BEVERLY HILLS, Calif.–(BUSINESS WIRE)–
International real estate investment and services firm Kennedy Wilson (NYSE: KW – News) today announced the sale of NoHo-14, a 180-unit, 14-story luxury apartment building located in the NoHo Arts District of Los Angeles’ San Fernando Valley. The signature asset was sold for $74 million, representing a 4.1% cap rate on in place income. The seller assumed the $40 million Cigna fixed rate financing.
“We are very pleased to have sold this iconic property at a very opportune time in the market,” said Robert Hart, president of KW Multifamily Management Group. “NoHo-14 is just one of Kennedy Wilson’s ventures with Guardian Life and is an excellent example of our commitment to investing and creating value in multifamily real estate projects together.”
Kennedy Wilson originally acquired the building along with partners Guardian Life Insurance Company and RECP/Urban Partners as an REO asset in June 2010. The company converted the condominiums into apartments, implementing a new leasing program and enhancing property management to concierge level service, effectively upgrading the resident profile and growing the annual net operating income of the property from $2.3 million to $3.1 million. The company also renovated the building’s amenities, including the leasing office, recreation room, health club quality fitness center and high-tech business center as well as other aesthetics. Additionally, the 11,000 sq. ft. ground floor retail space at NoHo-14 was leased by Kennedy Wilson’s brokerage group to Roger Dunn Golf in a $3.8 million deal that relocated the golf superstore from its original location of over 30 years.
“NoHo-14 is the only Class A luxury tower of its kind in the North Hollywood area and is the only high-rise multifamily rental community in the entire San Fernando Valley,” commented Hart.
Kennedy Wilson’s multifamily portfolio now consists of 13,005 units in the U.S. and Japan.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 23 offices in the U.S., Europe and Japan. The company offers a comprehensive array of real estate services including auction, conventional sales, property services and investment management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor of real estate investments in the U.S., Europe and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50188357&lang=en
MULTIMEDIA AVAILABLE:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50188357&lang=en
http://tourism9.com/ http://vkins.com/
2012年3月1日星期四
AG Mortgage Investment Trust, Inc. Reports Fourth Quarter Earnings
NEW YORK–(BUSINESS WIRE)–
AG Mortgage Investment Trust, Inc. (“MITT” or the “Company”) (NYSE: MITT – News) today reported net income for the quarter ended December 31, 2011 of $5.8 million and net book value of $20.52 per share.
FINANCIAL HIGHLIGHTS
AG Mortgage Investment Trust, Inc. is an actively managed REIT that opportunistically invests in a diversified risk-adjusted portfolio of Agency RMBS, Non-Agency RMBS, CMBS and ABS. For the fourth quarter, the Company had net income of $5.8 million, or $0.58 per diluted share, and Core Earnings of $6.5 million, or $0.65 per diluted share. For the period from March 7, 2011 to December 31, 2011, the Company had net income of $19.0 million, or $3.20 per diluted share (7), and for the period from July 6, 2011 to December 31, 2011 (“period ended December 31, 2011”), the Company had Core Earnings of $12.4 million, or $1.24 per diluted share. Core Earnings represents a non-GAAP financial measure and is defined as net income (loss) excluding (i) net realized gain (loss) on investments and terminations on derivative contracts and (ii) net unrealized appreciation (depreciation) on investments and derivative contacts. (See “Non-GAAP Financial Measure” below for further detail on Core Earnings)
David Roberts, Chief Executive Officer, commented “We are pleased to announce our fourth quarter earnings. During the quarter, Core Earnings increased to $0.65 per share and we announced our first full quarter dividend of $0.70 per share. In addition to meeting our financial goals, we continued to diversify funding relationships and in January we were able to successfully complete an equity raise which has improved our stock’s liquidity. We are proud of our accomplishments over the last two quarters and look forward to the opportunities ahead.”
“Amidst uncertainty in the global markets, European liquidity difficulties and year-end funding pressures, we continued to optimize our Agency portfolio, opportunistically rotate the credit portfolio and retain capital for potential market dislocations,” said Jonathan Lieberman, Chief Investment Officer. “While Agency RMBS yields have compressed, we believe the low interest rate environment and a carefully selected investment portfolio will continue to support attractive risk-adjusted returns. Over the course of the quarter, we rotated a significant portion of the Agency portfolio into securities with more favorable prepayment attributes to further mitigate prepayment risk. Allocations to credit securities were concentrated in less volatile short duration Non-Agency securities and CMBS tranches with superior intrinsic value. We believe MITT is well positioned to continue to produce sustainable returns and take advantage of the opportunities ahead in both the Agency RMBS and credit markets. With the success of the European Central Bank’s Long-Term Refinancing Operation, funding risks have materially declined and we anticipate deploying capital in a more aggressive style. New capital from our January equity transaction allows greater latitude to the investment team to selectively increase our capital allocation to credit opportunities.”
INVESTMENT PORTFOLIO
The following summarizes the Company’s investment portfolio as of December 31, 2011 (2):
As of December 31, 2011, the weighted average yield on the Company’s investment portfolio was 3.16% and its weighted average cost of funds was 0.91%. This resulted in a net interest margin of 2.25% as of December 31, 2011. (6)
The CPR for the Agency RMBS portfolio was 5.0% for the fourth quarter and 5.0% for the month of December 2011. (5)
The weighted average cost basis of the Agency investment portfolio, excluding interest-only securities, was 103.5% as of December 31, 2011. The amortization of premiums (net of any accretion of discounts) on Agency securities for the fourth quarter was $1.9 million, or $(0.19) per share. The unamortized net Agency premium as of December 31, 2011 was $42.0 million.
Premiums and discounts associated with purchases of the Company’s securities are amortized or accreted into interest income over the estimated life of such securities, using the effective yield method. Since the cost basis of the Company’s Agency securities, excluding interest-only securities, exceeds the underlying principal balance by 3.5% as of December 31, 2011, slower actual and projected prepayments can have a meaningful positive impact, while faster actual or projected prepayments can have a meaningful negative impact on the Company’s asset yields.
