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RiverNorth Capital and Income Fund, Inc.* Announces Final Results of Rights Offering
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GreenGas to Partner with IFM Investors to Accelerate Growth of Renewable Energy Solutions
Acquisition of GreenGas will be IFM Net Zero Infrastructure Fund’s first investment in the low carbon fuels sector, demonstrating IFM’s commitment to a net-zero emissions economy CEO and Founder Marc Fetten to lead GreenGas expansion CHARLESTON, S.C.--(BUSINESS WIRE)--IFM Investors is pleased to announce that the IFM Net Zero Infrastructure Fund (“NZIF”) has signed a definitive agreement to acquire a majority interest in GreenGasUSA (“GreenGas”), a US-based renewable natural gas (“RNG”) developer, owner and operator. GreenGas is a fully integrated renewables platform headquartered in Charleston, South Carolina with a track record of originating, developing and operating RNG projects. The Company utilizes mature technologies to capture, purify and transport biogas from existing organic waste streams for its end use as pipeline quality RNG. GreenGas sells the RNG and associated environmental attributes under long-term offtake contracts with investment grade commercial & industrial customers, such as Mercedes-Benz, Berkshire Hathaway Energy and Duke University. RNG projects operated by GreenGas can deliver significant emission reductions from waste streams by capturing methane, which has a 25 times more harmful impact on atmospheric warming than CO2 per the Environmental Protection Agency, demonstrating strong alignment with the net zero energy transition. CEO and Founder Marc Fetten will continue to lead GreenGas alongside the existing management team. The acquisition marks a significant milestone for the company and secures long-term investment capital to expand its footprint of renewable natural gas projects and continue delivering on its mission to help food processors, farmers and industrial manufacturers capture greenhouse gas emissions from their operations. “Our new partner IFM will be investing in GreenGas as a platform to meet the growing demand for renewable energy solutions across the United States,” said Fetten. “Our projects not only reduce greenhouse gas emissions, but help RNG buyers decarbonize their energy intensive operations. We look forward to working with IFM to grow the platform.” Launched in 2022, IFM NZIF is an open-ended fund targeting essential infrastructure assets that seek to accelerate the world’s transition to a net-zero emissions economy. GreenGas represents NZIF’s first investment in the low carbon fuels sector, a core target sector of the fund. “We are excited to welcome GreenGas into the IFM NZIF portfolio and support its next phase of growth,” said Kyle Mangini, Global Head of Infrastructure at IFM Investors. “RNG projects operated by GreenGas can deliver significant emissions reductions, which is well aligned with IFM’s net zero commitments and our purpose to protect & grow the long-term retirement savings of working people.” Transaction close is targeted for Q1 2023 and subject to customary closing conditions and regulatory approvals. Marathon Capital, LLC acted as exclusive financial advisor to GreenGas on the transaction. About IFM Investors IFM Investors was established more than 25 years ago with the aim to protect and grow the long-term retirement savings of working people. Owned by a group of Australian pension funds, the organisation has US$143 billion under management as of 31 December 2022. Because IFM Investors is owned by industry pension funds, the interests of 500 like-minded investors worldwide are prioritized by focusing on assets that combine excellent long-term risk/reward characteristics with broad economic and social benefits to the community. As a signatory to The United Nations-supported Principles for Responsible Investment, IFM Investors actively engages on ESG issues with the companies in which IFM Investors invests with the aim of enhancing their net performance while minimising investment risk. Operating globally from offices in Melbourne, Sydney, London, Berlin, Zurich, Amsterdam, New York, Hong Kong, Seoul and Tokyo, IFM Investors manages investments across infrastructure, debt, listed equities and private equity assets. For more information, visit ifminvestors.com. About GreenGas GreenGas provides high quality renewable energy solutions centered around renewable natural gas (RNG) to carbon and renewable energy buyers. GreenGas’ wastewater and engineering experts design and permit comprehensive biogas solutions including, biogas capture, anaerobic digestion, gas flaring, compression, transportation, and pipeline injection. The core of our solutions is built around safety and environmental improvements. GreenGas has operational RNG facilities at agricultural and food processing sources across the country, with proven success in installing, commissioning, and operating gas upgrading equipment; RNG product compression and transportation; and existing pipeline injection infrastructure. Our existing assets and high-profile partnerships are helping to shape the renewable energy landscape by offering zero-carbon solutions to customers committed to bettering the environment. Contacts For More Information: IFM Investors:FTI Consulting ifmus@fticonsulting.com GreenGas:sales@greengasusa.com
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ISG Australia Certified as ‘Great Place to Work’
ISG Australia is recognized by Great Place to Work Institute STAMFORD, Conn.--(BUSINESS WIRE)--#ERP--Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, today announced its business in Australia has earned “Great Place to Work Certification™” by the Great Place to Work® Institute. ISG Australia was re-certified in December based on the findings of a confidential employee survey about workplace culture, credibility, respect, camaraderie and pride, conducted by the Great Place to Work Institute. ISG is nearing 100 professionals in Australia, advising clients across the Asia Pacific region and worldwide on digital transformation services, sourcing solutions, managed governance and risk services, benchmarking and strategy and operations design. In addition to ISG Australia, the ISG Center of Excellence in Bangalore, India, is also recognized as a Great Place to Work. “The challenges brought about by the work-from-home model are pushing the employee experience to the top of the priority list for the leading enterprises we advise,” said Michael P. Connors, chairman and CEO of ISG. “Among our core values, ISG strives to deliver a culture of trust, integrity, diversity, respect and inclusion and we are honored again to be recognized by the Great Place to Work Institute.” The survey results showed that 67 percent of employees at ISG Australia say it is a great place to work, compared to 56 percent of employees at a typical Australia-based company. Ninety-four percent of employees said the firm’s clients would rate the service ISG delivers as “excellent,” and 75 percent say they are proud to tell others they work at ISG. “The ISG team in Australia displays a great sense of teamwork, community service and entrepreneurial spirit,” said Scott Bertsch, partner and regional leader, ISG ANZ & Asia Pacific. “We are proud of our team for bringing innovation and expertise to both our clients and our firm and we are grateful for this recognition.” Considered the gold standard of employer brand recognition, the Great Place to Work Institute has fielded more than 100 million employee engagement surveys around the world and conducted workplace culture research and consulting for more than 30 years. Additional information on the ISG certification is available on the Great Place to Work website. About ISG ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.caom. Contacts Press Contacts: Will Thoretz, ISG +1 203 517 3119 will.thoretz@isg-one.com Julianna Sheridan, Matter Communications for ISG +1 978-518-4520 isg@matternow.com
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BXP Announces 4th Quarter and Full Year 2022 Results; Reports Q4 EPS of $0.78 and FFO Per Share of $1.86
