Market Newsdesk

March 31, 2021 4:23 pm

Spark Networks SE Reports Second Half and Full Year 2020 Financial Results

– FYE 2020 Revenue was $233 million, an increase of $62.1 million compared to $170.9 million in recorded revenue for FYE 2019

– FYE 2020 Monthly Average Revenue Per User, or Monthly ARPU, increased by 7.4% to $20.93 compared to $19.48 for FYE 2019

PR Newswire

BERLIN, March 31, 2021 /PRNewswire/ — Spark Networks SE (NYSE American: LOV), one of the world’s leading online dating platforms leveraging premium, complementary brands including Zoosk, EliteSingles, SilverSingles, Christian Mingle, Jdate, and JSwipe, today reported second half and full year 2020 financial results.

“Our financial and operational gains for the Second Half and Full Year 2020 are a testament to the strength of Sparks’ top brands, which performed well during truly unique market conditions,” said Eric Eichmann, CEO of Spark Networks. “Successful product improvements and expanded marketing capabilities led to higher user engagement and improved ARPU levels in 2020. Going forward, we are excited about our growth potential as we fulfill our ambition to become the leader in social dating for meaningful relationships in this rapidly expanding sector.”

“I am pleased to have exceeded both our top and bottom line financial guidance for the full year 2020,” said Bert Althaus, Chief Financial Officer of Spark. “In addition to stabilizing and integrating operations during the last year, the Company also strengthened its balance sheet by amending its credit facility by resetting financial covenants and securing an additional $6 million in funding.”

Second Half and Full Year 2020 Financial Results

*2020 results represent the first full year-period reporting to include newly acquired Zoosk’s financials

Revenue for the second half of 2020 was $118.9 million, an increase of $3.9 million compared to $115.0 million in the second half of 2019. Revenue for 2020 was $233.0 million, an increase of $62.1 million compared to $170.9 million in 2019, as adjusted. For the second half of year in 2020, the increase in revenue was the result of a fair value purchase price adjustment of $12.9 million recorded in the second half of 2019 related to the deferred revenue acquired from Zoosk. Excluding purchase price adjustments, revenue for the second half of 2020 was $119.5 million, a decrease of $8.4 million compared to $127.9 million in the second half of 2019. The decrease was attributable to the 7.5% decrease in the number of Average Paying Subscribers partially offset by the 1.0% increase in Monthly ARPU, excluding the fair value purchase price adjustment. For the full year in 2020, the significant increase in revenue is primarily attributable to the integration of Zoosk following the Spark Networks / Zoosk Merger in July 2019.
Net Loss was $45.9 million in the second half of 2020, an increase of $16.9 million compared to Net Loss of $29.0 million in the second half of 2019, and an increase of $45.2 million compared to $0.7 million in the first half of 2020. Net Loss for 2020 was $46.6 million, an increase of $11.7 million compared to $34.9 million in 2019, as adjusted. The year over year increase in Net Loss was primarily driven by the increase in impairment of goodwill and intangible assets.
Adjusted EBITDA was $20.1 million in the second half of 2020, an increase of $13.3 million compared to $6.8 million in the second half of 2019, and an increase of $2.5 million compared to $17.6 million in the first half of 2020. Adjusted EBITDA for 2020 was $37.7 million, an increase of $27.4 million compared to $10.3 million in 2019, as adjusted.
The Company ended the year with $19.3 million in cash and $99.1 million in debt.

Key Performance Indicators

Average Paying Subscribers decreased by 76,217 to 941,104 in the second half of 2020, compared to 1,017,321 in the same period of 2019.
Average Paying Subscribers Full Year 2020 increased nearly 27%, reaching roughly 928,000, compared to the 731,000 we recorded in 2019.
Monthly Average Revenue Per User, or Monthly ARPU, increased by 11.8% to $21.05 in the second half of 2020, compared to $18.83 in the same period of 2019.
Spark’s ARPU for the full year 2020 increased 7.4% to $20.93 compared to $19.48 in the 12-month period ended December 31, 2019.

Financial Outlook

Due to increased user engagement and a better than anticipated response to shelter-in-place restrictions, management expects to deliver 2021 annual revenue of $238 to $244 million and Adjusted EBITDA of $33 to $36 million.

Key Metrics – Half Year
(Amounts in $ millions, except Total Registrations, Avg. Paying Subs, and Monthly ARPU)

	Six Months Ended						Growth Rates %
	12/31/2020		6/30/2020		12/31/2019		2nd Half 2020 vs.
	2nd Half 2020		1st Half 2020		2nd Half 2019		1st Half 2020		2nd Half 2019
Revenue	$	118.9	$	114.2	$	115.0	4.1	%	3.4	%
Contribution¹	$	60.6	$	57.4	$	52.0	5.5	%	16.5	%
Net loss	$	(45.9)	$	(0.7)	$	(29.0)	6,022.7	%	58.3	%
Adjusted EBITDA²	$	20.1	$	17.6	$	6.8	14.3	%	197.1	%
Cash Balance	$	19.3	$	13.2	$	17.2	45.5	%	12.0	%
Total Registrations³	7,140,802		7,668,580		8,229,976		(6.9)	%	(13.2)	%
Avg. Paying Subs⁴	941,104		914,798		1,017,321		2.9	%	(7.5)	%
Monthly ARPU⁵	$	21.05	$	20.80	$	18.83	1.2	%	11.8	%

Key Metrics – Full Year
(Amounts in $ millions, except Total Registrations, Avg. Paying Subs, and Monthly ARPU)

	Years Ended December 31,				Growth Rates %
	2020		2019		2020		2019
Revenue	$	233.0	$	170.9	36.4	%	44.2	%
Contribution¹	$	118.0	$	75.3	56.7	%	45.9	%
Net loss	$	(46.6)	$	(34.9)	33.5	%	299.7	%
Adjusted EBITDA²	$	37.7	$	10.3	264.3	%	129.2	%
Cash Balance	$	19.3	$	17.2	12.0	%	39.3	%
Total Registrations³	14,809,382		12,718,080		16.4	%	25.4	%
Avg. Paying Subs⁴	927,951		731,088		26.9	%	51.2	%
Monthly ARPU⁵	$	20.93	$	19.48	7.4	%	(4.7)	%

SPARK NETWORKS SE
UNAUDITED PRO FORMA FINANCIAL INFORMATION⁶
(in $ thousands)

	Years Ended December 31,
	2020	2019
(in $ thousands)	(actual)	(pro forma)
Revenue	233,036	$	250,655
Net loss	(46,608)	(26,659)

Investor Conference Call

Spark Networks will discuss its financial results during a live teleconference today at 4:30 p.m. Eastern time.

