Private Placement Set for Joint Venture of Up to $100,000,000 on 97 Net Drill Locations Aug 1, 2014 07:45AM

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/01/14 -- Petro One Energy Corp. (TSX VENTURE: POP)(PINKSHEETS: CUDBF)(FRANKFURT: C6K1) announced on July 27, 2014 that it had arranged funding of up to $100,000,000 from Korea Myanmar Development Corporation ("KMDC") to drill up to 97 oil wells on Petro One properties in Saskatchewan and Manitoba. It is now pleased to report that the first step in that funding has been taken.

KMDC was originally established with the support of the Korean Government to secure and develop petroleum leases in Myanmar (formerly Burma) as part of a program to develop enhanced economic relations between Korea and Myanmar across a number of sectors. Under the guidance of Chairman Lee Young-Soo, KMDC recently determined to seek opportunities in the Canadian oil patch. It was introduced to Petro One and ultimately identified Petro One as its preferred candidate. The Earning and Joint Venture Agreement was negotiated only after extensive due diligence by legal and technical advisors to KMDC, including data due diligence and property site inspections, all which was overseen by Petro One's Chief Consulting Geologist, Trevor Bremner. Approximately 70 representatives of the Korean Government, Korean business community and Korean press, including Korean Television, attended the formal signing ceremony in Seoul, at which Petro One was represented by its Chief Executive Officer and Chief Operating Officer. It was made very clear in the speeches given by Government Officials and Chairman Lee that they consider $100,000,000 in funding to be the first step in a longer term, more comprehensive arrangement with Petro One.

"We are delighted to be embarking on this joint venture with a multinational company of KMDC's calibre," said Petro One President Peter Bryant. "The KMDC financing will fund an aggressive multi-well program designed to provide for exponential growth through production on 8 of Petro One's properties. Saskatchewan and Manitoba are ranked as two of the best geopolitically stable places in the world to drill for shallow, light oil, and Petro One's land is ideally located for low risk development drilling in or adjacent to infrastructure and existing oil fields. We look forward to rapid growth and a long and prosperous partnership with KMDC."

The pricing for the initial $4,000,000 private placement announced on July 28, 2014 was agreed to be set at the lowest "Discounted Market Price" of Petro One shares occurring during the 20 day period following the second trading day after the July 28, 2014 news release, subject to a minimum price of $0.25. Accordingly, based on the closing price of the Company's shares on July 31, 2014, the financing has been priced at $0.25 per Unit. Each Unit is comprised of one common share and one warrant, and each warrant will be exercisable at $0.375 for two years after closing, subject to accelerated exercise if the Company's shares trade over $2.00 for a period of 10 consecutive trading days after four months from the closing date. As a result, KMDC is obligated under the Agreement to advance $14,000,000 for the drilling fund to bring the total initial Phase 1 investment to $18,000,000, and has the right to increase that by an additional $82,000,000 in Phase 2.

The private placement and use of proceeds are described in more detail in the Company's July 28, 2014 news release. All shares issued pursuant to the offering and any shares issued pursuant to the exercise of warrants will be subject to a four-month hold period from the closing date. Closing remains scheduled for September 2, 2014, and the agreement with KMDC and the private placement remain subject to acceptance by the TSXV. Aberdeen Gould Capital Markets Ltd. is acting as the Company's Exempt Market Dealer in respect of the private placement, as described in the July 28, 2014 news release.

The Company will report on further developments as they occur.

ON BEHALF OF THE BOARD

"Peter Bryant"

President & Director

To view photos of the formal signing ceremony with KMDC in Seoul, Korea July 28 2014, please visit Petro One Energy's homepage here: http://www.petrooneenergy.com/main/index.php?page_id=132.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation, including, but not limited to management's assessment of future plans and operations, including: drilling plans and potential locations; expected production levels; development plans; reserves growth; production and operating sales and expenses; reservoir characteristics; the results of applying certain operational development techniques; certain economic factors; and capital expenditures.

