (diluted EPS) were $1.12 for the third quarter
of 2020, up 460%. Diluted adjusted earnings per share (diluted adjusted EPS), a
non-GAAP measure, were $1.32, up 17.9%.
• Net cash provided by operating activities was $207 million, down 3.0% for the
third quarter of 2020. Free cash flow, a non-GAAP measure, was $142 million, down
6.9%.
• The company paid a cash dividend of 27 cents per share on September 30, 2020.
The company's Board of Directors approved a cash dividend of 27 cents per share
payable on December 31, 2020.
• The company repurchased $50 million of its shares during the third quarter of
2020.
Chairman, president, and CEO, said, “I am very pleased with our third quarter
results, which reflect the strength and resiliency of our business along with the
value of, and need for, our solutions. Our long-term strategy remains unchanged
as we focus on serving our customers and driving innovation to fuel future
growth. I continued to be proud that our over 9,000 Verisk teammates have
adapted quickly to challenges and opportunities in this new environment.”
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Vornado (USA) Announces Third Quarter 2020 Financial Results
Quarter Ended September 30, 2020 Financial Results
• NET INCOME attributable to common shareholders for the quarter ended September 30, 2020 was $53,170,000, or $0.28 per diluted share, compared to $322,906,000, or $1.69 per diluted share, for the prior year's quarter.
• FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended September 30, 2020 was $278,507,000, or $1.46 per diluted share, compared to $279,509,000, or $1.46 per
diluted share, for the prior year's quarter.
Nine Months Ended September 30, 2020 Financial Results
• NET LOSS attributable to common shareholders for the nine months ended September 30, 2020 was $139,617,000, or $0.73 per diluted share, compared to net income attributable to common shareholders of $2.905 billion, or $15.20 per diluted share,
for the nine months ended September 30, 2019. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, net loss attributable to common shareholders, as adjusted (non-GAAP) for the nine months ended
September 30, 2020 was $6,523,000, or $0.03 per diluted share, and net income attributable to common shareholders, as adjusted for the quarter ended September 30, 2019 was $120,372,000, or $0.63 per diluted share, respectively.
• FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the nine months ended September 30, 2020 was $612,123,000, or $3.20 per diluted share, compared to $691,522,000, or $3.62 per diluted share, for the nine months
ended September 30, 2019.
Financings:
• On February 28, 2020, we increased our unsecured term loan balance to $800,000,000 (from $750,000,000) by exercising an accordion feature. Pursuant to an existing swap agreement, $750,000,000 of the loan bears interest at a fixed rate of 3.87%
through October 2023, and the balance of $50,000,000 floats at a rate of LIBOR plus 1.00% (1.15% as of September 30, 2020). The entire $800,000,000 will float thereafter for the duration of the loan through February 2024.
• On August 12, 2020, we amended the $700,000,000 mortgage loan on 770 Broadway, a 1.2 million square foot Manhattan office building, to extend the term one year through March 2022.
• On September 14, 2020, Alexander's, Inc. ("Alexander's"), in which we have a 32.4% ownership interest, amended and extended the $350,000,000 mortgage loan on the retail condominium of 731 Lexington Avenue.
• On October 15, 2020, we completed a $500,000,000 refinancing of PENN11, a 1.2 million square foot Manhattan office building. The interest-only loan carries a rate of LIBOR plus 2.75% (currently 2.90%) and matures in October 2025, as fully
extended. The loan replaces the previous $450,000,000 loan that bore interest at a fixed rate of 3.95% and was scheduled to mature in December 2020.
• On October 23, 2020, Alexander's completed a $94,000,000 financing of The Alexander, a 312-unit residential building that is part of Alexander's residential and retail complex located in Rego Park, Queens, New York. The interest-only loan has a
fixed rate of 2.63% and matures in November 2027.
• On November 2, 2020, we repaid the $52,476,000 mortgage loan on our land under a portion of the Borgata Hotel and Casino complex. The 10-year fixed rate amortizing loan bore interest at 5.14% and was scheduled to mature in February 2021.
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Weyerhaeuser (USA) Reports Third Quarter Results
• Net earnings of $283 million, or 38 cents per diluted share, on net sales of $2.1
billion. This compares with net earnings of $99 million, or 13 cents per diluted share,
on net sales of $1.7 billion for the same period last year.
• Third quarter results include after-tax charges of $103 million for special items,
primarily a non-cash timber casualty loss associated with Oregon fire damage.
Excluding special items, the company reported third quarter net earnings of $386
million, or 52 cents per diluted share. This compares with net earnings before special
items of $59 million for the same period last year and $77 million for the second
quarter of 2020.
• Adjusted EBITDA for the third quarter of 2020 was $745 million compared with
$308 million for the same period last year and $386 million for the second quarter of
2020.
• Highest Wood Products Adjusted EBITDA on record
• Reinitiates quarterly cash dividend and implements "base plus variable
supplemental" dividend framework
• Declares quarterly base dividend of $0.17 per share
"In the third quarter, each of our businesses delivered outstanding operational
and financial results despite disruptions from severe weather, unprecedented
forest fires and the ongoing COVID-19 pandemic," said president and chief
executive officer. "We achieved record Wood Products Adjusted EBITDA,
surpassing the previous high by nearly 60 percent. In addition, we redeemed
$325 million of debt maturities and announced transactions to strategically
upgrade our Oregon timberland holdings."
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Solutions Updates
Business Services Industry