Toll-Free (United States):	1-877-705-6003
Toll-Free (Germany):	0-800-182-0040
International:	1-201-493-6725

In addition, Spark Networks will host a webcast of the call which will be accessible in the Investor Relations section of the Company’s website at https://investor.spark.net/investor-relations/home

A replay will begin approximately three hours after completion of the call and run until April 14, 2021.

Replay
Toll-Free (United States):	1-844-512-2921
International:	1-412-317-6671
Passcode:	13717580

Safe Harbor Statement:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, statements involving known and unknown risks, uncertainties, and other factors that may cause Spark Networks’ performance or achievements to be materially different from those of any expected future results, performance, or achievements. These statements include statements regarding Spark Networks’ strong business momentum, Spark Networks’ financial outlook and guidance for the second half and full year 2020, including with respect to Adjusted EBITDA and revenue, the impact of COVID-19 on Spark Networks’ business and Spark Networks’ growth potential and foundation for future growth.

Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Written words, such as “believes,” “hopes,” “intends,” “estimates,” “expects,” “projects,” “plans,” “anticipates,” and variations thereof, or the use of future tense, identify forward-looking statements. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. There are a number of factors that could cause actual results and developments to differ materially, including, but not limited to, the risk that the benefits from the acquisition of Zoosk, Inc. may not be fully realized or may take longer to realize than expected; risks related to the degree of competition in the markets in which Spark Networks operates; risks related to the ability of Spark Networks to retain and hire key personnel, operating results and business generally; the timing and market acceptance of new products introduced by Spark Networks’ competitors; Spark Networks’ ability to identify potential acquisitions; Spark Networks’ ability to comply with new and evolving regulations relating to data protection and data privacy; general competition and price measures in the market place; risks related to the duration and severity of COVID-19 and its impact on Spark Networks’ business; and general economic conditions. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” in Spark Networks’ Annual Report on Form 10-K for the year ended December 31, 2020 and in other sections of Spark Networks’ filings with the Securities and Exchange Commission (“SEC”), and in Spark Networks’ other current and periodic reports filed or furnished from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement except as required by law.

About Spark Networks SE:

Spark Networks SE is a leading global dating company, listed on the New York Stock Exchange American under the ticker symbol “LOV,” with headquarters in Berlin, Germany, and offices in New York and Utah. The Company’s widening portfolio of premium and freemium dating apps include Zoosk, EliteSingles, SilverSingles, Christian Mingle, Jdate, and JSwipe, among others. Spark Networks SE in its current form is the result of the merger between Affinitas GmbH and Spark Networks, Inc. in 2017 and the addition of Zoosk, Inc. in 2019. Spark has approximately one million monthly paying subscribers globally.

For More Information
Investors:
Christopher Camarra
Vice President of Investor Relations
[email protected]

¹ Contribution is defined as revenue, net of refunds and credit card chargebacks, less direct marketing. Direct Marketing is defined as online and offline advertising spend, and is included within Cost of Revenue within Spark Networks’ Consolidated Statements of Operations and Comprehensive Loss.

² Adjusted EBITDA is one of the primary metrics by which we evaluate the performance of our business, budget, forecast and compensate management. We believe this measure provides management and investors with a consistent view, period to period, of the core earnings generated from the ongoing operations and excludes the impact of items that we do not consider representative of our ongoing performance. This includes: depreciation and amortization, share-based compensation, asset impairments, gains or losses on foreign currency transactions and net interest expense, acquisition related costs and other costs. Adjusted EBITDA has inherent limitations in evaluating the performance of the Company, including, but not limited to the following:

•	Adjusted EBITDA does not reflect the cash capital expenditures during the measurement period;
•	Adjusted EBITDA does not reflect any changes in working capital requirements during the measurement period;
•	Adjusted EBITDA does not reflect the cash tax payments during the measurement period;
•	Adjusted EBITDA may be calculated differently by other companies in our industry, thus limiting its value as a comparative measure;

Because of these limitations, Adjusted EBITDA should be considered in addition to other financial performance measures, including net income and our other U.S. GAAP results. A reconciliation of the Adjusted EBITDA for the six months ended December 31, 2020, June 30, 2020, and December 31, 2019 and the years ended December 31, 2020 and December 31, 2019 can be found in the table below.

Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, share-based compensation, impairment of intangible assets and goodwill, and acquisition or other costs.

Statements regarding our expectations as to the first half and full-year 2021 Adjusted EBITDA do not include certain charges and costs. The adjustments to EBITDA in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, including (i) items such as share-based compensation, asset impairments, gains or losses on foreign currency transactions and interest expense, and (ii) items related to acquisitions or other costs that are non-recurring, infrequent, or unusual in nature including transaction and advisory fees, merger integration costs, other employee payments, and severance. The exclusion of these charges and costs in future periods will have a significant impact on our Adjusted EBITDA. We are not able to provide a reconciliation of our non-GAAP financial guidance to the corresponding GAAP measures without unreasonable effort because of the uncertainty and variability of the nature and amount of these future charges and costs.