Forward looking statements are typically identified by words such as "anticipate", "estimate", "expect", "forecast", "may", "will", "project" and similar words suggesting future events or performance or may be identified by reference to a future date. In addition, statements relating to oil and gas reserves and resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves or resources described, as the case may be, exist in the quantities predicted or estimated and can be profitably produced in the future. With respect to forward looking statements herein, the Company has made assumptions regarding, among other things; future capital expenditure levels; future oil and natural gas prices; ability to obtain equipment and services in a timely manner to carry out development activities; ability to market oil and natural gas successfully to current and new customers; the ability to obtain financing on acceptable terms; and the ability to add production and reserves through development and exploitation activities. Although the Company believes that the expectations reflected in the forward-looking statements contained herein, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included herein, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous risks and uncertainties that contribute to the possibility that the forward-looking statements will not occur, which may cause the Company's actual performance and financial results in future periods to differ materially from any estimates or projections. The forward-looking statements contained herein are made as of the date hereof. The Company does not undertake any obligation to, nor does it intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement. In addition, readers are cautioned that historical results are not necessarily indicative of future performance.

Contacts:
King James Capital Corporation
Jeff Stuart
Investor Relations
(604) 805-0375
jstuart@kingjamescapital.com

Petro One Energy Corp.
www.PetroOneEnergy.com
www.Twitter.com/PetroOneEnergy

Source: Petro One Energy Corp.


iStore Transforms Retailing for the Digital Age Aug 1, 2014 07:45AM

MONTREAL, QUEBEC -- (Marketwired) -- 08/01/14 -- Located in Montreal's Rockland Centre, the first-ever international iStore invites consumers to discover the latest, most fashionable digital lifestyle products in a chic, ultra-modern atmosphere. From photography to cooking, music to health and fitness, children's toys to connected home accessories, this stylish new retail destination is showcasing today's most cutting-edge digital trends. Welcome to the new iStore.

"Technology has gone far beyond being a simple tool," explains Joel Teitelbaum, CEO of iStore Inc. "It is a fashionable form of self-expression and individuality. With so many options available to consumers, our goal was to create a unique, interactive environment that highlights a dynamic and imaginative selection of the latest digital solutions and accessories. At iStore our goal is to entertain, educate and empower our customers to get more out of the mobile devices they own."

The 3,000 square foot store has been designed with the greatest attention to detail. Custom-made Corian counters showcase everything from colourful headphones and beautifully structured carrying cases, to tablets, fitness trackers, learning toys, and much more. Items are displayed on gleaming floating trays that invite customers to interact with each product. A circular sound booth beckons to customers who want to test out the boutique's wide range of wireless speakers. The booth cuts out all ambient noise, providing customers with a fun and incomparable listening experience.

"The digital world and all of its capabilities can sometimes feel overwhelming to customers," explains Mike Battat, president of iStore Inc. "Our aim is to simplify its complexity, so that our customers can truly maximize their enjoyment of the digital products they use. Our advanced, in-house training ensures that our staff can easily educate and address every question that a customer might have."

Along with an ever-expanding range of cutting-edge digital accessories from leading industry partner brands such as Apple, Beats, Bose, Jawbone and Fitbit, the iStore also features the latest iPhones and iPads on the TELUS network, its exclusive carrier partner.

On Tuesday, August 12th, 2014 iStore will host a private media meet & greet followed by the celebration of its official international launch. The new iStore is located on the 3rd level of the Rockland Centre, 2305 Rockland, Montreal, 514-507-4041, www.istoreworld.com

Founded in 2010 by Joel Teitelbaum and Mike Battat, the iStore retail concept is dedicated to showcasing leading digital lifestyle products, brands and solutions in a modern and fashionable environment. iStore is currently established in a variety of channels including 15 smaller-format iStore boutiques in airports throughout North America including JFK, LAX and Toronto's Pearson Airport, and also through its iStoreworld.com online store. In 2013, iStore also partnered with Chapters Indigo; applying their expansive knowledge of the fashion and technology categories in the creation of Indigotech boutiques, which are now featured in 37 store locations across Canada. In 2014, iStore has now fully realized its vision for the future of digital lifestyle retail with its 3,000 square foot new concept iStore at Montreal's Rockland Centre.

Contacts:
Tuti Do
Rev Communications
514.331.8837
tdo@revcommunications.com

Source: iStore


Independence Realty Trust Announces Second Quarter 2014 Financial Results Aug 1, 2014 07:45AM

PHILADELPHIA--(BUSINESS WIRE)-- Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) today announced second quarter 2014 financial results.

