文章核心观点 - 加拿大太平洋-堪萨斯城有限公司(CPKC)董事会宣布了每季度0.19美元的普通股股息[1][2] - CPKC是加拿大、美国和墨西哥之间唯一的跨国铁路公司,拥有通往主要港口的无与伦比的铁路网络[3] - CPKC拥有约20,000英里的铁路线和20,000名铁路工人,为北美客户提供无与伦比的铁路服务和网络覆盖[3] - CPKC正在与客户共同成长,提供一系列货运服务、物流解决方案和供应链专业知识[3] 公司概况 - CPKC总部设在加拿大卡尔加里[3] - CPKC是加拿大、美国和墨西哥之间唯一的跨国铁路公司[3] - CPKC拥有通往从温哥华到大西洋加拿大,再到墨西哥拉萨罗卡尔德纳斯的主要港口的无与伦比的铁路网络[3] - CPKC拥有约20,000英里的铁路线和20,000名铁路工人[3] 业务概况 - CPKC为北美客户提供无与伦比的铁路服务和网络覆盖[3] - CPKC提供一系列货运服务、物流解决方案和供应链专业知识[3] - CPKC正在与客户共同成长[3]

公司业绩方面 - 今年第一季度公司核心FFO约为1350万美元扣除360万美元经常性租户改善和资本支出后AFFO约为910万美元合每股0.22美元[7] - 基于全年指引核心FFO在今年剩余时间将降低这可能影响AFFO结果但预计优先股股息支付率仍将低于股息前AFFO的25%[12] - 2024年全年处置金额2100万美元净营业收入1.035亿美元利息支出3450 - 3550万美元核心FFO每股1.14 - 1.22美元12月31日入住率83.5% - 86.5%同店现金NOI变化 - 2.0% - 1.0%[13][14] 股息支付方面 - 公司普通股季度股息每股0.1美元有足够覆盖优先股股息已包含在FFO和AFFO计算中[9] - 扣除经常性资本支出且未支付优先股股息前的总AFFO接近1100万美元支付优先股股息所需不到股息前AFFO的20%[11] - 尽管办公环境存在问题预计公司仍能履行优先股股息支付义务[15] 资产负债表方面 - 公司总资产15亿美元现金和受限现金约4300万美元总债务6.68亿美元预计净债务6.25亿美元（若不考虑受限现金为6.4亿美元）LTV比率为48%[16] - 公司计划将波特兰Cascade Station交给贷方预计LTV比率将降至47.7%考虑额外留存收益后可能接近47.5%[19][20] - 波特兰AmberGlen物业租户将腾出约72000平方英尺空间若将该物业交给贷方净债务将降至6亿美元资产账面价值降至12.9亿美元LTV比率更新为46.5%[21] - 公司每年将保留约1000 - 1500万美元收益这将对LTV比率产生每年约100个基点的积极影响[22] - 公司股权7.67亿美元其中优先股仅1.12亿美元占比不到15%普通股权益超6.5亿美元[25] 优先股情况方面 - 公司目前有A系列优先股在纽约证券交易所交易代码为(NYSE:CIO.PR.A)股息率6.625%每年1.65625美元按季度等额支付可随时赎回[25] - 优先股目前交易价格为17.66美元较票面价值低近30%当前收益率为9.38%[25] - 鉴于优先股股息覆盖率较高且资产负债表相对保守9.4%的收益率提供了有吸引力的风险回报比[26] 投资观点方面 - 尽管不看好办公相关房地产但公司优先股提供了度过难关的有吸引力机会[27] - 优先股发行规模相对较小股息支付可控且普通股权益较多[27] - 已持有公司优先股多头头寸未来几天可能增持[27]

KANSAS CITY, Mo., July 26, 2024 /PRNewswire/ -- Kansas City Life Insurance Company recorded net income of $4.7 million or $0.49 per share in the second quarter of 2024 compared to net income of $4.5 million or $0.46 per share in the second quarter of 2023.  Net income totaled $6.3 million or $0.65 per share in the first six months of 2024, up from $1.2 million or $0.13 per share in the first six months of 2023.The results for the second quarter of 2024 reflected higher investment revenues and lower policyho ...