³Total registrations are defined as the total number of new members registering to the platforms with their email address. Those include members who enter into premium subscriptions and free memberships.

⁴ Paying subscribers are defined as individuals who have paid a monthly fee for access to premium services, which include, among others, unlimited communication with other registered users, access to user profile pictures and enhanced search functionality. Average paying subscribers for each month are calculated as the sum of the paying subscribers at the beginning and the end of the month, divided by two. Average paying subscribers for periods longer than one month are calculated as the sum of the average paying subscribers for each month, divided by the number of months in such period.

⁵ Monthly Average Revenue Per User, or Monthly ARPU, represents the total net subscriber revenue for the period divided by the number of average paying subscribers for the period, divided by the number of months in the period.

⁶ The unaudited pro forma financial information in the table below presents the combined results of the Company and Zoosk as if the Spark Networks / Zoosk Merger had occurred on January 1, 2019. The unaudited pro forma financial information includes adjustments required under the acquisition method of accounting but excludes certain costs and charges that are deemed to be non-recurring in nature. This presentation is for informational purposes only and is not necessarily indicative of the results that would have been achieved had the acquisition actually occurred on January 1, 2019 or in future periods.

Spark Networks SE
Consolidated Balance Sheets
(in thousands, except share data)
	December 31, 2020		December 31, 2019
Assets
Current assets:
Cash and cash equivalents	$	19,267	$	17,207
Accounts receivable, net of allowance of $93 and $290, respectively	5,507		6,474
Prepaid expenses	4,366		3,563
Other current assets	2,140		1,466
Total current assets	31,280		28,710
Property and equipment, net	11,418		10,311
Goodwill	156,582		199,238
Intangible assets, net	58,999		74,780
Deferred tax assets	23,522		25,476
Other assets	8,642		10,356
Total assets	$	290,443	$	348,871
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of long-term debt	$	19,037	$	15,336
Accounts payable	11,127		18,941
Deferred revenue	38,304		36,877
Accrued expenses and other current liabilities	28,429		34,980
Total current liabilities	96,897		106,134
Long-term debt, net of current portion	80,109		92,329
Deferred tax liabilities	993		276
Other liabilities	17,541		8,946
Total liabilities	195,540		207,685
Commitments and contingencies (Note 10)
Shareholders’ Equity:
Common stock, €1.00 nominal value; 2,661,386 shares issued as of December 31, 2020 and 2019; 2,605,689 shares outstanding as of December 31, 2020 and 2019	3,064		3,064
Treasury stock, at nominal value; 55,697 shares as of December 31, 2020 and 2019	(61)		(61)
Additional paid-in capital	220,852		216,072
Accumulated deficit	(132,248)		(85,640)
Accumulated other comprehensive income	3,296		7,751
Total shareholders’ equity	94,903		141,186
Total liabilities and shareholders’ equity	$	290,443	$	348,871

Spark Networks SE
Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)

	Six Months Ended						Years Ended December 31,
	12/31/2020		6/30/2020		12/31/2019		2020		2019
Revenue	$	118,852	$	114,184	$	114,954	$	233,036	$	170,859
Operating costs and expenses:
Cost of revenue, exclusive of depreciation and amortization	72,484		69,975		77,643		142,459		115,253
Direct marketing costs	58,271		56,788		62,946		115,059		95,589
Data center expenses	4,151		3,212		3,949		7,363		5,596
Credit card fees	3,297		3,358		3,333		6,655		4,624
Mobile application processing fees	6,765		6,617		7,415		13,382		9,444
Sales and marketing expenses	2,084		2,109		2,983		4,193		5,741
Customer service expenses	3,556		3,800		4,961		7,356		7,475
Technical operations and development expenses	7,500		8,780		13,226		16,280		16,776
General and administrative expenses	19,072		16,235		14,503		35,307		27,790
Depreciation and amortization	4,731		4,653		5,046		9,384		6,584
Impairment of intangible assets and goodwill	51,236		—		20,301		51,236		20,301
Total operating costs and expenses	160,663		105,552		138,663		266,215		199,920
Operating income/(loss)	(41,811)		8,632		(23,709)		(33,179)		(29,061)
Other income (expense):
Interest income	34		40		175		74		175
Interest expense	(6,665)		(6,690)		(7,345)		(13,355)		(7,574)
Gain (loss) on foreign currency transactions	3,981		(210)		(2,512)		3,771		(2,400)
Other income (expense)	870		200		330		1,070		330
Total other expense	(1,780)		(6,660)		(9,352)		(8,440)		(9,469)
Income/(loss) before income taxes	(43,591)		1,972		(33,061)		(41,619)		(38,530)
Income tax (expense) benefit	(2,268)		(2,721)		4,086		(4,989)		3,617
Net loss	(45,859)		(749)		(28,975)		(46,608)		(34,913)
Other comprehensive income (loss):
Foreign currency translation adjustment	(4,572)		117		2,251		(4,455)		2,163
Comprehensive loss	$	(50,431)	$	(632)	$	(26,724)	$	(51,063)	$	(32,750)

Loss per share:
Basic earnings (loss) per share	$	(17.60)	$	(0.29)	$	(10.97)	$	(17.89)	$	(17.67)
Diluted earnings (loss) per share	$	(17.60)	$	(0.29)	$	(10.97)	$	(17.89)	$	(17.67)

Weighted average shares outstanding:
Basic	2,605,689		2,605,689		2,640,249		2,605,689		1,975,548
Diluted	2,605,689		2,605,689		2,640,249		2,605,689		1,975,548


