Regency Affiliates - 500 Beiträge pro Seite
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ISIN: US7588474046 · WKN: A1C7GN · Symbol: RAFI
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Feedback
...ist ein US-Assetholder von einer Immobilie & einem Dampfkraftwerk;
Zitat aus einem Brief von Alluvial Capital:
"Alluvial Capital Management - Regency Affiliates
Regency Affiliates is a prime example of this “someday” sort of company. Regency owns three major assets. Corporate cash, a 50% interest in a commercial property in the Baltimore suburbs, and a 50% interest in a steam plant in Mobile, Alabama. Both the property and the power assets are profitable, and Regency earned $1.14 per share for the trailing twelve months. Net of the substantial corporate cash, Regency shares go for a scant 7.6x trailing earnings. But the real potential of Regency Affiliates shares does not lay in the current earnings, but in the potential for a substantial distribution, buyout, or profitable acquisition following a refinancing of its property’s mortgage in the next few years. Regency’s property investment is located at 1500 Woodlawn Drive in Woodlawn, Maryland and has been home to the Social Security Administration’s Office of Disability and International Operations for the last 30 years. The 34 acre lot includes two buildings with a total of 717,000 square feet of leasable space. In 2003, the SSA agreed to extend its lease to October 2018. Following the lease extension, Regency and its partner in the investment arranged for a loan against the property of $78 million, of which Regency received half. Ever since, nearly all the cash the property generates has been used to pay down the loan to its current balance of $33.6 million. I believe that at some point in the next few years, the SSA will seek to extend its lease. (This is almost a certainty. After 30 years in the same building, just imagine the expense and disruption involved for a gigantic government agency to change locations.) With an extended lease in hand from an AAA-rated tenant, Regency will seek to re-leverage the property and will collect a handsome payout.
The value of 1500 Woodlawn has certainly appreciated since Regency bought its interest in 1994. The property’s tax assessment is $84.8 million, but this is well below market value. The property will produce about $8.3 million in net operating income this year. Capitalizing this at even a conservative 8% yields a value for the property of $104 million. At the current level of indebtedness, a new loan at 70% loan-to-value would yield $39.2 million, half of which Regency would receive. That’s $19.6 million, nearly half of Regency’s market capitalization. At that point, Regency could pay a large dividend, or buy out minority investors, or even buy out its partner in 1500 Woodlawn. Regardless of what it chooses to do, the market will be forced to sit up and take notice.
I do not know if this will happen this quarter, or not until 2017 or even in 2019 once the SSA’s current lease is up. But I am confident that shareholders will eventually benefit from the monetization of such a huge and valuable asset. In the meantime, Regency will continue paying down property debt and collecting cash flows from its power generation asset. In short, building value for investors.
“Building value” is the key. I don’t mind investing in companies where value realization may be years off, so long as the company is vigorously seeking to increase intrinsic value today, and succeeding! That’s often the difference between an acceptable investment result and a great one. Far too many investors are willing to buy shares in companies that promise a distant but significant payday, forgetting that what happens between now and then matters greatly. After all, a significant portion of any security’s present value is the value to be delivered to shareholders over just the next few years, be it through direct cash payments or through profitably reinvested earnings. This is also the reason I don’t often purchase cash flow negative companies, net-nets, or other melting ice cubes. While others may find success there, I find it easier to invest with the wind at my back rather than in my face.
The challenge to investing in these “some day” companies is exercising patience. It can be frustrating to watch stock indexes march higher and more communicative companies leap with each conference presentation or product launch, while shares of quieter companies plod along without meaningful movement. But the wise investor will remember that for as long as the market continues to act as a weighing machine in the long run, the value of a company’s stock will eventually converge to the intrinsic value of the company. So long as that intrinsic value compounds at an acceptable rate in the mean time, the investor’s reward will be received in due time."
