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MOPF - Management of Portfolio(R) Foundation - Dump Information

Vendor : Exin
Exam Code : MOPF
Exam Name : Management of Portfolio(R) Foundation
Questions and Answers : 100 Q & A
Updated On : February 20, 2019
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MOPF Management of Portfolio(R) Foundation

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MOPF exam Dumps Source : Management of Portfolio(R) Foundation

Test Code : MOPF
Test Name : Management of Portfolio(R) Foundation
Vendor Name : Exin
Q&A : 100 Real Questions

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Ventas reports 2018 Fourth Quarter and entire 12 months results | killexams.com Real Questions and Pass4sure dumps

Ventas, Inc. VTR, -0.28% nowadays introduced its consequences for the fourth quarter and full 12 months ended December 31, 2018.

“Ventas extended its two decade song list of sustained excellence in 2018, highlighted by providing high-quality complete return to shareholders, increasing our dividend and continuing to put money into our future increase. We also multiplied our ahead college-based mostly research and innovation construction pipeline to over $1.5 billion, more desirable our economic strength and adaptability, harvested proceeds from profitable investments and added remarkable property to our portfolio,” stated Debra A. Cafaro, Ventas Chairman and CEO.

“on account of these a success actions, we enter 2019 with a robust basis. we are sharply focused on returning to yr-over-12 months growth, and we predict 2019 to be the pivot yr in our transition. Our collaborative and cohesive crew is committed to delivering increase throughout our assorted groups segments,” Cafaro brought.

2018 and Fourth Quarter performance

  • internet earnings caused by general stockholders per diluted share for the total year 2018 became $1.14 compared to $three.78 in 2017. The change from 2017 results became generally as a result of right here factors: i) the cumulative net impact of asset dispositions and ensuing lower property earnings, in addition to better positive aspects on actual estate dispositions in 2017 of $1.87 per share due to such disposition recreation; ii) $0.17 per share of higher debt extinguishment expenses associated with proactively refinancing close-time period debt to manipulate future interest rate possibility and extend the business’s debt maturity schedule; and iii) $0.15 per share of higher herbal catastrophe prices in 2018 mainly as a result of non-money impairments. For the fourth quarter 2018, web profits caused by regular stockholders per diluted share changed into $0.17 compared to $1.09 within the equal length in 2017. The leading drivers of the 12 months-over-yr alternate in fourth quarter 2018 consequences had been the identical as these listed above.
  • suggested FFO per share, as defined via the country wide affiliation of precise property investment Trusts (“Nareit FFO”) for the entire 12 months 2018 become $3.sixty four in comparison to $four.22 in 2017. The alternate from 2017 consequences turned into principally due to the factors set forth above for net earnings, except good points on sale of true estate. Fourth quarter 2018 Nareit FFO per share turned into $0.81 in comparison to $1.13 in the identical duration in 2017.
  • The enterprise’s fourth quarter and entire year 2018 per share net earnings caused by normal stockholders and Nareit FFO are per the enterprise’s prior to now published expectations, except the fourth quarter have an effect on of herbal failures that affected a couple of of the company’s residences and accelerated non-cash impairments all the way through the quarter and yr. The enterprise believes there is sufficient assurance insurance to mitigate the have an effect on of those natural failures, and any recoveries should be diagnosed in future intervals, despite the fact there will also be no assurance concerning the amount or timing of any such recoveries.
  • Normalized funds From Operations (“FFO”) per share for the whole yr 2018 changed into $four.07 in comparison to $four.16 in 2017. The trade from 2017 was basically as a result of the cumulative net influence of asset tendencies and resulting lessen property revenue. Fourth quarter normalized FFO per diluted standard share become $0.96 in comparison to $1.03 within the identical length in 2017.
  • For the entire yr 2018, the business’s equal-save complete property portfolio (1,041 property) money net operating salary (“NOI”) grew 1.2 percent in comparison to 2017, above the midpoint of the enterprise’s posted advice range of 0.75 to 1.5 p.c.
  • For the fourth quarter 2018, the company’s identical-shop complete property portfolio (1,064 assets) cash NOI grew 0.2 percent compared to the equal length in 2017.
  • equal-store money NOI boom by means of segment for the whole 12 months and fourth quarter 2018 is as follows:
  • 2018 equal-save cash NOI Full yr 2018 q4 2018 stated boom reported boom Triple-net (“NNN”) three.6% 2.1% Seniors Housing working Portfolio (“store”) (2.1%) (3.5%) workplace 1.7% 1.9% total business 1.2% 0.2%
  • Fourth quarter 12 months-over-12 months alterations within the business’s identical-shop property effects have been driven via:
  • NNN portfolio: boom changed into due largely to in-area rent escalations.
  • shop portfolio: efficiency become in-line with expectations and driven by way of the elevated number of new community openings in choose markets.
  • workplace portfolio: boom became mainly because of persevered strength in analysis & Innovation (“R&I”) homes. within the clinical office constructing (“MOB”) segment, in-region hire escalations and powerful tenant retention have been offset via decrease occupancy from accelerated 2018 lease expirations and the timing of latest leasing.
  • 2018 Capital Allocation and stability Sheet Excellence

    R&I Excellence: accelerated Accretive development Pipeline, New Acquisition exercise, Leasing growth and Awards

  • multiplied R&I Pipeline: As announced one after the other these days,Ventas’s R&I building pipeline (the “R&I Pipeline”) with leading universities exceeds $1.5 billion. The R&I Pipeline could be developed during the company’s unique relationship with leading tuition-focused developer Wexford Science & technology, which has been prolonged for a ten-12 months time period to 2029. The R&I Pipeline comprises a brand new $77 million construction dedication at extremely rated Arizona State university (“ASU”) (Moody’s Aa2) that's 50 % pre-leased with the aid of ASU for biomedical-focused educational and business analysis house. On a pro forma foundation, including the R&I Pipeline, Ventas’s investments in its R&I company will attain over $3.5 billion.
  • R&I Transactions: in addition to the brand new ASU building commitment mentioned above,the business bought a $26 million R&I property within the school metropolis sub-market of Philadelphia this is one hundred percent leased and principally occupied through Drexel institution (moody’s:A3) for lab house.
  • R&I Fourth Quarter Leasing Highlights:
  • Signed a 25-12 months rent with Yale university (“Yale”) for 250,000 square feet at one hundred college highway, expanding Ventas’s relationship with Yale, enhancing its tenant credit and lengthening the weighted ordinary lease term of the constructing. Yale is changing Alexion prescription drugs in the space.
  • Signed a brand new rent with Washington school at Ventas’s 4220 Duncan property, making it one hundred percent leased inside 12 months of opening.
  • R&I development Awards: Ventas’s lately stabilized 4220 Duncan at Washington college achieved LEED Gold popularity, and South highway touchdown at Brown tuition turned into awarded the TOBY award for the superior historical building in 2018 by using BOMA Boston.
  • Fourth Quarter Acquisition Highlights: Ventas completed the $194 million acquisition of Brookdale Battery Park, an irreplaceable seniors housing group in long island, and bought five MOBs, predominately on the West Coast, with Pacific scientific structures (“PMB”) and Ardent health services.

    Full year Capital Recycling: Ventas offered properties and obtained closing repayments on loans receivable in 2018 for proceeds of $1.3 billion at a blended GAAP yield exceeding eight p.c, with proceeds used to repay debt and fund investments.

    extended unique MOB Relationship with PMB: Ventasextended its unique MOB building relationship with PMB for a ten-yr term. PMB has basically 50 years of experience setting up world-type outpatient facilities with appropriate U.S. health methods. Ventas will proceed to raise its portfolio by investing in newly developed, remarkable MOB property in desirable markets, as highlighted by the enterprise’s trophy Sutter construction in San Francisco opening in early 2019.

    jointly beneficial Agreements with Brookdale Senior residing (“Brookdale”): The company mixed and prolonged its leases with Brookdale to 2026. Ventas’s triple-web seniors housing weighted typical rent term is now over eight years.

    huge economic power positioned for increase

  • $three.four Billion in Debt Refinancing and repayment: Ventas tremendously greater its maturity profile all the way through 2018, increasing its debt period via very nearly one year to seven years. The enterprise now has most effective a modest 10 % of its complete debt (and most effective three % of its debt as a percent of business value) maturing over the subsequent three years. This represents a 22 percentage factor development from year-end 2017 and was achieved in 2018 through:
  • 1. Refinancing and/or repaying more than $2.5 billion in debt for the reason that December 31, 2017

    2. Renewing and lengthening a $900 million time period loan

    3. Proactively issuing $1.4 billion in 10 12 months senior notes

  • The enterprise’s economic electricity turned into robust at quarter conclusion, including a sector-main web debt to Adjusted professional Forma EBITDA ratio of 5.6x and fixed cost coverage ratio of 4.6x.
  • In January 2019, Ventas introduced a brand new $1 billion industrial paper application meant to can charge without problems supplement the enterprise’s working capital means. Ventas continues its existing $3 billion revolving credit score facility and different credit score facilities, together offering the enterprise potent liquidity to be sure financial flexibility.
  • individuals & culture Will force endured Success

  • demonstrated leadership Excellence, reinforced most effective-in-classification group and dedication to Environmental, Social and Governance (“ESG”) principles
  • Ventas Chairman and CEO, Debra A. Cafaro, was once more recognized as a precise international CEO and chief in the actual property and healthcare industries in 2018. Recognitions encompass:
  • Harvard enterprise review suitable 100 most desirable Performing CEOs on the earth (fifth consecutive 12 months)
  • up to date Healthcare one hundred Most Influential people in Healthcare, the best precise estate representative on this prestigious record
  • Named Chair of the precise estate Roundtable, a public coverage corporation that brings collectively leaders of the nation’s good precise property corporations to handle key national policy issues involving actual property and the typical economic climate
  • A Lifetime achievement Award from The American Seniors Housing association (ASHA)
  • Robert F. Probst, government vp and Chief economic Officer of Ventas, turned into awarded the 2019 Chicago Public company CFO of the year by using the economic Executives foreign (FEI) Chicago Chapter.
  • Ventas made tremendous achievements in 2018 in advancing its management place and investment in ESG matters, together with publishing its inaugural company Sustainability document. other recognitions encompass:
  • Nareit’s 2018 Healthcare “chief within the easy” for the 2nd consecutive 12 months and third time
  • Inclusion within the Dow Jones Sustainability Index [TM] for North the us for the 2d consecutive yr
  • #1 ranked healthcare REIT in the GRESB real property ESG evaluation
  • In January, Ventas introduced two key appointments to its senior leadership crew. Bhavana Devulapally, Chief tips Officer and Senior vp, will lead Ventas’s technology crew, overseeing the building and implementation of method for the enterprise’s guidance methods. Juan Sanabria, vice president of Investor family members, could be the principal liaison with the fairness market and analysts.
  • First Quarter Dividend

    The business’s Board of administrators declared a dividend for the primary quarter 2019 of $0.7925 per share. The dividend is payable in cash on April 12, 2019 to stockholders of record on April 1, 2019.

    2019 guidance

    Ventas expects 2019 per share normalized FFO, Nareit FFO and web profits caused by usual stockholders, and identical-keep cash NOI boom, to range as follows:

    FY 2019 counsel Per Share Low high internet earnings because of commonplace Stockholders $1.23 - $1.38 Nareit FFO $three.70 - $3.82 Normalized FFO $3.75 - $three.eighty five FY 2019 Projected same-save cash NOI increase Low excessive NNN 0.5% - 1.5% shop (three%) - 0% workplace 1.5% - 2.5% complete business 0% 1%

    Ventas’s 2019 normalized FFO per share tips also assumes $500 million of disposition transactions and receipt of personal loan repayments in 2019, together with the previously introduced Brookdale asset sales, with proceeds getting used to fund $500 million in development and redevelopment projects, in most cases in accelerating the company’s interesting tuition-based research and innovation development pipeline. These capital recycling activities have near-term affects on FFO increase in 2019, but will bring outstanding and accretive lengthy-term money circulate growth. advice additionally contains $0.02 per share in incremental leasing charges from adjustments in accounting requisites.

    The 2019 outlook assumes no acquisitions and 361 million weighted general thoroughly-diluted shares. Ventas expects leverage, as measured by using web debt to Adjusted seasoned Forma EBITDA, to remain stable year-over-12 months in 2019.

    A reconciliation of the enterprise’s 2019 tips to the business’s projected GAAP measures is included during this press release. The company’s 2019 tips is in line with a number of different assumptions which are field to exchange and many of which might be outdoor the control of the company. If specific outcomes fluctuate from these assumptions, the business’s expectations can also change. There can be no assurance that the company will achieve these consequences.

    Fourth Quarter and entire year 2018 conference call

    Ventas will dangle a convention call to talk about this revenue unencumber these days at 10:00 a.m. jap Time (9:00 a.m. central Time). The dial-in number for the conference call is (844) 776-7841 (or +1 (661) 378-9542 for overseas callers). The participant passcode is “Ventas.” The convention call is being webcast are living with the aid of NASDAQ OMXand can also be accessed on the company’s web page at www.ventasreit.com. A replay of the webcast should be accessible following the name online, or via calling (855) 859-2056 (or +1 (404) 537-3406 for international callers), passcode 3853609, beginning at about 2:00 p.m. eastern Time and should stay for 36 days.

