A Leading Global Commercial Real Estate Company. Buy, Hold, Sell Real Estate as Single Assets and Portfolios 25% CAGR

Size: px
Start display at page:

Download "A Leading Global Commercial Real Estate Company. Buy, Hold, Sell Real Estate as Single Assets and Portfolios 25% CAGR"

Transcription

1 GE Real Estate GE Real Estate Michael Pralle President & Chief Executive Officer, GE Real Estate October 29, 2003 This presentation includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in GE's filings with the Securities and Exchange Commission. This presentation includes certain non-gaap financial measures as defined under SEC rules. As required by SEC rules, at the end of this slide presentation we have provided a reconciliation of those measures to the most directly comparable GAAP measure and a copy of the relevant slides is available on our investor relations website. Business Context A Leading Global Commercial Real Estate Company Buy, Hold, Sell Real Estate as Single Assets and Portfolios 25% CAGR Across Multifamily, Residential, Office, Industrial Asset Classes Around the World Finance Purchase of Real Estate by 3 rd Parties in Multiple Asset Classes Help Borrowers Who Wish to Re-capitalize Their Portfolios Restructure Existing Financing Through Additional Lending Opportunistically Own Companies Like Storage and Parking Where Our Expertise Allows Us to Unlock Under-Valued Real Estate Assets $75 $ '93 '95 '97 '99 '01 '03 NET INCOME CFPA900 SA Pralle Real Estate/2

2 Global Growth Accelerates NEAs ($B) Net Income ($MM) CAGR $28 CAGR 2 $ Intn l U.S. $18 32% $22 33% 37% Intn l $340 29% $528 40% 42% U.S. '99 '01 '03E '99 '01 '03E Continued Focus On Global Growth & Maximizing Portfolio Value In Current Market Conditions CFPA900 SA Pralle Real Estate/3 Then And Now Loan-to-Value 80 85% 78% Cash-on-Cash-Debt % Cash-on-Cash-Equity N/A 8.7% Debt Service Coverage 1.3x 2.2x Geography US Large Cities Global in 20 Countries (e.g., NYC) Lending Limits Single Assets Cross Collateralized, Up to $250MM $75MM Max Single Asset Focus Office, Multi-Family, Multi-Family, Retail, Residential Construction Office, Industrial, Storage,Parking, CMBS,Corp Outsourcing More Diversification Less Portfolio Risk CFPA900 SA Pralle Real Estate/4

3 Diversified Business Mix Net Earning Assets: $28B Assets By Region Collateral Type Properties By Inv. Size Operating Platforms 1 Other 1 Apt 18% $1MM- 5MM 39% Australia Mexico Canada 5% Europe 1 Asia USA 47% Warehse. 9% Storage Retail Office 33% Hotel <$1MM 33% $50MM- 100MM $10MM- 50MM 12% $5MM- 10MM 15% Average Deal Size $10MM Reduced Exposure Through Collateral Mix & Investment Limits CFPA900 SA Pralle Real Estate/5 Portfolio Quality 1.5% 0.5% Delinquency Trend 1.5% 0.7% 1.9% 0.5% % 1.* 0. '99 '00 '01 '02 3Q'03 Commercial Banks GE Real Estate * Estimate Source: Federal Reserve Board Approach Excellent Portfolio Quality 0. Delinquency 78% Loan-to-Value 2.2x Debt Service Coverage Strong Independent Valuation Team 144 People Globally Consistent Underwriting Standards Local Market Knowledge Onsite Property Diligence Strong Global Asset Management Network 220+ Professionals Averaging 10+ Years Experience Proactive Portfolio Monitoring CRE Delinquency At 1/16 th Of Commercial Banks CFPA900 SA Pralle Real Estate/6

4 Global Commercial Real Estate Market World Commercial Re Market Cap 2002: $10+ Trillion U.S. Brazil Canada Mexico Austrailia India South Korea China Japan Netherlands Spain UK Italy France Germany 5% 19% 4 3% 2% 0% 2% Americas As Markets Begin To Bottom, Buying Opportunities Should Emerge (e.g. MF, Office) Europe Public To Private Opportunities Equity Constraints Pushing Corporate Outsourcing Asia Values At 10 Year Lows In Select Markets NPL Opportunities; Japan, Taiwan, China Trillions Of Private Real Estate Providing Growth Opportunity CFPA900 SA Pralle Real Estate/7 Proactive Measures Our Response Raised Underwriting Bar Focus on Portfolios Tightened U/W Standards with Higher LTV and COC Requirements Conscious Decision to Grow Selectively Avoid Single Office, Hospitality Industry and High Hurdle Markets Targeted Growth in Attractive Markets Accelerated Asset Sales Accelerated France, Spain & Japan USA Opportunistically Sold Down: Leveraged Equity Investments Preferred Stock Positions Defensive Actions Taken Early CFPA900 SA Pralle Real Estate/8

