Market Newsdesk

May 10, 2021 5:19 pm

Ready for Growth, BTB’s 2021 First Quarter Results Demonstrate Stability and Improved Liquidity Ratios

Canada NewsWire

MONTRÉAL, May 10, 2021 /CNW/ – BTB Real Estate Investment Trust (TSX: BTB.UN) (“BTB” or the “REIT“) releases today its financial results for the first quarter ended March 31^st, 2021 compared to the first quarter of 2020 and announces the following highlights and information:

HIGHLIGHTS OF THE FIRST QUARTER ENDED MARCH 31^ST, 2021

The Stability of BTB’s Portfolio: whilst at the beginning of the pandemic it was impossible to predict the impact that it would have on the Trust, we are now seeing that the Trust has solidified its operations throughout the past year. Its real estate portfolio continues to improve, and leasing activity is also sustainable. BTB’s occupancy rate is maintained at 91 %, its balance sheet is solid with significant liquidity and its debt and distribution ratios reduced. BTB believes it emerges from this pandemic with solid foundations.
Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO): For Q1 2021, BTB is reporting a recurring FFO of 8.9¢ per unit compared to 10.0 ¢ per unit for the same period in 2020 and a recurring AFFO of 8.6¢ per unit for Q1 2021 compared to 8.8¢ per unit compared to the same period in 2020:

i. The recurring FFO payout ratio stands at 84 % for the quarter compared to 105.2 % in Q1 2020.

ii. The recurring AFFO payout ratio stands at 87.4 % for the quarter compared to 119.3 % in Q1 2020.
Debt Ratio: As of March 31^st, 2021, BTB’s total debt ratio stood at 58.9%, recording an improvement of 0.4% compared to the same quarter of 2020. The debt metrics continue to demonstrate BTB’s intent to maintain a total debt ratio below 60%.
Rent Collections Remain Robust: As of March 31^st, 2021, BTB collected 99.6% of invoiced rents. Rent collection efforts remained strong as BTB is reporting a significant reduction in the balance of receivables from $5.2 million at the end of Q4 2020 to $4.8 million at the end of Q1 2021. Compared to the same quarter last year, the balance has also decreased by $0.4 million, therefore showing a level equivalent to pre-pandemic times.
Net Operating Income:

i. Tenant Departures: due to the previously announced departure of an important tenant in January 2021 as well as of two other retail tenants, BTB recorded a negative impact of $0.5 million on its revenues. BTB is pleased to announce the conclusion of a lease for 38,000 sq.ft. in the space left vacant by the tenant previously mentioned. BTB is also in advanced lease negotiations with potential tenants for the two other vacated spaces.

ii. Collection Improvement: collection efforts generated a positive impact resulting in the Trust recording a $0.3 million reduction of expected credit losses in administration expenses due to better rent collection rate compared to the same period in 2020.
Leasing Activity: Lease renewal activities remained active throughout the quarter as BTB renewed leases totaling 95,171 sq.ft. of which, 40,694 sq.ft. were renewed for leases expiring in 2021and 54,477 sq.ft. were renewed for leases expiring in the years 2022 and after. For the quarter, BTB achieved a 5.9% increase in average rent renewal rates (compared to a 4.1% increase in Q1 2020), all whilst keeping its weighted average lease term above 5 years.
NOI Margin: NOI margin was 52.75 % compared to 53.49 % for the same period in 2020. Excluding COVID-19 special charges, the results would have shown an NOI margin of 54.25 %, an increase of 0.76 % of the NOI margin compared to the same quarter of 2020.
Net Income & Comprehensive Income: totalled $2.5 millioncompared to a loss of $5.6 million for the same period in 2020. In 2020, BTB recorded a reduction in the fair value of its properties and its financial instruments of $8.0 million, thereby impacting net income and comprehensive income.
Cash Position: BTB concluded Q1 2021 with a cash position of $6.3 million. At the end of the quarter, the operating line of credit of $8.0 million was fully available, and the acquisition line of credit of $15 million was fully used. Following the issuance of equity announced and concluded in April 2021, the acquisition line of credit has been completely paid and is fully available.
CERS Program: BTB continued to work with its tenants that are participating in the CERS program enacted to cover the period ranging from October 2020 to June 2021. The government has since extended the program, as well as the lockdown support top-up, until September 25, 2021. It is important to note that tenants are responsible to apply for subsidies and that BTB has no financial concessions to make in light of this new program.

A MESSAGE FROM MICHEL LÉONARD, PRESIDENT AND CHIEF EXECUTIVE OFFICER

“We can see the “light at end of the Covid tunnel” and it will be beneficial to us all. As Canadians receive the vaccine, the first and second doses, the markets will progressively reopen as will the economy. We will be able to reexperience restaurants, bars, and cinemas, be able to travel to exotic locations. It is coming soon and confidence in the different segments of real estate will abound. In our recent lease negotiations, we could already see tenants’ confidence increasing, the desire to go back to office spaces, signing long term lease renewals and securing office and retail locations.

Over the past year we solidified our foundations, and we are embarking in our second quarter with a lot of optimism. We look forward to continuing our rent collection efforts in order to protect our collection rate which is established at 99.6%.

For the quarter, our recurring FFO payout ratio stood at 84% while our AFFO payout ratio is 87.4 %, recording our best performance for the past couple of years.

Our ability to adapt and embrace change has been a determining factor in our resiliency throughout the past year and we are prepared to embrace the changes and opportunities that have been made available to us. To capitalize on these opportunities, we have decided to adopt a positive and opportunistic outlook for the coming year, leaving the past fifteen months’ events behind us.

With this, we are ready to embark on BTB’s growth plan for the upcoming years.”

SUBSEQUENT EVENTS

Important New Lease Transactions: At the beginning of the month of April, we concluded an unconditional long-term lease agreement with a tenant set to occupy approximately 38,000 sq.ft. on the South-Shore of Montréal, with a scheduled occupancy set for mid-July 2021. Including this lease, our committed occupancy rate would be 91.7%.
Bought Deal of Trust Units: On April 8th, 2021, BTB signed an agreement with a syndicate of underwriters led by National Bank Financial Inc. to issue to the public, on a bought deal basis, 6,791,000 trust units at a price of $4.05 per unit for the total gross proceeds of $27.5 million. The over-allotment option was fully exercised, and the total number of units sold pursuant to the offering was 7,809,650 for total gross proceeds of $31.6 million, and net proceeds of $30.4 million. The Trust filed a short form preliminary prospectus on April 14, 2021 and the closing of the offering took place on April 28, 2021. Of the gross proceeds received, $15 million were used to pay the total amount outstanding under the acquisition credit facility. The remaining balance will be used to fund the Trust’s future acquisitions and for general trust purposes.

SUMMARY OF OTHER SIGNIFICANT HIGHLIGHTS AS AT MARCH 31^ST, 2020

Total number of properties: 64
Total leasable area: approximately 5.3 million sq.ft.
Total asset value:
$924 million
Market capitalization:
$273 million

FINANCIAL INFORMATION

The following two tables summarize our results for the quarters ended March 31^st 2021 and 2020.

Quarterly Results Information


Quarters ended March 31^st,	Quarter
(in thousands of dollars, except for ratios and per unit data)	2021	2020	∆%
	$	$
Financial information
Rental revenue	23,532	23,868	(1.4)
Net operating income ⁽¹⁾	12,414	12,766	(2.8)
Net income (loss) and comprehensive income (loss)	2,510	(5,587)	144.9
Net property income from the same-property portfolio ⁽¹⁾	7,530	7,549	(0.3)
Cash flows from operating activities (IFRS)	13,149	10,674	23.2
Distributions	4,828	6,618	(27.0)
Recurring funds from operations (FFO) ⁽¹⁾	5,730	6,277	(8.7)
Recurring adjusted funds from operations (AFFO)⁽¹⁾	5,506	5,517	(0.2)
Total assets	923,854	943,283	(2,1)
Mortgage debt ratio	52,5%	52,8%	(0,6)
Weighted average interest rate on mortgage debt	3,56%	3,71%	(4,0)
Market capitalization	272,807	197,491	38.1
Financial information per unit
Net income and comprehensive income	3.9¢	(8.9)¢	143.8
Distributions	7.5¢	10.5¢	(28.6)
Recurring FFO⁽¹⁾	8.9¢	10.0¢	(11)
Recurring AFFO⁽¹⁾	8.6¢	8.8¢	(2.3)


⁽¹⁾	Non IFRS financial measures


Quarters ended March 31, (in thousands of dollars, except per unit data)	Quarter
	2021	2020
	$	$
Cash flows from operating activities (IFRS)	13,149	10,674
Leasing payroll expenses	219	157
Transaction costs on purchase and disposition of investment properties and early repayment fees	—	(859)
Adjustments for changes in other working capital items	(1,263)	1,352
Interest expenses	134	113
Financial income	(5,791)	(5,927)
Provision for non-recoverable capital expenditures	(471)	(477)
Provision for non-recovered rental fees	(375)	(345)
Other items	(96)	(79)
AFFO⁽¹⁾	5,506	4,609
Non-recurring item
Transaction costs on purchase and disposition of investment properties, early repayment fees and prepayment penalties	—	908
Recurring AFFO⁽¹⁾	5,506	5,517


⁽¹⁾	Non IFRS financial measures

NON-IFRS FINANCIAL MEASURES

Net operating income, net operating income of the same-property portfolio, funds from operations and adjusted funds from operations are not measures recognized by International Financial Reporting Standards (“IFRS”) and do not have standardized meanings prescribed by IFRS. Such measures may differ from similar computations as reported by similar entities and, accordingly, may not be comparable to similar measures

QUARTERLY CALL INFORMATION

Management will hold a conference call on Tuesday, May 11^th, 2021 at 10 am, Eastern Standard Time, to present BTB’s financial results and performance for the first quarter of 2021.

DATE :	Tuesday, May 11^th, 2021

TIME :	10 am, EST

DIAL :	Toronto and over-seas: 1-416-764-8688
DIAL :	North America (toll free): 1-888-390-0546

WEB :	https://produceredition.webcasts.com/starthere.jsp?ei=1453485&tp_key=22eaff9898

VISUAL :	A presentation will be uploaded on BTB’s website prior to the call https://www.btbreit.com/investor-relations-2/annual-meeting-presentations/

The media and all interested parties may attend the call-in listening mode only.

Conference call operators will coordinate the question and answer period (from analysts only) and will instruct participants regarding the procedures during the call.