Reconciliation of Net Loss to Adjusted EBITDA:
	Six Months Ended						Years Ended December 31,
(in thousands)	12/31/2020		6/30/2020		12/31/2019		2020		2019
Net loss	$	(45,859)	$	(749)	$	(28,975)	$	(46,608)	$	(34,913)
Net interest expense	6,631		6,650		7,170		13,281		7,399
(Gain) loss on foreign currency transactions	(3,981)		210		2,512		(3,771)		2,400
Income tax expense (benefit)	2,268		2,721		(4,086)		4,989		(3,617)
Depreciation and amortization	4,731		4,653		5,046		9,384		6,584
Impairment of intangible assets and goodwill	51,236		—		20,301		51,236		20,301
Stock-based compensation expense	2,436		2,344		287		4,780		2,629
Acquisition related costs⁽¹⁾	81		1,464		3,373		1,545		8,369
Long-term debt transaction and advisory fees	1,308		—		—		1,308		—
Other costs⁽²⁾	1,231		277		1,131		1,508		1,183
Adjusted EBITDA	$	20,082	$	17,570	$	6,759	$	37,652	$	10,335

⁽¹⁾Acquisition related costs primarily consist of transaction costs, including legal, consulting, advisory fees, and severance and retention costs.

⁽²⁾ Includes primarily consulting and advisory fees related to special projects, as well as non-compete compensation, post-merger integration activities and executive search costs.

Spark Networks SE
Consolidated Statements of Cash Flows
(in thousands)
	Years Ended December 31,
	2020		2019
Net loss	$	(46,608)	$	(34,913)
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities:
Depreciation and amortization	9,384		6,584
Impairment of goodwill and intangible assets	51,236		20,301
Loss on tangible and intangible assets	341		—
Unrealized (gain) loss on foreign currency transactions	(2,921)		1,402
Stock-based compensation expense	4,780		2,629
Amortization of debt issuance costs and accretion of debt discounts	3,874		1,818
Deferred tax expense (benefit)	3,530		(5,351)
Provision for credit losses	307		130
Non-cash lease expense	1,936		1,194
Change in operating assets and liabilities:
Accounts receivable	855		3,915
Prepaid expenses and other current assets	192		2,213
Other assets	(138)		33
Accounts payable, accrued expenses, and other current liabilities	(5,755)		1,375
Other liabilities	(1,743)		98
Deferred revenue	(320)		7,121
Net cash provided by operating activities	18,950		8,549
Capital expenditures	(2,734)		(4,448)
Acquisitions of businesses, net of cash acquired	(513)		(89,976)
Net cash used in investing activities	(3,247)		(94,424)
Proceeds from stock option exercises	—		428
Proceeds from bank loans, net of issuance costs	4,634		110,398
Repayment of bank loans	(15,311)		(19,511)
Payments directly related to loan facility	—		(62)
Cash paid for settlement of stock-based compensation	—		(504)
Repurchase of options	—		(3)
Net cash (used in) provided by financing activities	(10,677)		90,746

Net change in cash and cash equivalents	5,026		4,871
Effects of exchange rate fluctuations on cash and cash equivalents and restricted cash	(1,366)		(117)
Net increase in cash and cash equivalents and restricted cash	3,660		4,754
Cash and cash equivalents and restricted cash at beginning of period	17,457		12,703
Cash and cash equivalents and restricted cash at end of period	$	21,117	$	17,457

Supplemental disclosure of cash flow information:
Cash paid for interest	$	10,572	$	6,367
Cash paid for income taxes	$	779	$	780

View original content to download multimedia:http://www.prnewswire.com/news-releases/spark-networks-se-reports-second-half-and-full-year-2020-financial-results-301260032.html

SOURCE Spark Networks SE

March 31, 2021 4:23 pm

Vine Energy Inc. Announces Pricing of $950 Million Senior Unsecured Notes Offering

Vine Energy Inc. Announces Pricing of $950 Million Senior Unsecured Notes Offering

PLANO, Texas–(BUSINESS WIRE)–
Vine Energy Inc. (the “Company”) announced today that its subsidiary, Vine Energy Holdings LLC (“Vine Holdings”), priced its previously announced offering of $950 million in aggregate principal amount of 6.75% senior unsecured notes due 2029 (the “New Notes”) at par. The New Notes will mature on April 15, 2029. The offering is expected to close April 7, 2021, subject to satisfaction of customary closing conditions.

The Company intends to use the net proceeds from the offering, along with cash on hand, to (i) fund the redemption (the “Redemption”) of all of the outstanding 8.75% Senior Notes due 2023 and 9.75% Senior Notes due 2023 issued by Vine Holdings and (ii) pay any premiums, fees and expenses related to the Redemption, including accrued and unpaid interest, and the issuance of the New Notes.

The New Notes were offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States only to non-U.S. investors pursuant to Regulation S under the Securities Act. The New Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the New Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful.

About Vine Energy Inc.

Based in Plano, Texas, Vine Energy Inc. is an energy company focused on the development of natural gas properties in the stacked Haynesville and Mid-Bossier shale plays in the Haynesville Basin of Northwest Louisiana.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the offering and the anticipated use of the net proceeds therefrom. These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. These include, but are not limited to, statements regarding the terms of the offering and the intended use of proceeds therefrom.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the Securities and Exchange Commission (“SEC”) in connection with the Company’s initial public offering. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in the Company’s filings and reports with the SEC, including such prospectus.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210331005960/en/

U.S. Investor / Media Relations Contact:

David Erdman

(469) 605-2480

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

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March 31, 2021 4:23 pm

Entravision Communications Corporation Issues Statement Regarding Annual Report on Form 10-K Status

Entravision Communications Corporation Issues Statement Regarding Annual Report on Form 10-K Status

SANTA MONICA, Calif.–(BUSINESS WIRE)–
Entravision Communications Corporation (NYSE: EVC) today announced that it will not file its Annual Report on Form 10-K with the U.S. Securities and Exchange Commission by March 31, 2021, which is the extended filing due date provided by Rule 12b-25 of the Securities Exchange Act of 1934.

