This document contains the questions and answers from ConAgra Foods' Q2 FY2005 earnings call. Some key details include:
- Several major brands in the Retail Products segment posted sales growth, while others saw declines.
- Retail volume increased 7% and Foodservice volume decreased 1% excluding divested businesses.
- Capital expenditures increased significantly year-over-year due to investments in information systems.
- The company received proceeds from the sale of its minority interest in Swift Foods and shares of Pilgrim's Pride stock.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others such as ACT II and Knott's Berry Farm saw declines.
2) Consumer Foods volume was flat excluding divested businesses, while Food and Ingredients volume increased 3%.
3) Capital expenditures increased significantly both for the quarter and full fiscal year compared to the previous year.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others like ACT II and Banquet saw declines. Overall, Consumer Foods volume declined 1% excluding divested businesses.
2) Total depreciation and amortization from continuing operations was around $91 million for the quarter and $268 million year-to-date. Capital expenditures were around $147 million for the quarter and $258 million year-to-date.
3) The company's net debt at the end of the quarter was around $3 billion, with a net debt to total capital ratio of 39%.
The document discusses tronc's Q2 2017 earnings call supplemental slides. It provides highlights from the slides including:
- Digital subscribers and unique visitors continued to grow steadily in Q2 2017.
- Total revenue declined 8.6% in Q2 2017 from the previous year, while net income increased 69% and adjusted EBITDA was up slightly.
- The balance sheet was strengthened in Q2 2017 with increases in cash and working capital and reductions in debt and net debt.
- Full year 2017 guidance projects revenue between $1,540-$1,560 million and adjusted EBITDA between $189-$195 million.
1) AES reported higher revenues, operating cash flow, and free cash flow in Q4 2007 and full year 2007 compared to the same periods in 2006. Full year 2007 results met or exceeded guidance targets.
2) Key drivers of the improved financial performance were higher prices and volumes in Chile, increased sales in Brazil, and contributions from new projects. However, this was partially offset by weaker results in Argentina.
3) AES continued progress on its portfolio optimization plans through asset sales in Chile and debt refinancing. The company also secured new projects in the Philippines and South Africa totaling 1,762 MW.
InfraREIT reported solid Q1 2017 results with increases in lease revenue and net income in line with expectations. However, some non-GAAP measures were mixed. Non-GAAP EPS decreased slightly to $0.30 per share due to growth in operating expenses offsetting increased lease revenue. Adjusted EBITDA increased 7% to $40.8 million due to lease revenue growth. Capital expenditures were $52 million for ongoing system upgrades and to accommodate load growth in the service territory.
The document discusses the importance of generating cash for a business. It states that a firm's financial health and success is determined by its cash flow, not just profits. It uses an example company, No-Cash Corporation, to demonstrate how a company can be highly profitable but still experience cash flow problems that could potentially cause bankruptcy. The document emphasizes that the cash flow statement is needed in addition to the income statement to fully understand a company's financial position.
This document contains the questions and answers from ConAgra Foods' Q2 FY2005 earnings call. Some key details include:
- Several major brands in the Retail Products segment posted sales growth, while others saw declines.
- Retail volume increased 7% and Foodservice volume decreased 1% excluding divested businesses.
- Capital expenditures increased significantly year-over-year due to investments in information systems.
- The company received proceeds from the sale of its minority interest in Swift Foods and shares of Pilgrim's Pride stock.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others such as ACT II and Knott's Berry Farm saw declines.
2) Consumer Foods volume was flat excluding divested businesses, while Food and Ingredients volume increased 3%.
3) Capital expenditures increased significantly both for the quarter and full fiscal year compared to the previous year.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others like ACT II and Banquet saw declines. Overall, Consumer Foods volume declined 1% excluding divested businesses.
2) Total depreciation and amortization from continuing operations was around $91 million for the quarter and $268 million year-to-date. Capital expenditures were around $147 million for the quarter and $258 million year-to-date.
3) The company's net debt at the end of the quarter was around $3 billion, with a net debt to total capital ratio of 39%.
The document discusses tronc's Q2 2017 earnings call supplemental slides. It provides highlights from the slides including:
- Digital subscribers and unique visitors continued to grow steadily in Q2 2017.
- Total revenue declined 8.6% in Q2 2017 from the previous year, while net income increased 69% and adjusted EBITDA was up slightly.
- The balance sheet was strengthened in Q2 2017 with increases in cash and working capital and reductions in debt and net debt.
- Full year 2017 guidance projects revenue between $1,540-$1,560 million and adjusted EBITDA between $189-$195 million.
1) AES reported higher revenues, operating cash flow, and free cash flow in Q4 2007 and full year 2007 compared to the same periods in 2006. Full year 2007 results met or exceeded guidance targets.
2) Key drivers of the improved financial performance were higher prices and volumes in Chile, increased sales in Brazil, and contributions from new projects. However, this was partially offset by weaker results in Argentina.
3) AES continued progress on its portfolio optimization plans through asset sales in Chile and debt refinancing. The company also secured new projects in the Philippines and South Africa totaling 1,762 MW.
InfraREIT reported solid Q1 2017 results with increases in lease revenue and net income in line with expectations. However, some non-GAAP measures were mixed. Non-GAAP EPS decreased slightly to $0.30 per share due to growth in operating expenses offsetting increased lease revenue. Adjusted EBITDA increased 7% to $40.8 million due to lease revenue growth. Capital expenditures were $52 million for ongoing system upgrades and to accommodate load growth in the service territory.
The document discusses the importance of generating cash for a business. It states that a firm's financial health and success is determined by its cash flow, not just profits. It uses an example company, No-Cash Corporation, to demonstrate how a company can be highly profitable but still experience cash flow problems that could potentially cause bankruptcy. The document emphasizes that the cash flow statement is needed in addition to the income statement to fully understand a company's financial position.
This document discusses various adjustments that may need to be made to financial statements, including outstanding expenses, prepaid expenses, accrued income, income received in advance, and adjustments related to debtors such as bad debts and provisions for doubtful debts. Outstanding expenses are expenses due in the current accounting period but paid in the next period. Prepaid expenses are expenses paid in the current year but relating to the next year. Accrued income is income due in the current year but received in the next year, while income received in advance is income relating to the next year but received in the current year. Adjustments are needed to account for these items in the financial statements. The document also discusses the treatment of bad debts, provisions for doubtful
Major brands in the Consumer Foods segment that posted sales growth included Egg Beaters, Healthy Choice, and Slim Jim. Brands that posted sales declines included ACT II and Blue Bonnet. Total depreciation and amortization from continuing operations was $88 million for the quarter and $177 million year-to-date. Capital expenditures were $66 million for the quarter and $111 million year-to-date. Net interest expense was $52 million for the quarter and $110 million year-to-date.
MGM Resorts International is a global entertainment company with a market capitalization of $19 billion and net revenues of $10.6 billion. It has 27 unique hotel brands across the United States and Macau, including Bellagio, MGM Grand, and Mandalay Bay. MGM Resorts is a leader in conventions and meetings with over 3.9 million square feet of space, as well as entertainment with 20+ venues in Las Vegas. It also operates over 400 food and beverage outlets, making it one of the largest non-chain restaurant operators in the world.
This document summarizes Ameriprise Financial's fourth quarter and full year 2007 financial results. Net income for Q4 2007 increased 49% to $255 million compared to Q4 2006. Adjusted earnings for Q4 2007, which exclude separation costs, increased 9% to $274 million. For the full year, net income grew 29% to $814 million and adjusted earnings increased 12% to $968 million. Management fees and financial advice fees grew 25% in Q4 2007, while net revenues increased 8%. The company saw solid growth across its business segments.
MGM Resorts International reported financial results for the third quarter of 2017. Net income was $149 million. Domestic resort revenues increased 18% due to strong performance of Las Vegas Strip properties and a full quarter of operations for recently acquired properties. Adjusted Property EBITDA for domestic resorts grew 25% to $714 million. MGM China reported a 21% decrease in Adjusted EBITDA to $118 million despite a 2% increase from the previous quarter. MGM Resorts remains focused on maximizing shareholder value through continued investment in existing properties and prudent growth opportunities.
(1) Newtek Business Services Corp. held an investor luncheon to discuss converting to a business development company (BDC) and raising capital through an equity offering.
(2) As a BDC, Newtek expects to pay an attractive initial dividend of $0.38 per share in Q1 2015 and an average quarterly dividend of $0.45 per share, representing a 13.1% annual yield based on the current stock price.
(3) Newtek raised $31.625 million through the sale of 2.53 million shares of common stock in a public offering to fund expansion of its small business financing activities and direct investments in portfolio companies.
- The document is the 3Q15 earnings presentation for Las Vegas Sands Corp. It provides financial highlights for the quarter including net revenue, adjusted property EBITDA, margins, EPS, and dividends paid.
