Industry Data Report
|
|
- Shana Jennings
- 5 years ago
- Views:
Transcription
1 Industry Data Report Finance & Valuations 2018 RR s Finance & Valuation IDR is based on survey responses (equally weighted) from 49 finance companies including traditional cash flow franchise lenders, sale leaseback companies, SBA lenders, equipment finance companies and financial consultants/advisors. Report highlights: (1) 2017 restaurant financing volume of $12.8 billion was slightly below the 2016 record but spot on with initial year projections and represented a solid year; (2) 2018 origination prospects are expected to come in slightly higher at $13.1 billion; (3) despite more lenders entering the space and a compression in LIBOR spreads, borrowing rates ticked-up in 2017 due to an increase in index rates and a similar outlook is expected for 2018; (4) private unit level EBITDA valuation multiples for large chains have been trending slightly lower since 2H:16 which reflects higher labor costs, commodities and interest rates while the highest multiples associated with the largest deals compressed the most; (5) 2H:17 public franchisor EV/EBITDA multiples held steady relative to private franchisee EBITDA multiples and the public multiple premium is in the middle of our historic range; and (6) cap rates reached new lows. Table of Contents Page Financing Restaurant Finance Overview 2 Origination Volume & Portfolio Size 3 Estimated Franchisee Financing Needs 4 Key Rates 5 Equity Requirements 6 Leverage Ratios 7 Loan & Amortization Terms 8 Valuations 2H:17 Valuation Update 9-10 EBITDA Multiples by Chain 11 Factors Impacting Valuations 12 Public Company Valuations Real Estate Cap Rates 15 Valuation Methodology 16 Survey Participants & Contact Listing Survey Participants & Roster Changes 17 Key Finance & Valuation Contacts Copyright: This Restaurant Research LLC document is copyrighted material. Due to the No Electronic Theft (NET) Act of 1997, electronic forwarding or other forms of redistribution, without the express permission of Restaurant Research LLC, are violations of law and could be subject to fines of up to $250,000 and up to five years of imprisonment, even when no financial gain or commercial advantage accrues to the forwarder/re-distributor. Copyright 2018 Restaurant Research LLC. All rights reserved.
2 IDR: Finance & Valuations Source: RR Estimates Page 2
3 Origination Volumes & Portfolio Size IDR: Finance & Valuations Source: RR Estimates Page 3
4 IDR: Finance & Valuations Source: RR Estimates Page 4
5 Key Rates IDR: Finance & Valuations Source: RR Estimates Page 5
6 Equity Requirements IDR: Finance & Valuations Source: RR Estimates Page 6
7 Leverage Underwriting Ratios IDR: Finance & Valuations Source: RR Estimates Page 7
8 Loan & Amortization Terms IDR: Finance & Valuations Source: RR Estimates Page 8
9 Estimated Franchisee Unit Level Valuations RR s franchisee unit level business valuations (post G&A EBITDA multiple) are based on estimates provided by 8 leading appraisal firms (responsible for approximately 2,700 store valuations over the last 6 months across 45 national chains). Multiples are generally indicative to deal sizes below $500k in EBITDA and/or 5 units. Please note the following valuation multiples include a standardized allocation for G&A on a per unit basis. For more detail on the valuation methodology, refer to page 16. IDR: Finance & Valuations Source: RR Estimates Page 9
10 IDR: Finance & Valuations Source: RR Estimates Page 10
11 IDR: Finance & Valuations Source: RR Estimates Page 11
12 Availability of Capital Financing Terms Unit Level Economics Availability of Units for Sale Source: Restaurant Research LLC January 2018 Valuation Survey Summary of Valuation Comments Survey Participant Contact Information Firm Contact Main Number Advanced Restaurant Sales, LLC EPK National Restaurant Appraisal FranBizNetwork Hopkins Appraisal Services, Inc. National Franchise Sales National Restaurant Brokers, Inc. Praetorian Group Trinity Capital LLC IDR: Finance & Valuations Source: RR Estimates Page 12
13 Public Company Valuations (EV/EBITDA) Public restaurant stock market valuation data on pages 13 & 14 were provided by Hedgeye Risk Management. IDR: Finance & Valuations Source: RR Estimates Page 13
14 IDR: Finance & Valuations Source: RR Estimates Page 14
