EPR Properties (NYSE:EPR) today announced operating results for the
second quarter and six months ended June 30, 2014.
Three Months Ended June 30, 2014
-
Total revenue was $91.8 million for the second quarter of 2014,
representing an 11% increase from $83.0 million for the same quarter
in 2013.
-
Net income available to common shareholders was $34.8 million, or
$0.65 per diluted common share, for the second quarter of 2014
compared to $26.5 million, or $0.56 per diluted common share, for the
same quarter in 2013.
-
Funds From Operations (FFO) for the second quarter of 2014 was $50.4
million, or $0.94 per diluted common share, compared to $40.2 million,
or $0.85 per diluted common share, for the same quarter in 2013.
-
FFO as adjusted for the second quarter of 2014 was $52.0 million, or
$0.97 per diluted common share, compared to $46.4 million, or $0.98
per diluted common share, for the same quarter in 2013.
Six Months Ended June 30, 2014
-
Total revenue was $181.6 million for the six months ended June 30,
2014, representing a 9% increase from $165.9 million for the same
period in 2013.
-
Net income available to common shareholders was $72.4 million, or
$1.36 per diluted common share, for the six months ended June 30, 2014
compared to $61.8 million, or $1.31 per diluted common share, for the
same period in 2013.
-
FFO for the six months ended June 30, 2014 was $103.1 million, or
$1.94 per diluted common share, compared to $88.5 million, or $1.88
per diluted common share, for the same period in 2013.
-
FFO as adjusted for the six months ended June 30, 2014 was $101.5
million, or $1.91 per diluted common share, compared to $90.4 million,
or $1.92 per diluted common share, for the same period in 2013.
David Brain, President and CEO, commented, “We continue to deliver
consistent performance across our portfolio. I am particularly pleased
with our team’s ability to source attractive investment opportunities,
allowing us to increase our investment spending guidance for the year.
These investments are supported by an increasingly strong balance sheet,
which was recognized by a recent credit rating upgrade from S&P, whereby
our unsecured debt is now rated investment grade across all three major
rating agencies.”
A reconciliation of FFO to FFO as adjusted follows (unaudited, dollars
in thousands, except per share amounts):
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
2014
|
|
2013
|
|
|
|
Amount
|
|
FFO/share
|
|
Amount
|
|
FFO/share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO
|
|
$
|
50,366
|
|
|
$
|
0.94
|
|
|
$
|
40,184
|
|
|
$
|
0.85
|
|
|
Costs associated with loan refinancing or payoff
|
|
—
|
|
|
—
|
|
|
5,943
|
|
|
0.13
|
|
|
Transaction costs
|
|
756
|
|
|
0.01
|
|
|
224
|
|
|
—
|
|
|
Deferred income tax expense
|
|
842
|
|
|
0.02
|
|
|
—
|
|
|
—
|
|
FFO as adjusted
|
|
$
|
51,964
|
|
|
$
|
0.97
|
|
|
$
|
46,351
|
|
|
$
|
0.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
|
|
|
|
$
|
0.86
|
|
|
|
|
|
$
|
0.79
|
|
FFO as adjusted payout ratio
|
|
|
|
|
88
|
%
|
|
|
|
|
81
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
2014
|
|
2013
|
|
|
|
Amount
|
|
FFO/share
|
|
Amount
|
|
FFO/share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO
|
|
$
|
103,050
|
|
|
$
|
1.94
|
|
|
$
|
88,499
|
|
|
$
|
1.88
|
|
|
Costs associated with loan refinancing or payoff
|
|
—
|
|
|
—
|
|
|
5,943
|
|
|
0.13
|
|
|
Transaction costs (benefit)
|
|
(2,424
|
)
|
|
(0.05
|
)
|
|
542
|
|
|
0.01
|
|
|
Gain on early extinguishment of debt
|
|
—
|
|
|
—
|
|
|
(4,539
|
)
|
|
(0.10
|
)
|
|
Gain on sale of land
|
|
(330
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Deferred income tax expense
|
|
1,249
|
|
|
0.02
|
|
|
—
|
|
|
—
|
|
FFO as adjusted
|
|
$
|
101,545
|
|
|
$
|
1.91
|
|
|
$
|
90,445
|
|
|
$
|
1.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
|
|
|
|
$
|
1.71
|
|
|
|
|
|
$
|
1.58
|
|
FFO as adjusted payout ratio
|
|
|
|
|
90
|
%
|
|
|
|
|
82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Update
The Company's investment portfolio consisted of the following at
June 30, 2014:
-
The Entertainment segment included investments in 125 megaplex theatre
properties, nine entertainment retail centers (which include eight
additional megaplex theatre properties and one live performance venue)
and five family entertainment centers. The Company’s portfolio of
owned entertainment properties consisted of 11.6 million square feet
and was 99% leased, including megaplex theatres that were 100% leased.