- Geographically, EBITDA was derived 49% from Macao, 38% from Singapore, and 13% from the United States. Both LVS and Sands China are committed to returning capital to shareholders through dividends and share repurchases, with over $12 billion returned over the last 15 quarters.
- LVS maintains a strong balance sheet and cash flow with a net debt to TTM EBITDA of 1.6x providing flexibility for growth and capital returns.
Golar LNG reported its first quarter 2013 results and provided commentary on subsequent events and outlook. Key highlights included operating income of $75.9 million and net income of $85.6 million. Golar Partners completed a follow-on equity offering raising $130 million and Golar sold its interest in a vessel to Golar Partners for $215 million. The company also discussed progress on financing its newbuilding program and potential projects in regions like the Americas and West Africa.
The document provides highlights and financial results for PDG Realty's 4th quarter and full year 2007 performance. Some key points:
- 77% of units launched in 2007 have been sold already, totaling 9,963 units. 63% of units launched in 4Q07, totaling 2,412 units, have also been sold.
- The company exceeded its launched PSV guidance for 2007, achieving R$1.233 billion versus a guidance of R$1.2 billion. EBITDA was R$161 million for 2007, up 212% from 2006.
- The land bank reached R$5.7 billion as of 4Q07, up 182% from 4Q06
BHP Billiton is demerging its non-core assets into a new company called South32 through an in-specie dividend where shareholders will receive one South32 share for every BHP Billiton share. South32 will house BHP Billiton's alumina, aluminum, coal, manganese, nickel, silver, lead and zinc assets. It is expected to report earnings of around 17 cents per share for 2015 based on pro forma financials, implying a valuation between $2.10-$2.50 per share. The demerger aims to simplify BHP Billiton's portfolio and allow both companies to focus on their distinct strategies and asset bases.
The document is a private placement memorandum from Everyday Capital LLC describing the company and its real estate investment offering. Some key points:
- Everyday Capital LLC is a newly formed Delaware LLC that will raise and manage capital to invest in real estate secured notes, real estate assets, and bridge loans.
- The minimum offering is for 1,000 Class A membership units at $1,000 per unit, with a maximum of 50,000 units. Class A units will receive a 5% preferred return distribution annually.
- The management team has over 15 years of experience investing over $2 million of its own capital in real estate transactions in multiple states.
- The company will focus investments on lending to
Providência reported a 20.2% increase in sales volume in 4Q13 compared to the previous year, driven by the startup of a new production line. Net revenue increased 42.2% due to higher sales, while adjusted EBITDA grew 2.5%. Net debt rose 11.2% due to currency effects on US dollar debt. The company also paid out interim dividends totaling 100% of the first half adjusted dividend base. Finally, the controlling shareholders entered an agreement to sell the company to PGI Polímeros do Brasil S.A. and Polymer Group, Inc. for a price of R$9.75 per share.
Providência reported a 20.2% increase in sales volume in 4Q13 compared to the previous year, driven by increased capacity from a new production line. Net revenue increased 42.2% due to higher sales, while adjusted EBITDA grew slightly by 2.5%. Net debt increased 11.2% from currency effects on US dollar financing. The company also paid out interim dividends totaling the first half net income. In January 2014, the controlling shareholders entered an agreement to sell the company to PGI Polímeros do Brasil S.A. and Polymer Group, Inc.
Goodrich Corporation announced its financial results for the fourth quarter and full year 2004. Net income for 2004 was $172 million, a 68% increase over 2003. Sales in 2004 increased 8% to $4.725 billion. For the fourth quarter, net income was $37 million on sales of $1.262 billion. The company reiterated its outlook for 2005, expecting sales growth of 6-8% and earnings per share growth of 23-38% over 2004. Key business highlights included new contracts for the Boeing 787 Dreamliner worth over $7 billion through 2028.
Ladder Capital - Bond Investor Presentation (Sept. 2020)David Merkur
Ladder Capital Corp is a commercial real estate investment trust that provides concise summaries of its business in investor presentations. This 3-sentence summary covers the key points:
Ladder has a diversified portfolio of $3 billion in commercial real estate loans, $1.3 billion in CRE equity investments such as net lease properties, and $1.5 billion in highly-rated CMBS; it maintains a conservative leverage ratio of 3.1x and focuses on unsecured debt and non-recourse financing; and the company is led by an experienced management team that has been with Ladder since inception.
Ladder Capital - Bond Investor Presentation (Sept. 2020)David Merkur
Ladder Capital Corp is a commercial real estate investment trust that provides a presentation on its business. It has a diversified portfolio consisting of $3 billion in commercial real estate loans, $1.3 billion in CRE equity investments such as net lease properties, and $1.5 billion in investment grade CRE securities. It has a conservative leverage ratio of 3.1x adjusted debt to equity and focuses on using unsecured debt and non-recourse financing. The company is led by an experienced management team that has been with the company since inception.
This document provides a summary of CTEEP's financial results for 2014. It highlights an increase in net operating revenue of 12.4% and EBITDA of R$488 million, with a margin of 44.3%. Net income was R$379.7 million compared to R$31.9 million in 2013. The equity income result also increased. CTEEP saw growth in its market capitalization and trading volume in 2014. The presentation reviews revenue breakdowns, cost reductions, the financial result, debt levels, investments and capital markets performance for the year.
plains all american pipeline Annual Reports 2006finance13
This document summarizes Plains All American Pipeline's performance and activities in 2006 and outlook for 2007. In 2006, PAA exceeded its financial guidance, increased distributions to unitholders by 11.5%, completed $3.4 billion in acquisitions including a merger with Pacific Energy Partners, and invested in expansion projects. For 2007, PAA's goals are to successfully integrate the Pacific acquisition, deliver financial performance in line with guidance, pursue $200-300 million in acquisitions, increase distributions by at least 14%, and execute its $500 million expansion capital program. PAA believes it is well positioned for future growth due to its diversified portfolio of assets and expansion opportunities.
Ladder Capital - Investor Presentation (October 2019)David Merkur
Ladder Capital Corp is a commercial mortgage REIT that invests in commercial real estate loans, securities, and equity. It has a $6.4 billion portfolio of CRE assets focused on the middle market. Ladder has a consistent track record of profitability through multiple market cycles due to its focus on senior secured lending, strong underwriting, and experienced management team. The company maintains a conservative capital structure and dividend payout.
Ladder Capital - Investor Presentation (Nov. 2020)David Merkur
Ladder Capital Corp is a commercial real estate investment trust that provides investors with a presentation on its business as of November 2020. It has a diversified portfolio of $2.7 billion in commercial real estate loans, $1.2 billion in CRE equity investments including $789 million in net lease properties, and $1.4 billion in highly-rated commercial mortgage backed securities. It has a best-in-class capital structure with $2 billion of unsecured debt, $2.7 billion of unencumbered assets, and modest leverage ratios of 2.9x adjusted total debt/equity and 2.3x net debt/equity. The company is led by an experienced executive team with deep industry expertise.
This year 12 of AceTech Ontario's 65 member companies ranked on the PROFIT 500 list. Each member on the list was asked, "How did you make the PROFIT 500 list? This presentation is quotes that answer this question.
AceTech Ontario is a not for profit organization dedicated to helping Ontario’s technology-based companies become more competitive by providing programmes and opportunities to guide and develop their CEOs and senior executives. Members enhance their business leadership through the exchange of ideas, strategies and tactics with a close-knit, carefully qualified group of like-minded peers. AceTech Ontario’s Mission is to support CEOs helping CEOs on their journey to sustained success.
Our vision is for the most successful technology CEOs in Ontario to belong to AceTech.
With access to expert speakers, corporate sponsors, and a large base of growth oriented IP-based technology companies, AceTech Ontario offers its members opportunities to participate in rich discussions, mentoring, peer guidance, exploration of ideas, brainstorming of strategies, and sharing of real-world experiences and results, all with one goal in mind – to continually improve the success of their companies.
Lymba PowerAgent employs artificially intelligent language learning to improve the quality of your customer service/support experience for the customer and the agent.
This document discusses various adjustments that may need to be made to financial statements, including outstanding expenses, prepaid expenses, accrued income, income received in advance, and adjustments related to debtors such as bad debts and provisions for doubtful debts. Outstanding expenses are expenses due in the current accounting period but paid in the next period. Prepaid expenses are expenses paid in the current year but relating to the next year. Accrued income is income due in the current year but received in the next year, while income received in advance is income relating to the next year but received in the current year. Adjustments are needed to account for these items in the financial statements. The document also discusses the treatment of bad debts, provisions for doubtful
Major brands in the Consumer Foods segment that posted sales growth included Egg Beaters, Healthy Choice, and Slim Jim. Brands that posted sales declines included ACT II and Blue Bonnet. Total depreciation and amortization from continuing operations was $88 million for the quarter and $177 million year-to-date. Capital expenditures were $66 million for the quarter and $111 million year-to-date. Net interest expense was $52 million for the quarter and $110 million year-to-date.