Executes 1.1 Million SF of Leases in Q4 for a Total of 5.7 Million SF Leased in 2022 BOSTON--(BUSINESS WIRE)--BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the fourth quarter and full year ended December 31, 2022. Financial highlights for the fourth quarter include: Revenue increased 8.0% to $789.8 million for the quarter ended December 31, 2022, as compared to $731.1 million for the quarter ended December 31, 2021. Net income attributable to common shareholders of $121.8 million, or $0.78 per diluted share (EPS), for the quarter ended December 31, 2022, compared to $184.5 million, or $1.18 per diluted share, for the quarter ended December 31, 2021. Funds from Operations (FFO) of $292.9 million, or $1.86 per diluted share, for the quarter ended December 31, 2022, compared to FFO of $243.0 million, or $1.55 per diluted share, for the quarter ended December 31, 2021. EPS for the fourth quarter fell short of the mid-point of BXP’s guidance by $0.16 primarily due to a $0.29 per diluted share non-cash impairment charge related to BXP’s investment in Dock 72 in Brooklyn, New York, in which BXP has a 50% interest. FFO per diluted share exceeded the mid-point of BXP’s guidance by $0.01 due to portfolio outperformance. BXP also provided updated guidance for first quarter 2023 EPS of $0.52 - $0.54 and FFO of $1.66 - $1.68 per diluted share, and full year 2023 EPS of $2.36 - $2.46 and FFO of $7.08 - $7.18 per diluted share. The mid-point of the updated guidance for full year 2023 EPS is projected to be $0.07 per share greater than the guidance provided on October 25, 2022, primarily due to decreased depreciation and amortization expense. The mid-point of the updated guidance for full year 2023 FFO per diluted share is projected to be $0.09 per share lower on a net basis than the guidance provided on October 25, 2022. The items that positively impact BXP’s updated 2023 guidance range include: Greater projected contributions from acquisitions and development activities; Lower net interest expense from greater earnings on cash balances and greater capitalized interest; and Additional projected development and management services income. These three items aggregate $0.06 per share of greater EPS and FFO per diluted share than in BXP’s October 25, 2022 guidance for full year 2023. This is offset by $0.15 per share of lower projected EPS and FFO per diluted share, which was not originally included in BXP’s October 25, 2022 full year 2023 guidance, as a result of: the closure and demolition of a 1,132 space parking facility to allow for the commencement of development of 290 Binney Street in Cambridge, Massachusetts, which is 100% pre-leased to AstraZeneca and the incremental net interest expense associated with BXP’s operating partnership’s -Boston Properties Limited Partnership (“BPLP”) $750 million senior unsecured notes offering, which closed on November 7, 2022. See “EPS and FFO per Share Guidance” below. Fourth quarter and recent business highlights include: Executed approximately 1.1 million square feet of leases having a weighted-average lease term of 7.8 years. Fully placed in-service two projects: Reston Next, a premier workplace project consisting of two buildings totaling approximately 1.1 million square feet, located in Reston, Virginia. Including leases that have not yet commenced, this project is 90% leased. 880 Winter Street, an approximately 244,000 square foot laboratory/life sciences project located in Waltham, Massachusetts. Including leases that have not yet commenced, this project is currently 97% leased. BXP’s occupancy declined by 30 basis points in the fourth quarter of 2022 to 88.6%, primarily due to fully placing in-service Reston Next and 880 Winter Street, which have leases for which revenue recognition has not commenced in accordance with GAAP. Excluding the impact of placing these two properties in-service, occupancy would have increased in the fourth quarter of 2022 by 20 basis points to 89.1%. Commenced the redevelopment of 105 Carnegie Center, located in Princeton, New Jersey. 105 Carnegie Center is currently a 70,000 square foot property that will be redeveloped into an approximately 73,000 square foot laboratory/life sciences space. Completed the acquisition of an approximate 27% interest in the joint venture that owns 200 Fifth Avenue for a gross purchase price of approximately $280.1 million, which includes $120.1 million of cash and BXP’s pro rata share of the outstanding loan secured by the property of $160.0 million. 200 Fifth Avenue is a 14-story, approximately 855,000 square-foot, LEED Gold certified, premier workplace located in the Midtown South submarket of Manhattan, New York that is approximately 93% leased. BXP serves as the managing member and provides customary leasing and property management services for the joint venture. Completed the disposition of the residential component of The Avant at Reston Town Center, located in Reston, Virginia, for a gross sale price of $141.0 million. Net cash proceeds totaled approximately $139.6 million, resulting in a gain on sale of real estate of approximately $55.6 million. The Avant is a 15-story, approximately 329,000 square foot, 359-unit, luxury multifamily building. BXP retained ownership of the approximately 26,000 square foot ground-level retail space. BPLP completed a green bond offering of $750.0 million of 6.750% unsecured senior notes due December 2027. The aggregate net proceeds from the offering were approximately $743.5 million after deducting underwriting discounts and transaction expenses. On January 4, 2023, BPLP closed on a $1.2 billion unsecured term loan facility that matures in May 2024, with one, twelve-month extension option subject to the satisfaction of customary conditions. As of January 4, 2023, the term loan bore interest at a variable rate equal to adjusted Term SOFR plus 0.85% per annum. A portion of the proceeds were used to repay in full BPLP’s $730.0 million term loan that was scheduled to mature in May 2023, resulting in incremental proceeds of approximately $466.0 million. In January 2023, BXP commenced the development of 290 Binney Street, an approximately 570,000 net rentable square foot laboratory/life sciences project in Cambridge, Massachusetts. Concurrently with the commencement of this project, BXP removed from service and began demolition of the existing Kendall Center Blue Parking Garage to support the development of this project. 290 Binney Street is 100% pre-leased to AstraZeneca. Earned national recognition as an industry leader and furthered BXP’s commitments to ESG and sustainability performance: Awarded Nareit’s 2022 Leader in the Light Award in the office property sector. This award is the highest achievement for Office REITs and acknowledges BXP’s leadership in demonstrating outstanding sustainability practices throughout the year. Named to Newsweek’s list of America’s Most Responsible Companies for 2023. BXP ranked first in the Real Estate & Housing industry with an increased ranking of 29th overall out of the 500 companies included and had the third highest environmental score. Named to the Dow Jones Sustainability Index (DJSI) North America for 2022, its second consecutive year in the highly selective index. BXP was one of eight real estate companies that qualified. Financial highlights for the year ended December 31, 2022 include: Net income attributable to common shareholders of $848.9 million, or $5.40 per diluted share (EPS) for the year ended December 31, 2022, compared to $496.2 million, or $3.17 per diluted share, for the year ended December 31, 2021. Funds from Operations (FFO) of $1.2 billion, or $7.53 per diluted share for the year ended December 31, 2022, compared to FFO of $1.0 billion , or $6.56 per diluted share, for the year ended December 31, 2021. Full year 2022 business highlights include: Executed a total of approximately 5.7 million square feet of leases. Notables leases include: An approximately 570,000 rentable square foot lease with AstraZeneca to lease the first phase of a life sciences development at 290 Binney Street in Cambridge, Massachusetts. An approximately 330,000 square foot renewal and expansion with a financial services firm at 601 Lexington Avenue in New York City, NY. An approximately 225,000 square foot lease with the Broad Institute for the planned office-to-lab conversion at 300 Binney Street located in Cambridge, Massachusetts. Fully placed in-service three development projects and commenced development and redevelopment of seven projects. In addition to the projects highlighted for the fourth quarter above, these projects include: Completed and fully placed in-service 325 Main Street, a premier workplace with approximately 414,000 square feet of office and retail space located in Cambridge, Massachusetts. The office component, comprising approximately 380,000 square feet, is 100% leased. Commenced redevelopment of 651 Gateway in South San Francisco, California. 