Colonial Properties Trust reported financial results for the first quarter of 2009. Total property revenues were $82.1 million, nearly equal to revenues of $80.9 million in the first quarter of 2008. Net income was $0.29 per diluted share, matching the previous year's first quarter. Funds from operations (FFO) per diluted share increased to $0.88 from $0.58 in the prior year period, due to lower interest expense and preferred share redemptions. The company's dividend payout ratio declined to 84.8% of diluted earnings per share from 165.2% in the first quarter of 2008.
American Express Company is a global provider of travel, financial, and network services. It was founded in 1850 and offers charge and credit cards, traveler's checks, financial planning, brokerage services, insurance, and investment products. As the world's largest travel agency, it offers travel services to individuals and corporations globally. It also provides banking services outside the US. In 1998, American Express continued growing its network services by adding new bank partners, expanded its financial services presence, and grew its international operations despite economic difficulties in some markets.
Q4 2008 Financial results for SpareBank 1 Gruppen presented by acting CEO Kir...SpareBank 1 Gruppen AS
- The pre-tax loss for SpareBank 1 Gruppen in 2008 was MNOK -724, down from a profit of MNOK 1,179.8 in 2007, largely due to losses at SpareBank 1 Livsforsikring from negative investment results and one-off write-downs.
- Bank 1 Oslo had an underlying profit but overall pre-tax profit of MNOK 4 due to write-downs of securities and increased loan losses.
- Capital adequacy and core ratios remain solid at 12.0% and 9.0% respectively.
- Bank of America reported $4.2 billion in net income for Q1 2009, down from the previous quarter but up from the same period last year. Revenue was $36.1 billion, a record high.
- Results included Merrill Lynch revenues and expenses following the acquisition. Global Markets reported record results despite $1.7 billion in capital markets disruption charges.
- Mortgage banking income was $3.3 billion, up significantly year-over-year, driven by higher home loan production volumes from Countrywide and low interest rates.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services U...finance8
This document is the transcript from a fixed income investor presentation given by Sanjiv Khattri, Executive Vice President and Chief Financial Officer of GMAC. The presentation summarizes GMAC's financial performance in Q2 2007, including details on results from their auto finance, insurance, and Residential Capital (ResCap) business segments. It provides key metrics on ResCap's mortgage portfolios and credit quality, noting continued challenges from the weak US housing market.
El Paso Corporation provides a third quarter 2008 financial and operational update. Key points include:
- Earnings were higher driven by growth in the pipeline and E&P businesses. However, results were impacted by $63 million from changes in fair value of power contracts.
- Cash flow from operations was over $2 billion for the first nine months of 2008.
- Capital expenditures totaled $1.9 billion through September 2008, with a planned $3 billion budget for 2009 focused on pipelines and E&P.
- Pipeline throughput increased 5% from 2007, and three expansion projects were placed in service. However, earnings were impacted by $12 million from hurricanes.
This document is the annual report from Marshall & Ilsley Corporation (M&I) for the year 2003. It discusses M&I's financial highlights for 2003 including record net income of $544 million, a 10.2% increase in earnings per share from 2002. It outlines M&I's successes across its business lines, continued expansion into new markets, and strategic focus on becoming a national financial services provider beyond its traditional Midwest footprint. The report is signed by James B. Wigdale, Chairman of M&I, and Dennis J. Kuester, President and CEO, who thank employees and leadership for helping achieve strong results in 2003.
Masco Corporation is a world leader in home improvement and building products. It manufactures and provides brand name products and services for kitchens, bathrooms, plumbing, cabinets, and other areas. In 2003, Masco achieved record sales and earnings through a strategic refocus on internal growth, cash flow, share buybacks, and return on investment. This new focus has contributed to doubling Masco's sales over six years through acquisitions and investments but did not create adequate shareholder value.
Bank Of America Fourth Quarter 2008 Resultsearningsreport
Bank of America reported a loss of $1.8 billion for the fourth quarter of 2008. The results were negatively impacted by $4.6 billion in capital markets dislocation charges and a $8.5 billion provision for credit losses, which included a $3 billion increase in loan loss reserves. Despite the loss, pre-provision profits were up in most primary businesses from the third quarter of 2008. Total average deposits grew by $34.3 billion since the prior quarter. The company also raised capital through a common equity offering and funds from the Troubled Asset Relief Program.
American Express Company is a global provider of travel, financial, and network services. It was founded in 1850 and offers charge and credit cards, traveler's checks, financial planning, brokerage services, insurance, and investment products. As the world's largest travel agency, it offers travel services to individuals and corporations globally. It also provides banking services outside the US. In 1998, American Express continued growing its network services by adding new bank partners, expanded its financial services presence, and grew its international operations despite economic difficulties in some markets.
Q4 2008 Financial results for SpareBank 1 Gruppen presented by acting CEO Kir...SpareBank 1 Gruppen AS
- The pre-tax loss for SpareBank 1 Gruppen in 2008 was MNOK -724, down from a profit of MNOK 1,179.8 in 2007, largely due to losses at SpareBank 1 Livsforsikring from negative investment results and one-off write-downs.
- Bank 1 Oslo had an underlying profit but overall pre-tax profit of MNOK 4 due to write-downs of securities and increased loan losses.
- Capital adequacy and core ratios remain solid at 12.0% and 9.0% respectively.
- Bank of America reported $4.2 billion in net income for Q1 2009, down from the previous quarter but up from the same period last year. Revenue was $36.1 billion, a record high.
- Results included Merrill Lynch revenues and expenses following the acquisition. Global Markets reported record results despite $1.7 billion in capital markets disruption charges.
- Mortgage banking income was $3.3 billion, up significantly year-over-year, driven by higher home loan production volumes from Countrywide and low interest rates.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services U...finance8
This document is the transcript from a fixed income investor presentation given by Sanjiv Khattri, Executive Vice President and Chief Financial Officer of GMAC. The presentation summarizes GMAC's financial performance in Q2 2007, including details on results from their auto finance, insurance, and Residential Capital (ResCap) business segments. It provides key metrics on ResCap's mortgage portfolios and credit quality, noting continued challenges from the weak US housing market.
El Paso Corporation provides a third quarter 2008 financial and operational update. Key points include:
- Earnings were higher driven by growth in the pipeline and E&P businesses. However, results were impacted by $63 million from changes in fair value of power contracts.
- Cash flow from operations was over $2 billion for the first nine months of 2008.
- Capital expenditures totaled $1.9 billion through September 2008, with a planned $3 billion budget for 2009 focused on pipelines and E&P.
- Pipeline throughput increased 5% from 2007, and three expansion projects were placed in service. However, earnings were impacted by $12 million from hurricanes.
This document is the annual report from Marshall & Ilsley Corporation (M&I) for the year 2003. It discusses M&I's financial highlights for 2003 including record net income of $544 million, a 10.2% increase in earnings per share from 2002. It outlines M&I's successes across its business lines, continued expansion into new markets, and strategic focus on becoming a national financial services provider beyond its traditional Midwest footprint. The report is signed by James B. Wigdale, Chairman of M&I, and Dennis J. Kuester, President and CEO, who thank employees and leadership for helping achieve strong results in 2003.
Masco Corporation is a world leader in home improvement and building products. It manufactures and provides brand name products and services for kitchens, bathrooms, plumbing, cabinets, and other areas. In 2003, Masco achieved record sales and earnings through a strategic refocus on internal growth, cash flow, share buybacks, and return on investment. This new focus has contributed to doubling Masco's sales over six years through acquisitions and investments but did not create adequate shareholder value.
Bank Of America Fourth Quarter 2008 Resultsearningsreport
Bank of America reported a loss of $1.8 billion for the fourth quarter of 2008. The results were negatively impacted by $4.6 billion in capital markets dislocation charges and a $8.5 billion provision for credit losses, which included a $3 billion increase in loan loss reserves. Despite the loss, pre-provision profits were up in most primary businesses from the third quarter of 2008. Total average deposits grew by $34.3 billion since the prior quarter. The company also raised capital through a common equity offering and funds from the Troubled Asset Relief Program.
Public Service Enterprise Group held an investor meeting in Boston on February 13, 2008 to discuss the company's strategic overview and performance. PSEG reported strong earnings growth in 2007 and provided guidance for continued earnings growth in 2008. The company emphasized addressing New Jersey's clean energy goals through initiatives like the Regional Greenhouse Gas Initiative and expanding its nuclear, solar, and peaking generation capacity. Climate change was highlighted as a defining issue that creates both environmental responsibilities and business opportunities for PSEG.
John Hopper, Vice President and Treasurer of Merrill Lynch, presented at the Leveraged Finance Conference on November 14, 2006. The presentation focused on El Paso Corporation's strong financial results in the third quarter of 2006, significant progress on legacy issues, continued debt reduction, growth in the pipeline business, drilling success in exploration and production, and risk management strategies. El Paso aims to provide natural gas and related energy products in a safe, efficient, and dependable manner.
Leggett & Platt's 2006 annual report outlines its goals for the future. It aims to achieve annual sales growth of 8-10% through 3-5% internal growth and 5% from acquisitions. It also targets an 11% EBIT margin by 2009, up from around 8.5%, by introducing new products, increasing sales, entering new markets, and improving efficiency. To reach these goals, Leggett & Platt will reinvigorate product development, establish a council of senior researchers, and develop new market opportunities through innovation and entering new industries.
This annual report summary provides an overview of Leggett & Platt's financial performance in 2006:
1) Leggett & Platt achieved record sales and earnings in 2006. Sales increased 4% to $5.5 billion while earnings per share grew 23.8% to $1.61. Acquisitions contributed 5% to sales growth.
2) The company transitioned to a new CEO and COO in 2006 and completed a restructuring program aimed at improving margins. New growth and margin targets were established, including 8-10% annual sales growth and an 11% EBIT margin by 2009.
3) The company continues to generate strong cash flow and maintain a healthy balance sheet.
This document is Lincoln Financial Group's Statistical Report for the second quarter of 2007. It provides financial highlights and operating results for Lincoln and its business segments. Some key details include:
- Total income from operations for the quarter was $386.7 million, up 10% from the prior year. Net income was $376 million, a 7.7% increase.
- Individual Life Insurance income from operations was $176.4 million, up 19.9% from 2006. Individual Annuities income rose 46.2% to $130.1 million.
- Total operating revenue increased 9.5% to $2.737 billion for the quarter compared to $2.500 billion in 2006.
First Financial Bankshares reported higher first quarter earnings compared to the same period last year. Net interest income increased 7% and the net interest margin rose to 4.76% from 4.58% a year ago. Noninterest income declined due to lower trust and service charge fees, partly offset by higher gains on the sale of student loans. Nonperforming assets increased to 95 basis points of loans and foreclosed assets but remain below peer banks.
