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News Article | April 25, 2017
Site: globenewswire.com

MALVERN, Pa., April 25, 2017 (GLOBE NEWSWIRE) -- Liberty Property Trust announced financial and operating results for the quarter ended March 31, 2017. Management Comments “The industrial real estate markets continue to provide solid growth opportunities – growth through rent increases and selective development,” said chief executive officer Bill Hankowsky. “Our first quarter results represent a strong start to the year. Industrial leasing volumes remain high, rent increases continue their strong performance, and development starts are on plan.” Financial Results Net income: Net income available to common shareholders for the first quarter of 2017 was $43.0 million, or $0.29 per diluted share, compared to $57.6 million, or $0.39 per diluted share, for the first quarter of 2016. Net income per share for the first quarter of 2017 reflects gains on sale of $0.01 versus $0.14 for the first quarter 2016. Funds from Operations: The company uses the National Association of Real Estate Investment Trusts (“NAREIT”) definition of Funds from Operations (“FFO”) as an operating measure of the company’s financial performance.  A reconciliation of U.S. GAAP net income to NAREIT FFO is included in the financial data tables accompanying this press release. NAREIT FFO available to common shareholders for the first quarter of 2017 was $90.7 million, or $0.60 per diluted share, compared to $93.0 million, or $0.62 per diluted share, for the first quarter of 2016. Net income and NAREIT FFO for the first quarter of 2017 were impacted by the sale of $1.2 billion of properties during 2016, as well as $4.7 million (compared to $6.2 million for the first quarter of 2016) of additional compensation expense related to the accelerated vesting of long-term incentive compensation included in general and administrative expense. Operating Performance                Same Store Performance: Property level operating income for same store properties increased by 1.2% on a cash basis and by 0.7% on a straight line basis for the first quarter of 2017, compared to the same quarter in 2016. Occupancy: At March 31, 2017, Liberty’s operating portfolio of 98.2 million square feet was 96.1% occupied, compared to 96.4% at the end of the fourth quarter 2016. Industrial Portfolio: The primary driver of Liberty’s results is the performance of its industrial portfolio. The 91.7 million square foot industrial portfolio was 96.6% leased at quarter-end, compared to 96.7% for the previous quarter. Industrial distribution rents increased 17.8% on renewal and replacement leases during the quarter.  Nearly 100% of these leases have built-in rent escalators. Office Portfolio: Occupancy of Liberty’s 6.6 million square foot office portfolio was 88.4%, down from 92.0% from the previous quarter, due to the two specific tenant move-outs noted earlier.  Office rents increased 11.6% on renewal and replacement leases in the office portfolio, and all of these leases contain built-in rent escalators. Real Estate Investments Development Deliveries: In the first quarter, Liberty brought into service one wholly-owned development property for a total investment of $16.3 million. The property contains 215,000 square feet of leasable space and was 81.7% occupied as of the end of the quarter. The yield on this property at March 31, 2017 was 8.5%. Development Starts: In the first quarter, Liberty began development of four wholly-owned properties totaling 777,000 square feet of leasable space at a projected investment of $84.4 million. The properties include an industrial build-to-suit and three inventory industrial buildings. In addition, a joint venture in which Liberty holds an interest began development of a 154,000 square foot, $11.9 million build-to-suit industrial property. Real Estate Dispositions During the first quarter, Liberty sold one 33,000 square foot suburban office building for $2.1 million. Capital and Balance Sheet Activity During the first quarter, Liberty adjusted the dividend on its common shares of beneficial interest to $0.40 per share. 