News Article | February 15, 2017
SRG Technology (SRGT), developer of cutting-edge software solutions, will join more than 40,000 Health IT professionals, executives and industry thought leaders at HIMSS 2017 in Orlando, Fla. SRGT will be showcasing TopCare™, a Population Health Management Solution, at Kiosk 24 in the Population Care Management Knowledge Center. TopCare, jointly created by SRGT and Massachusetts General Hospital’s Laboratory of Computer Science, revolutionizes the way healthcare communities can access and use data to drive results -- improving patient outcomes, quality performance and cost savings. TopCare has more than a dozen published Peer-Reviewed Articles detailing innovations and quantified successes. “HIMSS is unique. When thousands of HIT technologists and thought leaders gather at the same time in one place, ideas converge. It is all very exciting,” said Dr. Adrian Zai, Chief Medical Information Officer at SRGT. “The marketplace is hungry for what TopCare offers. I’m looking forward to sharing how TopCare has been proven in the marketplace and has more than 10 years documented evidence-based research of improved outcomes for both providers and patients.” A presentation focusing on TopCare’s successes and integration at Massachusetts General Hospital will take place on Monday, February 20, at 3 p.m. in room 206A. Dr. Steven Atlas, Associate Professor of Medicine at Harvard Medical School and General Physician at Massachusetts General Hospital, will present “Driving Outcomes by Enhancing Workflow with Technology.” “Healthcare providers have their EHRs, now they need to augment them with robust analytics. TopCare is an invaluable Population Health tool that facilitates care team collaboration, encourages patient engagement and measures and improves outcomes," said SRGT CEO and founder Neil Sterling. “We look forward to sharing our story. HIMSS is the megaphone.” For more information about TopCare, please visit http://www.TopCare.co. Founded in 2007, SRG Technology developed Blender™ — a suite of cutting-edge software solutions designed to drive performance improvements through enhanced data collection and analysis; personalized recommendations; and the creation of individualized action plans. In collaboration with Massachusetts General Hospital’s Lab of Computer Science, SRG Technology has entered the arena of Population Health Management with TopCare Powered by Blender™. SRG Technology is focused on elevating performance, increasing productivity and ultimately improving end-user outcomes in education with BlenderLearn™, healthcare with TopCare Powered by Blender™, geo-positional security with BlenderRM™, and consumer engagement and outreach with BlenderConnect™.
News Article | October 28, 2016
Students in low-performing schools in Massachusetts that received state School Redesign Grants (SRG) demonstrated greater academic improvement in English language arts and mathematics than students in comparison public schools, according to a new study by the American Institutes for Research (AIR). A companion implementation study, using qualitative data from current and past SRG recipient schools, offers some insights into the strategies that characterize SRG schools showing improvements in student achievement. Massachusetts’ School Redesign Grants are funded by the U.S. Department of Education Title I School Improvement Grants, federal dollars awarded to more than 1,800 low-performing schools nationwide and specifically designed to raise student achievement. In Massachusetts, the lowest performing schools in need of the most assistance but not yet under state control (Level 4 schools) are eligible for these grants and can be used to support a variety of research-based turnaround practices. According to the AIR study, schools receiving the grants saw gains in student achievement, and the achievement gap between English-language learners and other students shrank more than in comparison schools, as did the achievement gap between students with and without access to free and reduced-price school lunches. “The achievement gains were robust across district and grade levels,” Christina LiCalsi, lead author of the report said. “Results of this size mean that within three years the gap in average achievement between students in these low-performing schools and students in other schools within the same district was halved. These results are substantial,” she said. At the time of the study, the Massachusetts Department of Elementary and Secondary Education had provided grants to 56 low-performing schools since 2010. Of these, 22 demonstrated student achievement gains substantial enough to improve the school’s accountability level (from Level 4 to 3 or better) as of August 2016. Although all School Redesign Grants schools are expected to implement a turnaround plan aligned to four key practices, described in detail in the Massachusetts Turnaround Practices Indicators and Continuum, some specific strategies related to each practice were prevalent among the schools showing notable improvements and thus, suggesting that they may have been important drivers of the change, according to the AIR researchers responsible for the implementation study. For example, leaders of successful School Redesign Grants schools actively and strategically used the increased autonomy and flexibility that the department affords all Level 4 schools to recruit and assign appropriate staff and to modify the school-day schedule. As one principal said: “It's important to create schedules that allow for [teachers’] collaborative work during the school day.” Developing and implementing strategies for effective two-way communication between principals and teachers was also seen as very important or essential to school improvement, according to staff in successful schools. Setting and communicating high expectations for instruction, conducting regular classroom observations by principals and other teachers, and providing teachers with targeted and actionable feedback aligned to those expectations were viewed as key to improving instruction. In successful schools receiving School Redesign Grants, data from classroom observations were also used to regularly inform school leaders’ decisions