We have also entered into “to-be-announced” (“TBA”) positions to facilitate the future purchase of Agency RMBS. Under the terms of these TBAs, the Company agrees to purchase, for future delivery, Agency RMBS with certain principal and interest specifications and certain types of underlying collateral, but the particular Agency RMBS to be delivered are not identified until shortly before (generally two days) the TBA settlement date. At December 31, 2011, we had $100 million net notional amount of TBA positions with a net weighted average purchase price of 103.8%. As of December 31, 2011, our TBA portfolio had a net weighted average yield at purchase of 3.01% and a net weighted average settlement date of February 5, 2012. We have recorded derivative assets of $1.4 million and derivative liabilities of $0.5 million, reflecting these TBA positions.
LEVERAGE AND HEDGING ACTIVITIES
The investment portfolio is financed with repurchase agreements as of December 31, 2011 as summarized below:
As of December 31, 2011, the Company had entered into repurchase agreements with twenty-one counterparties. We continue to rebalance our exposures to counterparties and add new counterparties.
We have entered into interest rate swap agreements to hedge our portfolio. The Company’s swaps as of December 31, 2011 are summarized as follows:
TAXABLE INCOME
The primary differences between taxable income and GAAP net income include (i) unrealized gains and losses associated with investment and derivative portfolios are marked-to-market in current income for GAAP purposes, but excluded from taxable income until realized or settled, (ii) temporary differences related to amortization of net premiums paid on investments (iii) the timing and amount of deductions related to stock-based compensation and (iv) excise taxes. As of December 31, 2011, the Company had undistributed taxable income of approximately $0.46 per share.
DIVIDEND
On December 14, 2011, the Company declared a dividend of $0.70 per share of common stock to stockholders of record as of December 30, 2011 and paid such dividend on January 27, 2012. The Company declared dividends of $1.10 per share for the period ended December 31, 2011.
SUBSEQUENT EVENT
On January 24, 2012, the Company completed a follow-on offering of 5,000,000 shares of its common stock and subsequently issued an additional 750,000 shares of common stock pursuant to the underwriters’ over-allotments at a price of $19.00 per share, for gross proceeds of approximately $109.3 million. Net proceeds to the Company from the offerings were approximately $104.1 million, net of issuance costs of approximately $5.2 million.
SHAREHOLDER CALL
The Company invites shareholders, prospective shareholders and analysts to attend MITT’s fourth quarter earnings conference call on March 1, 2012 at 11:00 am Eastern Time. The shareholder call can be accessed by dialing (888) 424-8151 (U.S. domestic) or (847) 585-4422 (international). Please enter code number 8732511#.
A presentation will accompany the conference call and will be available on the Company’s website at www.agmit.com. Select the Q4 2011 Earnings Presentation link to download and print the presentation in advance of the shareholder call.
An audio replay of the shareholder call combined with the presentation will be made available on our website after the call. The replay will be available until midnight on March 15, 2012. If you are interested in hearing the replay, please dial (888) 843-7419 (U.S. domestic) or (630) 652-3042 (international). The conference ID number is 8732511#.
For further information or questions, please contact Allan Krinsman, the Company’s General Counsel, at (212) 883-4180 or akrinsman@angelogordon.com.
ABOUT AG MORTGAGE INVESTMENT TRUST, INC.
AG Mortgage Investment Trust, Inc. is a real estate investment trust that invests in, acquires and manages a diversified portfolio of residential mortgage assets, other real estate-related securities and financial assets. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., an SEC-registered investment adviser that specializes in alternative investment activities.
Additional information can be found on the Company’s website at www.agmit.com.
ABOUT ANGELO, GORDON & CO.
Angelo, Gordon & Co. was founded in 1988 and has approximately $22 billion under management. Currently, the firm’s investment disciplines encompass five principal areas: (i) distressed debt and leveraged loans, (ii) real estate, (iii) mortgage-backed securities and other structured credit, (iv) private equity and special situations and (v) a number of hedge fund strategies. Angelo, Gordon & Co. employs over 250 employees, including more than 90 investment professionals, and is headquartered in New York, with associated offices in Amsterdam, Chicago, Los Angeles, London, Hong Kong Seoul, Shanghai, Sydney and Tokyo.
FORWARD LOOKING STATEMENTS
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in interest rates, changes in the yield curve, changes in prepayment rates, the availability and terms of financing, changes in the market value of our assets, general economic conditions, market conditions, conditions in the market for Agency securities, and legislative and regulatory changes that could adversely affect the business of the Company. Additional information concerning these and other risk factors are contained in the Company’s most recent filings with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website, http://www.sec.gov/. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Non-GAAP Financial Measure
This press release contains Core Earnings, a non-GAAP financial measure. AG Mortgage Investment Trust’s management believes that this non-GAAP measure, when considered with GAAP, provides supplemental information useful in evaluating the results of the Company’s operations. This non-GAAP measure should not be considered a substitute, or superior to, the financial measures calculated in accordance with GAAP. Our GAAP financial results and the reconciliations from these results should be carefully evaluated.
Core Earnings are defined by the Company as net income excluding both realized and unrealized gains (losses) on the sale or termination of securities, including underlying linked transactions and derivatives. As defined, Core Earnings include the net interest earned on these transactions, including credit derivatives, linked transactions, inverse Agency securities, interest rate derivatives or any other investment activity that may earn net interest. One of the objectives of the Company is to generate net income from net interest margin on the portfolio and management uses Core Earnings to measure this objective.
A reconciliation of GAAP net income to Core Earnings for the quarter and period ended December 31, 2011 is set forth below:
Footnotes
(1) Per share figures are calculated using outstanding shares including all shares granted to our Manager and our independent directors under our equity incentive plans as of quarter end.