The audio recording of the conference call will be available by via playback until May 18^th, 2021 by dialing: 1-416-764-8677 (local) or, 1-888-390-0541 (toll-free) and by entering the following access code: 861340 #.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements with respect to BTB. 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 BTB 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. Some 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 regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

ABOUT BTB

BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. As at May 10^th, 2021, BTB owns 64 retail, office and industrial properties for a total leasable area of approximately 5.3 million sq.ft. and an approximate total asset value as of March 31^st, 2021 of approximately of $924 million.

BTB’S OBJECTIVES

(1) Generate stable monthly cash distributions that are reliable and fiscally beneficial to unitholders.

(2) Grow the REIT’s assets through internal growth and accretive acquisitions in order to increase distributable income and therefore fund distributions.

(3) Optimize the value of its assets through the dynamic management of its properties in order to maximize the long-term value of its properties and therefore, its units.

BTB offers a distribution reinvestment plan to unitholders whereby the participants may elect to have their monthly cash distribution reinvested in additional units of BTB at a price based on the weighted average price for BTB’s units on the Toronto Stock Exchange for the five trading days immediately preceding the distribution date, discounted by 3%.

For more detailed information, visit BTB’s website at www.btbreit.com.

SOURCE BTB Real Estate Investment Trust

May 10, 2021 5:18 pm

Ritchie Bros. Auctioneers reports on voting results from the 2021 annual meeting of shareholders

PR Newswire

VANCOUVER, BC, May 10, 2021 /PRNewswire/ – The Annual Meeting of Shareholders (the “Meeting”) of Ritchie Bros. Auctioneers Incorporated (the “Company”) (NYSE: RBA) (TSX: RBA) was held on May 6, 2021. Each of the matters voted upon at the Meeting is discussed in detail in the Company’s Proxy Statement dated March 23, 2021, which can be found on the Company’s website at: https://s24.q4cdn.com/560830410/files/doc_financials/proxy/2021-Proxy-Statement-Web-Version-(FINAL).pdf.

Per TSX reporting requirements, the company wishes to disclose that the total number of shares represented by shareholders in person and by proxy at the Meeting was 93,222,826 shares, representing approximately 84.77% of the Company’s outstanding shares. The voting results for the election of directors were as follows:

Name of Director	For	Withheld
Erik Olsson	81,028,070	9,762,665
Ann Fandozzi	90,109,012	681,723
Beverley Briscoe	89,354,413	1,436,322
Christopher Zimmerman	87,749,666	3,041,069
Bob Elton	89,501,232	1,289,503
Sarah Raiss	89,275,995	1,514,740
Amy Guggenheim Shenkan	88,110,112	2,680,623
J. Kim Fennell	89,611,818	1,178,917
Adam DeWitt	86,260,067	4,530,668

On May 10, 2021, the Company filed a report of voting results on all resolutions voted on at the Meeting on www.sedar.com.

About Ritchie Bros.
Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a number of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry, the company’s selling channels include: Ritchie Bros. Auctioneers, the world’s largest industrial auctioneer offers live auction events with online bidding; IronPlanet, an online marketplace with featured weekly auctions and providing the exclusive IronClad Assurance® equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The Company’s suite of solutions also includes Ritchie Bros. Asset Solutions and Rouse Services LLC, which together provides a complete end-to-end asset management, data-driven intelligence and performance benchmarking system. Ritchie Bros. also offers sector-specific solutions including GovPlanet, TruckPlanet, and Kruse Energy, plus equipment financing and leasing through Ritchie Bros. Financial Services. For more information about Ritchie Bros., visit RitchieBros.com.

View original content:http://www.prnewswire.com/news-releases/ritchie-bros-auctioneers-reports-on-voting-results-from-the-2021-annual-meeting-of-shareholders-301287927.html

SOURCE Ritchie Bros. Auctioneers

May 10, 2021 5:18 pm

Psychemedics Corporation Reports First Quarter 2021 Financial Results

ACTON, Mass., May 10, 2021 (GLOBE NEWSWIRE) — Psychemedics Corporation (NASDAQ:PMD), the world’s largest provider of hair testing for drugs of abuse, today announced financial results for the first quarter ended March 31, 2021.

The Company’s revenue for the quarter ended March 31, 2021 was $5.7 million versus $7.5 million for the quarter ended March 31, 2020, a decrease of 24%. Net income for the quarter ended March 31, 2021 was $0.1 million or $0.01 per diluted share, versus net loss of $0.2 million or ($0.03) per diluted share, for the comparable period last year, an increase of $0.04 per diluted share.

Raymond C. Kubacki, Chairman and Chief Executive Officer, stated:

“We continued to see improvement in total revenues, month-to-month and quarter-to-quarter, since the COVID-19 shutdown hit full force in April last year. The driving force in the continuing improvement is the growth in our domestic business. While total revenues for this first quarter declined 24% vs. Q1 2020, domestic revenues declined a lesser 15% and March showed an increase in total revenues and domestic revenues vs. March 2020. International volumes, primarily Brazil, continued to be off significantly as anticipated and as mentioned in our Q4 press release and shareholder letter in our Annual Report. We will keep our options open, but our focus is on our domestic business.

Our first quarter earnings were impacted primarily by two countervailing factors: 1) lower volume and revenues compared to Q1 2020 had a significant negative impact and 2) application of the Employee Retention Credit (“ERC”) had a positive impact. The ERC is a refundable federal payroll tax credit for certain wages paid in 2021. Under the provisions of the CARES Act, we became entitled to a refundable federal employee retention tax credit subject to certain criteria. Accordingly, we recorded a $0.8 million employee retention tax credit during the three months ended March 31, 2021. We have already determined we are eligible for the employee retention tax credit in second quarter of 2021 and expect to be for the remainder of 2021. However, even excluding the ERC, we still had a strong gross margin performance, especially in view of the 24% reduction in total revenues. With the ERC credit and our cost reduction and controls initiatives (including a second round of salary cuts for management and high-level teammates on February 1 of this year), we were able to record a profit in Q1.

We are pleased with how our first quarter progressed. I am proud of all of our teammates and their commitment to providing the highest quality services and accurate results, and the value add for our clients, during this difficult COVID-19 pandemic. With all the actions taken noted above, including strict cost controls, we believe we are well positioned, especially in our domestic business, to get back on the track of profitable growth as the country opens up and the economy recovers.

As an update on our PPP Loan, in May 2020, the Company received loan proceeds of $2.2 million under the Paycheck Protection Program (“PPP”) administered by the U.S. Small Business Administration (“SBA”). These funds were fully used as of July 2020. On November 6, 2020, the Company submitted an application for forgiveness of the entire amount due on the loan. This application was approved by Bank of America and has now been sent to the SBA to review the request for forgiveness. The review with SBA is ongoing.

The Company had approximately $2.2 million of cash and cash equivalents ($6.3 million of working capital) as of March 31, 2021. The total equipment financing outstanding was $1.8 million as of March 31, 2021, compared to a total amount borrowed of $12.2 million reflecting repayments of $10.4 million since May 2014. The PPP Loan outstanding was $2.2 million as of March 31, 2021. The Company believes the PPP Loan will be forgiven in 2021 for the total amount outstanding since we satisfied all eligibility criteria.

The Company paid 94 consecutive dividends (23 ½ years) through the first quarter of 2020, even during the financial crisis in 2008. However, because of the current COVID-19 pandemic, the dividend was suspended during 2020 and first quarter 2021 as we prioritized our liquidity and balance sheet. We have consistently been committed to paying a dividend and it took a pandemic for us to break our long history of consecutive quarterly dividend payments. Our Board of Directors share our confidence in the future of Psychemedics and remain committed to rewarding shareholders and sharing the financial success of the Company with them as we grow. We evaluate the dividend each quarter and will continue to do so as we move forward.”

Psychemedics Corporation is the world’s largest provider of hair testing for the detection of drugs of abuse. The Company’s patented process is used by thousands of U.S. and international clients, including over 10% of the Fortune 500 companies, for pre-employment and random drug testing. Major police departments, Federal Reserve Banks, schools, and other public entities also rely on our unique patented drug testing process. We strongly believe our drug testing method to be superior to any other product currently in use, including traditional urine testing and other hair testing methods.

Cautionary Statement for purposes of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995: From time to time, information provided by Psychemedics may contain forward-looking information that involves risks and uncertainties. In particular, statements contained in this release that are not historical facts (including but not limited to statements concerning earnings, earnings per share, revenues, cash flows, receivables collection dates, dividends, future business, growth opportunities, profitability, pricing, new accounts, customer base, market share, test volume, customer anticipated testing volume following the COVID-19 pandemic, sales and marketing strategies, market demand for drug testing services in Brazil, U.S. and foreign drug testing laws and regulations, including, without limitation, Brazilian professional driver drug testing requirements, required investments in plant, equipment and people and new test development, the effect of COVID-19 on our business, including its effects on our business, and profitability, and on the well-being and availability of our employees, the continued operation of our testing facilities and loan forgiveness under the PPP program) may be “forward looking” statements. Actual results may differ from those stated in any forward-looking statements. Factors that may cause such differences include but are not limited to risks associated with the severity of the COVID-19 pandemic, and its impact on the Company’s markets, including its impact on the Company’s customers, suppliers and employees, as well as its risk on the United States and worldwide economies, the timing, scope and effectiveness of further governmental, regulatory, fiscal monetary and public health responses to the COVID-19 pandemic, Internal Revenue Service refund processing timeframes, compliance by the Company with repayment forgiveness requirements under the PPP, changes in U.S. and foreign government regulations, including but not limited to FDA regulations, changes in Brazilian laws and regulations and proposed laws and regulations and the implementation of such laws and regulations, currency risks, R&D spending, competition (including, without limitation, competition from other companies pursuing the same growth opportunities), the Company’s ability to maintain its reputation and brand image, the ability of the Company to achieve its business plans, cost controls, leveraging of its global operating platform, risks of information technology system failures and data security breaches, the uncertain global economy, the Company’s ability to attract, develop and retain executives and other qualified employees and independent contractors, including distributors, the Company’s ability to obtain and protect intellectual property rights, litigation risks, general economic conditions and other factors disclosed in the Company’s filings with the Securities and Exchange Commission. With respect to the continued payment of cash dividends, factors include, but are not limited to, all of the factors listed above with respect to the impact of the COVID-19 pandemic on our business generally, plus cash flows, available surplus, capital expenditure reserves required, debt service obligations, regulatory requirements, requirements under our bank loan agreements and other factors that the Board of Directors of the Company may take into account. The forward-looking statements contained herein speak only of the Company’s expectations as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions, or circumstances on which any such statement is based.

