This document provides a portfolio presentation for a real estate investment product. It summarizes the potential benefits of investing in real property, including current income, capital appreciation, portfolio diversification, and inflation hedging. It then analyzes the historical performance and risk characteristics of real estate relative to stocks and bonds, showing that real estate has provided higher income returns than other asset classes with lower volatility. The document argues that non-listed commercial real estate can provide better returns and volatility than exchange-traded REITs or stocks.
There has been almost no activity by US standard setters with regards to derivative accounting since 2010 the IASB has reached a series of conclusions that they plan to issue before July as IFRS definitive guidance on Derivative and Hedge Accounting. In this session we will review the IASB direction, comparing and contrasting those conclusions with both current guidance under ASC815 and the FASBs proposed changes. This will result in substantial differences for entities preparing separate financials for their international entities.
Bic Group - Overview of the value creation and implied expectationsGuillaume Danis
BIC has consistently delivered high returns on invested capital (ROIC) due to its resilient profitability, characteristics of a business with an economic moat. However, BIC's recent underperformance is linked to a decline in economic profit in 2016 and anticipated further pressure. Cash flow return on investment (CFROI), a comprehensive performance measure, reveals a similar picture of high returns. But the current share price implies that investors expect BIC to lose its competitive advantage and see profitability decline towards the cost of capital.
This presentation summarizes the major differences between Nepal Financial Reporting Standards and Nepal Rastra Bank (NRB) directives. The presentation was made on October 2015 to the CEO and Audit Committee members of commercial banks of Nepal in a joint program organized by central bank of Nepal and Institute of Chartered Accountants of Nepal.
This document provides key information about the KB Star Funds - KB Value Focus Korea Equity Sub-Fund (the Sub-Fund), including its objective to achieve long-term capital appreciation primarily through investing in Korean companies. The Sub-Fund seeks capital appreciation using a value-oriented strategy focusing on companies with sound fundamentals and growth potential. The Sub-Fund is classified in a high risk category and carries risks including emerging market, liquidity, currency, and those outlined in the prospectus. Charges include ongoing charges of 1.25% taken from the Sub-Fund annually. Past performance information is not available as the Share Class has not been priced for a full financial year.
This document discusses various financial ratios used for analyzing the financial statements of a business. It begins by defining key components of a balance sheet such as assets, liabilities, equity, current assets and current liabilities. It then explains over 20 different types of financial ratios categorized as liquidity ratios, activity ratios, leverage ratios, profitability ratios and market ratios. Specific formulas to calculate ratios such as current ratio, debt equity ratio, return on equity, earnings per share etc. are provided. Several examples are given to showcase calculation of various ratios from sample financial statement information. The document serves as a comprehensive reference guide for understanding and analyzing important financial ratios.
The document outlines directives issued by Nepal Rastra Bank to licensed banks and financial institutions regarding capital adequacy requirements. It specifies the minimum capital adequacy ratios that must be maintained based on risk-weighted assets, which differ depending on the class of the licensed institution. It defines what constitutes capital funds, dividing it into core capital and supplementary capital. Various items are included or deducted from core capital. Supplementary capital includes items like loan loss provisions, revaluation reserves, hybrid capital instruments, and subordinated term loans. It also defines how to calculate total risk-weighted assets by assigning risk weights to different on-balance sheet and off-balance sheet items.
The Ecuador Residential & Commercial Property Fund aims to acquire residential and commercial properties in Ecuador for rental income and appreciation. It focuses on undervalued properties in Quito, Guayaquil and Cuenca near infrastructure projects. The fund aims to generate returns of 30-35% annually by developing land, upgrading properties, and achieving high rental yields of 8-10% through financially secure tenants. Fees include an initial entry fee up to 4%, annual management fee of 2%, and performance fee of 10% for outperformance of the benchmark index.
Nepal Rastra Bank introduced new consolidated directives in accordance with the BFI Act and Basel II principles to ensure financial stability and discipline in the Nepalese banking industry. The directives establish regulations in areas such as capital adequacy, loan classification and provisioning, credit concentration limits, accounting policies, risk management, corporate governance, compliance, investment policies, reporting requirements, and interest rates. Banks and financial institutions are responsible for complying with the 16 directives, which cover topics such as capital adequacy, loan classification, credit limits, accounting standards, risk minimization, governance, compliance, investments, reporting, transfers of promoter shares, consortium financing, credit information, reserves, branch expansion, interest rates, and financial resource generation
There has been almost no activity by US standard setters with regards to derivative accounting since 2010 the IASB has reached a series of conclusions that they plan to issue before July as IFRS definitive guidance on Derivative and Hedge Accounting. In this session we will review the IASB direction, comparing and contrasting those conclusions with both current guidance under ASC815 and the FASBs proposed changes. This will result in substantial differences for entities preparing separate financials for their international entities.
Bic Group - Overview of the value creation and implied expectationsGuillaume Danis
BIC has consistently delivered high returns on invested capital (ROIC) due to its resilient profitability, characteristics of a business with an economic moat. However, BIC's recent underperformance is linked to a decline in economic profit in 2016 and anticipated further pressure. Cash flow return on investment (CFROI), a comprehensive performance measure, reveals a similar picture of high returns. But the current share price implies that investors expect BIC to lose its competitive advantage and see profitability decline towards the cost of capital.
This presentation summarizes the major differences between Nepal Financial Reporting Standards and Nepal Rastra Bank (NRB) directives. The presentation was made on October 2015 to the CEO and Audit Committee members of commercial banks of Nepal in a joint program organized by central bank of Nepal and Institute of Chartered Accountants of Nepal.
This document provides key information about the KB Star Funds - KB Value Focus Korea Equity Sub-Fund (the Sub-Fund), including its objective to achieve long-term capital appreciation primarily through investing in Korean companies. The Sub-Fund seeks capital appreciation using a value-oriented strategy focusing on companies with sound fundamentals and growth potential. The Sub-Fund is classified in a high risk category and carries risks including emerging market, liquidity, currency, and those outlined in the prospectus. Charges include ongoing charges of 1.25% taken from the Sub-Fund annually. Past performance information is not available as the Share Class has not been priced for a full financial year.
This document discusses various financial ratios used for analyzing the financial statements of a business. It begins by defining key components of a balance sheet such as assets, liabilities, equity, current assets and current liabilities. It then explains over 20 different types of financial ratios categorized as liquidity ratios, activity ratios, leverage ratios, profitability ratios and market ratios. Specific formulas to calculate ratios such as current ratio, debt equity ratio, return on equity, earnings per share etc. are provided. Several examples are given to showcase calculation of various ratios from sample financial statement information. The document serves as a comprehensive reference guide for understanding and analyzing important financial ratios.
The document outlines directives issued by Nepal Rastra Bank to licensed banks and financial institutions regarding capital adequacy requirements. It specifies the minimum capital adequacy ratios that must be maintained based on risk-weighted assets, which differ depending on the class of the licensed institution. It defines what constitutes capital funds, dividing it into core capital and supplementary capital. Various items are included or deducted from core capital. Supplementary capital includes items like loan loss provisions, revaluation reserves, hybrid capital instruments, and subordinated term loans. It also defines how to calculate total risk-weighted assets by assigning risk weights to different on-balance sheet and off-balance sheet items.