2017 Outlook A reconciliation of projected NAREIT FFO to projected U.S. GAAP net income available to common shareholders per share for 2017 is below (all amounts projected): (1)  Includes equity share of gain on disposition of unconsolidated joint ventures. About the Company Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 98 million square foot operating portfolio includes 558 properties which provide office, distribution and light manufacturing facilities to 1,200 tenants. Additional information about the company, including Liberty’s Quarterly Supplemental Package with detailed financial information, non-GAAP financial measures and other defined terms is available in the Investors section of the Company’s web site at www.libertyproperty.com. If you are unable to access the web site, a copy of the supplemental package may be obtained by contacting Liberty by phone at 610-648-1704, or by e-mail to jleonard@libertyproperty.com. Liberty will host a conference call during which management will discuss first quarter results on Tuesday, April 25, 2017, at 1 p.m. Eastern Time.  To access the conference call, please dial 855-277-7530. The passcode needed for access is 2337680. A replay of the call will be available until May 25, 2017, by dialing 1-855-859-2056 using the same passcode as above. The call can also be accessed via the Internet on the Investors page of Liberty’s web site at www.libertyproperty.com. The statements contained in this press release may include forward-looking statements within the meaning of the federal securities law.  These forward-looking statements include statements relating to, among others things, achievement of strategic targets, expectations for our operating results, business and financial condition, business and our growth prospects, as well as statements that are generally accompanied by words such as “believes,” “anticipates,” “expects,” “estimates,” “should,” “seeks,” “intends,” “proposed,” “planned,” “outlook,” “remain confident,” and “goal” or similar expressions. Although Liberty believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved.  As forward-looking statements, these statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the expected results.  These risks, uncertainties and other factors include, without limitation, uncertainties affecting real estate business generally (such as entry into new leases, renewals of leases and dependence on tenants’ business operations), risks relating to our ability to maintain and increase property occupancy and rental rates, risks relating to the continued repositioning of the Company's portfolio, risks relating to construction and development activities, risks relating to acquisition and disposition activities, risks relating to the integration of the operations of entities that we have acquired or may acquire, risks relating to joint venture relationships and any possible need to perform under certain guarantees that we have issued or may issue in connection with such relationships, risks related to properties developed by the Company on a fee basis, risks associated with tax abatement, tax credit programs, or other government incentives, possible environmental liabilities, risks relating to leverage and debt service (including availability of financing terms acceptable to the Company and sensitivity of the Company's operations and financing arrangements to fluctuations in interest rates), dependence on the primary markets in which the Company's properties are located, the existence of complex regulations relating to status as a REIT and the adverse consequences of the failure to qualify as a REIT, risks relating to litigation and the potential adverse impact of market interest rates on the market price for the Company's securities, and other risks and uncertainties detailed in the company’s filings with the Securities and Exchange Commission.  The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.