15 Marcus & Millichap Real Estate Cap Rates About the Contributing Firm: The Nisbet Group is a member of the National Retail Group of Marcus & Millichap which specializes in representing institutional and private companies in the disposition of multi-tenant and single tenant retail properties. For more information, please contact Hank Wolfer of The Nisbet Group at (206) IDR: Finance & Valuations Source: RR Estimates Page 15
16 Valuation Methodology (1) Business Value is determined by using an appropriate multiple of adjusted EBITDA Some typical EBITDA adjustments include: (2) Real Estate Value (land and building) is determined by: - - Example - Fee Restaurant Property Business Value Real Estate Value Sales Adjusted EBITDAR Implied Rent Adjusted EBITDA Multiple Business Value Implied Rent/Sales Implied Rental Income Cap Rate Real Estate Value Total Value Development agreements IDR: Finance & Valuations Source: RR Estimates Page 16
17 Industry Player Roster Changes New Entrants Exits M&A/Partnerships (1) Primarily SBA lending. (2) (3) IDR: Finance & Valuations Source: RR Estimates Page 17
18 Company Contact Phone # Amegy Bank ApplePie Capital Atlantic Capital Bank Bank of America Bankers One Capital BBVA Compass BMO Harris Bank Franchise Finance Bridge Funding Group Byline Bank SBA Franchise Lending Cadence Bank CIT Bank, N.A. LLC (Mid Cap) CIT Direct Capital Citizens Bank Restaurant Finance City National Bank City National Capital Finance Customers Bank Commercial Finance ECN Capital Fifth Third Bank First Fidelity Bank First Franchise Capital Corporation First Tennessee Bank Franchise Finance Flagstar Bank Gulf Coast Restaurant and Franchise Finance Huntington National Bank Live Oak Bank M & T Bank Manufacturers Bank Marlin Business Services Corp. Northern Bank Pacific Premier Franchise Capital Pinnacle Commercial Capital ReadyCap Lending, LLC Regions Restaurant Bank Signature Financial Southwest Bank Sterling National Bank TCF Franchise Finance Restaurant Research Franchise Finance Contacts Regional Focus Industries Served Type of Financing Real Restaurant C&G Other Retail Estate Equipment Enterprise SBA Sale- Leaseback Finance Companies Development Financing Typical Deal size Min Max Avg Minimum Requirements Yrs. In Business Units Owned
19 Company Contact Phone # TD Bank - Restaurant & Franchise Finance Texas Capital Bank Umpqua Bank United Business Bank Vendor Alliance Capital, Inc. Wells Fargo Bank - Restaurant Finance Western Alliance Bank Western Equipment Finance Wintrust Franchise Finance Zions First National Bank CapitalSpring The Nisbet Group of Marcus & Millichap Pacific Management Consulting Group Peak Franchise Capital LLC Trinity Capital, LLC Advanced Restaurant Sales EPK National Restaurant Appraisal FranBizNetwork Hopkins Appraisal Services, Inc. National Franchise Sales National Restaurant Brokers, Inc. Praetorian Group Restaurant Research Franchise Finance Contacts Regional Focus Industries Served Type of Financing Real Restaurant C&G Other Retail Estate Equipment Enterprise SBA Sale- Leaseback Finance Companies Private Investment Companies Sale Leaseback Companies Financial Advisors Valuation Experts/Brokers Development Financing Typical Deal size Min Max Avg Minimum Requirements Yrs. In Business Units Owned
20 Visit or contact us at (860) or Ask us about custom research projects Ask to be added to complimentary RR Thermometer distribution list Copyright: This Restaurant Research LLC document is copyrighted material. Copyright 2017 Restaurant Research LLC. All rights reserved. Disclosure: Restaurant Research LLC often sells report subscriptions to concepts under our coverage. Disclaimer of Liability: Although the information in this report has been obtained from sources Restaurant Research LLC believes to be reliable, RR does not guarantee its accuracy. The views expressed herein are subject to change without notice and in no case can be considered as an offer or solicitation with regard to the purchase or sales of any securities. Restaurant Research s analyses and opinions are not a guarantee of the future performance of any company or individual franchisee. RR disclaims all liability for any misstatements or omissions that occur in the publication of this report. In making this report available, no client, advisory, fiduciary or professional relationship is implied or established. This report is intended to provide an overview of the restaurant industry, but cannot be used as a substitute for independent investigations and sound business judgment.