Citigroup reported a net loss of $5.1 billion for the first quarter of 2008, compared to net income of $5 billion for the first quarter of 2007. Revenues declined 48% to $13.2 billion for the quarter. The global consumer business reported a net income of $1.4 billion, down 45% from the prior year, with the U.S. consumer business reporting net income of $279 million, down 84%. Markets and Banking reported a net loss of $5.7 billion for the quarter compared to net income of $2.7 billion in the prior year.
PACCAR is a diversified, multinational company that manufactures heavy-duty trucks under brands like Kenworth, Peterbilt, DAF, and Foden. It competes in both the North American and European truck markets, and also provides financing and parts. In 2003, PACCAR achieved record profits and revenues due to strong product quality, geographic diversity, and innovative use of technology. It continues investing in new products, manufacturing improvements, and information systems to support its business and customers.
gmac Robert Hull, GMAC Chief Financial Officer GMAC LLC 2008 First Quarter Fi...finance8
The document provides preliminary results for GMAC's second quarter of 2008. Key points include:
- GMAC reported a consolidated loss of $2.5 billion compared to a $293 million profit in Q2 2007, driven by losses in North America Auto Finance and ResCap.
- North America Auto Finance was negatively impacted by a slowdown in vehicle sales and deterioration in used truck and SUV prices, recording an impairment of $716 million on its operating lease portfolio.
- ResCap results were hurt by losses on asset dispositions and valuation adjustments.
- GMAC ended the quarter with $14.3 billion in cash and cash equivalents.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services 2...finance8
This document provides a summary of GMAC's preliminary second quarter 2007 earnings results. Key points include:
- Net income of $293 million, down from $787 million in Q2 2006. Excluding ResCap, net income doubled year-over-year.
- ResCap results improved due to reducing nonprime exposure and production, though credit quality continues to weaken with the housing market.
- Auto finance continues to perform well with improving margins and originations up.
- Insurance had favorable underwriting results.
- GMAC and ResCap maintain strong liquidity positions with $17.5 billion in cash and marketable securities.
Standard Chartered PLC reported strong financial results for 2004, with profit before tax rising 39% to $2.158 billion. Both the Consumer Banking and Wholesale Banking businesses achieved over $1 billion in operating profit for the first time. The Chairman was pleased with the results and strategic progress, including several acquisitions that will enable the Group to expand. The Group Chief Executive reviewed the company's strategic focus and priorities for 2005, which include expanding consumer banking segments, continuing the transformation of wholesale banking, and integrating recent acquisitions.
This document is Lincoln Financial Group's statistical report for the first quarter of 2007. Some key highlights include:
- Income from operations was $379.1 million, up 71.2% from $221.4 million in the first quarter of 2006.
- Individual Life Insurance income from operations was $166.6 million, up 141.4% from $69 million in the prior year.
- Gross deposits for Individual Annuities were $2.821 billion, up 32.1% from $2.136 billion in the first quarter of 2006.
- Assets under management for Investment Management were $98.146 billion, up 13.7% from $86.327 billion at March 31,
- HSBC Finance Corporation reported financial results for the first quarter of 2007 with net operating income before loan impairment charges of $4.3 billion, up 11% from the first quarter of 2006.
- Loan impairment charges were $1.9 billion for the quarter, an increase from $904 million in the first quarter of 2006, driven by portfolio growth and seasoning.
- Profit before tax was $900 million, down 42% from $1.6 billion in the first quarter of 2006, with the decline primarily due to higher loan impairment charges as credit trends returned to more normal levels compared to the unusually favorable conditions in 2006.
ResCap Chief Executive Officer Bruce Paradis - GMAC LLC and Residential Capit...finance8
The document provides an overview of ResCap, including:
1. ResCap reported a net loss in Q4 2006 primarily due to losses in subprime mortgage exposure areas as the subprime market deteriorated rapidly.
2. ResCap's franchise remains fundamentally healthy but faces challenges in the difficult US mortgage market, and has strategic plans to restore profitability by reducing costs and nonprime origination.
3. ResCap maintains strong liquidity and funding positions to take advantage of opportunities from market dislocation.
The document is Allstate Corporation's 2002 Annual Report. It discusses Allstate's financial results for 2002 which were positive, with operating income increasing 39.1% and total return for shareholders increasing 12.3%. It also outlines Allstate's strategy of focusing on meeting customer needs through a variety of insurance and financial services products, deepening customer relationships, and improving business efficiency. Allstate's execution of this strategy positions it well for future growth and profitability.
- Bank of America reported third quarter 2008 results, with earnings impacted by the challenging economic environment and market disruptions.
- Net income was $1.2 billion, down from the prior year due to higher credit costs from housing price declines and rising unemployment.
- Results also reflected charges related to financial institution failures, cash fund support, and losses on trading positions.
- Countrywide results were included for the first time, adding $259 million to earnings. Integration is proceeding as planned.
La estudiante Maria A. Ereu P. presentó su trabajo para las unidades IV y V de la Escuela de Relaciones Industriales de la Universidad Fermin Toro en Venezuela en febrero de 2013.
Francisco Solano López nació en Asunción, Paraguay en 1827. Se desempeñó como comandante en jefe de las Fuerzas Armadas paraguayas y sucedió a su padre Carlos Antonio López como presidente de Paraguay, liderando al país durante la Guerra de la Triple Alianza.
Los países líderes en educación como Corea, Finlandia y Singapur han basado su éxito en la calidad de la educación y en poner la educación y las TIC en el centro de sus políticas nacionales. Estos países comparten principios clave como implementar planes educativos nacionales de largo plazo para las TIC, fortalecer la formación de docentes, y realizar un seguimiento y evaluación continuos para mejorar constantemente el sistema educativo.
Presentación sobre búsqueda de información en ciencias de animalesLiz Pagan
The AES library was founded in 1915 and contains a valuable collection of journals, books, indexes, documents, pamphlets, theses, and AES publications in print and electronic formats. The library provides online access to databases like Agricola, Biological and Agricultural Index, Science Direct, and CAB Direct. The library also maintains an online catalog and digital archive to access theses and dissertations from 2003 to present.
El documento habla sobre la planificación de procesos en sistemas operativos. Explica que la planificación se refiere a las políticas y mecanismos que gobiernan el orden de ejecución de trabajos en el sistema. Menciona tres tipos de planificación (sistemas de un procesador, multiprocesador y tiempo real) y describe brevemente los componentes y funciones de la planificación a corto y medio plazo.
Public Service Enterprise Group held an investor meeting in Boston on February 13, 2008 to discuss the company's strategic overview and performance. PSEG reported strong earnings growth in 2007 and provided guidance for continued earnings growth in 2008. The company emphasized addressing New Jersey's clean energy goals through initiatives like the Regional Greenhouse Gas Initiative and expanding its nuclear, solar, and peaking generation capacity. Climate change was highlighted as a defining issue that creates both environmental responsibilities and business opportunities for PSEG.
John Hopper, Vice President and Treasurer of Merrill Lynch, presented at the Leveraged Finance Conference on November 14, 2006. The presentation focused on El Paso Corporation's strong financial results in the third quarter of 2006, significant progress on legacy issues, continued debt reduction, growth in the pipeline business, drilling success in exploration and production, and risk management strategies. El Paso aims to provide natural gas and related energy products in a safe, efficient, and dependable manner.
Leggett & Platt's 2006 annual report outlines its goals for the future. It aims to achieve annual sales growth of 8-10% through 3-5% internal growth and 5% from acquisitions. It also targets an 11% EBIT margin by 2009, up from around 8.5%, by introducing new products, increasing sales, entering new markets, and improving efficiency. To reach these goals, Leggett & Platt will reinvigorate product development, establish a council of senior researchers, and develop new market opportunities through innovation and entering new industries.
This annual report summary provides an overview of Leggett & Platt's financial performance in 2006:
1) Leggett & Platt achieved record sales and earnings in 2006. Sales increased 4% to $5.5 billion while earnings per share grew 23.8% to $1.61. Acquisitions contributed 5% to sales growth.
2) The company transitioned to a new CEO and COO in 2006 and completed a restructuring program aimed at improving margins. New growth and margin targets were established, including 8-10% annual sales growth and an 11% EBIT margin by 2009.
3) The company continues to generate strong cash flow and maintain a healthy balance sheet.
This document is Lincoln Financial Group's Statistical Report for the second quarter of 2007. It provides financial highlights and operating results for Lincoln and its business segments. Some key details include:
- Total income from operations for the quarter was $386.7 million, up 10% from the prior year. Net income was $376 million, a 7.7% increase.
- Individual Life Insurance income from operations was $176.4 million, up 19.9% from 2006. Individual Annuities income rose 46.2% to $130.1 million.
- Total operating revenue increased 9.5% to $2.737 billion for the quarter compared to $2.500 billion in 2006.
First Financial Bankshares reported higher first quarter earnings compared to the same period last year. Net interest income increased 7% and the net interest margin rose to 4.76% from 4.58% a year ago. Noninterest income declined due to lower trust and service charge fees, partly offset by higher gains on the sale of student loans. Nonperforming assets increased to 95 basis points of loans and foreclosed assets but remain below peer banks.
Citigroup reported a net loss of $5.1 billion for the first quarter of 2008, compared to net income of $5 billion for the first quarter of 2007. Revenues declined 48% to $13.2 billion for the quarter. The global consumer business reported a net income of $1.4 billion, down 45% from the prior year, with the U.S. consumer business reporting net income of $279 million, down 84%. Markets and Banking reported a net loss of $5.7 billion for the quarter compared to net income of $2.7 billion in the prior year.
PACCAR is a diversified, multinational company that manufactures heavy-duty trucks under brands like Kenworth, Peterbilt, DAF, and Foden. It competes in both the North American and European truck markets, and also provides financing and parts. In 2003, PACCAR achieved record profits and revenues due to strong product quality, geographic diversity, and innovative use of technology. It continues investing in new products, manufacturing improvements, and information systems to support its business and customers.
gmac Robert Hull, GMAC Chief Financial Officer GMAC LLC 2008 First Quarter Fi...finance8
The document provides preliminary results for GMAC's second quarter of 2008. Key points include:
- GMAC reported a consolidated loss of $2.5 billion compared to a $293 million profit in Q2 2007, driven by losses in North America Auto Finance and ResCap.
- North America Auto Finance was negatively impacted by a slowdown in vehicle sales and deterioration in used truck and SUV prices, recording an impairment of $716 million on its operating lease portfolio.