about schoolwide instructional practice and necessary educator supports. Providing individualized attention and academic and nonacademic support to students in need of extra help was widely seen as integral to successful turnaround. One school reported that staff regularly reviewed students’ “ABCs”—attendance, behavior and course performance. Establishing and consistently implementing systems for identifying and providing social and emotional support to student populations with disproportionately high needs was deemed especially critical to these schools’ success. In successful schools, teachers developed good relationships with students and their families, and schools worked closely with external partners to provide “wraparound” services, such as physical and mental health supports to students and their families. Because low-performing schools often face student behavior problems, improving school climate was also seen as vital in turning around these schools. Many successful SRG schools established, almost immediately upon SRG receipt, a consistent behavior plan to build a safe, orderly and respectful school culture, and expanded after-school and nonacademic clubs, athletics and other activities as a way to manage behavioral issues. In addition, staff were encouraged, if not required, to be more proactive in communicating with students’ parents about successes as well as problems. Even though schools experienced gains overall, as evidenced by findings from the study, staff in these schools described ongoing challenges in successfully and consistently implementing turnaround strategies expected of SRG schools. For example, staff frequently cited insufficient staff time and school resources and competing turnaround priorities as obstacles to improvement. Even communicating a turnaround plan in struggling schools and building staff support for the plan can be difficult in these schools since, as one principal explained, many teachers are “demoralized by the previous administration, and so accustomed to blaming students and their families for the lack of achievement.” The implementation study was primarily informed by extant data gathered through interviews and focus groups during annual AIR school monitoring visits and from surveys of staff in schools that have successfully exited Level 4. This study of the intervention’s effectiveness used a comparative interrupted time series design, which used changes in outcomes over time across 47 SRG schools and comparison schools to assess gains in performance attributable to the SRGs. The new two-part AIR study is available at http://www.air.org. About AIR Established in 1946, with headquarters in Washington, D.C., the American Institutes for Research (AIR) is a nonpartisan, not-for-profit organization that conducts behavioral and social science research and delivers technical assistance both domestically and internationally in the areas of health, education and workforce productivity. For more information, visit http://www.air.org.
News Article | February 15, 2017
The SoNo Recording Group (SRG), a leading full-service independent label dedicated to expanding the reach of artists and producers, today announced the signing of Pop/Reggae/R&B Singer Songwriter Anuhea. Anuhea’s upcoming release will be marketed and distributed globally by SRG through its partnerships with the ILS Group and Universal Music Group. Hailing from Maui, Hawaii, Anuhea began creating Reggae and R&B infused Pop when she was still in high school. After attending college in Southern California, Anuhea realized music was her true calling. She returned to the islands and immediately started writing song and performing. Since then Anuhea has written and recorded dozens of songs including radio hits “Big Deal”, “Simple Love Song”, “Come Over Love”, and “ Higher Than The Clouds”. Anuhea has toured the world as a headliner and featured guest for artists such as Bruno Mars, Babyface, SOJA, Ziggy Marley, Jack Johnson, and many others. Anuhea’s debut release for SRG will be her first full-length studio album since her highly acclaimed 2012 release For Love. For the release Anuhea will be collaborating with some of the most talented and acclaimed songwriters and producers on the scene today. A mid-summer release date is anticipated for the new album on CD, LP, and across all digital platforms. In addition to recording and touring, Anuhea is the 2017 Brand Ambassador for Cargo Cosmetics. She will also be performing her hit, “Simple Love Song” on a special episode of the CBS series Hawaii Five-0 in a few weeks. Michael Cusanelli Vice President of Sales And Marketing for SRG and the ILS Group states, “I am very excited to be working with Anuhea and her team again. Besides being a talented musician and song writer, Anuhea is a fiercely independent music entrepreneur who has paved her own way. Both SRG and ILS were founded upon similar principles, and we are stoked to be joining Anuhea on her journey.” About The Sono Recording Group: Founded by Claude Villani, The SoNo Recording Group (SRG) is a full service label dedicated to breaking new artists and expanding existing artists’ and producers’ reach beyond the traditional. SRG, with its distribution deal with ILS, provides worldwide distribution through Universal Music Group, EMI Music Europe & Caroline / EMI USA. Along with preferred placement on iTunes and other steaming and film services, SRG’s marketing approach is centered around social media, collaboration, and interactive services. About the Independent Label Services Group: ILS offers worldwide and specific territorial distribution via its sub distribution arrangements with Universal/Caroline. The role of ILS is to provide third party labels and significant self-represented artist a turnkey solution to the best possible distribution, marketing and promotion with optimum results. ILS is closely partnered with top independent radio, publicity, synchronization, and social media agencies worldwide which can be tailored to augment our in-house services on a project-by-project basis. For all inquiries, please contact: Michael Cusanelli VP of Sales and Marketing SRG Records / The ILS Group Tel: +1 (203) 895-3924 Email: mike(at)theilsgroup(dot)com