News Article | May 24, 2017
Site: globenewswire.com

MALVERN, Pa., May 24, 2017 (GLOBE NEWSWIRE) -- Liberty Property Trust (NYSE:LPT) today announced that its board of trustees has declared a cash dividend of $0.40 per share on the company’s common shares of beneficial interest for the second quarter of 2017. The dividend will be payable on July 15, 2017 to shareholders of record on July 3, 2017. About Liberty Property Trust Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 98 million square foot portfolio includes 558 properties which provide office, distribution and light manufacturing facilities to 1,200 tenants.


News Article | May 24, 2017
Site: globenewswire.com

MALVERN, Pa., May 24, 2017 (GLOBE NEWSWIRE) -- Liberty Property Trust (NYSE:LPT) today announced that its board of trustees has declared a cash dividend of $0.40 per share on the company’s common shares of beneficial interest for the second quarter of 2017. The dividend will be payable on July 15, 2017 to shareholders of record on July 3, 2017. About Liberty Property Trust Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 98 million square foot portfolio includes 558 properties which provide office, distribution and light manufacturing facilities to 1,200 tenants.


News Article | May 24, 2017
Site: globenewswire.com

MALVERN, Pa., May 24, 2017 (GLOBE NEWSWIRE) -- Liberty Property Trust (NYSE:LPT) today announced that its board of trustees has declared a cash dividend of $0.40 per share on the company’s common shares of beneficial interest for the second quarter of 2017. The dividend will be payable on July 15, 2017 to shareholders of record on July 3, 2017. About Liberty Property Trust Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 98 million square foot portfolio includes 558 properties which provide office, distribution and light manufacturing facilities to 1,200 tenants.