- ResCap results were hurt by losses on asset dispositions and valuation adjustments.
- GMAC ended the quarter with $14.3 billion in cash and cash equivalents.
Sanjiv Khattri, Executive Vice President and CFO of GMAC Financial Services 2...finance8
This document provides a summary of GMAC's preliminary second quarter 2007 earnings results. Key points include:
- Net income of $293 million, down from $787 million in Q2 2006. Excluding ResCap, net income doubled year-over-year.
- ResCap results improved due to reducing nonprime exposure and production, though credit quality continues to weaken with the housing market.
- Auto finance continues to perform well with improving margins and originations up.
- Insurance had favorable underwriting results.
- GMAC and ResCap maintain strong liquidity positions with $17.5 billion in cash and marketable securities.
Standard Chartered PLC reported strong financial results for 2004, with profit before tax rising 39% to $2.158 billion. Both the Consumer Banking and Wholesale Banking businesses achieved over $1 billion in operating profit for the first time. The Chairman was pleased with the results and strategic progress, including several acquisitions that will enable the Group to expand. The Group Chief Executive reviewed the company's strategic focus and priorities for 2005, which include expanding consumer banking segments, continuing the transformation of wholesale banking, and integrating recent acquisitions.
This document is Lincoln Financial Group's statistical report for the first quarter of 2007. Some key highlights include:
- Income from operations was $379.1 million, up 71.2% from $221.4 million in the first quarter of 2006.
- Individual Life Insurance income from operations was $166.6 million, up 141.4% from $69 million in the prior year.
- Gross deposits for Individual Annuities were $2.821 billion, up 32.1% from $2.136 billion in the first quarter of 2006.
- Assets under management for Investment Management were $98.146 billion, up 13.7% from $86.327 billion at March 31,
- HSBC Finance Corporation reported financial results for the first quarter of 2007 with net operating income before loan impairment charges of $4.3 billion, up 11% from the first quarter of 2006.
- Loan impairment charges were $1.9 billion for the quarter, an increase from $904 million in the first quarter of 2006, driven by portfolio growth and seasoning.
- Profit before tax was $900 million, down 42% from $1.6 billion in the first quarter of 2006, with the decline primarily due to higher loan impairment charges as credit trends returned to more normal levels compared to the unusually favorable conditions in 2006.
ResCap Chief Executive Officer Bruce Paradis - GMAC LLC and Residential Capit...finance8
The document provides an overview of ResCap, including:
1. ResCap reported a net loss in Q4 2006 primarily due to losses in subprime mortgage exposure areas as the subprime market deteriorated rapidly.
2. ResCap's franchise remains fundamentally healthy but faces challenges in the difficult US mortgage market, and has strategic plans to restore profitability by reducing costs and nonprime origination.
3. ResCap maintains strong liquidity and funding positions to take advantage of opportunities from market dislocation.
The document is Allstate Corporation's 2002 Annual Report. It discusses Allstate's financial results for 2002 which were positive, with operating income increasing 39.1% and total return for shareholders increasing 12.3%. It also outlines Allstate's strategy of focusing on meeting customer needs through a variety of insurance and financial services products, deepening customer relationships, and improving business efficiency. Allstate's execution of this strategy positions it well for future growth and profitability.
- Bank of America reported third quarter 2008 results, with earnings impacted by the challenging economic environment and market disruptions.
- Net income was $1.2 billion, down from the prior year due to higher credit costs from housing price declines and rising unemployment.
- Results also reflected charges related to financial institution failures, cash fund support, and losses on trading positions.
- Countrywide results were included for the first time, adding $259 million to earnings. Integration is proceeding as planned.
La estudiante Maria A. Ereu P. presentó su trabajo para las unidades IV y V de la Escuela de Relaciones Industriales de la Universidad Fermin Toro en Venezuela en febrero de 2013.
Francisco Solano López nació en Asunción, Paraguay en 1827. Se desempeñó como comandante en jefe de las Fuerzas Armadas paraguayas y sucedió a su padre Carlos Antonio López como presidente de Paraguay, liderando al país durante la Guerra de la Triple Alianza.
Los países líderes en educación como Corea, Finlandia y Singapur han basado su éxito en la calidad de la educación y en poner la educación y las TIC en el centro de sus políticas nacionales. Estos países comparten principios clave como implementar planes educativos nacionales de largo plazo para las TIC, fortalecer la formación de docentes, y realizar un seguimiento y evaluación continuos para mejorar constantemente el sistema educativo.
Presentación sobre búsqueda de información en ciencias de animalesLiz Pagan
The AES library was founded in 1915 and contains a valuable collection of journals, books, indexes, documents, pamphlets, theses, and AES publications in print and electronic formats. The library provides online access to databases like Agricola, Biological and Agricultural Index, Science Direct, and CAB Direct. The library also maintains an online catalog and digital archive to access theses and dissertations from 2003 to present.
El documento habla sobre la planificación de procesos en sistemas operativos. Explica que la planificación se refiere a las políticas y mecanismos que gobiernan el orden de ejecución de trabajos en el sistema. Menciona tres tipos de planificación (sistemas de un procesador, multiprocesador y tiempo real) y describe brevemente los componentes y funciones de la planificación a corto y medio plazo.
- Smurfit-Stone Container Corporation reported a net loss of $64 million for Q1 2006 compared to a net loss of $19 million in Q1 2005.
- Net sales were $2.1 billion for Q1 2006, comparable to Q1 2005. However, higher costs such as energy and freight, as well as lower containerboard and corrugated prices, negatively impacted year-over-year results.
- The company expects results to improve in Q2 2006 but not reach breakeven, and anticipates returning to profitability in Q3 2006 as prices have rebounded and benefits from strategic initiatives continue.
The document is a transcript from Ameriprise Financial's fourth quarter 2008 earnings call on January 28, 2009.
In the call, Jim Cracchiolo, Chairman and CEO of Ameriprise Financial, discusses the company's disappointing financial results for Q4 2008 which included a net loss of $369 million due to impacts from the deteriorating market conditions. However, he emphasizes that the company's financial foundation remains strong with healthy capital ratios and a solid balance sheet. Looking ahead, the company expects challenging market conditions to continue through 2009 and is taking actions to reduce expenses and better prepare for potential further credit market issues.
1) The document is a fixed income presentation from December 10-12, 2008 that discusses SunTrust Banks, Inc.'s investment thesis, strategic initiatives, diversified franchise, and solid capital structure and balance sheet.
2) It highlights SunTrust's stable base of operations, strategic initiatives for growth, diversified franchise across consumer and commercial platforms and geographies, and strengthened capital ratios and balance sheet positioning.
3) Key metrics discussed include total assets of $174.8 billion, long term credit ratings of A+/A1/A+, equity market capitalization over $10.5 billion, and proactive steps taken to reduce risk and improve capital levels.
- SunTrust Banks reported earnings per share of $2.13 for 2008 but a loss of $1.08 in the 4th quarter.
- Capital and liquidity were enhanced through the sale of $4.9 billion in preferred securities to the U.S. Treasury, with the estimated Tier 1 capital ratio at 10.85% at quarter's end.
- Loan and deposit trends were positive in the quarter, though core revenue was stable in net interest margin and soft in noninterest income. Expenses were well managed excluding credit costs.
- Asset quality deteriorated significantly as the economy weakened dramatically in the 4th quarter, and the operating environment remains difficult with downside risks to the economy and
Credit Corp (CCP) - corporate turnaround road mapGeorge Gabriel
This document summarizes a report by BBY Limited on Credit Corp Group Limited (CCP). BBY maintains an "Under Review" rating on CCP. CCP is in the early stages of a corporate turnaround with material execution risks remaining. Key risks include litigation, financial, and earnings risks. CCP will report FY08 results on August 14th, which may provide updates on turnaround progress and guidance. BBY maps CCP's position against a "Corporate Turnaround Road Map" and finds CCP has only begun the initial steps of stabilizing the business. There is no immediate catalyst for the stock until CCP appoints a new CEO, reduces risks, and improves earnings visibility.
Sovereign Bank reported strong financial results for the second quarter of 2005. Net income was up 40% from the previous year to $183 million. Earnings per share increased 16% to $0.47. Operating earnings were also up, increasing 37% to $197 million. The bank saw high rates of deposit and loan growth, with average deposits up 9% and average loans up 19% compared to the previous year. Return on assets and return on equity remained healthy. Additionally, the bank repurchased $10 million of its own stock during the quarter and committed funds to charitable causes.
Smurfit-Stone Container Corporation reported financial results for the second quarter of 2007, with the following highlights:
1) Operating profits were up 59% from the previous quarter and 16% from the second quarter of 2006, driven by higher average prices across major product lines.
2) Sales increased 6% year-over-year to $1.87 billion for the second quarter.
3) The company expects higher mill production and continued price improvements to drive further financial gains in the third quarter.
- SunTrust Banks reported a net loss of $875.4 million or $2.49 per share for the first quarter of 2009, driven by a $1.1 billion goodwill impairment charge. Excluding this charge, the net loss was $160.6 million or $0.46 per share.
- Total revenues increased from the previous quarter due to strong mortgage origination income, but net interest income declined and economically sensitive fee income was lower. Deposits grew 5% from the previous quarter to a record $107.5 billion.
- Asset quality deteriorated with net charge-offs increasing 10% from the previous quarter, while the allowance for loan losses was increased to 2.21
This document provides an earnings presentation for SunTrust Banks for the first quarter of 2009. Key highlights include an EPS loss of $2.49 including a non-cash goodwill impairment charge, or a loss of $0.46 excluding this charge. Deposits grew significantly in the quarter to a record level. Revenue increased due to strong mortgage origination income, but net interest income and fee income were lower. Asset quality deteriorated while loan portfolios showed mixed results. Expenses were well managed but certain economic factors increased costs. The capital position was enhanced with an estimated Tier 1 ratio of 11.00% and increased tangible common equity ratio. The presentation discusses capital levels, financial performance, risk review, and provides an
The document provides an overview of key events and achievements for Welspun Corp Limited from 2009-2014. Some highlights include:
- Achieving 1 million MT in production, sales, and order booking in 2013. Commissioning a new 175,000 MTPA HFIW mill in Little Rock, Arkansas. Demerging other businesses into Welspun Enterprises Limited.
- Initiating a new 175,000 MTPA HFIW mill in Little Rock, Arkansas in 2012 and expanding an existing HSAW capacity in Mandya, Karnataka by 50,000 MTPA.