The Ecuador Residential & Commercial Property Fund aims to acquire residential and commercial properties in Ecuador for rental income and appreciation. It focuses on undervalued properties in Quito, Guayaquil and Cuenca near infrastructure projects. The fund aims to generate returns of 30-35% annually by developing land, upgrading properties, and achieving high rental yields of 8-10% through financially secure tenants. Fees include an initial entry fee up to 4%, annual management fee of 2%, and performance fee of 10% for outperformance of the benchmark index.
Nepal Rastra Bank introduced new consolidated directives in accordance with the BFI Act and Basel II principles to ensure financial stability and discipline in the Nepalese banking industry. The directives establish regulations in areas such as capital adequacy, loan classification and provisioning, credit concentration limits, accounting policies, risk management, corporate governance, compliance, investment policies, reporting requirements, and interest rates. Banks and financial institutions are responsible for complying with the 16 directives, which cover topics such as capital adequacy, loan classification, credit limits, accounting standards, risk minimization, governance, compliance, investments, reporting, transfers of promoter shares, consortium financing, credit information, reserves, branch expansion, interest rates, and financial resource generation
This document is a prospectus for KB Star Funds, an investment company with variable capital and multiple sub-funds. It provides important information, directory of key parties, glossary of terms, and details of the general investment objectives, policies, risks, share classes, fees and other aspects of the fund. It also includes particulars for one sub-fund, the KB Value Focus Korea Equity sub-fund.
Indian accounting standard 7 (statement of cash flows)Nikhil Priya
Ind AS 7 prescribes the requirements for preparation of statement of cash flows as an integral part of financial statements. It requires an entity to report cash flows for the period from operating, investing and financing activities using either the direct or indirect method. Cash flows from interest and dividends received and paid must be disclosed separately. Taxes paid are usually classified as cash flows from operating activities unless they can be specifically identified with financing or investing activities. Recent amendments to Ind AS 7 require disclosure of changes in liabilities arising from financing activities. The objective is to improve information provided about an entity's financing activities.
This document provides key information about the KB Star Funds - KB Value Focus Korea Equity fund (the Sub-Fund), including its objectives, investment strategy, risk profile, charges and past performance. The Sub-Fund aims to achieve long-term capital appreciation by primarily investing in Korean companies using a value-oriented strategy. It may also invest in Korean bonds. The Sub-Fund has a medium to high risk profile and charges include an estimated ongoing charge of 1.70%. No past performance information is available as the share class was only launched in June 2016.
Conceptions and empirical evidence from banking stocksAlexander Decker
This document summarizes research on different methods for calculating return on investment (ROI). It discusses several common ROI metrics such as return on assets, return on equity, return on capital employed, and accounting rate of return. The literature review covers definitions and calculations of these various ROI concepts from several financial textbooks and studies. The goal of the research is to determine the proper method for investors to use to measure ROI in different situations.
This document is a prospectus for KB Star Funds, an investment company with variable capital with multiple sub-funds. It provides information on the structure, investment objectives, policies, risks, shares, fees and other details of the company and its sub-funds. The prospectus includes details on one sub-fund, KB Star Funds – KB Value Focus Korea Equity, and appendices with general investment restrictions.
This document outlines the process for forecasting financial performance over multiple years. It discusses:
1. Developing a 5-7 year detailed forecast with complete income statements and balance sheets linked to operating drivers, followed by a simplified forecast for remaining years focusing on key variables.
2. The forecasting process includes preparing historical financials, building revenue forecasts, forecasting the income statement and balance sheet by estimating ratios and multiplying by revenue forecasts, calculating return on invested capital and free cash flow.
3. Additional considerations include using non-financial drivers, distinguishing fixed and variable costs, and accounting for inflation. An example case study forecasts Heineken's performance under different strategic scenarios.
Semmi Chen, a retired singer, is considering investing $100,000 in company XYZ. She asks for help analyzing XYZ's financial statements to determine if it is a good investment. The assistant provides Semmi with an introduction to financial ratios that can be used to evaluate a company's profitability, efficiency, liquidity, and capital structure based on its financial statements. Key ratios discussed include gross profit margin, net profit margin, rate of stock turnover, current ratio, and return on capital. The assistant offers to calculate these ratios from XYZ's financials and make a recommendation about whether Semmi should invest.
The document discusses various financial ratios used to analyze the financial position of a business. It defines financial ratios as relationships between accounting figures expressed mathematically. Financial ratio analysis is used to study information in financial statements, ascertain a business's overall financial position, and interpret key information. The document then discusses various types of ratios including liquidity ratios, solvency ratios, activity ratios, and profitability ratios. It provides examples of specific ratios like the current ratio, quick ratio, debt-to-equity ratio, and return on assets ratio and how they are calculated and interpreted.
This document provides definitions and formulas for various types of financial ratios used to analyze a company's liquidity, capital structure, coverage, turnover/activity, and profitability.
It includes liquidity ratios like current ratio, quick ratio, and cash ratio to assess short-term solvency. Capital structure ratios like debt-equity ratio and capital gearing ratio indicate financing techniques and long-term solvency. Coverage ratios assess ability to serve fixed liabilities. Turnover/activity ratios measure efficiency of asset usage. Profitability ratios evaluate overall performance based on sales, assets, equity, and investment. Illustrations demonstrate computing ratios from financial statements.
Moneycation march 2015 newsletter; volume #3, issue #7A.W. Berry
Investment analysis is an art and a science. It is an art in the sense that agility and dynamic fluid thinking are useful when making decisions using empirically derived data. Fundamental analysis is one such method that is not pure science, but uses mathematical techniques to ascertain key financial information such as solvency, risk, liquidity, profit margin, expected rate of return and so on.
Bba 2204 fin mgt week 3 financial ratiosStephen Ong
This document provides an overview of financial statements and ratio analysis. It discusses the key financial statements including the income statement, balance sheet, statement of retained earnings, and statement of cash flows. It also covers consolidating international financial statements and how various parties use ratio analysis to evaluate a firm's liquidity, activity, debt, and profitability by comparing financial metrics to industry averages and past performance. Specific examples are provided to demonstrate calculating common ratios like the current ratio, inventory turnover, times interest earned, and gross profit margin for a sample company. The document is intended to help readers understand how to use ratio analysis to evaluate a firm's financial health.
This document discusses Ind AS 7 on statement of cash flows. It provides examples and comparisons of cash flow statements of companies like TCS, Infosys, HUL, ITC and a bank. It discusses the advantages and limitations of cash flow statements. It also provides examples to illustrate operating, investing and financing cash flows including some complex cases. Finally, it mentions the required disclosures as per Ind AS 7 like reconciliation of cash flows and restricted cash.
THERE ARE QUITE A FEW REGULATORY SPACES
WHICH NEEDS TO BE KEPT IN CONSIDERATION
WHILE MAKING THE REPORT. IN THIS ARTICLE WE
SHALL DISCUSS REGARDING DRAFTING AND THE
CONTENT OF VALUATION REPORT ONE BY ONE IN
DETAIL.