News Article | February 28, 2017
NEW YORK--(BUSINESS WIRE)--Seritage Growth Properties (NYSE:SRG) (the “Company”), a national owner of 266 properties totaling over 42 million square feet of gross leasable area (“GLA”), today reported financial and operating results for the three months and year ended December 31, 2016. For the three months ended December 31, 2016: For the year ended December 31, 2016, including the Company’s proportional share of its unconsolidated joint ventures (“JVs”): “In just 18 months, we have established Seritage as one of the most active developers of retail real estate in the country with 48 projects, representing a total investment of over $460 million, completed or commenced,” said Benjamin Schall, President and Chief Executive Officer. “For the 33 projects we’ve initiated fully on our platform, we are expecting incremental returns in excess of 12% on an unlevered basis, and project stabilized income of almost $70 million, an increase of over 330% versus in-place income. And once completed, more than 90% of the income from these 33 projects will be derived from a diverse group of growing retailers, and less than 10% from Sears Holdings. As we look to 2017, we have a strong pipeline of leasing and redevelopment activity that we’re focused on executing, and expect to realize rental spreads and returns on capital for that pipeline that are consistent with those that we’ve achieved thus far. We continue to see strong demand for our well-located properties from a range of growing retailers, and are energized to build off our momentum as we diversify our tenant base, grow net operating income and create value for our shareholders.” For the three months ended December 31, 2016, net loss attributable to Class A and Class C shareholders was $15.0 million, or $0.48 per diluted share, as compared to a net loss of $4.0 million, or $0.13 per diluted share, for the prior year period. For the year ended December 31, 2016, net loss attributable to Class A and Class C shareholders was $51.6 million, or $1.64 per diluted share. For the three months ended December 31, 2016, Total NOI, which includes the Company’s proportional share of NOI from 31 properties owned through investments in its unconsolidated JVs, was $48.7 million as compared to $47.0 million for the prior year period. For the year ended December 31, 2016, Total NOI was $190.5 million. For the three months ended December 31, 2016, FFO, as calculated in accordance with the National Association of Real Estate Investment Trusts (“NAREIT”) definition, was $34.5 million, or $0.62 per diluted share, as compared to $31.3 million, or $0.56 per diluted share, for the prior year period. For the year ended December 31, 2016, FFO was $106.5 million, or $1.92 per diluted share. For the three months ended December 31, 2016, Company FFO was $30.0 million, or $0.54 per diluted share, as compared to $32.9 million, or $0.59 per diluted share, for the prior year period. For the year ended December 31, 2016, Company FFO was $127.3 million, or $2.29 per diluted share. The Company makes certain adjustments to FFO, which it refers to as Company FFO, to account for certain non-cash and non-comparable items, such as termination fee income, unrealized gain or loss on interest rate cap, litigation charges, acquisition-related expenses, amortization of deferred financing costs and certain up-front-hiring and personnel costs, that it does not believe are representative of ongoing operating results. The Company previously referred to this metric as Normalized FFO; the definition and calculation remain the same. As of December 31, 2016, the Company’s portfolio included interests in 266 retail properties totaling over 42 million square feet of gross leasable area, including 235 wholly-owned properties and 31 properties owned through investments in unconsolidated JVs. Approximately 50% of the portfolio consisted of properties attached to regional malls and approximately 50% consisted of shopping center or freestanding properties. The portfolio was 99.2% leased and included 15 properties leased only to third-party tenants, 125 properties leased to Sears Holdings and one or more third-party tenants, and 126 properties leased only to Sears Holdings. Of the properties leased to Sears Holdings, 169 operated under the Sears brand and 82 operated under the Kmart brand. Subsequent to December 31, 2016, Sears Holdings vacated 17 Kmart stores pursuant to termination notices previously submitted to the Company (see “Sears Holdings Terminations under the Master Lease”). Including the effect of the terminations, the portfolio was 95.5% leased. During the year ended December 31, 2016, the Company commenced 28 projects representing an estimated total investment of $335.0 million, including eight new projects representing an estimated total investment of $112.7 million in the fourth quarter. As of December 31, 2016, the Company’s wholly-owned development pipeline consisted primarily of 33 projects originated on the Seritage platform. These projects represent an estimated total investment of $399.1 million, of which $353.9 million remained to be spent. An additional two projects with a total investment of $5.1 million, of which $3.8 million remained to be spent, were acquired by the Company as part of the initial acquisition of its portfolio. The table below summarizes the Company’s wholly-owned development activity from inception through December 31, 2016: The table below provides additional information, including a brief description, for each of the 33 new redevelopment projects originated on the Seritage platform. Notably, during the three months ended December 31, 2016, Saks OFF 5th opened at The Marketplace at Braintree, joining Nordstrom Rack and Ulta Beauty and marking the substantial completion of the first redevelopment project originated solely on the Seritage platform. During the three months ended December 31, 2016, Primark opened at Burlington Mall in a store owned by the Company’s unconsolidated JV with Simon Property Group, Inc. (the “Simon JV”). This opening represents the substantial completion of the third of four JV projects that were in various stages of development when they were acquired by the Company in July 2015. Earlier