News Article | May 24, 2017
Site: globenewswire.com

MALVERN, Pa., May 24, 2017 (GLOBE NEWSWIRE) -- Liberty Property Trust (NYSE:LPT) today announced that its board of trustees has declared a cash dividend of $0.40 per share on the company’s common shares of beneficial interest for the second quarter of 2017. The dividend will be payable on July 15, 2017 to shareholders of record on July 3, 2017. About Liberty Property Trust Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 98 million square foot portfolio includes 558 properties which provide office, distribution and light manufacturing facilities to 1,200 tenants.


News Article | March 1, 2017
Site: globenewswire.com

PHILADELPHIA and OXFORD, United Kingdom, March 01, 2017 (GLOBE NEWSWIRE) -- Adaptimmune Therapeutics plc. (Nasdaq:ADAP), a leader in T-cell therapy to treat cancer, today announced it will host a ribbon cutting ceremony this morning at 10:30am at the Navy Yard in Philadelphia to celebrate the opening of its newly constructed U.S. headquarters and base for clinical and manufacturing operations. Developed by Liberty Property Trust (NYSE:LPT) and Synterra Partners, and under advisement of CBRE’s Life Science Advisory and Project Management Group, Adaptimmune’s 47,400 square foot facility, located at 351 Rouse Boulevard will include a state-of-the-art cGMP manufacturing facility designed to support the Company’s clinical development objectives and the initial commercialization of novel engineered immunotherapies for cancer. Adaptimmune’s Navy Yard facility currently houses 91 employees; this number is expected to grow to 120 by the end of 2017. “The opening of this new building, which was designed to house both our US headquarters and our future state-of-the-art manufacturing facility, underscores our continued commitment to Philadelphia and the region, as well as our unwavering focus on delivering important cell therapy products to cancer patients,” said James Noble, Chief Executive Officer of Adaptimmune.  “This new facility supports the advancement of our promising pipeline through scalable, cost-effective, clinical and commercial manufacturing. We appreciate the efforts of our development partners to deliver this facility on schedule and look forward to being an active part of the Navy Yard community for years to come.” Announced in October 2015, this project was coordinated by the Governor’s Action Team, an experienced group of economic development professionals who report directly to the Governor and work with businesses that are considering locating or expanding in Pennsylvania, and received a funding proposal from the Department of Community and Economic development that included a Pennsylvania First Program grant for $150,000. “It’s an honor to participate in Adaptimmune’s ribbon cutting event today for the company’s new headquarters and manufacturing expansion at the Navy Yard, in Philadelphia. Along with this growth, we are thrilled that Adaptimmune has committed to the creation of 110 new, high-paying, full-time jobs at this site,” said Department of Community and Economic Development Secretary Dennis Davin. “Governor Tom Wolf’s 2017-18 budget proposal is focused on job creation and workforce training so that we can ensure that businesses all across the Commonwealth can experience celebrations like today.” Adaptimmune launched its US operations in Philadelphia in 2011.  The Company expanded its programs while operating out of the University City Science Center, Philadelphia. “I am proud that Philadelphia continues to attract pioneering companies around the world like Adaptimmune to put roots down in our city and grow,” says City of Philadelphia Mayor Jim Kenney. “We’re thrilled to join Adaptimmune today to cut the ribbon on its cutting-edge facility at the Navy Yard, and celebrate their continued growth and creation of jobs in Philadelphia.” The Navy Yard is a proud landmark of the Navy’s history and heritage in Philadelphia. It has been revitalized as an urban mixed-use campus, offering an exceptional workplace to attract new talent for companies like Adaptimmune. “Since their founding collaboration with a research lab at the University of Pennsylvania, through the launch of their initial U.S. operations at the University City Science Center, and now with the opening of their own headquarters and manufacturing facility at The Navy Yard, Adaptimmune has made Philadelphia the center of their innovation in life sciences,” said John Grady, President of PIDC, Philadelphia’s public-private development corporation.  “We are thrilled to welcome Adaptimmune to the Navy Yard’s vibrant and collaborative campus, adding to the growing community of life sciences and corporate R&D facilities setting down roots here to attract the best talent and drive growth.” Designed by Philadelphia-based architectural firm, DIGSAU, the building incorporates a two-story day-lit lobby, which connects and integrates Adaptimmune’s clinical and operation functions and helps to foster collaboration throughout facility. The building lobby is oriented around a semi-private outdoor plaza designed by Land Collective creating an open, environment visually and physically connected to the rest of the Navy Yard.  