5 Targeted Growth Strategy Model Has Changed; New Requirements for Success: Value Creation Opportunities; e.g. Corporate Outsourcing Portfolio Buys at Wholesale; Sell at Retail; e.g. MEPC Investing With Structural Downside Protection Continue to Build Annuity Income Buy and Hold Equity Investments with Strong Gross Margins; e.g. A Family of REITs High Quality Debt Lower Leverage Platform Purchases, e.g. Security Capital Improve Companies Continuous Focus on Cost Opportunities After Building Cash Flow, Exit Opportunistically Focus On Value Creation, Cost And Opportunistic Buys CFPA900 SA Pralle Real Estate/9 Opportunistic Public to Private Investments European Public Real Estate Companies Trading at Significant Discount to NAV European Current Discounts to NAV 50% 45% 40% 35% 30% 25% 20% 15% 5% 0% Benelux France Italy Spain Sweden UK Other Gross NNNAV Source: Merrill Lynch, Real View Based on ML coverage of 118 companies ($59B Mkt Cap) Market Inefficiencies Providing GE With Unique Opportunity NAV Calculation No clearly defined methodology to calculate NAV NAV is a trailing indicator Capital Structures Many companies inefficiently leveraged and capital constrained Tax Treatment Most countries do not have tax exempt status for property companies (i.e. REITS) Lack of Liquidity Except for a few Top Tier companies, many companies are thinly traded Analyst Coverage Smaller companies below analysts radar screen GE The Ideal Player To Take Advantage Of The Current Valuation Gap CFPA900 SA Pralle Real Estate/10

6 Annuity Income - Japan Asia Pacific Markets Improving Markets are Strong and Stable in Korea and Australia First Signs of Economic Recovery Class A Office vacancy peaked, with leasing activities reflecting consolidation and relocation; rents predicted to firm next months Demand for Studio (<40SM), Standard (40-60SM) and Family (60-100SM) residential units remains high Increase in Asset / NPL Sales 8% 2% 1 month Yen LIBOR Central Tokyo Office Building Yield (NOI / Asset Value) 10-Year JGB Rate 500 bps 0% Source: Sumitomo Trust Property Index 02-03,Sumitomo Trust, Bank of Japan Homepage, British Bankers Association MM SF 5 RE Arbitrage Tokyo Office Trends 9. Foreca st 7.7% 0 2% (5) 0% New Demand New Supply Vacancy Rate Source: Ikoma CB Richard Ellis 12% 8% CFPA900 SA Pralle Real Estate/11 Security Capital Acquisition ($B) Acquired $5.6B Diversified Real Estate Portfolio Other 2 Assisted Living 3% Storage Net Income Profile $52MM $150MM E Run Rate Parking 15% Grocery Anchored Retail 17% 3,000 Properties 6 Asset Classes Opportunistic Asset Management Regency, Prologis... $102MM Net Gains in Ongoing Process Executing On Strategy Operating Excellence & Value Optimization CFPA900 SA Pralle Real Estate/12

7 Summary Strong Portfolio Quality Continued Risk Vigilance Asset & Net Income Diversification Selective Global Growth Opportunistic Asset Management NI ($MM) 22%+ $ $650 '02 '03E Safely Positioned For Consistent Growth CFPA900 SA Pralle Real Estate/13

8 Commercial Finance Summary Huge Opportunity To Grow Globally Share + Geography Premier Direct Origination Team Opportunistic & Strategic Acquisitions Implement Industry Verticals Broad Spread Of Risk / Small Hold Positions Secured By Assets We Know Consolidate Backrooms for Productivity ~15%% $3.2B $ B '02 '03E Consistent, Double Digit Earnings Growth CFPA900 SA Pralle Real Estate/15 GE Commercial Finance 03 Financials Net Income ~$ B ~15+% 17+% ROE Assets ~$ B 10+% Risk Management 0. Losses As % Avg. Invest Continue To Outperform Reduce Expenses Productivity As % Investment 3% $100MM Benefit Acquisitions $13B Assets ~$180MM Net Income Consistent, Double-Digit Earnings Growth CFPA900 SA Pralle Real Estate/16

GE Commercial Equipment Financing

GE Commercial Equipment Financing GE Commercial Equipment Financing Paul Bossidy President & Chief Executive Officer, GE Commercial Equipment Financing April 2, 2003 This presentation includes certain "forward-looking statements" within

More information

GE Financial Services

GE Financial Services GE Financial Services James A. Parke Vice Chairman & Chief Financial Officer, GE Capital Services April 2, 2003 This presentation includes certain "forward-looking statements" within the meaning of the

More information

Paul Bossidy. A New Commercial Finance Business. Capital Solutions. President & CEO GE Capital Solutions 1 / GE /

Paul Bossidy. A New Commercial Finance Business. Capital Solutions. President & CEO GE Capital Solutions 1 / GE / Paul Bossidy President & CEO GE Capital Solutions GE Capital Solutions Capital Solutions A New Commercial Finance Business 1 / New organization one blockbuster business aligned for growth Commercial Equipment

More information

GE Capital. Second quarter 2012 supplement

GE Capital. Second quarter 2012 supplement GE Capital Second quarter supplement Results are unaudited. This document contains forward-looking statements that is, statements related to future, not past, events. In this context, forward-looking statements

More information

KBW Mortgage Finance Conference. June 2, 2015

KBW Mortgage Finance Conference. June 2, 2015 KBW Mortgage Finance Conference June 2, 2015 Forward Looking Statements This presentation contains forward looking statements within the meaning of the safe harbor provisions of the Private Securities