651 Gateway is an office building that is being converted to an approximately 327,000 net rentable square foot life sciences space. This property is owned by a joint venture in which BXP has a 50% interest. Commenced development of the first phase of Platform 16 in San Jose, California. Platform 16 is a premier workplace project that, after completion of all phases, is expected to be approximately 1.1 million square feet. The first phase is approximately 390,000 net rentable square feet. This property is owned by a joint venture in which BXP has a 55% interest. Commenced two development projects within Reston Town Center in Reston, Virginia: A luxury residential property that is expected to consist of 508 units across a five-story low-rise building and an iconic 39-story tower, which will be one of the tallest buildings in Northern Virginia. The residential property is owned by a newly formed joint venture with an institutional partner in which BXP has a 20% interest. The joint venture obtained a $140.0 million construction loan that bears interest at a variable rate equal to SOFR plus 2.00% per annum and matures on May 13, 2026, with two, one-year extension options, subject to certain conditions. Adjacent to the residential property, a premier workplace and retail project that, when completed, will consist of approximately 90,000 square feet of boutique commercial space with highly efficient floor plates. Commenced redevelopment of 140 Kendrick Street - Building A in Needham, Massachusetts. When completed, the property will consist of approximately 104,000 square feet and will be the first Net Zero, Carbon Neutral office repositioning of this scale in Massachusetts. This property is 100% pre-leased. Commenced redevelopment of 760 Boylston Street at the Prudential Center located in Boston, Massachusetts. The redevelopment is a modernization of the space consisting of approximately 118,000 rentable square feet. This property is 100% pre-leased. Including the sale of the residential component of The Avant at Reston Town Center highlighted in the fourth quarter above, completed the disposition of 15 properties, for a gross aggregate sale price of $864.2 million. The other dispositions included: 195 West Street, an approximately 63,500 square foot office building in Waltham, Massachusetts for a gross sales price of $37.7 million and net proceeds of $35.4 million. BXP recognized a gain on sale of approximately $22.7 million. A portfolio of eleven suburban office properties aggregating approximately 733,000 square feet, located in Springfield, Virginia, for an aggregate gross sales price of $127.5 million. Net cash proceeds totaled approximately $121.9 million, and BXP recognized a gain on sale of real estate totaling approximately $96.2 million. 601 Massachusetts Avenue located in Washington, DC for a gross sale price of $531.0 million. Net cash proceeds totaled approximately $512.3 million resulting in a gain on sale of real estate totaling approximately $237.4 million. 601 Massachusetts Avenue is an 11-story, approximately 479,000 square foot premier workplace originally developed by BXP in 2013 and currently 98% leased. BXP continues to provide property management services to the new owner. Land parcels located in Loudoun County, Virginia for a gross sale price of $27.0 million. Net cash proceeds totaled approximately $25.6 million resulting in a gain on sale of real estate totaling approximately $24.4 million. Including the purchase of a 27% interest in 200 Fifth Avenue highlighted in the fourth quarter above, completed the acquisition of three premier workplaces for a gross aggregate purchase price of $1.6 billion. The other acquisitions include: 125 Broadway, a six-story, 271,000 square foot laboratory/life sciences premier workplace that is 100% leased in the heart of Kendall Square in Cambridge, Massachusetts, further expanding BXP’s life sciences portfolio in what is considered to be the largest and most important cluster of life sciences companies and research space in the United States. This property was acquired for a purchase price, including transaction costs, of approximately $592.4 million. Madison Centre, an approximately 755,000 square foot, 37-story, LEED-Platinum certified, premier workplace in Seattle, Washington that is 93% leased. The property was acquired for a gross purchase price of approximately $730.0 million. In June 2022, celebrated the 25th Anniversary of BXP’s listing on the New York Stock Exchange. Representatives from BXP across the U.S. rang the closing bell on June 24th in recognition of this milestone. Earned a top ESG rating in the 2022 GRESB® assessment. BXP earned its 11th consecutive “Green Star” recognition and the highest GRESB 5-star rating, as well as an “A” disclosure score. BXP also achieved the highest scores in several categories, including Data Monitoring & Review, Targets, Policies, Reporting, and Leadership. The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter and year ended December 31, 2022. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results. EPS and FFO per Share Guidance: BXP’s guidance for the first quarter 2023 and full year 2023 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in this release and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below. First Quarter 2023 Full Year 2023 Low High Low High Projected EPS (diluted) $ 0.52 $ 0.54 $ 2.36 $ 2.46 Add: Projected Company share of real estate depreciation and amortization 1.14 1.14 4.72 4.72 Projected FFO per share (diluted) $ 1.66 $ 1.68 $ 7.08 $ 7.18 BXP will host a conference call on Wednesday, February 1, 2023 at 10:00 AM Eastern Time, open to the general public, to discuss the fourth quarter and full year 2022 results, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at https://register.vevent.com/register/BId05af3319e564ec8be027c89ab07667a to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP’s website at https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call. Additionally, a copy of BXP’s fourth quarter 2022 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com. BXP (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). Including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 54.1 million square feet and 194 properties, including 13 properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram. This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to the impact of changes in general economic and capital market conditions, including continued inflation, increasing interest rates, supply chain disruptions, labor market disruptions, dislocation and volatility in capital markets, job losses and potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, the impact of geopolitical conflicts, including the ongoing war in Ukraine, the impact of the COVID-19 global pandemic on our and our clients’ financial condition, results of operations and cash flows (including the impact of actions taken to contain the pandemic or mitigate its impact, the direct and indirect economic effects of the pandemic and containment measures on our clients, and the ability of our clients to successfully operate their businesses); the impact of possible future health crises, BXP’s ability to enter into new leases or renew leases on favorable terms, dependence on clients’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on BXP’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes (including potential costs to comply with the Securities and Exchange Commission’s proposed rules to standardize climate-related disclosures) and other risks and uncertainties detailed from time to time in BXP’s filings with the SEC. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance, or achievements. BXP does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise, except as otherwise required by law. Financial tables follow. BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) December 31, 2022 December 31, 2021 (in thousands, except for share and par value amounts) ASSETS Real estate, at cost $ 24,261,588 $ 22,298,103 Construction in progress 406,574 894,172 Land held for future development 721,501 560,355 Right of use assets - finance leases 237,510 237,507 Right of use assets - operating leases 167,351 169,778 Less: accumulated depreciation (6,298,082 ) (5,883,961 ) Total real estate 19,496,442 18,275,954 Cash and cash equivalents 690,333 452,692 Cash held in escrows 46,479 48,466 Investments in securities 32,277 43,632 Tenant and other receivables, net 81,389 70,186 Related party note receivable, net 78,576 78,336 Note receivables, net — 9,641 Sales-type lease receivable, net 12,811 — Accrued rental income, net 1,276,580 1,226,745 Deferred charges, net 733,282 618,798 Prepaid expenses and other assets 43,589 57,811 Investments in unconsolidated joint ventures 1,715,911 1,482,997 Total assets $ 24,207,669 $ 22,365,258 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable, net $ 3,272,368 $ 3,267,914 Unsecured senior notes, net 10,237,968 9,483,695 Unsecured line of credit — 145,000 Unsecured term loan, net 730,000 — Lease liabilities - finance leases 249,335 244,421 Lease liabilities - operating leases 204,686 204,561 Accounts payable and accrued expenses 417,545 320,775 Dividends and distributions payable 170,643 169,859 Accrued interest payable 103,774 94,796
Riveron Study Reveals Optimistic Outlook for Corporate Development in 2023