Industry Data Report
Industry Data Report Finance & Valuations 2019 RR s Finance & Valuation IDR is based on survey responses (equally weighted) from 48 finance companies including traditional cash flow franchise lenders,
More informationIndustry Data Report
Industry Data Report 1H:17 Valuations & Finance Update Report Highlights (1) EBITDA multiple estimates (post G&A) for 44 chains based on survey data from 8 leading appraisal firms; (2) a comparison of
More informationIndustry Data Report New Unit Investment
Data, Analysis & Insight for a Stronger Industry Building Bridges between Franchisees, Franchisors & Financiers Industry Data Report New Unit Investment 2018-2019 RR s New Unit Investment Industry Data
More informationQuarterly Concept Dashboard 2Q:14 Benchmarking for $1B+ Chains and Other Select Concepts System Stats, Unit Sales & Margins, Build Costs, Valuations
Quarterly Concept Dashboard 2Q:14 Benchmarking for $1B+ Chains and Other Select Concepts System Stats, Unit Sales & Margins, Build Costs, Valuations Casual Buffalo Wild Wings Cheesecake Factory Chili's
More informationEnergy Lender Price Survey
Energy Lender Price Survey Q4 Q4/14 Overview We are pleased to present Macquarie Tristone s Quarterly Energy Lender Price Survey, a commodity pricing poll of energy reserve-based lenders. Our survey of
More informationEnergy Lender Price Survey
Energy Lender Price Survey Q1 Q1/15 Overview We are pleased to present Macquarie Tristone s Quarterly Energy Lender Price Survey, a commodity pricing poll of energy reserve-based lenders. Our survey of
More informationInvestors Diversified Realty, LLC ( IDR ) February 2015
Investors Diversified Realty, LLC ( IDR ) February 2015 Investors Diversified Realty, LLC ( IDR ) SEC Registered Investment Adviser exclusively focused on providing institutional investors a Multi-manager
More informationEnergy Lender Price Survey
Energy Lender Price Survey Q4 Q4/16 Overview We are pleased to present Macquarie Capital s Quarterly Energy Lender Price Survey, a commodity pricing poll of energy reserve-based lenders. Our survey of
More informationENERGY LENDER PRICE SURVEY
ENERGY LENDER PRICE SURVEY Q3 2011 Q3/11 OVERVIEW We are pleased to present Macquarie Tristone s Quarterly Energy Lender Price Survey, a commodity pricing poll of energy reserve-based lenders. Our survey
More informationNet Lease Day Investor Presentation January 9, 2015 NYSE: SRC
Net Lease Day Investor Presentation January 9, 2015 NYSE: SRC FORWARD LOOKING STATEMENT: Statements contained in these slides and any accompanying oral presentation by Spirit Realty Capital, Inc. (the
More informationA Look at Franchise Royalty Fees
A Look at Franchise Royalty Fees An Examination of Average Royalty Fees from 2012-2018 Christina Niu RESEARCH ANALYST FRANDATA 2018 A Look at Franchise Royalty Fees An Examination of Average Royalty Fees
More informationNoble Roman s Announces Second Quarter 2012 Earnings
NEWS BULLETIN RE: NOBLE ROMAN'S, INC. 1 Virginia Avenue, Suite 300 Indianapolis, IN 46204 FOR ADDITIONAL INFORMATION, CONTACT: For Media Information: Scott Mobley, President 317/634-3377 For Investor Relations:
More informationM&A and Financing Trends in the Car Wash Industry Today. A presentation by Commercial Plus Group
M&A and Financing Trends in the Car Wash Industry Today A presentation by Commercial Plus Group Agenda About Commercial Plus Group 2017 Scorecard Current Car Wash M&A Environment Sale Considerations Types
More informationCIT Group Inc. Wachovia Securities 13th Annual Nantucket Conference
CIT Group Inc. Wachovia Securities 13th Annual Nantucket Conference June 24, 2003 Joseph M. Leone Executive Vice President and Chief Financial Officer Forward-Looking Statement Certain statements made
More informationQuarterly Trends for Consolidated U.S. Banking Organizations Third quarter 2014
Quarterly Trends for Consolidated U.S. Banking Organizations Third quarter 214 Federal Reserve Bank of New York Research and Statistics Group This report presents consolidated financial statistics for
More informationNews Release Survey on Privately Placed Real Estate Funds in Japan July 2012 Results
Survey on ly Placed Real Estate Funds in Japan July Results Sumitomo Mitsui Trust Research Institute Co., Ltd Starting in, Sumitomo Mitsui Trust Research Institute Co., Ltd. has conducted the Survey on
More informationThird QUARTER 2018 For the three and nine months ended September 30, 2018