More information

J.P. MORGAN HIGH YIELD & LEVERAGED FINANCE CONFERENCE FEBRUARY 24, 2015

J.P. MORGAN HIGH YIELD & LEVERAGED FINANCE CONFERENCE FEBRUARY 24, 2015 J.P. MORGAN HIGH YIELD & LEVERAGED FINANCE CONFERENCE FEBRUARY 24, 2015 DISCLAIMER This presentation contains, in addition to historical information, certain forward-looking statements within the meaning

More information

Excellence in Real Estate Investment and Asset Management

Excellence in Real Estate Investment and Asset Management Next Generation Real Estate Excellence in Real Estate Investment and Asset Management Initiative Immobilien Aktie 2007 - Frankfurt am Main 25./ 26.10.2007 Focused and Integrated Business Model Sales HY

More information

Arshil Jamal President and Chief Operating Officer Canada Life Capital Corporation

Arshil Jamal President and Chief Operating Officer Canada Life Capital Corporation Scotia Capital Financials Summit September 8, 2011 Arshil Jamal President and Chief Operating Officer Canada Life Capital Corporation Cautionary Note regarding Forward-looking Information This report contains

More information

Investor presentation. February, 2016

Investor presentation. February, 2016 Investor presentation February, 2016 Agenda Introduction Market overview Axactor strategy Financials & Structure Q415 & YTD16 Highlights Appendix (financial information) 16.02.2016 2 Investment summary

More information

General Electric Company

General Electric Company General Electric Company Financial Services - Overview/Strategy "This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking

More information

Foreign Direct Investment in the United States. Organization for International Investment

Foreign Direct Investment in the United States. Organization for International Investment Foreign Direct Investment in the United States Organization for International Investment March 18, 2009 Key Findings FOREIGN DIRECT INVESTMENT IN THE UNITED STATES Foreign Direct Investment in the United

More information

General Electric Company

General Electric Company General Electric Company Financial Services - Overview/Strategy "This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking

More information

CB Richard Ellis Group, Inc. Fourth Quarter and Fiscal Year 2008 Earnings Conference Call

CB Richard Ellis Group, Inc. Fourth Quarter and Fiscal Year 2008 Earnings Conference Call CB Richard Ellis Group, Inc. Fourth Quarter and Fiscal Year 2008 Earnings Conference Call February 11, 2009 Forward Looking Statements This presentation contains statements that are forward looking within

More information

Changes in perspective p on USA real estate markets

Changes in perspective p on USA real estate markets 2016 AFIRE Foreign Investment Survey Changes in perspective p on USA real estate markets 100% 90% 80% Percent of Members' Votes 70% 60% 50% 40% 30% 20% 10% More Pessimistic About the Same More Optimistic

More information

CB Richard Ellis Group, Inc. Investor Presentation

CB Richard Ellis Group, Inc. Investor Presentation CB Richard Ellis Group, Inc. Investor Presentation February 2009 Forward Looking Statements This presentation contains statements that are forward looking within the meaning of the Private Securities Litigation

More information

THE INTERNATIONAL PROPERTY SPECIALIST. Analyst Conference. 26 March 2007

THE INTERNATIONAL PROPERTY SPECIALIST. Analyst Conference. 26 March 2007 THE INTERNATIONAL PROPERTY SPECIALIST Analyst Conference 26 March 2007 Agenda Results and achievements 2006 6 step program 1. New business and portfolio diversification 2. Non performing loans 3. Group

More information

J.P. Morgan Global High Yield & Leveraged Finance Conference. February 26, 2014

J.P. Morgan Global High Yield & Leveraged Finance Conference. February 26, 2014 J.P. Morgan Global High Yield & Leveraged Finance Conference February 26, 2014 Forward-Looking Statements Certain items in this presentation and other information we provide from time to time, may constitute

More information

Bank of America Merrill Lynch Banking and Insurance CEO Conference. London, 29 September 2009

Bank of America Merrill Lynch Banking and Insurance CEO Conference. London, 29 September 2009 Bank of America Merrill Lynch Banking and Insurance CEO Conference London, 29 September 2009 Good morning. I d like to thank Bank of America Merrill Lynch for letting us speak this morning. Before I talk

More information

For the year ended: 31 Mar 31 Mar (million ) 2011 2012 Change Net sales. 772.3 913.4 +18.3% Gross profit 637.0 755.5 +18.6%

For the year ended: 31 Mar 31 Mar (million ) 2011 2012 Change Net sales. 772.3 913.4 +18.3% Gross profit 637.0 755.5 +18.6% Results highlights For the year ended: 31 Mar 31 Mar (million ) 2011 2012 Change Net sales 772.3 913.4 +18.3% Gross profit 637.0 755.5 +18.6% % of Net sales 82.5% 82.7% +0.2 pp Operating profit 132.1 152.3

More information

2012 Southwest IDEAS Investor Conference

2012 Southwest IDEAS Investor Conference 2012 Southwest IDEAS Investor Conference November 14, 2012 This presentation contains statements which constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform

More information

Introduction to Australian Real Estate Debt Securities

Introduction to Australian Real Estate Debt Securities 1 Introduction Introduction to Australian Real Estate Debt Securities Superannuation fund investors and managers have for a long time invested in real estate as part of their asset allocation in the belief

More information

State Bank Financial Corporation Reports Fourth Quarter and Full Year 2015 Financial Results