Highlights

  • Core funds from operations (“CFFO”) increased 160% to $3.4 million for the quarter ended June 30, 2014 from $1.3 million for the quarter ended June 30, 2013.
  • Operating income increased 47% to $1.8 million for the quarter ended June 30, 2014 from $1.2 million for the quarter ended June 30, 2013.
  • Total revenues grew 148% to $11.6 million for the quarter ended June 30, 2014 from $4.7 million for the quarter ended June 30, 2013.
  • On July 21, 2014, IRT completed its underwritten public offering selling 8,050,000 shares of IRT common stock for $9.50 per share raising gross proceeds of $76.5 million. RAIT Financial Trust (“RAIT”), IRT’s largest stockholder and the parent company of IRT’s external advisor, purchased 300,000 shares of common stock in the offering, at the public offering price, for which no underwriting discounts and commissions were paid to the underwriters. After giving effect to this offering, the percent of IRT’s outstanding common stock held by RAIT was reduced from 39.4% to 28.2%.
  • IRT acquired 2 properties totaling 372 units for $41.8 million during the quarter ended June 30, 2014.

Financial Results

IRT reported CFFO, a non-GAAP financial measure, for the three-month period ended June 30, 2014 of $3.4 million, or $0.19 per share – diluted based on 17.7 million weighted-average shares outstanding – diluted, as compared to CFFO for the three-month period ended June 30, 2013 of $1.3 million, or $0.23 per share – diluted based on 5.6 million weighted-average shares outstanding – diluted. IRT reported a net loss allocable to common stock for the three-month period ended June 30, 2014 of $(0.1) million, or $(0.01) per share – diluted based on 17.7 million weighted-average shares outstanding – diluted, as compared to net income allocable to common stock for the three-month period ended June 30, 2013 of $0.05 million, or $0.01 per share – diluted based on 5.6 million weighted-average shares outstanding – diluted.

IRT reported CFFO for the six-month period ended June 30, 2014 of $5.9 million, or $0.36 per share – diluted based on 16.5 million weighted-average shares outstanding – diluted, as compared to CFFO for the six-month period ended June 30, 2013 of $2.6 million, or $0.46 per share – diluted based on 5.6 million weighted-average shares outstanding – diluted. IRT reported a net income allocable to common stock for the six-month period ended June 30, 2014 of $2.8 million, or $0.17 per share – diluted based on 16.5 million weighted-average shares outstanding – diluted, as compared to net income allocable to common stock for the six-month period ended June 30, 2013 of $0.05 million, or $0.01 per share – diluted based on 5.6 million weighted-average shares outstanding – diluted.

A reconciliation of IRT's reported net income (loss) to its funds from operations (“FFO”) and CFFO is included as Schedule I to this release. Schedule I also includes management's rationale for the usefulness of each of these non-GAAP financial measures.

Distributions

On July 10, 2014, IRT’s Board of Directors declared monthly cash dividends for the third quarter of 2014 on IRT’s shares of common stock in the amount of $0.06 per share per month. The monthly dividends total $0.18 per share for the third quarter. The month for which each dividend was declared is set forth below, with the relevant amount per share, record date and payment date set forth opposite the month:

                 

Month

Amount

Record Date

Payment Date

June 2014 $0.06 7/31/2014 8/15/2014
July 2014 $0.06 8/29/2014 9/16/2014
August 2014 $0.06 9/30/2014 10/15/2014
 
 

Key Statistics

(Unaudited and dollars in thousands, except per share and per unit information)

 
 

As of or For the Three-Month Periods Ended

 
June 30,   March 31,   December 31,   September 30,   June 30,
2014   2014   2013   2013   2013
Financial Statistics:
Total revenue $11,649 $8,135 $5,768 $4,787 $4,700
Earnings (loss) per share-diluted $(0.01) $0.19 $0.03 $0.03 $0.01
Funds from Operations (“FFO”) per share $0.18 $0.33 $0.17 $0.17 $0.23
Core funds from operations (“CFFO”) per share $0.19 $0.17 $0.20 $0.17 $0.23
Dividends declared per common share $0.18 $0.18 $0.16 $0.16 $0.16
Total Shares Outstanding 17,751,540 17,742,540 9,652,540 9,643,540 5,643,540
 
Apartment Property Portfolio:
Reported investments in real estate at cost $362,323 $320,437 $190,096 $166,665 $154,040
Net operating income $6,064 $4,147 $3,159 $2,373 $2,459
Number of properties owned 19 17 10 9 8
Multifamily units owned 5,342 4,970 2,790 2,358 2,004
Portfolio weighted average occupancy 93.1% 93.9% 94.6% 94.4% 94.2%
Weighted average monthly effective rent per unit (1) $764 $730 $765 $784 $784
 
(1)   Weighted average monthly effective rent per occupied unit represents the average monthly rent collected for all occupied units after giving effect to tenant concessions. We do not report average effective rent per unit in the month of acquisition as it is not representative of a full month of operations. Same Store weighted average effective rent per unit was $798, $795, $792, $784 and $784 for the periods presented above, respectively.
 