Continuing the building will be the thirteenth building at the Navy Yard to achieve LEED® certification from the U.S. Green Building Council, targeting Gold under the Core & Shell™ rating system. “Today the Navy Yard welcomes Adaptimmune, a dynamic company that will add immeasurable talent and energy to one of the fastest growing life science clusters in the country,” said Brian Cohen, vice president and market officer for Liberty Property Trust. “Liberty designed and developed the new building to suit this innovative spirit and provide a new home that is forward-thinking in both form and function.” CBRE’s Life Science Advisory and Project Management Group assisted Adaptimmune during the construction phase of the project. “CBRE is honored to be here today and officially welcome Adaptimmune to the Philadelphia Navy Yard after having helped them secure their new U.S. headquarters back in October of 2015,” said Tony Rossi, Life Science Advisor, of CBRE. “We are proud of our Project Management Team that was instrumental in helping Adaptimmune transition smoothly into their new headquarters.” About Adaptimmune Adaptimmune is a clinical-stage biopharmaceutical company focused on the development of novel cancer immunotherapy products. The Company’s unique SPEAR (Specific Peptide Enhanced Affinity Receptor) T‑cell platform enables the engineering of T-cells to target and destroy cancer, including solid tumors. Adaptimmune has a number of proprietary clinical programs, and is also developing its NY-ESO SPEAR T-cell program under a strategic collaboration and licensing agreement with GlaxoSmithKline. The Company is located in Philadelphia, USA and Oxfordshire, U.K. For more information, please visit http://www.adaptimmune.com About PIDC PIDC is Philadelphia’s public-private economic development corporation. A non-profit founded in 1958 by the City of Philadelphia and the Greater Philadelphia Chamber of Commerce, PIDC’s mission is to spur investment, support business growth, and foster developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. Over the past 59 years, PIDC has settled over 6,900 transactions with a diverse range of clients – including nearly $15 billion of financing and more than 3,100 acres of land sales – which have leveraged over $26 billion in total investment and assisted in retaining and creating more than half a million jobs in Philadelphia. In its master developer role at the Navy Yard, PIDC manages all aspects of the property’s management and development, including master planning, leasing, property management, infrastructure development, utility operation, and structuring development transactions. The Navy Yard is home to more than 13,000 employees and 150 companies in the office, industrial, manufacturing, and research and development sectors, occupying 7.5 million square feet of real estate in a mix of historic buildings and new high-performance and LEED® certified construction.  For more information about PIDC and the Navy Yard, visit www.PIDCphila.com and follow us @PIDCphila @NavyYardPhila on Twitter. About Liberty Property Trust Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 99 million square foot portfolio includes 568 properties, which provide office, distribution and light manufacturing facilities to 1,200 tenants. At the Navy Yard, Liberty, in connection with its joint venture partner, Synterra Partners, has developed or is under construction on more than 1,580,000 million square feet representing $360 million in private investment to date. For more information visit www.libertyproperty.com and follow us @LibPropTrust on Twitter. About Synterra Synterra Partners is a local real estate development company founded in 1996. The firm has an extensive portfolio of projects that include hotels and resorts and commercial and retail developments, both domestic and international. Synterra Partners has earned its extraordinary reputation by working successfully with public and private organizations to create innovative strategies for complex development projects. About PIDC PIDC is Philadelphia’s public-private economic development corporation. A non-profit founded in 1958 by the City of Philadelphia and the Greater Philadelphia Chamber of Commerce, PIDC’s mission is to spur investment, support business growth, and foster developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. Over the past 57 years, PIDC has settled over 6,500 transactions – including $13 billion of financing and 3,000 acres of land sales – which have leveraged over $23 billion in total investment and assisted in retaining and creating hundreds of thousands of jobs in Philadelphia. In its master developer role at The Navy Yard, PIDC manages all aspects of the property’s management and development, including master planning, leasing, property management, infrastructure development, utility operation, and structuring development transactions. The Navy Yard is home to more than 11,500 employees and 145 companies in the office, industrial, manufacturing, and research and development sectors, occupying 7.0 million square feet of real estate in a mix of historic buildings and new high-performance and LEED® certified construction.  For more information about PIDC, visit www.PIDCphila.com and follow us @PIDCphila on Twitter About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue).  The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide.  CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.  Please visit our website at www.cbre.com. Forward-Looking Statements This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). These forward-looking statements involve certain risks and uncertainties. Such risks and uncertainties could cause our actual results to differ materially from those indicated by such forward-looking statements, and include, without limitation: the success, cost and timing of our product development activities and clinical trials and our ability to successfully advance our TCR therapeutic candidates through the regulatory and commercialization processes. For a further description of the risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, as well as risks relating to our business in general, we refer you to our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on November 10, 2016, and our other SEC filings. The forward-looking statements contained in this press release speak only as of the date the statements were made and we do not undertake any obligation to update such forward-looking statements to reflect subsequent events or circumstances.