State Bank Financial Corporation Reports Fourth Quarter and Full Year 2015 Financial Results Investor Relations Contact: Jeremy Lucas 404.239.8626 / jeremy.lucas@statebt.com Fourth Quarter 2015 Highlights State Bank Financial Corporation Reports Fourth Quarter and Full Year 2015 Financial Results

More information

Delaware Investments Global Real Estate Securities. Citywire Wealth Management Forum. Presented by:

Delaware Investments Global Real Estate Securities. Citywire Wealth Management Forum. Presented by: Delaware Investments Global Real Estate Securities Citywire Wealth Management Forum Presented by: Bob Zenouzi Senior Vice President Senior Portfolio Manager July 1, 2009 Delaware Investments is the marketing

More information

Credit Risk Management

Credit Risk Management U.S. Bancorp Investor Day Credit Risk Management P.W. (Bill) Parker EVP and Chief Credit Officer September 12, 2013 # Forward-looking Statements and Additional Information The following information appears

More information

Bank of America Merrill Lynch Global Industries Conference. Dave Anderson, Senior Vice President and CFO

Bank of America Merrill Lynch Global Industries Conference. Dave Anderson, Senior Vice President and CFO Bank of America Merrill Lynch Global Industries Conference 0 Dave Anderson, Senior Vice President and CFO Forward Looking Statements This report contains forward-looking statements within the meaning of

More information

Sumitomo Trust & Banking. Information Meeting on Financial Results for 1HFY2004

Sumitomo Trust & Banking. Information Meeting on Financial Results for 1HFY2004 Sumitomo Trust & Banking Co., Co., Ltd. Information Meeting on Financial Results for 1HFY24 December 1, 24 The quality trust bank 1 Aiming to become the quality trust bank The quality trust bank Trust

More information

U.S. Bancorp Investor Day. Payment Services. Pamela Joseph Vice Chairman. September 12, 2013

U.S. Bancorp Investor Day. Payment Services. Pamela Joseph Vice Chairman. September 12, 2013 U.S. Bancorp Investor Day Payment Services Pamela Joseph Vice Chairman September 12, 2013 # Forward-looking Statements and Additional Information The following information appears in accordance with the

More information

MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents

MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents Page # MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents 1. Quarterly Consolidated Financial Summary 2. Quarterly Consolidated Income Statement Information 3. Quarterly Consolidated Financial

More information

GLOBAL BANKING & MARKETS

GLOBAL BANKING & MARKETS GLOBAL BANKING & MARKETS Investors Day Boadilla del Monte. September 14 th, 2007 Important information 2 Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements

More information

Investor Presentation Acquisition of General Electric s Transportation Finance Business

Investor Presentation Acquisition of General Electric s Transportation Finance Business Investor Presentation Acquisition of General Electric s Transportation Finance Business September 10, 2015 September 10, 2015 0 Forward Looking Statements & Non-GAAP Measures Caution Regarding Forward-Looking

More information

MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery

MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery Below is a summery of Q&A session from the Information Meeting held on November 25, 2015

More information

FOURTH QUARTER NET INCOME INCREASES 12% TO A RECORD $5.32 BILLION FOURTH QUARTER EPS OF $1.02, UP 12% REVENUES INCREASE 9% TO $21.

FOURTH QUARTER NET INCOME INCREASES 12% TO A RECORD $5.32 BILLION FOURTH QUARTER EPS OF $1.02, UP 12% REVENUES INCREASE 9% TO $21. FOURTH QUARTER NET INCOME INCREASES 12% TO A RECORD $5.32 BILLION FOURTH QUARTER EPS OF $1.02, UP 12% REVENUES INCREASE 9% TO $21.9 BILLION CITIGROUP 2004 NET INCOME OF $17.0 BILLION, EPS OF $3.26 REVENUES

More information

Old Mutual Acquisition of United Asset Management. 19 June 2000

Old Mutual Acquisition of United Asset Management. 19 June 2000 Old Mutual Acquisition of United Asset Management 19 June 2000 0 Speakers Johannesburg Mike Levett Old Mutual - Chairman and C.E.O. London Eric Anstee Old Mutual - Group Finance Director Boston James F.

More information

CITI REPORTS FIRST QUARTER INCOME OF $5.01 BILLION, EPS OF $1.01 RECORD REVENUES OF $25.5 BILLION, UP 15% INTERNATIONAL REVENUES UP 18%

CITI REPORTS FIRST QUARTER INCOME OF $5.01 BILLION, EPS OF $1.01 RECORD REVENUES OF $25.5 BILLION, UP 15% INTERNATIONAL REVENUES UP 18% CITI REPORTS FIRST QUARTER INCOME OF $5.01 BILLION, EPS OF $1.01 RECORD REVENUES OF $25.5 BILLION, UP 15% INTERNATIONAL REVENUES UP 18% RECORD REVENUES AND NET INCOME IN MARKETS & BANKING AND WEALTH MANAGEMENT

More information

CONTACT SA REIT. The asset class that delivers capital appreciation and annuity income

CONTACT SA REIT. The asset class that delivers capital appreciation and annuity income The asset class that delivers capital appreciation and annuity income CONTACT SA REIT WEB: www.sareit.co.za EMAIL: sareit@marketingconcepts.co.za TEL: +27 11 783 2201 Twitter: @SA_REIT SA REIT ASSOCIATION