The Psychemedics Corporation web site is www.psychemedics.com

Andrew Limbek
Vice President, Controller
(978) 206-8220
[email protected]

Psychemedics Corporation

Consolidated Statements of Operations

(in thousands, except per share amounts)
(UNAUDITED)

	Three Months Ended
	March 31,
		2021			2020


Revenues	$	5,713		$	7,537
Cost of revenues		3,145			4,809

Gross profit		2,568			2,728


Operating Expenses:
General & administrative		1,529			1,533
Marketing & selling		642			1,106
Research & development		280			331

Total Operating Expenses		2,451			2,970

Operating income (loss)		117			(242	)
Other expense		(14	)		(73	)

Net income (loss) before provision for (benefit from) income taxes		103			(315	)

Provision for (benefit from) income taxes		20			(156	)

Net income (loss)	$	83		$	(159	)

Diluted net income (loss) per share	$	0.01		$	(0.03	)

Dividends declared per share	$	–		$	0.18

Psychemedics Corporation

Consolidated Balance Sheets

(in thousands, except par value)
(UNAUDITED)

	March 31,			December 31,
		2021			2020
ASSETS
Current Assets:
Cash and cash equivalents	$	2,190		$	2,833
Accounts receivable, net of allowance for doubtful accounts		4,020			3,356
Prepaid expenses and other current assets		1,898			914
Income tax receivable		2,519			2,495
Total Current Assets		10,627			9,598

Fixed assets, net of accumulated amortization and depreciation		8,616			9,231
Other assets		882			888
Operating lease right-of-use assets		4,255			4,286
Total Assets	$	24,380		$	24,003

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current Liabilities:
Accounts payable	$	1,109		$	577
Accrued expenses		1,567			1,801
Current portion of long-term debt		691			688
Current portion of operating lease liabilities		963			875
Total Current Liabilities		4,330			3,941

Long-term debt		3,270			3,444
Deferred tax liabilities, long-term		211			211
Long-term portion of operating lease liabilities		3,757			3,895
Total Liabilities		11,568			11,491

Shareholders’ Equity:
Common stock, $0.005 par value; 50,000 shares authorized 6,205 shares issued at March 31, 2021 and December 31, 2020, respectively, and 5,537 shares outstanding at March 31, 2021 and December 31, 2020, respectively		31			31
Additional paid-in capital		33,020			32,803
Less – Treasury stock, at cost, 668 shares		( 10,082	)		( 10,082	)
Accumulated deficit		( 8,523	)		( 8,606	)
Accumulated other comprehensive loss		( 1,634	)		( 1,634	)
Total Shareholders’ Equity		12,812			12,512

Total Liabilities and Shareholders’ Equity	$	24,380		$	24,003

May 10, 2021 5:18 pm

ROSEN, A TOP RANKED LAW FIRM, Encourages Emergent BioSolutions Inc. Investors with Losses to Secure Counsel Before Important Deadline – EBS

ROSEN, A TOP RANKED LAW FIRM, Encourages Emergent BioSolutions Inc. Investors with Losses to Secure Counsel Before Important Deadline – EBS

NEW YORK–(BUSINESS WIRE)–WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Emergent BioSolutions Inc. (NYSE: EBS) between July 6, 2020 through March 31, 2021, inclusive (the “Class Period”), of the important June 18, 2021 lead plaintiff deadline.

SO WHAT: If you purchased Emergent BioSolutions securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Emergent BioSolutions class action, go to http://www.rosenlegal.com/cases-register-2081.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 18, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuits, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Emergent BioSolution’s Baltimore plant had a history of manufacturing issues increasing the likelihood for massive contaminations; (2) these longstanding contamination risks and quality control issues at Emergent BioSolution’s facility led to a string of FDA citations; (3) the Company previously had to discard the equivalent of millions of doses of COVID-19 vaccines after workers at the Baltimore plant deviated from manufacturing standards; and (4) as a result of the foregoing, defendants’ public statements about Emergent BioSolution’s ability and capacity to mass manufacture multiple COVID-19 vaccines at its Baltimore manufacturing site were materially false and/or misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Emergent BioSolutions class action, go to http://www.rosenlegal.com/cases-register-2081.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210510005954/en/

Laurence Rosen, Esq.

Phillip Kim, Esq.

The Rosen Law Firm, P.A.

275 Madison Avenue, 40th Floor

New York, NY 10016

Tel: (212) 686-1060

Toll Free: (866) 767-3653

Fax: (212) 202-3827

[email protected]

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KEYWORDS: United States North America New York

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May 10, 2021 5:17 pm

NexGen Annual General and Special Meeting of Shareholders to be Held June 10, 2021

PR Newswire

VANCOUVER, BC, May 10, 2021 /PRNewswire/ – NexGen Energy Ltd. (“NexGen” or the “Company”) (TSX: NXE) (NYSE MKT: NXE) is pleased to announce it has mailed the Notice of Meeting and Management Information Circular to shareholders record as of April 30, 2021 in connection with the Annual General and Special Meeting to be held Thursday, June 10, 2021, at 2:00 p.m. (Pacific Time).

Due to the impacts of the COVID-19 pandemic, governmental recommendations and/or orders for physical distancing, restrictions on group gatherings, non-essential travel and business activities we request that shareholders do no attend the meeting in person. To mitigate any risks to stakeholders, employees, partners and community members, the Company will hold this year’s meeting by conference call, details below. Shareholders are encouraged to cast their votes in advance by proxy.

Conference Call dial in details:

To join the conference call please dial:

International Callers: (+1) 416 764 8659

North America Callers: (+1) 888 664 6392

Conference ID:
33931792

Shareholders will be asked to vote on the following matters:

elect the nine (9) Directors for the ensuing year;
re-appoint KPMG LLP as independent auditor of the Company for the 2021 financial year and to authorize the directors to fix their remuneration.

The Board of Directors of NexGen recommends that shareholders
vote in favour of all proposed items.

NexGen encourages shareholders to read the meeting materials, which have been filed on SEDAR (www.sedar.com) and are on the Company’s website at https://www.nexgenenergy.ca/investors/agm/.

Shareholder Information and Questions

NexGen shareholders who have questions about the management information circular, or require assistance with voting their shares can contact the Company’s proxy solicitation agent, Laurel Hill Advisory Group:

Laurel Hill Advisory Group
North America Toll Free: 1-877-452-7184
Outside North America: 1-416-304-0211
Email: [email protected]

About NexGen

NexGen is a British Columbia corporation with a focus on developing the Rook I Project located in the south western Athabasca Basin, Saskatchewan, Canada into production. NexGen has a highly experienced team of uranium industry professionals with a successful track record in the discovery of uranium deposits and in developing projects through discovery to production. NexGen also owns a portfolio of highly prospective uranium properties in the south western Athabasca Basin, Saskatchewan, Canada.

Forward-Looking Information

The information contained herein contains “forward-looking statements” within the meaning of applicable United States securities laws and regulations and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. Statements relating to “mineral resources” are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.

Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen’s business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual results of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined and may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, reliance upon key management and other personnel, deficiencies in the Company’s title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as more fully described in NexGen’s Annual Information Form dated March 11, 2020 filed with the securities commissions of all of the provinces of Canada except Quebec and in NexGen’s 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR at

www.sedar.com

and Edgar at

www.sec.gov

.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.

There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

View original content:http://www.prnewswire.com/news-releases/nexgen-annual-general-and-special-meeting-of-shareholders-to-be-held-june-10-2021-301287932.html

SOURCE NexGen Energy Ltd.

May 10, 2021 5:15 pm

IIROC Trading Resumption – RMI

Canada NewsWire

VANCOUVER, BC, May 10, 2021 /CNW/ – Trading resumes in:

Company: Ridgestone Mining Inc.

TSX-Venture Symbol: RMI

All Issues: Yes

Resumption (ET): 8:00 AM 05/11/2021

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

May 10, 2021 5:13 pm

Ameren Announces First Quarter 2021 Results

– First Quarter Diluted Earnings Per Share were $0.91 in 2021 vs. $0.59 in 2020

– Guidance Range for 2021 Affirmed at $3.65 to $3.85 per Diluted Share

PR Newswire

ST. LOUIS, May 10, 2021 /PRNewswire/ — Ameren Corporation (NYSE: AEE) today announced first quarter 2021 net income attributable to common shareholders of $233 million, or $0.91 per diluted share, compared to first quarter 2020 net income attributable to common shareholders of $146 million, or $0.59 per diluted share.

First quarter 2021 results reflected earnings on increased infrastructure investments made across all business segments driven by solid execution of the company’s strategy. Earnings were positively impacted by new Ameren Missouri electric service rates effective April 1, 2020, and higher Ameren Missouri electric retail sales driven by near-normal winter temperatures in the first quarter of 2021 compared to milder-than-normal winter temperatures in the year-ago period. Lower Ameren Missouri other operations and maintenance expenses also increased earnings, primarily driven by the absence of unfavorable market returns that occurred in the first quarter of 2020 on the cash surrender value of company-owned life insurance, as well as disciplined cost management. Ameren Illinois Natural Gas Distribution earnings increased due to a change in rate design and higher delivery service rates effective in late January 2021. Earnings were positively impacted by a higher allowed return on equity at Ameren Illinois Electric Distribution due to a higher projected average 30-year U.S. Treasury bond yield in 2021 compared to 2020. Earnings also benefited from the timing of income tax expense at Ameren Missouri and Ameren Parent, which is not expected to impact full-year results. Earnings were negatively impacted at Ameren Transmission by a 2021 FERC order addressing the historical recovery of materials and supplies inventories. Finally, 2021 earnings per share reflected higher weighted-average basic common shares outstanding and the effect of dilution.

“We are executing on all elements of our strategy, including significant investments in energy infrastructure and disciplined cost management across all of our business segments, which is delivering significant value to our customers,” said Warner L. Baxter, chairman, president and chief executive officer of Ameren Corporation. “We remain on track to deliver within our 2021 earnings per share guidance range of $3.65 to $3.85.”

“We remain focused on our robust sustainability initiatives tied to environmental, social and governance matters,” Baxter said. “We continue to take action to support our commitment to deliver significant long-term value by, among other things, investing in clean energy and supporting the communities we serve. In our recently issued 2021 Sustainability Report, we highlight a number of actions we have been taking to enhance our strong sustainability value proposition. Our efforts remain consistent with our vision, leading the way to a sustainable energy future, and our mission, to power the quality of life.”

Earnings Guidance

Today, Ameren affirmed its 2021 earnings guidance range of $3.65 to $3.85 per diluted share. Earnings guidance for 2021 assumes normal temperatures for the last nine months of the year and is subject to the effects of, among other things: the impacts of COVID-19; 30-year U.S. Treasury bond yields; regulatory, judicial and legislative actions; energy center and energy distribution operations; energy, economic and capital market conditions; severe storms; unusual or otherwise unexpected gains or losses; and other risks and uncertainties outlined, or referred to, in the Forward-looking Statements section of this press release.