    Ventas, Inc., an S&P 500 business, is a leading precise estate investment have confidence. Its different portfolio of about 1,200 belongings within the united states, Canada and the UK carries seniors housing communities, medical workplace structures, school-primarily based analysis and innovation centers, inpatient rehabilitation and long-term acute care facilities, health techniques and knowledgeable nursing amenities. through its Lillibridge subsidiary, Ventas provides management, leasing, advertising and marketing, facility construction and advisory services to totally rated hospitals and health methods all over the U.S.. References to “Ventas” or the “enterprise” suggest Ventas, Inc. and its consolidated subsidiaries unless otherwise expressly mentioned. greater suggestions about Ventas and Lillibridge can be found at www.ventasreit.com and www.lillibridge.com.

    The business automatically pronounces material guidance to traders and the industry the usage of press releases,Securities and change commission (“SEC”)filings, public conference calls, webcasts and the company’s web page atwww.ventasreit.com/investor-family members. The suggestions that the enterprise posts to its website can be deemed to be material. consequently, the company encourages traders and others drawn to the enterprise to automatically video display and evaluate the counsel that the enterprise posts on its web page, apart from following the company’s press releases,SECfilings and public conference calls and webcasts. Supplemental information involving the company will also be discovered on the enterprise’s site beneath the “Investor family members” section or at www.ventasreit.com/investor-family members/annual-studies---supplemental-suggestions. A finished record of the company’s houses is available at www.ventasreit.com/our-portfolio/homes-with the aid of-stateprovince.

    This press unlock contains ahead-looking statements in the meaning of area 27A of the Securities Act of 1933, as amended, and part 21E of the Securities change Act of 1934, as amended. All statements concerning the enterprise’s or its tenants’, operators’, debtors’ or managers’ anticipated future financial condition, effects of operations, cash flows, funds from operations, dividends and dividend plans, financing alternatives and plans, capital markets transactions, business approach, budgets, projected prices, working metrics, capital expenses, aggressive positions, acquisitions, investment alternatives, tendencies, merger or acquisition integration, boom opportunities, expected lease income, persisted qualification as a true property funding believe (“REIT”), plans and aims of management for future operations and statements that include words similar to “anticipate,” “if,” “agree with,” “plan,” “estimate,” “predict,” “intend,” “might also,” “might,” “should,” “will” and other an identical expressions are forward-looking statements. These ahead-searching statements are inherently unclear, and specific effects might also fluctuate from the business’s expectations. The company does not undertake an obligation to update these ahead-searching statements, which speak best as of the date on which they're made.

    The enterprise’s specific future consequences and trends may additionally fluctuate materially from expectations counting on plenty of factors discussed within the company’s filings with the SEC. These factors consist of devoid of drawback: (a) the potential and willingness of the enterprise’s tenants, operators, debtors, managers and different third events to fulfill their responsibilities below their respective contractual arrangements with the business, together with, in some situations, their tasks to indemnify, defend and hang innocent the business from and in opposition t a lot of claims, litigation and liabilities; (b) the capacity of the business’s tenants, operators, borrowers and executives to preserve the financial power and liquidity integral to satisfy their respective tasks and liabilities to third events, including without problem duties beneath their present credit facilities and other indebtedness; (c) the business’s success in imposing its business approach and the enterprise’s ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (d) macroeconomic circumstances reminiscent of a disruption of or lack of access to the capital markets, adjustments in the debt ranking on U.S. executive securities, default or extend in price by means of the us of its tasks, and changes within the federal or state budgets resulting in the reduction or nonpayment of Medicare or Medicaid repayment rates; (e) the nature and extent of future competition, including new development in the markets by which the enterprise’s seniors housing communities and medical office structures (“MOBs”) are located; (f) the extent and impact of future or pending healthcare reform and rules, including can charge containment measures and changes in compensation guidelines, procedures and rates; (g) increases within the enterprise’s borrowing expenses because of changes in pastime prices and different components, together with the abilities phasing out of the London Inter-bank offered expense after 2021; (h) the capability of the company’s tenants, operators and managers, as relevant, to conform to laws, rules and laws in the operation of the enterprise’s properties, to carry super functions, to entice and retain qualified personnel and to entice residents and sufferers; (i) changes in everyday financial situations or financial circumstances within the markets by which the enterprise may additionally, every now and then, compete, and the impact of those alterations on the enterprise’s revenues, earnings and funding sources; (j) the company’s potential to pay down, refinance, restructure or prolong its indebtedness because it becomes due; (ok) the business’s means and willingness to retain its qualification as a REIT in easy of financial, market, legal, tax and different considerations; (l) final decision of the company’s taxable internet salary for the 12 months ended December 31, 2018 and for the yr ending December 31, 2019; (m) the capability and willingness of the enterprise’s tenants to renew their leases with the company upon expiration of the leases, the company’s capacity to reposition its houses on the identical or more advantageous terms within the event of nonrenewal or within the event the company workout routines its appropriate to replace an latest tenant, and duties, including indemnification obligations, the business may additionally incur in reference to the alternative of an existing tenant; (n) dangers associated with the company’s senior residing operating portfolio, reminiscent of factors that can cause volatility within the enterprise’s working profits and earnings generated by way of these properties, together with devoid of quandary national and regional economic conditions, expenses of food, substances, energy, labor and services, worker improvement prices, insurance fees and skilled and everyday liability claims, and the well timed birth of correct property-stage financial effects for those houses; (o) adjustments in trade rates for any overseas currency wherein the enterprise might also, occasionally, behavior company; (p) year-over-year alterations in the consumer price Index or the united kingdom Retail price Index and the impact of those alterations on the employ escalators contained within the company’s leases and the company’s earnings; (q) the business’s capacity and the potential of its tenants, operators, borrowers and executives to achieve and keep adequate property, liability and different insurance from professional, financially good providers; (r) the influence of harm to the enterprise’s properties from catastrophic climate and other herbal routine and the physical effects of local weather trade; (s) the influence of elevated operating prices and uninsured professional liability claims on the company’s liquidity, economic situation and results of operations or that of the business’s tenants, operators, debtors and managers, and the ability of the enterprise and the company’s tenants, operators, debtors and managers to accurately estimate the magnitude of those claims; (t) hazards associated with the enterprise’s MOB portfolio and operations, including the business’s potential to successfully design, boost and manage MOBs and to retain key personnel; (u) the ability of the hospitals on or near whose campuses the company’s MOBs are located and their affiliated health programs to stay competitive and financially potential and to attract physicians and health professional corporations; (v) risks linked to the enterprise’s investments in joint ventures and unconsolidated entities, including its lack of sole determination-making authority and its reliance on its three way partnership companions’ financial situation; (w) the company’s capability to gain the financial effects anticipated from its building and redevelopment initiatives; (x) the have an effect on of market or provider hobbies on the liquidity or value of the enterprise’s investments in marketable securities; (y) consolidation activity in the seniors housing and healthcare industries resulting in a change of control of, or a competitor’s investment in, one or extra of the enterprise’s tenants, operators, borrowers or managers or huge adjustments within the senior administration of the business’s tenants, operators, debtors or managers; (z) the have an effect on of litigation or any financial, accounting, criminal or regulatory issues that may also have an effect on the business or its tenants, operators, debtors or managers; and (aa) adjustments in accounting principles, or their software or interpretation, and the company’s capacity to make estimates and the assumptions underlying the estimates, which may affect the enterprise’s salary.

    CONSOLIDATED stability SHEETS (In hundreds, except per share quantities) December 31, September 30, June 30, March 31, December 31, 2018 2018 2018 2018 2017 property precise estate investments: Land and enhancements $ 2,114,406 $ 2,a hundred and fifteen,870 $ 2,124,231 $ 2,a hundred thirty five,662 $ 2,151,386 buildings and enhancements 22,437,243 22,188,578 22,065,202 22,078,454 22,216,942 building in growth 422,334 395,072 408,313 380,064 344,151 obtained hire intangibles 1,502,955 1,506,269 1,510,698 1,532,223 1,548,074 26,476,938 26,205,789 26,108,444 26,126,403 26,260,553 amassed depreciation and amortization (6,383,281 ) (6,185,one hundred fifty five ) (5,972,774 ) (5,789,422 ) (5,638,099 ) net real estate property 20,093,657 20,020,634 20,135,670 20,336,981 20,622,454 Secured loans receivable and investments, web 495,869 527,851 526,553 1,212,519 1,346,359 Investments in unconsolidated real property entities 48,378 48,478 one hundred and one,490 102,544 123,639 web true estate investments 20,637,904 20,596,963 20,763,713 21,652,044 22,092,452 cash and cash equivalents 72,277 86,107 ninety three,684 ninety two,543 81,355 Escrow deposits and limited cash fifty nine,187 sixty two,440 sixty four,419 seventy one,039 106,898 Goodwill 1,050,548 1,045,877 1,034,274 1,035,248 1,034,644 assets held for sale 5,454 24,a hundred and eighty 15,567 sixty two,534 65,413 other belongings 759,185 782,386 727,477 580,102 573,779 total property $ 22,584,555 $ 22,597,953 $ 22,699,134 $ 23,493,510 $ 23,954,541 Liabilities and fairness Liabilities: Senior notes payable and different debt $ 10,733,699 $ 10,478,455 $ 10,402,897 $ 11,039,812 $ 11,276,062 gathered hobby 99,667 76,883 ninety three,112 77,764 93,958 debts payable and other liabilities 1,086,030 1,134,898 1,133,902 1,134,570 1,183,489 Liabilities concerning property held for sale 205 14,790 896 60,023 60,265 Deferred salary taxes 205,219 236,616 240,941 244,742 250,092