More information

Office Depot Announces Third Quarter 2012 Results. November 6, :01 AM ET

Office Depot Announces Third Quarter 2012 Results. November 6, :01 AM ET Office Depot Announces Third Quarter 2012 Results November 6, 2012 7:01 AM ET BOCA RATON, Fla.--(BUSINESS WIRE)--Nov. 6, 2012-- Office Depot, Inc. (NYSE: ODP), a leading global provider of office supplies

More information

Office Depot Announces First Quarter 2012 Results. May 1, :02 AM ET

Office Depot Announces First Quarter 2012 Results. May 1, :02 AM ET Office Depot Announces First Quarter 2012 Results May 1, 2012 7:02 AM ET BOCA RATON, Fla., May 01, 2012 (BUSINESS WIRE) --Office Depot, Inc. (NYSE: ODP), a leading global provider of office supplies and

More information

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 Contact: Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 AIG REPORTS FIRST QUARTER 2006 NET INCOME OF $3.20 BILLION NEW YORK, NY, May 10, 2006 American International

More information

Supplemental Information First Quarter 2011 Earnings Call

Supplemental Information First Quarter 2011 Earnings Call Supplemental Information First Quarter 2011 Earnings Call Market & Financial Overview s Q1 2010 Q1 2011 growth slowing growth accelerating falling bottoming out Shanghai Washington DC London, Hong Kong

More information

Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015

Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 FORD CREDIT 1Q 2015 OPERATING HIGHLIGHTS* Another strong performance with pre-tax profit of $483 million and net income of $306 million Managed receivables

More information

Second Quarter 2000 Earnings Review. July 19, 2000

Second Quarter 2000 Earnings Review. July 19, 2000 Second Quarter 2000 Earnings Review July 19, 2000 Second Quarter Highlights $3.0B Core Earnings 23% EPS growth 22% earnings growth in Global Consumer, 2% in GC&IB and 11% in GIM&PB 25% ROE $9 billion invested

More information

The first quarter was highlighted by:

The first quarter was highlighted by: Mercantile Bank Corporation Reports Strong First Quarter 2013 Results Diluted earnings per share increased 79 percent Continued asset quality improvement and outlook remains positive GRAND RAPIDS, Mich.,

More information

Financial Services In Europe

Financial Services In Europe Financial Services In Europe GE A Global Company Operations in over 100 countries Debt rated Triple-A since 1956 320,000 + employees worldwide Manufacturing facilities in 32 countries 2 Six GE Businesses

More information

1. Global Money Market Fund

1. Global Money Market Fund 1. Global Money Market Fund Conservative investment approach Higher return than overseas bank account - minimal risk, lower entry levels Focus is on retention of capital Invests in short-term interest

More information

Real Estate Investment Newsletter July 2004

Real Estate Investment Newsletter July 2004 The Case for Selling Real Estate in California This month I am writing the newsletter for those investors who currently own rental properties 1 in California. In any type of investing, be it real estate,

More information

Quarterly Market Review. Third Quarter 2016

Quarterly Market Review. Third Quarter 2016 Q3 Quarterly Market Review Third Quarter 2016 Market Summary Index Returns US Stock Market International Developed Stocks Emerging Markets Stocks Global Real Estate US Bond Market Global Bond Market ex

More information

Specialty Finance Tom Hallman

Specialty Finance Tom Hallman Specialty Finance Tom Hallman Specialty Finance Overview Vendor Finance ($13 billion / 30+ countries) Consumer / Small Business ($16 billion / 50 U.S. states) Healthcare Industrial Equipment Office Products

More information

Development of the Client-Focused, Capital-Efficient Business Model

Development of the Client-Focused, Capital-Efficient Business Model Development of the Client-Focused, Capital-Efficient Business Model David Mathers, Chief Operating Officer, Investment Bank at the Goldman Sachs European Financials Conference, Madrid, June 10, 2010 Cautionary

More information

Guide to Reformatted Quarterly Financial Data Supplement

Guide to Reformatted Quarterly Financial Data Supplement Guide to Reformatted Quarterly Financial Data Supplement This guide to the reformatted quarterly financial data supplement is intended to highlight the key changes to the supplement and is not a comprehensive

More information

Hyatt Hotels Corporation Investor Presentation

Hyatt Hotels Corporation Investor Presentation Hyatt Hotels Corporation Investor Presentation November 2014 2 Forward-Looking Statements Forward-Looking Statements in this presentation, which are not historical facts, are forward-looking statements

More information

Wealth Management: Global Private Banking

Wealth Management: Global Private Banking Michael Lagopoulos Head of Presentation to Analysts & Institutional Investors Toronto, April 22, 2005 Our global footprint 20,000 HNW Households 27 offices in 20 countries RBC is a top 20 global private

More information

GE Consumer Finance. Dave Nissen President and CEO, GE Consumer Finance Mark Begor President and CEO, GE Consumer Finance Americas

GE Consumer Finance. Dave Nissen President and CEO, GE Consumer Finance Mark Begor President and CEO, GE Consumer Finance Americas GE Consumer Finance Dave Nissen President and CEO, GE Consumer Finance Mark Begor President and CEO, GE Consumer Finance Americas October 29, 2003 This presentation includes certain "forward-looking statements"