Zitat aus einem Brief von Alluvial Capital:
"Alluvial Capital Management - Regency Affiliates
Regency Affiliates is a prime example of this “someday” sort of company. Regency owns three major assets. Corporate cash, a 50% interest in a commercial property in the Baltimore suburbs, and a 50% interest in a steam plant in Mobile, Alabama. Both the property and the power assets are profitable, and Regency earned $1.14 per share for the trailing twelve months. Net of the substantial corporate cash, Regency shares go for a scant 7.6x trailing earnings. But the real potential of Regency Affiliates shares does not lay in the current earnings, but in the potential for a substantial distribution, buyout, or profitable acquisition following a refinancing of its property’s mortgage in the next few years. Regency’s property investment is located at 1500 Woodlawn Drive in Woodlawn, Maryland and has been home to the Social Security Administration’s Office of Disability and International Operations for the last 30 years. The 34 acre lot includes two buildings with a total of 717,000 square feet of leasable space. In 2003, the SSA agreed to extend its lease to October 2018. Following the lease extension, Regency and its partner in the investment arranged for a loan against the property of $78 million, of which Regency received half. Ever since, nearly all the cash the property generates has been used to pay down the loan to its current balance of $33.6 million. I believe that at some point in the next few years, the SSA will seek to extend its lease. (This is almost a certainty. After 30 years in the same building, just imagine the expense and disruption involved for a gigantic government agency to change locations.) With an extended lease in hand from an AAA-rated tenant, Regency will seek to re-leverage the property and will collect a handsome payout.
The value of 1500 Woodlawn has certainly appreciated since Regency bought its interest in 1994. The property’s tax assessment is $84.8 million, but this is well below market value. The property will produce about $8.3 million in net operating income this year. Capitalizing this at even a conservative 8% yields a value for the property of $104 million. At the current level of indebtedness, a new loan at 70% loan-to-value would yield $39.2 million, half of which Regency would receive. That’s $19.6 million, nearly half of Regency’s market capitalization. At that point, Regency could pay a large dividend, or buy out minority investors, or even buy out its partner in 1500 Woodlawn. Regardless of what it chooses to do, the market will be forced to sit up and take notice.
I do not know if this will happen this quarter, or not until 2017 or even in 2019 once the SSA’s current lease is up. But I am confident that shareholders will eventually benefit from the monetization of such a huge and valuable asset. In the meantime, Regency will continue paying down property debt and collecting cash flows from its power generation asset. In short, building value for investors.
“Building value” is the key. I don’t mind investing in companies where value realization may be years off, so long as the company is vigorously seeking to increase intrinsic value today, and succeeding! That’s often the difference between an acceptable investment result and a great one. Far too many investors are willing to buy shares in companies that promise a distant but significant payday, forgetting that what happens between now and then matters greatly. After all, a significant portion of any security’s present value is the value to be delivered to shareholders over just the next few years, be it through direct cash payments or through profitably reinvested earnings. This is also the reason I don’t often purchase cash flow negative companies, net-nets, or other melting ice cubes. While others may find success there, I find it easier to invest with the wind at my back rather than in my face.
The challenge to investing in these “some day” companies is exercising patience. It can be frustrating to watch stock indexes march higher and more communicative companies leap with each conference presentation or product launch, while shares of quieter companies plod along without meaningful movement. But the wise investor will remember that for as long as the market continues to act as a weighing machine in the long run, the value of a company’s stock will eventually converge to the intrinsic value of the company. So long as that intrinsic value compounds at an acceptable rate in the mean time, the investor’s reward will be received in due time."
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Antwort auf Beitrag Nr.: 51.599.821 von R-BgO am 28.01.16 12:27:06NEW YORK, May 16, 2016
PRNewswire
Regency Affiliates, Inc. (OTC Pink: RAFI) ("Regency" or the "Company") today announced that its private offering of common stock to accredited investors closed on May 12, 2016 with 1,078,633 shares of common stock being sold for gross sale proceeds of $8,898,722.25 (inclusive of subscriptions from affiliates of the Company). Accredited subscribers were allotted the full number of shares indicated in their subscription agreements, share certificates for which will be delivered to such subscribers in due course.
Laurence S. Levy, Regency's Chairman and Chief Executive Officer stated, "We are thrilled with the level of participation in the offering by our existing stockholders, and we believe that we will be able to invest the remaining proceeds of the offering in attractive additional assets for Regency. We sincerely appreciate this demonstration of support by our stockholders."