As previously disclosed by the Company in its Form 12b-25 filed with the SEC on March 16, 2021, as a result of the Company’s expanding business operations, primarily related to the acquisition of a majority interest in a company that, collectively with its subsidiaries, does business under the name Cisneros Interactive, the Company has experienced unexpected delays in its completion of the audit of its financial statements for the year ended December 31, 2020.

The Company continues to work diligently to complete its audit and Form 10-K. The Company intends to file its Form 10-K as soon as practicable.

About Entravision Communications Corporation

Entravision is a diversified global media, marketing and technology company serving clients throughout the United States and in more than 20 countries across Latin America, Europe, and Asia. Entravision has 54 television stations and is the largest affiliate group of the Univision and UniMás television networks, and 48 Spanish-language radio stations that feature nationally recognized, award-winning talent. Our dynamic digital portfolio includes Entravision Digital, which serves SMBs in high-density U.S. Latino markets and provides cutting-edge mobile programmatic solutions and demand-side platforms that allow advertisers to execute performance campaigns using machine-learned bidding algorithms, along with Cisneros Interactive, a leader in digital advertising solutions in the Latin American and U.S. Hispanic markets representing major technology platforms. Shares of Entravision Class A Common Stock trade on The New York Stock Exchange under the ticker symbol: EVC. Learn more about all of our media, marketing and technology offerings at entravision.com or connect with us on LinkedIn and Facebook.

Forward Looking Statements

This press release contains certain forward-looking statements, including without limitation the Company’s current expectations and intentions with respect to the filing of its Form 10-K. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210331005862/en/

Christopher T. Young

Chief Financial Officer

Entravision Communications Corporation

310-447-3870

Kimberly Esterkin

ADDO Investor Relations

310-829-5400

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Social Media Blogging Other Communications Online Consumer Electronics Technology Audio/Video Marketing Advertising Communications General Entertainment TV and Radio Entertainment Internet Mobile/Wireless

MEDIA:

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March 31, 2021 4:22 pm

Sterling Awarded $10.5 Million Additional Phase of Work at Phoenix’s Sky Harbor International Airport

Sterling Awarded $10.5 Million Additional Phase of Work at Phoenix’s Sky Harbor International Airport

THE WOODLANDS, Texas–(BUSINESS WIRE)–
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiary, J. Banicki Construction, Inc. (“JBC”), has been awarded a $10.5 million aviation contract by the City of Phoenix Aviation Department and the FAA to reconstruct an additional portion of the apron work at Terminal 4, South 1 Concourse at Phoenix Sky Harbor International Airport.

This is yet another phase in the final stage of the $71 million project that the Company began work on at Sky Harbor in 2015. The project consists of constructing a new concrete aircraft apron around the currently under construction Terminal 4 South. All of the work will be performed in conjunction and cooperation with the ongoing construction of the Terminal 4 Concourse. The job will involve the construction of approximately 48,000 square yards of airfield concrete apron and other paving and additional apron related infrastructure.

“We are glad to have been selected to replace the apron at Sky Harbor’s Terminal 4 South, especially after winning the project to reconstruct the apron at the North Concourse earlier this month,” stated Joe Cutillo, Sterling’s CEO. “Our long history and strong track record at Sky Harbor was one of the leading drivers to winning this job and continuing our ongoing work at Terminal 4, which began in 2015. This project will help improve aircraft ground traffic and safety at one of the busiest airports in the nation.”

Sterling Construction Company, Inc. operates through a variety of subsidiaries within three segments specializing in Heavy Civil, Specialty Services, and Residential projects in the United States (the “U.S.”), primarily across the southern U.S., the Rocky Mountain States, California and Hawaii, as well as other areas with strategic construction opportunities. Heavy Civil includes infrastructure and rehabilitation projects for highways, roads, bridges, airfields, ports, light rail, water, wastewater and storm drainage systems. Specialty Services projects include construction site excavation and drainage, drilling and blasting for excavation, foundations for multi-family homes, parking structures and other commercial concrete projects. Residential projects include concrete foundations for single-family homes.

This press release includes certain statements that fall within the definition of “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties, including overall economic and market conditions, federal, state and local government funding, competitors’ and customers’ actions, and weather conditions, which could cause actual results to differ materially from those anticipated, including those risks identified in the Company’s filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. Any prediction by the Company is only a statement of management’s belief at the time the prediction is made. There can be no assurance that any prediction once made will continue thereafter to reflect management’s belief, and the Company does not undertake to update publicly its predictions or to make voluntary additional disclosures of nonpublic information, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210331005959/en/

Contact:

Sterling Construction Company, Inc.

Ron Ballschmiede, Chief Financial Officer

281-214-0777

Investor Relations Counsel:

The Equity Group Inc.

Fred Buonocore, CFA 212-836-9607

Mike Gaudreau 212-836-9620

KEYWORDS: United States North America Texas Arizona

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property Air Engineering Transport Urban Planning Manufacturing Building Systems Other Construction & Property

MEDIA:

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March 31, 2021 4:21 pm

John Hancock Hedged Equity & Income Fund Required Notice to Shareholders – Sources of Distribution Under Section 19(a)

PR Newswire

BOSTON, March 31, 2021 /PRNewswire/ – John Hancock Hedged Equity & Income Fund (NYSE: HEQ) (the “Fund”), a closed-end fund managed by John Hancock Investment Management LLC (the “Adviser”) and subadvised by Wellington Management Company LLP (the “Subadviser”), announced today sources of its quarterly distribution of $0.2900 per share paid to all shareholders of record as of March 11, 2021, pursuant to the Fund’s managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.

Notification of Sources of Distribution

This notice provides shareholders of the John Hancock Hedged Equity & Income Fund (NYSE: HEQ) with important information concerning the distribution declared on March 1, 2021, and payable on March 31, 2021. No action is required on your part.

Distribution Period: March 2021

Distribution Amount Per Common Share: $0.2900

The following table sets forth the estimated sources of the current distribution, payable March 31, 2021, and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.