    complete liabilities

    12,124,820 11,941,642 eleven,871,748 12,556,911 12,863,866 Redeemable OP Unitholder and noncontrolling pursuits 188,141 143,242 149,817 132,555 158,490 Commitments and contingencies fairness: Ventas stockholders’ fairness: favored inventory, $1.00 par value; 10,000 shares licensed, unissued — — — — — commonplace stock, $0.25 par value; 356,572; 356,468; 356,412; 356,317; and 356,187 shares issued at December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018, and December 31, 2017, respectively 89,125 89,100 89,085 89,062 89,029 Capital in excess of par value 13,076,528 13,081,324 13,068,399 13,080,220 13,053,057 accumulated different finished loss (19,582 ) (7,947 ) (10,861 ) (14,474 ) (35,a hundred and twenty ) Retained profits (deficit) (2,930,214 ) (2,709,293 ) (2,529,102 ) (2,413,440 ) (2,240,698 ) Treasury stock, 0; 6; eleven; 11; and 1 shares at December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018, and December 31, 2017, respectively — (345 ) (573 ) (553 ) (forty two ) complete Ventas stockholders’ equity 10,215,857 10,452,839 10,616,948 10,740,815 10,866,226 Noncontrolling pursuits fifty five,737 60,230 60,621 sixty three,229 sixty five,959 complete equity 10,271,594 10,513,069 10,677,569 10,804,044 10,932,185 complete liabilities and fairness $ 22,584,555 $ 22,597,953 $ 22,699,134 $ 23,493,510 $ 23,954,541 CONSOLIDATED STATEMENTS OF income (In thousands, except per share amounts) For the Three Months Ended For the Twelve Months Ended December 31, December 31, 2018 2017 2018 2017 Revenues condominium profits: Triple-web leased $ 189,168 $ 205,176 $ 737,796 $ 840,131 workplace 195,540 191,826 776,011 753,467 384,708 397,002 1,513,807 1,593,598 Resident expenses and functions 517,one hundred seventy five 457,one hundred and one 2,069,477 1,843,232 workplace constructing and other functions earnings 2,511 3,896 13,416 13,677 salary from loans and investments 18,512 32,109 124,218 117,608 hobby and other profits 357 5,180 24,892 6,034 complete revenues 923,263 895,288 three,745,810 3,574,149 costs pastime a hundred and ten,524 111,951 442,497 448,196 Depreciation and amortization 244,276 232,650 919,639 887,948 Property-stage operating fees: Senior living 366,148 313,769 1,446,201 1,250,065 office 61,017 fifty eight,279 243,679 233,007 427,165 372,048 1,689,880 1,483,072 office building services charges 338 1,683 1,418 three,391 prevalent, administrative and knowledgeable costs 38,475 34,930 151,982 one hundred thirty five,490 Loss (gain) on extinguishment of debt, net 7,843 (102 ) 58,254 754 Merger-linked expenses and deal costs 4,259 1,632 30,547 10,535 other fifty eight,877 3,986 66,768 20,052 complete fees 891,757 758,778 3,360,985 2,989,438 salary earlier than unconsolidated entities, precise estate inclinations, income taxes, discontinued operations and noncontrolling hobbies 31,506 136,510 384,825 584,711 Loss from unconsolidated entities (7,208 ) (4,355 ) (fifty five,034 ) (561 ) gain on real estate tendencies 10,354 214,985 46,247 717,273 revenue tax advantage 28,650 forty six,680 39,953 59,799 earnings from continuing operations 63,302 393,820 415,991 1,361,222 Discontinued operations — (15 ) (10 ) (110 ) web profits sixty three,302 393,805 415,981 1,361,112 net salary brought on by noncontrolling pastimes 1,029 1,251 6,514 four,642 web profits because of commonplace stockholders $ sixty two,273 $ 392,554 $ 409,467 $ 1,356,470 earnings per standard share primary: income from continuing operations $ 0.18 $ 1.11 $ 1.17 $ 3.eighty three internet salary caused by normal stockholders 0.17 1.10 1.15 3.82 Diluted: profits from carrying on with operations $ 0.18 $ 1.10 $ 1.sixteen $ 3.eighty web revenue caused by typical stockholders 0.17 1.09 1.14 3.seventy eight Weighted ordinary shares used in computing revenue per average share fundamental 356,389 355,966 356,265 355,326 Diluted 359,989 359,184 359,301 358,566 Dividends declared per regular share $ 0.7925 $ 0.79 $ three.1625 $ 3.one hundred fifteen QUARTERLY CONSOLIDATED STATEMENTS OF revenue (In lots, apart from per share quantities) For the Quarters Ended December 31, September 30, June 30, March 31, December 31, 2018 2018 2018 2018 2017 Revenues apartment income: Triple-internet leased $ 189,168 $ 190,117 $ 167,870 $ 190,641 $ 205,176 workplace 195,540 193,911 192,392 194,168 191,826 384,708 384,028 360,262 384,809 397,002 Resident charges and services 517,a hundred seventy five 518,560 518,989 514,753 457,a hundred and one office constructing and different functions earnings 2,511 3,288 4,289 three,328 3,896 income from loans and investments 18,512 18,108 56,417 31,181 32,109 pastime and other income 357 12,554 2,347 9,634 5,one hundred eighty complete revenues 923,263 936,538 942,304 943,705 895,288 expenses interest a hundred and ten,524 107,581 113,029 111,363 111,951 Depreciation and amortization 244,276 218,579 223,634 233,150 232,650 Property-degree operating costs: Senior residing 366,148 366,721 361,112 352,220 313,769 office 61,017 sixty one,668 60,301 60,693 58,279 427,one hundred sixty five 428,389 421,413 412,913 372,048 workplace building features fees 338 431 534 115 1,683 normal, administrative and professional expenses 38,475 39,677 36,656 37,174 34,930 Loss (benefit) on extinguishment of debt, web 7,843 39,527 (93 ) 10,977 (102 ) Merger-related costs and deal prices four,259 4,458 four,494 17,336 1,632 other fifty eight,877 1,244 3,527 3,one hundred twenty 3,986 total prices 891,757 839,886 803,194 826,148 758,778 income before unconsolidated entities, precise estate inclinations, earnings taxes, discontinued operations and noncontrolling pursuits 31,506 ninety six,652 139,one hundred ten 117,557 136,510 Loss from unconsolidated entities (7,208 ) (716 ) (6,371 ) (40,739 ) (four,355 ) benefit on sale of true estate dispositions 10,354 18 35,827 48 214,985 earnings tax advantage 28,650 7,327 734 three,242 forty six,680 earnings from continuing operations sixty three,302 103,281 169,300 eighty,108 393,820 Discontinued operations — — — (10 ) (15 ) web salary sixty three,302 103,281 169,300 eighty,098 393,805 internet profits because of noncontrolling pastimes 1,029 1,309 2,781 1,395 1,251 web income because of common stockholders $ 62,273 $ a hundred and one,972 $ 166,519 $ 78,703 $ 392,554 revenue per general share fundamental: revenue from continuing operations $ 0.18 $ 0.29 $ 0.forty eight $ 0.22 $ 1.eleven web earnings brought on by usual stockholders 0.17 0.29 0.forty seven 0.22 1.10 Diluted: earnings from carrying on with operations $ 0.18 $ 0.29 $ 0.forty seven $ 0.22 $ 1.10 web revenue caused by typical stockholders 0.17 0.28 0.46 0.22 1.09 Weighted normal shares utilized in computing income per standard share primary 356,389 356,318 356,228 356,112 355,966 Diluted 359,989 359,355 359,000 358,853 359,184 CONSOLIDATED STATEMENTS OF cash FLOWS (In thousands) For the Years Ended December 31, 2018 2017 cash flows from operating activities: net earnings $ 415,981 $ 1,361,112 changes to reconcile web earnings to internet cash provided via working activities: Depreciation and amortization 919,639 887,948 Amortization of deferred profits and lease intangibles, web (30,660 ) (20,537 ) other non-money amortization 18,886 16,058 inventory-based compensation 29,963 26,543 Straight-lining of condo profits, net 13,396 (23,134 ) Loss on extinguishment of debt, internet 58,254 754 profit on precise property tendencies (46,247 ) (717,273 ) profit on precise estate mortgage investments (13,202 ) (124 ) salary tax improvement (forty three,026 ) (63,599 ) Loss from unconsolidated entities 55,034 3,588 profit on re-measurement of fairness pastime upon acquisition, internet — (3,027 ) Distributions from unconsolidated entities 2,934 4,676 true property impairments related to herbal failures 52,510 four,616 different three,720 four,624 changes in working assets and liabilities: enhance in different assets (23,198 ) (29,282 ) boost in collected interest four,992 eleven,068 lower in accounts payable and different liabilities (37,509 ) (35,259 ) internet money provided by using operating actions 1,381,467 1,428,752 money flows from investing activities: internet funding in actual estate property (265,907 ) (664,684 ) funding in loans receivable (229,534 ) (748,119 ) Proceeds from actual property disposals 353,792 859,874 Proceeds from loans receivable 911,540 one zero one,097 building project charges (330,876 ) (299,085 ) Capital fees (131,858 ) (132,558 ) Distributions from unconsolidated entities 57,455 6,169 investment in unconsolidated entities (47,007 ) (sixty one,220 ) assurance proceeds for property damage claims 6,891 1,419 web cash provided with the aid of (utilized in) investing actions 324,496 (937,107 ) money flows from financing activities: internet exchange in borrowings under revolving credit facilities 321,463 384,783 Proceeds from debt 2,549,473 1,111,649 compensation of debt (3,465,579 ) (1,369,084 ) purchase of noncontrolling pursuits (4,724 ) (15,809 ) fee of deferred financing expenses (20,612 ) (27,297 ) Issuance of usual stock, web — seventy three,596 money distribution to ordinary stockholders (1,127,143 ) (827,285 ) cash distribution to redeemable OP Unitholders (7,459 ) (5,677 ) money issued for redemption of OP and class C units (1,370 ) — Contributions from noncontrolling pursuits 1,883 4,402 Distributions to noncontrolling hobbies (11,574 ) (eleven,187 ) other three,705 10,582 web cash utilized in financing activities (1,761,937 ) (671,327 ) internet decrease in cash, money equivalents and limited money (fifty five,974 ) (179,682 ) impact of overseas currency translation (815 ) 581 cash, money equivalents and confined money at beginning of duration 188,253 367,354 cash, money equivalents and restrained money at end of duration $ 131,464 $ 188,253 Supplemental agenda of non-money actions: property received and liabilities assumed from acquisitions and other: real estate investments $ ninety four,280 $ 425,906 other belongings 5,398 (three,716 ) Debt 30,508 75,231 other liabilities 18,086 70,878 Deferred revenue tax liability 922 (14,869 ) Noncontrolling interests 2,591 4,202 fairness issued 30,487 — fairness issued for redemption of OP and sophistication C gadgets 907 24,002 QUARTERLY CONSOLIDATED STATEMENTS OF money FLOWS (In hundreds) For the Quarters Ended December 31, September 30, June 30, March 31, December 31, 2018 2018 2018 2018 2017 cash flows from working actions: internet income $ sixty three,302 $ 103,281 $ 169,300 $ 80,098 $ 393,805 alterations to reconcile web profits to internet money offered through working activities: Depreciation and amortization 244,276 218,579 223,634 233,150 232,650 Amortization of deferred salary and hire intangibles, web (4,659 ) (2,164 ) (19,972 ) (three,865 ) (4,254 ) other non-cash amortization 5,359 4,877 4,873 three,777 four,872 stock-based compensation 9,202 6,488 7,149 7,124 6,620 Straight-lining of apartment income, net (6,587 )