Ameren Missouri Segment Results

Ameren Missouri first quarter 2021 earnings were $47 million, compared to a first quarter 2020 loss of $10 million. The year-over-year improvement reflected new electric service rates effective April 1, 2020, and higher electric retail sales driven by near-normal winter temperatures in the first quarter of 2021 compared to milder-than-normal winter temperatures in the year-ago period. Lower other operations and maintenance expenses also increased earnings, primarily driven by the absence of unfavorable market returns that occurred in the first quarter of 2020 on the cash surrender value of company-owned life insurance and disciplined cost management. Earnings also benefited from the timing of income tax expense, which increased earnings by $6 million and is not expected to impact full-year results. The absence of charitable donations that were made pursuant to the March 2020 electric rate review settlement also positively affected the earnings comparison. These positive factors were partially offset by amortization of deferred expenses related to the fall 2020 Callaway refueling and maintenance outage.

Ameren Illinois Electric Distribution Segment Results

Ameren Illinois Electric Distribution first quarter 2021 earnings were $46 million, compared to first quarter 2020 earnings of $37 million. The year-over-year improvement reflected increased earnings on infrastructure investments and a higher allowed return on equity due to a higher projected average 30-year U.S. Treasury bond yield in 2021 compared to 2020.

Ameren Illinois Natural Gas Segment Results

Ameren Illinois Natural Gas first quarter 2021 earnings were $75 million, compared to first quarter 2020 earnings of $55 million. The year-over-year improvement reflected a rate design change, which increased earnings by $9 million and is not expected to impact full-year results, and higher delivery service rates that incorporated increased investments in infrastructure, both effective in late January 2021.

Ameren Transmission Segment Results

Ameren Transmission first quarter 2021 earnings were $47 million, compared to first quarter 2020 earnings of $47 million. The year-over-year comparison reflected increased earnings on infrastructure investments offset by the impact of a 2021 FERC order addressing the historical recovery of materials and supplies inventories.

Ameren Parent Results (includes items not reported in a business segment)

Ameren Parent results for the first quarter of 2021 reflected earnings of $18 million, compared to first quarter 2020 earnings of $17 million. The year-over-year improvement reflected the timing of income tax expense, which increased earnings by $5 million and is not expected to impact full-year results. This positive factor was partially offset by increased interest expense primarily due to higher long-term debt outstanding.

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Tuesday, May 11, to discuss 2021 earnings, earnings guidance and other matters. Investors, the news media and the public may listen to a live broadcast of the call at AmerenInvestors.com by clicking on “Webcast” under “Q1 2021 Earnings Conference Call,” where an accompanying slide presentation will also be available. The conference call and presentation will be archived for one year in the “Investor News & Events” section of the website under “Events and Presentations.”

About Ameren

St. Louis-based Ameren Corporation powers the quality of life for 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric transmission and distribution service and natural gas distribution service. Ameren Missouri provides electric generation, transmission and distribution service, as well as natural gas distribution service. Ameren Transmission Company of Illinois develops, owns and operates rate-regulated regional electric transmission projects in the Midcontinent Independent System Operator, Inc. For more information, visit Ameren.com, or follow us on Twitter at @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn/company/Ameren.

Forward-looking Statements

Statements in this release not based on historical facts are considered “forward-looking” and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, projections, strategies, targets, estimates, objectives, events, conditions, and financial performance. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed under Risk Factors in Ameren’s Annual Report on Form 10-K for the year ended December 31, 2020, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:

regulatory, judicial, or legislative actions, and any changes in regulatory policies and ratemaking determinations, that may change regulatory recovery mechanisms, such as those that may result from potential future orders and Ameren Missouri’s electric service and natural gas delivery service regulatory rate reviews filed with the Missouri Public Service Commission (MoPSC) in March 2021, the July 2020 appeal filed by Ameren Missouri, Ameren Illinois, and Ameren Transmission Company of Illinois (ATXI) challenging the refund period related to the May 2020 Federal Energy Regulatory Commission (FERC) order determining the allowed base return on common equity (ROE) under the Midcontinent Independent System Operator (MISO) tariff, the July 2020 appeal filed by Ameren Missouri, Ameren Illinois, and ATXI challenging the FERC’s rehearing denials in the transmission formula rate revision cases, Ameren Illinois’ request for rehearing of the March 2021 FERC order related to Ameren Illinois’ 2020 transmission formula rate update, and Ameren Illinois’ electric distribution service rate reconciliation request filed with the Illinois Commerce Commission (ICC) in April 2021;
the length and severity of the COVID-19 pandemic, and its impacts on our business continuity plans and our results of operations, financial position, and liquidity, including but not limited to changes in customer demand resulting in changes to sales volumes, customers’ payment for our services and their use of deferred payment arrangements, future regulatory or legislative actions that could require suspension of customer disconnections and/or late fees, among other things, for an extended period of time, the health and welfare of our workforce and contractors, supplier disruptions, delays in the completion of construction projects, which could impact our expected capital expenditures and rate base growth, Ameren Missouri’s ability to recover any forgone customer late fee revenues or incremental costs, our ability to meet customer energy-efficiency program goals and earn performance incentives related to those programs, changes in how we operate our business and increased data security risks as a result of the transition to remote working arrangements for a significant portion of our workforce, and our ability to access the capital markets on reasonable terms and when needed;
the effect and duration of Ameren Illinois’ election to participate in performance-based formula ratemaking framework for its electric distribution service, which, unless extended, expires at the end of 2022, and its participation in electric energy-efficiency programs, including the direct relationship between Ameren Illinois’ ROE and the 30-year United States Treasury bond yields;
the effect on Ameren Missouri of any customer rate caps pursuant to Ameren Missouri’s election to use the plant-in-service accounting (PISA), including an extension of use beyond 2023, if requested by Ameren Missouri and approved by the MoPSC;
the effects of changes in federal, state, or local laws and other governmental actions, including monetary, fiscal, and energy policies;
the effects of changes in federal, state, or local tax laws, regulations, interpretations, or rates, and challenges to the tax positions we have taken, if any, as well as resulting effects on customer rates;
the effects on energy prices and demand for our services resulting from technological advances, including advances in customer energy efficiency, electric vehicles, electrification of various industries, energy storage, and private generation sources, which generate electricity at the site of consumption and are becoming more cost-competitive;
the effectiveness of Ameren Missouri’s customer energy-efficiency programs and the related revenues and performance incentives earned under its Missouri Energy Efficiency Investment Act (MEEIA) programs;
Ameren Illinois’ ability to achieve the performance standards applicable to its electric distribution business and the Future Energy Jobs Act electric customer energy-efficiency goals and the resulting impact on its allowed ROE;
our ability to control costs and make substantial investments in our businesses, including our ability to recover costs, investments, and our allowed ROEs within frameworks established by our regulators, while maintaining affordability of our services for our customers;
the cost and availability of fuel, such as low-sulfur coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of purchased power, zero emission credits, renewable energy credits, and natural gas for distribution; and the level and volatility of future market prices for such commodities and credits;
disruptions in the delivery of fuel, failure of our fuel suppliers to provide adequate quantities or quality of fuel, or lack of adequate inventories of fuel, including nuclear fuel assemblies from the one Nuclear Regulatory Commission-licensed supplier of Ameren Missouri’s Callaway Energy Center assemblies;
the cost and availability of transmission capacity for the energy generated by Ameren Missouri’s energy centers or required to satisfy Ameren Missouri’s energy sales;
the effectiveness of our risk management strategies and our use of financial and derivative instruments;
the ability to obtain sufficient insurance, including insurance for Ameren Missouri’s nuclear and coal-fired energy centers, or, in the absence of insurance, the ability to timely recover uninsured losses from our customers;
the impact of cyberattacks on us or our suppliers, which could, among other things, result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the loss of data, such as customer, employee, financial, and operating system information;
business and economic conditions, which have been affected by, and will be affected by the length and severity of, the COVID-19 pandemic, including the impact of such conditions on interest rates;
disruptions of the capital markets, deterioration in credit metrics, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity;
the actions of credit rating agencies and the effects of such actions, including any impacts on our credit ratings that may result from the economic conditions of the COVID-19 pandemic;
the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments, including as it relates to the construction and acquisition of electric and natural gas utility infrastructure and the ability of counterparties to complete projects which is dependent upon the availability of necessary materials and equipment, including those that are affected by the disruptions in the global supply chain caused by the COVID-19 pandemic;
the impact of weather conditions and other natural phenomena on us and our customers, including the impact of system outages and the level of wind and solar resources;
the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets;
the effects of failures of electric generation, electric and natural gas transmission or distribution, or natural gas storage facilities systems and equipment, which could result in unanticipated liabilities or unplanned outages;
the operation of Ameren Missouri’s Callaway Energy Center, including planned and unplanned outages, such as the current outage that began in December 2020 related to its generator, and the ability to recover costs associated with such outages and the impact of such outages on off-system sales and purchased power, among other things;
Ameren Missouri’s ability to recover the remaining investment and decommissioning costs associated with the retirement of an energy center, as well as the ability to earn a return on that remaining investment and those decommissioning costs;
the impact of current environmental laws and new, more stringent, or changing requirements, including those related to the New Source Review and carbon dioxide, other emissions and discharges, cooling water intake structures, coal combustion residuals, and energy efficiency, that could limit or terminate the operation of certain of Ameren Missouri’s energy centers, increase our operating costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers’ demand for electricity or natural gas, or otherwise have a negative financial effect;
the impact of complying with renewable energy standards in Missouri and Illinois and with the zero emission standard in Illinois;
Ameren Missouri’s ability to construct and/or acquire wind, solar, and other renewable energy generation facilities, retire energy centers, and implement new or existing customer energy efficiency programs, including any such construction, acquisition, retirement, or implementation in connection with its Smart Energy Plan, the 2020 Integrated Resource Plan, or our emissions reduction goals, and to recover its cost of investment, related return, and, in the case of customer energy-efficiency programs, any lost margins in a timely manner, which is affected by the ability to obtain all necessary regulatory and project approvals, including certificates of convenience and necessity from the MoPSC or any other required approvals for the addition of renewable resources;
the availability of federal production and investment tax credits related to renewable energy and Ameren Missouri’s ability to use such credits; the cost of wind, solar, and other renewable generation and storage technologies; and our ability to obtain timely interconnection agreements with the MISO or other regional transmission organizations at an acceptable cost for each facility;
advancements in carbon-free generation and storage technologies, and constructive federal and state energy and economic policies with respect to those technologies;
labor disputes, work force reductions, changes in future wage and employee benefits costs, including those resulting from changes in discount rates, mortality tables, returns on benefit plan assets, and other assumptions;
the impact of negative opinions of us or our utility services that our customers, investors, legislators, or regulators may have or develop, which could result from a variety of factors, including failures in system reliability, failure to implement our investment plans or to protect sensitive customer information, increases in rates, negative media coverage, or concerns about environmental, social, and/or governance practices;
the impact of adopting new accounting guidance;
the effects of strategic initiatives, including mergers, acquisitions, and divestitures;
legal and administrative proceedings; and
acts of sabotage, war, terrorism, or other intentionally disruptive acts.