Contending with economic uncertainties and complex unfolding trends, corporate development professionals indicate a persistent—if pragmatic —optimism in their deal outlook for 2023 DALLAS--(BUSINESS WIRE)--Riveron, a national business advisory firm, announced today the results from the firm’s biannual survey conducted in conjunction with The Corporate Development Officer (CDO) Forum, an executive networking organization. The survey asked more than 250 CDOs across the United States for their predictions of what trends will affect the mergers and acquisitions (M&A) deal market and what pain points they will grapple with in the year ahead. The full results and commentary from the research study are available on Riveron’s website: Corporate Development’s 2023 Deal Outlook. Key Findings Include: 89% of CDOs plan to do the same or more deals in 2023, when compared to 2022 63% say agreeing on valuation and price will be the most difficult part of the M&A process, an increase of 50% in sentiment year-over-year 56% say culture clash is the top reason integrations fail 53% of respondents will look to divest in 2023 64% see the possible recession as an opportunity to acquire strategic distressed assets 60% are walking away from deals earlier in the process “2023 will bring with it challenging, unpredictable economic conditions, so it’s essential for corporate development officers to be cognizant of market conditions and potential opportunities as they prepare their strategies for the year ahead,” said Josh Bier, a managing director for Riveron. “I was encouraged to see the survey respondents plan to do the same or more deals in 2023 and that the collective sentiment of CDOs indicates optimism despite ongoing uncertainty.” Within the report, five core themes stood out to CDOs: Deal appetite continues despite dynamic valuations and borrowing costs: Consistently, when asked what will drive their M&A activity in 2023, 95% of survey respondents stated their focus is on adding new capabilities, with a close second of 84% saying to increase market share. Divestitures are on the horizon: The current economic environment creates opportunities for management to examine their assets and operations in detail. Protecting value requires solving the culture-fit dilemma: Culture is often overlooked as a critical success element to the overall merger integration—perhaps because factors that comprise company culture are often intangible such as occasional perks, leaders’ personalities, or the collectively perceived mood of meetings. Sidelined for now, ESG will only grow in importance: In the next two years, it is likely that mature ESG programs will help shape the due diligence process and priorities along with regulatory changes, shifts in investor priorities, and approaching supply chain considerations. At the core, it’s about relationships: In the 2020 CDO Forum study, CDOs attributed 38% of their acquisitions to the competitive process and 62% to relationship-cultivated, as compared to 51% and 49%, respectively, in the 2023 survey. To learn more about the new research results or to find out how Riveron can elevate and expand possibilities across your organization, visit www.riveron.com. About Riveron Riveron is a national business advisory firm specializing in accounting, finance, technology, and operations. We partner with our clients to elevate performance and expand possibilities across the transaction and business lifecycle. Our thoughtfully integrated, multi-disciplinary teams bring deep functional expertise, first-hand industry knowledge, and experience-based creativity and perspective to generate tailored solutions to address any challenge. Riveron is headquartered in Dallas, Texas and has offices across the country. About The CDO Forum The Corporate Development Officer Forum, founded in Minneapolis in 2019, is an informal peer-to-peer network for corporate development executives to discuss best practices and hot topics. Now boasting over three hundred members nationally, the Forum features a series of peer-driven events focused on current trends and networking. Contacts Kris Fiocca kfiocca@wearecsg.com(303) 228 - 1713
SK hynix Reports 2022 and Fourth Quarter Financial Results
FY2022 revenues at 44.648 trillion won, operating profit at 7.007 trillion won First operating loss in 10 years in 4Q due to sluggish demand, price fall of memory chips "Preparedness for new market based on technological competitiveness expected to lead to quick turnaround in earnings" SEOUL, South Korea, Feb. 1, 2023 /PRNewswire/ -- SK hynix Inc. (or 'the company', www.skhynix.com) reported today financial results for 2022 ended on December 31. The company recorded revenues of 44.648 trillion won, an operating profit of 7.007 trillion won and a net income of 2.439 trillion won. Operating and net profit margin for the full year was 16% and 5%, respectively. "Revenues continued to grow last year, but the operating profit decreased compared with a year earlier as the industry entered into a downturn from the second half," the company said. "With uncertainties still lingering, we will continue to reduce investments and costs, while trying to minimize the impact of the downturn by prioritizing markets with high growth potential." In 2022, SK hynix increased high-capacity DRAM shipments for server/PC markets, while boosting sales of DDR5 and HBM – of which products that the company has a solid market leadership – to customers in the growing markets of AI, Big Data, and cloud computing. Particularly, revenues for the data center SSD more than quadrupled compared with a year earlier. However, SK hynix recorded an operating loss in the fourth quarter of last year due to weak demand and a sharp fall in memory-chip prices. The revenues for the three months on a consolidated basis were 7.699 trillion won, while the operating loss amounted to 1.701 trillion won (operating loss ratio at 22%) and net loss was at 3.524 trillion won (net loss ratio at 46%). The latest result was the first quarterly operating loss since the third quarter of 2012. "Despite a deeper industry downturn in the first half, SK hynix forecasts market conditions to gradually improve into the latter part of the year," the company said. "Industry experts do not expect an increase in supply of memory chips as market players are planning to reduce investments and production, which will lead the inventories to peak within the first half." In addition, SK hynix forecasts a gradual recovery in demand as global tech companies start to adopt more memory chips as the prices are low. "Intel's launch of new server CPU adopting DDR5 and apparent positive signs of demand for new AI-based server memory chips bode well for a quick business turnaround," Chief Financial Officer Kim Woohyun said. "With the world's best technologies for DDR5 for data centers and 176-layer NAND flash-based enterprise SSD, we expect to see a quick turnaround when the market bottoms out." SK hynix will stay with the decision announced in October to more than halve the volume of investments compared with 19 trillion won in 2022. However, investments for mass production of mainstream products such as DDR5, LPDDR5, and HMB3 and markets with growth potential will be continued. "A successful overcome of the current downturn will help us strengthen fundamental business competitiveness before eventually leaping forward as a leading technology company," Kim said. FY2022 Earnings (K-IFRS) Unit: Billion KRW 2022 2021 YoY Revenue 44,648 42,998 4 % Operating Profit 7,007 12,410 -44 % Operating Profit Margin 16 % 29 % -13%p Net Income 2,439 9,616 -75 % ※ The Financial information of the earnings written based on K-IFRS FY2022 4Q Earnings (K-IFRS) Unit: Billion KRW 2022 4Q 2022 3Q QoQ 2021 4Q YoY Revenue 7,699 10,983 -30 % 12,377 -38 % Operating Profit -1,701 1,656 (turn to loss) 4,220 (turn to loss) Operating ProfitMargin -22 % 15 % -37%p 34 % -56%p Net Income -3,524 1,103 (turn to loss) 3,320 (turn to loss) ※ The Financial information of the earnings written based on K-IFRS Please note that the financial results discussed herein are preliminary and speak only as of December 31, 2022. Readers should not assume that this information remains operative at a later time. In addition, this information may include forward-looking statements that involve a variety of risks and uncertainties that could cause actual results to differ materially. For further discussion of these risks and uncertainties, readers should refer to SK hynix Inc.'s filing with the Korea Exchange. This document is neither an offer to sell nor a solicitation of an offer to sell any security of SK hynix Inc. "These materials are not an offer for sale of the securities of SK hynix Inc. in the United States. The securities may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. SK hynix Inc. does not intend to register any offering in the United States or to conduct a public offering of securities in the United States." About SK hynix Inc. SK hynix Inc., headquartered in Korea, is the world's top tier semiconductor supplier offering Dynamic Random Access Memory chips ("DRAM"), flash memory chips ("NAND flash") and CMOS Image Sensors ("CIS") for a wide range of distinguished customers globally. The Company's shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxemburg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com.