-
The Education segment included investments in 53 public charter school
properties and two early education centers. The Company’s portfolio of
owned education properties consisted of 2.6 million square feet and
was 100% leased.
-
The Recreation segment included investments in 14 metropolitan ski
areas, four waterparks and eight golf entertainment complexes. The
Company’s portfolio of owned recreation properties was 100% leased.
-
The Other segment consisted primarily of the land held for development
related to the Adelaar casino and resort project in Sullivan County,
New York.
The combined owned portfolio consisted of 15.1 million square feet and
was 99% leased. As of June 30, 2014, the Company also had invested
approximately $182.9 million in property under development.
Investment Update
The Company's investment spending during the three months ended June 30,
2014 totaled $251.3 million (bringing the year-to-date investment
spending to $319.7 million), and included investments in each of its
four operating segments:
-
Entertainment investment spending totaled $133.4 million, and was
related primarily to the Company's acquisition of 11 theatre
properties for a total purchase price of $117.7 million as well as
investments in build-to-suit construction of six megaplex theatres and
redevelopment of one existing megaplex theatre, each of which is
subject to a long-term triple net lease or a long-term mortgage
agreement.
-
Education investment spending totaled $65.7 million, and was related
to investments in build-to-suit construction of 18 public charter
schools, three private schools and six early childhood education
centers, each of which is subject to a long-term triple net lease or
long-term mortgage agreement.
-
Recreation investment spending totaled $51.3 million, and was related
to build-to-suit construction of 11 TopGolf golf entertainment
facilities and additional improvements at two Top Golf golf
entertainment facilities, and Camelback Mountain Resort, each of which
is subject to a long-term triple net lease or long-term mortgage
agreement.
-
Other investment spending totaled $0.9 million, and was related to the
Adelaar casino and resort project in Sullivan County, New York.
Sale of Four Public Charter Schools
As previously announced, on April 2, 2014, the Company completed the
sale of four public charter school properties located in Florida and
previously leased to affiliates of Imagine Schools, Inc. for net
proceeds of $46.1 million. Accordingly, the Company reduced its
investment in a direct financing lease, net, by $45.9 million which
included $41.5 million in original acquisition cost. A gain of $0.2
million was recognized during the three months ended June 30, 2014.
Balance Sheet Update
The Company's balance sheet remains strong with a debt to gross assets
ratio (defined as total debt to total assets plus accumulated
depreciation) of 42% at June 30, 2014. Additionally, at June 30, 2014
the Company had $79.0 million outstanding under its $535.0 million
unsecured revolving credit facility leaving $456.0 million of
availability.
On April 21, 2014, the Company assumed a mortgage note payable of $90.3
million and a note payable of $1.9 million in conjunction with the
acquisition of the 11 theatre properties discussed above. The mortgage
note was recorded at fair value upon acquisition which was estimated to
be $99.6 million. The carrying value of the note payable approximated
fair value on the date of acquisition.
Standard & Poor's Ratings Upgrade
Subsequent to quarter end, on July 8, 2014, Standard & Poor’s Ratings
Services (“S&P”) raised the Company’s corporate credit rating to BB+
from BB and also gave the Company a stable outlook. Additionally, the
Company received an issue-level upgrade on the Company’s unsecured debt
to investment grade of BBB- from BB+. The Company also has investment
grade credit ratings from Moody’s (Baa2) and Fitch (BBB-) for both
corporate and unsecured debt.
Dividend Information
The Company declared regular monthly cash dividends during the second
quarter of 2014 totaling $0.855 per common share. This dividend
represents an annualized dividend of $3.42, an 8.2% increase over the
prior year.
The Company also declared second quarter cash dividends of $0.359375 per
share on its 5.75% Series C cumulative convertible preferred shares,
$0.5625 per share on its 9.00% Series E cumulative convertible preferred
shares and $0.4140625 per share on its 6.625% Series F cumulative
redeemable preferred shares.
Guidance
Based on the strength of investment spending to date as well as the
current pipeline of build-to-suit projects, the Company is increasing
its 2014 investment spending guidance to a range of $550 million to $600
million from its prior range of $500 million to $550 million and is
confirming its 2014 guidance for FFO as adjusted per diluted share of a
range of $4.00 to $4.10.