New factors emerge from time to time, and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.

# # #

AMEREN CORPORATION (AEE) CONSOLIDATED STATEMENT OF INCOME (Unaudited, in millions, except per share amounts)

	Three Months Ended March 31,
	2021		2020
Operating Revenues:
Electric	$	1,156	$	1,120
Natural gas	410		320
Total operating revenues	1,566		1,440
Operating Expenses:
Fuel	65		140
Purchased power	191		134
Natural gas purchased for resale	165		107
Other operations and maintenance	420		438
Depreciation and amortization	281		255
Taxes other than income taxes	128		125
Total operating expenses	1,250		1,199
Operating Income	316		241
Other Income, Net	46		21
Interest Charges	100		93
Income Before Income Taxes	262		169
Income Taxes	27		21
Net Income	235		148
Less: Net Income Attributable to Noncontrolling Interests	2		2
Net Income Attributable to Ameren Common Shareholders	$	233	$	146

Earnings per Common Share – Basic	$	0.92	$	0.59

Earnings per Common Share – Diluted	$	0.91	$	0.59

Weighted-average Common Shares Outstanding – Basic	254.4		246.4
Weighted-average Common Shares Outstanding – Diluted	255.9		248.1

AMEREN CORPORATION (AEE) CONSOLIDATED BALANCE SHEET (Unaudited, in millions)

	March 31, 2021		December 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents	$	6	$	139
Accounts receivable – trade (less allowance for doubtful accounts)	464		415
Unbilled revenue	210		269
Miscellaneous accounts receivable	61		65
Inventories	467		521
Restricted cash	134		17
Current regulatory assets	367		109
Other current assets	114		118
Total current assets	1,823		1,653
Property, Plant, and Equipment, Net	27,307		26,807
Investments and Other Assets:
Nuclear decommissioning trust fund	1,010		982
Goodwill	411		411
Regulatory assets	1,249		1,100
Other assets	989		1,077
Total investments and other assets	3,659		3,570
TOTAL ASSETS	$	32,789	$	32,030
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt	$	8	$	8
Short-term debt	889		490
Accounts and wages payable	581		958
Taxes accrued	128		82
Interest accrued	84		114
Current regulatory liabilities	225		121
Other current liabilities	392		407
Total current liabilities	2,307		2,180
Long-term Debt, Net	11,527		11,078
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and tax credits, net	3,253		3,211
Regulatory liabilities	5,230		5,282
Asset retirement obligations	705		696
Pension and other postretirement benefits	38		37
Other deferred credits and liabilities	452		466
Total deferred credits and other liabilities	9,678		9,692
Ameren Corporation Shareholders’ Equity:
Common stock	3		3
Other paid-in capital, principally premium on common stock	6,295		6,179
Retained earnings	2,850		2,757
Accumulated other comprehensive loss	—		(1)
Total Ameren Corporation shareholders’ equity	9,148		8,938
Noncontrolling Interests	129		142
Total equity	9,277		9,080
TOTAL LIABILITIES AND EQUITY	$	32,789	$	32,030

AMEREN CORPORATION (AEE) CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, in millions)

	Three Months Ended March 31,
	2021		2020
Cash Flows From Operating Activities:
Net income	$	235	$	148
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	295		263
Amortization of nuclear fuel	—		23
Amortization of debt issuance costs and premium/discounts	5		5
Deferred income taxes and investment tax credits, net	26		23
Allowance for equity funds used during construction	(7)		(4)
Stock-based compensation costs	6		6
Other	8		17
Changes in assets and liabilities	(603)		(191)
Net cash provided by (used in) operating activities	(35)		290
Cash Flows From Investing Activities:
Capital expenditures	(694)		(636)
Wind generation expenditures	(193)		—
Nuclear fuel expenditures	(1)		(35)
Purchases of securities – nuclear decommissioning trust fund	(152)		(96)
Sales and maturities of securities – nuclear decommissioning trust fund	150		81
Other	1		2
Net cash used in investing activities	(889)		(684)
Cash Flows From Financing Activities:
Dividends on common stock	(140)		(122)
Dividends paid to noncontrolling interest holders	(2)		(2)
Short-term debt, net	399		175
Maturities of long-term debt	—		(85)
Issuances of long-term debt	450		465
Issuances of common stock	125		13
Redemptions of Ameren Illinois preferred stock	(13)		—
Employee payroll taxes related to stock-based compensation	(17)		(20)
Debt issuance costs	(3)		(3)
Other	(4)		—
Net cash provided by financing activities	795		421
Net change in cash, cash equivalents, and restricted cash	(129)		27
Cash, cash equivalents, and restricted cash at beginning of year	301		176
Cash, cash equivalents, and restricted cash at end of period	$	172	$	203

AMEREN CORPORATION (AEE) OPERATING STATISTICS

	Three Months Ended
	March 31,
	2021		2020
Electric Sales – kilowatthours (in millions):
Ameren Missouri
Residential	3,830		3,548
Commercial	3,325		3,352
Industrial	974		991
Street lighting and public authority	22		25
Ameren Missouri retail load subtotal	8,151		7,916
Off-system	891		2,269
Ameren Missouri total	9,042		10,185
Ameren Illinois Electric Distribution
Residential	3,063		2,886
Commercial	2,844		2,856
Industrial	2,625		2,694
Street lighting and public authority	122		120
Ameren Illinois Electric Distribution total	8,654		8,556
Eliminate affiliate sales	(41)		(70)
Ameren Total	17,655		18,671
Electric Revenues (in millions):
Ameren Missouri
Residential	$	312	$	297
Commercial	216		221
Industrial	52		53
Other, including street lighting and public authority	38		12
Ameren Missouri retail load subtotal	$	618	$	583
Off-system	23		48
Ameren Missouri total	$	641	$	631
Ameren Illinois Electric Distribution
Residential	$	229	$	220
Commercial	132		126
Industrial	34		35
Other, including street lighting and public authority	16		9
Ameren Illinois Electric Distribution total	$	411	$	390
Ameren Transmission
Ameren Illinois Transmission^(a)	$	81	$	75
ATXI	49		48
Ameren Transmission total	$	130	$	123
Other and intersegment eliminations^(a)	(26)		(24)
Ameren Total	$	1,156	$	1,120

(a)	Includes $16 million and $12 million, respectively, of electric operating revenues from transmission services provided to the Ameren Illinois Electric Distribution segment.

AMEREN CORPORATION (AEE) OPERATING STATISTICS

	Three Months Ended
	March 31,
	2021		2020
Gas Sales – dekatherms (in millions):
Ameren Missouri	9		8
Ameren Illinois Natural Gas	68		64
Ameren Total	77		72
Gas Revenues (in millions):
Ameren Missouri	$	63	$	49
Ameren Illinois Natural Gas	347		271
Ameren Total	$	410	$	320
	March 31,		December 31,
	2021		2020
Common Stock:
Shares outstanding (in millions)	255.5		253.3
Book value per share	$	35.80	$	35.29

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SOURCE Ameren Corporation

May 10, 2021 5:13 pm

Acreage Holdings Reports First Quarter 2021 Results

Reports Revenue Growth of 58% and Positive Adjusted EBITDA*

NEW YORK, May 10, 2021 (GLOBE NEWSWIRE) — Acreage Holdings, Inc. (“Acreage”) (CSE: ACRG.A.U, ACRG.B.U), (OTC: ACRHF, ACRDF) a multi-state operator of cannabis ‎cultivation and retailing facilities in the U.S., today reported financial results for the first quarter of 2021.

FIRST QUARTER RESULTS (UNAUDITED)

During the first quarter of 2021, Acreage continued to improve its financial performance and made progress against its strategic initiatives. Highlights for the quarter are summarized below.

Consolidated revenue was $38.4 million, a 58% increase compared to the same period in 2020 and a sequential increase of 22% compared to the fourth quarter of 2020.
Company-owned same store sales growth was 16%, marking the ninth consecutive quarter of double-digit same store sales comparisons.
Gross margin was 53.7%, an increase of 12.6 percentage points compared to the same period in 2020.
Net loss attributable to Acreage in the first quarter of 2021 was $7.8 million, an improvement from the net loss attributable to Acreage of $172.0 million for the same period in 2020.
Adjusted EBITDA* in the first quarter of 2021 was $1.6 million compared to a loss of $12.3 million in the same period in 2020. This marks the first quarter of positive adjusted EBITDA* for the company and validates management’s refocused strategic plan.

“I am very pleased with our financial performance in the first quarter as we reported positive Adjusted EBITDA for the first time in our history,” said Peter Caldini, Chief Executive Officer of Acreage. “Additionally, our revenue growth accelerated to 58% year over year, and our gross margin of 53.7% once again set a company record. This all validates our refocused strategy, and we are clear on our path to improved performance.”

Retail revenue for the first quarter of 2021 was $25.8 million, an increase of $8.3 million or 47% compared to the first quarter of 2020. The year over year growth was primarily driven by the consolidation of our New Jersey operations in June 2020 and same store sales growth of 16%. Additionally, retail revenue for the first quarter of 2021 improved sequentially by $0.8 million or 3% compared to the fourth quarter of 2020.

Wholesale revenue for the first quarter of 2021 was $10.0 million, an increase of $3.5 million or 53% compared to the first quarter of 2020. The year over year growth in wholesale revenue was primarily driven by increased capacity, coupled with maturing operations in the Company’s Pennsylvania, Massachusetts, and Illinois cultivation facilities. This resulted in higher yields and improved product mix in each of the respective markets. Additionally, wholesale revenue for the first quarter of 2021 improved sequentially by $3.6 million or 55% compared to the fourth quarter of 2020.

Total gross profit for the first quarter of 2021 was $20.6 million, an increase of $10.7 million or 107% compared to the first quarter of 2020. Both the growth in revenue and efficiencies achieved at our production facilities drove the increase in gross profit. Total gross margin was 53.7%, up 1,260 basis points compared to total gross margin of 41.1% in the first quarter of 2020.