MGM Resorts International is a global entertainment company with a market capitalization of $19 billion and net revenues of $10.6 billion. It has 27 unique hotel brands across the United States and Macau, including Bellagio, MGM Grand, and Mandalay Bay. MGM Resorts is a leader in conventions and meetings with over 3.9 million square feet of space, as well as entertainment with 20+ venues in Las Vegas. It also operates over 400 food and beverage outlets, making it one of the largest non-chain restaurant operators in the world.
This document summarizes Ameriprise Financial's fourth quarter and full year 2007 financial results. Net income for Q4 2007 increased 49% to $255 million compared to Q4 2006. Adjusted earnings for Q4 2007, which exclude separation costs, increased 9% to $274 million. For the full year, net income grew 29% to $814 million and adjusted earnings increased 12% to $968 million. Management fees and financial advice fees grew 25% in Q4 2007, while net revenues increased 8%. The company saw solid growth across its business segments.
MGM Resorts International reported financial results for the third quarter of 2017. Net income was $149 million. Domestic resort revenues increased 18% due to strong performance of Las Vegas Strip properties and a full quarter of operations for recently acquired properties. Adjusted Property EBITDA for domestic resorts grew 25% to $714 million. MGM China reported a 21% decrease in Adjusted EBITDA to $118 million despite a 2% increase from the previous quarter. MGM Resorts remains focused on maximizing shareholder value through continued investment in existing properties and prudent growth opportunities.
(1) Newtek Business Services Corp. held an investor luncheon to discuss converting to a business development company (BDC) and raising capital through an equity offering.
(2) As a BDC, Newtek expects to pay an attractive initial dividend of $0.38 per share in Q1 2015 and an average quarterly dividend of $0.45 per share, representing a 13.1% annual yield based on the current stock price.
(3) Newtek raised $31.625 million through the sale of 2.53 million shares of common stock in a public offering to fund expansion of its small business financing activities and direct investments in portfolio companies.
- The document is the 3Q15 earnings presentation for Las Vegas Sands Corp. It provides financial highlights for the quarter including net revenue, adjusted property EBITDA, margins, EPS, and dividends paid.
- Geographically, EBITDA was derived 49% from Macao, 38% from Singapore, and 13% from the United States. Both LVS and Sands China are committed to returning capital to shareholders through dividends and share repurchases, with over $12 billion returned over the last 15 quarters.
- LVS maintains a strong balance sheet and cash flow with a net debt to TTM EBITDA of 1.6x providing flexibility for growth and capital returns.
Golar LNG reported its first quarter 2013 results and provided commentary on subsequent events and outlook. Key highlights included operating income of $75.9 million and net income of $85.6 million. Golar Partners completed a follow-on equity offering raising $130 million and Golar sold its interest in a vessel to Golar Partners for $215 million. The company also discussed progress on financing its newbuilding program and potential projects in regions like the Americas and West Africa.
The document provides highlights and financial results for PDG Realty's 4th quarter and full year 2007 performance. Some key points:
- 77% of units launched in 2007 have been sold already, totaling 9,963 units. 63% of units launched in 4Q07, totaling 2,412 units, have also been sold.
- The company exceeded its launched PSV guidance for 2007, achieving R$1.233 billion versus a guidance of R$1.2 billion. EBITDA was R$161 million for 2007, up 212% from 2006.
- The land bank reached R$5.7 billion as of 4Q07, up 182% from 4Q06
BHP Billiton is demerging its non-core assets into a new company called South32 through an in-specie dividend where shareholders will receive one South32 share for every BHP Billiton share. South32 will house BHP Billiton's alumina, aluminum, coal, manganese, nickel, silver, lead and zinc assets. It is expected to report earnings of around 17 cents per share for 2015 based on pro forma financials, implying a valuation between $2.10-$2.50 per share. The demerger aims to simplify BHP Billiton's portfolio and allow both companies to focus on their distinct strategies and asset bases.
The document is a private placement memorandum from Everyday Capital LLC describing the company and its real estate investment offering. Some key points:
- Everyday Capital LLC is a newly formed Delaware LLC that will raise and manage capital to invest in real estate secured notes, real estate assets, and bridge loans.
- The minimum offering is for 1,000 Class A membership units at $1,000 per unit, with a maximum of 50,000 units. Class A units will receive a 5% preferred return distribution annually.
- The management team has over 15 years of experience investing over $2 million of its own capital in real estate transactions in multiple states.
- The company will focus investments on lending to
Providência reported a 20.2% increase in sales volume in 4Q13 compared to the previous year, driven by the startup of a new production line. Net revenue increased 42.2% due to higher sales, while adjusted EBITDA grew 2.5%. Net debt rose 11.2% due to currency effects on US dollar debt. The company also paid out interim dividends totaling 100% of the first half adjusted dividend base. Finally, the controlling shareholders entered an agreement to sell the company to PGI Polímeros do Brasil S.A. and Polymer Group, Inc. for a price of R$9.75 per share.
Providência reported a 20.2% increase in sales volume in 4Q13 compared to the previous year, driven by increased capacity from a new production line. Net revenue increased 42.2% due to higher sales, while adjusted EBITDA grew slightly by 2.5%. Net debt increased 11.2% from currency effects on US dollar financing. The company also paid out interim dividends totaling the first half net income. In January 2014, the controlling shareholders entered an agreement to sell the company to PGI Polímeros do Brasil S.A. and Polymer Group, Inc.
Goodrich Corporation announced its financial results for the fourth quarter and full year 2004. Net income for 2004 was $172 million, a 68% increase over 2003. Sales in 2004 increased 8% to $4.725 billion. For the fourth quarter, net income was $37 million on sales of $1.262 billion. The company reiterated its outlook for 2005, expecting sales growth of 6-8% and earnings per share growth of 23-38% over 2004. Key business highlights included new contracts for the Boeing 787 Dreamliner worth over $7 billion through 2028.
Ladder Capital - Bond Investor Presentation (Sept. 2020)David Merkur
Ladder Capital Corp is a commercial real estate investment trust that provides concise summaries of its business in investor presentations. This 3-sentence summary covers the key points:
Ladder has a diversified portfolio of $3 billion in commercial real estate loans, $1.3 billion in CRE equity investments such as net lease properties, and $1.5 billion in highly-rated CMBS; it maintains a conservative leverage ratio of 3.1x and focuses on unsecured debt and non-recourse financing; and the company is led by an experienced management team that has been with Ladder since inception.
Ladder Capital - Bond Investor Presentation (Sept. 2020)David Merkur
Ladder Capital Corp is a commercial real estate investment trust that provides a presentation on its business. It has a diversified portfolio consisting of $3 billion in commercial real estate loans, $1.3 billion in CRE equity investments such as net lease properties, and $1.5 billion in investment grade CRE securities. It has a conservative leverage ratio of 3.1x adjusted debt to equity and focuses on using unsecured debt and non-recourse financing. The company is led by an experienced management team that has been with the company since inception.
This document provides a summary of CTEEP's financial results for 2014. It highlights an increase in net operating revenue of 12.4% and EBITDA of R$488 million, with a margin of 44.3%. Net income was R$379.7 million compared to R$31.9 million in 2013. The equity income result also increased. CTEEP saw growth in its market capitalization and trading volume in 2014. The presentation reviews revenue breakdowns, cost reductions, the financial result, debt levels, investments and capital markets performance for the year.
plains all american pipeline Annual Reports 2006finance13
This document summarizes Plains All American Pipeline's performance and activities in 2006 and outlook for 2007. In 2006, PAA exceeded its financial guidance, increased distributions to unitholders by 11.5%, completed $3.4 billion in acquisitions including a merger with Pacific Energy Partners, and invested in expansion projects. For 2007, PAA's goals are to successfully integrate the Pacific acquisition, deliver financial performance in line with guidance, pursue $200-300 million in acquisitions, increase distributions by at least 14%, and execute its $500 million expansion capital program. PAA believes it is well positioned for future growth due to its diversified portfolio of assets and expansion opportunities.
Ladder Capital - Investor Presentation (October 2019)David Merkur
Ladder Capital Corp is a commercial mortgage REIT that invests in commercial real estate loans, securities, and equity. It has a $6.4 billion portfolio of CRE assets focused on the middle market. Ladder has a consistent track record of profitability through multiple market cycles due to its focus on senior secured lending, strong underwriting, and experienced management team. The company maintains a conservative capital structure and dividend payout.
Ladder Capital - Investor Presentation (Nov. 2020)David Merkur
Ladder Capital Corp is a commercial real estate investment trust that provides investors with a presentation on its business as of November 2020. It has a diversified portfolio of $2.7 billion in commercial real estate loans, $1.2 billion in CRE equity investments including $789 million in net lease properties, and $1.4 billion in highly-rated commercial mortgage backed securities. It has a best-in-class capital structure with $2 billion of unsecured debt, $2.7 billion of unencumbered assets, and modest leverage ratios of 2.9x adjusted total debt/equity and 2.3x net debt/equity. The company is led by an experienced executive team with deep industry expertise.