    (8,102

    ) 31,707 (three,622 ) (5,750 ) Loss (benefit) on extinguishment of debt, web 7,843 39,527 (ninety three ) 10,977 (102 ) gain on precise property dispositions (10,354 ) (18 ) (35,827 ) (48 ) (214,985 ) (gain) loss on true estate loan investments — — (13,211 ) 9 — earnings tax advantage (29,562 ) (eight,147 ) (1,642 ) (three,675 ) (47,980 ) Loss from unconsolidated entities 7,208 716 6,371 forty,739 four,355 Distributions from unconsolidated entities 200 100 1,245 1,389 767 true estate impairments regarding herbal mess ups 52,510 — — — — other 3,330 (734 ) 1,214 (ninety ) 1,801 adjustments in operating assets and liabilities: reduce (enhance) in different property 11,681 (47,655 ) 7,513 5,263 (7,670 ) boost (decrease) in gathered activity 22,500 (16,004 ) 15,020 (16,524 ) (1,620 ) (decrease) boost in debts payable and other liabilities (12,404 ) 16,542 5,036 (46,683 ) (15,982 ) web cash provided with the aid of working actions 363,845 307,286 402,317 308,019 346,527 money flows from investing actions: net investment in real property property (230,107 ) (23,543 ) (807 ) (11,450 ) (318,193 ) funding in loans receivable (17,445 ) (535 ) (207,173 ) (four,381 ) (14,086 ) Proceeds from actual estate disposals 22,549 19,000 136,873 175,370 245,121 Proceeds from loans receivable 45,227 216 723,003 143,094 16,736 building mission expenses (a hundred,528 ) (seventy four,666 ) (81,793 ) (73,889 ) (88,662 ) Capital fees (58,833 ) (30,996 ) (21,412 ) (20,617 ) (49,171 ) Distributions from unconsolidated entities 25 50,638 6,792 — 353 investment in unconsolidated entities (1,901 ) (5,073 ) (932 ) (39,one zero one ) (18,821 ) insurance proceeds for property harm claims 564 3,998 802 1,527 26 web money (utilized in) supplied by investing actions (340,449 ) (60,961 ) 555,353 one hundred seventy,553 (226,697 ) cash flows from financing activities: internet trade in borrowings beneath revolving credit amenities 280,171 239,018 (471,569 ) 273,843 45 Proceeds from debt 137,053 1,662,104 eleven,797 738,519 fifty three,212 reimbursement of debt (171,475 ) (1,862,217 ) (214,769 ) (1,217,118 ) (143,559 ) buy of noncontrolling pastimes (2,295 ) — (2,429 ) — — charge of deferred financing prices (4,029 ) (10,235 ) (30 ) (6,318 ) (871 ) cash distribution to ordinary stockholders (281,895 ) (281,853 ) (281,760 ) (281,635 ) — cash distribution to redeemable OP Unitholders (1,865 ) (1,850 ) (1,886 ) (1,858 ) — cash issued for redemption of OP and class C devices — (395 ) (320 ) (655 ) — Contributions from noncontrolling pastimes 1,383 500 — — — Distributions to noncontrolling hobbies (1,606 ) (2,a hundred and sixty ) (four,469 ) (3,339 ) (1,939 ) other 4,441 1,259 2,692 (4,687 ) 39 web cash utilized in financing activities (forty,117 ) (255,829 ) (962,743 ) (503,248 ) (93,073 ) net (lower) increase in cash, cash equivalents and constrained cash (16,721 ) (9,504 ) (5,073 ) (24,676 ) 26,757 effect of overseas forex translation (362 ) (52 ) (406 ) 5 (89 ) cash, money equivalents and constrained cash at beginning of length 148,547 158,103 163,582 188,253 161,585 money, money equivalents and limited money at conclusion of length $ 131,464 $ 148,547 $ 158,103 $ 163,582 $ 188,253 QUARTERLY CONSOLIDATED STATEMENTS OF money FLOWS (continued) (In lots) For the Quarters Ended December 31, September 30, June 30, March 31, December 31, 2018 2018 2018 2018 2017 Supplemental schedule of non-cash activities: belongings acquired and liabilities assumed from acquisitions and other: real property investments $ 65,174 $ one hundred ninety $ 6 $ 28,910 $ 219,135 different property 1,286 — — 4,112 1,830 Debt 30,508 — — — 10,602 different liabilities 1,952 one hundred ninety 6 15,938 6,788 Deferred revenue tax legal responsibility 922 — — — 1,247 Noncontrolling pursuits 2,591 — — — 575 fairness issued 30,487 — — — — fairness issued for redemption of OP and class C gadgets 641 — — 266 1,308 NON-GAAP monetary MEASURES RECONCILIATION funds From Operations (FFO) and dollars attainable for Distribution (FAD)(1) (greenbacks in thousands, except per share amounts) FY YOY 2017 2018 boom this autumn FY Q1 Q2 Q3 this autumn FY '17-'18 web profits attributable to average stockholders $ 392,554 $ 1,356,470 $ seventy eight,703 $ 166,519 $ one hundred and one,972 $ 62,273 $ 409,467 (70 %) internet revenue because of general stockholders per share $ 1.09 $ three.seventy eight $ 0.22 $ 0.forty six $ 0.28 $ 0.17 $ 1.14 (70 %) alterations: Depreciation and amortization on precise property property 230,996 881,088 231,495 222,092 217,116 242,834 913,537 Depreciation on true property belongings concerning noncontrolling hobbies (1,842 ) (7,565 ) (1,811 ) (1,776 ) (1,718 ) (1,621 ) (6,926 ) Depreciation on precise estate belongings involving unconsolidated entities 731 four,231 1,030 302 723 (78 ) 1,977 Impairment on fairness components investment — — 35,708 — — — 35,708 gain on re-measurement of fairness activity upon acquisition, internet — (3,027 ) — — — — — gain on actual estate dispositions (214,985 ) (717,273 ) (forty eight ) (35,827 ) (18 ) (10,354 ) (46,247 ) profit on real property inclinations involving noncontrolling pursuits — 18 — 1,508 — — 1,508 gain on actual estate dispositions related to unconsolidated entities (12 ) (1,057 ) — — (875 ) — (875 ) Subtotal: FFO add-backs 14,888 156,415 266,374 186,299 215,228 230,781 898,682 Subtotal: FFO add-backs per share $ 0.04 $ 0.forty four $ 0.74 $ 0.fifty two $ 0.60 $ 0.sixty four $ 2.50 FFO (NAREIT) caused by commonplace stockholders $ 407,442 $ 1,512,885 $ 345,077 $ 352,818 $ 317,200 $ 293,054 $ 1,308,149 (14 %) FFO (NAREIT) caused by normal stockholders per share $ 1.13 $ 4.22 $ 0.ninety six $ 0.98 $ 0.88 $ 0.81 $ 3.64 (14 %) adjustments: change in fair cost of financial devices 81 (41 ) (ninety one ) 45 forty two (14 ) (18 ) Non-cash earnings tax improvement (6,768 ) (22,387 ) (3,675 ) (1,642 ) (8,166 ) (4,944 ) (18,427 ) have an impact on of tax reform (36,539 ) (36,539 ) — — — (24,618 ) (24,618 ) (gain) loss on extinguishment of debt, web (ninety seven ) 839 10,987 4,707 39,489 7,890 sixty three,073 (gain) loss on non-actual estate tendencies related to unconsolidated entities (5 ) (39 ) four — (16 ) 10 (2 ) Merger-connected fees, deal prices and re-audit costs 1,917 14,823 19,245 7,540 four,985 6,375 38,a hundred forty five Amortization of other intangibles 327 1,458 328 a hundred ninety 121 one hundred twenty 759 other objects involving unconsolidated entities 1,489 three,188 2,847 878 632 678 5,035 Non-money costs related to lease terminations — — — 21,299 — — 21,299 Non-money affect of changes to fairness plan 1,371 5,453 1,581 1,292 448 1,509 four,830 natural catastrophe costs (recoveries), internet 1,791 11,601 (383 ) seventy nine ninety three sixty four,041 63,830 Subtotal: normalized FFO add-backs (36,433 ) (21,644 ) 30,843 34,388 37,628 51,047 153,906 Subtotal: normalized FFO add-backs per share $ (0.10 ) $ (0.06 ) $ 0.09 $ 0.10 $ 0.10 $ 0.14 $ 0.forty three Normalized FFO brought on by commonplace stockholders $ 371,009 $ 1,491,241 $ 375,920 $ 387,206 $ 354,828 $ 344,one hundred and one $ 1,462,055 (2 %) Normalized FFO attributable to ordinary stockholders per share $ 1.03 $ four.sixteen $ 1.05 $ 1.08 $ 0.ninety nine $ 0.ninety six $ 4.07 (2 %) Non-cash objects blanketed in normalized FFO: Amortization of deferred income and hire intangibles, net (4,254 ) (20,537 ) (three,865 ) (2,992 ) (2,164 ) (four,659 ) (13,680 ) different non-cash amortization, together with fair market price of debt four,872 sixteen,058 3,777 4,873 four,877 5,359 18,886 inventory-based compensation 5,249 21,090 5,543 5,857 6,040 7,693 25,133 Straight-lining of rental revenue, net (5,750 ) (23,134 ) (3,622 ) (6,572 ) (eight,102 ) (6,587 ) (24,883 ) Subtotal: non-cash items blanketed in normalized FFO 117 (6,523 ) 1,833 1,166 651 1,806 5,456 Capital costs (forty nine,812 ) (138,778 ) (22,233 ) (23,584 ) (33,576 ) (60,667 ) (a hundred and forty,060 ) Normalized FAD caused by regular stockholders $ 321,314 $ 1,345,940 $ 355,520 $ 364,788 $ 321,903 $ 285,240 $ 1,327,451 (1 %) Merger-related charges, deal prices and re-audit charges (1,917 ) (14,823 ) (19,245 ) (7,540 ) (4,985 ) (6,375 ) (38,one hundred forty five ) different objects concerning unconsolidated entities (1,489 ) (three,188 ) (2,847 ) (878 ) (632 ) (678 ) (5,035 ) FAD caused by standard stockholders $ 317,908 $ 1,327,929 $ 333,428 $ 356,370 $ 316,286 $ 278,187 $ 1,284,271 (3 %) Weighted common diluted shares 359,184 358,566 358,853 359,000 359,355 359,989 359,301 [1] Per share quarterly amounts may additionally now not add to annual per share amounts due to fabric changes within the business’s weighted commonplace diluted share count, if any. Per share quantities may additionally no longer add to total per share amounts as a result of rounding.

    historic can charge accounting for precise estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. youngsters, since precise property values historically have risen or fallen with market conditions, many trade traders deem presentations of operating results for actual property companies that use ancient charge accounting to be inadequate by using themselves. For that reason, the business considers FFO, normalized FFO, FAD and normalized FAD to be acceptable supplemental measures of working efficiency of an equity REIT. In selected, the company believes that normalized FFO is helpful since it allows traders, analysts and company administration to compare the business’s operating performance to the working efficiency of different precise estate corporations and between periods on a constant foundation without having to account for ameliorations caused by using non-habitual items and different non-operational events corresponding to transactions and litigation. In some cases, the business offers tips about recognized non-money add-ons of FFO and normalized FFO since it makes it possible for investors, analysts and company management to verify the have an impact on of those items on the enterprise’s economic outcomes.

    The business makes use of the countrywide association of real estate funding Trusts (“NAREIT”) definition of FFO. NAREIT defines FFO as internet revenue as a result of common stockholders (computed based on GAAP), excluding positive factors or losses from income of real property property, including gains or losses on re-dimension of equity method investments, and impairment write-downs of depreciable actual estate, plus actual property depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. adjustments for unconsolidated partnerships and joint ventures could be calculated to replicate FFO on the equal groundwork. The enterprise defines normalized FFO as FFO with the exception of here income and cost items (which could be ordinary in nature): (a) merger-linked prices and costs, together with amortization of intangibles, transition and integration expenses, and deal fees and charges, together with expenses and recoveries concerning acquisition court cases; (b) the have an effect on of any charges concerning asset impairment and valuation allowances, the write-off of unamortized deferred financing prices, or additional charges, fees, coupon codes, make-complete payments, penalties or premiums incurred on account of early retirement or price of the business’s debt; (c) the non-cash effect of profits tax merits or prices, the non-money have an impact on of adjustments to the company’s government fairness compensation plan, by-product transactions which have non-money mark-to-market affects on the company’s profits observation and non-cash costs regarding lease terminations; (d) the financial have an impact on of contingent consideration, severance-linked charges and charitable donations made to the Ventas Charitable groundwork; (e) features and losses for non-operational international foreign money hedge agreements and adjustments within the fair price of economic devices; (f) gains and losses on non-true estate inclinations and different extraordinary gadgets concerning unconsolidated entities; (g) costs involving the re-audit and re-overview in 2014 of the enterprise’s ancient fiscal statements and connected matters; and (h) net charges or recoveries involving herbal disasters. Normalized FAD represents normalized FFO except for non-money accessories, which encompass straight-line apartment alterations, and deducting capital fees, including definite tenant allowances and leasing commissions. FAD represents normalized FAD after subtracting merger-linked fees, deal fees and re-audit expenses and other unusual objects involving unconsolidated entities.

    FFO, normalized FFO, FAD and normalized FAD introduced herein can also now not be comparable to these introduced with the aid of different true property groups because of the fact that not all actual estate organizations use the same definitions. FFO, normalized FFO, FAD and normalized FAD should not be considered as alternate options to web income because of usual stockholders (decided in response to GAAP) as indications of the business’s monetary performance or as alternatives to cash stream from working activities (determined in accordance with GAAP) as measures of the enterprise’s liquidity, nor are they necessarily indicative of sufficient money circulation to fund the entire enterprise’s needs. The enterprise has traditionally reconciled FFO, normalized FFO, FAD and normalized FAD to revenue from continuing operations since it provides perception into the company’s carrying on with operations, however, in light of contemporary SEC rules that changed the presentation of statements of salary, the company now believes that net income attributable to normal stockholders is the most related GAAP measure. The enterprise believes that with a purpose to facilitate a clear knowing of the consolidated old operating consequences of the enterprise, FFO, normalized FFO, FAD and normalized FAD should still be examined together with net profits brought on by standard stockholders as offered in different places herein.

    NON-GAAP fiscal MEASURES RECONCILIATION EPS, FFO and FAD suggestions as a result of usual Stockholders (1,2) (greenbacks in tens of millions, apart from per share amounts) Tentative / Preliminary and field to alternate FY2019 - assistance FY2019 - Per Share Low excessive Low high web income brought on by regular Stockholders $442 $496 $1.23 $1.38 Depreciation and Amortization alterations 900 930 2.50 2.fifty eight gain on real estate tendencies (10 ) (50 ) (0.03 ) (0.14 ) other adjustments [3]

    1

    — — — FFO (NAREIT) attributable to average Stockholders $1,333 $1,376 $three.70 $three.eighty two Merger-linked charges, Deal charges and Re-Audit charges 15 10 0.04 0.03 Loss on Extinguishment of Debt, net 5 1 0.01 0.00 herbal catastrophe costs (Recoveries), net — — — — other adjustments [3]

    (1

    ) 2 (0.00 )

    0.01

    Normalized FFO because of regular Stockholders $1,352 $1,389 $3.seventy five $three.85 % 12 months-Over-yr growth (10 %) (7 %) Non-money objects included in Normalized FFO

    11

    7

    Capital bills (146 ) (156 ) Normalized FAD because of typical Stockholders $1,217 $1,240 Merger-connected fees, Deal expenses and Re-Audit prices (15 ) (10 ) different adjustments [3] (three ) (2 ) FAD as a result of typical Stockholders $1,199 $1,228 Weighted commonplace Diluted Shares (in hundreds of thousands) 361 361

    [1]

    [The Company’s guidance constitutes forward-looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. Actual results may differ materially from the Company’s expectations depending on factors discussed in the Company’s filings with the Securities and Exchange Commission.]

    [2]

    [Per share quarterly amounts may not add to annual per share amounts due to changes in the Company's weighted average diluted share count, if any. Totals may not add due to minor corporate-level adjustments.]

    [3]

    [See table titled “Funds From Operations (FFO) and Funds Available for Distribution (FAD)” for detailed breakout of adjustments for each respective category.]

    NON-GAAP monetary MEASURES RECONCILIATIONNet Debt to Adjusted seasoned Forma EBITDA(dollars in lots)

    the following table illustrates web debt to professional forma revenue before activity, taxes, depreciation and amortization (together with non-money inventory-primarily based compensation price), apart from good points or losses on extinguishment of debt, consolidated joint venture companions’ share of EBITDA, merger-related prices and deal prices, costs involving the re-audit and re-overview in 2014 of the company’s historic economic statements, internet beneficial properties or losses on actual property undertaking, gains or losses on re-size of equity pastime upon acquisition, adjustments within the reasonable value of fiscal contraptions, unrealized foreign foreign money good points or losses, internet costs or recoveries regarding herbal disasters and non-cash charges concerning lease terminations, and including the business’s share of EBITDA from unconsolidated entities and alterations for other immaterial or identified items (“Adjusted EBITDA”).

    the following guidance considers the pro forma impact on Adjusted EBITDA of the enterprise’s undertaking all through the three months ended December31, 2018, as if the transactions had been consummated as of the beginning of the length (“Adjusted pro Forma EBITDA”).

    The business believes that web debt, Adjusted seasoned Forma EBITDA and web debt to Adjusted professional Forma EBITDA are positive to traders, analysts and company administration because they permit the evaluation of the business’s credit strength between periods and to different actual property companies devoid of the impact of items that by way of their nature are not related from duration to length and have a tendency to imprecise the business’s genuine credit exceptional.