Regency also announced that it has appointed John Ryan as the Company's Chief Financial Officer. Mr. Ryan has been a Managing Director at Hyde Park Holdings LLC, an affiliate of our Chief Executive Officer, since March 2013. From 1999 to 2013, Mr. Ryan served as a Managing Director at GE Capital Corporation, acting as Senior Risk Manager in GECC's Corporate and Structured Finance businesses. While at GECC, Mr. Ryan managed a loan portfolio in excess of $2 billion consisting of corporate, structured and project financings, asset backed and asset-based facilities, single investor and leveraged leases and common equity and partnership vehicles, serving the infrastructure, energy, transportation, construction, manufacturing and logistics industries in the U.S. and internationally. Mr. Ryan received a B.S. in Economics from University of Pennsylvania's Wharton School of Business and an M.B.A. in Finance from New York University's Stern School of Business.
Mr. Levy commented, "We are pleased to have John join the management team at Regency. His background and experience will be of tremendous value as we continue to grow the Company."
About Regency
Regency invests in assets that generate attractive, predictable and sustainable returns on capital. We currently own three assets:
an indirect 50% interest in the 717,000 square foot facility Security West complex located on 34.3 acres in Woodlawn, Maryland. The facility is occupied under a lease expiring in 2018 by the United States Social Security Administration.
an indirect 50% interest in Mobile Energy which owns and operates an energy facility located on approximately 11 acres of land in Mobile, Alabama. The facility supplies up to 61 megawatts of co-generated steam and electricity for use in the Kimberly-Clark's mill's operations under a 15 year agreement signed in 2004.
a majority joint-venture interest in a portfolio of five stand-alone self-storage facilities in the Harrisburg, Pennsylvania vicinity comprising approximately 330,000 square feet of net rentable space consisting of in excess of 2,500 climate and non-climate controlled storage units.
PRNewswire
Regency Affiliates, Inc. (OTC Pink: RAFI) ("Regency" or the "Company") today announced that its private offering of common stock to accredited investors closed on May 12, 2016 with 1,078,633 shares of common stock being sold for gross sale proceeds of $8,898,722.25 (inclusive of subscriptions from affiliates of the Company). Accredited subscribers were allotted the full number of shares indicated in their subscription agreements, share certificates for which will be delivered to such subscribers in due course.
Laurence S. Levy, Regency's Chairman and Chief Executive Officer stated, "We are thrilled with the level of participation in the offering by our existing stockholders, and we believe that we will be able to invest the remaining proceeds of the offering in attractive additional assets for Regency. We sincerely appreciate this demonstration of support by our stockholders."
Regency also announced that it has appointed John Ryan as the Company's Chief Financial Officer. Mr. Ryan has been a Managing Director at Hyde Park Holdings LLC, an affiliate of our Chief Executive Officer, since March 2013. From 1999 to 2013, Mr. Ryan served as a Managing Director at GE Capital Corporation, acting as Senior Risk Manager in GECC's Corporate and Structured Finance businesses. While at GECC, Mr. Ryan managed a loan portfolio in excess of $2 billion consisting of corporate, structured and project financings, asset backed and asset-based facilities, single investor and leveraged leases and common equity and partnership vehicles, serving the infrastructure, energy, transportation, construction, manufacturing and logistics industries in the U.S. and internationally. Mr. Ryan received a B.S. in Economics from University of Pennsylvania's Wharton School of Business and an M.B.A. in Finance from New York University's Stern School of Business.
Mr. Levy commented, "We are pleased to have John join the management team at Regency. His background and experience will be of tremendous value as we continue to grow the Company."
