Market Newsdesk

CINCINNATI, March 31, 2021 /PRNewswire/ — The Kroger Co. (NYSE: KR) will host a virtual 2021 Investor Day today to provide an update on the company’s strategic initiatives and plans to deliver strong and sustainable total shareholder return of 8% – 11%.

“Kroger continues to deliver for customers through our seamless ecosystem and relentless focus on freshness, value and convenience,” said Rodney McMullen, Kroger’s chairman and CEO. “Building upon the foundation established by our Restock Kroger transformation, and leveraging key learnings from operating during the pandemic, our strategy of Leading With Fresh and Accelerating With Digital is designed to convert our industry’s near-term tailwinds into long-term competitive advantages.

“Today, Kroger is uniquely positioned because of the strength of our assets and our competitive moats cultivated over several years of disciplined investment and focused execution. Our go-forward strategy builds on these strengths to drive share growth, increase profitability across digital, and deliver strong and sustainable total shareholder returns. Our talented and energized team is already delivering on our objectives, and we look forward to continuing to position Kroger to win in a post-COVID world.”

At today’s Investor Day event, Kroger’s leadership team will discuss the three core elements of its strategy:

• Grow sales and share by leading with fresh food;
• Increase profitability by accelerating with digital, which is now a growth engine; and
• Widen and deepen the competitive moats that will generate customer loyalty and market share gains – Seamless, Personalization, Fresh, and Our Brands.

Kroger’s leadership team will outline key growth opportunities that will drive the financial model forward including a clear path to deliver total shareholder return between 8% – 11%, through net earnings growth of 3% – 5% and strong and growing free cash flow to invest in growth initiatives and return cash to shareholders.

“Kroger is delivering on its value creation model, and over the period of 2019 to 2021, we expect to significantly exceed our total shareholder return target,” said Gary Millerchip, Kroger’s CFO. “The strength of our execution, combined with our strategic plans to continue to lead in fresh, accelerate digital, and grow alternative profit streams will enable us to achieve our 2021 guidance and deliver profitable growth beyond 2021.” 

Reconfirmed Full Year 2021 Guidance

* Without adjusted items, if applicable; Identical sales is without fuel; Operating profit represents FIFO Operating Profit. Kroger is unable to provide a full reconciliation of the GAAP and non-GAAP measures used in 2021 guidance without unreasonable effort because it is not possible to predict certain of our adjustment items with a reasonable degree of certainty. This information is dependent upon future events and may be outside of our control and its unavailability could have a significant impact on 2021 GAAP financial results.
** This rate reflects typical tax adjustments and does not reflect changes to the rate from the completion of income tax audit examinations, which cannot be predicted.
*** Identical sales, without fuel, guidance for 2-year basis represents the sum of actual 2020 identical sales and 2021 guidance. The 2-year basis guidance items denoted with CAGR represent the compounded annual growth rate utilizing 2019 as the base year.  Average free cash flow is the average of actual 2020 free cash flow and 2021 guidance.
**** 2021 free cash flow guidance includes a $300M payment of deferred payroll taxes. This excludes planned payments related to the restructuring of multi-employer pension plans.

Investor Webcast Details
The presentation will broadcast online at ir.kroger.com on March 31 from 9:00 a.m. (ET) to approximately 12:00 p.m. (ET). Click on Events & Presentations to access the event. An on-demand replay of the presentations will be available starting at approximately 5:00 p.m. (ET) on Thursday, April 1, 2021.

About The Kroger Co.
At The Kroger Co. (NYSE: KR), we are Fresh for Everyone™ and dedicated to our Purpose: To Feed the Human Spirit®. We are, across our family of companies, nearly half a million associates who serve 60 million households annually through a seamless shopping experience under a variety of banner names. We are committed to creating #ZeroHungerZeroWaste communities by 2025. To learn more about us, visit our newsroom and investor relations site.