This year 12 of AceTech Ontario's 65 member companies ranked on the PROFIT 500 list. Each member on the list was asked, "How did you make the PROFIT 500 list? This presentation is quotes that answer this question.
AceTech Ontario is a not for profit organization dedicated to helping Ontario’s technology-based companies become more competitive by providing programmes and opportunities to guide and develop their CEOs and senior executives. Members enhance their business leadership through the exchange of ideas, strategies and tactics with a close-knit, carefully qualified group of like-minded peers. AceTech Ontario’s Mission is to support CEOs helping CEOs on their journey to sustained success.
Our vision is for the most successful technology CEOs in Ontario to belong to AceTech.
With access to expert speakers, corporate sponsors, and a large base of growth oriented IP-based technology companies, AceTech Ontario offers its members opportunities to participate in rich discussions, mentoring, peer guidance, exploration of ideas, brainstorming of strategies, and sharing of real-world experiences and results, all with one goal in mind – to continually improve the success of their companies.
Lymba PowerAgent employs artificially intelligent language learning to improve the quality of your customer service/support experience for the customer and the agent.
This document provides information on risks families face and how to manage them. It discusses illness, death, job loss, and financial crisis as key risks. It recommends having insurance, estate planning, health savings, power of attorney, and separate savings for education, special situations, and retirement. The document also discusses how families can be informed about risks through government advertising, various media like television, radio, newspapers and social media. Finally, it discusses how families can handle risks through open discussion, utilizing members' experiences, and consulting experts to determine the best investment and savings strategies based on their needs.
According to a 2013 retail industry report published by Accenture there are roughly 80 million Millennials in the United States alone, and they are spending approximately $600 billion annually, an amount expected to grow to $1.4 trillion by 2020. As the Baby Boomer generation retires and reduces their spending, building lasting customer relations with this demographic will be a key performance indicator for stability and growth over the next 40 years.
Looking to increase downloads for free? Welcome to Tappx developers community!
We're the largest open cross-promotion community for app developers. Check out our presentation to see how our community works and Join Us to promote your app for free and increase downloads. Is really simple!
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This document provides information on risks families face and how to manage them. It discusses illness, death, job loss, and financial crisis as key risks. It recommends having insurance, estate planning, health savings, power of attorney, and targeted savings. Education planning, special situations, and retirement are also addressed. The document suggests governments and media can inform families through advertising, different media formats, and social media. It posits families can handle risks through open discussion, utilizing each member's strengths, and consulting experts. An example YouTube video is provided on using social media to improve family knowledge.
This document outlines training considerations and plans for long sprinting events. It discusses four elements of long sprinting ability: acceleration, maximal speed, speed endurance, and aerobic endurance. It also lists factors to consider in training design like season length and performance level. The document provides detailed inventories of running and strength training exercises categorized by development of acceleration, maximal speed, speed endurance, and more. Sample multi-day training plans are given for different phases of the season focused on building work capacity, increasing speed, and racing effectively.
Presentación Tappx - SmashTech Event - Canales de captación y modelos de nego...Tappx
Modelos de negocio en apps y canales de captación según eficacia-coste.
Cuando escogemos un modelo de negocio sobre nuestra app y cómo obtendremos ingresos. Deberemos analizar los 3 que existen: in-app, payed-app, publicitario. Junto con sus combinaciones y particularidades. De la misma forma que para captar usuarios analizaremos los mejores canales de captación, comenzando por los más eficientes (cross-promotion) hasta los que menos.
Para terminar con una explicación sobre cómo has de lanzar tu app, tanto si cuentas con un gran presupuesto como si no.
Hurdle technique and training NCCA Clinic 14coachrube
The document discusses techniques for high hurdles running. It outlines the basic movements for the lead and trail legs, including knee lead, minimal touchdown contact, and split extension at takeoff. It also covers arm movements and advanced concepts like rotation. It recommends teaching basics through walking, skipping, and 5-step and 3-step rhythms over gradually higher hurdles. Finally, it provides guidance on putting the full race together through acceleration drills and developing rhythm endurance over multiple hurdles.
This document summarizes Hancock Holding Company's financial results for the first quarter of 2014. Some key points:
- Operating income was $49.1 million, up from $45.8 million in Q4 2013 and $48.6 million in Q1 2013. Expenses declined $10.1 million from Q4 2013, exceeding the company's goal.
- Loans grew $231 million or 8% annualized from Q4 2013. Deposits declined slightly but average deposits grew 2% from Q4 2013.
- Non-performing assets declined to 1.43% of total loans from 1.50% in Q4 2013. Net charge-offs also declined.
- Net interest
Major brands in the Retail Products segment that posted sales growth included ACT II, Blue Bonnet, Butterball, Kid Cuisine, Marie Callender's, Reddi-wip and Ro*Tel. Brands that posted sales declines included Armour, Banquet, Cook's, DAVID, Eckrich, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, LaChoy, Orville Redenbacher, PAM, Parkay, Peter Pan, Slim Jim, Snack Pack, Swiss Miss, Van Camp's and Wesson. Retail Products volume declined 5% for the quarter while Foodservice Products volume increased 2%. Corporate expense for the quarter was approximately $103 million
CIT Group reported second quarter results with income from continuing operations of $48.1 million, down from $352.1 million in the prior year quarter. They recorded a net loss of $2.1 billion including a $2.1 billion loss from discontinued home lending operations. CIT made progress strengthening its balance sheet by raising $1.6 billion in capital and selling its home lending business. Credit quality in commercial operations declined slightly with higher delinquencies but lower net charge-offs.
CIT Group reported second quarter earnings of $48.1 million, down from $352.1 million in the prior year quarter. They completed the sale of their home lending business, recording a $2.1 billion loss. Credit reserves were increased and capital ratios remained strong despite challenging market conditions. Progress was made on strategic capital and liquidity initiatives including raising $1.6 billion in capital and reducing commercial finance assets by $3 billion through asset sales. While earnings declined, the company strengthened its balance sheet by selling assets and raising capital.
- Major brands in the Retail Products segment that posted sales growth included ACT II, Armour, Banquet, and Blue Bonnet. Brands that posted sales declines included Healthy Choice, Slim Jim, and Snack Pack.
- Retail volume increased 8% while foodservice volume was flat excluding divested businesses.
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- Capital expenditures were approximately $105 million, reflecting increased investment in information systems.
This document provides Iron Mountain's earnings commentary and supplemental information for the third quarter of 2015. Some key highlights include:
- Constant dollar total revenue growth was 2.0% for the quarter and 2.1% year-to-date, driven by storage rental revenue gains offset by service revenue declines.
- Adjusted OIBDA was $228 million for the quarter and $682 million year-to-date, reflecting Transformation program costs. On a constant dollar basis, Adjusted OIBDA increased by 2.3% for the quarter and 1.5% year-to-date.
- The board of directors declared a quarterly dividend increase to $0.485 per share.
Iron Mountain reported financial results for the fourth quarter and full year of 2015. While total reported revenues declined year-over-year due to currency impacts, constant currency total revenue growth was 2.1% for both the quarter and full year, driven by storage rental revenue gains. Adjusted OIBDA increased 13.6% for the quarter and 4.4% for the full year on a constant currency basis. The company executed on its transformation initiative and achieved its service gross margin target for the quarter. Iron Mountain provided guidance for 2016 that is in line with expectations set at its investor day.
Iron Mountain reported financial results for the fourth quarter and full year of 2015. While total reported revenues declined slightly due to currency impacts, constant currency total revenue growth was 2.1% for both the quarter and full year, in line with guidance. Adjusted OIBDA for the quarter and full year met or exceeded expectations. The company achieved its service gross margin target for the quarter and realized $50 million in annualized savings from its ongoing Transformation initiative. Iron Mountain reiterated its 2016 constant currency revenue growth guidance provided previously.
- Hancock Holding Company reported financial results for the fourth quarter of 2014, with net income of $40.1 million compared to $46.6 million in Q3 2014 and $34.7 million in Q4 2013.
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Packaged Foods sales increased 4% excluding divestitures, with 2% volume growth. Several brands posted sales growth including Armour, Banquet, and Blue Bonnet, while others like ACT II and Butterball declined. Sales comparability was affected by $155 million in divested businesses last year. Operating profit grew 5% in Packaged Foods and 10% overall when adjusting for divested businesses and cost savings initiatives. The company is implementing cost cutting measures expected to save more than implementation costs in the future.
American Apparel, Inc. Reports Fourth Quarter 2014 Financial Resultsheavenlygimmick52
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- Google reported financial results for Q2 2014 with total revenue of $15.96 billion, up 22% year-over-year and 3% quarter-over-quarter.
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- International revenues accounted for 58% of total revenue and grew faster than U.S. revenues both year-over-year and quarter-over-quarter.