Consolidated EBITDA* for the first quarter of 2021 was $1.6 million, which was a significant improvement compared to a consolidated EBITDA* loss of $249.0 million in the year ago comparable period. Adjusted EBITDA* for the first quarter of 2021 was $1.6 million, which was also a significant improvement to the Adjusted EBITDA* loss of $12.3 million in the first quarter of 2020 and a sequential improvement from the Adjusted EBITDA loss* of $3.5 million in the fourth quarter of 2020. This marks the first time the company has reported positive EBITDA* and positive Adjusted EBITDA*, which management believes validates its refocused strategy. Finally, Adjusted EBITDA from core operations*, which excludes markets where the Company has entered into definitive agreements to exit and start-up ventures such as beverages and CBD, was $3.1 million, indicating the Company’s core markets are still being negatively impacted by its non-core operations.

MANAGED SERVICES AGREEMENTS (MSA) PERFORMANCE

In addition to operating corporately owned production and cultivation facilities and retail dispensaries, Acreage manages operations on behalf of several third parties. For the first quarter of 2021, these managed entities generated net sales of $16.4 million, which was an increase of $3.0 million or 22% compared to the first quarter of 2020, driven primarily by same store sales growth of 99% and somewhat offset by the transition of the New Jersey operations.

Managed entities generated EBITDA of $4.7 million for the first quarter of 2021, an increase of $5.5 million compared to an EBITDA loss of $0.8 million in the first quarter of 2020.

BALANCE SHEET AND LIQUIDITY

The company ended the quarter with $45.9 million in cash and restricted cash. Subsequent to the quarter end, the company closed on the previously announced sale of its Florida operations, which provided an additional $20 million to the Company’s cash balances. Additionally, during the first quarter of 2021, the company extended the maturity date related to $21 million of a $22 million term loan to June 2021 and subsequently filed a Form S-1 resale registration statement which was declared effective by the SEC, for shares underlying outstanding warrants held by our investors. The company has worked to ensure that sufficient capital is available and is consistently monitoring for advantageous opportunities.

STRATEGIC DISCUSSION

The Company continues to believe its refocused strategy is the key to continued improvements in its financial results and shareholder value. The Company remains focused on three key strategic objectives – driving profitability, strengthening the balance sheet, and accelerating growth in its core markets.

Driving Profitability: The Company’s focus on improving operational and financial results has significantly improved profitability from reporting an EBITDA loss of $249.0 million in the first quarter of 2020 to reporting positive EBITDA of $1.6 million in the first quarter of 2021. Management continues to diligently control costs, improve operational efficiencies, and accelerate organic growth in its core markets to continue to report improved profitability going forward.

Strengthening the Balance Sheet: Strengthening the balance sheet is key to both providing the Company with the necessary capital to achieve its operational plans and building shareholder confidence. The Company has worked to ensure that sufficient capital has been available when needed. Going forward, the Company will monitor the capital markets and utilize opportunities to access both debt or equity when it is necessary and advantageous to do so.

Accelerating Growth in Core Markets: Through prior acquisitions and capital expenditures, management believes Acreage is well positioned for future success in several key markets as regulations regarding the use of cannabis continue to evolve. As an example, the Company has an established footprint in key markets such as New York and New Jersey and expects to benefit in the coming months and years as a result of the recent passage of adult-use programs in these states. The Company will continue to focus its growth on its core markets where it can take advantage of and expand on the presence already established.

During the first quarter of 2021, several achievements were completed in accordance with these strategic objectives:

The company entered into a definitive agreement to sell its Florida operations for an aggregate $60.0 million during the quarter. Subsequent to the quarter end, the company closed on its Florida divestiture. Additionally, the company agreed to sell its dispensary in Powell, OR and its cultivation and processing facility in Medford, OR.
The company opened its third dispensary in Williamstown, New Jersey. The Company now operates the maximum number of dispensaries allowed in the state of New Jersey.
The Company continued to aggressively push toward completion of its New Jersey cultivation facility expansions in Egg Harbor and Sewell, positioning Acreage as a market leader ahead of adult-use sales in that state. Both facilities remain on track to complete the expansion projects currently underway in early 2022, bringing total production and cultivation space to nearly 200,000 square feet.

EARNINGS CALL DETAILS

Acreage will host a conference call with management on Tuesday, May 11th at 8:30 A.M. Eastern Daylight Time. The call will be webcast and can be accessed at investors.acreageholdings.com. To listen to the live call, please go to the website at least 15 minutes early to register, download and install any necessary audio software.

ABOUT ACREAGE HOLDINGS, INC.

With its principal address in New York City, Acreage is a multi-state operator of cannabis ‎cultivation and retailing facilities in the U.S., including the company’s national retail store ‎brand, The Botanist. Acreage’s wide range of national and regionally available cannabis products include the award-winning The Botanist brand, the highly recognizable Tweed brand, the Prime medical brand in Pennsylvania, the Innocent edibles brand in Illinois and others. Acreage also owns Universal Hemp, LLC, a hemp subsidiary dedicated to the distribution, marketing and sale of CBD products throughout the U.S. Since its founding in 2011, Acreage has focused on building and scaling operations to create a ‎seamless, consumer-focused, branded experience. More information is available at www.acreageholdings.com.

On June 27, 2019, Acreage implemented an arrangement under section 288 of the Business Corporations ‎Act (British Columbia) with Canopy Growth Corporation (“Canopy Growth”), which was subsequently amended on September 23, 2020 (the “Amended Arrangement”)‎. Pursuant to the Amended Arrangement, ‎upon ‎the occurrence (or waiver by Canopy Growth) of changes in federal laws in the United States to permit the general cultivation, distribution and possession of marijuana (as defined in the relevant legislation) or to remove the regulation of such activities from the federal laws of the United States (the “Triggering Event”), Canopy Growth will, subject to the ‎satisfaction or waiver of certain closing conditions, acquire ‎all of the issued and outstanding Class E subordinate voting shares (the “Fixed Shares”) on the basis of 0.3048 of a Canopy Growth share per ‎Fixed Share (following the automatic conversion of the Class F multiple voting shares and subject to adjustment ‎in accordance with the terms of the arrangement agreement entered into between Acreage and Canopy Growth on April 18, 2019, as amended on May 15, 2019 and on September 23, 2020).

In addition, Canopy Growth holds an option, exercisable at the discretion of Canopy Growth, to acquire all of the ‎issued and outstanding Class D subordinate voting shares (the “Floating Shares”) at the time that Canopy Growth acquires the Fixed Shares, for ‎cash or Canopy Growth shares, as Canopy Growth may determine, at a price per Floating Share based ‎upon the 30-day volume-weighted average trading price of the Floating Shares on the CSE relative to the trading price of the Canopy Growth shares at the time of the ‎occurrence or waiver of the Triggering Event, subject to a minimum price of US$6.41 per Floating Share.

For more information about the Amended Arrangement please see the Acreage proxy statement and management information circular dated August 17, 2020 (the “Circular”) and the respective ‎information circulars of each of Acreage and Canopy Growth dated May 17, 2019, which are available on ‎Acreage’s and Canopy Growth’s respective profiles on SEDAR at www.sedar.com and filed with the SEC on the EDGAR website at www.sec.gov. For additional information regarding ‎Canopy Growth, please see Canopy Growth’s profile on SEDAR at www.sedar.com.

FORWARD LOOKING STATEMENTS AND NON-GAAP MEASURES

This news release and each of the documents referred to herein contains “forward-looking information” and ‎‎“forward-looking statements” within the meaning of applicable Canadian and United States securities legislation, ‎respectively. All statements, other than statements of historical fact, included herein are forward-looking ‎information, including, for greater certainty, statements regarding the Amended Arrangement, including the likelihood of completion thereof, the ‎occurrence or waiver of the Triggering Event, the satisfaction or waiver of the closing conditions set out in the Arrangement Agreement and other statements with respect to the proposed transactions with Canopy Growth. ‎Often, but not always, forward-looking statements and information can be identified by the use of words such as ‎‎“plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, ‎or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, ‎‎‎“would”, “might” or “will” be taken, occur or be achieved.

Forward-looking statements or information involve known and unknown risks, uncertainties and other ‎factors which may cause the actual results, performance or achievements of Acreage or its ‎subsidiaries to be materially different from any future results, performance or achievements expressed or ‎implied by the forward-looking statements or information contained in this news release. Risks, uncertainties and other factors involved with forward-looking ‎information could cause actual events, results, performance, prospects and opportunities to differ ‎materially from those expressed or implied by such forward-looking information, including, but not ‎limited to financing and liquidity risks, and the risks disclosed in the Company’s Annual Report on Form 10-K for the year ended ‎December 31, 2020, ‎dated March 25, 2021 and the Company’s other public filings, in each case filed with the SEC on the EDGAR website at www.sec.gov and with ‎Canadian securities regulators ‎and available on the issuer profile of Acreage on SEDAR at www.sedar.com. Although Acreage has attempted to identify ‎important factors that could cause actual results to differ materially from those contained in forward-looking ‎information, there may be other factors that cause results not to be as anticipated, estimated or intended.

Although Acreage believes that the ‎assumptions and factors used in preparing the forward-looking information or forward-looking ‎statements in this news release are reasonable, undue reliance should not be placed on such information ‎and no assurance can be given that such events will occur in the disclosed time frames or at all. The ‎forward-looking information and forward-looking statements included in this news release are made as of ‎the date of this news release and Acreage does not undertake any obligation to publicly update such ‎forward-looking information or forward-looking statements to reflect new information, subsequent events ‎or otherwise unless required by applicable securities laws.