About Regency
Regency invests in assets that generate attractive, predictable and sustainable returns on capital. We currently own three assets:
an indirect 50% interest in the 717,000 square foot facility Security West complex located on 34.3 acres in Woodlawn, Maryland. The facility is occupied under a lease expiring in 2018 by the United States Social Security Administration.
an indirect 50% interest in Mobile Energy which owns and operates an energy facility located on approximately 11 acres of land in Mobile, Alabama. The facility supplies up to 61 megawatts of co-generated steam and electricity for use in the Kimberly-Clark's mill's operations under a 15 year agreement signed in 2004.
a majority joint-venture interest in a portfolio of five stand-alone self-storage facilities in the Harrisburg, Pennsylvania vicinity comprising approximately 330,000 square feet of net rentable space consisting of in excess of 2,500 climate and non-climate controlled storage units.
Regency Affiliates Announces Kimberly-Clark's Intention to Construct New On-Site Cogeneration Facility at its Mobile, Alabama Mill
PR Newswire
NEW YORK, April 24, 2017
Regency Affiliates, Inc. (OTC Pink: RAFI) ("Regency") today announced that following extensive discussions with MESC Capital LLC ("MESC Capital") and Mobile Energy Services Company LLC ("MESC") over several months, Kimberly-Clark has announced that it will invest $75 million to construct a new on-site cogeneration energy plant at its mill in Mobile, Alabama.
The construction of the new plant is expected to take place over a two-year period. Kimberly-Clark's current contract with MESC expires on April 30, 2019.
MESC Capital owns 100% of the membership interests in MESC. Regency Affiliates, through its wholly-owned subsidiary, Regency Power Corp., owns a 50% membership interest in MESC Capital.
"We have appreciated our partnership and strong working relationship with Kimberly-Clark since 2004 and we will continue to provide a high level of service for the duration of our contract," commented Laurence Levy, Chief Executive Officer of Regency Affiliates. "We are engaged in identifying other potential customers for MESC's output or alternative uses for our facility and we are actively working with our MESC Capital partners at Detroit Edison to maximize cash flow for the remainder of our contract.
As it presently stands, at the expected conclusion of the Kimberly-Clark contract in April 2019, MESC is expected to have fully discharged its debt out of operating cash flow and is projected to hold substantial operating cash balances supplemented by operating and financial cash reserves which are expected to be released at the expiration of the contract.
Between the expected level of cash flow generated for the remainder of the Kimberly-Clark contract and the projected cash flow to be generated by Regency's investment in self-storage facilities, we are able to reaffirm Regency's current dividend policy."
PR Newswire
NEW YORK, April 24, 2017
Regency Affiliates, Inc. (OTC Pink: RAFI) ("Regency") today announced that following extensive discussions with MESC Capital LLC ("MESC Capital") and Mobile Energy Services Company LLC ("MESC") over several months, Kimberly-Clark has announced that it will invest $75 million to construct a new on-site cogeneration energy plant at its mill in Mobile, Alabama.
The construction of the new plant is expected to take place over a two-year period. Kimberly-Clark's current contract with MESC expires on April 30, 2019.
MESC Capital owns 100% of the membership interests in MESC. Regency Affiliates, through its wholly-owned subsidiary, Regency Power Corp., owns a 50% membership interest in MESC Capital.
"We have appreciated our partnership and strong working relationship with Kimberly-Clark since 2004 and we will continue to provide a high level of service for the duration of our contract," commented Laurence Levy, Chief Executive Officer of Regency Affiliates. "We are engaged in identifying other potential customers for MESC's output or alternative uses for our facility and we are actively working with our MESC Capital partners at Detroit Edison to maximize cash flow for the remainder of our contract.
As it presently stands, at the expected conclusion of the Kimberly-Clark contract in April 2019, MESC is expected to have fully discharged its debt out of operating cash flow and is projected to hold substantial operating cash balances supplemented by operating and financial cash reserves which are expected to be released at the expiration of the contract.
Between the expected level of cash flow generated for the remainder of the Kimberly-Clark contract and the projected cash flow to be generated by Regency's investment in self-storage facilities, we are able to reaffirm Regency's current dividend policy."
seit heute mit kleiner Posi dabei
Trading Spotlight
Regency Affiliates Announces Quarterly Dividend
Second Quarter Dividend Reflects Continued Strong Performance
NEW YORK, June 26, 2017 /PRNewswire/ --
Regency Affiliates, Inc. (OTC Pink: RAFI) ("Regency") today announced that it will issue a quarterly dividend of 6.10 cents per common share on July 7, 2017 to shareholders of record at the close of trading on June 30, 2017.