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Broadridge’s (USA) LTX® and Charles River Development to Take Corporate
Bond Trading to the Next Level Using Artificial Intelligence
44
Solution Description
Broadridge Financial Solutions, Inc., a global fintech leader, announced that its new artificial intelligence (AI)-driven digital trading
platform, LTX, has been integrated with the Charles River Investment Management Solution (Charles River IMS) as part of a strategy
to improve efficiency in the corporate bond market. Integrating with LTX enables Charles River’s order and execution management
system (OEMS) users to digitize workflows in order to help improve liquidity, efficiency and best execution for illiquid corporate
bonds. Traders can route orders to LTX via FIX connectivity and connect to a dealer of their choice when they are ready to trade.The
integration enables buy-side traders to work with their dealers, quickly identifying the right customers that may be the natural buyers
and sellers for any bond using LTX AISM. That dealer can then digitally invite those targeted customers to their trade opportunity to
dynamically aggregate liquidity across their customers, helping to deliver improved best execution to that buy-side
account.Broadridge Financial Solutions, Inc. a $4.5 billion global Fintech leader, is a leading provider of investor communications
and technology-driven solutions to banks, broker-dealers, asset and wealth managers and corporate issuers.

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KOCH™ DuraMAX Air Filters Provide Optimal Performance with Extended
Lifecycles
45
Solution Description
Johnson Controls, the global leader for smart and sustainable buildings, announces the KOCH™ DuraMAX line of air filters. With a
range of efficiency ratings from MERV 11 to MERV 16, DuraMAX filters are a smart and safe upgrade from bag filters and other
box-style rigid filters and effectively help lower the spread of COVID-19 indoors.Tested in accordance with ASHRAE Test Standard
52.2-2017, DuraMAX is an ideal choice in filtration systems with high velocities or variable air volumes. The high-capacity
mini-pleat design allows a nominal 24x24x12 filter to incorporate 194 square feet of filter space, which creates an extremely high
dust-holding capacity to significantly prolong the service life of the filter.The DuraMAX 4v is designed to replace almost any
competitive high-efficiency air filter in today’s market. The lightweight, all-plastic frame installs into side-access housings or
front-load holding frames and is an ideal choice to replace bag filters and other box-style rigid filters. The durable, all-plastic frame
makes the DuraMAX 4v the filter of choice in filtration systems with high velocities, variable air volumes and high moisture, or in
areas where the user desires to incinerate the filters after use.

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