This release contains tables that reconcile our results of operations reported in accordance with accounting principles generally accepted in the United States of America (“GAAP”) to adjusted results that exclude the impact of certain items identified as affecting comparability (non-GAAP). We use EBITDA, adjusted EBITDA, adjusted EBITDA from core operations, adjusted net loss attributable to Acreage, same store sales trends, among other measures, to evaluate our actual operating performance and for planning and forecasting future periods. We believe the adjusted results presented provide relevant and useful information for investors because they clarify our actual operating performance, make it easier to compare our results with those of other companies and allow investors to review performance in the same way as our management. Since these measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, our reported results as indicators of our performance, and they may not be comparable to similarly named measures from other companies. The tables below reconcile our results of operations in accordance with GAAP to the adjusted results mentioned above:

Neither the Canadian Securities Exchange nor its Regulation Service Provider has reviewed and does not accept ‎responsibility for the adequacy or accuracy of the content of this news release.‎

For further information contact:

Steve Goertz
Chief Financial Officer
[email protected]
917-893-5300

Steve West
Vice President, Investor Relations
[email protected]
917-893-5300

US GAAP FINANCIAL HIGHLIGHTS (UNAUDITED)

US GAAP Statements of Financial Position
	March 31, 2021		December 31, 2020
US$ (thousands)	(unaudited)		(audited)
ASSETS
Cash and cash equivalents	$	22,844	$	32,542
Restricted cash	23,097		22,097
Inventory	25,375		23,715
Notes receivable, current	8,892		2,032
Assets held-for-sale	73,381		62,971
Other current assets	5,748		4,663
Total current assets	159,337		148,020
Long-term investments	33,968		34,126
Notes receivable, non-current	94,392		97,901
Capital assets, net	92,963		89,136
Operating lease right-of-use assets	16,889		17,247
Intangible assets, net	137,624		138,983
Goodwill	31,922		31,922
Other non-current assets	4,271		4,718
Total non-current assets	412,029		414,033
TOTAL ASSETS	$	571,366	$	562,053

LIABILITIES AND MEMBERS’ EQUITY
Accounts payable and accrued liabilities	$	19,123	$	18,913
Taxes payable	18,857		14,780
Interest payable	5,688		3,504
Operating lease liability, current	1,285		1,492
Debt, current	47,642		27,139
Non-refundable deposits on sale	6,500		750
Liabilities related to assets held-for-sale	19,167		18,154
Other current liabilities	12,534		13,010
Total current liabilities	130,796		97,742
Debt, non-current	132,870		153,318
Operating lease liability, non-current	16,331		16,609
Deferred tax liability	34,276		34,673
Other liabilities	—		2
Total non-current liabilities	183,477		204,602
TOTAL LIABILITIES	314,273		302,344

Members’ equity	239,893		241,031
Non-controlling interests	17,200		18,678
TOTAL MEMBERS’ EQUITY	257,093		259,709
TOTAL LIABILITIES AND MEMBERS’ EQUITY	$	571,366	$	562,053

US GAAP Statements of Operations
US$ (thousands)	Q1’21			Q1’20
Retail revenue, net	$	25,847		$	17,573
Wholesale revenue, net	10,016			6,548
Other revenue, net	2,530			104
Total revenues, net	38,393			24,225
Cost of goods sold, retail	(13,082		)	(10,889		)
Cost of goods sold, wholesale	(4,690		)	(3,382		)
Total cost of goods sold	(17,772		)	(14,271		)
Gross profit	20,621			9,954

OPERATING EXPENSES
General and administrative	9,218			13,032
Compensation expense	10,363			14,477
Equity-based compensation expense	6,041			34,737
Marketing	12			987
Impairments, net	818			187,775
Loss on notes receivable	—			8,161
Recovery of assets held-for-sale	(8,616		)	—
Legal settlements, net	10			—
Depreciation and amortization	969			2,067
Total operating expenses	18,815			261,236

Net operating income (loss)	1,806			(251,282		)

OTHER INCOME
(Loss) income from investments, net	(144		)	234
Interest income from loans receivable	1,465			1,647
Interest expense	(4,857		)	(1,226		)
Other loss, net	(1,566		)	(174		)
Total other (loss) income	(5,102		)	481

Loss before income taxes	(3,296		)	(250,801		)

Income tax (expense) benefit	(5,346		)	28,572

Net loss	(8,642		)	(222,229		)

Less: net loss attributable to non-controlling interests	(833		)	(50,275		)

Net loss attributable to Acreage Holdings, Inc.	$	(7,809	)	$	(171,954	)

*NON-GAAP MEASURES, RECONCILIATION AND DISCUSSION (UNAUDITED)

Reconciliation of GAAP to Non-GAAP Measures
US$ (thousands, except per share amounts)	Q1’21			Q1’20
Net loss (GAAP)	$	(8,642	)	$	(222,229	)
Income tax expense (benefit)	5,346			(28,572		)
Interest expense (income), net	3,392			(421		)
Depreciation and amortization	1,522			2,223
EBITDA (non-GAAP)*	$	1,618		$	(248,999	)
Adjusting items:
Loss (income) from investments, net	144			(234		)
Impairments, net	818			187,775
Loss on notes receivable	—			8,161
Recovery of assets held-for-sale	(8,616		)	—
Equity-based compensation expense	6,041			34,737
Legal settlements, net	10			—
Other non-recurring expenses	1,579			6,310
Adjusted EBITDA (non-GAAP)*	$	1,594		$	(12,250	)
EBITDA from beverage and CBD	508			—
EBITDA from businesses under definitive agreements to exit	991			—
Adjusted EBITDA from core operations (non-GAAP)*	$	3,093		$	(12,250	)

Reconciliation of GAAP to Non-GAAP Measures
US$ (thousands, except per share amounts)	Q1’21			Q1’20
Net loss attributable to Acreage Holdings, Inc. (GAAP)	$	(7,809	)	$	(171,954	)
Net loss per share attributable to Acreage Holdings, Inc. (GAAP)	$	(0.07	)	$	(1.85	)
Adjusting items: ⁽¹⁾
Loss (income) from investments, net	$	118		$	(185	)
Impairments, net	667			148,061
Loss on notes receivable	—			6,435
Recovery of assets held-for-sale	(7,031		)	—
Equity-based compensation expense	4,929			27,390
Legal settlements, net	8			—
Other non-recurring expenses	1,288			4,975
Tax impact of adjustments above	259			(31,259		)
Total adjustments	$	238		$	155,417
Adjusted net loss attributable to Acreage Holdings, Inc. (non-GAAP)*	$	(7,571	)	$	(16,537	)
Adjusted net loss per share attributable to Acreage Holdings, Inc. (non-GAAP)*	$	(0.07	)	$	(0.18	)
Weighted average shares outstanding – basic and diluted	106,204			92,902
Weighted average NCI ownership %	18.40		%	21.15		%

(1) Adjusting items have been reduced by the respective non-controlling interest percentage for the period.

May 10, 2021 5:11 pm

CT REIT Announces Strong First Quarter 2021 Results

Canada NewsWire

Delivers 7.5% growth in AFFO per unit for the first quarter
Announces six new investments totalling $40.2 million

TORONTO, May 10, 2021 /CNW/ – CT Real Estate Investment Trust (“CT REIT” or “the REIT”) (TSX: CRT.UN) today reported its consolidated financial results for the first quarter ending March 31, 2021.

“CT REIT’s growth and resilience drove strong results in Q1, again demonstrating the core attributes of our strategy and business model,” said Ken Silver, CEO of CT REIT. “As we navigate the pandemic’s third wave, we continue to manage the ongoing impacts of the crisis, while investing in our future growth.”

New Investment Activity

Today, CT REIT announced six new investments, which will require an estimated $40.2 million to complete. The investments are, in aggregate, expected to earn a weighted average cap rate of 6.40% when completed and represent approximately 162,000 square feet of incremental gross leasable area (“GLA”). CT REIT is funding these investments through the issuance of Class B LP Units and/or Class C LP Units to Canadian Tire Corporation (“CTC”), cash and/or draws on its credit facilities or any combination thereof.

The table below summarizes the new investments and their anticipated completion dates:

Property	Type	GLA (sf.)	Timing	Activity
Cochrane, ON	Intensification	11,000	Q4 2021	Expansion of an existing Canadian Tire store
Lethbridge South, AB	Intensification	28,000	Q4 2022	Expansion of an existing Canadian Tire store
Charlottetown, PEI	Intensification	28,000	Q4 2022	Expansion of an existing Canadian Tire store
Casselman, ON	Intensification	24,000	Q3 2023	Expansion of an existing Canadian Tire store
Milton, ON	Intensification	43,000	Q3 2023	Expansion of an existing Canadian Tire store
Summerside, PEI	Intensification	28,000	Q4 2023	Expansion of an existing Canadian Tire store

Update on Previously Announced Investment and Disposition Activity

In the first quarter, CT REIT invested $10 million in the previously disclosed investment shown in the table below.

Property	Type	GLA (sf.)	Timing	Activity
Lower Sackville, NS	Vend-in	53,000	Q1 2021	Vend-in of an existing Canadian Tire store

CT REIT also sold its Arnprior Mall property in Arnprior, Ontario, for $21 million in the first quarter.

Business Update Related to the Pandemic

The REIT has considered the impact of the coronavirus (COVID-19) disease ( the “Pandemic”) on the likelihood of collection of current receivables. Rental collections remain strong and approximately in line with the REIT’s pre-Pandemic historical average. This, however, may not be indicative of the REIT’s ability to continue collecting rent at these levels, in the future, due to the ongoing uncertainty surrounding the Pandemic, including the uncertainty related to the nature of governmental measures that may continue to be imposed to combat the impact of the Pandemic. In addition, the continuation of some of the existing governmental programs and/or the implementation of future programs to mitigate the economic impact of the Pandemic is also not known at this time.

The federal government’s primary measure currently in place to support small and medium-sized businesses significantly impacted by the Pandemic with their fixed costs, including rent, is the Canada Emergency Rent Subsidy (“CERS”), announced in late 2020 with a current end date of June 2021 which was recently amended and extended to September 2021 in the 2021 Federal Budget, subject to official enactment and implementation.

For the three months ended March 31, 2021, the REIT incurred $0.4 million (Q1 2020 – nil) of expected credit losses related to tenants who had been significantly impacted by the Pandemic.

Financial and Operational Summary

Summary of Selected Information
(in thousands of Canadian dollars, except unit, per unit and square footage amounts)	Three Months Ended March 31,
	2021		2020		Change
Property revenue	$	129,903	$	126,845	2.4%
Net operating income ¹	$	99,024	$	95,319	3.9%
Net income	$	74,558	$	43,196	72.6%
Net income per Unit – basic ²	$	0.323	$	0.189	70.9%
Net income per Unit – diluted ³	$	0.281	$	0.173	62.4%
Funds from operations¹	$	71,163	$	66,885	6.4%
Funds from operations per Unit – diluted (non-GAAP) ^1,2,4	$	0.308	$	0.293	5.1%
Adjusted funds from operations ¹	$	63,221	$	58,174	8.7%
Adjusted funds from operations per Unit – diluted (non-GAAP) ^1,2,4	$	0.273	$	0.254	7.5%
Distributions per Unit – paid ²	$	0.201	$	0.197	2.0%
AFFO payout ratio¹		73.6%		77.6%	(5.2)%
Cash generated from operating activities	$	95,140	$	98,817	(3.7)%
Adjusted cashflow from operations ¹	$	56,733	$	55,118	2.9%
Weighted average number of units outstanding ²
Basic	231,126,631		228,350,645		1.2%
Diluted ³	321,699,476		348,948,514		(7.8)%
Diluted (non-GAAP) ^1,4	231,421,655		228,596,901		1.2%
Indebtedness ratio	42.5%		42.7%		(0.5)%
Interest coverage (times)	3.68		3.43		7.3%
Gross leasable area (square feet) ⁵	28,659,093		27,711,965		3.4%
Occupancy rate ^5,6	99.3%		99.4%		(0.1)%

¹ Non-GAAP measure. Refer to section 11.0 of the MD&A for further information.
² Total units means Units and Class B LP Units outstanding.
³ Diluted units determined in accordance with IFRS includes restricted and deferred units issued under various plans and the effect of assuming that all of the Class C LP Units will be settled with Class B LP Units. Refer to section 8.0 of the MD&A.
⁴ Diluted units used in calculating non-GAAP measures include restricted and deferred units issued under various plans and exclude the effect of assuming that all of the Class C LP Units will be settled with Class B LP Units. Refer to section 8.0 of the MD&A.
⁵ Refers to retail, mixed-use commercial and industrial properties and excludes Properties Under Development.
⁶Occupancy and other leasing key performance measures have been prepared on a committed basis which includes the impact of existing lease agreements contracted on or before March 31, 2021 and March 31, 2020.