NEW YORK, February 23, 2017 /PRNewswire/ -- Stock-Callers.com has lined up four Office REITs for assessment today, and they are New York REIT Inc. (NYSE: NYRT), Digital Realty Trust Inc. (NYSE: DLR), Liberty Property Trust (NYSE: LPT), and DuPont Fabros Technology Inc. (NYSE: DFT)....


News Article | February 17, 2017
Site: globenewswire.com

MALVERN, Pa., Feb. 17, 2017 (GLOBE NEWSWIRE) -- Liberty Property Trust (NYSE:LPT) today announced that its board of trustees has declared a cash dividend of $0.40 per share on the company’s common shares of beneficial interest for the first quarter of 2017. The dividend will be payable on April 15, 2017 to shareholders of record on March 31, 2017. About Liberty Property Trust Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 99 million square foot portfolio includes 568 properties which provide office, distribution and light manufacturing facilities to 1,200 tenants.


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RENO, Nev.--(BUSINESS WIRE)--Employers Holdings, Inc. (“EHI” or the “Company”) (NYSE:EIG) today reported net income and net income excluding the impact of the LPT of $35.5 million, or $1.08 per diluted share, and $32.6 million, or $0.99 per diluted share, respectively, for the fourth quarter of 2016. Operating income was $31.3 million, or $0.95 per diluted share, for the quarter ended December 31, 2016. The Company’s loss ratio before the LPT decreased 5.8 percentage points in the quarter. The Company’s commission expense ratio declined 0.9 percentage points and the underwriting and other operating expense ratio declined 0.6 percentage points, each compared to the previous year’s fourth quarter. We repurchased common shares worth $2.5 million in the fourth quarter. For the full year 2016, net income was $106.7 million, or $3.24 per diluted share, and net income excluding the impact of the LPT was $90.1 million, or $2.73 per diluted share. Operating income was $83.0 million, or $2.52 per diluted share. The combined ratio was 91.8% while the combined ratio before the impact of the LPT was 94.1%. The accident year combined ratio before the impact of the LPT was 96.8%. During the year, we repurchased $21.1 million in common shares. The Company had approximately 32.1 million common shares outstanding as of December 31, 2016. In addition, today EHI announced that the Board of Directors has voted to raise the Company’s quarterly dividend to $0.15 per share of common stock. This represents a 67% increase over the previous quarterly rate of $0.09 per share. The dividend is payable on March 22, 2017 to stockholders of record as of March 8, 2017. “We are very pleased with our performance in the quarter and the year 2016. For these reporting periods, we delivered improved underwriting profitability demonstrated in historically low combined ratios. We increased net income and achieved historically high returns on equity while growing our book value per share by 8%. We lowered our provision rate for losses in the then current accident year and, in the fourth quarter, we released $16.9 million of reserves for prior accident years. Our strong fourth quarter and full year performance continues to reflect, in large part, the results of our ongoing initiatives to close claims on an accelerated basis and to grow and diversify across our markets using data-driven strategies. "We are also pleased to report that, in the fourth quarter, we returned approximately $2.5 million to our shareholders through share repurchases and $2.9 million in dividends. The Board of Directors announced today that it is raising the dividend from $0.09 per common share to $0.15 per common share effective the first quarter of 2017, demonstrating our continued confidence in the financial strength of the Company. "We remain committed to delivering profitable results over the long-term as we further strengthen our technological capabilities and our national presence. We now operate in 36 of our 44 targeted states.” (All comparisons vs. fourth quarter 2015, unless noted otherwise). Net income of $35.5 million increased $8.8 million. Positive impacts to net income included higher net realized gains on investments related to $17.0 in impairments recognized in the fourth quarter of 2015, and favorable prior accident year loss development of $16.9 million compared with $8.5 million in the fourth quarter of 2015. Other impacts included lower net earned premium largely resulting from higher than expected final audit premium in the fourth quarter of 2015, and higher income taxes driven by a tax benefit recorded in the fourth quarter of 2015 related to pre-privatization reserve reallocations. Increased underwriting income was largely driven by favorable prior period loss development. In addition, our current accident year loss estimate of 63.8% declined 0.7 percentage point relative to the fourth quarter of 2015. This decrease reflects the impact of key business initiatives, including an increased emphasis on the accelerated settlement of open indemnity claims, diversification of risk exposure across our markets, leveraging data-driven strategies to target profitable classes of business, and our continued growth outside of the Los Angeles area of California. • The combined ratio before the impact of the LPT was 85.6%, with 9.8 percentage points related to favorable prior accident year loss development, resulting in a strong accident year combined ratio before the LPT of 95.4%, again representing one of the best combined ratios in the Company’s history. • The loss ratio before the LPT of 54.0% decreased 5.8 percentage points primarily due to favorable prior period loss development and a lower loss provision estimate; the loss ratio was 63.8% net of favorable