More information

Colliers International Group Inc. Investor Presentation

Colliers International Group Inc. Investor Presentation Colliers International Group Inc. Investor Presentation Basis of Presentation All amounts in millions of US Dollars unless otherwise noted. Adjusted EBITDA ( AEBITDA ) and Adjusted EPS ( AEPS ) are non-gaap

More information

Supplemental Information Fourth-Quarter 2013 Earnings Call

Supplemental Information Fourth-Quarter 2013 Earnings Call Supplemental Information Fourth-Quarter 2013 Earnings Call Market & Financial Overview 2013 Q4 and FY Capital Markets & Leasing Markets Volumes 2013 Investment Volume Strength Continued Q4 2013 v. Q4 2012

More information

NorthStar Asset Management Group Inc. New York Office. Harness the Benefits of Real Estate Lending

NorthStar Asset Management Group Inc. New York Office. Harness the Benefits of Real Estate Lending NorthStar Asset Management Group Inc. New York Office Harness the Benefits of Real Estate Lending Forward Looking Statements This sales material includes forward-looking statements that can be identified

More information

First Quarter 2016 Earnings Call. May 5, 2016

First Quarter 2016 Earnings Call. May 5, 2016 First Quarter 2016 Earnings Call May 5, 2016 Safe Harbor Statement F O R W A R D - L O O K I N G S T A T E M ENTS This presentation includes forward-looking statements within the meaning of the safe harbor

More information

OFFICE DEPOT ANNOUNCES SECOND QUARTER 2011 RESULTS

OFFICE DEPOT ANNOUNCES SECOND QUARTER 2011 RESULTS CONTACTS: Brian Turcotte Investor Relations 561-438-3657 brian.turcotte@officedepot.com Brian Levine Public Relations 561-438-2895 brian.levine@officedepot.com OFFICE DEPOT ANNOUNCES SECOND QUARTER 2011

More information

Globalization in the business of making money ( Alternative

Globalization in the business of making money ( Alternative Avinash Vashistha, Chairman Tholons Globalization in the business of making money ( Alternative Investments ) An Introduction to Alternative Investments The term alternative investment has been receiving

More information

Santander Consumer Finance. February 2015

Santander Consumer Finance. February 2015 Santander Consumer Finance February 2015 1 Banco Santander S.A. and Santander Consumer Finance advise that this presentation contains representations regarding forecasts and estimates. Said forecasts and

More information

Introduction to Mortgage Insurance. Mexico City November 2003

Introduction to Mortgage Insurance. Mexico City November 2003 Introduction to Mortgage Insurance Mexico City November 2003 Agenda United Guaranty Mortgage guaranty insurance Industry history Product structure and risk factors Advantages of mortgage insurance Process

More information

GE Capital. University of Rochester. March 30, 2012

GE Capital. University of Rochester. March 30, 2012 GE Capital University of Rochester March 30, 2012 GE s portfolio and financials 2011 revenue $147B 55% revenues in Non-US growth markets -a) Energy Infrastructure Aviation Healthcare Transportation GE

More information

Real Estate and Infrastructure Investment Opportunities

Real Estate and Infrastructure Investment Opportunities FRANKLIN TEMPLETON REAL ESTATE ADVISORS Real Estate and Infrastructure Investment Opportunities Jack Foster Head of Real Estate & Real Assets Franklin Templeton Real Estate Advisors World GDP Growth Almost

More information

Merrill Lynch Global Industries Conference

Merrill Lynch Global Industries Conference Merrill Lynch Global Industries Conference Dave Anderson Senior Vice President and CFO London May 11, 2007 Forward Looking Statements This report contains forward-looking statements within the meaning

More information

Q4 and Full Year 2015 Earnings Conference Call

Q4 and Full Year 2015 Earnings Conference Call Q4 and Full Year 2015 Earnings Conference Call January 28, 2016 Forward-Looking Statements and Associated Risk Factors We make statements in this presentation regarding our outlook or expectations for

More information

FIRST QUARTER REPORT 2008-04-25

FIRST QUARTER REPORT 2008-04-25 FIRST QUARTER REPORT This presentation contains forward looking statements. Such statements are based on our current expectations and are subject to certain risks and uncertainties that could negatively

More information

3 rd Quarter 2014 Earnings Conference Call Transcript

3 rd Quarter 2014 Earnings Conference Call Transcript 3 rd Quarter 2014 Earnings Conference Call Transcript Overview*: BDC reported 3Q14 consolidated revenues of $613.1M, income from continuing operations of $50.4M and diluted EPS from continuing operations

More information

2014 Survey of Credit Underwriting Practices

2014 Survey of Credit Underwriting Practices 2014 Survey of Credit Underwriting Practices Office of the Comptroller of the Currency Washington, D.C. December 2014 Contents Introduction... 1 Part I: Overall Results... 3 Primary Findings... 3 Commentary

More information

Citi Investor Relations. Credit Suisse Financial Services Forum. February 12, 2014. Jud Linville CEO, Citi Cards

Citi Investor Relations. Credit Suisse Financial Services Forum. February 12, 2014. Jud Linville CEO, Citi Cards Citi Investor Relations Credit Suisse Financial Services Forum February 12, 2014 Jud Linville CEO, Citi Cards Highlights Cards at Citi - World s largest card issuer - Unique global franchise Our Strategy