 

Properties

 

The following table presents an overview of our apartment portfolio as of June 30, 2014:

 

 

            Average Monthly
Year Effective
Acquisition Built or Physical Rent per
Property Name Location Date

Renovated(1)

Units(2)

Occupancy(3)

Occupied Unit(4)

Belle Creek

Henderson, Colorado 4/29/2011

2011

162(5)

97.5% $989
Copper Mill Austin, Texas 4/29/2011 2010 320 97.5% 786
Crestmont Marietta, Georgia 4/29/2011 2010 228 99.1% 716
Cumberland Glen Smyrna, Georgia 4/29/2011 2010 222 96.4% 704
Heritage Trace Newport News, Virginia 4/29/2011 2010 200 90.5% 687
Tresa at Arrowhead Phoenix, Arizona 4/29/2011 2006 360 95.0% 821
Centrepoint Tucson, Arizona 12/16/2011 2006 320 95.9% 816
Runaway Bay Indianapolis, Indiana 10/11/2012 2002 192 95.3% 909
Berkshire Square Indianapolis, Indiana 9/19/2013 2012 354 92.1% 584
The Crossings Jackson, Mississippi 11/22/2013 2006 432 92.4% 735
Reserve at Eagle Ridge Waukegan, Illinois 1/31/2014 2008 370 94.6% 934
Windrush Edmond, Oklahoma 2/28/2014 2011 160 85.6% 775
Heritage Park Oklahoma City, Oklahoma 2/28/2014 2011 453 90.5% 619
Raindance Oklahoma City, Oklahoma 2/28/2014 2011 504 90.5% 532
Augusta Oklahoma City, Oklahoma 2/28/2014 2011 197 82.2% 724
Invitational Oklahoma City, Oklahoma 2/28/2014 2011 344 93.0% 673
King’s Landing Creve Coeur, Missouri 3/31/2014 2005 152 93.6% 1,460
Carrington Park Little Rock, Arkansas 5/07/2014 1999 202 92.6% 1,066
Arbors at the Reservoir Ridgeland, Mississippi 6/04/2014 2000 170 93.5% — (6)
 
Total/Weighted Average 5,342 93.1% $764
 
(1)   All dates are for the year in which a significant renovation program was completed, except for Runaway Bay, Arbors at the Reservoir and King’s Landing, which is the year construction was completed.
(2) Units represents the total number of apartment units available for rent at June 30, 2014.
(3) Physical occupancy for each of our properties is calculated as (i) total units rented as of June 30, 2014 divided by (ii) total units available as of June 30, 2014, expressed as a percentage.
(4) Average monthly effective rent per occupied unit represents the average monthly rent for all occupied units for the three-month period ended June 30, 2014.
(5) Includes 6,256 square feet of retail space in six units, of which 1,010 square feet of space is occupied by RAIT Residential for use as the leasing office. The remaining 5,246 square feet of space is 86% occupied by four tenants with an average monthly base rent of $1,603, or $16 per square foot per year. These four tenants are principally engaged in the following businesses: grocery, retail and various retail services.
(6) We do not report average effective rent per unit in the month of acquisition as it is not representative of a full month of operations. As of June 2014, the average monthly effective rent per occupied unit was $1,064.
 

Conference Call

All interested parties can listen to the live conference call webcast at 9:00 AM ET on Friday, August 1, 2014 from the investor relations section of the IRT website at www.irtreit.com or by dialing 877.280.4956, access code 81504352. For those who are not available to listen to the live call, the replay will be available shortly following the live call on IRT’s website and telephonically until Friday, August 8, 2014, by dialing 888.286.8010, access code 49252720.

About Independence Realty Trust, Inc.