    For the Three Months Ended December 31, 2018: web salary brought on by usual stockholders $ 62,273 alterations: interesta hundred and ten,524 Loss on extinguishment of debt, web7,843 Taxes (including tax amounts in familiar, administrative and knowledgeable charges) (28,642 ) Depreciation and amortization 244,276 Non-money stock-primarily based compensation rate 9,202 Merger-connected fees, deal prices and re-audit expenses 4,322 internet revenue attributable to noncontrolling pastimes, internet of consolidated three way partnership companions’ share of EBITDA (2,960 ) Loss from unconsolidated entities, net of Ventas share of EBITDA from unconsolidated entities 18,310 benefit on precise estate inclinations (10,354 ) Unrealized foreign currency positive factors (349 ) exchange in reasonable price of financial gadgets (28 ) natural disaster prices (recoveries), net54,895 Adjusted EBITDA 469,312 professional forma alterations for current length endeavor 3,384 Adjusted seasoned Forma EBITDA $ 472,696 Adjusted pro Forma EBITDA annualized $ 1,890,784 As of December 31, 2018: complete debt $ 10,733,699 cash (72,277 ) constrained cash relating debt (28,669 ) Consolidated joint venture partners’ share of debt (100,944 ) Ventas share of debt from unconsolidated entities 40,753 net debt $ 10,572,562 net debt to Adjusted professional Forma EBITDA 5.6 x

    NON-GAAP fiscal MEASURES RECONCILIATIONNet operating income (NOI) and equal-store cash NOI by phase(greenbacks in hundreds)

    The company considers NOI and equal-keep cash NOI as critical supplemental measures as a result of they allow investors, analysts and the business’s administration to assess its unlevered property-level operating results and to compare its working consequences with those of other actual estate groups and between durations on a consistent basis. The business defines NOI as total revenues, less hobby and other earnings, property-stage working costs and office building functions charges. within the case of NOI, cash receipts may also differ because of straight-line cognizance of certain rental earnings and the software of other GAAP guidelines. The company has historically reconciled NOI and same-store cash NOI to earnings from carrying on with operations because it provides perception into the enterprise’s continuing operations, however, in gentle of contemporary SEC rules that modified the presentation of statements of salary, the enterprise now believes that net earnings as a result of commonplace stockholders is essentially the most similar GAAP measure for each NOI and identical-shop cash NOI. The business defines same-save as houses owned, consolidated, operational and suggested beneath a constant enterprise mannequin for the complete length in each evaluation periods, and apart from belongings meant for disposition and for store, these residences that transitioned operators after the birth of the prior evaluation duration, and for workplace operations, belongings that event a big disruption in operations and redevelopment property. To normalize for change expense movements, all equal-save cash NOI measures assume constant exchange fees across related durations, the use of here methodology: the present period’s outcomes are proven in genuine pronounced USD, while prior assessment duration’s effects are adjusted and transformed to USD in response to the normal change fee for the current length.

    Seniors Housing Triple-internetOperating workplace Non-segment complete For the Three Months Ended December 31, 2018: web profits as a result of average stockholders $ sixty two,273 adjustments: hobby and different revenue (357 ) activity one hundred ten,524 Depreciation and amortization 244,276 common, administrative and expert fees 38,475 Loss on extinguishment of debt, net 7,843 Merger-linked prices and deal fees four,259 other 58,877 Loss from unconsolidated entities 7,208 gain on real estate inclinations (10,354 ) profits tax improvement (28,650 ) web salary as a result of noncontrolling pursuits 1,029 suggested phase NOI $ 189,168 $ 151,027 $ a hundred thirty five,992 $ 19,216 $ 495,403 alterations: amendment feeone hundred — — — one hundred Normalizing adjustment for know-how costs — (2 ) — — (2 ) NOI not protected in identical-keep (four,261 ) (17,405 ) (9,a hundred and five ) — (30,771 ) Straight-lining of condo income (2,710 ) — (three,876 ) — (6,586 ) Non-money apartment earnings (895 ) — (3,689 ) — (four,584 ) Non-phase NOI — — — (19,216 ) (19,216 ) identical-keep money NOI (regular foreign money) $ 181,402 $ 133,620 $ 119,322 $ — $ 434,344 YOY boom ‘17 - ‘18 2.1 % (3.5 %) 1.9 % 0.2 % For the Three Months Ended December 31, 2017: internet salary attributable to ordinary stockholders $ 392,554 adjustments: pastime and different profits (5,one hundred eighty ) interest 111,951 Depreciation and amortization 232,650 commonplace, administrative and knowledgeable prices 34,930 gain on extinguishment of debt, net (102 ) Merger-linked charges and deal charges 1,632 different 3,986 Loss from unconsolidated entities four,355 profit on actual estate tendencies (214,985 ) revenue tax improvement (forty six,680 ) Discontinued operations 15 web income because of noncontrolling interests 1,251 stated section NOI $ 206,301 $ 143,332 $ 134,014 $ 32,730 $ 516,377 changes: Normalizing adjustment for know-how fees — 310 — — 310 NOI no longer blanketed in equal-store (24,755 ) (four,444 ) (11,372 ) — (forty,571 ) Straight-lining of condo income (608 ) — (5,142 ) — (5,750 ) Non-cash condo earnings (3,007 ) — (351 ) — (3,358 ) Non-segment NOI — — — (32,730 ) (32,730 ) NOI influence from change in FX (182 ) (737 ) — — (919 ) equal-shop cash NOI (constant forex) $ 177,749 $ 138,461 $ 117,149 $ — $ 433,359 Seniors Housing Triple-webOperating workplace Non-section total For the yr Ended December 31, 2018: web revenue attributable to ordinary stockholders $ 409,467 alterations: pastime and other profits (24,892 ) interest 442,497 Depreciation and amortization 919,639 commonplace, administrative and expert charges 151,982 Loss on extinguishment of debt, internet 58,254 Merger-linked prices and deal fees 30,547 other sixty six,768 Loss from unconsolidated entities fifty five,034 profit on precise estate tendencies (46,247 ) salary tax advantage (39,953 ) Discontinued operations 10 internet income as a result of noncontrolling hobbies 6,514 mentioned phase NOI $ 740,318 $ 623,276 $ 538,506 $ 127,520 $ 2,029,620 changes: change charge2,600 — 431 — three,031 Normalizing adjustment for expertise expenses — 648 — — 648 NOI now not blanketed in equal-store (46,188 ) (64,624 ) (fifty six,290 ) — (167,102 ) Straight-lining of apartment profits 29,638 — (16,242 ) — 13,396 Non-cash rental income (23,743 ) — (5,057 ) — (28,800 ) Non-segment NOI — — — (127,520 ) (127,520 ) identical-shop money NOI (steady currency) $ 702,625 $ 559,300 $ 461,348 $ — $ 1,723,273 YOY boom ‘17 - ‘18 3.6 % (2.1 %) 1.7 % 1.2 % For the year Ended December 31, 2017: net salary as a result of regular stockholders $ 1,356,470 alterations: interest and different salary (6,034 ) pastime 448,196 Depreciation and amortization 887,948 conventional, administrative and professional costs 135,490 Loss on extinguishment of debt, internet 754 Merger-connected expenses and deal expenses 10,535 different 20,052 Loss from unconsolidated entities 561 gain on true property tendencies (717,273 ) revenue tax advantage (fifty nine,799 ) Discontinued operations 110 net salary brought on by noncontrolling pastimes 4,642 said section NOI $ 844,711 $ 593,167 $ 524,566 $ 119,208 $ 2,081,652 changes: Normalizing adjustment for technology costs — three,375 — — three,375 NOI no longer included in same-shop (146,690 ) (25,311 ) (50,353 ) — (222,354 ) Straight-lining of apartment profits (3,612 ) — (19,521 ) — (23,133 ) Non-cash condo profits (16,758 ) — (942 ) — (17,700 ) Non-segment NOI — — — (119,208 ) (119,208 ) NOI have an impact on from exchange in FX 746 (33 ) — — 713 identical-store money NOI (consistent forex) $ 678,397 $ 571,198 $ 453,750 $ — $ 1,703,345 NON-GAAP economic MEASURES RECONCILIATION

    NOI and identical-shop money NOI through section suggestions [1,2]

    (dollars in millions, except per share amounts) FY2019 - counsel Tentative / Preliminary and subject to exchange Seniors Housing Triple-web working office Non-phase completeHigh end web revenue caused by normal Stockholders $ 496 Depreciation and Amortization [3] 941 pastime cost, G&A, other earnings and costs [4] 579 said phase NOI [5] $ 765 $ 631 $ 556 $ 69 2,016 Non-money and Non-same-shop changes (37 ) (13 ) (67 ) (sixty nine ) (185 ) equal-store cash NOI [5] 728 618 489 — 1,831 percent enhance 1.5 % 0.0 % 2.5 % NM 1.0 % modification costs — — — — — Adjusted same-keep cash NOI [5] $ 728 $ 618 $ 489 $ — $ 1,831 Adjusted percent enhance 1.9 % 0.0 % 2.6 % NM 1.2 % Low conclusion internet earnings caused by general Stockholders $ 442 Depreciation and Amortization [3] 911 activity fee, G&A, different revenue and expenses [4] 629 mentioned section NOI [5] $ 755 $ 612 $ 551 $ 56 1,982 Non-cash and Non-identical-keep adjustments (34 ) (13 ) (67 ) (fifty six ) (one hundred seventy ) same-save money NOI [5] 721 599 484 — 1,812 percentage boost 0.5 % (3.0 %) 1.5 % NM 0.0 % modification prices — — — — — Adjusted same-keep cash NOI [5] $ 721 $

    599

    $ 484 $ — $

    1,812

    Adjusted percent boost 0.9 % (three.0 %) 1.6 % NM 0.2 % Prior 12 months net profits as a result of standard Stockholders $ 409 Depreciation and Amortization [3] 920 pastime fee, G&A, other profits and prices [4] 701 said segment NOI $ 740 $ 623 $ 539 $ 128 2,030 Normalizing Adjustment for expertise charges [6] — 1 — — 1 Non-cash and Non-equal-save alterations (22 ) (three ) (62 ) (128 ) (215 ) NOI influence from trade in FX (1 ) (three ) — — (four ) equal-save money NOI 717 618 477 — 1,812 amendment costs (three ) — (0 ) — (3 ) Adjusted identical-store cash NOI $ 714 $ 618 $ 477 $ — $ 1,809 2019 GBP (£) to USD ($) 1.25 USD ($) to CAD (C$) 1.35 [1] The business’s assistance constitutes ahead-looking statements inside the that means of the federal securities laws and is in keeping with a few assumptions which are area to trade and a lot of of which can be outdoor the manage of the business. exact consequences can also differ materially from the company’s expectations reckoning on factors mentioned within the business’s filings with the Securities and alternate commission. [2] See tables titled “internet working profits (NOI) and equal-store cash NOI by phase” for an in depth breakout of changes for every respective class. [3] comprises real property depreciation and amortization, company depreciation and amortization, and amortization of different intangibles. [4] comprises interest fee, customary and administrative charges (together with stock-based compensation), loss on extinguishment of debt, merger-linked costs and deal costs, income from unconsolidated entities, salary tax benefit, and different revenue and costs. [5] Totals may additionally not add across due to minor company-stage changes and rounding. [6] Represents charges expensed by way of one operator regarding implementation of latest software.

    View source version on businesswire.com: https://www.businesswire.com/news/domestic/20190208005204/en/

    supply: Ventas, Inc.

    Juan Sanabria(877) 4-VENTAS

    Copyright enterprise Wire 2019


    Pacific Premier Bancorp Inc (PPBI) this fall 2018 earnings conference name Transcript | killexams.com Real Questions and Pass4sure dumps

    Logo of jester cap with thought bubble.

    photograph source: The Motley idiot.

    Pacific Premier Bancorp Inc  (NASDAQ:PPBI)q4 2018 earnings conference CallJan. 29, 2019, 12:00 p.m. ET

    Contents:
  • organized Remarks
  • Questions and solutions
  • call members
  • prepared Remarks:

    Operator

    hello, everybody, and welcome to Pacific Premier Bancorp's Fourth Quarter 2018 conference call. All individuals nowadays could be in a pay attention-most effective mode. [Operator Instructions] Please word that today's event is being recorded.

    i might now like to flip the conference over to Steve Gardner, Chairman and CEO. Please go forward.

    Steven R. Gardner -- Chairman, President and Chief govt Officer

    thanks, Bryan. first rate morning, every person. I admire you joining us today. As you might be all conscious, prior this morning, we released our salary record for the fourth quarter of 2018. i'm going to stroll through one of the super items. Ron Nicolas goes to evaluate a few of the fiscal particulars after which we will open up the name to questions.

    i'll additionally be aware that in our revenue release this morning, we've the safe Harbor statement relative to the ahead-searching feedback and that i'd motivate all of you to take a look and browse through these. We ended the 12 months with a productive quarter having completed the client account and systems conversion of Grandpoint while generating the maximum salary and mortgage creation in our historical past.

    within the fourth quarter, we generated net earnings of $39.6 million or $0.63 per share, which included $2.6 million of merger-linked fee. On an operating groundwork, we generated $0.sixty six per share. The fourth quarter performance is an outstanding illustration of our team's potential to develop earnings as well as franchise price, while simultaneously managing a number of large projects.

    although, our balance sheet increase in the fourth quarter changed into decrease than our historic levels, we were capable of generate bigger salary by holding a strong internet activity margin and using greater efficiencies by means of realizing the synergies from our acquisitions. Our focal point on protecting our net activity margin through disciplined loan and deposit pricing and further enhancing our working leverage enabled us to deliver strong returns.

    in the fourth quarter, we generated an working return on normal property of 1.forty three% and an operating return on average tangible ordinary fairness of 17.4%. With the addition of the Grandpoint crew, we now have further reinforced our business development capabilities. right through the quarter, we generated $730 million of latest loan commitments.