Management Comments
"We are pleased to declare a quarterly dividend of 6.10 cents per common share reflecting the 3.8% increase which commenced with the third quarter 2016 dividend payment," commented Laurence Levy, Chairman and Chief Executive of Regency. "We continue to be comfortable with this dividend level particularly as we benefit from the cash flows generated by the portfolio of self-storage assets in and around Harrisburg, Pennsylvania. The operations of those assets continue to perform well and generate strong cash flow."
"Our Security West investment represents a 50% limited partnership interest in real estate occupied by the United States Social Security Administration under a lease expiring in October 2018. The mortgage balance will be amortized to approximately $20.9 million on June 30, 2017, down from $98.5 million at the lease commencement on June 24, 2003. We anticipate that the mortgage will be amortized by more than $7.5 million in 2017."
"Regency also owns an indirect 50% interest in Mobile Energy which owns and operates an energy facility located in Mobile, Alabama. The facility supplies co-generated steam and electricity for use in Kimberly-Clark's mill operations under a 15 year agreement signed in 2004. This investment currently generates approximately $2.8 million of cash distributions per annum for Regency after debt amortization at the project level. In April 2017 Kimberly-Clark announced that it will invest $75 million to construct a new on-site cogeneration energy plant at its mill. The construction of the new plant is expected to take place over a two-year period. We are engaged in identifying other potential customers for the facility's output or alternative uses for the facility and we are actively working with our Mobile Energy partners at Detroit Edison to maximize cash flow for the remainder of our contract. As it presently stands, at the expected conclusion of the Kimberly-Clark contract in April 2019, Mobile Energy is expected to have fully discharged its debt out of operating cash flow and is projected to hold additional operating cash balances supplemented by operating and financial cash reserves which are expected to be released at the expiration of the contract."
"On April 18, 2016, Regency completed the acquisition of a portfolio of five stand-alone self-storage facilities in the Harrisburg, Pennsylvania vicinity for a total purchase price of $35.0 million of which $25.3 million was financed via a non-recourse ten-year debt financing. The facilities were purchased via a joint venture with SSCP Management LLC ("SSCP"). Pursuant to the terms of the joint venture, Regency earns a 7.5% per annum preferred distribution on its $11.2 million capital contribution. Surplus cash flow after the preferred distribution is allocated 80% to Regency and 20% to SSCP. Regency received its fourth distribution from the joint venture in April 2017 in the amount of $275,514 reflecting the 7.5% per annum preferred distribution plus additional cash flow driven by the strong operating performance of the investment for the quarter ended March 31, 2017. We are pleased with the strong improvement in occupancy and related cash flows at our self-storage facilities."
"We are continuing to review and evaluate further investment opportunities for Regency and intend to grow the company by investing in other attractive long term assets that meet our business characteristics and valuation criteria. Our net asset value per share continues to grow based on our existing investments."
"The delay in releasing our financial statements is primarily attributable to delays in GAAP financial reporting at our self-storage operating subsidiary. Primarily as a result of this GAAP financial statement reporting deficiency, Regency elected to change the manager of its self-storage assets to CubeSmart, effective August 1, 2017. CubeSmart, a NYSE listed company with a market capitalization exceeding $6 billion, manages over 800 self-storage facilities, including over 350 facilities owned by third parties. With the on-boarding of CubeSmart in August 2017, Regency anticipates resuming current and timely financial reporting before the end of September 2017."
Second Quarter Dividend Reflects Continued Strong Performance
NEW YORK, June 26, 2017 /PRNewswire/ --
Regency Affiliates, Inc. (OTC Pink: RAFI) ("Regency") today announced that it will issue a quarterly dividend of 6.10 cents per common share on July 7, 2017 to shareholders of record at the close of trading on June 30, 2017.