in 2016, Primark opened at Danbury Fair Mall and Freehold Raceway Mall in stores owned by the Company’s unconsolidated JV with The Macerich Company (the “Macerich JV”), and, at Staten Island Mall, a Primark store owned by the Company’s unconsolidated JV with GGP Inc. (the “GGP JV”), is under construction. During the three months ended December 31, 2016, the GGP JV announced plans to recapture space at five locations according to a specific schedule, including Oakbrook Center in Oak Brook, IL, The Mall at Columbia in Columbia, MD, Natick Collection in Natick, MA, Paramus Park in Paramus, NJ and Alderwood in Lynnwood, WA. The GGP JV will recapture 100% of the space currently occupied by Sears Holdings at Alderwood and Paramus Park, while Sears Holdings will continue to occupy a downsized space at the other locations. As of December 31, 2016, the GGP JV has initiated redevelopment projects at four additional properties, including Staten Island Mall in Staten Island, NY, Coronado Mall in Albuquerque, NM, Pembroke Lakes Mall in Pembroke Pines, FL, and Valley Plaza Mall in Bakersfield, CA. During the year ended December 31, 2016, the Company signed new leases totaling 2.1 million square feet at an average annual base rent of $17.68 PSF, including 891,000 square feet at $16.72 PSF in the fourth quarter. On a same-space basis, new rents were 4.4x higher than prior rents for space currently or formerly occupied by Sears Holdings, increasing to $17.86 PSF for new tenants compared to $4.03 PSF paid by Sears Holdings across 1.9 million square feet. The table below provides a summary of the Company’s 2016 leasing activity by quarter, including unconsolidated JVs presented at the Company’s proportional share: During the year ended December 31, 2016, the Company added $36.6 million of new third-party income and increased annual base rent attributable to third-party tenants to 36.1% from 24.0% as of December 31, 2015, including all signed leases and net of rent attributable to the associated space to be recaptured. The table below provides a summary of all of the Company’s signed leases as of December 31, 2016, including unconsolidated JVs presented at the Company’s proportional share: On January 3, 2017, pursuant to notices previously submitted to the Company and the terms of the Master Lease between subsidiaries of the Company and subsidiaries of Sears Holdings, Sears Holdings vacated 17 stores totaling 1.7 million square feet of gross leasable area. The aggregate annual base rent at these stores was approximately $6.0 million, or 2.6% of the Company's total annual base rent as of December 31, 2016, including all signed leases. In connection with the termination, Sears Holdings paid Seritage a termination fee of approximately $10.0 million, an amount equal to one year of the aggregate annual base rent and estimated operating expenses for the 17 properties. Also on January 3, 2017, pursuant to the terms of the Master Lease between subsidiaries of the Company and subsidiaries of Sears Holdings, Sears Holdings provided notice that it intends to exercise its right to terminate the Master Lease with respect to 19 additional stores totaling 1.9 million square feet of gross leasable area. The aggregate annual base rent at these stores is approximately $5.9 million, or 2.5% of the Company's total annual base rent as of December 31, 2016, including all signed leases. Sears Holdings will continue to pay Seritage rent until it vacates the stores which is expected to occur in April 2017. Pursuant to the Master Lease, Sears Holdings will also pay Seritage a termination fee equal to one year of the aggregate annual base rent and estimated operating expenses for the 19 properties. As of December 31, 2016, the Company’s total market capitalization was $3.6 billion. Total market capitalization is calculated as the sum of total debt and the market value of the Company's outstanding shares of common stock, assuming conversion of operating partnership units. Total debt to total market capitalization was 33.1% and net debt to Adjusted EBITDA was 5.6x. The Company deducts both unrestricted and restricted cash from total debt when calculating net debt. Reconciliations of net loss attributable to common shareholders to EBITDA, and EBITDA to Adjusted EBITDA, are provided in the tables accompanying this press release. As of December 31, 2016, the Company had $52.0 million of unrestricted cash and restricted cash of $87.6 million, the substantial majority of which is held in reserve accounts for redevelopment, re-leasing and operating expenses at the Company’s properties. The Company also had approximately $80.0 million of investment capital available through its $100.0 million future funding facility, of which approximately $20.0 million was drawn as of December 31, 2016. In November 2016, the Company and the servicer for its existing mortgage loan facility entered into an amendment to resolve a disagreement regarding one of the cash flow sweep provisions in the loan agreements. The principal terms of the amendment are that the Company has (i) posted $30.0 million, and will post $3.3 million on a monthly basis, to a redevelopment reserve account, which amounts may be used by the Company to fund redevelopment projects and (ii) extended the spread maintenance provision for prepayment of the loan by two months through March 9, 2018 (with the spread maintenance premium for the second month at a reduced amount). As a result of this amendment and the resolution of the related disagreement, no cash flow sweep was imposed. In February 2017, the Company entered into a $200.0 million senior unsecured delayed draw term loan facility (the “Facility”) with entities controlled by ESL Investments, Inc. Edward S. Lampert, the Company’s Chairman, is the sole stockholder, chief executive officer and director of ESL Investments, Inc. The Company expects to use the proceeds of the Facility to fund redevelopment projects and for general corporate purposes. The total commitments under the Facility are $200.0 million, provided that the maximum draw amount under the Facility through April 30, 2017 is $100.0 million, which amount increases to $150.0 million on May 1, 2017 and $200.0 million on September 1, 2017, in each