CIT Group reported a net loss of $257 million for Q1 2008. Key actions to improve liquidity included agreeing to sell $4.6 billion in loans and $770 million in aircraft, and identifying an additional $2 billion in assets to be financed or sold. Commercial businesses earned $0.82 per share excluding notable items, while losses from home lending and consumer segments drove the overall loss. The company declared a reduced quarterly dividend of $0.10 per share.
CIT Group reported a net loss of $257 million for Q1 2008. Key actions to improve liquidity included agreeing to sell $4.6 billion in loans and commitments, $770 million in aircraft, and identifying $2 billion more in assets to finance or sell. Commercial businesses earned $0.82 per share excluding notable items, while losses from home lending and consumer segments and charges drove the overall loss. The company strengthened credit loss reserves and reduced the quarterly dividend to $0.10 per share.
The document provides a Q&A summary of ConAgra Foods' financial results for Q2 FY04 compared to Q2 FY03. Key points include:
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- Sales comparability was impacted by $506M in divested fresh meat businesses in FY03 and $154M in divested canned food businesses in FY03.
- Examples of brand sales growth included Banquet, Chef Boyardee, Egg Beaters
- Accenture reported financial results for Q4 FY2009, with revenues of $5.15B for Q4 and $21.58B for the full year.
- The company delivered record annual free cash flow of $2.92B and annual new bookings of $23.90B.
- Accenture increased its annual cash dividend by 50% to $0.75 per share and approved $4B in additional share repurchases.
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- Q4 2014 revenues increased 0.5% year-over-year to $504.6 million, driven by organic growth and acquisitions.
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- Capital expenditures in 2014 declined to 9.7% of revenues from 10.6% in 2013, allowing the company to generate $235.4 million in free cash flow for FY2014.
Similar to Spirit Realty Capital Announces Second Quarter 2014 Operating Results and Improves 2014 Guidance (20)
Spirit Realty Capital Announces Second Quarter 2014 Operating Results and Improves 2014 Guidance
1. Spirit Realty Capital Announces Second Quarter 2014
Operating Results and Improves 2014 Guidance
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Spirit Realty Capital, Inc. (NYSE:SRC), a real estate
investment trust that invests in single-tenant, operationally essential real estate, today announced
operating results for the second quarter ended June 30, 2014, and improved its 2014 Adjusted
Funds from Operations (AFFO) guidance.
Highlights
For the second quarter ended June 30, 2014, Spirit Realty Capital:
Recognized revenues of $151.8 million, more than double the revenues reported in the second
quarter of 2013 largely due to the merger with Cole Credit Property Trust II, Inc. (Cole II) completed
on July 17, 2013.
Generated AFFO of $0.20 per share, Funds from Operations (FFO) of less than $0.01 per share, and
net loss of $(0.24) per share.
Improved 2014 AFFO guidance to range between $0.80 to $0.83 per share.
Closed 24 real estate transactions and invested $207.7 million (including $1.2 million follow on
investments in existing properties) which added 86 properties to its portfolio, earning an initial cash
yield of approximately 7.72% under leases with an average remaining term of 18.0 years.
Maintained essentially full occupancy at 99%.
Strengthened the balance sheet and acquisition capacity by:
Issuing $402.5 million of 2.875% Convertible Senior Notes due 2019 and $345.0 million of 3.75%
Convertible Senior Notes due 2021, resulting in net proceeds of approximately $726.2 million.
Completing a secondary offering of 26,450,000 shares of common stock, resulting in net proceeds of
approximately $271.2 million.
Establishing an at-the-market program (ATM) allowing for the periodic issuance of its common stock
which raised $16.6 million on 1.6 million shares sold during the quarter.
Completing an exchange offer for $912.4 million outstanding principal balance of certain net-lease
mortgage notes issued under its Spirit Master Funding Program, with each class of new notes
having a rating of "A+" by Standard & Poor's Rating Services (S&P).
Extinguishing $527.8 million of debt with a weighted average interest rate of 6.54% and weighted
average remaining term of 25 months.
Declared cash dividends for the second quarter of $0.16625 per share, which equates to an
annualized dividend of $0.6650 per share.
2. For the six months ended June 30, 2014, Spirit Realty Capital:
Generated revenues of $295.8 million, more than double the revenues reported in the first half of
2013.
Generated AFFO of $0.41 per share, FFO of $0.20 per share and net loss of $(0.20) per share.
Invested $365.5 million with an initial cash yield of 7.76% and an average remaining lease term of
15.5 years. Added 190 properties to its portfolio through new investments.
Raised over $1 billion through a combination of registered offerings of common stock and unsecured
convertible notes.
CEO Comments
Thomas H. Nolan, Jr., Chairman and Chief Executive Officer of Spirit Realty Capital, stated: "Our
second quarter accomplishments were exciting and meaningful in many ways. Successfully raising
over $1 billion through the public issuance of convertible notes and equity, the net proceeds were
used to extinguish high-priced debt with near-term maturities and capture investment opportunities
with good risk-to-return profiles. More importantly, this capital raised allows the Company to
continue to make material progress toward the objectives it articulated at the time of the IPO of
reducing its tenant concentration, bringing leverage more in-line with peers and increasing its
financial flexibility, all with the goal of becoming one of the premier triple net REITs. I am pleased
that we have been able to advance these objectives while continuing to generate sustainable and
growing cash flows to our shareholders."
Financial Results
Revenues
Second quarter 2014 total revenues more than doubled to $151.8 million, compared to $72.4 million
in the second quarter of 2013. The increase reflects the benefits derived from both the Cole II
merger completed in the third quarter of 2013 and organic real estate acquisitions, as well as
embedded rent growth in the portfolio. Additionally, a $2.7 million legal settlement award was
recognized as other income during the second quarter 2014 as final resolution of a dispute with a
tenant was achieved. Lease termination fees of $0.9 million were recorded in the second quarter of
2013.
Total revenues for the first six months in 2014 more than doubled to $295.8 million, compared to
$143.4 million for the first six months in 2013 for the same reasons noted earlier.
Net Income
Net loss for the second quarter of 2014 was $(89.8) million, or $(0.24) per share based on 381.8
million weighted average shares of common stock outstanding, compared to the net loss for the
second quarter of 2013 of $(11.7) million, or $(0.08) per share based on 159.4 million weighted
average shares of common stock outstanding.
Net loss for the first six months of 2014 was $(75.6) million, or $(0.20) per share based on 375.3
million weighted average shares of common stock outstanding, compared to the net loss for the first
six months of 2013 of $(20.0) million, or $(0.13) per share based on 159.4 million weighted average
3. shares of common stock outstanding.
Results for the second quarter and six months ended June 30, 2014, as well as the comparable
periods in 2013, included certain transaction-specific costs which are not expected to be indicative
of future operating results, associated principally with finance restructuring activities and merger
related costs, respectively. These items are summarized below (in thousands):
Â
Quarter ended June 30,
Â
Six months ended June 30,
2014
Â
Â
2013
Â
Â
2014
Â
Â
2013
Â
Loss (gain) on extinguishment of debt
$
64,708
Â
Â
$
(1,028
4. )
Â
$
64,708
Â
Â
$
(1,028
)
Master Trust notes exchange costs reported in
Finance restructuring costs
13,016
--
13,033
--
Merger related costs:
Transaction costs reported in Merger costs
--
5,020
--
11,557
Amortization charges of financing commitments
obtained for the merger reported in Interest
--
Â
6,442
5. Â
Â
--
Â
Â
10,057
Â
$
77,724
Â
$
10,434
Â
Â
$
77,741
Â
Â
$
20,586
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Net income for the second quarter and first half of 2014 also included impairment charges of $27.6
million and $29.3 million, respectively. Impairment charges recognized in the 2013 comparable
periods were $1.6 million and $3.7 million and were principally reported as discontinued operations.
Absent the transaction-specific costs and impairment charges noted above, net income (loss) for the
respective periods on a total and relative per share basis would be as follows:
Â
6. Quarter ended June 30,
Â
Six months ended June 30,
Amounts in thousands, except per share data
2014
Â
Â
2013
Â
Â
2014
Â
Â
2013
Net income (loss), as adjusted
$
15,530
Â
Â
$
366
Â
$
31,493
Â
Â
7. $
4,289
Net income (loss) per share, as adjusted
$
0.04
$
--
$
0.08
$
0.03
The historical shares outstanding have been adjusted by the Cole II Merger Exchange Ratio as
detailed in Spirit Realty Capital's proxy statement filed with the Securities and Exchange
Commission (SEC) related to the merger.
FFO, AFFO, FAD and Leverage
FFO for the second quarter of 2014 were $0.9 million, or less than $0.01 per share, compared to
$21.4 million or $0.13 per share, for the second quarter of 2013. For the first six months of 2014,
FFO was $75.6 million, or $0.20 per share. For the first six months of 2013, FFO was $43.3 million
or $0.27 per share.