Independence Realty Trust, Inc. (NYSE MKT: IRT) is a real estate investment trust that seeks to own well-located apartment properties in geographic submarkets that it believes support strong occupancy and the potential for growth in rental rates. IRT seeks to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation. IRT is externally advised by a wholly-owned subsidiary of RAIT Financial Trust (NYSE: RAS).

Forward-Looking Statements

This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," “trend”, "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," “seek” or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, those disclosed in IRT’s filings with the Securities and Exchange Commission. IRT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.

   

Independence Realty Trust, Inc.

Consolidated Statements of Operations

(Dollars in thousands, except share and per share information)

(unaudited)

 
For the Three-Month For the Six-Month
Period Ended Period Ended
June 30 June 30
2014   2013 2014   2013
Revenues:    
Rental income $ 10,613 $ 4,218 $ 17,966 $ 8,396
Tenant reimbursement income 436 220 802 443
Other income   600     262     1,016     549  
Total revenue 11,649 4,700 19,784 9,388
Expenses:
Property operating expenses 5,585 2,241 9,573 4,406
General and administrative expenses 378 94 546 271
Asset management fees 501 79 647 161
Acquisition expenses 152 - 514 -
Depreciation and amortization   3,232     1,063     5,355     2,099  
Total expenses   9,848     3,477     16,635     6,937  
Operating income 1,801 1,223 3,149 2,451
Interest expense (1,930 ) (899 ) (3,229 ) (1,787 )
Interest income 1 - 5 -
Gain (loss) on assets   -     -     2,882     -  
Net income (loss): (128 ) 324 2,807 664
(Income) loss allocated to preferred stock - (4 ) - (8 )
(Income) loss allocated to non-controlling interests   -     (272 )   -     (604 )
Net income (loss) allocable to common stock $ (128 ) $ 48   $ 2,807   $ 52  
 
Earnings (loss) per share:
Basic $ (0.01 ) $ 0.01   $ 0.17   $ 0.03  
Diluted $ (0.01 ) $ 0.01   $ 0.17   $ 0.03  
Weighted-average shares:
Basic   17,707,287     3,556,349     16,459,623     1,959,998  
Diluted   17,707,287     3,556,349     16,484,357     1,959,998  
Dividends declared per common share $ 0.18   $ 0.16   $ 0.36   $ 0.31  
 
   

Independence Realty Trust, Inc.

Consolidated Balance Sheets

(Dollars in thousands, except share and per share information)

(unaudited)

 
As of As of
June 30, December 31,
2014   2013
Assets:
Investments in real estate:
Investments in real estate at cost $ 362,323 $ 190,096
Accumulated depreciation   (18,804 )   (15,775 )
Investments in real estate, net 343,519 174,321
Cash and cash equivalents 8,054 3,334
Restricted cash 2,698 1,122
Accounts receivable and other assets 2,682 1,731
Intangible assets, net of accumulated amortization of $2,513 and $569, respectively 1,126 517
Deferred costs, net of accumulated amortization of $293 and $151, respectively   1,568     846  
Total assets $ 359,647   $ 181,871  
 
Liabilities and Equity:
Indebtedness $ 215,628 $ 103,303
Accounts payable and accrued expenses 5,725 2,374
Accrued interest payable 30 63
Dividends payable 1,076 515
Other liabilities   946     708  
Total liabilities 223,405 106,963
 
Equity:

Stockholders’ equity:

Preferred stock, $0.01 par value; 50,000,000 shares authorized, 0 and 0 shares issued and outstanding, respectively

-

-

Common stock, $0.01 par value; 300,000,000 shares authorized, 17,751,540 and 9,652,540 shares issued and outstanding, including 40,000 unvested restricted common share awards as of June 30, 2014

177

96

Additional paid-in capital 140,973 78,112
Retained earnings (accumulated deficit)   (6,867 )     (3,300 )
Total shareholders’ equity 134,283 74,908
Non-controlling interests   1,959       -  
Total Equity   136,242       74,908  
Total liabilities and equity $ 359,647     $ 181,871  
 
 

Schedule I

Independence Realty Trust, Inc.