instance so long as no cash flow sweep period (as defined in the Company’s existing mortgage loan facility on file with the Securities Exchange Commission) is then in effect and continuing as of such date. Amounts drawn under the Facility and repaid may not be redrawn. The Facility will mature the earlier of (i) December 31, 2017 and (ii) the date on which the outstanding indebtedness under the Company’s existing mortgage and mezzanine facilities are repaid in full. The Facility may be prepaid at any time in whole or in part, without any penalty or premium. The principal amount of loans outstanding under the Facility will bear a base annual interest rate of 6.50%. If a cash flow sweep period were to occur and be continuing under the Company’s existing mortgage loan indebtedness (i) the interest rate on any outstanding advances would increase from and after such date by 1.50% per annum above the base interest rate and (ii) the interest rate on any advances made after such date would increase by 3.50% per annum above the base interest rate, in each case, for so long as the cash flow sweep is continuing. Accrued and unpaid interest will be payable in cash, except that during the continuance of a cash flow sweep period under the Company’s existing mortgage loan facility, the Company may defer the payment of interest which deferred amount would be added to the outstanding principal balance of the loans and on which interest would be payable from and after the date of such deferral. On February 28, 2017, the Company’s Board of Trustees declared a first quarter common stock dividend of $0.25 per each Class A and Class C common share. The dividend will be paid on April 13, 2017 to shareholders of record on March 31, 2017. Holders of units in Seritage Growth Properties, L.P. (the “Operating Partnership”) are entitled to an equal distribution per each Operating Partnership unit held as of March 31, 2017. On November 1, 2016, the Company’s Board of Trustees declared a fourth quarter common stock dividend of $0.25 per each Class A and Class C common share. The dividend was paid on January 12, 2017 to shareholders of record on December 31, 2016. Holders of units in Seritage Growth Properties, L.P. (the “Operating Partnership”) were entitled to an equal distribution per each Operating Partnership unit held as of December 31, 2016. A Supplemental Report will be available in the Investors section of the Company’s website, www.seritage.com. The Company makes reference to NOI, Total NOI, EBITDA, Adjusted EBITDA, FFO and Company FFO which are financial measures that include adjustments to accounting principles generally accepted in the United States (“GAAP”). None of Total NOI, EBITDA, Adjusted EBITDA, FFO or Company FFO, are measures that (i) represent cash flow from operations as defined by GAAP; (ii) are indicative of cash available to fund all cash flow needs, including the ability to make distributions; (iii) are alternatives to cash flow as a measure of liquidity; or (iv) should be considered alternatives to net income (which is determined in accordance with GAAP) for purposes of evaluating the Company’s operating performance. Reconciliations of these measures to the respective GAAP measures we deem most comparable have been provided in the tables accompanying this press release. NOI is defined as income from property operations less property operating expenses. The Company believes NOI provides useful information regarding Seritage, its financial condition, and results of operations because it reflects only those income and expense items that are incurred at the property level. The Company also uses Total NOI, which includes its proportional share of unconsolidated properties. This form of presentation offers insights into the financial performance and condition of the Company as a whole given the Company’s ownership of unconsolidated properties that are accounted for under GAAP using the equity method. The Company also considers Total NOI to be a helpful supplemental measure of its operating performance because it excludes from NOI non-recurring items such as termination fee income, as well as non-cash items such as straight-line rent and amortization of lease intangibles. Annualized Total NOI is an estimate, as of the end of the reporting period, of the annual Total NOI to be generated by the Company’s portfolio including all signed leases and modifications to the Company’s master lease with Sears Holdings with respect to recaptured space. We calculate Annualized Total NOI by adding or subtracting current period adjustments for leases that commenced or expired during the period to Total NOI (as defined) for the period and annualizing, and then adding estimated annual Total NOI attributable to SNO leases and subtracting estimated annual Total NOI attributable to Sears Holdings’ space to be recaptured. Annualized Total NOI is a forward-looking non-GAAP measure for which the Company does not believe it can provide reconciling information to a corresponding forward-looking GAAP measure without unreasonable effort. Earnings Before Interest Expense, Income Tax, Depreciation, and Amortization ("EBITDA") and Adjusted EBITDA EBITDA is defined as net income less depreciation, amortization, interest expense and provision for income and other taxes. EBITDA is a commonly used measure of performance in many industries, but may not be comparable to measures calculated by other companies. The Company believes EBITDA provides useful information to investors regarding its results of operations because it removes the impact of the Company’s capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization). Management also believes the use of EBITDA facilitates comparisons between the Company and other equity REITs, retail property owners who are not REITs, and other capital-intensive companies. The Company makes certain adjustments to EBITDA, which it refers to as Adjusted EBITDA, to account for certain non-cash and non-comparable items, such as termination fee income, unrealized gain or loss on interest rate cap, litigation charges, acquisition-related expenses, and certain up-front-hiring and personnel costs, that it does not believe are representative of ongoing operating results. FFO