- Raising $290 million in 2011 through GDRs and CCDs. Commissioning an L-SAW plant in
The document provides an overview of key events and achievements for Welspun Corp Limited from 2009-2014. Some highlights include:
- Achieving 1 million MT in production, sales, and order booking in 2013. Commissioning a new 175,000 MTPA HFIW mill in Little Rock, Arkansas. Demerging other businesses into Welspun Enterprises Limited.
- Initiating a new 175,000 MTPA HFIW mill in Little Rock in 2012 and expanding an existing HSAW capacity in Mandya, Karnataka by 50,000 MTPA.
- Raising $290 million in 2011 through GDRs and CCDs. Commissioning an L-SAW plant in Anjar
1. Santander reported consistent results in Q1 2009, with attributable profit decreasing 5% year-over-year to EUR 2.096 billion. Excluding exchange rates, profit increased 9%.
2. Net interest income increased 18.8% excluding exchange rates, driven by spreads management in a low interest rate environment. Operating expenses increased 1.8% excluding exchange rates and perimeter changes, reflecting strict cost control.
3. Loan-loss provisions increased 67.8% excluding exchange rates to EUR 2.234 billion, but were lower than in Q4 2008 due to specific provisions. Generic provisions decreased as forecasted.
1. Santander reported consistent results in Q1 2009, with attributable profit decreasing 5% year-over-year to EUR 2.096 billion. Excluding exchange rates, profit increased 9%.
2. Net interest income increased 18.8% excluding exchange rates, driven by spreads management in a low interest rate environment. Operating expenses increased 1.8% excluding exchange rates and perimeter changes, reflecting strict cost control.
3. Loan-loss provisions increased 67.8% excluding exchange rates to EUR 2.234 billion, but were lower than in Q4 2008 due to specific provisions. Generic provisions decreased as forecasted.
The document summarizes Realogy Corporation's fourth quarter and full year 2008 earnings conference call. Key points include:
- Realogy reported a $1.8 billion non-cash impairment charge related to goodwill write-downs, but saw adjusted EBITDA of $411 million.
- Realogy has reduced operating costs by over $350 million in recent years and cut expenses by an additional $110 million in 2008.
- For 2009, Realogy expects continued housing market challenges but sees potential benefits from increased tax credits and loan limits in the economic stimulus package.
- Realogy has the financial support of its owner, Apollo Management, and expects to meet debt obligations.
The document summarizes Realogy Corporation's fourth quarter and full year 2008 earnings conference call. Key points include:
- Realogy reported a $1.8 billion non-cash impairment charge related to goodwill write-downs, but their core business remains strong with $411 million in adjusted EBITDA and $109 million in cash from operations.
- Realogy has reduced operating costs by over $350 million in recent years and an additional $110 million in 2008 to weather the housing downturn.
- Realogy's franchise and owned brokerage businesses saw home sales and prices decline in 2008 compared to 2007, consistent with the broader housing market challenges.
- Realogy expects
Smurfit-Stone Container Corporation reported a first quarter 2008 adjusted net loss of $24 million, or $0.09 per share, which was flat compared to the prior year quarter but down from adjusted net income of $23 million in the fourth quarter of 2007. The results were impacted by a charge related to Calpine Corrugated, seasonal factors, higher than expected cost inflation, and lower box shipments. Average box prices improved for the fifth consecutive quarter but were not enough to offset other negatives. The company remains focused on its transformation program to improve operations and deliver long-term shareholder value.
The document discusses Slater and Gordon, a leading law firm that floated on the stock market in 2007. It analyzes the firm's financial performance and accounting policies related to revenue recognition under IAS 18 and the newly adopted IFRS 15. Key points:
1) Slater and Gordon saw rapid growth and high shareholder expectations through an acquisition strategy. However, profits and share prices declined sharply in late 2015 when the firm adopted stricter IFRS 15 revenue recognition rules.
2) Under IAS 18, revenue was recognized based on work completed. But IFRS 15 requires revenue to be "highly probable" and contractually agreed to be recognized. This led to large write-downs of
Planned Spin-Off of the Strip Center Business and Smaller Enclosed MallsWashingtonPrime
Simon Property Group announced plans to spin off its strip center business and smaller enclosed malls into a new publicly traded company called SpinCo. The portfolio is estimated to generate over $400 million in initial year net operating income. SpinCo will have about $2 billion in debt at spin-off. Simon will focus on its global portfolio of larger malls, Mills, and Premium Outlets, and expects to maintain its $4.80 annual dividend per share.
This document provides an annual report and financial statements for Lennar Corporation for the fiscal year ending November 30, 2006. It includes a letter to shareholders from the CEO highlighting the company's focus on liquidity, simplicity, and process to navigate the difficult housing market in 2006, resulting in increased revenues and home deliveries despite write-downs and valuation adjustments. The letter also discusses strategies for 2007 which include maintaining a strong balance sheet, improving margins through cost reductions and efficiency gains, and adhering to processes to adjust operations as needed.
This document provides an annual report and financial statements for Lennar Corporation for the fiscal year ending November 30, 2006. It includes a letter to shareholders from the CEO highlighting the company's focus on liquidity, simplicity, and process to navigate the difficult housing market in 2006, resulting in increased revenues and home deliveries despite write-downs and valuation adjustments. The letter also discusses strategies for 2007 which include maintaining a strong balance sheet, improving margins through cost reductions and efficiency gains, and adhering to processes to adjust operations as needed.
Similar to Q1 2009 Earning Report of Colonial Properties Trust (20)
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
A. Schulman reported fiscal fourth-quarter and full-year 2009 results, with strong margins and excellent liquidity. For the quarter, gross margins reached 16.3% compared to 12.1% last year. North America approached break-even despite lower volumes. Cash on hand exceeded $228 million with over $300 million available in credit lines. For the full year, net sales were $1.28 billion, down 35.5% from last year. Gross margins increased to 13.3% from 11.8% last year, and income from continuing operations was $11.2 million.
BB&T Corporation presented its fourth quarter 2009 investor presentation. The presentation highlighted BB&T's strategic acquisition of Colonial Bank, which enhanced its franchise in key Southeastern markets. The Colonial transaction was deemed financially attractive and expected to be accretive to earnings, exceeding BB&T's merger criteria. BB&T has a proven track record of successfully integrating acquisitions and anticipated achieving annual cost savings of $170 million from the Colonial deal.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
- The document is Apple Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 27, 2009.
- It provides Apple's condensed consolidated financial statements and notes to the financial statements for the quarter.
- The financial statements show that Apple's net sales increased 12% to $8.3 billion for the quarter compared to $7.5 billion in the same quarter the previous year, while net income increased 15% to $1.2 billion from $1.1 billion.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
This document provides an agenda and highlights for Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with investors. It includes introductions, a discussion of 4Q and FY performance and strategies, financial results, and a Q&A session. Key metrics highlighted are 7.6% sales growth and a 1.5% decline in net earnings for 4Q, and 7.3% sales growth and a 7% decline in net earnings for FY2009. The document also outlines Walgreen's strategies around healthcare reform, the flu season, and expanding their business model.
1) Infosys Technologies reported financial results for the quarter ending September 30, 2009, with revenues of $1.154 billion, a 5.1% decline from the previous year. Net income was $317 million, a 0.9% decline.
2) For the quarter ending December 31, 2009, Infosys expects revenues between $1.155-1.165 billion, a 1.4-0.5% decline from the previous year, and earnings per share of $0.50, a 13.8% decline.
3) For the full fiscal year ending March 31, 2010, Infosys expects revenues between $4.60-4.62 billion, a 1
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
PepsiCo held its 2009 Q3 earnings call on October 8, 2009. In the call, PepsiCo reaffirmed its guidance for 2009 of mid-to-high single digit constant currency net revenue and core EPS growth. PepsiCo also set a 2010 target of 11-13% core constant currency EPS growth, assuming the closing of acquisitions of PBG and PAS in early 2010. PepsiCo reported 5% constant currency net revenue growth and 8% core constant currency EPS growth in Q3 2009. PepsiCo highlighted investments planned for 2010 in areas such as R&D, emerging markets, brands, IT infrastructure, sustainability, and developing its employees.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
- Jean Coutu Group reported an increase in sales and revenues for the second quarter of 2010 compared to the same period last year. Total sales increased 7.7% to $549 million while revenues from franchising increased 7.3% to $608.7 million.
- Net earnings for the quarter were $14.9 million compared to a net loss of $39.1 million in the previous year. Earnings per share were $0.07 compared to a loss per share of $0.16 last year.
- Rite Aid also reported financial results for the second quarter, with revenues of $6.3 billion and a net loss of $116 million. Rite Aid revised its guidance
Minerva plc presented preliminary results for the year ended 30 June 2009. Key points included successfully restructuring and extending £750 million in loan facilities with no scheduled maturities in the current or next fiscal year. Development projects such as The Walbrook and St. Botolphs were on time and on budget. Tenant interest was improving for office developments in London's financial district despite a difficult real estate market.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
The document provides the agenda and highlights from Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with analysts held on September 29, 2009. It discusses 4th quarter and fiscal year financial results including net sales growth of 7.6% and 7.3% respectively, adjusted earnings per share of $0.44 and $2.02, and prescription sales growth. The document also summarizes Walgreen's strategies around healthcare reform, the H1N1 flu pandemic, expanding health services and 90-day prescriptions to lower costs.
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
How to Identify the Best Crypto to Buy Now in 2024.pdfKezex (KZX)
To identify the best crypto to buy in 2024, analyze market trends, assess the project's fundamentals, review the development team and community, monitor adoption rates, and evaluate risk tolerance. Stay updated with news, regulatory changes, and expert opinions to make informed decisions.