The document discusses fund flow statements, which summarize the sources and uses of funds for a business between two periods. A fund flow statement has two parts - sources of funds, which come from items like profits, share issues, and decreases in working capital; and uses of funds, which include purchases of assets, repayment of loans, and increases in working capital. The difference between sources and uses is the change in working capital. Several examples are provided of fund flow statements for companies, showing the sources and uses of funds.
The document discusses various aspects of financial appraisal for a project, including rate of return, debt-equity ratio, promoters' contribution, project cost estimation, working capital requirement, sources of funds, composition of funds, preparation of projected financial statements like the balance sheet, types of assets and liabilities, and reserves and surplus.
Ratio analysis is an important tool for financial analysis that allows assessment of key financial metrics like liquidity, profitability, solvency, and risk. It involves calculating and analyzing relationships between items and groups of items from financial statements. Common ratios used in ratio analysis include the current ratio, quick ratio, debt-equity ratio, and profitability ratios. Ratio analysis is useful for lenders in evaluating the financial position, performance, strengths, and weaknesses of a business. It provides insights into the liquidity, operational efficiency, and credit risk of companies.
This document discusses Indian Accounting Standard 7 (Revised 2016) on cash flow statements. It defines key terms like cash flows and cash equivalents. It explains the objective is to classify cash flows from operating, investing and financing activities to assess a firm's ability to generate cash flows. The direct and indirect methods for preparing the cash flow statement are described. Treatment of taxes, interest, dividends and extraordinary items are also covered. Differences between AS 3 and AS 7 are highlighted.
CHAPTER 5 FINANCIAL STATEMENTS ANALYSIS - II part i.docxHome
This document discusses various financial analysis concepts and ratios. It provides examples to illustrate how ratios can provide insight into a company's performance and prospects. Specifically, it discusses how price-earnings ratios reflect investor expectations about future earnings, how the return on assets ratio measures operational performance, and how financial leverage can enhance shareholder returns if assets earn a higher rate of return than funding costs. The document also considers factors like industry volatility that may impact shareholder preferences around leverage.
This document provides an overview of financial statement analysis, including definitions of key accounting concepts and types of financial statements. It discusses the balance sheet, income statement, and statement of cash flows. It also covers ratio analysis and types of ratios used in analysis, including liquidity, leverage, activity, and profitability ratios. The document aims to provide a practical approach to understanding and analyzing financial statements.
Ratio analysis involves calculating and analyzing financial ratios to interpret a firm's financial statements and evaluate its performance. It is used to assess the firm's strengths and weaknesses, historical performance, current financial condition, operating efficiency, financial soundness, and earning capacity. Ratios can be classified into liquidity ratios, solvency/capital structure ratios, profitability ratios, and activity ratios. Common ratios include the current ratio, quick ratio, debt-to-equity ratio, return on assets, gross profit margin, and interest coverage ratio. Ratio analysis is an important tool to evaluate firms and make comparisons over time, between firms, and against industry standards.
Digital realty 3 q16 earnings presentation finalir_digitalrealty
This document provides forecasts and estimates for various economic indicators and metrics for the global economy, U.S. economy, and data center industry for 2017 and 2018. It forecasts modest global GDP growth of around 3.2% in 2017 and slightly higher growth in 2018. U.S. GDP growth is forecast to be around 2.1% in 2017 and 2018. It also provides projections for inflation, oil prices, stock market performance, capital expenditure trends, and other indicators.
The ECUADOR LAND DEVELOPMENT FUND focuses on acquiring and developing land in Ecuador for residential and commercial use. The fund aims to invest in undervalued land near future infrastructure projects in Quito, Guayaquil and Cuenca, develop the land, and sell it for a targeted 20-25% annual return. As of July 2016, the top five assets included various plots of residential and commercial land, as well as cash holdings, with over 80 underlying assets total across the fund.
This document is a prospectus for KB Star Funds, an investment company with variable capital and multiple sub-funds. It provides important information, directory of key parties, glossary of terms, and details of the general investment objectives, policies, risks, share classes, fees and other aspects of the fund. It also includes particulars for one sub-fund, the KB Value Focus Korea Equity sub-fund.
Indian accounting standard 7 (statement of cash flows)Nikhil Priya
Ind AS 7 prescribes the requirements for preparation of statement of cash flows as an integral part of financial statements. It requires an entity to report cash flows for the period from operating, investing and financing activities using either the direct or indirect method. Cash flows from interest and dividends received and paid must be disclosed separately. Taxes paid are usually classified as cash flows from operating activities unless they can be specifically identified with financing or investing activities. Recent amendments to Ind AS 7 require disclosure of changes in liabilities arising from financing activities. The objective is to improve information provided about an entity's financing activities.
This document provides key information about the KB Star Funds - KB Value Focus Korea Equity fund (the Sub-Fund), including its objectives, investment strategy, risk profile, charges and past performance. The Sub-Fund aims to achieve long-term capital appreciation by primarily investing in Korean companies using a value-oriented strategy. It may also invest in Korean bonds. The Sub-Fund has a medium to high risk profile and charges include an estimated ongoing charge of 1.70%. No past performance information is available as the share class was only launched in June 2016.
Conceptions and empirical evidence from banking stocksAlexander Decker
This document summarizes research on different methods for calculating return on investment (ROI). It discusses several common ROI metrics such as return on assets, return on equity, return on capital employed, and accounting rate of return. The literature review covers definitions and calculations of these various ROI concepts from several financial textbooks and studies. The goal of the research is to determine the proper method for investors to use to measure ROI in different situations.
This document is a prospectus for KB Star Funds, an investment company with variable capital with multiple sub-funds. It provides information on the structure, investment objectives, policies, risks, shares, fees and other details of the company and its sub-funds. The prospectus includes details on one sub-fund, KB Star Funds – KB Value Focus Korea Equity, and appendices with general investment restrictions.
This document outlines the process for forecasting financial performance over multiple years. It discusses:
1. Developing a 5-7 year detailed forecast with complete income statements and balance sheets linked to operating drivers, followed by a simplified forecast for remaining years focusing on key variables.
2. The forecasting process includes preparing historical financials, building revenue forecasts, forecasting the income statement and balance sheet by estimating ratios and multiplying by revenue forecasts, calculating return on invested capital and free cash flow.
3. Additional considerations include using non-financial drivers, distinguishing fixed and variable costs, and accounting for inflation. An example case study forecasts Heineken's performance under different strategic scenarios.
Semmi Chen, a retired singer, is considering investing $100,000 in company XYZ. She asks for help analyzing XYZ's financial statements to determine if it is a good investment. The assistant provides Semmi with an introduction to financial ratios that can be used to evaluate a company's profitability, efficiency, liquidity, and capital structure based on its financial statements. Key ratios discussed include gross profit margin, net profit margin, rate of stock turnover, current ratio, and return on capital. The assistant offers to calculate these ratios from XYZ's financials and make a recommendation about whether Semmi should invest.