is calculated in accordance with the National Association of Real Estate Investment Trusts ("NAREIT"), which defines FFO as net income computed in accordance with GAAP, excluding gains (or losses) from property sales, real estate related depreciation and amortization, and impairment charges on depreciable real estate assets. The Company considers FFO a helpful supplemental measure of the operating performance for equity REITs and a complement to GAAP measures because it is a recognized measure of performance by the real estate industry. The Company makes certain adjustments to FFO, which it refers to as Company FFO, to account for certain non-cash and non-comparable items, such as termination fee income, unrealized gain or loss on interest rate cap, litigation charges, acquisition-related expenses, amortization of deferred financing costs and certain up-front-hiring and personnel costs, that it does not believe are representative of ongoing operating results. The Company previously referred to this metric as Normalized FFO; the definition and calculation remain the same. This document contains forward-looking statements, which are based on the current beliefs and expectations of management and are subject to significant risks, assumptions and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: competition in the real estate and retail industries; our substantial dependence on Sears Holdings; Sears Holdings’ termination and other rights under its master lease with us; risks relating to our recapture and redevelopment activities; contingencies to the commencement of rent under leases; the terms of our indebtedness; restrictions with which we are required to comply in order to maintain REIT status and other legal requirements to which we are subject; and our limited operating history. For additional discussion of these and other applicable risks, assumptions and uncertainties, see the “Risk Factors” and forward-looking statement disclosure contained in filings with the Securities and Exchange Commission. While we believe that our forecasts and assumptions are reasonable, we caution that actual results may differ materially. We intend the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law. Seritage Growth Properties is a publicly-traded, self-administered and self-managed retail REIT with 235 wholly-owned properties and 31 JV properties totaling over 42 million square feet of space across 49 states and Puerto Rico. Pursuant to a master lease, 203 of the Company’s wholly-owned properties are leased to Sears Holdings and are operated under either the Sears or Kmart brand. The master lease provides the Company with the right to recapture certain space from Sears Holdings at each property for retenanting or redevelopment purposes. At several properties, third-party tenants under direct leases occupy a portion of leasable space alongside Sears and Kmart, and 20 properties are leased only to third parties. The Company also owns 50% interests in 31 properties through JV investments with General Growth Properties, Inc., Simon Property Group, Inc., and The Macerich Company. A substantial majority of the space at the Company’s JV properties is also leased to Sears Holdings under master lease agreements that provide for similar recapture rights as the master lease governing the Company’s wholly-owned properties.
News Article | December 12, 2016
Search for Europe's best radio and TV programmes as well as web pages and web videos on the theme of integration and cultural diversity. Closing-date for entries is January 20, 2017. CIVIS again recognizes programme contributions on radio, film and television as well as on the Internet which promote the peaceful coexistence of people of the most varied geographic and cultural origins. In addition to migration, flight and asylum, the focus is on the latest developments of an integrated, culturally diverse society. It is a question of equality, acceptance and access to social opportunities, regardless of national, ethnic or religious origins. The European competition is open to entries which take the form of reports, documentaries, commentaries, special features, films and cartoons (http://www.civismedia.eu/conditionsofparticipation). All creative forms are permitted. The CIVIS Media Prizes are endowed. The CIVIS Media Prize 2017 is open to all TV and radio broadcasters as well as all production companies and web providers in the EU and Switzerland. As well as for all film and television colleges, academies and colleges of journalism, communication and media. Web videos can be sent by all interested persons residing in the EU and Switzerland. The CIVIS Media Prize 2017 will be awarded as Radio and TV Prize. With the "Young CIVIS Media Prize" there will be a European sponsorship prize. The "CIVIS Online Media Prize" will offer an additional award for web offers and web videos on the theme of integration and cultural diversity. Again 2017: The CIVIS Special Prize "Football and Integration". The CIVIS Media Prize is organised by the Association of the Public Broadcasting Corporations in Germany (ARD), represented by Westdeutscher Rundfunk (WDR), together with the Freudenberg Foundation. The Austrian Broadcasting Corporation, SRG SSR, RTV Slovenia, Deutsche Welle, Deutschlandradio, PHOENIX, ARTE, 3sat, the German Producers Alliance, the Copyright Association of Film and TV Producers (VFF) and the EBU are media partners. The German Federal Government Commissioner for Migration, Refugees and Integration, the European Union Agency for Fundamental Rights and the WDR mediagroup are co-operation partners. The CIVIS Media Prize is held under the patronage of the European Parliament. CIVIS Media Foundation for Integration and Cultural Diversity in Europe Minoritenstraße 7 50667 Cologne Germany Phone: +49(0)221-277-587-0 Email: email@example.com http://www.facebook.com/civismediaprize http://www.twitter.com/civismediaprize http://www.twitter.com/civispreis
News Article | November 2, 2016
http://rotarex.com/business-units/lpg - Rotarex, SA announced today that its Rotarex SRG business unit, the industry's leading manufacturer of premium LPG cylinder valves and regulators, along with a range of LP gas tank equipment, will attend the 29th...