Third QUARTER For the three and nine months ended September 30, This Management s Discussion and Analysis (MD&A) for ENTREC Corporation ( ENTREC, the Company, we, us or our ) was prepared as of November
More informationProperty/Loan Information. -- Street Address City State Zip
an i tem. *All fields outlined in red are required. Property/Loan Information Purchase Refinance Condo: Number of Units: Choose / -- Street Address City State Zip Estimated Property Value $ and Requested
More informationA Publication of Paramount Capital Corporation. Strategy and Insight for the Commercial Real Estate Industry
Volume V Issue 4 A Publication of Paramount Capital Corporation April 15, 2013 Strategy and Insight for the Commercial Real Estate Industry A DISCUSSION OF THE CURRENT STATE OF THE CRE INDUSTRY, UPDATE
More informationCash & Reserve Strategies
Cash & Reserve Strategies Quarterly Overview as of June 0, 20 The Cash & Reserve Strategies are a series of five professionally developed portfolios tailored to meet your organization s cash and reserve
More informationCIT Restructuring Plan Management Presentation. October 2009
CIT Restructuring Plan Management Presentation October 2009 Important Notices This presentation contains forward-looking statements within the meaning of applicable federal securities laws that are based
More information(RBD) INVESTOR PRESENTATION
RESTAURANT BRANDS NEW ZEALAND LIMITED (RBD) INVESTOR PRESENTATION MAY 2018 RUSSEL CREEDY GROUP CHIEF EXECUTIVE OFFICER GRANT ELLIS GROUP CHIEF FINANCIAL OFFICER 1 OUTLINE Restaurant Brands 101 FY18 Results
More information2019 Midstream Outlook. December 18, 2018
2019 Midstream Outlook December 18, 2018 2018 performance recap midstream defensive as oil fell Source: Bloomberg as of December 12, 2018 2 Production growth outlook remains strong Source: Energy Information
More informationIntro into SBA Lending. Randy Griffin, President CSRA Business Lending
Intro into SBA Lending Randy Griffin, President CSRA Business Lending Small Business Administration (SBA) CREATION By Congress on July 30, 1953 Independent US Federal Agency Previously no agency or department
More informationApril 10,
www.spglobal.com/ratingsdirect April 10, 2018 1 www.spglobal.com/ratingsdirect April 10, 2018 2 www.spglobal.com/ratingsdirect April 10, 2018 3 www.spglobal.com/ratingsdirect April 10, 2018 4 www.spglobal.com/ratingsdirect
More informationGermany-Based Adler Real Estate Upgraded To 'BB' On Expected Stronger Debt Metrics; Outlook Stable
Research Update: Germany-Based Adler Real Estate Upgraded To 'BB' On Expected Stronger Debt Metrics; Primary Credit Analyst: Anton Geyze, Moscow (7) 495-783-4134; anton.geyze@spglobal.com Secondary Contact:
More informationFIRM CAPITAL AMERICAN REALTY PARTNERS CORP. CAPITAL PRESERVATION DISCIPLINED INVESTING MD&A MANAGEMENT DISCUSSION AND ANALYSIS
FIRM CAPITAL AMERICAN REALTY PARTNERS CORP. CAPITAL PRESERVATION DISCIPLINED INVESTING MD&A MANAGEMENT DISCUSSION AND ANALYSIS FOURTH QUARTER 2017 DECEMBER 31, 2017 FORWARD LOOKING STATEMENTS The following
More informationFixed Income Investor Presentation. 1 st Quarter 2019
Fixed Income Investor Presentation 1 st Quarter 2019 Building full-service banking relationships with business owners across Canada Focused Balance Growth strategy to deliver high-quality balance sheet
More informationCIM Small Business Loan Trust
Presale: CIM Small Business Loan Trust 2018-1 May 14, 2018 This presale report is based on information as of May 14, 2018. The ratings shown are preliminary. This report does not constitute a recommendation
More informationCONSENSUS OPERATING EARNINGS for the S&P 500, MidCap 400 and SmallCap 600 Indices, as well as the Sectors in the S&P /02/18
CONSENSUS OPERATING EARNINGS for the S&P 500, MidCap 400 and SmallCap 600 Indices, as well as the Sectors in the S&P 500. 02/02/18 Operating EPS Y/Y % chgs. S&P 500 Sector Q1 Q2 2017 Q3 Q4E Year Q1E Q2E
More informationFOR IMMEDIATE RELEASE. Investor Contact: Carol DiRaimo, (858) Media Contact: Brian Luscomb, (858)
Investor Contact: Carol DiRaimo, (858) 571-2407 FOR IMMEDIATE RELEASE Media Contact: Brian Luscomb, (858) 571-2291 Jack in the Box Inc. Reports Second Quarter FY Earnings; Updates Guidance for FY ; Declares
More informationCompany Overview. Financial Performance
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 CMP: 31.25 December 24, 2015 Stock Details BSE code 523878 BSE ID TOTEX Face value ( ) 10 No of shares (m) 8.1 Market
More informationAsia Insurance Co. Ltd.