More information

Key performance indicators

Key performance indicators The information included in the following sheets of this Excel file forms an integral part of the Aegon press release on the Q2 results 2013 as published on August 8, 2013. Cautionary note regarding non-ifrs

More information

INVESTOR PRESENTATION 2013 THIRD QUARTER

INVESTOR PRESENTATION 2013 THIRD QUARTER INVESTOR PRESENTATION 203 THIRD QUARTER SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 995 A&F cautions that any forwardlooking statements (as such term is defined in the Private

More information

INVESTOR PRESENTATION. SEPTEMBER 2014 elementcorp.com

INVESTOR PRESENTATION. SEPTEMBER 2014 elementcorp.com INVESTOR PRESENTATION SEPTEMBER 2014 Certain information in this presentation is forward looking and related to anticipated financial performance, events and strategies. When used in this context, words

More information

HSBC Holdings plc and HSBC Bank Canada Presentation to Fixed Income Investors. September 2013

HSBC Holdings plc and HSBC Bank Canada Presentation to Fixed Income Investors. September 2013 Holdings plc and Bank Canada Presentation to Fixed Income Investors September 2013 Forward-looking statements This presentation, including the accompanying slides and subsequent discussion, contains certain

More information

Revenue up 12% (17% in local currency), adjusted EBITDA up 52% (60% in local currency)

Revenue up 12% (17% in local currency), adjusted EBITDA up 52% (60% in local currency) COMPANY CONTACTS: Jay S. Hennick Chairman & CEO John B. Friedrichsen Senior Vice President & CFO (416) 960-9500 FOR IMMEDIATE RELEASE Colliers International reports strong first quarter results Revenue

More information

Acquisition of CIT's Canadian Equipment Financing & Corporate Financing Activities

Acquisition of CIT's Canadian Equipment Financing & Corporate Financing Activities Acquisition of CIT's Canadian Equipment Financing & Corporate Financing Activities June 29, 2016 laurentianbank.ca 1 Prospectus Information A preliminary short form prospectus containing important information

More information

Staples, Inc. Announces First Quarter 2016 Performance

Staples, Inc. Announces First Quarter 2016 Performance Media Contact: Mark Cautela 508-253-3832 Investor Contact: Chris Powers/Scott Tilghman 508-253-4632/1487 Staples, Inc. Announces First Quarter 2016 Performance FRAMINGHAM, Mass., May 18, 2016 Staples,

More information

Midwest Investment Conference

Midwest Investment Conference NYSE MKT: EVBN www.evansbank.com Midwest Investment Conference June 22, 2016 David J. Nasca President & CEO John B. Connerton Senior Vice President & CFO Safe Harbor Statement This presentation includes

More information

2016 Community Bank Investor Conference

2016 Community Bank Investor Conference Richard P. Smith, President & CEO FIG Partners 2016 Community Bank Investor Conference February 3-4, 2016 SAFE HARBOR STATEMENT Certain comments included in this presentation may involve forwardlooking

More information

2013 Survey of Credit Underwriting Practices

2013 Survey of Credit Underwriting Practices 2013 Survey of Credit Underwriting Practices Office of the Comptroller of the Currency Washington, D.C. January 2014 Contents Introduction... 1 Part I: Overall Results... 3 Primary Findings... 3 Commentary

More information

Global Real Estate Outlook

Global Real Estate Outlook Global Real Estate Outlook August 2014 The Hierarchy of Economic Performance, 2014-2015 China Indonesia India Poland South Korea Turkey Australia Mexico United Kingdom Sweden United States Canada South

More information

CNO to Sell Closed Block Life Insurance Subsidiary to Wilton Re March 3, 2014

CNO to Sell Closed Block Life Insurance Subsidiary to Wilton Re March 3, 2014 CNO to Sell Closed Block Life Insurance Subsidiary to Wilton Re March 3, 2014 Forward-Looking Statements Certain statements made in this presentation should be considered forward-looking statements as

More information

Second Quarter 2015 Investor Conference Call

Second Quarter 2015 Investor Conference Call Second Quarter 2015 Investor Conference Call August 20, 2015 December 13, 2012 DRAFT 5 Safe Harbor Basis of Presentation Unless otherwise noted or unless the context otherwise requires, all references

More information

ESG PRACTICES FOR PASSIVELY MANAGED EQUITY STRATEGIES SEPTEMBER 2014

ESG PRACTICES FOR PASSIVELY MANAGED EQUITY STRATEGIES SEPTEMBER 2014 ESG PRACTICES FOR PASSIVELY MANAGED EQUITY STRATEGIES SEPTEMBER 2014 EXECUTIVE SUMMARY Mercer s ESG (environmental, social and governance) ratings have generally been well-integrated into the manager research

More information

Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director

Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director Slide: Name Slide Thanks very much, it s a great pleasure to be here today and I d like to thank our hosts Deutsche Bank

More information

Goldman Sachs Presentation to Bank of America Merrill Lynch Banking and Financial Services Conference

Goldman Sachs Presentation to Bank of America Merrill Lynch Banking and Financial Services Conference Goldman Sachs Presentation to Bank of America Merrill Lynch Banking and Financial Services Conference Harvey M. Schwartz Chief Financial Officer November 7, 205 Cautionary Note on -Looking Statements Today

More information

Real Estate as a Strategic Asset Class. Less is More: Private Equity Investments` Benefits. How to Invest in Real Estate?