    Our bankers proceed to generate best new company banking relationships, whereas maintaining our credit score pleasant and never compromising on pricing or structure. As is typically the case, our mortgage construction changed into neatly balanced and assorted. high-quality become the energy of originations in our key traces of company, including $142 million in C&I loan commitments, $eighty five million of development loans, $82 million in franchise, $sixty four million in owner-occupied CRE, and $27 million of SBA loans.

    additionally, we originated $197 million in investor-owned CRE and $seventy three million in multifamily loans. historically, the fourth quarter is the strongest when it comes to loan construction, whereas the first quarter is usually our lowest all over the yr. We expect that to be the case right here in 2019. all over the fourth quarter, we sold a total of $189 million of a lot of loans as a part of our stability sheet and credit risk administration strategy. The loan earnings covered SBA, investor-owned CRE and multifamily.

    moreover, we bought some better-chance loans and portfolios that we had bought from our past acquisitions. with the exception of the mortgage earnings, our annualized loan growth in the quarter would have been about 10%. apart from the loan earnings, higher prepayment undertaking impacted our usual personal loan boom, some of which became pushed by means of our actions to move certain credits out of the bank.

    Our multi-pronged method to credit possibility management allows for us to continue the very best quality relationships and is mirrored within the common credit metrics we see in our mortgage portfolio. whereas we now have been in a benign credit score ambiance for decades, we have not allowed that to exchange our fundamentals. The groundwork of how we manage credit score possibility continues to be unchanged, however our level of advantage and class has ended in even better capabilities round portfolio administration.

    At some aspect sooner or later, it is inevitable that asset pleasant within the industry will erode. We expect our credit score tradition will permit us to improvement from the opportunities that arise in such an environment. taking a look at our deposit developments, our center of attention on controlling deposit charges helped to limit the influence of excessive competition and rising hobby rates. within the fourth quarter, our cost of deposits improved one basis element from the prior quarter to fifty five foundation facets.

    The groundwork of our enterprise mannequin, a spotlight on relationship banking outcomes in a client base that's less cost delicate than other deposit segments. during 2018, we proactively approached our exact commercial shoppers to focus on their treasury and money administration wants and that allowed us to selectively elevate pricing when acceptable. This enabled us to manipulate the cost of these relationships and to a large extent evade a competitive market bidding process.

    We do count on that our cost of dollars will rise within the coming quarters given the aggressive market dynamics and increase briefly-time period pastime costs. although, we expect our company mannequin will allow us to mitigate some of these pricing pressures as our clients see their bankers as relied on advisors. As i mentioned earlier, one in all our key strategies for producing revenue increase is improved efficiencies.

    in addition to realizing the synergies that we projected from the Grandpoint acquisition, we additionally eradicated redundancies in different areas of the company such as the consolidation of three department workplaces right through the fourth quarter. as a result, we have been capable of enhanced manipulate our charges and power more revenue to the bottom line, which finally resulted in development in our efficiency ratio to 48%.

    additionally, we have slated two branches to be consolidated in the first quarter of 2019 and we are able to proceed to are looking for out opportunities to effortlessly control our charges during the year.

    Turning to 2019, our near-term focus should be driving profits growth in the course of the persisted expansion of our business customer base and additional capitalizing on the investments made in our infrastructure. From an working leverage standpoint, we now have simply completed an excellent period of boom.

    during the last two years, we have nearly tripled in measurement via acquisitions and biological boom. all over that point length, we surpassed the $10 billion asset threshold, which required giant investment in personnel and infrastructure. whereas we now have finished the cost rate reductions that we projected for every of our acquisitions, we did so whereas simultaneously strengthening and expanding the organization's capabilities. As such, we're smartly located to grow the enterprise by means of adding exceptional small and core market organizations right through our markets.

    Our administration team has a proven music checklist of developing franchise cost via organic and acquisitive growth innovations, whereas operating the institution at a high stage. And we are expecting to continue to execute on these techniques that drive shareholder cost.

    Given the strong returns and earning growth that our mannequin produces, along with our dedication to valuable capital management, we are completely happy to announce the initiation of a quarterly cash dividend. The dividend may have an initial focused payout ratio of 35%, which at our existing stock fee offers a gorgeous yield.

    Given the significant quantity of capital being generated from our operations coupled with our mighty chance management culture, we now have the flexibleness to come back capital to shareholders while simultaneously aiding our organic and acquisitive growth. via our disciplined strategy to managing the company, we are smartly positioned to create additional value for our shareholders.

    With that, i go to turn the name over to Ron to deliver a little bit extra aspect on the fourth quarter effects.

    Ronald J. Nicolas, Jr. -- Senior govt vp and Chief fiscal Officer

    Thanks, Steve, and respectable morning, everyone. As in the past, i could be reviewing one of the extra huge items in the quarter, focusing basically on the linked-quarter evaluation. As highlighted in our profits release, we reported net salary of $39.6 million for the quarter and earned $0.sixty three per diluted share compared with web salary of $28.four million or $0.forty six per diluted share in the third quarter of 2018. except for the merger-related prices, we earned $0.sixty six per diluted share, a rise of $0.04 from the prior quarter. highlight in the quarter was better web pastime profits and lessen working price.

    Our total income improved $three.6 million to $124.5 million for the quarter in comparison with $one hundred twenty.9 million within the prior quarter, as the enterprise noticed internet hobby profits grow as a result of better personal loan balances, rates and accretion profits. total working price, excluding merger-connected costs, came in at $64.6 million compared with $68.8 million within the prior quarter as the company realized the cost rate reductions from the Grandpoint acquisition, as well as from common reduce staffing.

    Taking a more in-depth look on the revenue statement, our web interest profits of $117.5 million elevated $four.8 million from the prior quarter and our web pastime margin elevated to four.49% from 4.38% in the prior quarter. Accretion income become $6.3 million for the quarter compared with $4.1 million within the prior quarter with mortgage prepayments driving the increase.

    excluding the influence of accretion income, our core internet hobby margin increased to four.24% compared with four.19% in the prior quarter. moreover, the business benefited from $245 million in higher ordinary loan balances and noticed core mortgage yields extend seven basis elements within the quarter.

    As Steve mentioned, our cost of deposits extended one basis element to 55 basis aspects standard as larger non-interest-bearing deposit balances extended on regular $one hundred million offsetting greater retail and wholesale certificates of deposit fees.

    Importantly, non-maturity deposits in total have been flat to the prior quarter when it comes to can charge at 70 basis elements. bigger short-term borrowing charges improved, partly offsetting the favorable have an impact on of loan repricing on account of the Federal Reserve's September hobby expense hike.

    We are expecting our core net hobby margin to continue to be in the range of four.15% to 4.25% for the primary quarter of 2019 and predict accretion to contribute about eight to 10 foundation aspects to our web hobby margin.

    additionally, the first quarter may have two less calendar days than the fourth quarter, so that it will negatively have an effect on internet pastime income by approximately $2 million to $2.5 million. The business recorded a provision for credit losses of $2.3 million within the quarter and in comparison with $2.0 million in the prior quarter.

    better organic loan growth and a better percent of received loans migrating to the allowance contributed to the boost, partially offset by using a continued fall in universal historic loss price and a reduce required reserve for unfunded commitments. We anticipate our provision for credit losses to be in the $2.0 million to $2.5 million latitude for the primary quarter of 2019.

    Non-interest profits of $7.0 million turned into down from the prior quarter mostly as a result of the funding securities sales positive aspects taken in the third quarter with the closing of the Grandpoint acquisition. personal loan sale positive factors were $1.9 million this quarter in comparison with $2.0 million in the prior quarter.

    throughout the quarter, we offered $26.1 million of SBA loans achieving a gain of $1.6 million compared with $29.9 million offered for a gain of $2.0 million in the prior quarter.

    With reduce SBA gain on sale revenue we expect our non-interest earnings to be within the range of $6.5 million to $7.0 million based mostly upon ordinary and typical enterprise actions.

    Our non-hobby expense apart from merger-connected prices came in at $sixty four.6 million in comparison with $sixty eight.8 million within the prior quarter. essentially the most tremendous discount came in personnel prices, in which the business benefited from the Grandpoint charge rate reductions in addition to additional team of workers mark downs. The lower employee stages resulted in decrease taxes, merits and incentive fees as smartly.

    Staffing for the fourth quarter comprehensive down 117 personnel and 1,023 in complete compared with 1,140 as of September 30. We anticipate our quarterly rate run rate to be in the latitude of $sixty four million to $67 million for the first quarter as we are expecting bigger personnel costs on account of raises in merits payroll taxes and incentives. We don't count on any further significant merger-linked charges involving our Grandpoint acquisition.

    Our fourth quarter tax fee came in at 27.9% compared with 21.5% for the third quarter. you'll recollect, our third quarter covered a one-time tax submitting real-up improvement of $2.three million. We expect our combined useful tax price to be approximately 27% to 29% within the first quarter and about 28% for the total 12 months.

    Turning now to our steadiness sheet highlights. total loans held for investment finished at $8.eight billion, a internet boost of $78 million from the third quarter. For the quarter, we originated $730 million in new loan commitments compared with $605 million within the prior quarter.

    Our new personal loan origination and commitment weighted general expense was 5.35% for the quarter in comparison with 5.21% within the prior quarter. regardless of larger pre-payments of $408 million in the fourth quarter half of which took place in December, the financial institution saw greatly greater typical personal loan balances of $245 million for the quarter as personal loan income occurred predominantly towards the end of the quarter.

    Our investment portfolio finished the quarter at $1.1 million, a rise of $48 million compared to the conclusion of the third quarter. We assume modest increase within the investment portfolio within the first quarter and the usual yield should be per the current yield at a blended normal of two.9%.

    total deposits entire the quarter at $8.7 billion with non-activity-bearing deposits expanding $sixty one million to $3.5 billion, or 40% of complete deposits. Non-maturity deposits represented eighty four% of complete deposits. all through the quarter, the business opportunistically introduced opt for short-term broking service CDs whose marginal fees grew to be extra eye-catching relative to extra expensive wholesale funding. subsequently, our mortgage-to-deposit ratio comprehensive the quarter at 102% down from the prior quarter of 103%.

    Our complete shareholders fairness ended the quarter at just under $2 billion and we comprehensive the quarter with sixty two.5 million fully diluted shares miraculous. Our tangible ebook cost per share at December 31 extended to $16.ninety seven, an eleven% increase compared to December 31, 2017.

    finally our TCE ratio elevated to 10.02% compared to 9.47% within the prior quarter. besides the initiation of a quarterly dividend, the business did not repurchase any shares during the quarter below its new share repurchase program.

    at last, taking a glance at asset pleasant, our allowance to loan loss ended the quarter at $36.1 million, a rise of $2.8 million from the prior quarter. Our complete personal loan loss provision become $2.9 million for the quarter with both biological personal loan increase and an improved percentage of obtained loans migrating to the allowance contributing to the boost. internet cost-offs for the quarter have been $138000 and one basis factor for the full year.

    Our allowance to loans coverage ratio ended the quarter at 0.41% of complete loans held for funding compared with 0.38% within the prior quarter. We at present have about 49% of our complete loan portfolio below reasonable price accounting with a complete discount of $61 million. This places our mixed loss coverage ratio at 1.10%.

    With that, we might be happy to reply any questions you may also have. Operator, please open up the demand questions.

    Questions and solutions:

    Operator

    (Operator instructions) today's first query can be from Tyler Stafford with Stephens Inc. Please go ahead.

    Tyler Stafford -- Stephens Inc -- Analyst

    hello first rate morning, afternoon guys and congrats on a extremely quality quarter.

    Steven R. Gardner -- Chairman, President and Chief govt Officer

    hi, Tyler.

    Tyler Stafford -- Stephens Inc -- Analyst

    hiya, i wished to delivery could be Ron just where you left off on the buyback commentary. And just due to the fact you guys did initiate the dividend this quarter how are you pondering about the buyback? Would you predict to be lively on that?

    Steven R. Gardner -- Chairman, President and Chief govt Officer

    Tyler, i am going to leap in right here and then Ron can add whatever right here as smartly if he'd like. The board accredited the inventory buyback. We think about it that we might utilize it in an opportunistic style. on the same time, we firmly consider that they are returning capital to shareholders throughout the dividend at this aspect in the enterprise's maturation is the appropriate means to go. we are able to -- we have that as additional firepower and can utilize it at some point in the future. however again, i would see that being greater opportunistic when the time gifts itself.

    Tyler Stafford -- Stephens Inc -- Analyst

    received it, understood, ok. simply -- perhaps simply to be clear Ron on the expense guide for the yr, the $sixty four million to $67 million. Does that consist of or exclude the CDI amortization expense?