News Article | February 21, 2017
MONTREAL, QUEBEC--(Marketwired - Feb. 21, 2017) - Sama Graphite Inc. (TSX VENTURE:SRG) ("SRG" or the "Company") today announced flotation test results from its wholly-owned Lola Graphite project in Guinea, West Africa. Purities of 99.7% and 99.1% were achieved for the +48 mesh (>0.31 millimeters ("mm")) and the -48+80 mesh (between 0.18 mm and 0.31 mm), respectively using a light caustic acid wash (10% concentration). The majority of the concentrate, 89% is made up of flake sizes greater than 0.18 millimeters. Super- jumbo flakes (>0.50 mm) account for 29% of the concentrate with purities of 96.6% and 95.9% graphitic carbon (''Cg") obtained following the basic floatation process (reference: Table 1). "Our Lola deposit has returned, after only four tests, results that support a purity and quality of graphite that is utilizable in a large spectrum of applications," stated Dr. Marc-Antoine Audet, P.Geo, President and Chief Executive Officer. "Our objective is to complete a preliminary economic assessment by the third quarter of 2017 and a feasibility study by mid-2018." A 4,800-meter drilling program is underway on the property with an objective to delineate National Instrument 43-101 resources. SRG expects to complete the program by the beginning of July 2017. Concurrently, the Company commenced an Environmental Baseline Study, which is being conducted by the Ivorian organization, SIMPA. Metallurgical processing refinements will continue in the first quarter of 2017 to generate an optimized flow sheet. Metallurgical tests were carried out on surface oxide material from the Lola Graphite deposit by Activation Laboratories Ltd., Thunder Bay, Ontario. Tests included optimization flotation to simplify the process and eliminate previous flash flotation and gravity steps. A conventional flotation and concentrate regrind flow sheet was used. The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, P.Geo, President & CEO, SRG, and a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The Company also announced that, pursuant to its Stock Option Plan and subject to regulatory acceptance, it has granted an aggregate total of 3,583,000 incentive stock options to certain directors, officers, employees and consultants of the Company, subject to certain vesting provisions. These options will be exercisable at a price of $0.365 per common share and will expire on February 20, 2027. SRG is a Canadian-based company focused on developing the Lola Graphite deposit, located in the Republic of Guinea, West Africa. SRG is committed to operate in a socially, environmentally and ethically responsible manner. For additional information, please visit SRG's website at www.srggraphite.com. This press release contains information that may constitute forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Additional Information identifying risks and uncertainties is contained in the Company's filings with the Canadian Securities regulators, which filings are available at www.sedar.com. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
News Article | February 23, 2017
Eutelsat Communications (Paris:ETL) (NYSE Euronext Paris: ETL) today announced that SRG SSR, Switzerland’s public TV and radio broadcaster, has confirmed its long-term commitment to the HOT BIRD neighbourhood with the multi-year renewal of one transponder that complements a second transponder already booked on a long-term basis. SRG SSR occupies the two HOTBIRD transponders to broadcast seven channels (RTS Un, RTS Deux, SRF 1, SRF zwei, SRF info, RSI LA 1, RSI LA 2) exclusively in HD quality to Swiss homes beyond range of quality terrestrial reception and for Swiss citizens living abroad. The capacity is also used for Hbb TV services and 26 public service radio stations. The upgrade to an all-HD satellite offer at the HOTBIRD neighbourhood was completed in February 2016 with a focus on delivering high signal quality. Eutelsat’s cluster of three high-power HOTBIRD satellites at 13° East deliver an unrivalled line-up of over 1,000 channels. The trend towards HD is accelerating, with a 25% increase in channels over the last 12 months, taking the total to over 250 and transforming HOTBIRD into a hub of exclusive pay-TV and free-to-air HD content. Over 135 million homes in Europe, the Middle East and North Africa watch channels broadcast by the HOTBIRD constellation through Direct-to-Home reception, cable, IP and DTT networks. About Eutelsat Communications Established in 1977, Eutelsat Communications (Euronext Paris: ETL, ISIN code: FR0010221234) is one of the world's leading and most experienced operators of communications satellites. The company provides capacity on 39 satellites to clients that include broadcasters and broadcasting associations, pay-TV operators, video, data and Internet service providers, enterprises and government agencies. Eutelsat’s satellites provide ubiquitous coverage of Europe, the Middle East, Africa, Asia-Pacific and the Americas, enabling video, data, broadband and government communications to be established irrespective of a user’s location. Headquartered in Paris, with offices and teleports around the globe, Eutelsat represents a workforce of 1,000 men and women from 37 countries who are experts in their fields and work with clients to deliver the highest quality of service. For more about Eutelsat please visit www.eutelsat.com www.eutelsat.com – Follow us on Twitter @Eutelsat_SA and Facebook Eutelsat.SA
News Article | February 27, 2017