Real Estate as a Strategic Asset Class. Less is More: Private Equity Investments` Benefits. How to Invest in Real Estate? Real Estate as a Strategic Asset Class The Benefits of Illiquid Investments Real estate, a key asset class in a portfolio, can offer stable income returns, partial protection against inflation, and good

More information

Commercial Mortgage Types and Decisions

Commercial Mortgage Types and Decisions Commercial Loans vs Home Loans Fin 5413 Commercial Mortgage Types and Decisions Commercial mortgages and notes are not as standardized as home loans Although this is changing with growth in commercial

More information

Mark Weiss, President

Mark Weiss, President Mark Weiss, President Safe Harbor Certain items in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements

More information

ASCENT. Investor Presentation March 2016 A S C E N T. March 2016 1 CAPITAL GROUP INC

ASCENT. Investor Presentation March 2016 A S C E N T. March 2016 1 CAPITAL GROUP INC ASCENT Investor Presentation March 2016 3 March 2016 1 Forward Looking Statements This presentation contains or may contain certain forward-looking statements within the meaning of the Private Securities

More information

U.S. Bancorp 1Q16 Earnings Conference Call

U.S. Bancorp 1Q16 Earnings Conference Call U.S. Bancorp 1Q16 Earnings Conference Call Richard K. Davis Chairman and CEO Kathy Rogers Vice Chairman and CFO April 2, 216 Forward-looking Statements and Additional Information The following information

More information

GE Capital, Corporate Finance

GE Capital, Corporate Finance GE Capital, Corporate Finance Tom Quindlen Vertical Research Partners Industrial Conference September 9, 2013 Caution Concerning Forward-Looking Statements: This document contains forward-looking statements

More information

How international expansion is a driver of performance for insurers in uncertain times

How international expansion is a driver of performance for insurers in uncertain times How international expansion is a driver of performance for insurers in uncertain times Accenture Global Multi-Country Operating Model Survey May 2009 Copyright 2009 Accenture. All rights reserved. Accenture,

More information

Summary of Regulatory Measures on the Property Market in Other Jurisdictions (see Annex for details)

Summary of Regulatory Measures on the Property Market in Other Jurisdictions (see Annex for details) CB(1)571/10-11(01) 1. In connection with members concern about the absence of any arrangement for sharing of positive credit data on mortgage loans among banks, the Hong Kong Monetary Authority is requested

More information

HAS THE INSURANCE BROKERAGE MARKET PEAKED?

HAS THE INSURANCE BROKERAGE MARKET PEAKED? CORPORATE FINANCE TRANSACTION ADVISORY SERVICES HAS THE INSURANCE BROKERAGE MARKET PEAKED? by Arik Rashkes and Richard Forgione 2 OVERVIEW OF ECONOMIC CONDITIONS Improving economic conditions and asset

More information

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update IOOF QuantPlus NZD Quarterly update For the period ended 31 March 2016 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure

More information

Cazenove UK Companies Conference. Paul Brooks, Chief Financial Officer 18 April 2008

Cazenove UK Companies Conference. Paul Brooks, Chief Financial Officer 18 April 2008 Cazenove UK Companies Conference Paul Brooks, Chief Financial Officer 18 April 2008 Overview Agenda Overview Strategic objectives Financial track record Summary 2 Overview Our vision For our people, data

More information

Credit Suisse 2015 Financials Conference

Credit Suisse 2015 Financials Conference Credit Suisse 2015 Financials Conference Gregory J. Fleming President of Morgan Stanley Wealth Management and Morgan Stanley Investment Management February 10, 2015 Notice The information provided herein

More information

Real Estate Finance. Winter 2011 THE FUNDING GAP: IS MEZZANINE LENDING THE SOLUTION?

Real Estate Finance.  Winter 2011 THE FUNDING GAP: IS MEZZANINE LENDING THE SOLUTION? Real Estate Finance www.cbre.com/research THE FUNDING GAP: IS MEZZANINE LENDING THE SOLUTION? by Natale Giostra Head of UK and EMEA, Real Estate Finance INTRODUCTION The global financial crisis and the

More information

Quarterly Financial Supplement - 1Q 2016

Quarterly Financial Supplement - 1Q 2016 Quarterly Financial Supplement - 1Q 2016 Page # Consolidated Financial Summary... 1 Consolidated Income Statement Information... 2 Consolidated Financial Information and Statistical Data... 3 Consolidated

More information

2012 Year End Results Roadshow Presentation

2012 Year End Results Roadshow Presentation 2012 Year End Results Roadshow Presentation March 2013 Casino, Ile de France Overview SEGRO is a leading European Industrial REIT with AUM of 5.3bn (SEGRO share: 4.7bn) Portfolio concentrated in the most

More information

Sapiens results in the first quarter represent a solid start to achieving our financial targets for the full year.

Sapiens results in the first quarter represent a solid start to achieving our financial targets for the full year. Sapiens Reports 12% Year-Over-Year Increase in Quarterly Revenue to $41 Million Non-GAAP Quarterly Operating Profit Increased by 58.5% Year-Over-Year Holon, Israel, May 6, 2015 Sapiens International Corporation,

More information