The document discusses various financial ratios used to analyze the financial position of a business. It defines financial ratios as relationships between accounting figures expressed mathematically. Financial ratio analysis is used to study information in financial statements, ascertain a business's overall financial position, and interpret key information. The document then discusses various types of ratios including liquidity ratios, solvency ratios, activity ratios, and profitability ratios. It provides examples of specific ratios like the current ratio, quick ratio, debt-to-equity ratio, and return on assets ratio and how they are calculated and interpreted.
This document provides definitions and formulas for various types of financial ratios used to analyze a company's liquidity, capital structure, coverage, turnover/activity, and profitability.
It includes liquidity ratios like current ratio, quick ratio, and cash ratio to assess short-term solvency. Capital structure ratios like debt-equity ratio and capital gearing ratio indicate financing techniques and long-term solvency. Coverage ratios assess ability to serve fixed liabilities. Turnover/activity ratios measure efficiency of asset usage. Profitability ratios evaluate overall performance based on sales, assets, equity, and investment. Illustrations demonstrate computing ratios from financial statements.
Moneycation march 2015 newsletter; volume #3, issue #7A.W. Berry
Investment analysis is an art and a science. It is an art in the sense that agility and dynamic fluid thinking are useful when making decisions using empirically derived data. Fundamental analysis is one such method that is not pure science, but uses mathematical techniques to ascertain key financial information such as solvency, risk, liquidity, profit margin, expected rate of return and so on.
Bba 2204 fin mgt week 3 financial ratiosStephen Ong
This document provides an overview of financial statements and ratio analysis. It discusses the key financial statements including the income statement, balance sheet, statement of retained earnings, and statement of cash flows. It also covers consolidating international financial statements and how various parties use ratio analysis to evaluate a firm's liquidity, activity, debt, and profitability by comparing financial metrics to industry averages and past performance. Specific examples are provided to demonstrate calculating common ratios like the current ratio, inventory turnover, times interest earned, and gross profit margin for a sample company. The document is intended to help readers understand how to use ratio analysis to evaluate a firm's financial health.
This document discusses Ind AS 7 on statement of cash flows. It provides examples and comparisons of cash flow statements of companies like TCS, Infosys, HUL, ITC and a bank. It discusses the advantages and limitations of cash flow statements. It also provides examples to illustrate operating, investing and financing cash flows including some complex cases. Finally, it mentions the required disclosures as per Ind AS 7 like reconciliation of cash flows and restricted cash.
THERE ARE QUITE A FEW REGULATORY SPACES
WHICH NEEDS TO BE KEPT IN CONSIDERATION
WHILE MAKING THE REPORT. IN THIS ARTICLE WE
SHALL DISCUSS REGARDING DRAFTING AND THE
CONTENT OF VALUATION REPORT ONE BY ONE IN
DETAIL.
The document discusses fund flow statements, which summarize the sources and uses of funds for a business between two periods. A fund flow statement has two parts - sources of funds, which come from items like profits, share issues, and decreases in working capital; and uses of funds, which include purchases of assets, repayment of loans, and increases in working capital. The difference between sources and uses is the change in working capital. Several examples are provided of fund flow statements for companies, showing the sources and uses of funds.
The document discusses various aspects of financial appraisal for a project, including rate of return, debt-equity ratio, promoters' contribution, project cost estimation, working capital requirement, sources of funds, composition of funds, preparation of projected financial statements like the balance sheet, types of assets and liabilities, and reserves and surplus.
Ratio analysis is an important tool for financial analysis that allows assessment of key financial metrics like liquidity, profitability, solvency, and risk. It involves calculating and analyzing relationships between items and groups of items from financial statements. Common ratios used in ratio analysis include the current ratio, quick ratio, debt-equity ratio, and profitability ratios. Ratio analysis is useful for lenders in evaluating the financial position, performance, strengths, and weaknesses of a business. It provides insights into the liquidity, operational efficiency, and credit risk of companies.
This document discusses Indian Accounting Standard 7 (Revised 2016) on cash flow statements. It defines key terms like cash flows and cash equivalents. It explains the objective is to classify cash flows from operating, investing and financing activities to assess a firm's ability to generate cash flows. The direct and indirect methods for preparing the cash flow statement are described. Treatment of taxes, interest, dividends and extraordinary items are also covered. Differences between AS 3 and AS 7 are highlighted.
CHAPTER 5 FINANCIAL STATEMENTS ANALYSIS - II part i.docxHome
This document discusses various financial analysis concepts and ratios. It provides examples to illustrate how ratios can provide insight into a company's performance and prospects. Specifically, it discusses how price-earnings ratios reflect investor expectations about future earnings, how the return on assets ratio measures operational performance, and how financial leverage can enhance shareholder returns if assets earn a higher rate of return than funding costs. The document also considers factors like industry volatility that may impact shareholder preferences around leverage.
This document provides an overview of financial statement analysis, including definitions of key accounting concepts and types of financial statements. It discusses the balance sheet, income statement, and statement of cash flows. It also covers ratio analysis and types of ratios used in analysis, including liquidity, leverage, activity, and profitability ratios. The document aims to provide a practical approach to understanding and analyzing financial statements.
Ratio analysis involves calculating and analyzing financial ratios to interpret a firm's financial statements and evaluate its performance. It is used to assess the firm's strengths and weaknesses, historical performance, current financial condition, operating efficiency, financial soundness, and earning capacity. Ratios can be classified into liquidity ratios, solvency/capital structure ratios, profitability ratios, and activity ratios. Common ratios include the current ratio, quick ratio, debt-to-equity ratio, return on assets, gross profit margin, and interest coverage ratio. Ratio analysis is an important tool to evaluate firms and make comparisons over time, between firms, and against industry standards.
Digital realty 3 q16 earnings presentation finalir_digitalrealty
This document provides forecasts and estimates for various economic indicators and metrics for the global economy, U.S. economy, and data center industry for 2017 and 2018. It forecasts modest global GDP growth of around 3.2% in 2017 and slightly higher growth in 2018. U.S. GDP growth is forecast to be around 2.1% in 2017 and 2018. It also provides projections for inflation, oil prices, stock market performance, capital expenditure trends, and other indicators.
The ECUADOR LAND DEVELOPMENT FUND focuses on acquiring and developing land in Ecuador for residential and commercial use. The fund aims to invest in undervalued land near future infrastructure projects in Quito, Guayaquil and Cuenca, develop the land, and sell it for a targeted 20-25% annual return. As of July 2016, the top five assets included various plots of residential and commercial land, as well as cash holdings, with over 80 underlying assets total across the fund.
This document discusses various financial metrics used to evaluate company performance, including return on capital employed (ROCE), return on investment (ROI), asset turnover, receivable turnover, inventory turnover, current ratio, and quick ratio. ROCE measures profitability relative to capital invested, while ROI evaluates profit relative to investment cost. Asset turnover indicates sales generated per dollar of assets. Current and quick ratios analyze liquidity by comparing current assets to current liabilities.
This document provides information on the Ecuador Residential & Commercial Property Fund (ERCP) I-Shares fund, including its investment objective, fees, performance, and asset allocation. The fund aims to acquire residential and commercial properties in Ecuador for rental income and capital appreciation. It offers a guaranteed 12.5% annual return paid out annually. As of July 2016, the fund's top holdings included local money markets, bank repossessed residential properties, and commercial properties.
