Dundee Corporation (TSX: DC.A)(TSX: DC.PR.A) announced today that its board of directors has approved the payment of a quarterly cash dividend of $0.3125 per first preference share, series 1 payable on March 31, 2010 to shareholders of record on March 17, 2010.
The dividend is designated as an eligible dividend for the purposes of section 89 of the Income Tax Act (Canada).
Dundee Corporation is an asset management company dedicated to private wealth management, real estate and resources that, combined, reflect approximately $73 billion under management and administration. Its domestic wealth management activities are carried out through its 62% controlled subsidiary, DundeeWealth Inc. Dundee Corporations real estate activities are conducted through its 70% owned subsidiary, Dundee Realty Corporation, which operates as an asset manager of commercial real estate with activities in a land and housing business in Canada and the United States. Resource activities are carried out through its wholly-owned subsidiary, Dundee Resources Limited.
LOS ANGELES — Thomas Properties Group, Inc. (Nasdaq: TPGI) reported today the results
of operations for the quarter and year ended December 31, 2009.
“Last year was one of the most difficult ever for the real estate
industry and the impacts were felt across the board in all sectors,”
said James A. Thomas, Chairman and CEO. “Even in this environment, we
were able to increase cash flow as evidenced by improvements in the
fourth quarter, and we favorably restructured some of our debt and loan
terms to better position our properties for the future.”
The results of operations presented in this release include a
consolidated net loss for the three months ended December 31, 2009 of
$(7.7) million or $(0.30) per share compared to a consolidated net loss
of $(7.7) million or $(0.33) per share for the three months ended
December 31, 2008. The consolidated net loss for the year ended December
31, 2009 was $(21.6) million or $(0.86) per share compared to $(5.5)
million or $(0.24) per share for the year ended December 31, 2008.
Included in the consolidated net loss for the three and twelve months
ended December 31, 2009 are pre-tax, non-cash impairment charges of $4.4
million and $13.0 million, respectively, related to the Murano
condominium project, and $14.0 million and $16.0 million, respectively,
related to joint venture investments.
After tax cash flow (ATCF) for the three months ended December 31, 2009
was $2.5 million or $0.10 per share compared to after tax cash flow of
$0.5 million or $0.02 per share for the three months ended December 31,
2008. The increase in ATCF for the quarter ended December 31, 2009 over
the prior year period resulted from an increase in gains from sales of
condominium units at the Murano property and a reduction in interest
expense, partially offset by reductions in property net operating income
and net revenues from the investment advisory management, leasing and
development services business. ATCF for the twelve months ended December
31, 2009 was $8.2 million or $0.33 per share compared to ATCF of $22.5
million or $0.95 per share for the twelve months ended December 31,
2008. The reduction in ATCF for the year ended December 31, 2009
compared to the prior year primarily resulted from a decline in gains
from sales of condominium units at Murano and a reduction in property
net operating income. The Company defines ATCF (a non-GAAP financial
measure) as net income (loss) excluding the following items:
non-controlling interests, deferred income taxes, non-cash charges for
depreciation and amortization and asset impairment, amortization of loan
costs, non-cash compensation expense, straight-line rent adjustments,
adjustments to reflect the fair market value of rent, and gain from
extinguishment of debt. ATCF is further described in note (c) to the
financial statements below.
Thomas further stated, “We have accomplished a number of financing and
capital transactions, reducing our consolidated debt balances by $69.7
million at December 31, 2009 compared to December 31, 2008. Also,
subsequent to year end, we negotiated on behalf of the California State
Teachers Retirement System (CalSTRS), our partner in City National Plaza
in downtown Los Angeles, for CalSTRS to acquire all $219.1 million of
mezzanine debt on that property. CalSTRS will contribute this debt to
the partnership’s equity, reducing the leverage on the property from
$568.0 million to $348.9 million, all of which is first mortgage debt.
We are in discussions with CalSTRS to obtain an option to participate in
the loan purchase, on or after the maturity of the mezzanine debt, based
on our current pro rata share of 25% of the existing City National Plaza
equity. We are confident that the increased equity, together with the
property’s substantial cash reserves, will facilitate the refinancing of
the mortgage later in 2010.”
LOS ANGELES — Thomas Properties Group, Inc. (Nasdaq: TPGI) reported today the results
of operations for the quarter and year ended December 31, 2009.
“Last year was one of the most difficult ever for the real estate
industry and the impacts were felt across the board in all sectors,”
said James A. Thomas, Chairman and CEO. “Even in this environment, we
were able to increase cash flow as evidenced by improvements in the
fourth quarter, and we favorably restructured some of our debt and loan
terms to better position our properties for the future.”
The results of operations presented in this release include a
consolidated net loss for the three months ended December 31, 2009 of
$(7.7) million or $(0.30) per share compared to a consolidated net loss
of $(7.7) million or $(0.33) per share for the three months ended
December 31, 2008. The consolidated net loss for the year ended December
31, 2009 was $(21.6) million or $(0.86) per share compared to $(5.5)
million or $(0.24) per share for the year ended December 31, 2008.
Included in the consolidated net loss for the three and twelve months
ended December 31, 2009 are pre-tax, non-cash impairment charges of $4.4
million and $13.0 million, respectively, related to the Murano
condominium project, and $14.0 million and $16.0 million, respectively,
related to joint venture investments.
After tax cash flow (ATCF) for the three months ended December 31, 2009
was $2.5 million or $0.10 per share compared to after tax cash flow of
$0.5 million or $0.02 per share for the three months ended December 31,
2008. The increase in ATCF for the quarter ended December 31, 2009 over
the prior year period resulted from an increase in gains from sales of
condominium units at the Murano property and a reduction in interest
expense, partially offset by reductions in property net operating income
and net revenues from the investment advisory management, leasing and
development services business. ATCF for the twelve months ended December
31, 2009 was $8.2 million or $0.33 per share compared to ATCF of $22.5
million or $0.95 per share for the twelve months ended December 31,
2008. The reduction in ATCF for the year ended December 31, 2009
compared to the prior year primarily resulted from a decline in gains
from sales of condominium units at Murano and a reduction in property
net operating income. The Company defines ATCF (a non-GAAP financial
measure) as net income (loss) excluding the following items:
non-controlling interests, deferred income taxes, non-cash charges for
depreciation and amortization and asset impairment, amortization of loan
costs, non-cash compensation expense, straight-line rent adjustments,
adjustments to reflect the fair market value of rent, and gain from
extinguishment of debt. ATCF is further described in note (c) to the
financial statements below.
Thomas further stated, “We have accomplished a number of financing and
capital transactions, reducing our consolidated debt balances by $69.7
million at December 31, 2009 compared to December 31, 2008. Also,
subsequent to year end, we negotiated on behalf of the California State
Teachers Retirement System (CalSTRS), our partner in City National Plaza
in downtown Los Angeles, for CalSTRS to acquire all $219.1 million of
mezzanine debt on that property. CalSTRS will contribute this debt to
the partnership’s equity, reducing the leverage on the property from
$568.0 million to $348.9 million, all of which is first mortgage debt.
We are in discussions with CalSTRS to obtain an option to participate in
the loan purchase, on or after the maturity of the mezzanine debt, based
on our current pro rata share of 25% of the existing City National Plaza
equity. We are confident that the increased equity, together with the
property’s substantial cash reserves, will facilitate the refinancing of
the mortgage later in 2010.”
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