2. Colonial Properties Trust
TABLE OF CONTENTS
Overview and Contact Information …………………………………………………………………… 3
1. Financial Highlights ………………………………………………………………………….…… 4
2. Quarterly Earnings Announcement and Financial Statements
Consolidated Statements of Income ………...……………………………………………………… 5
Funds from Operations (FFO) Reconciliation / Shares ………...………………………………… 6
Balance Sheet ………...……….……………..…………………………………………………. 7
3. Multifamily
Portfolio Statistics ………...……………………………………………………………………….. 8
Components of Net Operating Income (NOI) ………...…………………………………………… 9
Capitalized Expenses and Maintenance Expenses ………...…………………………………… 9
Same Property Comparisons ………...…………………………………………………………. 10
4. Joint Ventures
Operating Data / Balance Sheet Data……………………………………………………………… 12
Investment Summary………………………………………………………………………………… 13
Three Month Income Summary……………………………………………………………………… 14
Operational Statistics………………………………………………………………………………… 15
5. For-Sale Residential Activities……………………………………………………………………… 16
6. Consolidated Data
Development Pipeline………………………………………………………………………………… 17
Debt Summary / Coverage Ratios / Covenants / Market Capitalization………………………… 18
Supplemental Data / Investment Activities………………………………………………………… 20
7. Corporate Reconciliations
Revenues / Expenses / NOI………………………………………………………………………… 21
NOI from Discontinued Operations / EBITDA……………………………………………………… 23
SEC Coverage Ratios………………………………………………………………………………… 24
8. Appendix
Multifamily Community Table………………………………………………………………………… 25
Commercial Property Table…………………………………………………………………………… 28
Unconsolidated Joint Venture Summary…………………………………………………………… 30
9. Glossary of Terms……………………………………………………………………………..... 31
Forward Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Estimates of future earnings are, by definition, and certain other statements in
this press release, including statements regarding the company’s ability to successfully complete the contemplated Fannie Mae and Freddie Mac financing
transactions, the expected impairment charge for the first quarter 2009 and the company’s ability to complete additional senior note repurchases under its
repurchase program on favorable terms, may constitute, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and
involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results, performance, achievements or transactions to be
materially different from the results, performance, achievements or transactions expressed or implied by the forward looking statements. Factors that impact such
forward looking statements include, among others, real estate conditions and markets, including recent deterioration in the multifamily market and the strength or
duration of the current recession or recovery; increased exposure, as a multifamily focused REIT, to risks inherent in investments in a single industry; ability to
obtain financing on reasonable rates, if at all; performance of affiliates or companies in which we have made investments; changes in operating costs; higher than
expected construction costs; uncertainties associated with the timing and amount of real estate dispositions, including our existing inventory of condominium and for-
sale residential assets; legislative or regulatory decisions; our ability to continue to maintain our status as a REIT for federal income tax purposes; price volatility,
dislocations and liquidity disruptions in the financial markets and the resulting impact on availability of financing; the effect of any rating agency action on the cost
and availability of new debt financings; level and volatility of interest rates or capital market conditions; effect of any terrorist activity or other heightened geopolitical
crisis; or other factors affecting the real estate industry generally.
Except as otherwise required by the federal securities laws, the company assumes no liability to update the information in this supplemental package.
The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled
quot;Risk Factorsquot; in the Company's Annual Report on Form 10-K for the year ended December 31, 2008, as may be updated or supplemented in the Company's Form
10-Q filings, which discuss these and other factors that could adversely affect the Company's results.
4/22/2009
1Q09 -2- NYSE: CLP
3. COLONIAL PROPERTIES TRUST
Colonial Properties Trust (NYSE:CLP) is a multifamily real estate investment trust (REIT) that creates additional value for its
shareholders by managing commercial assets through joint venture partnerships and pursuing development opportunities in the
Sunbelt region of the United States. With a long history as both a private and a public company, the company has a proven track
record in real estate operations and development.
Originally founded in 1970, and headquartered in Birmingham, Alabama, Colonial Properties Trust completed its initial public
offering in September 1993. The Company, which is included in the S&P SmallCap 600 Index, is listed on the New York Stock
Exchange under the symbol quot;CLPquot;.
Our commitment to excellence allows us to successfully serve our residents, clients and customers. Our focus on quality, service,
value and integrity enable to us to meet our goal of managing a high quality portfolio that focuses on superior investor returns.
COLONIAL PROPERTIES STRATEGY
Achieve Consistent Long-term Performance through:
- Owning a multifamily portfolio - Managing multifamily, office, retail and mixed-use properties
- Investing in high growth Sunbelt cities - Delivering additional income from the taxable REIT
- Pursuing strategic acquisition, disposition and subsidiary (TRS)
development opportunities - Ensuring a strong balance sheet and liquidity position
- Achieving operating excellence
CONTACT INFORMATION
Headquarters Investor Relations Transfer Agent
Colonial Properties Trust Jerry Brewer Computershare
2101 Sixth Avenue North, Executive Vice President, Finance P.O. Box 43010
Suite 750 800 645 3917
800-645-3917 Providence, RI 02940 3010
02940-3010
Birmingham, Alabama 35203 704-552-8538 - fax Inv. Relations: 800-730-6001
205-250-8700 www.computershare.com
205-250-8890 - fax To receive an Investor Package, please contact:
800-645-3917
www.colonialprop.com 704-643-7970
EQUITY RESEARCH COVERAGE
BMO Capital Markets Rich Anderson 212-885-4180
Citigroup Smith Barney Michael Bilerman / David Toti 212-816-1383 / 212-816-1909
Green Street Advisors Taylor Schimkat 949-640-8780
Keefe, Bruyette & Woods Steve Swett 212-887-3680
Morgan Keegan Napoleon Overton / Jason Payne 901-579-4865 / 901-531-3327
Standard & Poor's Research Raymond Mathis 212-438-9558
UBS Jeffrey Spector 212-713-6144
Wachovia Capital Markets Jeff Donnelly 617-603-4262
GUIDANCE
FYE 2009 Range
Diluted Earnings per Share $ 0.10 $ 0.35
Plus: Real Estate Depreciation & Amortization 1.75 1.75
Less: Gain on Sale of Operating Properties - (0.10)
Total Diluted Funds from Operations (quot;FFOquot;) per Share $ 1.85 $ 2.00
Less: Gain on Sale of Development Properties and Land (0.07) (0.10)
Gain on Bond or Preferred Stock Repurchases (0.65) (0.70)
Operating Funds from Operations per share $ 1.13 $ 1.20
1Q09 -3- NYSE: CLP
4. COLONIAL PROPERTIES TRUST
Financial Highlights
First Quarter 2009
FINANCIAL HIGHLIGHTS
($ in 000s, except per share and unit data) Three Months Ended
3/31/2009 3/31/2008
Total property revenues (1) $ 82,131 $ 80,913
Multifamily property revenues (1) 75,143 76,076
Multifamily property NOI (1) 43,554 45,968
Management & leasing fee revenues 3,455 5,206
EBITDA (2) 59,782 60,784
Net income
Per share - basic 0.29 0.30
Per share - diluted 0.29 0.30
Funds from operations
Per share - basic 0.88 0.58
Per share - diluted 0.88 0.58
Dividends per share 0.25 0.50
Dividends/EPS (diluted) payout ratio 84.8% 165.2%
Dividends/FFO (diluted) payout ratio 28.4% 86.2%
Consolidated interest expense (1) $ 17,479 $ 20,432
Consolidated interest income (1) (301) (790)
Net interest expense (1) 17,178 19,642
Pro-rata share of joint venture interest expense 6,081 7,941
Principal amortization 238 199
Preferred dividends & distributions 3,886 4,315
Interest coverage ratio (3) 2.3x 2.4x
Fixed charge coverage ratio (3) 1.9x 2.0x
Fixed charge w/capitalized interest ratio (3) 1.8x 1.7x
Multifamily same property NOI increase / (decrease) (4) (3.2%) 5.2%
(# of apartment homes included) 28,285 24,063
As of As of
3/31/2009 12/31/2008
Total assets $ 3,130,296 $ 3,155,169
Total debt $ 1,741,538 $ 1,762,019
Common shares and units, outstanding end of period 57,470 57,269
Share price, end of period $ 3.81 $ 8.33
Preferred shares and units, end of period $ 200,281 $ 200,281
Book equity value, end of period (5) $ 1,275,519 $ 1,272,457
Market equity value, end of period (6) $ 218,961 $ 477,051
Debt to total market capitalization ratio (7) 80.6% 72.2%
Unencumbered real estate assets (at cost)
to unsecured debt ratio (7) 211.2% 205.7%
(1) Represents consolidated properties including amounts classified in discontinued operations. For the GAAP reconciliation of revenues, expenses and NOI, see page 21 and 22.
(2) For a reconciliation of EBITDA, see page 23.
(3) For additional information on these calculations, see page 19.
(4) Multifamily same-property communities are communities which were owned by the Company and stabilized as of January 1, 2008, as adjusted for dispositions during the year.
(5) Includes common shares and units and preferred.
(6) Includes common shares and units.
(7) Excludes the Company's pro-rata share of partially-owned unconsolidated debt.
1Q09 -4 - NYSE: CLP
5. COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2009
CONSOLIDATED STATEMENTS OF INCOME
($ in 000s, except per share data) Three Months Ended Three Months Ended
3/31/2009 3/31/2008 3/31/2009 3/31/2008
Revenue
Minimum Rent $ 71,215 $ 67,000 $ 70,233 $ 66,795
Tenant Recoveries 871 793 1,066 848
Other Property Related Revenue 9,217 7,970 9,501 8,107
Construction Revenues 1,035 6,441 35 7,879
Other Non-Property Related Revenue 2,891 5,308 3,455 5,206
Total Revenue 85,229 87,512 84,290 88,835
Operating Expenses
Operating Expenses:
Property Operating Expenses 21,558 19,379 22,469 19,678
Taxes, Licenses, and Insurance 9,175 8,876 10,976 9,589
Total Property Operating Expenses 30,733 28,255 33,445 29,267
Construction Expenses 1,027 5,400 34 7,266
Property Management Expenses 2,024 2,728 1,918 2,241
General and Administrative Expenses 5,763 6,195 4,383 5,780
Management Fee and Other Expenses 2,852 4,716 4,217 3,591
Restructuring Charges 1,028 1,489 812 -
Investment and Development (1) 3,401 717 165 769
Depreciation 31,164 22,556 27,785 23,257
Amortization 810 849 873 759
Impairment and Other Losses (2) 116,550 - 736 -
Total Operating Expenses 195,352 72,905 74,368 72,930
Income from Operations (110,123) 14,607 9,922 15,905
Other Income (Expense)
Interest Expense & Debt Cost Amortization (19,128) (18,123) (21,735) (18,707)
Gain on Retirement of Debt 5,235 - 25,319 5,471
Interest Income 166 1,184 301 790
Income (Loss) from Partially-Owned Investments (980) (402) (650) 10,269
Loss on Hedging Activites (1,063) -
Gain on Sale of Property, net of income taxes of $3,177 (Q109) and $406 (Q108) 5,380 1,931
Income Taxes and Other (147) 97 3,090 874
Total Other Income (Expense) (14,854) (17,244) 10,642 628
Income from Continuing Operations (124,977) (2,637) 20,564 16,533
Discontinued Operations
Income from Discontinued Operations (2) (957) 2,504 229 2,365
Gain on Disposal of Discontinued Operations, net of
income taxes of $26 (Q109) and ($14) (Q108) 45 2,913
Income from Discontinued Operations 274 5,278
Net Income #REF! #REF! 20,838 21,811
Noncontrolling Interest
Continuing Operations
Noncontrolling Interest of Limited Partners 2 (1,581) (1,009) (123)
Noncontrolling Interest in CRLP - Preferred (1,799) (1,813) (1,813) (1,827)
Noncontrolling Interest in CRLP - Common 20,232 (551) (2,416) (2,069)
Discontinued Operations
Noncontrolling Interest in CRLP - Common 69 (454) (115) (947)
Noncontrolling Interest of Limited Partners (108) 164 468 141
Income Attributable to Noncontrolling Interes 18,435 (3,945) (4,885) (4,825)
Net Income Attributable to Parent Company 15,953 16,986
Dividends to Preferred Shareholders (2,069) (2,539) (2,073) (2,488)
Preferred Share Issuance Costs, Net of Discount - - (5) (271)
Net Income Available to Common Shareholders #REF! #REF! $ 13,875 $ 14,227
Earnings per Share - Basic
Continuing Operations #REF! #REF! $ 0.28 $ 0.21
Discontinued Operations - - 0.01 0.09
EPS - Basic #REF! #REF! $ 0.29 $ 0.30
Earnings per Share - Diluted
Continuing Operations #REF! #REF! $ 0.28 $ 0.21
Discontinued Operations - - 0.01 0.09
EPS - Diluted #REF! #REF! $ 0.29 $ 0.30
(1) Reflects costs incurred related to abandoned pursuits. Abandoned pursuits are volatile and therefore may vary between periods.