(2) Generally when we purchase a security and finance it with a repurchase agreement, the security is included in our assets and the repurchase agreement is separately reflected in our liabilities on our balance sheet. For securities with certain characteristics (including those which are not readily obtainable in the market place) that are purchased and then simultaneously sold back to the seller under a repurchase agreement, US GAAP requires these transactions be netted together and recorded as a forward purchase commitment. Throughout this press release where we disclose our investment portfolio and the repurchase agreements that finance it, including our leverage metrics, we have un-linked the transaction and used the gross presentation as used for all other securities. This presentation is consistent with how the Company’s management evaluates the business, and believes provides the most accurate depiction of the Company’s investment portfolio and financial condition.
(3) Calculated by dividing total repurchase agreements, including $39.2 million included in linked transactions, plus payable on unsettled trades on our GAAP balance sheet by our GAAP stockholders’ equity.
(4) The total investment portfolio is calculated by summing the fair market value of our Agency RMBS, Non-Agency RMBS, CMBS and ABS assets, including linked transactions. The percentage of Agency RMBS and credit investments are calculated by dividing the respective fair market value of each, including linked transactions, by the total investment portfolio.
(5) This represents the weighted average monthly CPRs published during the period for our in-place portfolio during the same period.
(6) Net interest margin is calculated by subtracting the weighted average cost of funds from the weighted average yield for the Company’s investment portfolio, which excludes cash held by the Company. See footnotes (9) and (10) for further detail.
(7) Diluted per share figures are calculated using weighted average outstanding shares in accordance with GAAP. For the period from March 7, 2011 to December 31, 2011, the calculation reflected the impact of 100 shares outstanding from July 1, 2011 through the settlement date of our IPO.
(8) The swap ratio was calculated by dividing the notional value of our interest rate swaps by total repurchase agreements, including those included in linked transactions, plus payable on unsettled trades.
(9) The yield on our investment portfolio during the period represents an effective interest rate, which utilizes all estimates of future cash flows and adjusts for actual prepayment and cash flow activity as of quarter end. This calculation excludes cash held by the Company.
(10) The cost of funds was calculated as the sum of the weighted average rate on the repurchase agreements outstanding at quarter end and the weighted average net pay rate on our interest rate swaps. Both elements of the cost of funds were weighted by the repurchase agreements outstanding at quarter end.
(11) The management fee percentage at quarter end was calculated by annualizing management fees incurred during the quarter and dividing by quarter-ended stockholders’ equity.
(12) The other operating expenses percentage at quarter end was calculated by annualizing other operating expenses recorded during the quarter and dividing by quarter-ended stockholders’ equity.
http://tourism9.com/ http://vkins.com/
AG Mortgage Investment Trust, Inc. (“MITT” or the “Company”) (NYSE: MITT – News) today reported net income for the quarter ended December 31, 2011 of $5.8 million and net book value of $20.52 per share.
FINANCIAL HIGHLIGHTS
- Net income of $5.8 million, or 0.58 per share for the fourth quarter
- Net income of $19.0 million, or $3.20 per share for the period from March 7, 2011 to December 31, 2011
- Core Earnings of $6.5 million or $0.65 per share for the quarter
- Core Earnings of $12.4 million, or $1.24 per share for the period from July 6, 2011 (the consummation of our initial public offering) to December 31, 2011
- Net realized gains of $2.9 million, or $0.29 per share, on Agency RMBS for the fourth quarter and $7.2 million, or $0.72 per share, for the period from July 6, 2011 to December 31, 2011
- Net realized losses of ($3.5) million, or ($0.35) per share, on credit investments for the fourth quarter and for the period from July 6, 2011 to December 31, 2011
- $0.70 per share dividend declared for the fourth quarter and $1.10 per share dividends declared for the period ended December 31, 2011
- Approximately $0.46 per share of undistributed taxable income as of December 31, 2011(1)
- $20.52 net book value per share as of December 31, 2011(1)
- $1.4 billion investment portfolio value as of December 31, 2011 (2) (4)
- 5.86x leverage as of December 31, 2011 (2) (3)
- 91.0% Agency RMBS investment portfolio (4)
- 9.0% credit investment portfolio, comprising Non-Agency RMBS, CMBS and ABS assets (4)
- 5.0% constant prepayment rate (“CPR”) for the fourth quarter on the Agency RMBS investment portfolio (5)
- 2.25% net interest margin as of December 31, 2011 (6)
AG Mortgage Investment Trust, Inc. is an actively managed REIT that opportunistically invests in a diversified risk-adjusted portfolio of Agency RMBS, Non-Agency RMBS, CMBS and ABS. For the fourth quarter, the Company had net income of $5.8 million, or $0.58 per diluted share, and Core Earnings of $6.5 million, or $0.65 per diluted share. For the period from March 7, 2011 to December 31, 2011, the Company had net income of $19.0 million, or $3.20 per diluted share (7), and for the period from July 6, 2011 to December 31, 2011 (“period ended December 31, 2011”), the Company had Core Earnings of $12.4 million, or $1.24 per diluted share. Core Earnings represents a non-GAAP financial measure and is defined as net income (loss) excluding (i) net realized gain (loss) on investments and terminations on derivative contracts and (ii) net unrealized appreciation (depreciation) on investments and derivative contacts. (See “Non-GAAP Financial Measure” below for further detail on Core Earnings)
David Roberts, Chief Executive Officer, commented “We are pleased to announce our fourth quarter earnings. During the quarter, Core Earnings increased to $0.65 per share and we announced our first full quarter dividend of $0.70 per share. In addition to meeting our financial goals, we continued to diversify funding relationships and in January we were able to successfully complete an equity raise which has improved our stock’s liquidity. We are proud of our accomplishments over the last two quarters and look forward to the opportunities ahead.”