Please refer to the supplemental information presented in the tables for reconciliations of the non-GAAP financial measures used in this press release to the most comparable GAAP financial measure and related disclosure.

This press release contains certain statements that constitute “forward-looking statements” about the future performance of the company. These statements are based on management’s assumptions and beliefs in light of the information currently available to it. Such statements are indicated by words or phrases such as “achieve,” “believe,” “contemplates,” “continue,” “deliver,” “expect,” “future,” “guidance,” “strategy,” “target,” “trends,” and “will.” Various uncertainties and other factors could cause actual results to differ materially from those contained in the forward-looking statements. These include the specific risk factors identified in “Risk Factors” in our annual report on Form 10-K for our last fiscal year and any subsequent filings, as well as the following:

• Kroger’s ability to achieve sales, earnings, incremental FIFO operating profit, and adjusted free cash flow goals may be affected by: COVID-19 related factors, risks and challenges, including among others, the length of time that the pandemic continues, the temporary inability of customers to shop due to illness, quarantine, or other travel restrictions or financial hardship, shifts in demand away from discretionary or higher priced products to lower priced products, or stockpiling or similar pantry-filling activities, reduced workforces which may be caused by, but not limited to, the temporary inability of the workforce to work due to illness, quarantine, or government mandates, temporary store closures due to reduced workforces or government mandates, or the availability and efficacy of a vaccine; labor negotiations or disputes; changes in the types and numbers of businesses that compete with Kroger; pricing and promotional activities of existing and new competitors, including non-traditional competitors, and the aggressiveness of that competition; Kroger’s response to these actions; the state of the economy, including interest rates, the inflationary and deflationary trends in certain commodities, changes in tariffs, and the unemployment rate; the effect that fuel costs have on consumer spending; volatility of fuel margins; changes in government-funded benefit programs and the extent and effectiveness of any COVID-19 stimulus packages; manufacturing commodity costs; diesel fuel costs related to Kroger’s logistics operations; trends in consumer spending; the extent to which Kroger’s customers exercise caution in their purchasing in response to economic conditions; the uncertainty of economic growth or recession; changes in inflation or deflation in product and operating costs; stock repurchases; Kroger’s ability to retain pharmacy sales from third party payors; consolidation in the healthcare industry, including pharmacy benefit managers; Kroger’s ability to negotiate modifications to multi-employer pension plans; natural disasters or adverse weather conditions; the effect of public health crises or other significant catastrophic events, including the coronavirus; the potential costs and risks associated with potential cyber-attacks or data security breaches; the success of Kroger’s future growth plans; the ability to execute our growth strategy and value creation model, including continued cost savings, growth of our alternative profit businesses, and widening and deepening our strategic moats of fresh, our brands, personalization, and seamless; and the successful integration of merged companies and new partnerships. Our ability to achieve these goals may also be affected by our ability to manage the factors identified above. Our ability to execute our financial strategy may be affected by our ability to generate cash flow.
• Kroger’s effective tax rate may differ from the expected rate due to changes in laws, the status of pending items with various taxing authorities, and the deductibility of certain expenses.

Kroger assumes no obligation to update the information contained herein. Please refer to Kroger’s reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties.

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SOURCE The Kroger Co.

TORONTO, March 31, 2021 /CNW/ – CIBC (TSX: CM) (NYSE: CM) — Today CIBC Asset Management Inc. (CAM) announced the launch of new index exchange-traded funds (ETFs) designed to cover the core exposures in a typical asset allocation strategy. These CIBC ETFs aim to replicate the performance of broad market equity and fixed income indices by Morningstar, an independent investment research and index provider.

“CIBC is pleased to leverage the high-calibre index construction capabilities of Morningstar to present low-cost, diversified solutions for our clients’ investment needs,” says David Scandiffio, President and CEO, CAM.

The following ETFs have closed their initial offerings of units and begin trading on the Toronto Stock Exchange today. More details about the new ETFs can be found here.