AFFO for the second quarter of 2014 totaled $78.7 million, or $0.20 per share, compared to $37.0
million, or $0.24 per share, for the second quarter of 2013. For the first six months of 2014, AFFO
was $153.3 million, or $0.41 per share. For the first six months of 2013, AFFO was $73.7 million or
$0.46 per share.
For the three months ended June 30, 2014, dividends declared to common stockholders of $66.3
million represented an 84% payout ratio against funds available for distribution (FAD).
Leverage at June 30, 2014 was 7.1x, compared to 7.3x at March 31, 2014 and 7.4x at June 30,
2013. Leverage was lower as funds raised from the secondary equity and convertible note offerings
in the current quarter had not yet been fully deployed in investments.
The definitions of FFO, AFFO, FAD and Leverage are included on pages 7-9, and a reconciliation of
these measures to net income (loss) is provided on pages 12-13.
Portfolio Highlights
Real Estate Transactions
8. Spirit Realty Capital acquired 86 properties with a gross investment of $206.5 million in 24 separate
transactions during the second quarter of 2014. These investments had an initial cash yield of 7.72%
and 37% of the amount invested was with existing tenants. The associated leases have a weighted
average remaining term of 18.0 years. Separately, an additional $1.2 million was invested in existing
properties. Total investments for the first six months in 2014 of $365.5 million were almost four
times the amount invested in the first half of 2013.
During the second quarter of 2014, Spirit Realty Capital sold five properties generating gross sales
proceeds of $9.0 million.
Portfolio
As of June 30, 2014, Spirit Realty Capital's gross investment in real estate and loans receivable
totaled $7.5 billion, substantially all of which was invested in 2,369 properties (including 145
properties securing mortgage loans) that were 99% occupied. Spirit Realty Capital's properties are
generally leased under long-term, triple net leases, with a weighted average remaining term of
approximately 10.1 years. At June 30, 2014, approximately 43% of its rent is contributed from
properties under master leases, and approximately 87% of its single-tenant property leases provide
for periodic rent increases.
Spirit Realty Capital's real estate portfolio as of June 30, 2014, was diversified geographically
across 49 states and among various industry types. Texas, Illinois, Wisconsin, and Georgia accounted
for 12.5%, 6.8%, 5.8%, and 5.2% of the annual rent contribution of the real estate portfolio,
respectively.
During the three months ended June 30, 2014, revenue from Shopko, the Company's largest
tenant, represented 13.8% of total revenues, down from 14.0% in the first quarter of 2014. During
the three months ended June 30, 2014, no other tenant represented more than 5% of total
revenues.
Spirit Realty Capital's three largest industry types (based on annualized rental revenue) as of
June 30, 2014, were general merchandise (16.2%), casual dining restaurants (9.0%), and quick
service restaurants (7.7%).
Capital Transactions and Finance Restructuring Activities
Concurrent Public Offerings of Common Stock and Convertible Senior Notes
On May 20, 2014, Spirit Realty Capital completed a registered underwritten public offering of
26,450,000 shares of its common stock and issued an aggregate $747.5 million of principal balance
convertible senior notes under two series (the Notes). One series matures on May 15, 2019 in the
aggregate principal amount of $402.5 million and bears interest at 2.875% (2019 Notes). The other
series matures on May 15, 2021 in the aggregate principal amount of $345.0 million and bears
interest at 3.75% (2021 Notes). The offerings reflect the exercise in full of the underwriters' over-
allotment options.
Interest on the Notes is payable semi-annually in arrears on May 15 and November 15 of each year.
Subject to certain circumstances and during certain periods, the Notes are convertible into cash,
shares of Spirit Realty Capital's common stock or a combination thereof. The initial conversion rate
applicable to each series is 76.3636 per $1,000 principal note (equivalent to an initial conversion
price of $13.10 per share of common stock, representing a 22.5% premium above the public offering
9. price). Earlier conversion may be triggered if shares of Spirit Realty Capital common stock trade
higher than the established thresholds or certain corporate events as defined occur.
Aggregate net proceeds from the offerings were $997.4 million after deducting underwriting
discounts and offering expenses of approximately $32.9 million.
Debt Extinguishment
Net proceeds raised from the concurrent public offerings were partially used to extinguish senior
mortgage notes payable with an aggregate principal balance of $509.8 million, repay all amounts
drawn against the company's revolving credit facility and redeem $18.0 million of net-lease
mortgage notes which were not tendered in connection with the Spirit Master Funding notes
exchange offer.
Included in the senior mortgage notes payable extinguished was the defeasance of indebtedness to
which certain Shopko properties were pledged with an outstanding principal balance of $488.7
million. These notes had contractual interest of 6.59% and matured in 2016. The defeasance
unencumbered these Shopko properties, providing Spirit Realty Capital additional flexibility in
financing and managing the Shopko portfolio.
The weighted average stated interest rate across Spirit Realty Capital's indebtedness at June 30,
2014 dropped 47 bps to 5.06% when compared to 5.53% at March 31, 2014. Debt extinguishment
losses totaling $64.7 million were recognized in connection with these transactions and the Spirit
Master Funding notes exchange offer described below.
Spirit Master Funding Notes Exchange Offer
On May 20, 2014, Spirit Realty Capital completed an exchange offer on $912.4 million outstanding
principal balance of certain net-lease mortgage notes issued by subsidiaries under its Spirit Master
Funding program. New notes were issued in the exchange for $894.4 million outstanding principal
balance. The new notes issued in the exchange were rated A+ by S&P, better than the existing
ratings from S&P on the old notes, while maintaining similar structural terms. The new notes bear
interest at the same rate, amortize at a slower rate and have a later legal final repayment date than
the existing notes for which they were exchanged (although the anticipated repayment date remains
the same). The new notes are not insured by third party financial guaranty insurance and the
associated insurance premium was eliminated.
Notes with approximately $18.0 million in principal balance were not tendered. Spirit Realty Capital
redeemed these notes incurring approximately $2.3 million in make-whole premium costs, which
were included in Loss on debt extinguishment.
ATM Common Stock Program
On April 15, 2014, Spirit Realty Capital commenced a "continuous equity offering" under which
Spirit Realty Capital may sell up to an aggregate of $350 million of its common stock from time to
time in "at the market" offerings. In the second quarter Spirit Realty Capital sold 1,574,320 shares
under the program, raising proceeds of approximately $16.6 million (net of $0.3 million in sales
agent compensation).
2014 Guidance
10. Spirit Realty Capital is improving its previously announced 2014 AFFO guidance to range between
$0.80 to $0.83 per share. This AFFO guidance equates to net income (excluding non-recurring items
that are not reflective of ongoing operations) of $0.14 to $0.17 per share plus $0.64 per share of
expected real estate depreciation and amortization plus approximately $0.02 per share related to
non-cash items and real estate transaction costs. 2014 AFFO was previously estimated to be
between $0.77 and $0.82.
Conference Call
Spirit Realty Capital will hold a conference call and webcast to discuss its second quarter 2014
results on August 5, 2014 at 5:00 p.m. (Eastern Time). The call can be accessed live over the phone
by dialing 800-295-4740 (toll-free domestic) or 617-614-3925 (international); passcode: 99343004. A
live webcast of the conference call will be available on the Investor Relations section of Spirit Realty
Capital's website at www.spiritrealty.com. A replay of the call will be available for one week via
telephone starting approximately one hour after the call ends. The replay can be accessed at 888-
286-8010 (toll-free domestic) or 617-801-6888 (international); passcode: 42536522. The webcast will
be archived on Spirit Realty Capital's website for 30 days after the call.
About Spirit Realty Capital
Spirit Realty Capital was formed in 2003 to invest in single-tenant operationally essential real estate,
which refers to generally free-standing, commercial real estate facilities where tenants conduct
retail, service or distribution activities that are essential to the generation of their sales and profits.
Spirit Realty Capital completed its initial public offering in September 2012 and trades under the
symbol "SRC" on the New York Stock Exchange. Spirit Realty Capital has an estimated enterprise
value of $8.3 billion comprising a diverse portfolio of 2,369 properties across 49 states as of
June 30, 2014. More information about Spirit Realty Capital can be found at www.spiritrealty.com.