Sealy & Company Celebrates Record Breaking Year in Acquisition Volume Coupled with Top Rankings, Platform Growth, and Continued Employee Satisfaction
DALLAS--(BUSINESS WIRE)--#IndustrialRealEstate--Since its founding in 1946 by J. Pollard Sealy, Sr., Sealy & Company has grown into a fully-integrated commercial real estate investment and operating company. As a 4th-generation, family-owned business, Sealy is a recognized leader in the industrial real estate market, with over $6 billion in investment volume in the last 20 years alone. As of year-end 2022, the firm owns and manages approximately $2.5 billion in assets encompassing 30 million square feet across 28 US markets. 2022 proved to be another monumental year in Sealy & Company’s strong record of achievement, with the firm posting a number of company records and accolades, including: Record year in acquisition volume – at $631+ million in 2022, a $50 million increase from the previous year. The total acquisition volume comprises 18 deals with an average deal size of $35 million. Substantial increase in square footage – at over 8.58 million square feet, 2022 marked another record-breaking year for the company in total square footage added to Sealy portfolios. Over 63% of the square footage acquired in 2022 was from deals brought to Sealy & Company on an off-market basis. Most active buyer of industrial space among private owner/operators - in terms of investment volume according to Real Capital Analytics, marking the sixth consecutive year to be recognized among the top buyers. Breakthrough investments in six new markets – the company’s portfolio now covers 28 markets. In 2022 Sealy made acquisitions expanding the company’s footprint in Dayton, OH; Des Moines, IA; Fort Myers, FL; Lakeland, FL; Phoenix, AZ; and Pittsburgh, PA. These deals were the first acquisition in Sealy’s history in all markets except Phoenix, where Sealy & Company has previously developed and owned industrial property. Great Place To Work Certified for the fourth consecutive year - Sealy & Company continues to expand the firm’s community involvement, philanthropic contributions, and thriving company culture. Growth in employee headcount & expansion of intern opportunities – in 2022, Sealy & Company added eleven new positions marking a 4.32% increase. It offered internship opportunities in three departments, building relationships for future Sealy Team members. “Looking forward, Sealy will remain steadfast in executing our 50+ year refined business strategy for investing in industrial real estate. We feel that industrial real estate will continue to be the product of choice, showing its resiliency in the market as we have seen in operating and investing over the last seven decades. Sealy & Company will continue to enhance our operating platform, empower our people, and live into our brand,” states Scott P. Sealy, Sr, Chairman for Sealy & Company. “Our team is poised and uniquely positioned to capitalize on the industrial investment landscape of 2023 as we push forward in our pursuits to continue to acquire quality constructed, well-located, more stabilized industrial properties in key markets across the US,” added Scott P. Sealy, Jr, Chief Investment Officer for Sealy & Company Sealy & Company begins 2023 with a strong pipeline of investment opportunities of institutional quality assets poised to execute its investment goals backed by its full-service platform. Sealy’s proven track record of consistently outperforming industry benchmarks has contributed to the success we have realized over the company’s lifetime and will be the catalyst moving our firm forward to future accomplishments. For more news and information regarding Sealy & Company, please visit the company’s website at www.Sealynet.com. About Sealy & Company Sealy & Company, a fully-integrated commercial real estate investment and operating company, is a recognized leader in acquiring, developing, and redeveloping regional distribution warehouses, industrial/flex, and other commercial properties. Sealy provides a full-service platform for high-net-worth individuals and institutional investors through our development, management, and brokerage divisions. Sealy & Company has an exceptional team of over 100 employees located in four regional offices, with corporate offices in Dallas, TX and Shreveport, LA. Contacts Kayte H. Hollowell, Vice President – Marketing | Sealy & Company Direct: 318.698.3112 | Email: KayteH@Sealynet.com
Hall of AIME Recognizes Independent Mortgage Brokers at Second Annual Awards Event
Hall of AIME Mortgage Conference and Awards Ceremony Yields Upcoming Super Bowl LVII Ad, Capitol Hill Advocacy Success, and Education Resources for Broker Community PHILADELPHIA--(BUSINESS WIRE)--#brokersarebetter--For the second consecutive year, wholesale mortgage professionals from all over the country united to commemorate the successes of the independent mortgage broker community made by the most notable leaders in the industry at an exclusive invite-only luxury event. Hall of AIME, which took place January 26th through January 28th at the Naples Grande Beach Resort in Naples, Florida, was hosted by The Association of Independent Mortgage Experts (AIME), the premier non-profit, national trade membership association created exclusively for independent mortgage brokers. The luxury beachside event commemorates over one hundred award winners, including nine Chairman Award winners, and three lifetime achievement inductees. The event commenced on Thursday with several invaluable Mastermind Sessions, showcasing star-studded mortgage industry panels of the mortgage industry’s elite sharing their strategies and secrets to success, ending with a celebratory networking party. The event also hosted a silent auction and raffle, which raised almost $25,000 of funding for AIME’s advocacy initiatives. The Hall of AIME award categories included Sparking Change, given to the preeminent wholesale brokers serving military, minority, and female consumers. The Impact awards were granted to members providing substantial improvements in education, leadership, culture, industry, and consumer protection, and the Visionary awards highlighted those that have trailblazed innovative new methods of lead generation and unique resources enlivening the wholesale mortgage sector. Of the one hundred wholesale mortgage professionals who were celebrated for their considerable career achievements, three key individuals were inducted into the sophomore class Hall of AIME. This year’s inductees include the President and Loan Originator at Barrett Financial Group, Trevor Barrett, Founding and Managing Partner of Empire Home Loans, Julie Yarbrough, and the CEO and President of Homepoint, Willie Newman. “This year’s Hall of AIME inductees have set the example that our entire community should aspire to," says Katie Sweeney, CEO of AIME. "They’re trailblazers of the industry, who have utilized decades of mortgage experience and created impactful change to support borrowers, as well as the rest of the broker community. These inductees embody AIME’s mission of protecting, supporting, and growing the wholesale channel – they’re a credit to our industry, and we’re all better for their influence.” Friday hosted industry-leading and celebrity keynote speakers, including Katie Sweeney, CEO of AIME, featuring a groundbreaking announcement of the association’s nationwide Super Bowl LVII ad campaign featuring AIME members representing the Broker-featured consumer website, Brokers Are Better. Other keynotes included a 2023 rallying cry for the broker community from Mat Ishbia, President and CEO of UWM; and, inspiring and forward thinking business practices from serial entrepreneur, Chairman of VaynerX, the CEO of VaynerMedia, and the Creator & CEO of VeeFriends, Gary Vaynerchuk. Additionally, panel sessions featured prominent wholesale mortgage experts, as top producers shared their key strategies for the year ahead. AIME’s leadership also hosted an open Q&A focused on recent legislative wins and ongoing advocacy plans for the wholesale industry’s representation on Capitol Hill. “The broker channel has made great strides throughout the last year, and we must maintain that momentum in 2023. By launching our national Super Bowl campaign, we are bringing attention to the valuable services that brokers provide, from finding the best loan terms to taking the time to educate and answer questions,” states Sweeney. “Our goal is to leverage the massive reach and creative clout of the Super Bowl to make consumers aware that brokers are a real and valuable option.” AIME has grown itself and the broker channel exponentially in 2022; in 2023, AIME is setting its sights on expanding the reach of broker access to government programs across the country, increasing broker awareness as the best option for homebuyers and homeowners for their mortgage needs, and to continue to increase the total market