CAM also expects to launch two additional CIBC ETFs replicating the performance of a Morningstar index within the second quarter of 2021: the CIBC Global Bond ex-Canada Index ETF (CAD-Hedged) and CIBC Emerging Markets Equity Index ETF.

*The management fee is equal to the fee paid by the CIBC ETF to CAM and doesn’t include applicable taxes or other fees and expenses of the CIBC ETF.

These new CIBC ETFs will be among the lowest-cost ETFs currently available in the Canadian market. These solutions draw upon the knowledge, indexing capabilities and deep experience that CAM has successfully built and demonstrated over the past three decades. With the launch of these products, CAM will offer a range of active, strategic beta and competitively priced index ETFs.

This document is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this document should consult with his or her advisor. All opinions and estimates expressed in this document are as of the date of publication unless otherwise indicated, and are subject to change.

CIBC ETFs are managed by CAM, a subsidiary of Canadian Imperial Bank of Commerce. Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs). Please read the CIBC ETFs prospectus or ETF Facts document before investing. To obtain a copy, call 1-888-888-3863, ask your advisor or visit 
www.cibc.com/etfs
. ETFs are not guaranteed, their values change frequently, and past performance may not be repeated.

Index Disclaimer

Morningstar® Canada Core Bond Index™, Morningstar® Global ex-Canada Core Bond Hedged CAD Index™, Morningstar® Canada Domestic Index™, Morningstar® US Target Market Exposure Index™, Morningstar® Developed Markets ex-North America Target Market Exposure Index™, and Morningstar® Emerging Markets Target Market Exposure Index™ are trademarks or service marks of Morningstar Inc., and have been licensed for use for certain purposes by CIBC Asset Management Inc. The CIBC ETFs are not sponsored, endorsed, sold or promoted by Morningstar, and Morningstar makes no representation regarding the advisability of investing in the CIBC ETFs.

About CIBC

CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.

About CIBC Asset Management (CAM)

CAM, the asset management subsidiary of CIBC, provides a range of high-quality investment management services and solutions to retail and institutional investors. CAM’s offerings include: a comprehensive platform of mutual funds, strategic managed portfolio solutions, discretionary investment management services for high-net-worth individuals, and institutional portfolio management. CAM is one of Canada’s largest asset management firms, with over $153 billion in assets under administration as of February 2021.

SOURCE CIBC

BETHESDA, Md., March 31, 2021 /PRNewswire/ — Walker & Dunlop, Inc. announced today that it completed the sale and financing for Mission Ridge Apartments, a 196-unit multifamily community in Encinitas, one of the most desirable submarkets in all of San Diego.

Originally built as condominiums in 1985, then converted to apartments, the property was built to condominium specs, with spacious units averaging 1,034 square feet on 18.5 acres. The property’s unique location further adds to its appeal, featuring a suburban environment with urban conveniences. Ample retail and major grocers, including Sprouts, Trader Joes and Ralphs, are within walking distance, and Mission Ridge is just a short drive from the beach and downtown Encinitas. 

Walker & Dunlop’s Hunter Combs, Blake Rogers, Alexandra Caniglia, Javier Rivera, and Kevin Sheehan represented both the property ownership and the buyer. Jeff Burns, Chris Botsford and Justin Nelson, of Walker & Dunlop’s multifamily finance group, worked alongside the sales team to arrange acquisition financing on behalf of Interstate Equities Corp. (IEC), the buyer.

Said Mr. Combs, “This was an extremely rare transaction in the coastal submarket of Encinitas; this transaction represents the first time that Mission Ridge Apartments has traded hands in over 30 years.” He added that, “In addition to being located in a highly desirable and notoriously ‘low-trade’ submarket, this asset presents an unparalleled value-add investment opportunity with significant upside.”