	For the period 1/1/2021-3/31/2021		For the fiscal year-to-date period 1/1/2021-3/31/2021 ¹
Source	Current Distribution ($)	% Breakdown of the Current Distribution	Total Cumulative Distributions ($)	% Breakdown of the Total Cumulative Distributions
Net Investment Income	0.1158	40%	0.1158	40%
Net Realized Short- Term Capital Gains	0.1026	35%	0.1026	35%
Net Realized Long- Term Capital Gains	0.0514	18%	0.0514	18%
Return of Capital or Other Capital Source	0.0202	7%	0.0202	7%
Total per common share	0.2900	100%	0.2900	100%

Average annual total return (in relation to NAV) for the 5 years ended on February 28, 2021				6.34%

Annualized current distribution rate expressed as a percentage of NAV as of February 28, 2021				8.88%

Cumulative total return (in relation to NAV) for the fiscal year through February 28, 2021				2.35%

Cumulative fiscal year-to-date distribution rate expressed as a percentage of NAV as of February 28, 2021				2.22%

__________________

¹ The Fund’s current fiscal year began on January 1, 2021 and will end on December 31, 2021.

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution plan.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The Fund has declared the March 2021 distribution pursuant to the Fund’s managed distribution plan (the “Plan”). Under the Plan, the Fund makes fixed quarterly distributions in the amount of $0.2900 per share, which will continue to be paid quarterly until further notice.

If you have questions or need additional information, please contact your financial professional or call the John Hancock Investment Management Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time.

Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.

An investor should consider a Fund’s investment objectives, risks, charges and expenses carefully before investing.

Wellington Management Company LLP is an independent and unaffiliated investment subadviser to John Hancock Hedged Equity & Income Fund.

About John Hancock Financial and Manulife Financial

John Hancock is a division of Manulife Financial Corporation, a leading international financial services group that helps people achieve their dreams and aspirations by putting customers’ needs first and providing the right advice and solutions. We operate primarily as John Hancock in the United States and as Manulife elsewhere. We provide financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions. Assets under management and administration by Manulife and its subsidiaries were over CAD$1.3 trillion (US$1.02 trillion) as of December 31, 2020. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com.

One of the largest life insurers in the United States, John Hancock supports approximately 10 million Americans with a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, and education savings plans. Additional information about John Hancock may be found at johnhancock.com.

View original content:http://www.prnewswire.com/news-releases/john-hancock-hedged-equity–income-fund-required-notice-to-shareholders–sources-of-distribution-under-section-19a-301260034.html

SOURCE John Hancock Investment Management

March 31, 2021 4:20 pm

SHAREHOLDER ALERT: WeissLaw LLP Reminds GXGX, PRAH, TPCO, and EGOV Shareholders About Its Ongoing Investigations

PR Newswire

NEW YORK, March 31, 2021 /PRNewswire/ —

If you own shares in any of the companies listed above and
would like to discuss our investigations or have any questions concerning
this notice or your rights or interests, please contact:

Joshua Rubin, Esq.

WeissLaw LLP
1500 Broadway, 16^th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
[email protected]

GX Acquisition Corp. (NASDAQ: GXGX)
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of GX Acquisition Corp.(NASDAQ: GXGX) in connection with the company’s proposed merger with Celularity Inc. (“Celularity”). Under the terms of the merger agreement, GX will acquire Celularity through a reverse merger that will result in Celularity becoming a publicly listed company. If you own GXGX shares and wish to discuss this investigation or your rights, please call us at one of the numbers listed above or visit our website: https://www.weisslawllp.com/gxgx

PRA Health Sciences Inc. (NASDAQ: PRAH)
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of PRA Health Sciences Inc. (NASDAQ: PRAH) in connection with the proposed acquisition of the company by ICON plc (“ICLR”). Under the terms of the merger agreement, PRAH shareholders will receive $80.00 in cash and 0.4125 shares of stock for each share of PRAH common stock that they own, representing implied per-share merger consideration of approximately $161.23 based upon ICLR’s March 30, 2021 closing price of $196.92. If you own TPCO shares and wish to discuss this investigation or your rights, please call or visit our website: https://weisslawllp.com/prah//

Tribune Publishing Company (NASDAQ: TPCO)
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Tribune Publishing Company (NASDAQ: TPCO) in connection with the proposed interested-party acquisition of the company by Alden Global Capital. Under the terms of the agreement, Alden Global Capital will acquire all outstanding shares of TPCO common stock that it does not already own for $17.25 per share in cash. If you own TPCO shares and wish to discuss this investigation or your rights, please call or visit our website: http://www.weisslawllp.com/tpco/

NIC Inc. (NASDAQ: EGOV)
WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of NIC Inc. (NASDAQ: EGOV) in connection with the proposed acquisition of the company by Tyler Technologies Inc. Under the terms of the agreement, the company’s shareholders will receive $34.00 in cash for each share of EGOV common stock that they hold. If you own EGOV shares and wish to discuss this investigation or your rights, please call or visit our website: http://www.weisslawllp.com/egov/

View original content to download multimedia:http://www.prnewswire.com/news-releases/shareholder-alert-weisslaw-llp-reminds-gxgx-prah-tpco-and-egov-shareholders-about-its-ongoing-investigations-301260020.html

SOURCE WeissLaw LLP

March 31, 2021 4:19 pm

TreeHouse Foods Announces Commercial Organization Leadership

Appoints Kevin G. Jackson Chief Commercial Officer; Promotes Sean Lewis to SVP, Chief Customer Officer

PR Newswire

OAK BROOK, Ill., March 31, 2021 /PRNewswire/ — TreeHouse Foods (NYSE: THS) today announced the evolution of its commercial organization leadership. The new leadership structure, effective April 1, 2021, is designed to further solidify TreeHouse’s customer relationships and strengthen ongoing engagement with the Company’s retail and foodservice partners.