(2) For the three months ended March 31, 2009, the Company recorded a $1.0 million non-cash impairment charge. Of the charge, $0.7 million (presented in quot;Impairment and Other Lossesquot; in continuing
operations) is related to our Noncontrolling Interest in the Craft Farms joint venture and $0.3 million is related to the sale of the remaining 17 units at the Regents Park for-sale residential project
(presented as a part of quot;Income from Discontinued Operationsquot;).
1Q09 -5- NYSE: CLP
6. COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2009
FIRST QUARTER FUNDS FROM OPERATIONS (FFO) RECONCILIATION
($ in 000s, except per share data) Three Months Ended Three Months Ended
3/31/2009 3/31/2008 3/31/2009 3/31/2008
Net Income Available to Common Shareholders #REF! #REF! $ 13,875 $ 14,227
Income Allocated to Participating Securities (106) (94)
Noncontrolling Interest in CRLP (Operating Ptr Unitholders) (20,301) 1,005 2,531 3,016
Noncontrolling Interest in Gain/(Loss) on Sale of Undepreciated Property 992 -
Total #REF! #REF! 17,292 17,149
Adjustments - Consolidated Properties
Depreciation - Real Estate 30,621 22,772 27,408 23,218
Amortization - Real Estate 239 385 342 366
Remove: Gain/(Loss) on Sale of Property, net of Income
Tax and Noncontrolling Interest (2,387) (10,251) (5,425) (4,844)
Include: Gain/(Loss) on Sale of Undepreciated
Property, net of Income Tax and Noncontrolling Interest 1,359 10,052 3,731 1,925
Total Adjustments - Consolidated 29,832 22,958 26,056 20,665
Adjustments - Unconsolidated Properties
Depreciation - Real Estate 4,179 4,806 4,785 5,150
Amortization - Real Estate 1,908 2,296 1,814 2,358
Remove: Gain/(Loss) on Sale of Property (395) (397) 19 (12,298)
Total Adjustments - Unconsolidated 5,692 6,705 6,618 (4,790)
Funds from Operations #REF! #REF! $ 49,966 $ 33,024
FFO per Share
Basic #REF! #REF! $ 0.88 $ 0.58
Diluted #REF! #REF! $ 0.88 $ 0.58
Operating FFO:
Funds from Operations #REF! #REF! $ 49,966 $ 33,024
Less: Transaction Income
- Development and Land (Gains) Losses (1,359) (10,052) (3,731) (1,925)
- Bond / Preferred Repurchase (Gains) Losses (5,235) - (25,314) (5,477)
- Write-off of OCI as a Result of Bond Repurchases 1,063 -
Operating FFO #REF! #REF! $ 21,984 $ 25,622
Operating FFO per Share
Basic #REF! #REF! $ 0.39 $ 0.45
Diluted #REF! #REF! $ 0.39 $ 0.45
FFO, as defined by the National Association of Real Estate Investment Trusts (NAREIT), means income (loss) before Noncontrolling Interest (determined in accordance with GAAP), excluding gains (losses) from
debt restructuring and sales of depreciated property, plus real estate depreciation and after adjustments for unconsolidated partnerships and joint ventures. FFO is presented to assist investors in analyzing the
Company's performance. The Company believes that FFO is useful to investors because it provides an additional indicator of the Company's financial and operating performance. This is because, by excluding the
effect of real estate depreciation and gains (or losses) from sales of properties (all of which are based on historical costs which may be of limited relevance in evaluating current performance), FFO can facilitate
comparison of operating performance among equity REITs. FFO is a widely recognized measure in the Company's industry.
The Company defines Operating FFO as FFO excluding gains on the sale of land and development properties and gains on the repurchase of bonds and preferred shares. The Company believes Operating FFO is
an important supplemental measure because it provides a measure of operating performance. While land and development gains or the repurchase of debt/preferred shares are components of our current business
plan, the timing and amount of these transactions can vary significantly between periods.
The Company's method of calculating FFO and Operating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. Neither FFO nor Operating FFO
should be considered (1) as an alternative to net income (determined in accordance with GAAP), (2) as an indicator of financial performance, (3) as cash flow from operating activities (determined in accordance with
GAAP) or (4) as a measure of liquidity nor is it indicative of sufficient cash flow to fund all of our needs, including our ability to make distributions.
FIRST QUARTER SHARES AND UNITS OUTSTANDING, WEIGHTED
(shares and units in 000s) Three Months Ended Three Months Ended
3/31/2009 3/31/2008 3/31/2009 3/31/2008
Basic
Shares 47,796 46,656 48,202 46,853
Operating Partnership Units (OP Units) 9,157 10,193 8,823 10,015
Total Shares & OP Units 56,953 56,849 57,025 56,868
Dilutive Common Share Equivalents - 424 - 161
Diluted
Shares 47,796 47,080 48,202 47,014
Total Shares & OP Units 56,953 57,273 57,025 57,029
1Q09 -6- NYSE: CLP
7. COLONIAL PROPERTIES TRUST
Financial Statements
First Quarter 2009
BALANCE SHEET
($ in 000s) As of As of
3/31/2009 12/31/2008
ASSETS
Real Estate Assets
Operating Properties $ 2,915,908 $ 2,897,779
Undeveloped Land & Construction in Progress 291,297 380,676
Total Real Estate, before Depreciation 3,207,205 3,278,455
Less: Accumulated Depreciation (431,644) (406,444)
Real Estate Assets Held for Sale, net 155,560 102,699
Net Real Estate Assets 2,931,121 2,974,710
Cash and Equivalents 9,564 9,185
Restricted Cash 31,418 29,766
Accounts Receivable, net 31,789 25,702
Notes Receivable 19,613 2,946
Prepaid Expenses 12,522 5,332
Deferred Debt and Lease Costs 19,834 16,783
Investment in Unconsolidated Subsidiaries 40,890 46,221
Other Assets 33,545 44,524
Total Assets $ 3,130,296 $ 3,155,169
LIABILITIES
Long-Term Liabilities
Unsecured Credit Facility $ 37,745 $ 311,630
Notes and Mortgages Payable 1,703,793 1,450,389
Total Long-Term Liabilities 1,741,538 1,762,019
Other Liabilities 113,239 120,693
Total Liabilities 1,854,777 1,882,712
NONCONTROLLING INTEREST & EQUITY
Limited Partners' Interest in Consolidated Partnership 1,489 1,943
Preferred Shares and Units, at Liquidation Value
Series B 7 1/4%, Preferred Units 100,000 100,000
Series D 8 1/8%, Preferred Shares 100,281 100,281
Total Preferred Shares and Units, at Liquidation Value 200,281 200,281
Common Equity, including Noncontrolling Interest in Operating Partnership 1,073,749 1,070,233
Total Equity, including Noncontrolling Interest 1,275,519 1,272,457
Total Liabilities and Equity $ 3,130,296 $ 3,155,169
Certain prior year numbers have been reclassed to conform to current year presentation.
SHARES & UNITS OUTSTANDING, END OF PERIOD
(shares and units in 000s) As of As of
3/31/2009 12/31/2008
Basic
Shares 48,615 48,546
Operating Partnership Units (OP Units) 8,855 8,861
Total Shares & OP Units 57,470 57,407
1Q09 -7- NYSE: CLP
8. COLONIAL PROPERTIES TRUST
Multifamily Portfolio Statistics
First Quarter 2009
COMMUNITY PORTFOLIO AT MARCH 31, 2009 (In apartment homes)
Same Non Same Wholly Joint Stabilized Completed in Total Current
Property Property Owned Venture (1) Operating Lease-Up Operating Developments Total
Atlanta 3,282 - 3,282 72 3,354 - 3,354 - 3,354
Austin 1,910 - 1,910 140 2,050 300 2,350 362 2,712
Birmingham 1,262 - 1,262 203 1,465 - 1,465 - 1,465
Charleston 1,578 - 1,578 - 1,578 - 1,578 - 1,578
Charlotte 3,676 973 4,649 - 4,649 216 4,865 - 4,865
Dallas 2,468 - 2,468 - 2,468 - 2,468 - 2,468
Fort Worth 2,012 - 2,012 29 2,041 - 2,041 - 2,041
Huntsville 836 - 836 - 836 - 836 - 836
Orlando 1,756 - 1,756 - 1,756 - 1,756 - 1,756
Phoenix 952 - 952 - 952 - 952 - 952
Raleigh 1,964 - 1,964 138 2,102 - 2,102 - 2,102
Richmond 1,700 - 1,700 - 1,700 - 1,700 - 1,700
Savannah 1,149 - 1,149 - 1,149 288 1,437 - 1,437
Other 3,740 380 4,120 149 4,269 113 4,382 380 4,762
Total Portfolio 28,285 1,353 29,638 730 30,368 917 31,285 742 32,027
(1) Joint venture units shown represents the Company's pro-rata share of total units. There are 4,246 total units at the Company's partially-owned apartment communities, including 324 units at
an apartment community which is currently in lease-up.