share of the wholesale channel. AIME’s Broker Action Coalition Political Action Committee (BACPAC) raised more than 300% of its initial donation goals, which directly contributed towards the advocacy wins for Brokers in Florida, Kentucky, Maryland, and California, with sights set to even the playing field between the Retail and Wholesale mortgage channels nationwide. "The second Hall of AIME was an incredible success,” states Tom Ahles, President of Growth at AIME. “Those who attended weren’t just honored and acknowledged, but we were all able to hone our skills, diversify our knowledge, and grow our network exponentially through networking with the elite in the industry. We’ve equipped ourselves, our peers, and our whole community with the tools to change the landscape of the mortgage industry in buyer's and borrower’s favor.” About the Association of Independent Mortgage Experts The Association of Independent Mortgage Experts (AIME) is a non-profit, national trade membership association created exclusively for independent mortgage brokers. With over 65,000 members, AIME is committed to establishing a community of independent mortgage experts by creating an association that empowers them with unparalleled technology, continued education, broker advocacy, and networking support necessary to successfully advise consumers nationwide with their residential mortgage needs. AIME operates with a growth-focused strategy, providing tools and resources to propel the wholesale channel beyond a 25% share of the mortgage market in 2023 and to a majority of the market within the next decade. Contacts Jennifer Leonard VP, Marketing communications@aimegroup.com
Terreno Realty Corporation Announces Tax Treatment of 2022 Dividends
SAN FRANCISCO--(BUSINESS WIRE)--Terreno Realty Corporation (NYSE:TRNO) , an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today the income tax treatment of its 2022 dividend distributions to holders of its common stock. For holders of Terreno Realty Corporation common stock, the 2022 distribution of $1.52 per share includes a portion of one quarterly distribution declared in 2021 and paid in 2022, three quarterly distributions declared and paid in 2022, and a portion of one quarterly distribution declared in 2022 and paid in 2023. The distribution characteristics are as follows: Security Record Date Date Paid Dividend per Share 2022 Ordinary Taxable Dividend 2022 Total Capital Gain Dividend 2022 Return of Capital Dividend 2022 Unrecaptured Section 1250 Gain (1) 2022 Section 199A Dividend (2) Common stock December 15, 2021 January 5, 2022 $ 0.317194 $ 0.263097 $ 0.054097 $ - $ 0.004677 $ 0.263097 Common stock March 25, 2022 April 8, 2022 $ 0.340000 $ 0.282013 $ 0.057987 $ - $ 0.005013 $ 0.282013 Common stock June 30, 2022 July 14, 2022 $ 0.340000 $ 0.282013 $ 0.057987 $ - $ 0.005013 $ 0.282013 Common stock September 30, 2022 October 14, 2022 $ 0.400000 $ 0.331780 $ 0.068220 $ - $ 0.005898 $ 0.331780 Common stock December 30, 2022 January 13, 2023 $ 0.124200 $ 0.103018 $ 0.021182 $ - $ 0.001831 $ 0.103018 Total $ 1.521394 $ 1.261921 $ 0.259473 $ - $ 0.022432 $ 1.261921 Dividend as a % of total 82.9% 17.1% 0.0% 1.5% 82.9% (1) The 2022 Unrecaptured Section 1250 Gain is a subset of, and is included in, the 2022 Total Capital Gain Dividend amount. (2) 2022 Section 199A Dividends are a subset of, and are included in, the 2022 Ordinary Taxable Dividends. Approximately $0.12 of the $0.40 distribution that was declared on November 1, 2022 and paid on January 13, 2023 will be considered a distribution made in 2022 for U.S. federal income tax purposes. Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C. Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates, the impact of the COVID-19 pandemic on our business, our tenants and the national and local economies, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2021 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends. Contacts Jaime Cannon 415-655-4580
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Ellington Residential Mortgage REIT Announces the Income Tax Treatment of its 2022 Distributions
OLD GREENWICH, Conn.--(BUSINESS WIRE)--Ellington Residential Mortgage REIT (NYSE: EARN) (the "Company") today announced that information regarding the federal income tax treatment of the distributions deemed paid in 2022 on the Company's common shares has been posted to the Company’s website, at https://ir.earnreit.com/dividend-information. About Ellington Residential Mortgage REIT Ellington Residential Mortgage REIT is a mortgage real estate investment trust that specializes in acquiring, investing in and managing residential mortgage- and real estate-related assets, with a primary focus on residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. Government agency or a U.S. government-sponsored enterprise. Ellington Residential Mortgage REIT is externally managed and advised by Ellington Residential Mortgage Management LLC, an affiliate of Ellington Management Group, L.L.C. Contacts Investors: Ellington Residential Mortgage REIT Investor Relations (203) 409-3773 info@earnreit.com or Media: Amanda Shpiner/Sara Widmann Gasthalter & Co. for Ellington Residential Mortgage REIT (212) 257-4170 Ellington@gasthalter.com
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Ellington Financial Inc. Announces the Income Tax Treatment of its 2022 Distributions
OLD GREENWICH, Conn.--(BUSINESS WIRE)--Ellington Financial Inc. (NYSE: EFC) (the "Company") today announced that information regarding the federal income tax treatment of the distributions deemed paid in 2022 on the Company's common and preferred stock has been posted to the Company’s website, at the following links. Common Stock: https://ir.ellingtonfinancial.com/dividends-common-stockSeries A Preferred Stock: https://ir.ellingtonfinancial.com/dividends-preferred-stockSeries B Preferred Stock: https://ir.ellingtonfinancial.com/dividends-preferred-stock-series-b About Ellington Financial Inc. Ellington Financial Inc. invests in a diverse array of financial assets, including residential and commercial mortgage loans, residential and commercial mortgage-backed securities, consumer loans and asset-backed securities backed by consumer loans, collateralized loan obligations, non-mortgage and mortgage-related derivatives, equity investments in loan origination companies, and other strategic investments. Ellington Financial is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C. Contacts Investors: Ellington Financial Inc. Investor Relations (203) 409-3575 info@ellingtonfinancial.com or Media: Amanda Shpiner/Sara Widmann Gasthalter & Co. for Ellington Financial (212) 257-4170 Ellington@gasthalter.com
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Aerospace Analyst Panel to Discuss Release of Updated Aerospace Competitive Economics Study (ACES)
EVERETT, Wash.--(BUSINESS WIRE)--IAMAW District 751 and SPEEA, IFPTE Local 2001, partnered again this past year to bring aerospace analysts and experts together to look at the vitality and competitiveness of the aerospace industry in Washington state and across the Nation. For the third year, the Aerospace Competitive Economics Study (ACES) finds Washington is the most competitive business environment for the design, engineering and manufacture of major aerospace structures and the final assembly of aircraft. Tuesday, February 7, 2023 11 a.m. - 1 p.m. Boeing Future of Flight Museum 8415 Paine Field Blvd. Mukilteo, WA 98275 IAM District 751 and SPEEA are bringing together an esteemed panel of industry and labor experts at 11 a.m., Tuesday, Feb. 7, to present the study, provide expert analysis of the results and offer recommendations for maintaining Washington state’s position as the leader in aerospace. The panel will break down the numbers and talk about what this means for the future of Washington state and its unparalleled workforce. The decisions made today by aerospace leaders at The Boeing Company and throughout the state’s aerospace supply chain will have substantial implications on jobs, the economy, higher education, and aerospace exports throughout the state for generations. These decisions will set the trajectory for the future success of the aerospace industry in the Pacific Northwest. A media question and answer session follows the panel discussion. The full study will be available for download from the IAM 751 and SPEEA websites at noon, Wednesday, Feb. 1. Moderator: Dominic Gates, Aerospace Reporter, The Seattle Times Panelists: Richard L. Aboulafia, Managing Director, AeroDynamic AdvisoryKevin Michaels, Managing Director, AeroDynamic AdvisoryMartha Neubauer, Associate, AeroDynamic AdvisoryRon Epstein, Managing Director for Aerospace & Defense, Bank of America Merrill LynchJon Holden, President/Directing Business Representative, IAMAW District 751Richard Plunkett, Director of Strategic Development, SPEEA, IFPTE Local 2001 Contacts Deirdre K. KaniewskiDirector of Communications IAMAW District Lodge 751 Office 206-764-0344 Cell 630-373-5687 Email: deirdrek@iam751.org Bill DugovichCommunications Director SPEEA, IFPTE Local 2001 Cell (206) 683-9857 Email: billd@speea.org