Reconciliation of Net income (loss) Allocable to Common Stock and

Funds From Operations (“FFO”) and

Core Funds From Operations (“CFFO”) (1)

(Dollars in thousands, except share and per share amounts)

(unaudited)

                   

For the Three-Month Period Ended

   

For the Six-Month Period Ended

 

June 30,

     

June 30,

   
2014       2013       2014       2013    
  Per Share   Per Share   Per Share   Per Share

Amount

(2)

Amount

(3)

Amount

(2)

Amount

(3)

Funds From Operations:
Net income (loss) $(128) $(0.01) $324 $0.06 $2,807 $0.17 $664 $0.12
Adjustments:
Income allocated to preferred shares - - (4) 0.00 - - (8) 0.00
Income allocated to preferred units - - (88) (0.02) - - (175) (0.03)
Real estate depreciation and amortization 3,232   0.19   1,063   0.19   5,355   0.32   2,099   0.37
Funds From Operations $3,104   $0.18   $1,295   $0.23   $8,162   $0.49   $2,580   $0.46
 
Core Funds From Operations:
Funds From Operations $3,104 $0.18 $1,295 $0.23 $8,162 $0.49 $2,580 $0.46
Adjustments:
Acquisition fees and expenses 152 0.01 - - 514 0.03 - -
Equity based compensation 112 0.00 - - 142 0.01 - -
(Gains) losses on assets -   -   -   -   (2,882)   (0.17)   -   -
Core Funds From Operations $3,368   $0.19   $1,295   $0.23   $5,936   $0.36   $2,580   $0.46
 
(1)   IRT believes that FFO and Core FFO, each of which is a non-GAAP measure, are additional appropriate measures of the operating performance of a REIT and IRT in particular. IRT computes FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT, as net income or loss allocated to common stock (computed in accordance with GAAP), excluding real estate-related depreciation and amortization expense, gains or losses on sales of real estate and the cumulative effect of changes in accounting principles.
 

Core FFO is a computation made by analysts and investors to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations, including acquisition expenses, expensed costs related to the issuance of shares of our common stock, gains or losses on real estate transactions and equity-based compensation expenses, from the determination of FFO. IRT incurs acquisition expenses in connection with acquisitions of real estate properties and expenses those costs when incurred in accordance with U.S. GAAP. As these expenses are one-time and reflective of investing activities rather than operating performance, IRT adds back these costs to FFO in determining Core FFO.

 

IRT’s calculation of Core FFO differs from the methodology used for calculating Core FFO by certain other REITs and, accordingly, IRT’s Core FFO may not be comparable to Core FFO reported by other REITs. IRT’s management utilizes FFO and Core FFO as measures of IRT’s operating performance, and believes they are also useful to investors, because they facilitate an understanding of IRT’s operating performance after adjustment for certain non-cash items, such as depreciation and amortization expenses, and acquisition expenses and pursuit costs that are required by GAAP to be expensed but may not necessarily be indicative of current operating performance and that may not accurately compare IRT’s operating performance between periods. Furthermore, although FFO, Core FFO and other supplemental performance measures are defined in various ways throughout the REIT industry, IRT also believes that FFO and Core FFO may provide IRT and our investors with an additional useful measure to compare IRT’s financial performance to certain other REITs. IRT also uses Core FFO for purposes of determining the quarterly incentive fee, if any, payable to our advisor beginning with the second quarter of 2013. Neither FFO nor Core FFO is equivalent to net income or cash generated from operating activities determined in accordance with GAAP. Furthermore, FFO and Core FFO do not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments or uncertainties. Neither FFO nor Core FFO should be considered as an alternative to net income as an indicator of IRT’s operating performance or as an alternative to cash flow from operating activities as a measure of IRT’s liquidity.

 

(2)

Based on 17,707,287 and 16,484,357 weighted-average shares outstanding-diluted for the three and six-month periods ended June 30, 2014.

 

(3)

Based on 5,643,122 and 5,632,028 weighted-average shares outstanding-diluted for the three and six-month periods ended June 30, 2013.

 

Independence Realty Trust, Inc.

Andres Viroslav, 215-243-9000

aviroslav@irtreit.com

Source: Independence Realty Trust, Inc.


Osborne Clarke announces first step of Asia strategy Aug 1, 2014 07:40AM

(PRWEB UK) 1 August 2014

International law firm, Osborne Clarke has hired Marcus Vass from Bird & Bird in Hong Kong and, as the first step of its Asia strategy, proposes to enter into a strategic alliance with a law firm in Hong Kong newly established by John Koh, with whom Marcus worked closely at Bird & Bird.