    Ronald J. Nicolas, Jr. -- Senior executive vp and Chief fiscal Officer

    It contains CDI.

    Tyler Stafford -- Stephens Inc -- Analyst

    okay.

    Steven R. Gardner -- Chairman, President and Chief government Officer

    And Tyler it truly is now not full year advice. it truly is just Q1 advice.

    Tyler Stafford -- Stephens Inc -- Analyst

    sure. received it. after which simply lastly Steve, I appreciate all of the regular information you guys gave. simply how are you thinking about stability sheet and loan growth for the year? Any feedback which you could share essentially what you are seeing from the demand standpoint available in the market? Thanks.

    Steven R. Gardner -- Chairman, President and Chief govt Officer

    certain. surely we saw relatively decent demand given the quantity that we originated $730 million in the fourth quarter. And as i mentioned in my prepared remarks earlier, the first quarter is traditionally our lowest creation quarter and we predict that to be the case right here this yr as well. As we've also observed during the past, our capability to generate competitively priced core deposits goes to be the regulator on our ability to grow the balance sheet.

    And in order we appear out at the 12 months, definitely, deposit competitors is awfully excessive. We believe that our business model, our disciplined strategy to earnings calls and pursuing referral resources will allow us to continue to develop deposits. but in this ambiance, or not it's complicated to forecast what those growth fees might be. And from the personal loan side we are going to proceed to utilize loan earnings to support control our growth.

    Operator

    subsequent query these days might be from Matthew Clark with Piper Jaffray. Please go forward.

    Matthew Clark -- Piper Jaffray -- Analyst

    decent morning.

    Steven R. Gardner -- Chairman, President and Chief government Officer

    respectable morning.

    Matthew Clark -- Piper Jaffray -- Analyst

    Steve, simply on the mortgage boom commentary, 102% personal loan-to-deposit ratio should, I imply, display we expect that you're going to continue to promote loans except you get that returned right down to one hundred%? after which from there we could -- assuming that you may fund loan increase, net mortgage boom might birth to pick up greater?

    Steven R. Gardner -- Chairman, President and Chief government Officer

    It may well be. once again it's stylish upon how quick we are able to generate additional cost-effective core deposits. we've got been capable of at a fine looking good clip in the past. i might say that the ambiance has actually changed and advanced over the last couple of years. We want to be disciplined in the deposits and the relationships that we carry on. and then ultimately, we're comfortable with our enterprise model and client base operating someplace within the local of 100% to a hundred and five% loan-to-deposit ratio.

    Matthew Clark -- Piper Jaffray -- Analyst

    after which except for personal loan earnings to 10% personal loan boom this quarter, I imply, are you more confident for your capacity to develop at that pace and perhaps even high single digits than you had been say 1 / 4 or two ago when the Grandpoint deal became closing within the legislations of significant numbers?

    Steven R. Gardner -- Chairman, President and Chief executive Officer

    No, i'm no longer. i am no longer greater positive or pessimistic. I do not believe our perspective has modified. once more for us, it be the capacity to generate in your price range core deposits on the asset aspect. we now have a protracted background and ability to generate respectable quality loans. it be just these loans do not come with fully offsetting deposit balances. and that is the reason simply a part of managing the enterprise.

    Matthew Clark -- Piper Jaffray -- Analyst

    Yeah. ok. after which Ron become there FHLB special dividend in interest salary? And if so how a great deal?

    Ronald J. Nicolas, Jr. -- Senior government vice chairman and Chief monetary Officer

    I do remember there became a unique; I suppose it became a number of hundred thousand greenbacks off the proper of my head all through the quarter.

    Matthew Clark -- Piper Jaffray -- Analyst

    k. k. and then, Steve perhaps on the effectivity ratio outlook. I suppose final quarter you had been targeting a sub-50% adjusted efficiency ratio in case you exclude the CDI amortization, I feel through midyear or by using the 2d, might be the 2d quarter. are you able to just remind us the place you stand on that front?

    Steven R. Gardner -- Chairman, President and Chief government Officer

    smartly, the effectivity ratio we were at forty eight% in q4. I feel certainly over time we are able to get it down to someplace in the mid-forty% latitude given this regulatory ambiance, given this pastime fee atmosphere. after which we are going to see how the economic system evolves over the next a couple of quarters.

    Matthew Clark -- Piper Jaffray -- Analyst

    splendid. and then just on M&A, if you can simply communicate to what you should be would becould very well be seeing in terms of opportunities from a size and geographic point of view?

    Steven R. Gardner -- Chairman, President and Chief govt Officer

    certain. We continue to actively reach out to different groups that we suppose would be a very good healthy with us. definitely, the volatility within the fairness markets during the fourth quarter, I believe gave a number of individuals a chance to pause and rethink type of both their pricing expectations and in addition to who they could need to partner with. actually, as we moved through profits here in January, i am hopeful that these conversations will pick up.

    Matthew Clark -- Piper Jaffray -- Analyst

    top notch. Thanks.

    Operator

    next query today could be from Gary Tenner with D.A. Davidson. Please go forward.

    Gary Tenner -- D.A. Davidson -- Analyst

    Thanks. respectable morning, guys.

    Steven R. Gardner -- Chairman, President and Chief govt Officer

    respectable morning.

    Gary Tenner -- D.A. Davidson -- Analyst

    So, two questions. One simply observed in the quarter the creation swings in a few mortgage segments. proprietor occupied changed into down fairly just a little and CRE changed into up rather somewhat. Is that ordinary fluctuations or are you seeing anything else when it comes to alternatives or pricing this is making one more or less beautiful at this time?

    Steven R. Gardner -- Chairman, President and Chief executive Officer

    No. On the non-owner-occupied CRE, we did have one significant personal loan in the neighborhood of $ninety million for one in all our strongest deposit shoppers that we went forward and funded so that skewed the investor-owned CRE. On the other classes, it just fluctuations that we see at a considerable number of instances.

    Gary Tenner -- D.A. Davidson -- Analyst

    okay. thank you. and then secondly, Ron, from a few of your feedback related to asset first-rate, if I read between the strains correctly, it sounded such as you guys might also have eased on one of the crucial qualitative elements across the personal loan loss methodology. Did I study that appropriate? And if so maybe simply normal commentary on how are you thinking about the economic backdrop and as we feel about that through 2019?

    Ronald J. Nicolas, Jr. -- Senior government vp and Chief monetary Officer

    No, Gary. You didn't -- probably I need to be a bit bit clearer. The ancient loss expense continues to waft down, of direction, as you understand the business has had stellar asset quality for a couple of years. So it's some of the fundamental drivers that drives down the quantitative piece of the allowance.

    What you noticed this quarter a little bit greater than the norm become we had some of our obtained loans through our financial institution acquisitions of HOB and Plaza in selected that as the discounts accrete in or -- and that they beginning emigrate to the inclusion into the allowance and we start to increase if you will the allowance for that migration. So it truly is what's occurring right now for the quarter.

    Steven R. Gardner -- Chairman, President and Chief government Officer

    No, different material change within the quantitative or qualitative factors.

    Ronald J. Nicolas, Jr. -- Senior government vice chairman and Chief economic Officer

    Yeah. and that is the reason to be anticipated. again, as those discounts accrete in those loans then migrate to the allowance.

    Gary Tenner -- D.A. Davidson -- Analyst

    Thanks for the clarification.

    Operator

    next query may be from Jackie Bohlen with KBW. Please go forward.

    Jacquelynne Bohlen -- KBW -- Analyst

    hello. respectable morning.

    Steven R. Gardner -- Chairman, President and Chief executive Officer

    good morning.

    Ronald J. Nicolas, Jr. -- Senior executive vice chairman and Chief financial Officer

    respectable Morning.

    Jacquelynne Bohlen -- KBW -- Analyst

    wondered if we might simply touch base now that the Grandpoint conversion is completed and the franchise is thoroughly built-in on what your expectations are for Durbin in July?

    Steven R. Gardner -- Chairman, President and Chief government Officer

    as far as interchange costs, Jackie we will must run those numbers and get lower back to you. once more, we now have a relatively low stage of interchange expenses. And we broke these out within the earnings remark, so it is rarely going to have a cloth affect on us.

    Jacquelynne Bohlen -- KBW -- Analyst

    k. and then when it comes to charge savings and just looking at the fees and the place these got here in this quarter versus tips and forward information, did probably the most discount rates are available a little earlier than expected?

    Steven R. Gardner -- Chairman, President and Chief executive Officer

    I do not know that they got here in previous. We did the conversion in mid to late October. a few of those individuals stayed on for per week or two later. And on the same time, as we regularly do we took the possibility to do -- make an evaluation of the total corporation and look to see where there should be would becould very well be alternatives for additional cost mark downs.

    Jacquelynne Bohlen -- KBW -- Analyst

    okay. So perhaps a bit little bit of slow usual cost discounts just on a full quarter run rate into 1Q, but we saw most of that achieved in 4Q sounds like the run price?

    Steven R. Gardner -- Chairman, President and Chief executive Officer

    it's suitable. you'll see incrementally greater, however I don't -- now not significant. As Ron alluded to you in giving the rate tips, there are some things that came about in Q1 that force them higher around compensation improvement cost and the like taxes.

    Jacquelynne Bohlen -- KBW -- Analyst

    k. thank you. after which just one ultimate one. Are you now accomplished pruning the got portfolio or might there be some extra of that within the 2d -- in the first quarter?

    Steven R. Gardner -- Chairman, President and Chief executive Officer

    No. I suppose that the majority of that is completed. on the same time, we have at all times utilized mortgage sales as a means to manage any number of hazards that we face at the organization. And we continue to see that as an arrow in our quiver. however at this point, there is never anything else that we're seeing, the developments that we're seeing in all of our traces of company is around cash stream and credit excellent had been pretty robust.

    Jacquelynne Bohlen -- KBW -- Analyst

    k. Thanks for the brought color. I recognize it.

    Operator

    next query could be from Andrew Liesch with Sandler O'Neill. Please go ahead.

    Andrew Liesch -- Sandler O'Neill -- Analyst

    hi there, guys.

    Steven R. Gardner -- Chairman, President and Chief executive Officer

    howdy, Andrew.

    Ronald J. Nicolas, Jr. -- Senior govt vice chairman and Chief economic Officer

    hello, Andrew.

    Andrew Liesch -- Sandler O'Neill -- Analyst

    question on the loan income, it looked like that the multi-family and single-family portfolios declined in this quarter. become that the place the personal loan sales were centred?

    Steven R. Gardner -- Chairman, President and Chief government Officer

    I think we're focused however we bought a little bit of single-household. We bought a bit multi. We offered some CRE. We sold another. I consider they have been designated as client that we had obtained from Grandpoint a bit bit from Plaza as neatly.

    Andrew Liesch -- Sandler O'Neill -- Analyst

    okay. I imply, were these -- I think you referenced earlier that these could had been what you trust higher chance loans, but i am just form of curious like what the yield on those may had been versus the -- looked like the yield that came on is what 5.35% for the brand new production. just making an attempt to get a way right here what -- is there any like shift towards higher-yielding loans within the personal loan portfolio this quarter?

    Steven R. Gardner -- Chairman, President and Chief executive Officer

    No. I do not suppose there's any shift in larger yielding. definitely one of the vital stuff that we offered was relatively excessive yielding. And -- nevertheless it turned into also reflective of one of the crucial risk. and they were just non-core styles of loans or businesses and it wasn't a huge quantity either. a fine chunk of the sales were round performing amazing multifamily CRE. And once more to control our balance sheet boom is the cause we offered those.

    Andrew Liesch -- Sandler O'Neill -- Analyst

    okay. you have got coated all my different questions. i will be able to step lower back.

    Operator

    subsequent question should be from Tim Coffey with FIG companions. Please go ahead.

    Tim Coffey -- FIG partners -- Analyst

    thanks. good morning gentlemen. And thank you for taking my questions.

    Steven R. Gardner -- Chairman, President and Chief executive Officer

    bound Tim.

    Tim Coffey -- FIG companions -- Analyst

    yes. Steve your commentary about the branch closures when it comes to the fees, it look like you've got received a couple of more planned for this quarter. after which I believe you noted, I consider you had been taking a glance at future branch closures. Are you simply -- are you signaling that you simply're taking a damage and a pause or that you're nevertheless assessing the alternatives?

    Steven R. Gardner -- Chairman, President and Chief government Officer

    Do you imply from an acquisition standpoint?

    Tim Coffey -- FIG companions -- Analyst

    No. No. I suggest looking at your existing branch constitution.

    Steven R. Gardner -- Chairman, President and Chief govt Officer

    No. We're our present branch constitution consistently that, its simply a part of the process. With the conversion we had three branches slated to be consolidated and we did that after the equipment conversion. And as a part of our ongoing management of our various areas, we're accessing them and the place do we believe we can select up some incremental cost discounts and consolidate branches.

    And that manifests itself in the two branches that we've got slated to consolidate here in the first quarter. And we will see as we movement through the year, there could be other opportunities as smartly.

    Tim Coffey -- FIG companions -- Analyst

    okay. remarkable, thanks for that clarification. after which Ron on the assistance for non-hobby earnings did that encompass or exclude SBA loan revenue?