Forward-Looking and Cautionary Statements
This press release contains statements that are not strictly historical and are forward-looking
statements under federal securities laws. Any such forward-looking statements are reflections of
management's current operating plans, estimates, beliefs and assumptions based on information
currently available to management, and are not guarantees of future performance. These forward-
looking statements are subject to known and unknown risks and uncertainties that can cause actual
results to differ materially from those currently anticipated, due to a number of factors which
include, but are not limited low cost business ideas to, the Company's continued ability to source
new investments, risks associated with using debt to fund the Company's business activities
(including refinancing and interest rate risks, changes in interest rates and/or credit spreads and
changes in the real estate markets), unknown liabilities acquired in connection with the acquired
properties, portfolios of properties, or interests in real-estate related entities, general risks affecting
the real estate industry (including, without limitation, the market value of our properties, the
inability to enter into or renew leases at favorable rates, portfolio occupancy varying from our
expectations, dependence on tenants' financial condition, and competition from other developers,
owners and operators of real estate), risks associated with our failure to maintain our status as a
REIT under the Internal Revenue Code of 1986, as amended and additional risks discussed in the
Company's filings with the Securities and Exchange Commission from time to time, including the
Company's Annual Report on Form 10-K for the year ended December 31, 2013 and in the
prospectus supplements relating to the registered offerings recently completed by the Company. The
Company expressly disclaims any responsibility to update or revise forward-looking statements,
whether as a result of new information, future events or otherwise, except as required by law.
11. Non-GAAP Financial Measures
FFO, AFFO, and FAD
We calculate FFO in accordance with the standards established by the National Association of Real
Estate Investment Trusts, or NAREIT. FFO represents net income (loss) computed in accordance
with GAAP, excluding real estate-related depreciation and amortization, impairment charges and net
losses (gains) on the disposition of assets. FFO is a supplemental non-GAAP financial measure. We
use FFO as a supplemental performance measure because we believe that FFO is beneficial to
investors as a starting point in measuring our operational performance. Specifically, in excluding
real estate-related depreciation and amortization, gains and losses from property dispositions and
impairment charges, which do not relate to or are not indicative of operating performance, FFO
provides a performance measure that, when compared year over year, captures trends in occupancy
rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the
performance of equity REITs, FFO will be used by investors as a basis to compare our operating
performance with that of other equity REITs. However, because FFO excludes depreciation and
amortization and does not capture the changes in the value of our properties that result from use or
market conditions, all of which have real economic effects and could materially impact our results
from operations, the utility of FFO as a measure of our performance is limited. In addition, other
equity REITs may not calculate FFO as we do, and, accordingly, our FFO may not be comparable to
such other equity REITs' FFO. Accordingly, FFO should be considered only as a supplement to net
income (loss) as a measure of our performance. FFO should not be used as a measure of our
liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make
distributions or service indebtedness. FFO also should not be used as a supplement to or substitute
for cash flow from operating activities computed in accordance with GAAP. A reconciliation of net
income (loss) computed in accordance with GAAP to FFO is included in the financial information
accompanying this release.
Adjusted FFO ("AFFO") is a non-GAAP financial measure of operating performance used by many
companies in the REIT industry. It adjusts FFO to eliminate the impact of non-recurring items that
are not reflective of ongoing operations and certain non-cash items that reduce or increase net
income in accordance with GAAP. Our computation of AFFO may differ from the methodology for
calculating AFFO used by other equity REITs, and, therefore, may not be comparable to such other
REITs. A reconciliation of net income (loss) computed in accordance with GAAP to AFFO is included
in the financial information accompanying this release.
Funds Available for Distribution ("FAD") is a measure of a REIT's ability to generate cash and to
distribute dividends to its stockholders. It reduces AFFO by deducting normalized recurring
expenditures that are capitalized by the REIT and then amortized, but which are necessary to
maintain a REIT's properties and its revenue stream. Our calculation of FAD may differ from the
methodology applied by other equity REITs, and, therefore, may not be comparable to such other
REIT's. FAD is a supplemental non-GAAP financial measure and should not be used as a measure of
our liquidity or as a substitute for cash flow from operating activities computed in accordance with
GAAP. A reconciliation of net income (loss) computed in accordance with GAAP to FAD is included in
the financial information accompanying this release.
Adjusted EBITDA and Annualized Adjusted EBITDA
Adjusted EBITDA represents EBITDA, or earnings before interest, taxes, depreciation and
amortization, modified to include other adjustments to GAAP net income (loss) for merger costs, real
estate acquisition costs, impairment losses, gains/losses from the disposition of real estate and debt
12. transactions and other items that are not considered to be indicative of our on-going operating
performance. We exclude these items as they are not key drivers in our investment decision making
process. We focus our business plans to enable us to sustain increasing shareholder value.
Accordingly, we believe that excluding these items, which may cause short-term fluctuations in net
income, but are not indicative of overall long-term operating performance, provides a useful
supplemental measure to investors and analysts in assessing the net earnings contribution of our
real estate portfolio. Because these measures do not represent net income that is computed in
accordance with GAAP, they should not be considered alternatives to net income or as an indicator
of financial performance.
Annualized Adjusted EBITDA is calculated by multiplying Adjusted EBITDA for the quarter by four.
Our computation of Adjusted EBITDA and Annualized Adjusted EBITDA may differ from the
methodology used by other equity REITs to calculate these measures, and, therefore, may not be
comparable to such other REITs. A reconciliation of net income (loss) computed in accordance with
GAAP to EBITDA, Adjusted EBITDA and Annualized Adjusted EBITDA is included in the financial
information accompanying this release.
Adjusted Debt and Leverage
Adjusted Debt represents interest bearing debt (reported in accordance with GAAP) adjusted to
include preferred stock and exclude unamortized debt discount, as further reduced for cash and
cash equivalents and cash collateral deposits retained by lenders. We believe that including
preferred stock in Adjusted Debt is appropriate because it is an equity security that has properties of
a debt instrument not possessed by common stock. Additionally, by excluding unamortized debt
discount, cash and cash equivalents, and cash collateral deposits retained by lenders, the result
provides an estimate of the contractual amount of borrowed capital to be repaid which we believe is
a beneficial disclosure to investors.
Leverage is a supplemental non-GAAP financial measure we use to evaluate the level of borrowed
capital being used to increase the potential return of our real estate investments. We calculate
Leverage by dividing Adjusted Debt by Annualized Adjusted EBITDA. The utility of Leverage should
be considered as a supplemental measure of the level of risk that stockholder value may be exposed
to. Our computation of Leverage may differ from the methodology used by other equity REITs, and,
therefore, may not be comparable to such other REITs. A reconciliation of interest bearing debt
(reported in accordance with GAAP) to Adjusted Debt is included in the financial information
accompanying this release.
Initial Cash Yield
We calculate initial cash yield from properties by dividing the annualized first month base rent
(excluding any future rent escalations provided for in the lease) by the gross acquisition cost of the
related properties. Gross acquisition cost for an acquired property includes the contracted purchase
price and any related capitalized costs. Initial cash yield is a measure (expressed as a percentage) of
the base rent expected to be earned on an acquired property in the first year. Because it excludes
any future rent increases or additional rent that may be contractually provided for in the lease, as
well as any other income or fees that may be earned from lease modifications or asset dispositions,
initial cash yield does not represent the annualized investment rate of return of our acquired
properties. Additionally, actual base rent earned from the properties acquired may differ from the
initial cash yield based on other factors, including difficulties collecting anticipated rental revenues
and unanticipated expenses at these properties that we cannot pass on to tenants, as well as the risk
factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2013.
13. SPIRIT REALTY CAPITAL, INC.
Condensed Consolidated Statements of Operations
(In Thousands, Except Share and Per Share Data)
(Unaudited)
Â
Â
Three Months Ended
June 30,
Six Months Ended
June 30,
2014
Â
2013
2014
Â
2013
Revenues:
Rentals
$
143,142
$
70,050
$
280,621
$
139,826
14. Interest income on loans receivable
1,821
1,128
3,658
2,241
Earned income from direct financing leases
838
--
1,684
--
Tenant reimbursement income
2,921
--
6,240
--
Interest income and other
3,067
Â
1,236
Â
3,558
Â
1,315
Â
Total revenues
151,789
17. Â
310,141
Â
161,606
Â
Loss from continuing operations before other
expense and income tax expense
(24,067
)
(11,280
)
(14,380
)
(18,224
)
Other expense:
Loss on debt extinguishment
(64,708
)
--
Â
(64,708
)
--
Â
Total other expense
19. Â
Loss from continuing operations
(88,902
)
(11,348
)
(79,432
)
(18,366
)
Discontinued operations:
Income (loss) from discontinued operations
279
(130
)
3,333
(1,624
)
Gain (loss) on dispositions of assets
92
Â
(191
)
85
Â
(11
20. )
Income (loss) from discontinued operations
371
Â
(321
)
3,418
Â
(1,635
)
Loss before dispositions of assets
(88,531
)
(11,669
)
(76,014
)
(20,001
)
(Loss) gain on dispositions of assets
(1,290
)
--
Â
432
Â
23. Weighted average common shares outstanding:
Basic and diluted
381,775,203
159,430,126
375,266,233
159,425,775
Dividends declared per common share issued
$
0.16625
$
0.16410
$
0.33250
$
0.32820
SPIRIT REALTY CAPITAL, INC.