Management Comments
"We are pleased to declare a quarterly dividend of 6.10 cents per common share reflecting the 3.8% increase which commenced with the third quarter 2016 dividend payment," commented Laurence Levy, Chairman and Chief Executive of Regency. "We continue to be comfortable with this dividend level particularly as we benefit from the cash flows generated by the portfolio of self-storage assets in and around Harrisburg, Pennsylvania. The operations of those assets continue to perform well and generate strong cash flow."
"Our Security West investment represents a 50% limited partnership interest in real estate occupied by the United States Social Security Administration under a lease expiring in October 2018. The mortgage balance will be amortized to approximately $20.9 million on June 30, 2017, down from $98.5 million at the lease commencement on June 24, 2003. We anticipate that the mortgage will be amortized by more than $7.5 million in 2017."
"Regency also owns an indirect 50% interest in Mobile Energy which owns and operates an energy facility located in Mobile, Alabama. The facility supplies co-generated steam and electricity for use in Kimberly-Clark's mill operations under a 15 year agreement signed in 2004. This investment currently generates approximately $2.8 million of cash distributions per annum for Regency after debt amortization at the project level. In April 2017 Kimberly-Clark announced that it will invest $75 million to construct a new on-site cogeneration energy plant at its mill. The construction of the new plant is expected to take place over a two-year period. We are engaged in identifying other potential customers for the facility's output or alternative uses for the facility and we are actively working with our Mobile Energy partners at Detroit Edison to maximize cash flow for the remainder of our contract. As it presently stands, at the expected conclusion of the Kimberly-Clark contract in April 2019, Mobile Energy is expected to have fully discharged its debt out of operating cash flow and is projected to hold additional operating cash balances supplemented by operating and financial cash reserves which are expected to be released at the expiration of the contract."
"On April 18, 2016, Regency completed the acquisition of a portfolio of five stand-alone self-storage facilities in the Harrisburg, Pennsylvania vicinity for a total purchase price of $35.0 million of which $25.3 million was financed via a non-recourse ten-year debt financing. The facilities were purchased via a joint venture with SSCP Management LLC ("SSCP"). Pursuant to the terms of the joint venture, Regency earns a 7.5% per annum preferred distribution on its $11.2 million capital contribution. Surplus cash flow after the preferred distribution is allocated 80% to Regency and 20% to SSCP. Regency received its fourth distribution from the joint venture in April 2017 in the amount of $275,514 reflecting the 7.5% per annum preferred distribution plus additional cash flow driven by the strong operating performance of the investment for the quarter ended March 31, 2017. We are pleased with the strong improvement in occupancy and related cash flows at our self-storage facilities."
"We are continuing to review and evaluate further investment opportunities for Regency and intend to grow the company by investing in other attractive long term assets that meet our business characteristics and valuation criteria. Our net asset value per share continues to grow based on our existing investments."
"The delay in releasing our financial statements is primarily attributable to delays in GAAP financial reporting at our self-storage operating subsidiary. Primarily as a result of this GAAP financial statement reporting deficiency, Regency elected to change the manager of its self-storage assets to CubeSmart, effective August 1, 2017. CubeSmart, a NYSE listed company with a market capitalization exceeding $6 billion, manages over 800 self-storage facilities, including over 350 facilities owned by third parties. With the on-boarding of CubeSmart in August 2017, Regency anticipates resuming current and timely financial reporting before the end of September 2017."
Antwort auf Beitrag Nr.: 55.427.886 von R-BgO am 31.07.17 17:13:33Regency Affiliates Announces Increase In Quarterly Dividend
Third Quarter Dividend Increase Reflects Continued Strong Performance
PR Newswire
NEW YORK, Sept. 5, 2017
Regency Affiliates, Inc. (OTC Pink: RAFI) ("Regency") today announced that it will issue a quarterly dividend of 6.25 cents per common share on October 6, 2017 to shareholders of record at the close of trading on September 29, 2017.
Management Comments
"We are pleased to declare a quarterly dividend of 6.25 cents per common share which represents an increase of approximately 2.5% in our quarterly dividend," commented Laurence Levy, Chairman and Chief Executive of Regency. "We continue to be comfortable with this dividend level particularly as we benefit from the cash flows generated by our indirect 50% investment in Mobile Energy and our ownership of the portfolio of self-storage assets in and around Harrisburg, Pennsylvania. These assets continue to perform well and generate strong, predictable cash flow.