Kevin G. Jackson, who has been serving as interim Chief Commercial Officer since January, will continue in this role on a permanent basis. Mr. Jackson will also retain his leadership role as President, Snacking & Beverages, and continue to report to CEO and President, Steve Oakland.

Sean Lewis has been promoted to Senior Vice President and Chief Customer Officer, reporting to Mr. Jackson, and will join the executive leadership team. Mr. Lewis most recently served as Vice President of Sales, National & Regional West at TreeHouse.

“Over the last few years, we purposefully structured our commercial organization to become more customer centric and to make it simpler for customers to do business with us,” said Steve Oakland, Chief Executive Officer and President of TreeHouse Foods. “These appointments represent an important evolution of this commitment, and I am confident that Kevin and Sean are well suited to build on our past progress and drive our commercial organization forward, as we execute on our strategy and create value for our stakeholders.”

“Kevin has been a valuable asset to TreeHouse and his contributions will be important to further developing our commercial vision, aligning the organization and driving our revenue objectives; while Sean will serve as a key voice with our customers, solidifying top-to-top relationships and refining and optimizing our sales processes in support of Kevin’s efforts,” Mr. Oakland concluded.

Mr. Jackson joined TreeHouse in February 2020 from the J.M. Smucker Company, where he served in numerous roles of increasing responsibility across sales and marketing during his 17-year tenure including Senior Vice President U.S. Retail Sales and North American Food Away From Home Division. Prior to that, he was a Senior Brand Manager at Brach’s Confections and at Constellation Brands. Mr. Jackson earned his Master of Business Administration from New York Institute of Technology and his Bachelor of Arts from the University of Colorado, Boulder.

Mr. Lewis joined TreeHouse in August 2019 as Vice President of Sales, National & Regional West and is a seasoned commercial leader with extensive consumer packaged goods experience. He spent nearly 20 years with Kraft Heinz and Nabisco, where he held several regional, district, category and business lead roles with increasing responsibility, including the development, pursuit and leadership of customer relationships to achieve revenue, share and distribution growth and optimal shelving. Mr. Lewis also spent time with Mizkan America as Customer Vice President, West Area, where he was responsible for all aspects of driving revenue including strategic planning, team leadership and development, territory alignment, and customer management. He earned his Bachelor of Arts in Business Administration from the University of Phoenix.

ABOUT TREEHOUSE FOODS

TreeHouse Foods, Inc. is a leading manufacturer and distributor of private label packaged foods and beverages in North America. We have approximately 40 production facilities across North America and Italy, and our vision is to be the undisputed solutions leader for custom brands for our customers. Our extensive product portfolio includes snacking, beverages and meal preparation products, available in shelf stable, refrigerated, frozen and fresh formats. We have a comprehensive offering of packaging formats and flavor profiles, and we also offer clean label, organic and preservative-free ingredients across almost our entire portfolio. Our purpose is to make high quality food and beverages affordable to all.

Additional information, including TreeHouse’s most recent statements on Forms 10-Q and 10-K, may be found at TreeHouse’s website, http://www.treehousefoods.com.

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and other information are based on our beliefs, as well as assumptions made by us, using information currently available. The words “anticipate,” “believe,” “estimate,” “project,” “expect,” “intend,” “plan,” “should,” and similar expressions, as they relate to us, are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or intended. We do not intend to update these forward-looking statements following the date of this press release.

Such forward-looking statements, because they relate to future events, are by their very nature subject to many important factors that could cause actual results to differ materially from those contemplated by the forward-looking statements contained in this press release and other public statements we make. Such factors include, but are not limited to: risks related to the impact of the recent COVID-19 outbreak on our business, suppliers, consumers, customers and employees; the success of our restructuring programs, our level of indebtedness and related obligations; disruptions in the financial markets; interest rates; changes in foreign currency exchange rates; customer concentration and consolidation; raw material and commodity costs; competition; disruptions or inefficiencies in our supply chain and/or operations, including from the recent COVID-19 outbreak; our ability to continue to make acquisitions in accordance with our business strategy; changes and developments affecting our industry, including consumer preferences; the outcome of litigation and regulatory proceedings to which we may be a party; product recalls; changes in laws and regulations applicable to us; disruptions in or failures of our information technology systems; labor strikes or work stoppages; and other risks that are set forth in the Risk Factors section, the Legal Proceedings section, the Management’s Discussion and Analysis of Financial Condition and Results of Operations section, and other sections of our Annual Report on Form 10-K for the year ended December 31, 2020, and from time to time in our filings with the Securities and Exchange Commission. You are cautioned not to unduly rely on such forward-looking statements, which speak only as of the date made when evaluating the information presented in this press release. TreeHouse expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in its expectations with regard thereto, or any other change in events, conditions or circumstances on which any statement is based.

View original content:http://www.prnewswire.com/news-releases/treehouse-foods-announces-commercial-organization-leadership-301259865.html

SOURCE TreeHouse Foods, Inc.

March 31, 2021 4:18 pm

IIROC Trading Resumption – AMMO

Canada NewsWire

VANCOUVER, BC, March 31, 2021 /CNW/ – Trading resumes in:

Company: BULLET EXPLORATION INC. (Formerly CHC STUDENT HOUSING CORP.)

TSX-Venture Symbol: AMMO (Formerly CHC.H)

Resumption (ET): 9:30 AM 4/1/2021

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

March 31, 2021 4:18 pm

Horizon Technology Finance Management Announces Platform Expansion

Leading venture lender launches special purpose vehicle with Waterfall Asset Management with initial capital commitment of $100 million

PR Newswire

FARMINGTON, Conn., March 31, 2021 /PRNewswire/ — Horizon Technology Finance Management LLC (“Horizon”), a registered investment advisor that underwrites and manages secured loans made to companies in the technology, life science, healthcare information and services, and sustainability industries, and the manager and advisor for Horizon Technology Finance Corporation (NASDAQ: HRZN), announced today that on March 4, 2021 it entered into an agreement with Waterfall Asset Management, LLC (“Waterfall”) to originate and manage a venture debt portfolio. Horizon will originate and manage an initial commitment of $100 million, with the potential to increase to $300 million over time.