Primary Credit Analyst: Michael J Vine, Melbourne (61) 3-9631-213; Michael.Vine@spglobal.com Secondary Contact: Sandy Lau, Hong Kong (852) 2532-857; Sandy.Lau@spglobal.com Table Of Contents Rationale Outlook
More informationEnergy Lender Price Survey
Energy Lender Price Survey Q4 Q4/15 Overview We are pleased to present Macquarie Capital s Quarterly Energy Lender Price Survey, a commodity pricing poll of energy reserve-based lenders. Our survey of
More information2015 Leadership Member Program
2015 Leadership Member Program BISA Leadership Member participation offers manufacturers, product and solutions provider companies opportunities to work directly with the Board of Directors as a Leadership
More informationRelease Date Conference Call Time (Eastern) Contact Co. Guidance Consensus May 9 May 10 8:30am TBA NA $0.29
April 19, 2018 Company Sponsored Research Morning Meeting Note Earnings Preview OTC Markets Group Inc. (OTCM) Equity Research Forecast 10% EPS Growth In 1Q:18, Aided By Lower Taxes; View OTCM As Well Positioned
More informationVesteda Residential Fund FGR
Summary: Vesteda Residential Fund FGR Primary Credit Analyst: Nicole Reinhardt, Frankfurt (44) 020 7176 3587; nicole.reinhardt@standardandpoors.com Secondary Contact: Marie-Aude Vialle, London +44 (0)20
More informationDeal Stats Transaction Survey
July 2012 December 2012 Summary Report Prepared by Jason M. Bolt, CFA, ASA Columbia Financial Advisors, Inc. K. Perry Campbell, Ph.D., CM&AA ACT Capital Advisors, LLC April 2013 A Publication of the AM&AA
More informationCash & Reserve Strategies
Cash & Reserve Strategies Quarterly Overview as of June 0, 20 The Cash & Reserve Strategies are a series of five professionally developed portfolios tailored to meet your organization s cash and reserve
More informationGOLUB CAPITAL BDC, INC. INVESTOR PRESENTATION QUARTER ENDED JUNE 30, 2017
GOLUB CAPITAL BDC, INC. INVESTOR PRESENTATION QUARTER ENDED JUNE 30, 2017 Disclaimer Some of the statements in this presentation constitute forward-looking statements, which relate to future events or
More informationINVESTCORP BANK B.S.C. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2011 (UNAUDITED)
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Description Page REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TO THE BOARD
More informationFirst Quarter 2018 Earnings May 4, 2018
First Quarter 2018 Earnings May 4, 2018 2 Forward-Looking Statements and Financial Information This presentation includes forward-looking statements within the meaning of the safe harbor provisions of
More informationFinancial Aspects in Franchising
Learning Objectives By the end of this chapter, you should be able to understand: The financial aspects from the franchisor s perspective. The investment required and how to identify suitable sources for
More information28 ИЮНЯ 2012 Г. 1
WWW.STANDARDANDPOORS.COM/RATINGSDIRECT 28 ИЮНЯ 2012 Г. 1 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT 28 ИЮНЯ 2012 Г. 2 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT 28 ИЮНЯ 2012 Г. 3 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT
More informationFIRM CAPITAL AMERICAN REALTY PARTNERS CORP. CAPITAL PRESERVATION DISCIPLINED INVESTING MD&A MANAGEMENT DISCUSSION AND ANALYSIS
FIRM CAPITAL AMERICAN REALTY PARTNERS CORP. CAPITAL PRESERVATION DISCIPLINED INVESTING MD&A MANAGEMENT DISCUSSION AND ANALYSIS FOURTH QUARTER 2018 DECEMBER 31, 2018 FORWARD LOOKING STATEMENTS The following
More informationCorporate Presentation. 4 th Quarter 2018
Corporate Presentation 4 th Quarter 2018 Advisory Forward-looking Statements From time to time, CWB makes written and verbal forward-looking statements. Statements of this type are included in the Annual
More informationReal Estate Investment Company Grand City Properties Assigned 'BB-' Rating; Outlook Stable
Research Update: Real Estate Investment Company Grand City Properties Assigned 'BB-' Rating; Outlook Stable Primary Credit Analyst: Maxime Puget, London (44) 20-7176-7239; Maxime_Puget@standardandpoors.com
More informationAG LENDING IN A CHANGING MARKET: RISING INTEREST RATES, SHIFTING POLICY, AND STRATEGIES TO COMPETE
AG LENDING IN A CHANGING MARKET: RISING INTEREST RATES, SHIFTING POLICY, AND STRATEGIES TO COMPETE ERIC DONOVAN MANAGING DIRECTOR, INTL FCSTONE MARKETS, LLC Disclaimer The trading of derivatives such as
More informationPlanet Fitness, Inc. (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 September 2, 2015 Date of Report (Date
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT
MRLN 8-K 1/26/2017 Section 1: 8-K (FORM 8-K) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act
More informationUS Real Estate Summary
US Real Estate Summary Edition 3, 218 Consumer and business optimism is high in the US. 2 Commercial real estate 5 Property types 6 Viewpoint UBS Asset Management US Real Estate Summary September 218 Commercial
More informationAsia-Pacific Credit Outlook 2017: Banks and Corporates
Asia-Pacific Credit Outlook 2017: Banks and Corporates Gavin Gunning Senior Director, Financial Institutions, Asia-Pacific Qiang Liao Senior Director, Financial Institutions, Greater China Michael Seewald,
More informationHighmark Inc. Outlook Revised To Positive From Stable; 'A-' Ratings Affirmed
Research Update: Highmark Inc. Outlook Revised To Positive From Stable; 'A-' Ratings Affirmed Primary Credit Analyst: Anthony J Beato, New York (1) 212-438-6066; anthony.beato@spglobal.com Secondary Contacts:
More informationShareholders at the Top 50 Say Yes on Pay
Shareholders at the Top 50 Say Yes on Pay By Julie Lewis and Greg Loehmann July 7, 2011 If investors are dissatisfied with executive pay, voting results during this proxy season are certainly not reflecting
More information5151 Beltline Road, Suite 1200 Dallas, TX (972)
5151 Beltline Road, Suite 12 Dallas, TX 75254 (972) 941-3158 www.twinpeaksrestaurant.com Franchised Units: 51 In Business Since: 27 Royalty: 5% Company-Owned Units: 3 Average Franchise Fee: $5K IFA Member:
More informationCorporate Presentation. 3 rd Quarter 2018
Corporate Presentation 3 rd Quarter 2018 Advisory Forward-looking Statements From time to time, CWB makes written and verbal forward-looking statements. Statements of this type are included in the Annual
More informationNotting Hill Housing Trust Affirmed at 'A+'; Outlook Remains Negative
Research Update: Notting Hill Housing Trust Affirmed at 'A+'; Outlook Remains Negative Primary Credit Analyst: Jean-Baptiste Legrand, London (44) 20-7176-3609; jb.legrand@spglobal.com Secondary Contact,
More informationAmerican Realty Capital Properties Investor Presentation September 2014
American Realty Capital Properties Investor Presentation September 2014 www.arcpreit.com :: NASDAQ: ARCP Forward-Looking Statements Information set forth herein (including information included or incorporated
More informationBank of America Fourth Quarter 2006 Results
Bank of America Fourth Quarter 2006 Results Ken Lewis Chairman, CEO and President Joe Price Chief Financial Officer January 23, 2007 Forward Looking Statements This presentation contains forward-looking
More informationD A I L Y R E S E A R C H C A L L P A C K
Sales & Research (212) 425-7500 www.argusresearch.com February 12, 2018 D A I L Y R E S E A R C H C A L L P A C K Changes in Argus s Target EPS New Prev COST Costco Wholesale Corp $200.00 $188.00 HCA HCA
More informationU.S. Natural Gas Storage Charts
U.S. Natural Gas Storage Charts BMO Capital Markets Commodity Products Group November 26, 214 Total U.S. Natural Gas in Storage 5, Total Stocks This Week 3432 4, 3, 2, 1, Reported On: November 26, 214
More informationSector Methodology. Quality. Scale. Performance.
Sector Methodology Quality. Scale. Performance. Your Guide to CFRA Sector Methodology Quality. Scale. Performance. CFRA s Investment Policy Committee (IPC) consists of a team of five seasoned investment
More informationCorporate Presentation. 2 nd Quarter 2018
Corporate Presentation 2 nd Quarter 2018 Advisory Forward-looking Statements From time to time, CWB makes written and verbal forward-looking statements. Statements of this type are included in the Annual
More informationQuarterly Trends for Consolidated U.S. Banking Organizations First quarter 2015
Quarterly Trends for Consolidated U.S. Banking Organizations First quarter 15 Federal Reserve Bank of New York Research and Statistics Group This report presents consolidated financial statistics for the
More informationIBS INSTITUTIONAL BANKING
Entrepreneurs Investing in Entrepreneurs Institutional Banking Services N.A. CORP 101 Plaza Real S #222 Boca Raton, Florida 33432 Group Line: (954) 889-5827 www.myinstitutionalbanking.com www.ibsinvestmentbank.com
More informationVisuals of 2016 CCAR and DFAST Results
July, 1 Visuals of 1 CCAR and DFAST Results This document includes visuals of the Federal Reserve s 1 Comprehensive Capital Analysis and Review ( CCAR ) results as well as the supervisory Dodd- Frank Act
More informationJackpotJoy plc. A transformational year. Revenue and EBITDA slightly ahead of estimates. Strong operating cash flow dividends from 2019
JackpotJoy plc A transformational year FY17 results Travel & leisure 2017 was a transformational year for JPJ, with a successful London listing followed by substantial improvements in the capital structure.
More informationGoldman Sachs 2015 Aircraft Leasing Conference
Goldman Sachs 2015 Aircraft Leasing Conference Tony Diaz President, CIT Commercial Air December 3, 2015 Important Notices This presentation contains forward-looking statements within the meaning of applicable
More informationNote Important Disclosures on Pages 6 and 7. Note Analyst Certification on Page 6.
COMPANY UPDATE / ESTIMATE CHANGES Key Metrics WRI - NYSE (as of 2/21/2018) $27.15 Price Target N/A 52-Week Range $25.96 - $35.94 Shares Outstanding (mm) 129 Market Cap. ($mm) $3,502 3-Mo. Average Daily
More informationCase GLT Doc 751 Filed 07/20/17 Entered 07/20/17 19:24:38 Desc Main Document Page 1 of 23
Document Page 1 of 23 Document Page 2 of 23 MONTHLY OPERATING REPORT GENERAL NOTES AND DISCLAIMER On the May 15, 2017 (the Petition Date ), each of the Debtors filed a voluntary petition for relief under
More informationDeal Stats Transaction Survey
January 2016 - June 2016 Summary Report Prepared by Brady Cary and Robert Regis, ASA of Columbia Financial Advisors, Inc. 12/31/16 A Publication of the AM&AA Market Research Committee Market Research Committee
More informationMediobanca SpA. Primary Credit Analyst: Regina Argenio, Milan (39) ;
Summary: Mediobanca SpA Primary Credit Analyst: Regina Argenio, Milan (39) 02-72111-208; regina.argenio@spglobal.com Secondary Contact: Mirko Sanna, Milan (39) 02-72111-275; mirko.sanna@spglobal.com Table
More informationInterest Rate Risk Management Refresher. April 27, Presented to: Section I. Basics of Interest Rate Hedging?