“Amidst uncertainty in the global markets, European liquidity difficulties and year-end funding pressures, we continued to optimize our Agency portfolio, opportunistically rotate the credit portfolio and retain capital for potential market dislocations,” said Jonathan Lieberman, Chief Investment Officer. “While Agency RMBS yields have compressed, we believe the low interest rate environment and a carefully selected investment portfolio will continue to support attractive risk-adjusted returns. Over the course of the quarter, we rotated a significant portion of the Agency portfolio into securities with more favorable prepayment attributes to further mitigate prepayment risk. Allocations to credit securities were concentrated in less volatile short duration Non-Agency securities and CMBS tranches with superior intrinsic value. We believe MITT is well positioned to continue to produce sustainable returns and take advantage of the opportunities ahead in both the Agency RMBS and credit markets. With the success of the European Central Bank’s Long-Term Refinancing Operation, funding risks have materially declined and we anticipate deploying capital in a more aggressive style. New capital from our January equity transaction allows greater latitude to the investment team to selectively increase our capital allocation to credit opportunities.”
| KEY STATISTICS (2) | ||||||||||||
| Weighted Average at | Weighted Average | |||||||||||
| December 31, 2011 | at September 30, 2011 | |||||||||||
| Investment portfolio | $ | 1,388,006,801 | $ | 1,332,205,377 | ||||||||
| Repurchase agreements | $ | 1,189,303,407 | $ | 1,126,859,885 | ||||||||
| Stockholders’ equity | $ | 206,283,920 | $ | 207,413,703 | ||||||||
| Leverage ratio | 5.86x | (3 | ) | 5.70x | (3 | ) | ||||||
| Swap ratio | 66 | % | (8 | ) | 51 | % | (8 | ) | ||||
| Yield on investment portfolio | 3.16 | % | (9 | ) | 3.26 | % | (9 | ) | ||||
| Cost of funds | 0.91 | % | (10 | ) | 0.82 | % | (10 | ) | ||||
| Net interest margin | 2.25 | % | (6 | ) | 2.44 | % | (6 | ) | ||||
| Management fees | 1.49 | % | (11 | ) | 1.43 | % | (11 | ) | ||||
| Other operating expenses | 1.57 | % | (12 | ) | 1.58 | % | (12 | ) | ||||
| Book value, per share | $ | 20.52 | (1 | ) | $ | 20.64 | (1 | ) | ||||
| Dividend, per share | $ | 0.70 | $ | 0.40 | ||||||||
INVESTMENT PORTFOLIO
The following summarizes the Company’s investment portfolio as of December 31, 2011 (2):
| Weighted Average | |||||||||||||||||
| Current Face | Premium (Discount) | Amortized Cost | Fair Value | Coupon | Yield | ||||||||||||
| Agency RMBS: | |||||||||||||||||
| 15-Year Fixed Rate | $ | 738,344,948 | $ | 22,525,476 | $ | 760,870,424 | $ | 772,310,909 | 3.32 | % | 2.62 | % | |||||
| 20-Year Fixed Rate | 227,566,114 | 7,362,001 | 234,928,115 | 237,586,837 | 3.69 | % | 3.00 | % | |||||||||
| 30-Year Fixed Rate | 232,890,169 | 12,162,512 | 245,052,681 | 246,679,482 | 3.99 | % | 3.18 | % | |||||||||
| Interest Only | 43,505,596 | (34,046,500 | ) | 9,459,096 | 6,636,871 | 5.50 | % | 3.45 | % | ||||||||
| Non-Agency RMBS | 102,246,062 | (8,980,754 | ) | 93,265,308 | 90,368,316 | 5.90 | % | 6.31 | % | ||||||||
| CMBS | 19,500,000 | (5,411,965 | ) | 14,088,035 | 13,537,851 | 5.88 | % | 13.44 | % | ||||||||
| ABS | 21,046,150 | (34,497 | ) | 21,011,653 | 20,886,535 | 4.50 | % | 4.50 | % | ||||||||
| Total | $ | 1,385,099,039 | $ | (6,423,727 | ) | $ | 1,378,675,312 | $ | 1,388,006,801 | 3.81 | % | 3.16 | % | ||||
As of December 31, 2011, the weighted average yield on the Company’s investment portfolio was 3.16% and its weighted average cost of funds was 0.91%. This resulted in a net interest margin of 2.25% as of December 31, 2011. (6)
The CPR for the Agency RMBS portfolio was 5.0% for the fourth quarter and 5.0% for the month of December 2011. (5)
The weighted average cost basis of the Agency investment portfolio, excluding interest-only securities, was 103.5% as of December 31, 2011. The amortization of premiums (net of any accretion of discounts) on Agency securities for the fourth quarter was $1.9 million, or $(0.19) per share. The unamortized net Agency premium as of December 31, 2011 was $42.0 million.
Premiums and discounts associated with purchases of the Company’s securities are amortized or accreted into interest income over the estimated life of such securities, using the effective yield method. Since the cost basis of the Company’s Agency securities, excluding interest-only securities, exceeds the underlying principal balance by 3.5% as of December 31, 2011, slower actual and projected prepayments can have a meaningful positive impact, while faster actual or projected prepayments can have a meaningful negative impact on the Company’s asset yields.
We have also entered into “to-be-announced” (“TBA”) positions to facilitate the future purchase of Agency RMBS. Under the terms of these TBAs, the Company agrees to purchase, for future delivery, Agency RMBS with certain principal and interest specifications and certain types of underlying collateral, but the particular Agency RMBS to be delivered are not identified until shortly before (generally two days) the TBA settlement date. At December 31, 2011, we had $100 million net notional amount of TBA positions with a net weighted average purchase price of 103.8%. As of December 31, 2011, our TBA portfolio had a net weighted average yield at purchase of 3.01% and a net weighted average settlement date of February 5, 2012. We have recorded derivative assets of $1.4 million and derivative liabilities of $0.5 million, reflecting these TBA positions.