Marcus advises international online retail companies, advertising agencies and local retail clients on telecoms, media and data protection issues and is rated in the top tier in the Asia Pacific editions of Legal 500 and Chambers and Partners legal directories.

John Koh advises both private and international companies on mergers and acquisitions, commercial contracts and arrangements and joint ventures throughout Asia. John is dual-qualified in England & Wales and Hong Kong.

Simon Beswick, CEO of Osborne Clarke's international organisation, says: "We have been planning on supporting clients in a number of industry sectors on their legal needs in Asia for some time and as the first step in our strategy to do so, we are delighted to be able to offer the services of Marcus and John and their teams to our clients.

"We welcome Marcus Vass to the UK Partnership. He will continue to provide support to clients between Europe and Asia. His expertise in advising clients operating in digital business market as well as other industries fits perfectly into our sector approach and will enable us to continue to give our clients creative business-focussed advice at a competitive price.

"We're really looking forward to introducing John to our many clients that are in the sectors he specialises in digital business, automotive, life sciences and energy and utilities."
-ends-

Notes to editors
About Osborne Clarke:
Osborne Clarke has 600 lawyers in 18 international offices providing clients with consistently high standards of service and commercial cross-border legal advice tailored to their industry. Our discrete national firms combine the very best of OC with an understanding of the local business environment and in-depth legal expertise in each jurisdiction.

Our offices: Amsterdam, Barcelona, Brescia, Bristol, Brussels, Cologne, Hamburg, London, Madrid, Milan, Munich, New York, Padua, Paris, Rome, San Francisco, Silicon Valley and Thames Valley.
http://www.osborneclarke.com

The new law firm is being founded by two former Bird & Bird Partners, Marcus Vass and John Koh. The firm specialises in the digital business sector and advises both international and private companies on M&A, commercial contracts, joint ventures and data protection issues.

In addition, the founding partners have experience in Aviation, Automobile, Retail, Life Sciences and Energy & Utilities.

Read the full story at http://www.prweb.com/releases/2014/08/prweb12065658.htm


IRA Financial Group Introduces "Total Limited Liability Protection" Solo 401(k) Solution for Real Estate Investors Aug 1, 2014 07:40AM

New York, NY (PRWEB) August 01, 2014

IRA Financial Group, the leading provider of self-directed Solo 401(k) Plans, announces the introduction of the "Total limited liability protection" Solo 401(k) LLC solution. With IRA Financial Group's limited liability Solo 401k Plan, the individual plan participant of the Solo 401k Plan, will have "checkbook control" over the retirement funds allowing one to make 401k Plan investments by simply writing a check while gaining the advantage of limited liability protection for its investments. In general, when making an investment with a Solo 401k Plan, one has the option of making the investment directly with the Solo 401k plan, or, alternatively, one can invest the funds in an entity, such as a LLC, which will be owned 100% by the Solo 401k plan to make the investment. "By using an LLC that would be wholly owned by the Solo 401(k) Plan, the plan participant would be able to gain limited liability protection for its real estate and other non-traditional investments," stated, Adam Bergman, a tax partner with the IRA Financial Group.

According to Mr. Bergman, an LLC offers its members (owners), in the case of a Solo 401k Plan, limited liability. Owners and members of the LLC are not liable for the debts, obligations, and liabilities of the LLC. Since, in most cases, ones retirement account may be their most valuable asset, protecting them from attack from creditors is essential. By using an LLC, one would be able to shield their 401k assets held outside the LLC from creditor attack.

"Along with limited liability protection, the LLC offers its owner(s) privacy, confidentiality, and discretion when making investments using a Solo 401(k) plan. Because most states do not require the name of the member(s) of the LLC to be made publicaly available when forming an LLC, by using an LLC, the 401k Plan participant can shield his or her identity when making an investment. Whereas, if the Solo 401k Plan made the investment directly (without using an LLC), the Solo 401k Plan's name would be included on all the real estate and title related documents and would be publicly available. In other words, the name of the Solo 401(k) Plan, which typically involves the name of the business or sole proprietorship adopting the Plan would be included on all public documents, whereas, in the case of an LLC, only the name of the LLC would be included.

The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.

IRA Financial Group is the market's leading "checkbook control Self Directed IRA Facilitator. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate without custodian consent.

To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.

Read the full story at http://www.prweb.com/releases/solo-401k-llc-limited-/liability-protection-IRA/prweb12064609.htm


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