"Mobile Energy owns and operates an energy facility located in Mobile, Alabama. The facility supplies co-generated steam and electricity for use in Kimberly-Clark's mill operations under a 15 year agreement signed in 2004. This investment currently generates approximately $2.8 million of cash distributions per annum for Regency after debt amortization at the project level. In April 2017, Kimberly-Clark announced that it will invest $75 million to construct a new on-site cogeneration energy plant at its mill. The construction of the new plant is expected to take place over a two-year period. We are engaged in identifying other potential customers for the facility's output or alternative uses for the facility and we are actively working with our Mobile Energy partners at Detroit Edison to maximize cash flow for the remainder of our contract. As it presently stands, at the expected conclusion of the Kimberly-Clark contract in April 2019, Mobile Energy is expected to have fully discharged its debt out of operating cash flow and is projected to hold additional operating cash balances supplemented by operating and financial cash reserves which are expected to be released at the expiration of the contract.
"Our self-storage assets consist of five stand-alone self-storage facilities in the Harrisburg, Pennsylvania vicinity, which we acquired in April 2016 for a total purchase price of $35.0 million. $25.3 million of the purchase price was financed via non-recourse ten-year debt financing with a four year interest only period and thirty year amortization schedule thereafter. The facilities were purchased via a joint venture with SSCP Management LLC ("SSCP"). Pursuant to the terms of the joint venture, Regency earns a 7.5% per annum preferred distribution on its $11.2 million capital contribution. Surplus cash flow after the preferred distribution is allocated 80% to Regency and 20% to SSCP. Regency received its fifth distribution from the joint venture in August 2017 in the amount of $210,576 reflecting the 7.5% per annum preferred distribution plus additional cash flow driven by the strong operating performance of the investment for the quarter ended June 30, 2017. We are pleased with the strong improvement in occupancy and related cash flows at our self-storage facilities.
"Regency also holds a 50% limited partnership interest in Security Land and Development Company Limited Partnership, which owns real estate occupied by the United States Social Security Administration under a lease expiring in October 2018. The mortgage balance will be amortized to approximately $19.0 million on September 30, 2017, down from $98.5 million at the lease commencement on June 24, 2003.
"The delay in releasing our financial statements is primarily attributable to delays in GAAP financial reporting at our self-storage operating subsidiary. Primarily as a result of this GAAP financial statement reporting deficiency, Regency elected to change the manager of its self-storage assets to CubeSmart, effective August 1, 2017. CubeSmart, a NYSE listed company with a market capitalization exceeding $6 billion, manages over 800 self-storage facilities, including over 350 facilities owned by third parties. The transition is complete and, to date, we have been impressed with CubeSmart's analytical and reporting capabilities and management of our self-storage assets. With the on-boarding of CubeSmart, Regency anticipates resuming financial reporting before the end of September 2017 with all prior unreported periods completed by the end of the year.
"We are continuing to review and evaluate further investment opportunities for Regency and intend to grow the company by investing in other attractive long-term assets that meet our business characteristics and valuation criteria. Our net asset value per share continues to grow based on our existing investments."
Third Quarter Dividend Increase Reflects Continued Strong Performance
PR Newswire
NEW YORK, Sept. 5, 2017
Regency Affiliates, Inc. (OTC Pink: RAFI) ("Regency") today announced that it will issue a quarterly dividend of 6.25 cents per common share on October 6, 2017 to shareholders of record at the close of trading on September 29, 2017.
Management Comments
"We are pleased to declare a quarterly dividend of 6.25 cents per common share which represents an increase of approximately 2.5% in our quarterly dividend," commented Laurence Levy, Chairman and Chief Executive of Regency. "We continue to be comfortable with this dividend level particularly as we benefit from the cash flows generated by our indirect 50% investment in Mobile Energy and our ownership of the portfolio of self-storage assets in and around Harrisburg, Pennsylvania. These assets continue to perform well and generate strong, predictable cash flow.