Sourajit Aiyer - Finance Monthly Magazine, UK - Concentration and Volatility,...South Asia Fast Track
The document discusses a strategy called Consistent Dividends Consistent Fundamentals (CDCF) that focuses on investing in a concentrated portfolio of stocks that have shown consistent dividend payments and fundamental performance over the last three years. The strategy screens for companies with revenue growth over 10%, consistent profit margin growth, dividend payouts over 20% of profits, and low debt levels. Backtesting shows the portfolio outperformed benchmark indices from 2008-2012 while achieving similar volatility levels and positive returns in most years. However, the strategy also has risks such as overexposure to the banking sector and potential liquidity issues.
ROI has several advantages:
1. It provides a better measure of profitability by relating net income to investments made in a division, allowing managers to evaluate performance based on resource usage and ensuring profits only when they provide returns consistent with the company's policy.
2. ROI ensures goal congruence between divisions and the firm, as any increase in a division's ROI will increase the overall ROI of the whole company.
3. ROI helps allow for near analysis by enabling comparisons of profitability and resource use between various business units, assuming they are similar in size and industry.
The Ecuador Residential & Commercial Property Fund aims to acquire land, incomplete construction projects, bank repossessed properties, and existing properties in Ecuador for residential and commercial rental purposes. The fund seeks to invest in properties located near future infrastructure projects in Quito, Guayaquil and Cuenca. It aims to develop properties, complete construction projects, upgrade existing properties and rent them to generate annual returns of 8-10% from rental income. The fund offers investors a guaranteed 12.5% annual return paid from rental yields, resales, local money market investments and reduced fees. It is denominated in US dollars to mitigate currency risk.
The ECUADOR LAND DEVELOPMENT FUND aims to achieve returns of 20-25% annually by acquiring undervalued land in Ecuador for residential and commercial development, with a focus on areas near future infrastructure. The fund holds over 110 underlying land assets concentrated in Quito, Guayaquil and Cuenca. It seeks to deliver construction-ready land to the property market by obtaining permits, subdividing plots, and adding basic infrastructure.
Investor sentiment is often affected by the most recent events and since sentiment is a powerful driver of both expectation and decision making, it is of utmost importance for any investor to continually, and soberly balance their views with longer term perspectives.
How is Return on Investment ROI Calculated for Commercial Real Estate?Michael Feakins, CCIM
If you ask someone what the Return on Investment ROI is for an investment analysis, what should you expect as an answer? This quote illustrates the problem.
"In finance, rate of return (ROR), also known as return on investment (ROI), rate of profit or sometimes just return, is the ratio of money gained or lost (whether realized or unrealized) on an investment relative to the amount of money invested. The amount of money gained or lost may be referred to as interest, profit/loss, gain/loss, or net income/loss." (Source: Rate of Return From Wikipedia, the free encyclopedia; redirected from Return on Investment). Wikipedia lists several different calculations under the ROI term.
In commercial real estate, Return on Investment ROI normally refers to a group of one year ratios that assume the original investment is returned at the end of the year. Since most commercial real estate investments are multiple year investments, the Return on Investment (ROI) ratios only reveal part of the picture.
The Scheme seeks to generate a corpus to provide for pension to an investor in the form of income to the extent of the redemption value of their holding after the age of 60 years by investing in a mix of securities comprising of equity, equity related instruments and/or Debt/Money Market instruments.
The Toroso Target 8 Series consists of five distinct portfolios comprised of ETFs and other exchange traded products (ETPs), that are structured to reflect a client’s economic point of view while considering the client’s risk tolerance and time horizon. Risk is mitigated using 4 distinct asset classes such that not one economic scenario will deplete a client’s portfolio under stressful market events.
The document summarizes the DSP Equal Nifty 50 Fund, which invests in companies that are part of the Nifty 50 Equal Weight Index. The index provides balanced diversification by giving equal weight to each stock, unlike market-cap weighted indexes that concentrate holdings in few large stocks. This reduces single stock and sector risk. Historically, the equal weight index has outperformed the regular Nifty 50 Index, providing higher returns with comparable risk levels. The fund aims to replicate the performance of the index at low cost.
PPF ECUADOR LAND DEVELOPMENT & CONSTRUCTION FUND (ELDC) A-SHARES (ENG) JULY 2016Pegasus Property Funds™
- The document outlines fees and information for the Ecuador Land Development & Construction Fund.
- Fees include an initial maximum entry fee of up to 4%, annual management charge of 2% of NAV, and performance fee of 10% of any returns above the benchmark index.
- The fund focuses on acquiring and developing land in Ecuador for residential and commercial construction projects. The objective is to achieve returns of 25-30% annually.
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1. Footer HereFor Broker Dealer Use Only — Not for Use with the Public November 2015
Portfolio Presentation
November 2015
E share: ZDPFEX
I share: ZDPFIX
W share: ZDPFWX
A share: ZDPFAX
DPF-PR-BD-PU-NOV15
NOT A DEPOSIT | NOT FDIC INSURED | NOT GUARANTEED BY THE BANK | MAY LOSE VALUE
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
2. 5For Broker Dealer Use Only — Not for Use with Public — Not for Use Ohio November 2015
32
Investment in real property offers potential for:
We believe that the historical return profile of heavily weighted current income (income return) over capital gains (price return) of the
NCREIF National Property Index as well as the volatility and correlation of the NCREIF Fund Index (ODCE) can be considered indicative of
a diversified portfolio of high-quality commercial real estate assets (with some limitations). The performance shown, however, should not
be viewed as representative of the past or future performance of an investment in DPF, which depend on DPF’s specific investments
(including both real estate and real estate-related assets), leverage, fees and expenses, among other factors.
● Current income ● Capital appreciation ● Portfolio diversification benefits ● Inflation hedge
Annualized Standard Deviation of Quarterly Returns1
(09/30/95 – 09/30/15)
Average Annual Returns1,3
(1994 - 2014)
1 Source: Standard & Poor’s, Barclays, Bloomberg, NCREIF and Federal Reserve. Stocks are represented by the S&P 500 Index, an unmanaged index of the 500 largest stocks (in terms of market value), weighted by market capitalization and considered
representative of the broad stock market. Bonds are represented by the Barclays Capital Aggregate Bond Index, an index of securities that are SEC-registered, taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond
market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. Cash
is the 90-day Treasury bill rate. Total returns presented assume reinvestment of distributions.
2 Real estate is represented by the NCREIF Property Index (NPI), an index of quarterly returns reported by institutional investors on investment grade commercial properties owned by those investors on an unleveraged basis. The NPI is used as an industry benchmark to
compare an investor’s own returns against the industry average. While not a measure of non-traded REIT performance, DPF’s management feels that the NCREIF Property Index is an appropriate and accepted index for the purpose of evaluating real estate growth
rates. The NCREIF Property Index does not reflect management fees and other investment-entity fees and expenses, which lower returns and it is unleveraged, which may show lower volatility than DPF, which reports only leveraged returns. The NCREIF Property Index
is based on appraisals and does not reflect the same market volatility as the NAREIT Equity Index, which is based on market prices of publicly-traded REIT securities. Comparisons shown are for illustrative purposes only and do not represent specific investments.