Financial Highlights

Net Income – Net income was $74.6 million for the quarter, an increase of 72.6%, compared to the same period in the prior year, primarily due to an increase in NOI* and an increase in the fair value adjustment on investment properties.

Net Operating Income (NOI)* – In the first quarter, NOI was $99 million, which was $3.7 million or 3.9% higher compared to the same period in the prior year, primarily due to rent escalations in CTC banner leases which contributed $1.6 million and the acquisition of income-producing properties completed in 2021 and 2020, which contributed a further $1.3 million to NOI growth. Same store NOI was $95.3 million and same property NOI was $96.1 million for the quarter, which were $1.6 million or 1.7% and $2.3 million or 2.5%, respectively, higher when compared to the prior year, primarily due to increased revenue derived from contractual rent escalations, offset by Pandemic-related impacts.

Funds from Operations (FFO)* – FFO for the quarter was $71.2 million or $0.308 per unit – diluted (non-GAAP), which was 5.1% or $0.015 per unit – diluted (non-GAAP), higher than the same period in 2020, primarily due to the impact of NOI variances, lower interest expense and timing of general and administrative costs.

Adjusted Funds from Operations (AFFO)* – AFFO for the quarter was $63.2 million or $0.273 per unit – diluted (non-GAAP), 7.5% or $0.019 per unit – diluted (non-GAAP) higher than the same period in 2020, primarily due to the impact of NOI variances, lower interest expense and timing of general and administrative costs.

Distributions – Distributions per unit in the quarter amounted to $0.201, 2.0% higher than the same period in 2020 due to the increase in the annual rate of distributions which became effective as of the monthly distribution paid in September 2020.

*NOI, FFO and AFFO are non-GAAP measures. Refer to Non-GAAP section 11.0 “Non-GAAP Measures” in CT REIT’s Q1 2021 MD&A, which is available on SEDAR at www.sedar.com and at www.ctreit.com.

Operating Results

Leasing – CTC is CT REIT’s most significant tenant. At March 31, 2021, CTC represented 92.5% of total GLA and 91.8% of annualized base minimum rent.

Occupancy – At March 31, 2021, CT REIT’s portfolio occupancy rate, on a committed basis, was 99.3%.

Management’s Discussion and Analysis (MD&A) and Interim Condensed Consolidated Financial Statements (Unaudited) and Notes

Information in this press release is a select summary of results. This press release should be read in conjunction with CT REIT’s management’s discussion and analysis for the period ended March 31, 2021 (Q1 2021 MD&A) and Interim Condensed Consolidated Financial Statements (Unaudited) and Notes which are available on SEDAR at www.sedar.com and at www.ctreit.com.

Note: Unless otherwise indicated, all figures in this press release are as of March 31, 2021 and are presented in Canadian dollars.

Forward-Looking Statements

This press release contains forward-looking statements and information that reflects management’s current expectations related to matters such as future financial performance, operating results and the effect of the Pandemic on CT REIT’s business and operations and the REIT’s tenants’ respective businesses and operations, including the operations of Canadian Tire stores, and discussions between the REIT and its tenants with respect to future rent obligations. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our future outlook, anticipated events or results and our operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

Certain statements other than statements of historical facts included in this document may constitute forward-looking information, including, but not limited to, statements concerning the REIT’s ability to complete the investments in the acquisitions under the headings “New Investment Activity”, “Update on Previously Announced Investment and Disposition Activity”, the timing and terms of any such investment and/or agreements and the benefits expected to result from such investment, the effects of the Pandemic on the REIT’s business under the heading “Business Update Related to the Pandemic” and statements concerning developments, redevelopments, intensifications, results, performance, achievements, prospects or opportunities for CT REIT. Forward-looking information is based on reasonable assumptions, estimates, analyses, beliefs and opinions of management made in light of its experience and perception of prospects and opportunities, current conditions and expected trends, as well as other factors that management believes to be relevant and reasonable at the date such information is provided.

By its very nature forward-looking information, requires the use of estimates and assumptions and is subject to inherent risks and uncertainties. It is possible that the REIT’s assumptions, estimates, analyses, beliefs and opinions are not correct, and that the REIT’s expectations and plans will not be achieved. Although the forward-looking information contained in this press release is based on information, assumptions and beliefs which are reasonable in the opinion of management and complete, this information is necessarily subject to a number of factors that could cause actual results to differ materially from management’s expectations and plans as set forth in such forward-looking information. Without limiting the generality of the foregoing, given the continued evolving circumstances surrounding the Pandemic, including the uncertainty of the present and future waves, it is difficult to predict with certainty the nature, duration and extent of the adverse impact of the Pandemic on, among others: the global and domestic economy; the business, operations and financial position of the REIT’s tenants, including CTC; the expected benefits from the investments described under the heading “New Investment Activity” and “Update on Previously Announced Investment and Disposition Activity”, including the timing of the acquisitions; and the business, operations, financial position, results, prospects or opportunities of CT REIT.

For more information on the risks, uncertainties and assumptions that could cause the REIT’s actual results to differ from current expectations, refer to Section 4 “Risk Factors” of our Annual Information Form for fiscal 2020, and to Section 12.0 “Enterprise Risk Management” and section 14.0 “Forward-Looking Information” of CT REIT’s MD&A for fiscal 2020 as well as the REIT’s other public filings available at www.sedar.com and at www.ctreit.com.

In addition, for further factors related to the Pandemic impacting the REIT, refer to Section 2.0 “Factors Affecting the REIT as a Result of the Covid-19 Pandemic”, Section 12.0, “Enterprise Risk Management” and Section 14.0 “Forward-looking Information” of our MD&A, available at www.sedar.com and at www.ctreit.com.

The forward-looking statements and information contained herein are based on certain factors and assumptions as of the date hereof. CT REIT does not undertake to update any forward-looking information, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, except as is required by applicable securities laws.

Information contained in or otherwise accessible through the websites referenced in this press release does not form part of this press release and is not incorporated by reference into this press release.

Additional information about CT REIT has been filed electronically with various securities regulators in Canada through SEDAR and is available at www.sedar.com and at www.ctreit.com.

Annual Meeting

As previously announced, CT REIT’s Annual Meeting of Unitholders will take place on Tuesday, May 11, 2021 at 10:00 a.m. ET. This year’s annual meeting will be held in a virtual format only, by way of live audio webcast and teleconference. Please refer to www.ctreitagm.com for additional details on the annual meeting.

Conference Call

CT REIT will conduct a conference call to discuss information included in this news release and related matters at 8:00 a.m. ET on May 11, 2021. The conference call will be available simultaneously and in its entirety to all interested investors and the news media by dialing 416-340-2217 (Participant passcode: 1809153#) or 1-800-898-3989 or through a webcast at https://www.ctreit.com/English/news-and-events/events-and-webcasts/default.aspx and will be available through replay for 12 months.

About CT Real Estate Investment Trust

CT Real Estate Investment Trust (TSX:CRT.UN) is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties primarily located in Canada. Its portfolio is comprised of over 350 properties totaling approximately 29 million square feet of GLA, consisting primarily of net leased single-tenant retail properties located across Canada. Canadian Tire Corporation, Limited is CT REIT’s most significant tenant. For more information, visit www.ctreit.com.

SOURCE CT Real Estate Investment Trust (CT REIT)

May 10, 2021 5:11 pm

FHLBank San Francisco Names Tony Wong Chief Banking Officer

SAN FRANCISCO, May 10, 2021 (GLOBE NEWSWIRE) — The board of directors of the Federal Home Loan Bank of San Francisco has approved the promotion of Tony Wong to executive vice president and chief banking officer (CBO). As CBO, Wong is responsible for providing strategic direction and oversight for the sales, marketing and communications, member financial services, member and counterparty credit, and community investment departments. Mr. Wong has served as acting CBO for the Bank since April 2020. He will report directly to Teresa Bazemore, the Bank’s president and CEO.

“I am pleased to promote Tony to CBO and to recognize his leadership through extraordinary times. As acting CBO, Tony played a crucial role in FHLBank San Francisco’s ability to maintain business as usual throughout the pandemic,” said Ms. Bazemore. “Tony’s extensive knowledge of the Bank and our membership, coupled with his strong commitment to our mission, made him the ideal candidate. I look forward to working alongside him to serve our members and strengthen our communities as we move into a post-pandemic era.”

Mr. Wong joined the Bank in 1995 and has held various positions with increasing responsibilities during his tenure, most recently as senior vice president of member financial services and chief marketing officer. Prior to joining the Bank, he was part of the capital markets team at Barclays Global Investors (formerly Wells Fargo Nikko Investment Advisors). Mr. Wong began his career as a registered investment advisor with the retail brokerage division of Lehman Brothers. He received a B.A. in economics from the University of California at Berkeley and is a Certified Mortgage Banker, Accredited Mortgage Professional, and a Certified Diversity Professional.

“I’m honored to assume the CBO position at FHLBank San Francisco and to further the Bank’s mission of building stronger communities and creating opportunity,” Mr. Wong said. “As CBO, I look forward to tackling the challenges ahead, delivering on our promise for our members and promoting homeownership, expanding access to affordable housing, and supporting the economic recovery.”

About Federal Home Loan Bank of San Francisco

The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. Our member financial institutions–commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions–rely on us to deliver prompt access to low-cost funding, risk management tools, and resources for affordable housing and community economic development. Together with our members and other partners, we are making the communities we serve more resilient and vibrant.

Contact:

Mary Long, 415-572-6717
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ccb7e1d8-ee47-4aa8-83d1-120e342f3d04