LEVERAGE AND HEDGING ACTIVITIES
The investment portfolio is financed with repurchase agreements as of December 31, 2011 as summarized below:
| Agency RMBS | Non-Agency RMBS / CMBS / Other | |||||||||||
| Repurchase Agreements Maturing Within: | Balance | Weighted Average Rate | Balance | Weighted Average Rate | ||||||||
| 30 days or less | $ | 652,002,000 | 0.35 | % | $ | 68,187,000 | 1.74 | % | ||||
| 31-60 days | 334,825,407 | 0.42 | % | 1,749,000 | 1.95 | % | ||||||
| 61-90 days | 118,340,000 | 0.37 | % | 14,200,000 | 1.80 | % | ||||||
| Greater than 90 days | - | - | - | - | ||||||||
| Total / Weighted Average | $ | 1,105,167,407 | 0.37 | % | $ | 84,136,000 | 1.75 | % | ||||
As of December 31, 2011, the Company had entered into repurchase agreements with twenty-one counterparties. We continue to rebalance our exposures to counterparties and add new counterparties.
We have entered into interest rate swap agreements to hedge our portfolio. The Company’s swaps as of December 31, 2011 are summarized as follows:
| Maturity | Notional Amount | Weighted Average Pay Rate | Weighted Average Receive Rate* | Weighted Average Years to Maturity | |||||||
| 2012 | $ | 100,000,000 | 0.354 | % | 0.285 | % | 0.14 | ||||
| 2013 | 182,000,000 | 0.535 | % | 0.286 | % | 1.78 | |||||
| 2014 | 204,500,000 | 1.000 | % | 0.395 | % | 2.54 | |||||
| 2015 | 184,025,000 | 1.412 | % | 0.380 | % | 3.56 | |||||
| 2016 | 87,500,000 | 1.625 | % | 0.328 | % | 4.63 | |||||
| 2018 | 35,000,000 | 1.728 | % | 0.511 | % | 6.88 | |||||
| Total/Wtd Avg | $ | 793,025,000 | 1.008 | % | 0.350 | % | 2.72 | ||||
| * Approximately 50% of our interest rate swap notionals reset monthly based on one-month LIBOR and 50% of our interest rate swap notionals reset quarterly based on three-month LIBOR. | |||||||||||
TAXABLE INCOME
The primary differences between taxable income and GAAP net income include (i) unrealized gains and losses associated with investment and derivative portfolios are marked-to-market in current income for GAAP purposes, but excluded from taxable income until realized or settled, (ii) temporary differences related to amortization of net premiums paid on investments (iii) the timing and amount of deductions related to stock-based compensation and (iv) excise taxes. As of December 31, 2011, the Company had undistributed taxable income of approximately $0.46 per share.
DIVIDEND
On December 14, 2011, the Company declared a dividend of $0.70 per share of common stock to stockholders of record as of December 30, 2011 and paid such dividend on January 27, 2012. The Company declared dividends of $1.10 per share for the period ended December 31, 2011.
SUBSEQUENT EVENT
On January 24, 2012, the Company completed a follow-on offering of 5,000,000 shares of its common stock and subsequently issued an additional 750,000 shares of common stock pursuant to the underwriters’ over-allotments at a price of $19.00 per share, for gross proceeds of approximately $109.3 million. Net proceeds to the Company from the offerings were approximately $104.1 million, net of issuance costs of approximately $5.2 million.
SHAREHOLDER CALL
The Company invites shareholders, prospective shareholders and analysts to attend MITT’s fourth quarter earnings conference call on March 1, 2012 at 11:00 am Eastern Time. The shareholder call can be accessed by dialing (888) 424-8151 (U.S. domestic) or (847) 585-4422 (international). Please enter code number 8732511#.
A presentation will accompany the conference call and will be available on the Company’s website at www.agmit.com. Select the Q4 2011 Earnings Presentation link to download and print the presentation in advance of the shareholder call.
An audio replay of the shareholder call combined with the presentation will be made available on our website after the call. The replay will be available until midnight on March 15, 2012. If you are interested in hearing the replay, please dial (888) 843-7419 (U.S. domestic) or (630) 652-3042 (international). The conference ID number is 8732511#.
For further information or questions, please contact Allan Krinsman, the Company’s General Counsel, at (212) 883-4180 or akrinsman@angelogordon.com.
ABOUT AG MORTGAGE INVESTMENT TRUST, INC.
AG Mortgage Investment Trust, Inc. is a real estate investment trust that invests in, acquires and manages a diversified portfolio of residential mortgage assets, other real estate-related securities and financial assets. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., an SEC-registered investment adviser that specializes in alternative investment activities.
Additional information can be found on the Company’s website at www.agmit.com.
ABOUT ANGELO, GORDON & CO.
Angelo, Gordon & Co. was founded in 1988 and has approximately $22 billion under management. Currently, the firm’s investment disciplines encompass five principal areas: (i) distressed debt and leveraged loans, (ii) real estate, (iii) mortgage-backed securities and other structured credit, (iv) private equity and special situations and (v) a number of hedge fund strategies. Angelo, Gordon & Co. employs over 250 employees, including more than 90 investment professionals, and is headquartered in New York, with associated offices in Amsterdam, Chicago, Los Angeles, London, Hong Kong Seoul, Shanghai, Sydney and Tokyo.