Indices are not available for direct investment. Past performance does not guarantee future results. Total returns presented assume reinvestment of distributions.
3 NAV-based real estate is represented by the NCREIF Open-End Diversified Core (ODCE) Index, which is an equal weighted, time weighted index of open-end core real estate funds reported net of fees. The term core typically reflects lower risk investment
strategies, utilizing low leverage and generally represented by equity ownership positions in stable U.S. operating properties. Funds are weighted equally, regardless of size. While funds used in this benchmark have characteristics that differ from DPF
(including differing management fees), DPF’s management feels that the NCREIF ODCE Index is an appropriate and accepted index for the purpose of evaluating returns on investments in direct real estate funds. Investors cannot invest in this index.
Comparisons shown are for illustrative purposes only and do not represent specific investments. Prices and income returns are derived based on data provided by NCREIF. Past performance does not guarantee future results. DPF has the ability to utilize
higher leverage than is allowed for the funds in the NCREIF ODCE Index, which could increase DPF’s volatility relative to the Index.
Real Estate Can Strengthen Portfolio Construction
3. 6For Broker Dealer Use Only — Not for Use with Public — Not for Use Ohio November 2015
20-Year Correlation of Quarterly Returns — MSCI U.S. REIT Index1
(09/30/95 – 09/30/15)
20-Year Correlation of Quarterly Returns — NCREIF Fund Index (ODCE)1,3
(09/30/95 – 09/30/15)
32
1 Source: NCREIF and Bloomberg. Stocks are represented by the S&P 500 Index, an unmanaged index of the 500 largest stocks (in terms of market value), weighted by market capitalization and considered
representative of the broad stock market. Bonds are represented by the Barclays Capital Aggregate Bond Index, an index of securities that are SEC-registered, taxable and dollar denominated. The index
covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities. These major sectors
are subdivided into more specific indices that are calculated and reported on a regular basis. Total returns presented assume reinvestment of distributions.
2 Real estate is represented by the NCREIF Property Index (NPI), an index of quarterly returns reported by institutional investors on investment grade commercial properties owned by those investors on an
unleveraged basis. The NPI is used as an industry benchmark to compare an investor’s own returns against the industry average. While not a measure of non-traded REIT performance, DPF’s management feels that
the NCREIF Property Index is an appropriate and accepted index for the purpose of evaluating real estate growth rates. The NCREIF Property Index does not reflect management fees and other investment-entity fees
and expenses, which lower returns and it is unleveraged, which may show lower volatility than DPF, which reports only leveraged returns. The NCREIF Property Index is based on appraisals and does not reflect the
same market volatility as the NAREIT Equity Index, which is based on market prices of publicly-traded REIT securities. Comparisons shown are for illustrative purposes only and do not represent specific investments.
Indices are not available for direct investment. Past performance does not guarantee future results. Total returns presented assume reinvestment of distributions.
3 NCREIF Open-End Diversified Core (ODCE) Index is an equal weighted, time weighted index of open-end core real estate funds reported net of fees. The term core typically reflects lower risk investment
strategies, utilizing low leverage and generally represented by equity ownership positions in stable U.S. operating properties. Funds are weighted equally, regardless of size. While funds used in this benchmark
have characteristics that differ from DPF (including differing management fees), DPF’s management feels that the NCREIF ODCE Index is an appropriate and accepted index for the purpose of evaluating
returns on investments in direct real estate funds. Investors cannot invest in this index. Comparisons shown are for illustrative purposes only and do not represent specific investments. Prices and income
returns are derived based on data provided by NCREIF. Past performance does not guarantee future results. DPF has the ability to utilize higher leverage than is allowed for the funds in the NCREIF ODCE
Index, which could increase DPF’s volatility relative to the Index. Total returns presented assume reinvestment of distributions.
Real Estate Can Strengthen Portfolio Construction (continued)
4. 7For Broker Dealer Use Only — Not for Use with Public — Not for Use Ohio November 2015
1 Source: NCREIF, Bloomberg. The MSCI U.S. REIT Index is a free float-adjusted market capitalization weighted index that is comprised of equity REITs that are included in the MSCI U.S. Investable Market 2500 Index
(which are all listed REITs), with the exception of specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. The index represents approximately
85% of the U.S. REIT universe. The S&P 500 Index is an unmanaged index of the 500 largest stocks (in terms of market value), weighted by market capitalization and considered representative of the broad stock market.
The NCREIF Open-End Diversified Core (ODCE) Index is an equal weighted, time weighted index of open-end core real estate funds reported net of fees. The term core typically reflects lower risk investment strategies, utilizing
low leverage and generally represented by equity ownership positions in stable U.S. operating properties. Funds are weighted equally, regardless of size. While funds used in this benchmark have characteristics that differ from
DPF (including differing management fees), DPF’s management feels that the NCREIF ODCE Index is an appropriate and accepted index for the purpose of evaluating returns on investments in direct real estate funds. Investors
cannot invest in these indices. Comparisons shown are for illustrative purposes only and do not represent specific investments. Total returns presented assume reinvestment of distributions.
Benefits of Investing in Non-Listed Commercial Real Estate:
Return Volatility
NAV-Based Real Estate vs. Exchange-Based REITs vs. Stocks Quarterly Total Returns1
5. 9For Broker Dealer Use Only — Not for Use with Public — Not for Use Ohio November 2015
Product Structure
1 As of September 30, 2015. Measured by fair value, real property only.
2 DPF’s ability to fulfill redemption requests on a daily basis is subject to a number of limitations. The Board of Directors has the ability to amend, suspend or terminate the share redemption program at any time. As
a result, shares have only limited liquidity and may become illiquid. The Class A, Class I and Class W share redemption program is different than the Class E share redemption program. DPF’s Class A, Class W and
Class I share redemption program generally imposes a quarterly cap on aggregate net redemptions of its Class A, Class W and Class I share classes equal to the amount of shares of such classes with a value of
up to 5% of the aggregate NAV of the outstanding shares of such classes as of the last day of the previous quarter. For each quarter of 2015, 2014, 2013, 2012, 2011, 2010 and 2009 DPF received Share Class
E redemption requests that exceeded its corresponding Redemption Caps. Based on the application of such Redemption Caps, DPF redeemed, on a pro rata basis, a percentage of the shares requested to be
redeemed for each quarter. The percentage redeemed, including redemptions for death and disability, for each quarter ranged from approximately 6.4% to 30.7% of the shares that were requested to be
redeemed. Effective December 12, 2015, redemptions under the Class E share redemption program will only be available in the event of the death or disability of a stockholder. The Board of Directors will evaluate
each quarter whether to make liquidity available to Class E stockholders through a share redemption program or through a tender offer process.