development. • The commission expense ratio of 11.6% decreased 0.9 percentage points related to lower agency incentives. • The underwriting and other expense ratio of 20.1% decreased 0.6 percentage points related to lower bad debt expense, premium taxes and assessments. Gross written premiums of $155.7 million decreased year-over-year primarily due to an $8.9 million decrease in final audit premium year-over-year. In-force premium in states outside California grew 1.1% despite generally declining rates, while in-force premium in California decreased by 1.1%. Policy count outside of California grew 5.7% while policy count in California declined 4.4%. Net investment income of $19.1 million increased $0.7 million relative to the fourth quarter of 2015. Net realized gains on investments of $2.1 million in the fourth quarter were the result of the rebalancing of the high dividend equity portfolio. Stockholders’ equity plus Deferred reinsurance gain - LPT Agreement was $1,015.5 million, an increase of 6.9% from year-end 2015, including a decrease in after-tax net unrealized investment gains of $9.1 million from year-end 2015. After-tax net unrealized investment gains were $74.5 million compared to $83.6 million at year-end 2015. Also, at the end of the fourth quarter, the ratio of debt to capital was 3.1%. The Company repurchased 82,357 shares in the quarter ended December 31, 2016 at an average price of $30.39 per share, including commissions, for a total of $2.5 million. The Company will host a conference call on Thursday, February 23, 2017, at 8:00 a.m. Pacific Standard Time. The conference call will be available via a live web cast on the Company's web site at www.employers.com. An archived version will be available several hours after the call. The conference call replay number is (800) 585-8367 or (855) 859-2056 with a pass code of 51932638. EHI expects to file its Form 10-K for the year ended December 31, 2016, with the Securities and Exchange Commission (“SEC”) on or about Friday, February 24, 2017. The Form 10-K will be available without charge through the EDGAR system at the SEC's web site and will also be posted on the Company's website, www.employers.com, through the “Investors” link. The Company provides a list of portfolio securities in the Calendar of Events, Fourth Quarter “Investors” section of its website at www.employers.com. The Company also provides investor presentations on its website. In this press release, the Company and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections of, among other things, the Company's ability to deliver profitable results and expectations for the Company's technological capabilities and national presence. Certain of these statements may constitute "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often identified by words such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "target," "project," "intend," "believe," "estimate," "predict," "potential," "pro forma," "seek," "likely," or "continue," or other comparable terminology and their negatives. EHI and its management caution investors that such forward-looking statements are not guarantees of future performance. Risks and uncertainties are inherent in EHI's future performance. Factors that could cause the Company's actual results to differ materially from those indicated by such forward-looking statements include, among other things, those discussed or identified from time to time in EHI's public filings with the SEC, including the risks detailed in the Company's Quarterly Reports on Form 10-Q and the Company's Annual Reports on Form 10-K. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The SEC filings for EHI can be accessed through the “Investors” link on the Company's website, www.employers.com, or through the SEC's EDGAR Database at www.sec.gov (EHI EDGAR CIK No. 0001379041). Copyright © 2017 EMPLOYERS. All rights reserved. EMPLOYERS® and America's small business insurance specialist.® are registered trademarks of Employers Insurance Company of Nevada. Employers Holdings, Inc. is a holding company with subsidiaries that are specialty providers of workers' compensation insurance and services focused on select, small businesses engaged in low to medium hazard industries. Insurance subsidiaries include Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, and Employers Assurance Company, all rated A- (Excellent) by A.M. Best Company. Additional information can be found at: http://www.employers.com. Glossary of Financial Measures and Reconciliation of Non-GAAP Financial Measures to GAAP The Company uses the following measures to evaluate its financial performance for the periods presented. Certain measures are considered non-GAAP financial measures under applicable SEC rules and include or exclude certain items not ordinarily included or excluded in the most comparable GAAP financial measures. These non-GAAP financial measures exclude impacts related to the LPT Agreement deferred reinsurance gain. The 1999 LPT Agreement was a non-recurring transaction that does not result in ongoing cash benefits and, consequently, the Company believes these non-GAAP measures are useful in providing stockholders and management a meaningful understanding of the Company's operating performance. Some of these measures also exclude net realized gains, net of taxes, and/or accumulated other comprehensive income, net of taxes, and amortization of intangibles, net of taxes. Management believes these are important indicators of how well the Company creates value for its stockholders through its operating activities and capital management. These measures, as defined, are helpful to management in identifying trends in the Company's performance because the items excluded have limited