Quarterly Supplemental
The Company's supplemental information package for the second quarter
and six months ended June 30, 2014 is available on the Company's website
at http://eprkc.com/earnings-releases-supplemental.
|
|
|
|
|
EPR Properties Consolidated Statements of Income (Unaudited,
dollars in thousands except per share data)
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Rental revenue
|
|
$
|
69,918
|
|
|
$
|
60,160
|
|
|
$
|
136,349
|
|
|
$
|
120,548
|
|
Tenant reimbursements
|
|
4,281
|
|
|
4,452
|
|
|
8,869
|
|
|
9,196
|
|
Other income
|
|
187
|
|
|
104
|
|
|
361
|
|
|
128
|
|
Mortgage and other financing income
|
|
17,401
|
|
|
18,236
|
|
|
36,064
|
|
|
36,031
|
|
Total revenue
|
|
91,787
|
|
|
82,952
|
|
|
181,643
|
|
|
165,903
|
|
Property operating expense
|
|
5,539
|
|
|
5,990
|
|
|
11,988
|
|
|
13,025
|
|
Other expense
|
|
219
|
|
|
187
|
|
|
318
|
|
|
336
|
|
General and administrative expense
|
|
7,079
|
|
|
6,051
|
|
|
14,541
|
|
|
12,703
|
|
Costs associated with loan refinancing or payoff
|
|
—
|
|
|
5,943
|
|
|
—
|
|
|
5,943
|
|
Gain on early extinguishment of debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,539
|
)
|
Interest expense, net
|
|
20,555
|
|
|
20,000
|
|
|
40,453
|
|
|
39,989
|
|
Transaction costs
|
|
756
|
|
|
224
|
|
|
952
|
|
|
542
|
|
Depreciation and amortization
|
|
16,002
|
|
|
13,176
|
|
|
31,329
|
|
|
25,998
|
|
Income before equity in income from joint ventures and other items
|
|
41,637
|
|
|
31,381
|
|
|
82,062
|
|
|
71,906
|
|
Equity in income from joint ventures
|
|
267
|
|
|
466
|
|
|
578
|
|
|
817
|
|
Gain on sale of land
|
|
—
|
|
|
—
|
|
|
330
|
|
|
—
|
|
Gain on sale of investment in a direct financing lease
|
|
220
|
|
|
—
|
|
|
220
|
|
|
—
|
|
Income before income taxes
|
|
42,124
|
|
|
31,847
|
|
|
83,190
|
|
|
72,723
|
|
Income tax expense
|
|
1,360
|
|
|
—
|
|
|
2,285
|
|
|
—
|
|
Income from continuing operations
|
|
$
|
40,764
|
|
|
$
|
31,847
|
|
|
$
|
80,905
|
|
|
$
|
72,723
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations
|
|
(4
|
)
|
|
629
|
|
|
11
|
|
|
394
|
|
Transaction (costs) benefit
|
|
—
|
|
|
—
|
|
|
3,376
|
|
|
—
|
|
Gain on sale of real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
565
|
|
Net income attributable to EPR Properties
|
|
40,760
|
|
|
32,476
|
|
|
84,292
|
|
|
73,682
|
|
Preferred dividend requirements
|
|
(5,952
|
)
|
|
(5,952
|
)
|
|
(11,904
|
)
|
|
(11,904
|
)
|
Net income available to common shareholders of EPR Properties
|
|
$
|
34,808
|
|
|
$
|
26,524
|
|
|
$
|
72,388
|
|
|
$
|
61,778
|
|
Per share data attributable to EPR Properties common shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
0.65
|
|
|
$
|
0.55
|
|
|
$
|
1.31
|
|
|
$
|
1.30
|
|
Income from discontinued operations
|
|
—
|
|
|
0.01
|
|
|
0.06
|
|
|
0.02
|
|
Net income available to common shareholders
|
|
$
|
0.65
|
|
|
$
|
0.56
|
|
|
$
|
1.37
|
|
|
$
|
1.32
|
|
Diluted earnings per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
|
0.65
|
|
|
$
|
0.55
|
|
|
$
|
1.30
|
|
|
$
|
1.29
|
|
Income from discontinued operations
|
|
—
|
|
|
0.01
|
|
|
0.06
|
|
|
0.02
|
|
Net income available to common shareholders
|
|
$
|
0.65
|
|
|
$
|
0.56
|
|
|
$
|
1.36
|
|
|
$
|
1.31
|
|
Shares used for computation (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
53,458
|
|
|
47,081
|
|
|
53,002
|
|
|
46,969
|
|
Diluted
|
|
53,654
|
|
|
47,294
|
|
|
53,189
|
|
|
47,172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPR Properties Reconciliation of Net Income
Available to Common Shareholders to Funds From
Operations (FFO) (A) (Unaudited, dollars in thousands
except per share data)
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