3 The amount of distributions DPF may make is uncertain. DPF has paid, and may continue to pay in the future, distributions from sources other than cash flow from operations. The sources from which DPF
may pay distributions include, without limitation, the sale of assets, borrowings or offering proceeds (including the return of principal amounts invested). The use of these sources for distributions decreases
the amount of cash DPF has available for new investments, repayment of debt, share redemptions and other corporate purposes, and could reduce your overall return. Prior to 2012, DPF’s distributions
have historically exceeded its cash flow from operations. However, for the years ended December 31, 2012, December 31, 2013, December 31, 2014 and for the nine months ended September 30, 2015,
distributions were funded solely from cash flow from operations. Based on the September 30, 2015 NAV of $7.41 per share for each class and distributions paid for each class.
● Dividend Capital Diversified Property Fund provides new investors immediate pooled access to a $2.3
billion portfolio1 of high-quality commercial real estate with the following key attributes:
Transparency Publicly offered vehicle, public regulatory filings, NAV-based pricing
Daily valuation Net asset value calculated daily based on 3rd party appraisals
Liquidity Options Redemption program with daily liquidity opportunities2
Simplified Reporting CUSIP Number, 1099 (not K-1)
Existing Distribution
Declared distribution yield of 4.25% on the W share, 3.63% on the A share with load
(based on 09/30/15 NAV)3
6. 10For Broker Dealer Use Only — Not for Use with Public — Not for Use Ohio November 2015
Diversified Property Fund: Senior Management
• Former members of Equity Office Properties Trust (EOP) team attracted by historic opportunity to provide high-quality real estate investments to a
large pool of investors
• Together with Sam Zell, Richard, Jeff and Michael built industry-leading real estate company EOP and sold it in 2007 for $39 billion to Blackstone Group
Richard Kincaid Chairman of the Board
• President and Chief Executive Officer of Equity Office Properties
Trust until its acquisition by the Blackstone Group in February of
2007
• Worked with EOP’s chairman, Sam Zell, for over 16 years acting
as, among other roles, Executive Vice President, Chief Operating
Officer, and Chief Financial Officer. Supervised more than $11
billion in financing transactions at Equity Group Investments, Inc.
• Held positions with Barclays Bank PLC and The First National
Bank of Chicago
• B.A. Wichita State University; MBA University of Texas
Jeffrey Johnson Chief Executive Officer
• Chief Investment Officer, Executive Vice President of Equity Office
Properties Trust until its acquisition by the Blackstone Group in
February 2007
• Managing Director, founding Partner and Co-Head of U.S. Investments
for Lehman Brothers Holdings, LLC
• Chief Investment Officer and Managing Director of Transwestern
Investment Company (now Pearlmark Real Estate Partners)
• B.A. Denison University; MBA Kellogg Graduate School of Management
at Northwestern University
Kirk Scott Chief Financial Officer
• Diversified Property Fund since inception in 2006, previously as
VP & Controller
• Controller at NexCore Group
• Held positions with Dividend Capital Group and DCT Industrial Trust
from its inception through its IPO as a $3.0 billion, self-managed
industrial REIT
• B.A. University of Wyoming; Certified Public Accountant in the
State of Colorado (inactive)
Michael Lynch President
• Senior Vice President of Investments at Equity Office Properties
Trust until its acquisition by the Blackstone Group in February
2007
• Chief Investment Officer for Arden Realty, Inc.
• Held positions with PS Business Parks, Inc., Nottingham
Properties, Inc., The Parkway Companies and First Wachovia
Corporation
• B.S. Mount Saint Mary’s College; MS Virginia Polytechnic Institute
John Blumberg Chairman of Investment Committee
• Principal and founder of both Dividend Capital Group and Black
Creek Group
• Founder and Chief Executive Officer of Mexico Retail Properties
• Has overseen directly or indirectly through affiliated entities, the
acquisition, development, financing and sale of real properties
having combined value of more than $14.5 billion as of
September 30, 2015
• B.A. University of North Carolina at Chapel Hill
Gregory Moran Executive Vice President
● Executive Vice President of Investments of Dividend Capital Group
and the Advisor; been with company since 2006
● 15 years of experience in investments and commercial real estate
● Previously served as Portfolio Manager in the Real Estate Investment
Group for Public Employees’ Retirement Association of Colorado
● Additional management experience includes the Capital Markets
Group at Sonnenblick Goldman Company
● B.A. and MBA University of Texas — McCombs School of Business
7. 11For Broker Dealer Use Only — Not for Use with Public — Not for Use Ohio November 2015
DPF Corporate Timeline
1 The amount of distributions DPF may make is uncertain. DPF has paid, and may continue to pay in the future, distributions from sources other than cash flow from operations. The sources from which DPF
may pay distributions include, without limitation, the sale of assets, borrowings or offering proceeds (including the return of principle amounts invested). The use of these sources for distributions decreases
the amount of cash we have available for new investments, repayment of debt, share redemptions and other corporate purposes, and could reduce your overall return. Prior to 2012, DPF’s distributions
exceeded its cash flow from operations. However, for the years ended December 31, 2012, December 31, 2013, December 31, 2014 and for the nine months ended September 30, 2015, distributions were
funded solely from cash flow from operations.
2 Properties owned by DPF at time of disposition.
Diversified Property Fund Three-Year Track Record:
Corporate Timeline
1 2
8. 12For Broker Dealer Use Only — Not for Use with Public — Not for Use Ohio November 2015
Diversified Property Fund: Current Portfolio As of September 30, 2015
59 properties
• 33 retail
• 6 industrial
• 20 office
20 markets
Approx. 9.8MM net
rentable square feet
Approx. 525 tenants
Approx. 88.8% leased
$2.3B portfolio of
high-quality commercial
real estate (Based on fair
value, real property only)
Nine-year operating
history
Real Property Ownership1
1 Based on fair value, real property only. The following
markets are each less than 1.5% of the total real
properties fair value: Central Kentucky, Chicago, IL,
Fayetteville, AR, Jacksonville, FL, Louisville, KY,
Minneapolis/St. Paul, MN, and San Antonio, TX.
Rank Market
Fair Value
(in thousands)
Rank Market
Fair Value
(in thousands)
1 Greater Boston $519,950 6 Austin, TX $160,300
2 Washington, DC $368,500 7 East Bay, CA $117,450
3 Northern New Jersey $251,100 8 Dallas, TX $79,900
4 San Francisco, CA $168,000 9 Denver, CO $79,600
5 Philadelphia, PA $165,950 10 South Florida $78,950
Top Ten DPF Markets — Strong Presence in Key Markets
Based on Fair Value of the Properties Owned
9. 13For Broker Dealer Use Only — Not for Use with Public — Not for Use Ohio November 2015
Quality Properties = Quality Tenants1 = Sustainable Distribution2
Top Ten Tenants
By Base Rent | As of 09/30/15
Rank Tenant
Publicly
Listed
Credit Rating
(S&P)3
1
Charles Schwab &
Company, Inc.
NYSE: SCHW A
2 Sybase, Inc. / SAP NYSE: SAP A
3 Northrop Grumman, Inc. NYSE: NOC BBB+
4
The Stop & Shop
Supermarket
Company, LLC
Euronext: AH4 BBB4
5 Novo Nordisk NYSE: NVO AA-
6 Seton Healthcare N/A N/A
7 Shaw’s Supermarket N/A B-
8
IAM National Pension
Fund
N/A N/A
9 Apple, Inc. NYSE: AAPL AA+
10 The TJX Companies, Inc. NYSE: TJX A+
1 Trade names and logos are the registered trademarks of companies depicted. DPF is not affiliated with the companies shown on this slide. None of the companies above have endorsed DPF or its current public offering.