Interest Rate Risk Management Refresher April 27, 2012 Presented to: Section I Basics of Interest Rate Hedging? What Is An Interest Rate Hedge? Interest rate hedges are contracts between parties designed
More informationSurvey on Private Real Estate Funds in Japan
Survey on Real Estate Funds in Japan NEWS RELEASE July 3 Results August 8 th 3 Sumitomo Mitsui Trust Research Institute Co., Ltd Starting in 3, Sumitomo Mitsui Trust Research Institute Co., Ltd. has conducted
More informationQuarterly Trends for Consolidated U.S. Banking Organizations First quarter 2016
Quarterly Trends for Consolidated U.S. Banking Organizations First quarter 6 Federal Reserve Bank of New York Research and Statistics Group This report presents consolidated financial statistics for the
More informationPT Bukit Asam Tbk. Margin Expansion. BUY (TP: IDR 13,250) 23 October 2017
PT Bukit Asam Tbk. Margin Expansion BUY (TP: IDR 13,250) 23 October 2017 High production number, but lower sales volume. PTBA posted strong production output in 3Q17 at 7.48 mn tons (+40.3% YoY, +51.4%
More informationIntercompany Financing Transfer Pricing: Challenges Within an Ever Changing Environment
Intercompany Financing Transfer Pricing: Challenges Within an Ever Changing Environment James West Head of Market Development, Corporates, EMEA S&P Global Market Intelligence Ernest Breitschwerdt, CFA
More informationDenny's Corporation Reports Results for Second Quarter 2013
July 29, 2013 Denny's Corporation Reports Results for Second Quarter 2013 Adjusted Net Income Per Share* Increased 20.7% to $0.08 SPARTANBURG, S.C., July 29, 2013 (GLOBE NEWSWIRE) -- Denny's Corporation
More informationDAVID POPLAR. Second-Quarter 2014 Conference Call August 7, Vice President Investor Relations 8/7/2014 7:11:27 AM.
Second-Quarter 2014 Conference Call August 7, 2014 2013 Oldemark LLC DAVID POPLAR Vice President Investor Relations 2013 Oldemark LLC 2 1 Today s Agenda CEO Overview Financial Update Q&A Emil Brolick Todd
More informationNote Important Disclosures on Pages 7 and 8. Note Analyst Certification on Page 7.
COMPANY UPDATE / ESTIMATE CHANGES / PRICE TARGET CHANGE Key Metrics SKT - NYSE (as of 8/1/2017) $27.06 Price Target $32.50 52-Week Range $24.71 - $41.92 Shares & Units Outstanding (mm) 100 Market Cap.
More informationAlameda Corridor Transportation Authority, California; Ports/Port Authorities
Summary: Alameda Corridor Transportation Authority, California; Ports/Port Authorities Primary Credit Analyst: Todd R Spence, Dallas (1) 214-871-1424; todd.spence@standardandpoors.com Secondary Contact:
More informationMont Blanc Capital Corp. (As Of June 2014)
ABCP Portfolio Data: Mont Blanc Capital Corp. (As Of June 2014) Primary Credit Analyst: Andrea Quirk, London (44) 20-7176-3736; andrea.quirk@standardandpoors.com Surveillance Credit Analyst: Thomas Cho,
More informationComplimentary Coleman Report Live!
Complimentary Coleman Report Live! Featuring Bob Coleman & Charles Green 1:50-2:00 PM E.T. Log on 10 minutes early before every Coleman webinar for a briefing on issues vital to the small business lending
More information1. Fill up the enclosed Franchise Application Form completely. Send the filled out f orm via , together with your Letter of Intent to:
Applying for a Yellow Cab Restaurant franchise may be one of your best and critical business decisions as an entrepreneur. Kindly follow the procedures below: 1. Fill up the enclosed Franchise Application
More informationQ Market Report
Q3 218 Market Report Mergers & Acquisitions Private Equity Financial Advisory 441 Northside Parkway Suite 395 Atlanta, Georgia 3327 (44) 841-3131 www.croft-bender.com Member SIPC and FINRA CONTACT US Frank
More informationResearch Update: DekaBank Deutsche Girozentrale Affirmed At 'A/A-1' On Bank Criteria Change; Outlook Revised To Stable.