FIRST QUARTER NOI CONTRIBUTION PERCENTAGE BY REGION (2) PHYSICAL OCCUPANCY (3)
Total NOI
Incl. JVs at Mar 31 Dec 31 Sept 30
Same Property Jun 30 Mar 31
Communities Pro Rata % (4) 2009 2008 2008 2008 2008
Atlanta 12.5% 11.7% 94.9% 95.0% 97.2% 97.0% 96.3%
Austin 6.0% 6.9% 94.3% 94.9% 95.8% 96.2% 97.0%
Birmingham 4.0% 4.3% 95.0% 96.7% 97.7% 97.7% 92.0%
Charleston 5.3% 4.9% 96.8% 91.4% 94.6% 95.9% 96.0%
Charlotte 11.4% 14.9% 94.3% 92.7% 95.2% 91.0% 89.3%
Dallas 7.5% 6.9% 94.7% 95.1% 95.5% 96.3% 96.5%
Fort Worth 6.8% 6.3% 95.7% 95.9% 98.2% 96.3% 96.8%
Huntsville 3.3% 3.0% 96.9% 97.2% 96.7% 97.1% 98.1%
Orlando 7.8% 7.1% 93.8% 94.6% 98.0% 97.1% 97.1%
Phoenix 4.3% 4.0% 95.3% 93.2% 95.3% 96.3% 95.6%
Raleigh 7.3% 7.1% 95.3% 94.6% 96.4% 95.6% 96.0%
Richmond 6.5% 5.9% 95.1% 95.9% 97.0% 96.6% 96.5%
Savannah 4.6% 5.9% 95.0% 91.5% 95.2% 95.0% 96.3%
Other 12.6% 11.2% 92.5% 92.0% 93.1% 94.1% 95.6%
Total Portfolio 100.0% 100.0% 94.6% 94.1% 95.9% 95.3% 95.1%
Same Property 94.7% 94.1% 96.0% 95.9% 96.2%
(2) For the GAAP reconciliation of revenues, expenses and NOI, see page 21 and 22.
(3) Occupancy figures include apartment homes held through joint venture investments but exclude condominiums and communities in lease-up or under development. For a detailed
occupancy listing by property, see Multifamily Portfolio Occupancy Listing on page 25.
(4) Based on total NOI from wholly-owned operating communities and the Company's pro-rata share of total NOI from joint-venture communities.
1Q09 -8- NYSE: CLP
9. COLONIAL PROPERTIES TRUST
Components of Property Net Operating Income and Capitalized Expenditures for Multifamily Portfolio
First Quarter 2009
($ in 000s, except property data and per unit amounts)
COMPONENTS OF PROPERTY NET OPERATING INCOME (1)
Apartment Three Months Ended
Homes 3/31/2009 3/31/2008 Change
Property Revenues
Same Property Communities (2) 28,285 $ 68,721 $ 69,347 $ (626)
Non-Same Property Communities 1,353 3,624 1,974 1,650
Joint Venture Communities (3) 730 1,826 1,836 (10)
Development and Lease Up Communities 1,659 2,255 47 2,208
Dispositions / Other - 2 4,466 (4,464)
Total Property Revenues 32,027 $ 76,428 $ 77,670 $ (1,242)
Property Expenses
Same Property Communities (2) 28,285 $ 27,350 $ 26,615 $ 736
Non-Same Property Communities 1,353 1,481 853 628
Joint Venture Communities (3) 730 839 832 6
Development and Lease Up Communities 1,659 1,593 167 1,426
Dispositions / Other - 16 1,857 (1,841)
Total Property Expenses 32,027 $ 31,278 $ 30,323 $ 955
Property Net Operating Income
Same Property Communities (2) 28,285 $ 41,371 $ 42,732 $ (1,361)
Non-Same Property Communities 1,353 2,142 1,121 1,021
Joint Venture Communities (3) 730 987 1,004 (17)
Development and Lease Up Communities 1,659 662 (120) 782
Dispositions / Other - (14) 2,609 (2,623)
Total Property Net Operating Income 32,027 $ 45,148 $ 47,347 $ (2,199)
CAPITALIZED EXPENDITURES
Apartment Three Months Ended
Homes 3/31/2009 3/31/2008 Change
Capitalized Expenses
Same Property Communities (2) 28,285 $ 2,424 $ 3,758 $ (1,334)
Non-Same Property Communities 1,353 127 234 (106)
Joint Venture Communities 730 39 99 (61)
Development and Lease Up Communities 1,659 5 - 5
Dispositions / Other - (51) 265 (316)
Total Property Capitalized Expenses 32,027 $ 2,544 $ 4,356 $ (1,812)
Capitalized Expenses per Unit
Same Property Communities (2) 28,285 $ 86 $ 133 $ (47)
Non-Same Property Communities 1,353 94 173 (79)
Joint Venture Communities 730 53 136 (83)
Total Per Unit 30,368 $ 84 $ 143 $ (60)
(1) For the GAAP reconciliation of revenues, expenses and NOI, see page 21 and 22.
(2) The 2008 same property data reflects results of the 2009 same property portfolio, as adjusted for dispostions during the year and including straight line rents.
(3) Includes the Company's pro-rata share of apartment homes, revenues, expenses and NOI from partially-owned unconsolidated communities.
1Q09 -9- NYSE: CLP
10. COLONIAL PROPERTIES TRUST
Multifamily Same Property Quarter Comparisons
First Quarter 2009
($ in 000s, except property data amounts)
REVENUES, EXPENSES & NOI FOR THE THREE MONTHS ENDED MARCH 31, 2009
Revenues Expenses NOI
1Q09 1Q08 % Chg 1Q09 1Q08 % Chg 1Q09 1Q08 % Chg
Atlanta $ 8,838 $ 8,947 (1.2%) $ 3,683 $ 3,434 7.2% $ 5,156 $ 5,512 (6.5%)
Austin 4,599 4,597 0.0% 2,099 2,012 4.3% 2,500 2,585 (3.3%)
Birmingham 2,781 2,740 1.5% 1,106 1,073 3.1% 1,675 1,667 0.5%
Charleston 3,643 3,849 (5.3%) 1,442 1,399 3.0% 2,201 2,449 (10.1%)
Charlotte 7,971 8,038 (0.8%) 3,238 3,200 1.2% 4,733 4,838 (2.2%)
Dallas 5,579 5,561 0.3% 2,477 2,509 (1.3%) 3,101 3,051 1.6%
Fort Worth 5,023 4,971 1.0% 2,217 2,172 2.1% 2,806 2,799 0.2%
Huntsville 2,096 2,043 2.6% 733 715 2.6% 1,363 1,328 2.6%
Orlando 5,195 5,280 (1.6%) 1,971 1,875 5.1% 3,225 3,405 (5.3%)
Phoenix 2,497 2,684 (7.0%) 698 882 (20.9%) 1,799 1,802 (0.2%)
Raleigh 4,655 4,628 0.6% 1,629 1,727 (5.6%) 3,026 2,901 4.3%
Richmond 4,300 4,197 2.4% 1,620 1,452 11.6% 2,680 2,746 (2.4%)
Savannah 2,970 2,852 4.2% 1,069 1,032 3.6% 1,901 1,820 4.5%
Other 8,573 8,959 (4.3%) 3,367 3,132 7.5% 5,206 5,828 (10.7%)
Total Same Property (1) $ 68,721 $ 69,347 (0.9%) $ 27,350 $ 26,615 2.8% $ 41,371 $ 42,732 (3.2%)
Apartment
Homes % of NOI Physical Occupancy Weighted Average Rental Rate (2)
Included Contribution 1Q09 1Q08 % Chg 1Q09 1Q08 % Chg
Atlanta 3,282 12.5% 94.9% 96.2% (1.3%) $ 839 $ 866 (3.1%)
Austin 1,910 6.0% 94.4% 97.1% (2.7%) 758 749 1.3%
Birmingham 1,262 4.0% 94.9% 96.0% (1.0%) 722 712 1.4%
Charleston 1,578 5.3% 96.8% 96.0% 0.8% 742 767 (3.3%)
Charlotte 3,676 11.4% 94.5% 94.3% 0.2% 687 693 (0.8%)
Dallas 2,468 7.5% 94.7% 96.5% (1.8%) 706 701 0.6%
Fort Worth 2,012 6.8% 95.7% 96.9% (1.1%) 759 753 0.7%
Huntsville 836 3.3% 96.9% 98.1% (1.2%) 761 755 0.8%
Orlando 1,756 7.8% 93.8% 97.2% (3.4%) 951 967 (1.7%)
Phoenix 952 4.3% 95.3% 95.6% (0.3%) 878 923 (4.8%)
Raleigh 1,964 7.3% 95.4% 96.0% (0.6%) 748 739 1.2%
Richmond 1,700 6.5% 95.1% 96.5% (1.4%) 805 796 1.2%
Savannah 1,149 4.6% 95.0% 96.3% (1.3%) 830 813 2.1%
Other 3,740 12.6% 92.2% 96.1% (3.9%) 762 770 (1.0%)
Total Same Property (1) 28,285 100.0% 94.7% 96.2% (1.5%) $773 $778 (0.6%)
(1) Same-property communities are communities which were owned by the Company and stabilzed as of January 1, 2008, as adjusted for dispositions during the year. The 2008
same property data reflects results of the 2009 same property portfolio, as adjusted for dispostions during the year and including straight line rents.
(2) Weighted average rental rates are the Company's market rental rates after quot;loss to leasequot; and concessions, but before vacancy and bad debt.
For the GAAP reconciliation of revenues, expenses and NOI, see page 21 and 22.