TORONTO, ONTARIO--(Marketwired - Feb. 27, 2017) - ARHT Media Inc. ("ARHT" or the "Company") (TSX VENTURE:ART) was recently featured on Los Angeles-based KTLA TV News, in the segment Hollywood Brings Holograms to Life in Real Time. Tech reporter Rich DeMuro came by the Company's LA studio earlier in February, during a media showcase that was held to demonstrate ARHT's holographic technology that is being deployed during the National Achievers Congress taking place in Seattle on March 1st 2017, and in Portland on March 2nd 2017. The congress will feature speakers Tony Robbins and Robert Herjavec, who will be joined by a HumaGram of Gary Vaynerchuk. To watch the video of the segment visit: www.arhtmedia.com/blog/hollywood-brings-holograms-life-real-time. While at ARHT's LA studio, Rich DeMuro got a first-hand look at how the company creates ultra-lifelike digital representations of humans, and learn about how the technology allows for speakers to appear virtually anywhere as a HumaGram, without having to physically be there. In his article DeMuro stated, "What's neat about their technology is that it is instantaneous - basically, imagine a world where a famous person can stay in their city yet entertain or educate a group thousands of miles away in real time." DeMuro added, "There are no glasses necessary and the equipment used for the effect is nearly off the shelf. The stage has two layers of screens. Images are projected on both screens and the human brain does the rest - blending them together in a way that looks like they are full of life and 3D. I even got to step in front of the green screen and see myself on the stage as a hologram. It was very impressive. Recorded video doesn't do the effect justice - you really have to be there to see it in person." ARHT's technology allows for the capture, transmission and display of the most lifelike digital human holograms, known as HumaGrams™. They are capable of being displayed live for two-way interactions, or programmatically. They also give the viewer an immersive experience that makes them feel as though the speaker is actually there. What's more is that they can be integrated into AR & VR compatible devices so that the content can be delivered in a range of mediums. In partnership with the live events company Success Resources Global, ARHT is bringing legendary speakers like Gary Vaynerchuk and Tony Robbins to audiences around the globe. Off the heels of Tony Robins HumaGram at his Business Mastery event in Australia last year, ARHT will holo-port Gary Vaynerchuk to the National Achievers Congress this week. To learn more about the National Achievers Congress visit: www.tonyrobbinstour.com Over the past 23 years, Success Resources Global (SRG) has changed the lives of over 5,000 participants at each National Achievers Congress in the US, UK, China, Australia, India, Philippines, Netherlands, South Africa, Malaysia, Singapore, and Germany. They come from all walks of life to encounter business icons and the world's best leaders, speakers and coaches. Past speakers include: Sir Richard Branson, founder of the Virgin Group; Tony Blair, former Prime Minister of the UK; Bill Clinton, former President of the United States; Tony Robbins, the world's number one success coach; and World Renowned Inspirational Speaker Nick Vujicic. Success Resources Global exists to support individuals, enterprises and organizations through education. Around the world, they have impacted the lives of hundreds of thousands from more than 35 countries. SRG is also a listed company on the Australian Stock Exchange. ARHT Media Inc. creates HumaGrams™, the most believable and interactive human holograms. HumaGrams™ are generated using our patent-pending Augmented Reality Holographic Technology (ARHT™), which is a scalable, repeatable and transportable form of 3D without the use of special glasses. This unique platform makes it possible for people to engage with our HumaGrams™, opening up a wide range of applications from interactive retail displays, tradeshow booths, presentations, live shows and concerts. The various applications can then be integrated into multiple forms of proximity and mobile marketing tactics to connect with an audience, drive sales efforts and create memorable experiences. ARHT Media Inc. was co-founded in 2012, by Rene Bharti (Chairman), Paul Duffy (CEO), and entertainer Paul Anka (Chairman, Board of Advisors). The company is supported by a diverse and seasoned Management team spearheaded by its CEO Paul Duffy, a global entrepreneur and creator of the Digital Human Experience in online, mobile and holographic communications. ARHT's team brings decades of experience from fields including entertainment, technology, marketing and finance. Advisors to the company include the likes of Larry King, Jason Bateman, Richard "Skip" Bronson, Michael Bublé, Carlos Slim, Irving Azoff and Kevin O'Leary. ARHT Media trades under the symbol ART on the Toronto Venture Stock Exchange. For more information, please visit www.arhtmedia.com or contact the investor relations group at firstname.lastname@example.org. This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the use of Holoporting and the Company's technology, different events and shows being pursued by the Company and the future business opportunities being pursued by the Company. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic and competitive uncertainties; regulatory risks; risks inherent in technology operations; and other risks of the technology industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
News Article | February 28, 2017
NEW YORK--(BUSINESS WIRE)--Seritage Growth Properties (NYSE: SRG), a national owner of 266 retail properties totaling over 42 million square feet of gross leasable area, announced today that its Board of Trustees has declared a cash dividend of $0.25 per Class A and Class C common share for the first quarter of 2017. The dividend will be paid on April 13, 2017 to Class A and Class C shareholders of record on March 31, 2017. Seritage Growth Properties is a publicly-traded, self-administered and self-managed retail REIT with 235 wholly-owned properties and 31 joint venture properties totaling over 42 million square feet across 49 states and Puerto Rico. Pursuant to a master lease, 203 of the Company’s wholly-owned properties are leased to Sears Holdings and are operated under either the Sears or Kmart brand. The master lease provides the Company with the right to recapture certain space from Sears Holdings at each property for retenanting or redevelopment purposes. At several properties, third party tenants under direct leases occupy a portion of leasable space alongside Sears and Kmart, and 20 properties are leased only to third parties. The Company also owns 50% interests in 31 properties through joint venture investments with General Growth Properties, Simon Property Group and The Macerich Company. A substantial majority of the space at the Company’s JV properties is also leased to Sears Holdings under master lease agreements that provide for similar recapture rights as the master lease governing the Company’s wholly-owned properties.