KANSAS CITY, Mo., July 25, 2024 /PRNewswire/ -- Kansas City Life Insurance Company (the "Company") announced that the Board of Directors has appointed Eileen M. Hutchinson to the Board effective July 22, 2024, to fill an unexpired term. Ms. Hutchinson will also join the Audit Committee.Ms. Hutchinson retired as the Vice President of Finance and Chief Financial Officer of the Government Employee Health Association, Inc. ("GEHA") in 2016. Prior to joining GEHA, she worked as the Vice President of Finance for ...

Boston, MA, July 24, 2024 (GLOBE NEWSWIRE) -- Inner City Capital Connections (ICCC), ICIC’s signature program for small business owners in the mid-stage of their growth, is thrilled to mark its fourth year in Canada, made possible by the generous support and partnership of the lead sponsor, Pizza Hut Canada, as part of YUM’s Unlocking Opportunity Initiative. The program provides free education, mentorship, and grants to small business owners from underrepresented communities across Canada. At the heart of t ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

NEWS RELEASE For Immediate Release July 23, 2024 For Further Information Contact: David L. Bumgarner, Executive Vice President and Chief Financial Officer (304) 769-1169 City Holding Company Announces Quarterly Results Charleston, West Virginia – City Holding Company ("Company" or "City") (NASDAQ:CHCO), a $6.3 billion bank holding company headquartered in Charleston, West Virginia, today announced quarterly net income of $29.1 million and diluted earnings of $1.96 per share for the quarter ended June 30, 20 ...

City Holding (CHCO) came out with quarterly earnings of $1.96 per share, beating the Zacks Consensus Estimate of $1.88 per share. This compares to earnings of $2.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.26%. A quarter ago, it was expected that this bank holding company for City National Bank of West Virginia would post earnings of $1.84 per share when it actually produced earnings of $1.97, delivering a surprise of ...

KANSAS CITY, Mo., July 22, 2024 /PRNewswire/ -- The Board of Directors of Kansas City Life Insurance Company declared a quarterly dividend of $0.14 per share on July 22, 2024. The dividend will be payable on Aug. 7, 2024, to stockholders of record on Aug. 1, 2024.Kansas City Life Insurance Company (OTCQX: KCLI) was established in 1895 and is based in Kansas City, Missouri. The Company's primary business is providing financial protection through the sale of life insurance and annuities. The Company operates ...

文章核心观点 - 公司最近的经营表现保持韧性,并采取了一些重要措施来改善其资产负债表和流动性状况,但这似乎没有反映在其估值中 [2] - 公司的物业组合价值在第一季度保持稳定,资产处置计划继续推进 [4] - 公司的租金收入同比增长3.4%,主要得益于租金与通胀挂钩,而入住率增长对租金增长的贡献很小 [4] - 公司的调整后EBITDA同比增长3% [4] - 公司的净利润为4200万欧元,而上年同期为亏损1100万欧元,主要由于物业重估的影响 [5] - 公司的自由现金流(FFO)同比下降4%,主要由于融资成本上升和永续债票息率上升 [5] - 公司的资产负债表状况较为稳健,贷款与价值比为36%,包括永续债后为48% [5][6] - 公司最近进行了负债管理,通过自愿收购和债券置换等方式降低了永续债的成本和延长了到期日 [6] - 公司最近成功发行了5亿欧元的新债券,显示市场情绪有所改善,公司的流动性状况也有所改善 [7] - 公司当前的估值仍然较低,低于历史平均水平和同行业可比公司 [7] 公司经营情况总结 - 公司的物业组合价值保持稳定,资产处置计划持续推进 [4] - 公司的租金收入和调整后EBITDA保持增长,体现了公司的经营韧性 [4] - 公司的净利润和自由现金流有所下降,主要受融资成本上升和永续债票息率上升的影响 [5] - 公司的资产负债表状况较为稳健,但包括永续债后的贷款与价值比较高 [5][6] - 公司通过负债管理措施优化了永续债结构,并成功发行新债券,改善了流动性状况 [6][7] 行业发展趋势 - 德国住宅市场供需格局较为紧张,新房建设下降,未来几年租金有望继续上涨 [4] - 欧洲利率下降趋势有利于房地产公司的资产估值和负债水平 [7] 公司估值分析 - 公司当前的估值仍然较低,低于历史平均水平和同行业可比公司 [7]