significance in current and ongoing operations or can be impacted by both discretionary and other economic factors and may not represent operating trends. The Company strongly urges stockholders and other interested persons not to rely on any single financial measure to evaluate its business. The non-GAAP measures are not a substitute for GAAP measures and investors should be careful when comparing the Company's non-GAAP financial measures to similarly titled measures used by other companies. Other companies may calculate these measures differently, and, therefore, these measures may not be comparable. Reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures are provided in the following discussion. Net Income before impact of the LPT Agreement is net income less (a) amortization of deferred reinsurance gain–LPT Agreement; (b) adjustments to LPT Agreement ceded reserves; and (c) adjustments to contingent commission receivable–LPT Agreement. Operating income is net income before the impact of the LPT excluding net realized gains on investments, net of taxes, and amortization of intangibles, net of taxes. Deferred reinsurance gain–LPT Agreement (Deferred Gain) reflects the unamortized gain from the LPT Agreement. Under GAAP, this gain is deferred and amortized using the recovery method, whereby the amortization is determined by the proportion of actual reinsurance recoveries to total estimated recoveries, except for the contingent profit commission, which is amortized through June 30, 2024. The amortization is reflected in losses and LAE. Stockholders' Equity Including the Deferred Gain is stockholders' equity including the Deferred reinsurance gain–LPT Agreement. Average Stockholders' Equity Including the Deferred Gain is the sum of stockholders' equity including the deferred gain at the beginning and end of each of the periods presented divided by two. Average stockholders' equity is the sum of stockholders' equity at the beginning and end of each of the periods presented divided by two. Adjusted stockholders' equity is stockholders' equity including the Deferred Gain, less accumulated other comprehensive income, net. Average adjusted stockholders' equity is the average of stockholders' equity including the deferred reinsurance gain-LPT Agreement, less accumulated other comprehensive income, net, for all quarters included in the calculation. Book value per share is stockholders' equity including the Deferred Gain divided by the number of common shares outstanding. Adjusted book value per share is adjusted stockholders' equity divided by the number of common shares outstanding. GAAP book value per share is stockholders' equity divided by the number of common shares outstanding. Operating return on equity is the ratio of annualized operating income to adjusted average stockholders' equity for the periods presented. Adjusted return on equity is the ratio of annualized net income before the LPT to average stockholders' equity including the Deferred Gain. Return on equity is the ratio of annualized net income to average stockholders' equity for the periods presented. Gross Premiums Written. Gross premiums written is the sum of both direct premiums written and assumed premiums written before the effect of ceded reinsurance. Direct premiums written represents the premiums on all policies the Company's insurance subsidiaries have issued during the year. Assumed premiums written represents the premiums that the insurance subsidiaries have received from an authorized state-mandated pool. Net Premiums Written. Net premiums written is the sum of direct premiums written and assumed premiums written less ceded premiums written. Ceded premiums written is the portion of direct premiums written that are ceded to reinsurers under reinsurance contracts. The Company uses net premiums written, primarily in relation to gross premiums written, to measure the amount of business retained after cession to reinsurers. Losses and LAE before impact of the LPT Agreement. Losses and LAE includes (i) amortization of deferred reinsurance gain- LPT Agreement (ii) adjustments to LPT Agreement ceded reserves and (iii) adjustments to the contingent profit commission. Losses and LAE Ratio. The losses and LAE ratio is a measure of underwriting profitability. Expressed as a percentage, it is the ratio of losses and LAE to net premiums earned. Commission Expense Ratio. Commission expense ratio is the ratio (expressed as a percentage) of commission expense to net premiums earned. Underwriting and Other Operating Expense Ratio. The underwriting and other operating expense ratio is the ratio (expressed as a percentage) of underwriting and other operating expense to net premiums earned. Combined Ratio. The combined ratio represents a summary percentage of claims and expenses to net premiums earned. The combined ratio is the sum of the losses and LAE ratio, the commission expense ratio, the policyholder dividends ratio and the underwriting and other operating expense ratio. Combined Ratio before impact of the LPT Agreement. Combined ratio before impact of the LPT Agreement is the GAAP combined ratio before (i) amortization of deferred reinsurance gain-LPT Agreement (ii) adjustments to LPT Agreement ceded reserves and (iii) adjustments to the contingent profit commission. Book value per share. Equity including deferred reinsurance gain-LPT Agreement divided by number of shares outstanding. Net rate. Net rate, defined as total premium in-force divided by total insured payroll exposure, is a function of a variety of factors, including rate changes, underwriting risk profiles and pricing, and changes in business mix related to economic and competitive pressures.

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