FFO:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common shareholders of EPR Properties
|
|
$
|
34,808
|
|
|
$
|
26,524
|
|
|
$
|
72,388
|
|
|
$
|
61,778
|
|
Gain on sale of real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(565
|
)
|
Gain on sale of investment in a direct financing lease
|
|
(220
|
)
|
|
—
|
|
|
(220
|
)
|
|
—
|
|
Real estate depreciation and amortization
|
|
15,725
|
|
|
13,498
|
|
|
30,774
|
|
|
26,967
|
|
Allocated share of joint venture depreciation
|
|
53
|
|
|
162
|
|
|
108
|
|
|
319
|
|
FFO available to common shareholders of EPR Properties
|
|
$
|
50,366
|
|
|
$
|
40,184
|
|
|
$
|
103,050
|
|
|
$
|
88,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per common share attributable to EPR Properties:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.94
|
|
|
$
|
0.85
|
|
|
$
|
1.94
|
|
|
$
|
1.88
|
|
Diluted
|
|
0.94
|
|
|
0.85
|
|
|
1.94
|
|
|
1.88
|
|
Shares used for computation (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
53,458
|
|
|
47,081
|
|
|
53,002
|
|
|
46,969
|
|
Diluted
|
|
53,654
|
|
|
47,294
|
|
|
53,189
|
|
|
47,172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial information:
|
|
|
|
|
|
|
|
|
|
|
|
|
Straight-lined rental revenue
|
|
$
|
1,107
|
|
|
$
|
707
|
|
|
$
|
2,218
|
|
|
$
|
1,921
|
|
Dividends per common share
|
|
$
|
0.86
|
|
|
$
|
0.79
|
|
|
$
|
1.71
|
|
|
$
|
1.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
The National Association of Real Estate Investment Trusts (“NAREIT”)
developed FFO as a relative non-GAAP financial measure of
performance of an equity REIT in order to recognize that
income-producing real estate historically has not depreciated on the
basis determined under GAAP and management provides FFO herein
because it believes this information is useful to investors in this
regard. FFO is a widely used measure of the operating performance of
real estate companies and is provided here as a supplemental measure
to GAAP net income available to common shareholders and earnings per
share. Pursuant to the definition of FFO by the Board of Governors
of NAREIT, we calculate FFO as net income available to common
shareholders, computed in accordance with GAAP, excluding gains and
losses from sales or acquisitions of depreciable operating
properties and impairment losses of depreciable real estate, plus
real estate related depreciation and amortization, and after
adjustments for unconsolidated partnerships, joint ventures and
other affiliates. Adjustments for unconsolidated partnerships, joint
ventures and other affiliates are calculated to reflect FFO on the
same basis. We have calculated FFO for all periods presented in
accordance with this definition. FFO is a non-GAAP financial
measure. FFO does not represent cash flows from operations as
defined by GAAP and is not indicative that cash flows are adequate
to fund all cash needs and is not to be considered an alternative to
net income or any other GAAP measure as a measurement of the results
of our operations or our cash flows or liquidity as defined by GAAP.
It should also be noted that not all REITs calculate FFO the same
way so comparisons with other REITs may not be meaningful. In
addition to FFO, we present FFO as adjusted. Management believes it
is useful to provide it here as a supplemental measure to GAAP net
income available to common shareholders and earnings per share. FFO
as adjusted is FFO plus provision for loan losses, costs (gain)
associated with loan refinancing or payoff, net, preferred share
redemption costs and transaction costs (benefit), less gain on early
extinguishment of debt, gain (loss) on sale of land and deferred tax
benefit (expense). FFO as adjusted is a non-GAAP financial measure.