December 8, 2011 Research Update: DekaBank Deutsche Girozentrale Affirmed At 'A/A-1' On Bank Criteria Change; Outlook Revised To Stable Primary Credit Analyst: Harm Semder, Frankfurt (49) 69-33-999-158;harm_semder@standardandpoors.com
More informationJ.D. Power and Associates Reports: Customer Loyalty and Brand Image Decline among Retail Banking Customers For a Fourth Consecutive Year
Reports: Customer Loyalty and Brand Image Decline among Retail Banking Customers For a Fourth Consecutive Year Loyalty to Banks Wanes, Particularly among Customers of Larger Institutions WESTLAKE VILLAGE,
More informationFIRM CAPITAL AMERICAN REALTY PARTNERS CORP. CAPITAL PRESERVATION DISCIPLINED INVESTING MD&A MANAGEMENT DISCUSSION AND ANALYSIS
FIRM CAPITAL AMERICAN REALTY PARTNERS CORP. CAPITAL PRESERVATION DISCIPLINED INVESTING MD&A MANAGEMENT DISCUSSION AND ANALYSIS FIRST QUARTER 2018 MARCH 31, 2018 FORWARD LOOKING STATEMENTS The following
More informationQ Results presentation
Q1 2018 Results presentation 12 May 2016 1 15 May, 2018 Disclaimer This presentation (the "Presentation") has been prepared and is issued by, and is the sole responsibility of Telepizza Group, S.A. ( Telepizza"
More informationElenia Finance Oyj. Primary Credit Analyst: Alf Stenqvist, Stockholm (46) ;
Summary: Elenia Finance Oyj Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com Secondary Contact: Mikaela Hillman, Stockholm (46) 8-440-5917; mikaela.hillman@standardandpoors.com
More informationNote Important Disclosures on Pages 6-7. Note Analyst Certification on Page 6.
COMPANY UPDATE / ESTIMATE CHANGES Key Metrics DDR - NYSE (as of 2/15/2018) $7.40 Price Target NA 52-Week Range $6.77 - $14.89 Shares & Units Outstanding (mm) (as of 12/2017) 369 Market Cap. ($mm) 2730.6
More informationABSOLUTE NNN INVESTMENT (FEE SIMPLE)
ABSOLUTE NNN INVESTMENT (FEE SIMPLE) 1624 E Howard Ln Austin, TX 78753 COLLIERS INTERNATIONAL 3 PARK PLAZA, SUITE 1200 IRVINE, CA 92614 SNYDER/CARLTON TEAM PRICING List Price $3,184,200 NOI $151,250 CAP
More informationFounded on food, focused on service.
Founded on food, focused on service. Q3 FY2016 Earnings Call May 4, 2016 Forward Looking Statements This presentation includes, and our response to various questions may include, certain forward looking
More informationFourth Quarter Fiscal 2018 Earnings Call
Fourth Quarter Fiscal 2018 Earnings Call April 24, 2018 Safe Harbor Forward Looking Statements: Except for the historical and factual information contained herein, the matters set forth in this Presentation,
More informationU.K.-Based Housing Association Notting Hill Home Ownership Assigned 'AA' Rating; Outlook Stable
Research Update: U.K.-Based Housing Association Notting Hill Home Ownership Assigned 'AA' Rating; Outlook Primary Credit Analyst: Hugo Foxwood, London (44) 20-7176-3781; hugo.foxwood@standardandpoors.com
More informationAn Introduction to Small Business Administration Floating Rate Securities
An Introduction to Small Business Administration Floating Rate Securities March 2018 Benjamin M. Clark Portfolio Strategies Group FTN Financial Outline 1. SBA securitization programs 2. Brief history of
More informationQuarterly Trends for Consolidated U.S. Banking Organizations Fourth Quarter 2017
Quarterly Trends for Consolidated U.S. Banking Organizations Fourth Quarter 7 Federal Reserve Bank of New York Research and Statistics Group This report presents consolidated financial statistics for the
More informationAccess to Current Company Information on file with the SEC and Incorporated by Reference into the Prospectus.
RICH UNCLES REAL ESTATE INVESTMENT TRUST I Prospectus Supplement No. 2 dated August 16, 2018 to Third Amended and Restated Prospectus dated May 19, 2016 This Prospectus Supplement No. 2 ( Supplement )
More informationInterest Rate Risk Management Refresher. April 29, Presented to: Howard Sakin Section I. Basics of Interest Rate Hedging?
Interest Rate Risk Management Refresher April 29, 2011 Presented to: Howard Sakin 410-237-5315 Section I Basics of Interest Rate Hedging? 1 What Is An Interest Rate Hedge? Interest rate hedges are contracts
More informationLOAN OFFICER NAME: OFFICE PHONE: CELL PHONE: FAX: ADDRESS: AFFILIATE NAME: COMPANY NAME: BROKER NAME: BROKER PHONE: BROKER
Loan Application Complete the entire application. Failure to complete can cause delays in funding 701 E. Front Ave., Floor, Coeur d'alene, ID 83814 LOAN OFFICER NAME: OFFICE PHONE: CELL PHONE: FAX: EMAIL
More information