The special purpose vehicle will enable Horizon, on behalf of all of its advised funds, to access larger investment opportunities in emerging companies – and reach more of them, while further diversifying its investment portfolios and lowering its exposure to any single company and concentration risk in any industry.

“We appreciate the confidence that Waterfall has placed in our team with this substantial commitment,” said Daniel R. Trolio, Senior Vice President and Chief Financial Officer of Horizon. “Throughout our history, we have always sought to deliver meaningful and sustainable yields to our investors. As more venture-backed companies add debt to their capital structures, Horizon is well positioned to take advantage of this trend through our sourcing network, diligent underwriting process, and reputation for working collaboratively with our equity sponsor partners and portfolio companies.”

Robert W. Baird & Co. served as financial advisor on the transaction. Dechert LLP served as legal advisor to Horizon. Kramer Levin Naftalis & Frankel LLP served as legal advisor to Waterfall.

About Horizon Technology Finance Management LLC

Horizon Technology Finance Management is a registered investment advisor that underwrites and manages secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, and is the external advisor for Horizon Technology Finance Corporation (NASDAQ: HRZN). The investment objective of Horizon is to maximize its investment portfolio’s return by generating current income from its debt investments and capital appreciation from the warrants received when making such debt investments. Horizon is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located in Portland, Maine, Austin, Texas, and Reston, Virginia. To learn more, please visit www.horizontechfinance.com.

Horizon Contacts

Investor Relations:
ICR
Garrett Edson
[email protected]
(860) 284-6450

Media Relations:
ICR
Chris Gillick
[email protected]
(646) 677-1819

View original content:http://www.prnewswire.com/news-releases/horizon-technology-finance-management-announces-platform-expansion-301259982.html

SOURCE Horizon Technology Finance Corporation

March 31, 2021 4:18 pm

Rexford Industrial Announces $69 million of Acquisition Activity

– Value-Add Investments within Infill Southern California

– Year-to-Date Acquisitions Total $163 million

PR Newswire

LOS ANGELES, March 31, 2021 /PRNewswire/ — Rexford Industrial Realty, Inc. (the “Company”) (NYSE: REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties located in Southern California infill markets, today announced the acquisition of five industrial properties representing 382,314 square feet of improvements for an aggregate purchase price of $68.8 million. The Company also announced the disposition of one industrial property for $1.5 million. The acquisitions were funded using a combination of cash-on-hand and 1031 proceeds from the disposition.

“These investments deepen our presence within infill Southern California, the nation’s most sought-after industrial market,” stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. “We will leverage our value-add repositioning expertise at these properties to drive cash flow and NAV growth while generating superior stabilized yields. With over $350 million of acquisitions under contract or LOI, we see substantial opportunity to create long-term shareholder value.”

The Company acquired the following properties during February and March:

9920-10020 Pioneer Boulevard, located in Santa Fe Springs, within the Los Angeles – Mid-Counties submarket for $23.3 million or $147 per square foot. The seven buildings comprise 157,699 square feet on 8.3 acres of land. The Company plans to reposition the mostly vacant buildings with capital improvements to modernize and improve functionality. The expected stabilized yield on total investment is 5.2%. According to CBRE, the vacancy rate in the 112 million square foot Los Angeles – Mid-Counties submarket was 1.4% at the end of the fourth quarter 2020.
2253 Garfield Avenue and 6655 26th Street, City of Commerce within the Central Los Angeles submarket and 560 N. Main Street, Orange within the North Orange County submarket, were collectively acquired in an off-market transaction for $13.0 million or $144 per square foot. The three 100% leased properties comprise 90,115 square feet on 4.8 acres with favorable access to dense population centers. The initial unlevered yield is approximately 3.6%. As value-add enhancements are completed and below market leases roll, the yield on total investment is expected to stabilize at approximately 6.9%. According to CBRE, the vacancy rate in the 165 million square foot Central Los Angeles submarket was 1.3% and 1.1% in the 115 million square foot North Orange County submarket, at the end of the fourth quarter 2020.
4225 Etiwanda Avenue located in Jurupa Valley within the Inland Empire – West submarket for $32.3 million or $240 per square foot. The 100% leased, three-tenant industrial building comprised 134,500 square feet on 6.6 acres and features 30-foot clear height with a 145-foot deep truck court. The initial unlevered yield on total investment is 3.5% and is expected to stabilize at approximately 4.7% after leases roll to higher market rents. According to CBRE, the vacancy rate in the 314 million square foot Inland Empire – West submarket was 1.9% at the end of the fourth quarter 2020.

The Company sold in March:

6760 Central Avenue located in Riverside within the Inland Empire – East submarket for $1.5 million or $150 per square foot. The 9,943 square foot building is located on 0.6 acres in a non-core submarket. Proceeds from the sale were reinvested into 560 N. Main Street, located in Orange.

About Rexford Industrial
Rexford Industrial, a real estate investment trust focused on creating value by investing in and operating industrial properties throughout Southern California infill markets, owns 257 properties with approximately 32.3 million rentable square feet and manages an additional 20 properties with approximately 1.0 million rentable square feet.

For additional information, visit www.rexfordindustrial.com.

Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Current Report on Form 8-K filed with the SEC on or about the date of this press release. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Contact:

Kosta Karmaniolas

SVP, Corporate Finance & Investor Relations
301-691-5475
[email protected]

View original content to download multimedia:http://www.prnewswire.com/news-releases/rexford-industrial-announces-69-million-of-acquisition-activity-301260029.html

SOURCE Rexford Industrial Realty, Inc.