FORWARD LOOKING STATEMENTS
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in interest rates, changes in the yield curve, changes in prepayment rates, the availability and terms of financing, changes in the market value of our assets, general economic conditions, market conditions, conditions in the market for Agency securities, and legislative and regulatory changes that could adversely affect the business of the Company. Additional information concerning these and other risk factors are contained in the Company’s most recent filings with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website, http://www.sec.gov/. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
| AG Mortgage Investment Trust, Inc. and Subsidiaries | |||||||
| Consolidated Balance Sheets | |||||||
| December 31, 2011 | April 1, 2011 | ||||||
| Assets | (Unaudited) | ||||||
| Real Estate securities, at fair value | |||||||
| Agency – $1,186,149,842 pledged as collateral | $ | 1,263,214,099 | $ | - | |||
| Non-Agency – $47,227,005 pledged as collateral | 58,787,051 | - | |||||
| CMBS – $2,747,080 pledged as collateral | 13,537,851 | - | |||||
| ABS – $4,526,620 pledged as collateral | 4,526,620 | - | |||||
| Linked transactions, net, at fair value | 8,787,180 | - | |||||
| Cash and cash equivalents | 35,851,249 | 1,000 | |||||
| Restricted cash | 3,037,055 | - | |||||
| Interest receivable | 4,219,640 | - | |||||
| Derivative assets, at fair value | 1,428,595 | - | |||||
| Prepaid expenses | 317,950 | - | |||||
| Due from broker | 341,491 | ||||||
| Due from affiliates | 104,994 | - | |||||
| Deferred costs | 52,176 | - | |||||
| Total Assets | $ | 1,394,205,951 | $ | 1,000 | |||
| Liabilities | |||||||
| Repurchase agreements | $ | 1,150,149,407 | $ | - | |||
| Payable on unsettled trades | 18,759,200 | - | |||||
| Interest payable | 2,275,138 | - | |||||
| Derivative liabilities, at fair value | 7,908,308 | - | |||||
| Dividend payable | 7,011,171 | - | |||||
| Due to affiliates | 770,341 | - | |||||
| Accrued expenses | 668,552 | - | |||||
| Due to broker | 379,914 | - | |||||
| Total Liabilities | 1,187,922,031 | - | |||||
| Stockholders’ Equity (Deficit) | |||||||
| Common stock, par value $0.01 per share; 450,000,000 and 1,000 shares of common stock authorized and 10,009,958 and 100 shares issued and outstanding at December 31, 2011 and April 1, 2011, respectively | 100,100 | 1 | |||||
| Additional paid-in capital | 198,228,694 | 999 | |||||
| Retained earnings | 7,955,126 | - | |||||
| 206,283,920 | 1,000 | ||||||
| Total Liabilities & Equity | $ | 1,394,205,951 | $ | 1,000 | |||
| AG Mortgage Investment Trust, Inc. and Subsidiaries | |||||||||
| Consolidated Statements of Operations | |||||||||
| (Unaudited) | |||||||||
| Period from | |||||||||
| Quarter Ended | March 7, 2011 to | ||||||||
| December 31, 2011 | December 31, 2011 | ||||||||
| Net Interest Income | |||||||||
| Interest income | $ | 10,022,275 | $ | 18,748,669 | |||||
| Interest expense | 1,106,097 | 1,696,344 | |||||||
| 8,916,178 | 17,052,325 | ||||||||
| Other Income (Loss) | |||||||||
| Net realized gain (loss) | (589,747 | ) | 3,701,392 | ||||||
| Gain (loss) on linked transactions, net | (1,013,291 | ) | (808,564 | ) | |||||
| Realized loss on periodic interest settlements of interest rate swaps, net | (1,175,788 | ) | (2,162,290 | ) | |||||
| Unrealized gain (loss) on derivative instruments, net | 70,663 | (6,491,430 | ) | ||||||
| Unrealized gain (loss) on real estate securities | 1,346,237 | 11,040,692 | |||||||
| (1,361,926 | ) | 5,279,800 | |||||||
| Expenses | |||||||||
| Management fee to affiliate | 770,341 | 1,512,898 | |||||||
| Other operating expenses | 811,372 | 1,566,642 | |||||||
| Equity based compensation to affiliate | 97,343 | 176,165 | |||||||
| Excise tax | 105,724 | 105,724 | |||||||
| 1,784,780 | 3,361,429 | ||||||||
| Net Income (Loss) | $ | 5,769,472 | $ | 18,970,696 | |||||
| Earnings Per Share of Common Stock | |||||||||
| Basic | $ | 0.58 | $ | 3.20 | |||||
| Diluted | $ | 0.58 | $ | 3.20 | |||||
| Weighted Average Number of Shares of Common Stock Outstanding | |||||||||
| Basic | 10,009,958 | 5,933,930 | |||||||
| Diluted | 10,010,799 | 5,933,930 | |||||||
| Dividends Declared per Share of Common Stock | $ | 0.70 | $ | 1.10 | |||||
Non-GAAP Financial Measure
This press release contains Core Earnings, a non-GAAP financial measure. AG Mortgage Investment Trust’s management believes that this non-GAAP measure, when considered with GAAP, provides supplemental information useful in evaluating the results of the Company’s operations. This non-GAAP measure should not be considered a substitute, or superior to, the financial measures calculated in accordance with GAAP. Our GAAP financial results and the reconciliations from these results should be carefully evaluated.
Core Earnings are defined by the Company as net income excluding both realized and unrealized gains (losses) on the sale or termination of securities, including underlying linked transactions and derivatives. As defined, Core Earnings include the net interest earned on these transactions, including credit derivatives, linked transactions, inverse Agency securities, interest rate derivatives or any other investment activity that may earn net interest. One of the objectives of the Company is to generate net income from net interest margin on the portfolio and management uses Core Earnings to measure this objective.
A reconciliation of GAAP net income to Core Earnings for the quarter and period ended December 31, 2011 is set forth below:
| Period from | ||||||||
| Quarter Ended | March 7, 2011 to | |||||||
| December 31, 2011 | December 31, 2011 | |||||||
| Net income/loss | $ | 5,769,472 | $ | 18,970,696 | ||||
| Add (Deduct): | ||||||||
| Net realized gain | 589,747 | (3,701,392 | ) | |||||
| Gain/loss on linked transactions, net | 1,013,291 | 808,564 | ||||||
| Net interest income on linked transactions | 554,729 | 900,638 | ||||||
| Unrealized gain/loss on derivative instruments, net | (70,663 | ) | 6,491,430 | |||||
| Unrealized gain/loss on real estate securities | (1,346,237 | ) | (11,040,692 | ) | ||||
| Core Earnings | $ | 6,510,339 | $ | 12,429,244 | ||||
Footnotes
(1) Per share figures are calculated using outstanding shares including all shares granted to our Manager and our independent directors under our equity incentive plans as of quarter end.