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Neustar announces identity resolution solution in AWS Clean Rooms
RESTON, Va.--(BUSINESS WIRE)--Neustar, Inc., a TransUnion company, announced today the launch of a new solution offering for AWS Clean Rooms by Amazon Web Services (AWS). Neustar’s Unified Identity solution for AWS Clean Rooms reinforces Neustar’s commitment in championing privacy-enhanced identity resolution and data collaboration. Last November, at AWS re:Invent 2022, AWS Clean Rooms was announced as a new analytics service that helps companies across industries and their partners easily and securely analyze and collaborate on their combined datasets—without sharing or revealing underlying data. The Neustar solution integration for AWS Clean Rooms launching today allows brands, agencies, and publishers to effectively connect and enrich disparate first- and second-party data sources, improving their ability to build, reach and convert high value audiences across media channels. “Neustar’s collaboration with AWS Clean Rooms gives customers the ability to resolve identity fragments to actual consumers in the real world and improve their match rates to clean room partners,” said Ryan Engle, VP of Identity Solutions at Neustar. “Together with AWS, we can better enable a privacy-first world with consumer trust at its heart, enhanced by the power of identity.” Neustar’s solution allows AWS Clean Rooms customers to use Neustar’s identity graph and machine learning capabilities to resolve offline and online identifiers by responsibly connecting disparate events, location, and device data. Customers often struggle with low match rates between consumer data sets, impacting their ability to execute analytics or create scaled audiences. Neustar’s Unified Identity can increase match rates and provide rich attributes for new segmentations. With this solution, brands, agencies, and publishers can move forward with confidence to unlock new insights, build more effective audiences, and measure the impact of marketing as identity enhances their data. “With Neustar Unified Identity for AWS Clean Rooms, AWS customers are empowered to securely collaborate with one another using Neustar’s market leading identity resolution solutions,” said Adam Solomon, Head of Worldwide Data Collaboration & Interoperability Solutions at AWS. “We are excited about Neustar’s vision to meet AWS customers where their data lives and help them deploy Neustar Unified Identity within AWS Clean Rooms alongside its built-in, privacy-enhancing controls.” AWS Clean Rooms make it easier for customers and their partners to analyze and work on their collective datasets to get audience insights, advertising measurement, and advertising attribution without sharing or revealing underlying data with one another. With many companies storing data on AWS, including leading brands, media publishers, and their collaborators, AWS Clean Rooms now makes it easier for AWS customers to work with each other without needing to move data out of AWS or load it into another platform. Together with Neustar’s Unified Identity solution offering, these capabilities make it easier for advertising and marketing customers to incorporate more insights into campaigns to improve reach, relevancy, frequency, and measurement while protecting consumer data. AWS Clean Rooms is a featured service for AWS for Advertising & Marketing, a comprehensive set of purpose-built services and solutions and 150+ AWS Partner offerings to help customers innovate faster, operate efficiently, and interoperate together across five solution areas: audience & customer data management, privacy-enhanced data collaboration, ad intelligence & measurement, ad platforms, and digital customer experience. For more information on AWS for Advertising & Marketing, visit https://aws.amazon.com/advertising-marketing/. Neustar is a launch partner of AWS Clean Rooms. Customers can begin to use Neustar with AWS Clean Rooms immediately here: Neustar Unified Identity. About TransUnion (NYSE: TRU) TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good®. A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences, and personal empowerment for hundreds of millions of people. https://www.transunion.com About Neustar Neustar, Inc., a TransUnion company, is a leader in identity resolution providing the data and technology that enable trusted connections between companies and people at the moments that matter most. Neustar offers industry-leading solutions in marketing, risk and communications that responsibly connect data on people, devices and locations, continuously corroborated through billions of transactions. Learn how your company can benefit from the power of trusted connections. home.neustar Contacts Neustar Marketing Solutions Media ContactDanielle DeVoren KCSA for Neustar, a TransUnion company 212-896-1272 TransUnion@kcsa.com
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HostPapa Agrees to Acquire Deluxe Corporation’s Web Hosting, Logo Design Operations
MINNEAPOLIS--(BUSINESS WIRE)--This week, Deluxe (NYSE:DLX), a Trusted Payments and Data company™, announced that it has sold the remainder of its web hosting and logo design businesses to HostPapa, a leading global web hosting and cloud service provider for small and medium businesses. The transaction is expected to close in the first quarter subject to the satisfaction of customary closing conditions. The Deluxe web hosting business serves as a trusted provider to small business customers and email hosting customers around the world. Deluxe also provides white label website hosting services to enterprise customers, as well as logo solutions and services to small business customers through its Deluxe Logo Design brand. The acquisitions expand HostPapa’s burgeoning hosting and design businesses and increases their scaled offering in numerous markets. “As Deluxe concentrates more on our core business of payments and data, we sought a scaled business leader that could continue to grow our web hosting and logo design businesses,” said Garry Capers, President of Cloud Solutions for Deluxe. “Deluxe is extremely proud of our team and how they have enabled small businesses to reach millions of customers. This move further streamlines our portfolio and adds more focus to our growth areas of payments and data.” “HostPapa is committed to further building on our expertise in providing exceptional solutions to small businesses and this transaction is a large step forward in our growth,” said Jamie Opalchuk, Founder and Chief Executive Officer of HostPapa, Inc. “Deluxe has built premiere web hosting and logo design services, and we are excited to add these offerings to our mix to continue to help our customers meet their digital and branding needs. We look forward to working with the Deluxe team to transition their processes, clients and people to the HostPapa family.” This transaction follows last year’s sale of Deluxe’s Australian Hostopia business to Newfold Digital and represents a complete exit from the web hosting and logo design market. Deluxe web hosting and logo design employees will transition to become employees of HostPapa as of the closing. Terms of the sale were not disclosed. About Deluxe Deluxe, a Trusted Payments and Data Company™, champions business so communities thrive. Our solutions help businesses pay, get paid, and grow. For more than 100 years, Deluxe customers have relied on our solutions and platforms at all stages of their lifecycle, from start-up to maturity. Our powerful scale supports millions of small businesses, thousands of vital financial institutions and hundreds of the world’s largest consumer brands, while processing approximately $3 trillion in annual payment volume. Our reach, scale and distribution channels position Deluxe to be our customers’ most trusted business partner. To learn how we can help your business, visit us at www.deluxe.com. About HostPapa HostPapa (www.hostpapa.com), based in Burlington, Ontario, is a leading web hosting and cloud services provider for small businesses across the globe that started its journey in 2006. HostPapa is committed to providing a complete array of enterprise-grade solutions to every business owner. These services, traditionally out of reach to smaller businesses, are offered in a one-stop shop, making it quick and easy for customers to select the services they need to grow. HostPapa backs these offerings with 24-7 award-winning multilingual customer support provided by a team of experts. Contacts Keith Negrin, VP, Communications 612-669-1459 keith.negrin@deluxe.com
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Strategic Storage Trust VI, Inc. Acquires First Storage Facility in Edmonton, Alberta, Canada