"Mobile Energy owns and operates an energy facility located in Mobile, Alabama. The facility supplies co-generated steam and electricity for use in Kimberly-Clark's mill operations under a 15 year agreement signed in 2004. This investment currently generates approximately $2.8 million of cash distributions per annum for Regency after debt amortization at the project level. In April 2017, Kimberly-Clark announced that it will invest $75 million to construct a new on-site cogeneration energy plant at its mill. The construction of the new plant is expected to take place over a two-year period. We are engaged in identifying other potential customers for the facility's output or alternative uses for the facility and we are actively working with our Mobile Energy partners at Detroit Edison to maximize cash flow for the remainder of our contract. As it presently stands, at the expected conclusion of the Kimberly-Clark contract in April 2019, Mobile Energy is expected to have fully discharged its debt out of operating cash flow and is projected to hold additional operating cash balances supplemented by operating and financial cash reserves which are expected to be released at the expiration of the contract.
"Our self-storage assets consist of five stand-alone self-storage facilities in the Harrisburg, Pennsylvania vicinity, which we acquired in April 2016 for a total purchase price of $35.0 million. $25.3 million of the purchase price was financed via non-recourse ten-year debt financing with a four year interest only period and thirty year amortization schedule thereafter. The facilities were purchased via a joint venture with SSCP Management LLC ("SSCP"). Pursuant to the terms of the joint venture, Regency earns a 7.5% per annum preferred distribution on its $11.2 million capital contribution. Surplus cash flow after the preferred distribution is allocated 80% to Regency and 20% to SSCP. Regency received its fifth distribution from the joint venture in August 2017 in the amount of $210,576 reflecting the 7.5% per annum preferred distribution plus additional cash flow driven by the strong operating performance of the investment for the quarter ended June 30, 2017. We are pleased with the strong improvement in occupancy and related cash flows at our self-storage facilities.
"Regency also holds a 50% limited partnership interest in Security Land and Development Company Limited Partnership, which owns real estate occupied by the United States Social Security Administration under a lease expiring in October 2018. The mortgage balance will be amortized to approximately $19.0 million on September 30, 2017, down from $98.5 million at the lease commencement on June 24, 2003.
"The delay in releasing our financial statements is primarily attributable to delays in GAAP financial reporting at our self-storage operating subsidiary. Primarily as a result of this GAAP financial statement reporting deficiency, Regency elected to change the manager of its self-storage assets to CubeSmart, effective August 1, 2017. CubeSmart, a NYSE listed company with a market capitalization exceeding $6 billion, manages over 800 self-storage facilities, including over 350 facilities owned by third parties. The transition is complete and, to date, we have been impressed with CubeSmart's analytical and reporting capabilities and management of our self-storage assets. With the on-boarding of CubeSmart, Regency anticipates resuming financial reporting before the end of September 2017 with all prior unreported periods completed by the end of the year.
"We are continuing to review and evaluate further investment opportunities for Regency and intend to grow the company by investing in other attractive long-term assets that meet our business characteristics and valuation criteria. Our net asset value per share continues to grow based on our existing investments."
gestern kam der 10q für das dritte Quartal...
Antwort auf Beitrag Nr.: 55.427.886 von R-BgO am 31.07.17 17:13:33
"Regency anticipates resuming current and timely financial reporting before the end of September 2017."
da sind sie jetzt fast einen Monat drüber...
Antwort auf Beitrag Nr.: 55.997.118 von R-BgO am 21.10.17 11:31:36am 25.10. kam der report;
unauffällig
unauffällig
inzwischen haben sie bis auf q3-2017 "aufgeholt"
sogar der GB 2017 ist jetzt da;
aktuell KGV von 12,5
aktuell KGV von 12,5
alle verkauft
dieses Jahr sind sie mal wieder richtig spät mit den Zahlen...
Antwort auf Beitrag Nr.: 61.120.273 von R-BgO am 28.07.19 10:00:11
kamen einen Tag später...
echt obskure Bude, sie finden nicht mal ihre Aktionäre
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