(2) Generally when we purchase a security and finance it with a repurchase agreement, the security is included in our assets and the repurchase agreement is separately reflected in our liabilities on our balance sheet. For securities with certain characteristics (including those which are not readily obtainable in the market place) that are purchased and then simultaneously sold back to the seller under a repurchase agreement, US GAAP requires these transactions be netted together and recorded as a forward purchase commitment. Throughout this press release where we disclose our investment portfolio and the repurchase agreements that finance it, including our leverage metrics, we have un-linked the transaction and used the gross presentation as used for all other securities. This presentation is consistent with how the Company’s management evaluates the business, and believes provides the most accurate depiction of the Company’s investment portfolio and financial condition.
(3) Calculated by dividing total repurchase agreements, including $39.2 million included in linked transactions, plus payable on unsettled trades on our GAAP balance sheet by our GAAP stockholders’ equity.
(4) The total investment portfolio is calculated by summing the fair market value of our Agency RMBS, Non-Agency RMBS, CMBS and ABS assets, including linked transactions. The percentage of Agency RMBS and credit investments are calculated by dividing the respective fair market value of each, including linked transactions, by the total investment portfolio.
(5) This represents the weighted average monthly CPRs published during the period for our in-place portfolio during the same period.
(6) Net interest margin is calculated by subtracting the weighted average cost of funds from the weighted average yield for the Company’s investment portfolio, which excludes cash held by the Company. See footnotes (9) and (10) for further detail.
(7) Diluted per share figures are calculated using weighted average outstanding shares in accordance with GAAP. For the period from March 7, 2011 to December 31, 2011, the calculation reflected the impact of 100 shares outstanding from July 1, 2011 through the settlement date of our IPO.
(8) The swap ratio was calculated by dividing the notional value of our interest rate swaps by total repurchase agreements, including those included in linked transactions, plus payable on unsettled trades.
(9) The yield on our investment portfolio during the period represents an effective interest rate, which utilizes all estimates of future cash flows and adjusts for actual prepayment and cash flow activity as of quarter end. This calculation excludes cash held by the Company.
(10) The cost of funds was calculated as the sum of the weighted average rate on the repurchase agreements outstanding at quarter end and the weighted average net pay rate on our interest rate swaps. Both elements of the cost of funds were weighted by the repurchase agreements outstanding at quarter end.
(11) The management fee percentage at quarter end was calculated by annualizing management fees incurred during the quarter and dividing by quarter-ended stockholders’ equity.
(12) The other operating expenses percentage at quarter end was calculated by annualizing other operating expenses recorded during the quarter and dividing by quarter-ended stockholders’ equity.
http://tourism9.com/ http://vkins.com/
RHB Group provides RM1.38bn loan for RM6b Tg Bin power plant
KUALA LUMPUR (March 1): RHB Bank and RHB Investment Bank are providing RM1.38 billion to partly finance the construction of the RM6 billion coal-fired power plant in Tanjung Bin, Johor.
The financing of the 1,000 MW plant is managed by Malakoff Corporation Bhd’s unit Tanjung Bin Energy Issuer Bhd
RHB Investment Bank is the mandated lead arranger whilst RHB Bank is the lender in the syndicated facilities. RHB Investment Bank is also a joint lead manager in the Sukuk programme.
According to a statement issued by RHB Group, Malaysia’s energy demand is projected to grow at 3.4% annually, which is double the 2010 level with the rollout of the large scale infrastructure and construction projects under the 10th Malaysia Plan.
http://tourism9.com/ http://vkins.com/
The financing of the 1,000 MW plant is managed by Malakoff Corporation Bhd’s unit Tanjung Bin Energy Issuer Bhd
RHB Investment Bank is the mandated lead arranger whilst RHB Bank is the lender in the syndicated facilities. RHB Investment Bank is also a joint lead manager in the Sukuk programme.
According to a statement issued by RHB Group, Malaysia’s energy demand is projected to grow at 3.4% annually, which is double the 2010 level with the rollout of the large scale infrastructure and construction projects under the 10th Malaysia Plan.
http://tourism9.com/ http://vkins.com/
Allied Properties Real Estate Investment Trust Announces Continued Expansion in Western Canada and Acquisition of …
TORONTO, ONTARIO–(Marketwire -02/29/12)- Allied Properties REIT (TSX: AP.UN) announced today that it has entered into agreements to purchase the following properties for $46.7 million:
Calgary Acquisition
Located in Inglewood, the Woodstone Building (1207 & 1215 – 13th Street S.E.) is a Class I property comprised of 31,023 square feet of GLA and 20 surface parking spaces. It is 100% leased to tenants consistent in character and quality with Allied’s tenant base. Built in 1911 as a wood mill, the property was extensively restored and renovated for office use in 2009. It is on the Inventory of Evaluated Historic Resources maintained by the City of Calgary. Inglewood was established in 1875, not long after Fort Calgary was built. Known initially as Brewery Flats, it officially received the name of Inglewood in 1911 and has since evolved into a destination shopping and creative district. It has Class I office inventory of approximately 350,000 square feet.
Victoria Acquisition
Located on Yates Street, between Wharf and Government Streets, 535 Yates Street is a restored heritage property comprised of 19,030 square feet of GLA. It is 92% leased to tenants consistent in character and quality with our tenant base. Built in the early 1900s, the property was extensively restored and renovated in the 1970s and again in 2009. It is a designated heritage property by the City of Victoria.
Montreal Acquisition
Allied acquired 5455 de Gaspe Avenue in June of last year because of its strategic location in Montreal’s Plateau region and its significant, near-term upgrade potential. 5445 de Gaspe is the adjacent property to the south. It is a Class I property comprised of 502,693 square feet of GLA and 150 underground parking spaces. It is currently 97% leased to a large number of smaller tenants at low rents. While carrying 5455 de Gaspe as a rental property, Allied plans to upgrade the building and the tenant-base with a view to boosting the annual net operating income (“NOI”) materially over a five-year period.