FFO as adjusted does not represent cash flows from operations as
defined by GAAP and is not indicative that cash flows are adequate
to fund all cash needs and is not to be considered an alternative to
net income or any other GAAP measure as a measurement of the results
of the Company's operations, cash flows or liquidity as defined by
GAAP.
|
|
|
|
|
The additional 1.9 million common shares that would result from the
conversion of the Company's 5.75% Series C cumulative convertible
preferred shares and the additional 1.6 million common shares that would
result from the conversion of the Company's 9.00% Series E cumulative
convertible preferred shares and the corresponding add-back of the
preferred dividends declared on those shares are not included in the
calculation of diluted earnings per share and FFO per share for the
three and six months ended June 30, 2014 and 2013 because the effect is
not-dilutive.
|
EPR Properties Condensed Consolidated Balance Sheets (Dollars
in thousands)
|
|
|
|
|
|
|
|
|
June 30, 2014
|
|
December 31, 2013
|
Assets
|
|
(unaudited)
|
|
|
Rental properties, net of accumulated depreciation of $439,242 and $409,643
at June 30, 2014 and December 31, 2013, respectively
|
|
$
|
2,273,469
|
|
|
$
|
2,104,151
|
Land held for development
|
|
203,443
|
|
|
201,342
|
Property under development
|
|
182,897
|
|
|
89,473
|
Mortgage notes and related accrued interest receivable
|
|
508,689
|
|
|
486,337
|
Investment in a direct financing lease, net
|
|
198,020
|
|
|
242,212
|
Investment in joint ventures
|
|
5,853
|
|
|
5,275
|
Cash and cash equivalents
|
|
13,589
|
|
|
7,958
|
Restricted cash
|
|
17,566
|
|
|
9,714
|
Deferred financing costs, net
|
|
21,902
|
|
|
23,344
|
Accounts receivable, net
|
|
42,830
|
|
|
42,538
|
Other assets
|
|
64,594
|
|
|
59,932
|
Total assets
|
|
$
|
3,532,852
|
|
|
$
|
3,272,276
|
Liabilities and Equity
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
70,383
|
|
|
$
|
72,327
|
Dividends payable
|
|
21,191
|
|
|
19,553
|
Unearned rents and interest
|
|
29,507
|
|
|
17,046
|
Debt
|
|
1,659,801
|
|
|
1,475,336
|
Total liabilities
|
|
1,780,882
|
|
|
1,584,262
|
EPR Properties shareholders’ equity
|
|
1,751,593
|
|
|
1,687,637
|
Noncontrolling interests
|
|
377
|
|
|
377
|
Total equity
|
|
1,751,970
|
|
|
1,688,014
|
Total liabilities and equity
|
|
$
|
3,532,852
|
|
|
$
|
3,272,276
|
|
|
|
|
|
|
|
|
About EPR Properties
EPR Properties is a specialty real estate investment trust (REIT) that
invests in properties in select market segments which require unique
industry knowledge, while offering the potential for stable and
attractive returns. Our total investments exceed $3.8 billion and our
primary investment segments are Entertainment, Recreation and Education.
We adhere to rigorous underwriting and investing criteria centered on
key industry and property level cash flow standards. We believe our
focused niche approach provides a competitive advantage, and the
potential for higher growth and better yields. Further information is
available at www.eprkc.com.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
With the exception of historical information, certain statements
contained or incorporated by reference herein may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), such as those pertaining to our acquisition or
disposition of properties, our capital resources, future expenditures
for development projects, and our results of operations and financial
condition. Forward-looking statements involve numerous risks and
uncertainties and you should not rely on them as predictions of actual
events. There is no assurance the events or circumstances
reflected in the forward-looking statements will occur. You can
identify forward-looking statements by use of words such as “will be,”
“intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,”
“goal,” “forecast,” “pipeline,” “anticipates,” “estimates,” “offers,”
“plans,” “would” or other similar expressions or other comparable terms
or discussions of strategy, plans or intentions contained or
incorporated by reference herein. While references to commitments
for investment spending are based on present commitments and agreements
of the Company, we cannot provide assurance that these transactions will
be completed on satisfactory terms. In addition, references to
our budgeted amounts and guidance are forward-looking statements. Forward-looking
statements necessarily are dependent on assumptions, data or methods
that may be incorrect or imprecise. These forward-looking
statements represent our intentions, plans, expectations and beliefs and
are subject to numerous assumptions, risks and uncertainties. Many of
the factors that will determine these items are beyond our ability to
control or predict. For further discussion of these factors see “Item
1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to
the extent applicable, our Quarterly Reports on Form 10-Q.
For these statements, we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. You are cautioned not to place undue
reliance on our forward-looking statements, which speak only as of the
date hereof or the date of any document incorporated by reference
herein. All subsequent written and oral forward-looking statements
attributable to us or any person acting on our behalf are expressly
qualified in their entirety by the cautionary statements contained or
referred to in this section. We do not undertake any obligation to
release publicly any revisions to our forward-looking statements to
reflect events or circumstances after the date hereof.
Copyright Business Wire 2014