2 The amount of distributions DPF may make is uncertain. DPF has paid, and may continue to pay in the future, distributions from sources other than cash flow from operations. The sources from which DPF may pay distributions include,
without limitation, the sale of assets, borrowings or offering proceeds (including the return of principal amounts invested). The use of these sources for distributions decreases the amount of cash DPF has available for new investments,
repayment of debt, share redemptions and other corporate purposes, and could reduce your overall return. Prior to 2012, DPF’s distributions have historically exceeded its cash flow from operations. However, for the years ended
December 31, 2012, December 31, 2013, December 31, 2014 and for the nine months ended September 30, 2015, distributions were funded solely from cash flow from operations.
3 Credit ratings are subject to change. AA = Very strong capacity to meet financial commitments. A = Strong capacity to meet financial commitments, but somewhat susceptible to adverse economic conditions and changes in
circumstances. BBB = Adequate capacity to meet financial commitments, but more subject to adverse economic conditions. BB = Less vulnerable in the near-term but faces major ongoing uncertainties to adverse business, financial and
economic conditions. B = More vulnerable to adverse business, financial and economic conditions but currently has the capacity to meet financial commitments. CCC = Currently vulnerable and dependent on favorable business, financial
and economic conditions to meet financial commitments. Ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.
4 Listing symbol and rating reflects the S&P rating of Koninklijke Ahold.
10. 7For Broker Dealer Use Only — Not For Use with the Public November 2015
Diversified by Industry1 As of September 30, 2015
1 Measured by base rent of in-place leases.
2 Other industry sectors include 45 additional sectors.
11. 16For Broker Dealer Use Only — Not for Use with Public — Not for Use Ohio November 2015
Select Portfolio Properties
1st Avenue Plaza Centerton Square 655 Montgomery
Denver, CO — 257,000 Sq. Ft.
Major Tenants: Madison Street Company,
The Denver Foundation
Philadelphia, PA — 426,000 Sq. Ft.
Major Tenants: DSW Shoe Warehouse,
Wegman’s Food, The Sports Authority,
Bed, Bath & Beyond
San Francisco, CA — 264,000 Sq. Ft.
Major Tenants: Hotwire, Telmate, Redfin
Springdale Mall Austin-Mueller Health Center South Columbia
Springfield, MA — 79,000 Sq. Ft.
Major Tenants: Stop & Shop, McDonald’s
Austin, TX — 156,000 Sq. Ft.
Major Tenant: Seton Healthcare
Central Kentucky — 727,000 Sq. Ft.
Major Tenants: Amazon.com
12. 17For Broker Dealer Use Only — Not for Use with Public — Not for Use Ohio November 2015
NAV Total Return1 As of September 30, 2015
* Excludes up front sales load. The A-share is offered with an up to 3% sales load to investors through registered broker-dealers, which will affect the above returns and future returns depending on the
investor’s hold period.
1 Total return represents the compound annual rate of return assuming reinvestment of all dividend distributions. Past performance is not a guarantee of future results. Performance data quoted above is
historical. Current performance may be higher or lower than the performance data quoted. Performance does not include transactions fees, including sales commission, that may be applicable to investors.
The performance data does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the sale of fund shares, as applicable. If transaction fees, including sales commission and
taxes, had been deducted, the performance shown would be lower. The performance noted is net of all other expenses such as asset management fees and all general and administrative (G&A) expenses.
Examples of G&A expenses include legal, accounting, transfer agent, insurance, printing and mailing. The NAV is based on estimated values. DPF’s board of directors, including a majority of its independent
directors, has adopted valuation procedures, as amended from time to time, that contain a comprehensive set of methodologies to be used in connection with the calculation of DPF’s NAV. One fundamental
element of the valuation process, the valuation of DPF’s real property portfolio, is managed by Altus Group U.S., Inc., an independent valuation firm (“the Independent Valuation Firm”). The real property
portfolio valuation, which is the largest component of DPF’s NAV calculation, is provided to DPF by the Independent Valuation Firm on each business day. The foundation for this valuation is periodic
appraisals. DPF seeks to have approximately 1/12th of the portfolio appraised each month, although it may have more or less appraised in a month. In no event will a calendar year pass without having each
and every property valued by appraisal unless such asset is bought or sold in such calendar year. However, on each business day, the Independent Valuation Firm adjusts a real property’s valuation, as
necessary, based on known events that have a material impact on the most recent value (adjustments for non-material events may also be made). Total returns are only meaningful when considered in
conjunction with DPF’s full financial statements and the notes thereto included in DPF’s Annual Report on Form 10-K for the year ended December 31, 2014, which reported a GAAP net income per diluted
share of a $0.16, and DPF’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, which reported GAAP net income per diluted share of $0.69 for the nine months ended September
30, 2015. These documents can be found on DPF’s website at http://ir.dividendcapitaldiversified.com/sec.cfm.
13. 22For Broker Dealer Use Only — Not for Use with Public — Not for Use Ohio November 2015
For investors seeking an allocation to real estate and the opportunity for current income, potential
NAV per share growth and low volatility and low- to non-correlated investment,1 Diversified Property
Fund provides immediate pooled access to a $2.3 billion diversified 59-property portfolio of core and
core-plus high-quality real estate.2
● Accomplished real estate investors
● Income plus growth strategy with low volatility
● Benefits of immediate ownership in
institutional-quality commercial real estate
portfolio
● Investment based on NAV pricing
● Existing distributions currently well supported by operating
cash flow3
● Actively managed $2.3 billion existing portfolio2
● Diversified by asset class and geography
1 There is no guarantee that an investor will experience all or any of these benefits through an investment in DPF.
2 As of September 30, 2015.
3 The amount of distributions DPF may make is uncertain. DPF has paid, and may continue to pay in the future, distributions from sources other than cash flow from operations. The sources from which DPF
may pay distributions include, without limitation, the sale of assets, borrowings or offering proceeds (including the return of principal amounts invested). The use of these sources for distributions decreases
the amount of cash DPF has available for new investments, repayment of debt, share redemptions and other corporate purposes, and could reduce your overall return. Prior to 2012, DPF’s distributions have
historically exceeded its cash flow from operations. However, for the years ended December 31, 2012, December 31, 2013, December 31, 2014 and for the nine months ended September 30, 2015,
distributions were funded solely from cash flow from operations.
Summary: Why Invest Now?
14. 23For Broker Dealer Use Only — Not for Use with Public — Not for Use Ohio November 2015
Action Steps for Advisors
Identify your clients that may benefit from DPF and contact us today.
● What do these clients look like?
● Do they meet the suitability requirements?
● Are they looking for yield?
● Do they have a long-term investment horizon?
To find out more about how DPF can help your
clients reach their current income goals, call
866.DCG.REIT (324.7348) or use the contact
information below.