Closing and Financing of Acquisitions
The acquisitions are expected to close in late March and early April of 2012, subject to customary conditions. The purchase price for the three properties represents a capitalization rate of 7.5% applied to the annual NOI. On closing, the properties will be free and clear of mortgage financing. Allied will place first mortgage financing on the properties as soon after closing as possible with a view to locking-in the currently favourable cost of debt. On closing of the acquisitions and anticipated mortgage financings, Allied will continue to have a very conservative debt ratio and significant internal liquidity and acquisition capacity.
Cautionary Statements
This press release may contain forward-looking statements with respect to Allied, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of Allied discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transactions contemplated herein are completed. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under “Risk Factors” in Allied’s Annual Information Form, which is available at www.sedar.com. These cautionary statements qualify all forward-looking statements attributable to Allied and persons acting on Allied’s behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the parties have no obligation to update such statements.
“Capitalization rate” is not a measure recognized under International Financial Reporting Standards (“IFRS”) and does not have any standardized meaning prescribed by IFRS. Capitalization rate is presented in this press release because management of Allied believes that this non-IFRS measure is relevant in interpreting the purchase price of the properties being acquired. Capitalization rate, as computed by Allied, may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to capitalization rate reported by such organizations.
NOI is not a measure recognized under IFRS and does not have any standardized meaning prescribed by IFRS. NOI is presented in this press release because management of Allied believes that this non-IFRS measure is relevant in interpreting the purchase price of the property being acquired. NOI, as computed by Allied, may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to NOI reported by such organizations.
Allied Properties REIT is a leading owner, manager and developer of urban office environments that enrich experience and enhance profitability for business tenants operating in Canada’s major cities. Its objectives are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.
http://tourism9.com/ http://vkins.com/
Total Office Retail Address GLA GLA GLA Parking Spaces --------------------------------------------------------------------------- Woodstone Building, Calgary 31,023 31,023 20 535 Yates Street, Victoria 19,030 12,718 6,312 0 5445 de Gaspe Avenue, Montreal 502,693 502,693 150 --------------------------------------------------------------------------- Total 552,746 546,434 6,312 170 ---------------------------------------------------------------------------“This is a good start to our 2012 program, one that builds well on last year’s efforts,” said Michael Emory, President & CEO. “The Woodstone Building opens up a new sub-market for us in Calgary, whereas 535 Yates Street adds to our foothold in Victoria. 5445 de Gaspe Avenue in Montreal is a great compliment to 5455 de Gaspe Avenue, a large-scale upgrade property we acquired last year.”
Calgary Acquisition
Located in Inglewood, the Woodstone Building (1207 & 1215 – 13th Street S.E.) is a Class I property comprised of 31,023 square feet of GLA and 20 surface parking spaces. It is 100% leased to tenants consistent in character and quality with Allied’s tenant base. Built in 1911 as a wood mill, the property was extensively restored and renovated for office use in 2009. It is on the Inventory of Evaluated Historic Resources maintained by the City of Calgary. Inglewood was established in 1875, not long after Fort Calgary was built. Known initially as Brewery Flats, it officially received the name of Inglewood in 1911 and has since evolved into a destination shopping and creative district. It has Class I office inventory of approximately 350,000 square feet.
Victoria Acquisition
Located on Yates Street, between Wharf and Government Streets, 535 Yates Street is a restored heritage property comprised of 19,030 square feet of GLA. It is 92% leased to tenants consistent in character and quality with our tenant base. Built in the early 1900s, the property was extensively restored and renovated in the 1970s and again in 2009. It is a designated heritage property by the City of Victoria.
Montreal Acquisition
Allied acquired 5455 de Gaspe Avenue in June of last year because of its strategic location in Montreal’s Plateau region and its significant, near-term upgrade potential. 5445 de Gaspe is the adjacent property to the south. It is a Class I property comprised of 502,693 square feet of GLA and 150 underground parking spaces. It is currently 97% leased to a large number of smaller tenants at low rents. While carrying 5455 de Gaspe as a rental property, Allied plans to upgrade the building and the tenant-base with a view to boosting the annual net operating income (“NOI”) materially over a five-year period.
Closing and Financing of Acquisitions
The acquisitions are expected to close in late March and early April of 2012, subject to customary conditions. The purchase price for the three properties represents a capitalization rate of 7.5% applied to the annual NOI. On closing, the properties will be free and clear of mortgage financing. Allied will place first mortgage financing on the properties as soon after closing as possible with a view to locking-in the currently favourable cost of debt. On closing of the acquisitions and anticipated mortgage financings, Allied will continue to have a very conservative debt ratio and significant internal liquidity and acquisition capacity.
Cautionary Statements
This press release may contain forward-looking statements with respect to Allied, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of Allied discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transactions contemplated herein are completed. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under “Risk Factors” in Allied’s Annual Information Form, which is available at www.sedar.com. These cautionary statements qualify all forward-looking statements attributable to Allied and persons acting on Allied’s behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the parties have no obligation to update such statements.
“Capitalization rate” is not a measure recognized under International Financial Reporting Standards (“IFRS”) and does not have any standardized meaning prescribed by IFRS. Capitalization rate is presented in this press release because management of Allied believes that this non-IFRS measure is relevant in interpreting the purchase price of the properties being acquired. Capitalization rate, as computed by Allied, may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to capitalization rate reported by such organizations.
NOI is not a measure recognized under IFRS and does not have any standardized meaning prescribed by IFRS. NOI is presented in this press release because management of Allied believes that this non-IFRS measure is relevant in interpreting the purchase price of the property being acquired. NOI, as computed by Allied, may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to NOI reported by such organizations.
Allied Properties REIT is a leading owner, manager and developer of urban office environments that enrich experience and enhance profitability for business tenants operating in Canada’s major cities. Its objectives are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.
http://tourism9.com/ http://vkins.com/
订阅：
博文 (Atom)