1Q09 - 10 - NYSE: CLP
11. COLONIAL PROPERTIES TRUST
Multifamily Same Property Sequential Quarter Comparisons
First Quarter 2009
($ in 000s, except property data amounts)
SAME PROPERTY SEQUENTIAL COMPARISON OF REVENUES, EXPENSES & NOI
Revenues Expenses NOI
1Q09 4Q08 % Chg 1Q09 4Q08 % Chg 1Q09 4Q08 % Chg
Atlanta $ 8,838 $ 8,906 (0.8%) $ 3,683 $ 3,204 14.9% $ 5,156 $ 5,702 (9.6%)
Austin 4,599 4,647 (1.0%) 2,099 2,151 (2.4%) 2,500 2,495 0.2%
Birmingham 2,781 2,806 (0.9%) 1,106 1,038 6.6% 1,675 1,768 (5.3%)
Charleston 3,643 3,646 (0.1%) 1,442 1,370 5.2% 2,201 2,276 (3.3%)
Charlotte 7,971 8,103 (1.6%) 3,238 3,094 4.6% 4,733 5,008 (5.5%)
Dallas 5,579 5,601 (0.4%) 2,477 2,488 (0.4%) 3,101 3,114 (0.4%)
Fort Worth 5,023 5,086 (1.3%) 2,217 2,029 9.3% 2,806 3,058 (8.2%)
Huntsville 2,096 2,121 (1.2%) 733 681 7.7% 1,363 1,439 (5.3%)
Orlando 5,195 5,390 (3.6%) 1,971 1,961 0.5% 3,225 3,429 (6.0%)
Phoenix 2,497 2,522 (1.0%) 698 765 (8.8%) 1,799 1,757 2.4%
Raleigh 4,655 4,779 (2.6%) 1,629 1,683 (3.2%) 3,026 3,096 (2.3%)
Richmond 4,300 4,338 (0.9%) 1,620 1,375 17.8% 2,680 2,963 (9.6%)
Savannah 2,970 2,835 4.8% 1,069 940 13.7% 1,901 1,895 0.3%
Other 8,573 8,721 (1.7%) 3,367 3,052 10.3% 5,206 5,669 (8.2%)
Total Same Property (1) $68,721 $69,503 (1.1%) $ 27,350 $ 25,832 5.9% $ 41,371 $ 43,671 (5.3%)
Apartment
Homes % of NOI Physical Occupancy Weighted Average Rental Rate (2)
Included Contribution 1Q09 4Q08 % Chg 1Q09 4Q08 % Chg
Atlanta 3,282 12.5% 94.9% 95.0% (0.1%) $ 839 $ 849 (1.2%)
Austin 1,910 6.0% 94.4% 95.1% (0.7%) 758 755 0.4%
Birmingham 1,262 4.0% 94.9% 96.8% (1.9%) 722 728 (0.8%)
Charleston 1,578 5.3% 96.8% 91.4% 5.4% 742 758 (2.1%)
Charlotte 3,676 11.4% 94.5% 92.6% 1.8% 687 698 (1.5%)
Dallas 2,468 7.5% 94.7% 95.1% (0.4%) 706 707 (0.1%)
Fort Worth 2,012 6.8% 95.7% 96.0% (0.2%) 759 759 (0.1%)
Huntsville 836 3.3% 96.9% 97.2% (0.4%) 761 763 (0.2%)
Orlando 1,756 7.8% 93.8% 94.6% (0.9%) 951 954 (0.4%)
Phoenix 952 4.3% 95.3% 93.2% 2.1% 878 897 (2.1%)
Raleigh 1,964 7.3% 95.4% 94.8% 0.7% 748 755 (0.9%)
Richmond 1,700 6.5% 95.1% 95.9% (0.8%) 805 812 (0.8%)
Savannah 1,149 4.6% 95.0% 91.5% 3.5% 830 840 (1.2%)
Other 3,740 12.6% 92.2% 91.9% 0.3% 762 772 (1.3%)
Total Same Property (1) 28,285 100.0% 94.7% 94.1% 0.6% $773 $780 (0.9%)
(1) Same-property communities are communities which were owned by the Company and stabilzed as of January 1, 2008, as adjusted for dispositions during the year. The 2008 same
property data reflects results of the 2009 same property portfolio, as adjusted for dispostions during the year and including straight line rents.
(2) Weighted average rental rates are the Company's market rental rates after quot;loss to leasequot; and concessions, but before vacancy and bad debt.
1Q09 - 11 - NYSE: CLP
12. COLONIAL PROPERTIES TRUST
Unconsolidated Joint Ventures
($ in 000s)
Joint Venture Operations
Three Months Ended Three Months Ended
3/31/2009 3/31/2008 3/31/2009 3/31/2008
OPERATING DATA (1)
Property Revenues
Rental revenues $ 17,461 $ 20,362 $ 17,602 $ 19,777
Other property revenues 1,059 1,129 901 937
Total property revenues 18,520 21,491 18,503 20,714
Property Expenses
Property operating and maintenance 4,892 5,469 4,148 5,189
Taxes, license and insurance 1,932 2,593 2,248 2,474
Total property expenses 6,824 8,062 6,396 7,663
11,696 13,429 12,107 13,051
Net Operating Income (NOI)
Other Income (Expenses)
Interest, net (6,790) (7,749) (6,159) (7,997)
Depreciation and amortization (2) (6,087) (7,102) (6,540) (7,683)
Other (194) 623 (39) 600
Total other expenses (13,071) (14,228) (12,738) (15,080)
Gain on sale of properties, net 395 397 (19) 12,298
$ (980) $ (402) $ (650) $ 10,269
Equity in income of joint ventures
As of
3/31/2009 12/31/2008
BALANCE SHEET DATA (3)
Real estate assets, net $ 3,164,367 $ 3,187,826
Other assets, net 288,048 316,443
Total assets $ 3,452,415 $ 3,504,269
Notes payable $ 2,711,545 $ 2,711,059
Other liabilities 136,548 155,812
Total liabilities 2,848,093 2,866,871
Member's equity 604,322 637,398
Total liabilities and member's equity $ 3,452,415 $ 3,504,269
Colonial's equity investment (4) $ 40,890 $ 46,221
Colonial's pro-rata share of debt $ 476,784 $ 476,313
(1) Operating data represents the Company's pro-rata share of revenues, expenses and NOI.
(2) Includes amortization of excess basis differences for certain joint ventures.
(3) Balance sheet data reported at 100%.
(4) Includes distributions in excess of investment balance for certain joint ventures.
1Q09 - 12 - NYSE: CLP
13. COLONIAL PROPERTIES TRUST
1Q09
Investments in Real Estate Joint Ventures
As of March 31, 2009
(in thousands)
Average
Gross Average Remaining
Number of Total Investment in Construction Mortgages and Ownership Interest Term (In % Fixed % Variable
Venture Properties Units/GLA Real Estate (1) In Progress Notes Payable Interest Rate Months) Rate Rate
MULTIFAMILY
5 1,548 118,791 - 100,756 21% 4.77% 36 69.00% 31.00%
CMS
4 1,358 105,903 - 70,894 17% 4.92% 13 100.00% -
DRA
1 541 69 6,586 - 25% - - - 100.00%
Development
5 1,340 138,851 5,796 101,860 21% 4.30% 54 50.55% 49.45%
Other
Total Multifamily 15 4,787 $ 363,613 $ 12,381 $ 273,510
COMMERCIAL
17 8,413 1,298,872 6,669 940,829 15% 4.27% 17 50.17% 49.83%
DRA/CRT (2)
18 5,236 943,535 - 741,907 15% 5.61% 63 100.00% -
DRA/CLP (3)
11 2,983 363,300 - 292,370 17% 6.31% 64 100.00% -
OZRE (4)
2 689 143,849 8,120 92,690 15% 6.15% 88 100.00% -
UBS/CLP Mansell
9 1,702 227,594 - 107,540 10% 6.47% 104 100.00% -
Bluerock
1 345 53,861 - 43,000 15% 3.00% 4 - 100.00%
Craft Farms
1 636 89,208 - 57,440 50% 1.50% 2 - 100.00%
Parkway Place
2 646 85,729 17,685 74,852 50% 5.54% 89 86.84% 13.16%
Turkey Creek
6 1,358 120,267 15 87,407 22% 4.48% 32 20.78% 79.22%
Other
- 13 -
Total Commercial 67 21,978 $ 3,326,215 $ 32,488 $ 2,438,035
82 $ 3,689,828 $ 44,869 $ 2,711,545
(1) Represents gross investment in real estate at 100% (excluding depreciation).
(2) As of March 31, 2009, this joint venture included 17 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas.
(3) As of March 31, 2009, this joint venture included 16 office properties and 2 retail properties located in Birmingham, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas.
(4) As of March 31, 2009, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas.
For a detailed schedule of partially-owned unconsolidated assets, see page 30.
NYSE: CLP
14. COLONIAL PROPERTIES TRUST
1Q09
Operating Joint Venture Income Summary
Three Months Ended March 31, 2009
(in thousands)
Colonial Share of
Total Operating Net Operating Other Income Gain (Loss) Depreciation & Net Income Net Income (Loss)
Venture Revenues Expenses Income Interest Expense (Expenses) on Sale Amortization (Loss) (1)
MULTIFAMILY
$ 3,830 $ 1,847 $ 1,984 $ 1,236 $ (8) $ - $ 1,116 $ (376) $ (68)
CMS
3,214 1,419 1,795 875 19 (2) 704 233 (76)
DRA
3,161 1,605 1,556 1,064 (7) - 1,324 (839) (527)
Other
$ 10,205 $ 4,870 $ 5,335 $ 3,174 $ 3 $ (2) $ 3,144 $ (982) $ (671)
Total Multifamily
COMMERCIAL
40,560 16,865 23,694 10,341 (1,119) - 15,668 (3,433) (344)
DRA/CRT (2)
28,454 10,566 17,888 10,461 41 - 11,522 (4,054) (60)
DRA/CLP (3)
8,687 2,279 6,409 4,630 6 - 3,828 (2,044) (128)
OZRE (4)
3,854 1,364 2,490 1,426 1 - 1,801 (736) (50)
UBS/CLP Mansell
6,463 1,995 4,468 3,233 10 - 3,335 (2,090) (117)
Bluerock
424 493 (69) 343 10 - 167 (569) (82)
Craft Farms
2,650 906 1,744 492 - - 685 567 408
Parkway Place
2,694 600 2,093 994 (73) - 1,017 9 34
Turkey Creek
3,204 741 2,463 4,387 3,490 (27) 575 964 360
Other
- 14 -
$ 96,990 $ 35,809 $ 61,181 $ 36,308 $ 2,366 $ (27) $ 38,598 $ (11,387) $ 21
Total Commercial
$ 107,195 $ 40,679 $ 66,516 $ 39,483 $ 2,369 $ (29) $ 41,742 $ (12,369) $ (650)
Results of operations presented represents 100% of the operations for the properties in these joint ventures.
For a detailed schedule of partially-owned unconsolidated assets, see page 30.
(1) Includes amortization or release of excess basis differences and management fee eliminations for certain joint ventures.
(2) As of March 31, 2009, this joint venture included 17 office properties located in Ft. Lauderdale, Jacksonville and Orlando, Florida; Atlanta, Georgia; Charlotte, North Carolina; Memphis, Tennessee and Houston, Texas.
(3) As of March 31, 2009, this joint venture included 16 office properties and 2 retail properties located in Birmingham, Alabama; Orlando and Tampa, Florida; Atlanta, Georgia; Charlotte, North Carolina and Austin, Texas.
(4) As of March 31, 2009, this joint venture included 11 retail properties located in Birmingham, Alabama; Jacksonville, Orlando, Punta Gorda and Tampa, Florida; Athens, Georgia and Houston, Texas.
NYSE: CLP