    Ronald J. Nicolas, Jr. -- Senior executive vp and Chief monetary Officer

    That protected the SBA loan sales.

    Tim Coffey -- FIG partners -- Analyst

    okay. extremely good. and then simply type of a widely wide-spread question on the SBA enterprise, what influence that the govt shutdown have on that? Do you consider it's going to have on your 2Q most likely, 3Q loan sale numbers? Will there be a backlog?

    Steven R. Gardner -- Chairman, President and Chief govt Officer

    unlikely, we usually promote loans within the second half of the quarter, if you will. So the government shutdown had no impact on our SBA originations or sales. So assuming the executive stays open past whatever the date is like February. each time we come as much as the next line in the sand, assuming the govt stays open we have figured or not it's enterprise as ordinary in promoting loans.

    at the identical time, given the compression in gains and the premiums we are able to sell those loans for we're constantly reassessing would it not make more sense to continue those loans on our own books as a result of they are very fascinating yielding loans or does it make extra experience to sell them.

    definitely as the premiums have compressed that math turns into a bit bit extra interesting of protecting these loans. So, we'll see as we circulate during the quarter.

    Tim Coffey -- FIG companions -- Analyst

    ok. but you're not at the element yet where you're able to kind of dangle all construction correct?

    Steven R. Gardner -- Chairman, President and Chief govt Officer

    we will simply see. we are going to see where the beneficial properties dangle out. we will -- were they finalize and whatever makes the most economic feel no matter if it be to sell those loans now or to hold them and get the greater level of hobby profits, we'll make that decision and let that e-book us.

    Tim Coffey -- FIG companions -- Analyst

    okay. All appropriate. that is reasonable. and then when it comes to managing the dividend going ahead, are you planning -- is the Board planning to manipulate that dividend on a quarterly basis or would it's a extra extended duration like on an annual groundwork?

    Steven R. Gardner -- Chairman, President and Chief govt Officer

    The Board consistently looks at capital administration and would -- is going to on a quarterly groundwork. As we talked about, we are initiating the dividend and we would predict the company to be a regular dividend-paying entity.

    And on the identical time although because the financial system evolves, as market dynamics alternate, we will always be reassessing our capital stages dangers inside the establishment and making that decision. but this is the -- in our minds the initiation of a regular quarterly dividend. it be no longer placed as a unique one-time dividend.

    Tim Coffey -- FIG companions -- Analyst

    appropriate, correct. ok. All right. well, thanks very an awful lot. those are my questions.

    Operator

    (Operator guidelines) next question might be from Don Worthington with Raymond James. Please go ahead.

    Don Worthington -- Raymond James -- Analyst

    thank you. first rate morning Steve and Ron.

    Steven R. Gardner -- Chairman, President and Chief executive Officer

    good morning.

    Don Worthington -- Raymond James -- Analyst

    just a couple of questions about the loan publication. appears like you had some relatively good undertaking once again in the franchise section. just curious as to what you might be at the moment getting for pricing there?

    Steven R. Gardner -- Chairman, President and Chief govt Officer

    it be in the mid 5% latitude.

    Don Worthington -- Raymond James -- Analyst

    ok. ok. and then construction loans you made some within the quarter more than last quarter. simply curious is that the equal classification of development lending you may have all the time been doing which is customarily the -- I bet the higher end single-household classification of loan?

    Steven R. Gardner -- Chairman, President and Chief govt Officer

    often sure. but there are some industrial loans and some of the advantage that Grandpoint came with. So, there have been a number of industrial building loans. however often speakme, it be the same product category.

    Don Worthington -- Raymond James -- Analyst

    okay. after which I guess my final question. Are you, I bet, on your opinion thoroughly staffed-up for compliance activities now that you're over the $10 billion?

    Steven R. Gardner -- Chairman, President and Chief government Officer

    yes.

    Don Worthington -- Raymond James -- Analyst

    ok. All right. thank you.

    Steven R. Gardner -- Chairman, President and Chief executive Officer

    sure.

    Operator

    and not using a other questions in the queue, this could conclude modern-day question-and-answer session. i would want to flip the convention back over to Mr. Gardner for any closing remarks.

    Steven R. Gardner -- Chairman, President and Chief executive Officer

    thank you, Brian, and thank you serious about joining us this morning. if you have any additional questions, think free to supply Ron or myself a name and we might be satisfied to speak with you.

    Operator

    The convention has now concluded. We do need to thank every person for attending ultra-modern presentation. at present, you can also now disconnect. thank you.

    period: forty four minutes

    name contributors:

    Steven R. Gardner -- Chairman, President and Chief executive Officer

    Ronald J. Nicolas, Jr. -- Senior govt vice president and Chief fiscal Officer

    Tyler Stafford -- Stephens Inc -- Analyst

    Matthew Clark -- Piper Jaffray -- Analyst

    Gary Tenner -- D.A. Davidson -- Analyst

    Jacquelynne Bohlen -- KBW -- Analyst

    Andrew Liesch -- Sandler O'Neill -- Analyst

    Tim Coffey -- FIG partners -- Analyst

    Don Worthington -- Raymond James -- Analyst

    greater PPBI analysis

    Transcript powered by using AlphaStreet

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    Management of Portfolio(R) Foundation

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    Georgetown seeks third-party review of energy management | killexams.com real questions and Pass4sure dumps

    The city of Georgetown is seeking proposals to manage the city's energy portfolio and complete a comprehensive review of the city's management practices in purchasing and managing energy, according to a news release issued Friday evening.

    The city lost $21.8 million on its wind and solar contracts from 2016 to 2018 due to the falling prices of oil and gas, according to figures provided by City Manager David Morgan. Georgetown is renegotiating its 20- to 25-year wind and solar contracts to try to get a better deal, Morgan has said.

    When the city signed wind and solar contracts around 2012, it was looking at long-term demands and contracted for more energy than it needed, he said.

    General Manager of Utilities Jim Briggs said Georgetown's current process for managing energy is not achieving the city's goals.

    "Along with selling a portion of the excess energy to a third party, we look forward to working with industry experts in identifying ways to better manage the energy portfolio day to day and putting in place policies and procedures that reduce our financial risks moving forward," Briggs said.

    To help recover some of the costs of purchasing energy, the city raised the monthly electric bill for the average customer by $12.82 starting Feb. 1.

    RELATED: Monthly electric bill to go up by more than $12 for Georgetown customers

    Securing long-term energy contracts that provide more energy than customers currently need is a standard practice among city-owned utilities, the city's release Friday said. "It is important to note that it is not the type of energy the city has contracted for but the amount of energy the city is contracted to purchase that is the current challenge," the release said.

    Bill Peacock, vice president of research for the conservative Texas Public Policy Foundation, has criticized the city’s decision to buy extra energy it couldn't use.

    “It is good that the city is beginning to acknowledge the problem it is facing," Peacock said Friday. "However, all the consultants in Texas can’t undo the multimillion-dollar harm to the residents of Georgetown caused by the city’s relentless, and futile, pursuit of  being 100 percent renewable at any cost.”

    The foundation has an ongoing lawsuit against Georgetown filed on behalf of a resident wanting information on how much energy is produced by solar panels on a city building.

    Georgetown has contracts to purchase energy from four providers, according to the release. They include Spinning Spur 3, a wind farm near Amarillo; Buckthorn, a solar farm near Fort Stockton; American Electric Power, a wind farm that provides energy for Southwestern University; and Mercuria, a natural gas provider, the release said. The natural gas contract is set to expire in early 2022.

    READ MORE: Georgetown renegotiating solar, wind power contracts

    The release said the city's original strategy was to keep costs down by contracting for fixed-priced renewable energy.

    "Looking back, the focus ensuring adequate supply to mitigate the high price of energy that was forecast overshadowed the consequences of having excess energy in a depressed market," Morgan said. "The city did not manage this risk well. We are focused on changing the way we do business as it relates to managing our energy portfolio."

    The city-owned utility also has been affected by a drop in consumer demand driven by conservation efforts, energy-saving technologies and more energy-efficient new construction. Those factors caused the city to end fiscal 2018 with a $6.84 million shortfall in the electric fund, leaving the fund with a balance of $1.97 million, the release said.


    National Grid Foundation Elects Eileen Cohen as New Chairman of the Board | killexams.com real questions and Pass4sure dumps

    Feb 04, 2019 (3BL Media via COMTEX) -- SOURCE:National Grid

    February 1, 2019 /3BL Media/ - National Grid Foundation announces Eileen Cohen has been elected as Chairman of the Board of Directors. She replaces Al Wiltshire who retired as Chairman in December 2018 after joining the Foundation in 2008. Ms. Cohen, who also joined the board in 2008, has served as a board member and vice-chairman for National Grid Foundation.

    Recently retired from JP Morgan Asset Management as Managing Director, Ms. Cohen was Chair of the North America Governance Committee and led the firm's initiatives in corporate governance. She also was a Senior Client Portfolio Manager and a proven expert in investment consulting, financial management and financial communications.

    Ms. Cohen is as a mentor in the Executive On Campus program and has been an Adjunct Lecturer at Baruch College and is Senior fellow at the Conference Board Governance Center.

    Ms. Cohen said, "It's an honor to be named chairman of National Grid Foundation. We will continue the work we have accomplished partnering with a diverse group of non-profits. My tenure as a board member has provided a platform for us to move forward and look toward the next 20 years."

    "The board, staff and I thank Al for inspiring us and the organizations we support. His message of building stronger communities and transforming lives is paramount to the Foundation," said Ed White, Executive Director, National Grid Foundation. "Beginning the new year with a new chairman brings excitement to the work we do. Believing in the mission and keeping our focus on creating meaningful opportunities will create a better world for all of us."

    Happy Birthday, National Grid Foundation Making a difference one dollar, one person, one organization and one community at a time - that's National Grid Foundation's mission. For 20 years, the purpose hasn't changed.

    National Grid Foundation celebrated its 20th anniversary December 11, 2018. Beginning as KeySpan Foundation in 1998, the Foundation has built a legacy around its belief in and commitment to the communities it serves. Throughout the 20 years, the Foundation has supported tens of thousands of people and more than 1,000 organizations with $25 million in grants.

    Throughout 2019, National Grid Foundation will celebrate its 20th anniversary with some special events beginning with a Virtual Birthday Party on February 4. Visit the website at www.nationalgridfoundation.com to learn more about the organizations the Foundation supports.

    Tweet me:Happy 20th Birthday to @nationalgridus Foundation who also recently elected Eileen Cohen as the new Chairman of the Board http://bit.ly/2TkozIq

    KEYWORDS: National Grid, national grid US, NYSE:NGG, Eileen Cohen Chairman of the Board, Al Wiltshire, National Grid Foundation, JP Morgan Asset Management, Baruch College, Conference Board Governance Center


    FITARA Dashboard Reveals Picture of Progress | killexams.com real questions and Pass4sure dumps

    If you take a look at MeriTalk’s newly released FITARA Dashboard, be ready to find some clear success stories across the seven categories of the FITARA Scorecard – as well as areas where improvement still is needed.

    The Dashboard provides a much clearer view of the FITARA Scorecard–released twice a year by the House Committee on Oversight and Reform to rate Federal agency progress on key IT goals–by using dynamic visualizations that allow users to compare their selected agency to the other 23 CFO Act agencies, as well as the Federal average. It includes graphs that break down the subcategories of the FITARA Scorecard, as well as agencies’ overall progress throughout the history of the Scorecard.

    By highlighting specific agencies, you may even get an idea of the agencies that are likely to win awards at MeriTalk’s FITARA Awards on February 6. One example of an agency that made significant progress is the Department of Health and Human Services (HHS)–the agency with the most improvement in the seventh iteration of the Scorecard.

    Through the Dashboard, you can get a clearer picture of how much the department has improved. While HHS received its own explainer during the Scorecard, the Dashboard draws an obvious contrast between the department’s results in 2017 and 2018.

    As the visualizations show, HHS’ progress over the last two FITARA Scorecards is impressive, bolstered by a strong push to get “A” grades in the areas of software licensing, portfolio review, transparency and risk management, and CIO authority – some of the more achievable goal areas. While IT modernization remains an uphill battle, HHS made cultural changes to set the stage for future improvements, earning points on the FITARA scorecard.

    At the Department of Agriculture (USDA), we see positive progress, and areas where more work is needed.

    As the graph shows, USDA outperformed the average Federal score on DCOI (the Data Center Optimization Initiative) through its strong cloud push, and the MGT (Modernizing Government Technology) Act, with a working capital fund accessible to the IT department in place at the agency.

    However, the Dashboard shows that the areas of portfolio review and CIO authority took a big Pac-Man-like chunk out of the agency’s score. The CIO authority issue especially elicited frustration out of Rep. Will Hurd, R-Texas, then-chairman of the IT Subcommittee, during the most recent FITARA hearing in December.

    “This is simple – a dotted-line [relationship] is not enough” between CIOs and agency secretaries, he said. “An agency CIO should report directly to the agency head.”

    These findings are just a handful of what you can find on the Dashboard yourself. If you’re interested in seeing how your selected agency performed, check it out for yourself.



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