LADERA RANCH, Calif.--(BUSINESS WIRE)--Strategic Storage Trust VI, Inc. (“SST VI”), a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”), announced today the acquisition of an approximately 50,000 square foot self-storage facility in Edmonton, Alberta, Canada with approximately 490 units. This is SST VI’s first acquisition of a Canadian facility outside Ontario, Canada. Located at 10820 119th Street NW, the property was converted from a warehouse to self storage in 2021-2022. It features more than 460 interior climate-controlled units and serves the North Glenora, Inglewood, Prince Rupert, Central McDougall and Westmount neighborhoods. In addition to strong population density and household income demographics, there are eight post-secondary institutions within a ten-minute drive of the property. “Expansion is one of SST VI’s keys to growth, and Edmonton presents a new frontier for our portfolio to flourish,” said H. Michael Schwartz, CEO and President of SST VI. “We are excited to bring our proven success in the Greater Toronto Area to this dynamic market and be a part of Edmonton's thriving business community.” About Strategic Storage Trust VI, Inc. (SST VI): SST VI is a Maryland corporation that elected to qualify as a REIT for federal income tax purposes. SST VI’s primary investment strategy is to invest in income-producing and growth self storage facilities and related self storage real estate investments in the United States and Canada. As of January 31, 2023, SST VI has a portfolio of 13 operating properties in the United States comprising approximately 8,660 units and 1,005,000 rentable square feet (including parking); four properties with approximately 3,900 units and 552,700 rentable square feet (including parking) in Canada; and joint venture interests in two development properties in Toronto, Ontario. About SmartStop Self Storage REIT, Inc. (SmartStop): SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 450 self storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self storage programs. As of January 31, 2023, SmartStop has an owned or managed portfolio of 181 operating properties in 22 states and Canada, comprising approximately 124,800 units and 14.1 million rentable square feet. SmartStop and its affiliates own or manage 24 operating self-storage properties in Canada, which total approximately 20,400 units and 2.1 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com. Contacts David CorakVP of Corporate Finance SmartStop Self Storage REIT, Inc. IR@smartstop.com
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TechnipFMC Appoints Robert G. Gwin to its Board of Directors
NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE: FTI) (the “Company”) today announced that Robert G. Gwin, former President of Anadarko Petroleum Corporation, has been appointed to its Board of Directors, effective February 1, 2023. The Company also announced that Peter Mellbye will retire from the Board and will not stand for re-election at the Company’s next annual general meeting. Doug Pferdehirt, Chair and CEO of TechnipFMC, stated: “Since joining the Board in 2013, Peter has been a tremendous leader, partner and contributor. We have greatly benefitted from his leadership during the evolution of our company and wish him well in his retirement.” Mr. Pferdehirt continued, “I am delighted to welcome Bob to the Board. He is a proven board member and global business leader, who has tremendous knowledge of our industry and company. He has spent over 30 years working in numerous areas of finance and operations and brings extensive strategic thinking and financial acumen to our Board. Bob brings a skillset that strengthens our Board of Directors and complements its capabilities.” About Robert G. Gwin Mr. Gwin was President of Anadarko Petroleum Corporation (“Anadarko”), one of the world’s largest independent oil and natural gas exploration and production companies, until its acquisition by Occidental Petroleum Corporation in August 2019. He served as Executive Vice President, Finance and Chief Financial Officer of Anadarko from 2009 to 2018. Mr. Gwin is currently a director of Pembina Pipeline Corporation and Crescent Energy Company. He previously served as a director of LyondellBasell Industries N.V. from 2011 to 2018, including serving as its Chairman from 2013 to 2018, and as a director of Enable Midstream Partners, LP from 2020 through 2021, including serving as its Chairman. He also previously was a director of both Western Gas Partners, LP, and its general partner Western Gas Equity Partners, LP from 2007 to 2019, including serving as the Chairman of both entities from 2009 to 2018. He holds a Bachelor of Science degree from the University of Southern California and a Master of Business Administration degree from the Fuqua School of Business at Duke University. He also earned the Chartered Financial Analyst (CFA) designation from the CFA Institute. About TechnipFMC TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services. With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions. Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation. Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions. TechnipFMC utilizes its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC. Contacts Investor relations Matt Seinsheimer Senior Vice President, Investor Relations and Corporate Development Tel: +1 281 260 3665 Email: Matt Seinsheimer James Davis Senior Manager, Investor Relations Tel: +1 281 260 3665 Email: James Davis Media relations Nicola Cameron Vice President, Corporate Communications Tel: +44 1383 742297 Email: Nicola Cameron Catie Tuley Director, Public Relations Tel: +1 281 591 5405 Email: Catie Tuley
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AM Best Comments on Credit Ratings of American International Group, Inc. and Its Subsidiaries Following Change in Leadership
OLDWICK, N.J.--(BUSINESS WIRE)--#insurance--AM Best has commented that the Credit Ratings (ratings) of American International Group, Inc. (AIG) (headquartered in New York, NY) [NYSE: AIG], its property/casualty subsidiaries, and the members of AIG Life & Retirement Group, all remain unchanged following the Jan. 30, 2023, announcement that Mark Lyons, interim chief financial officer and executive vice president, global chief actuary and head of portfolio management, was terminated and has left the company, effective immediately. AIG has appointed Sabra Purtill as AIG’s new interim CFO, and Turab Hussain as AIG’s new interim global chief actuary. Both carry deep experience in senior leadership roles within the AIG organization and throughout the insurance industry. AIG has stated that it became aware that Lyons had violated his confidentiality/non-disclosure obligations to the company, but it was unrelated to the company's financial statements, financial reporting generally and related disclosure controls and procedures, or reserves. Based on conversations with AIG management, AM Best expects that with the indicated changes in leadership, the organization will continue to execute on its stated business plans and complete its year-end 2022 financial filings in a timely manner. This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com. Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. Contacts Raymond Thomson, CPCU, ARe, ARMAssociate Director+1 908 439 2200, ext. 5621raymond.thomson@ambest.com Christopher SharkeyManager, Public Relations+1 908 439 2200, ext. 5159 christopher.sharkey@ambest.com Erik Miller, CFADirector+1 908 439 2200, ext. 5187erik.miller@ambest.com Al SlavinSenior Public Relations Specialist+1 908 439 2200, ext. 5098al.slavin@ambest.com
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Stewart Information Services Corporation Announces Fourth Quarter 2022 Earnings Conference Call
HOUSTON--(BUSINESS WIRE)--Stewart Information Services Corporation (NYSE: STC) announced today it will hold a conference call to discuss fourth quarter 2022 earnings at 8:30 a.m. Eastern Time on Thursday, February 9, 2023. The call will follow the company’s release of earnings after the close of trading on Wednesday, February 8. Individuals wishing to participate can dial (800) 274-8461 (USA) and (203) 518-9843 (International) – access code STCQ422. The conference call replay will be available from 11 a.m. Eastern Time on February 9, 2023 until midnight on February 16, 2023 by dialing (800) 839-2383 (USA) or (402) 220-7202 (International). Additionally, participants can listen to the conference call through STC’s Investor Relations website at http://www.stewart.com/investor-relations/earnings-call.html. About Stewart Stewart (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage and real estate industries, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success. Learn more at stewart.com. ST-IR Contacts John Chattaway, Stewart Media Relations (713) 625-8180; mediarelations@stewart.com