Condensed Consolidated Balance Sheets
(In Thousands, Except Share and Per Share Data)
Â
Â
June 30,
2014
December 31,
2013
(Unaudited)
Assets
24. Investments:
Real estate investments:
Land and improvements
$
2,453,528
$
2,330,510
Buildings and improvements
4,356,795
Â
4,188,783
Â
Total real estate investments
6,810,323
6,519,293
Less: accumulated depreciation
(679,453
)
(590,067
)
6,130,870
5,929,226
Loans receivable, net
113,321
117,721
Intangible lease assets, net
25. 599,107
618,121
Real estate assets under direct financing leases, net
56,729
58,760
Real estate assets held for sale, net
40,955
Â
19,611
Â
Net investments
6,940,982
6,743,439
Cash and cash equivalents
120,976
66,588
Deferred costs and other assets, net
147,528
129,597
Goodwill
291,421
Â
291,421
Â
Total assets
$
26. 7,500,907
Â
$
7,231,045
Â
Liabilities and stockholders' equity
Liabilities:
Revolving credit facilities, net
$
15,528
$
35,120
Mortgages and notes payable, net
3,202,853
3,743,098
Convertible senior notes, net
691,711
--
Intangible lease liabilities, net
216,714
220,114
Accounts payable, accrued expenses and other liabilities
111,753
Â
114,679
Â
27. Total liabilities
4,238,559
4,113,011
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value; 399,030,681 shares issued; 398,812,745
outstanding shares at June 30, 2014 and 370,570,565 shares issued;
370,363,803 outstanding shares at December 31, 2013
3,990
3,706
Capital in excess of par value
4,208,376
3,859,823
Accumulated deficit
(946,705
)
(742,915
)
Accumulated other comprehensive loss
(1,261
)
(638
)
Treasury stock, at cost
(2,052
)
28. (1,942
)
Total stockholders' equity
3,262,348
Â
3,118,034
Â
Total liabilities and stockholders' equity
$
7,500,907
Â
$
7,231,045
Â
SPIRIT REALTY CAPITAL, INC.
Reconciliation of Non-GAAP Financial Measures
Unaudited
(In Thousands, Except Share and Per Share Data)
FFO, AFFO and FAD
Â
Â
Three Months Ended June 30,
Six Months Ended June 30,
2014
Â
2013
34. Adjusted funds from operations (AFFO)
$
78,722
$
37,037
$
153,272
$
73,656
Less:
Capitalized portfolio maintenance expenditures
(197
)
(296
)
(403
)
(545
)
Funds available for distribution (FAD)
$
78,525
Â
$
36,741
Â
35. $
152,869
Â
$
73,111
Â
Â
Dividends declared to common stockholders
$
66,303
26,518
$
127,937
53,028
Dividends declared as percent of FAD
84
%
72
%
84
%
73
%
Net loss per share of common stock
Basic and Diluted (a)
$
37. 0.24
$
0.41
$
0.46
Weighted average shares of common stock
outstanding:
Basic
381,775,203
159,430,126
375,266,233
159,425,775
Diluted (a)
382,488,442
160,380,223
375,974,325
160,264,068
Â
Reclassifications have been made to prior period balances to conform to current year presentation.
(a) Assumes the low cost business ideas issuance of potentially issuable shares unless the result
would be anti-dilutive.
SPIRIT REALTY CAPITAL, INC.
Reconciliation of Non-GAAP Financial Measures
Unaudited
(In Thousands, Except Share and Per Share Data)
Â
38. Adjusted Debt and EBITDA and Annualized Adjusted how do I start a business EBITDA - Leverage
Â
Â
June 30, 2014
Â
June 30, 2013
(unaudited)
Revolving credit facilities, net
$
15,528
$
26,492
Mortgages and notes payable, net
3,202,853
1,905,706
Convertible senior notes, net
691,711
Â
--
Â
3,910,092
1,932,198
Add/(less):
Preferred stock
--
--
39. Unamortized debt discount/(premium)
50,483
51,282
Cash and cash equivalents
(120,976
)
(38,031
)
Cash collateral deposits for the benefit of lenders classified as other assets
(21,945
)
(8,805
)
Total adjustments
(92,438
)
4,446
Â
Adjusted Debt
$
3,817,654
Â
$
1,936,644
Â
Â
40. Three Months Ended
June 30,
2014
2013
(unaudited)
Net loss
$
(89,821
)
$
(11,669
)
Add/(less)(a):
Interest
55,992
39,552
Depreciation and amortization
61,968
30,913
Income tax expense
127
Â
68
Â
Total adjustments
118,087
42. Â
(1,028
)
Total adjustments to EBITDA
106,775
Â
6,280
Â
Adjusted EBITDA
$
135,041
Â
$
65,144
Â
Annualized Adjusted EBITDA (b)
$
540,164
$
260,576
Â
Leverage (Adjusted Debt / Annualized Adjusted EBITDA)
7.1
7.4
Â
(a) Adjustments include all amounts charged to continuing and discontinued operations.
43. (b) Adjusted EBITDA multiplied by 4.
Diversification By Industry
The following table sets forth information regarding the diversification of the tenants leasing our
owned real estate properties among different industries as of June 30, 2014:
Industry
Â
Number of
Properties
Â
Â
Total Square
Footage (in
thousands)
Â
Â
Percent of Total
Annual Rent (1)
Â
General Merchandise
218
14,651
Â
16.2
%
Restaurants - Casual Dining
343
44. 2,194
9.0
Restaurants - Quick Service
541
1,471
7.7
Drug Stores / Pharmacies
134
1,766
7.3
Building Materials
177
5,772
5.8
Convenience Stores / Car Washes
181
689
5.4
Movie Theaters
26
1,410
4.2
Distribution
16
3,985
3.8
45. Medical / Other Office
81
794
3.1
Automotive Parts and Service
148
972
3.1
Grocery
48
1,917
3.0
Apparel
16
2,494
3.0
Education
36
1,083
3.0
Manufacturing
28
4,505
3.0
Home Furnishings
29
47. Entertainment
9
625
1.4
Pet Supplies and Service
4
989
1.1
Office Supplies
20
456
1.1
Financial Services
6
378
1.1
Wholesale Clubs
3
445
*
Dollar Stores
42
498
*
Other
7
48. Â
205
Â
*
Â
Total
2,224
Â
55,599
Â
100.0
%
Â
* Less than 1%
Â
(1) Total rental revenue for the quarter ended June 30, 2014 for properties owned at June 30, 2014.
Diversification By Asset Type
The following table sets forth information regarding the diversification of our owned real estate
properties among different asset types as of June 30, 2014:
Asset Type
Â
Number of
Properties
Â
Â
Total Square
49. Footage (in
thousands)
Â
Â
Percent of Total
Revenue (1)
Â
Retail
2,044
42,724
84.1
%
Industrial
80
10,939
9.6
Office
100
1,936
6.3
Â
Total
2,224
55,599
100.0
%
50. Â
(1) Total rental revenue for the quarter ended June 30, 2014 for properties owned at June 30, 2014.
Diversification By Tenant
The following table lists the top 10 tenants of our owned real estate properties as of June 30, 2014:
Tenant (2)
Â
Number of
Properties
Â
Â
Total Square
Footage (in
thousands)
Â
Â
Percent of Total
Revenue (1)
Â
Shopko Stores/Shopko Hometown (Shopko)
181
Â
13,502
Â
13.8
%
Walgreen Company
52. 1.4
Carmike Cinemas, Inc.
12
590
1.3
Rite Aid Corp
30
357
1.3
Other
1,484
Â
32,759
Â
67.0
Â
Total
2,224
Â
55,599
Â
100.0
%
(1)
Â
Total revenue for the quarter ended June 30, 2014.
53. (2)
Tenants represent legal entities with whom we have lease agreements. Other tenants may operate
certain of the same business concepts set forth above, but represent separate legal entities.
Diversification By Geography
The following table sets forth information regarding the geographic diversification of our owned real
estate properties as of June 30, 2014:
State
Â
Number of
Properties
Â
Â
Total Square
Footage (in
thousands)
Â
Â
Percent of Total
Rent (1)
Â
Texas
269
Â
6,186
Â
12.5
%
61. 38
*
Connecticut
1
21
*
Alaska
1
Â
50
Â
*
Â
Total
2,224
Â
55,599
Â
100.0
%
Â
* Less than 1%
(1) Total rental revenue for the quarter ended June 30, 2014 for properties owned at June 30, 2014.
Lease Expirations
The following table sets forth a summary schedule of lease expirations for leases in place as of
June 30, 2014. As of June 30, 2014, the weighted average remaining non-cancelable initial term of
our leases (based on annual rent) was 10.1 years. The information set forth in the table excludes the
62. impact of tenant renewal options and early termination rights:
Leases Expiring In:
Â
Number of
Properties
Â
Â
Total Square
Footage (in
thousands)
Â
Â
Expiring Annual
Rent (in
thousands) (1)
Â
Â
Percent of Total
Expiring Annual
Rent
Â
Remainder of 2014
62
Â
1,760
Â