“IEC is pleased to acquire Mission Ridge Apartments in Encinitas. Mission Ridge represents the exact property profile that can be elusive in Coastal San Diego; a large apartment complex in a supply constrained sub-market that is both walkable to retail and commutable to major employment nodes,” stated Brendan Gibney of IEC. “Mission Ridge’s vintage and condo-spec construction added to its appeal. We would like to thank the entire Walker & Dunlop team for facilitating this transaction. IEC is excited to expand its footprint in San Diego.”

Walker & Dunlop is a leader in multifamily property sales, having completed $6.1 billion in property sales volume in 2020. The firm was also the top provider of capital to the U.S. multifamily market, originating $30.8 billion in transactions and lending over $24 billion for multifamily properties in 2020. For information about Walker & Dunlop’s view on the apartment market, including expert perspectives on markets, leadership, and the road ahead, visit our Driven by Insight information center.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine’s Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop’s 1,000+ professionals in 38 offices across the nation have an unyielding commitment to client satisfaction.

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SOURCE Walker & Dunlop, Inc.

LONDON, ON, March 31, 2021 /PRNewswire/ – VersaBank (TSX: VB) (“VersaBank” or the “Bank”) today announced its intention to redeem all outstanding Non-cumulative 6-Year Rate Reset Preferred Shares, Series 3 (Non-Viability Contingent Capital (NVCC)) (“Series 3 Preferred Shares”) of the Bank on April 30, 2021 at a price equal to $10.00 per share together with all declared and unpaid dividends to the Redemption Date.

The redemption has been approved by the Office of the Superintendent of Financial Institutions and will be financed out of the general funds of the Bank. This redemption is part of the Bank’s ongoing management of its regulatory capital.

On February 23, 2021, the Board of Directors of the Bank declared quarterly dividends of $0.175 per Series 3 Preferred Share. These will be the final dividends on the Series 3 Preferred Shares, and will be paid in the usual manner on April 30, 2021 to shareholders of record on April 2, 2021, as previously announced. After April 30, 2021, the Series 3 Preferred Shares will cease to be entitled to dividends and the only remaining rights of holders of such shares will be to receive payment of the redemption amount.

Beneficial holders who are not directly the registered holder of Series 3 Preferred Shares should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds.  Inquiries should be directed to our Registrar and Transfer Agent, Computershare Investor Services Inc. at 1-800-564-6253.

ABOUT VERSABANK

VersaBank is a Canadian Schedule I chartered bank with a difference. VersaBank became the world’s first fully digital financial institution when it adopted its highly efficient business-to-business model using its proprietary state-of-the-art financial technology to profitably address underserved segments of the Canadian banking market in the pursuit of superior net interest margins while mitigating risk. VersaBank obtains all of its deposits and provides the majority of its loans and leases electronically, with innovative deposit and lending solutions for financial intermediaries that allow them to excel in their core businesses. In addition, leveraging its internally developed IT security software and capabilities, VersaBank established wholly owned, Washington, DC-based subsidiary, DRT Cyber Inc. to pursue significant large-market opportunities in cyber security and develop innovative solutions to address the rapidly growing volume of cyber threats challenging financial institutions, multi-national corporations and government entities on a daily basis.

VersaBank’s Common Shares trade on the Toronto Stock Exchange under the symbol VB and its Series 1 Preferred Shares and Series 3 Preferred Shares trade under the symbols VB.PR.A and VB.PR.B respectively.

Visit our website at: www.versabank.com

Follow VersaBank on Facebook, Instagram, LinkedIn and Twitter.

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SOURCE VersaBank

SAN DIEGO, March 31, 2021 /PRNewswire/ — Mirati Therapeutics, Inc. (NASDAQ: MRTX), a late-stage targeted oncology company, today announced its Board of Directors has elected a new independent director, Ms. Shalini Sharp.

“I am pleased to welcome Shalini to our Board during a transformative time for the company,” said Faheem Hasnain, chairman of the board, Mirati Therapeutics, Inc. “She brings strong strategic leadership experience, and breadth of expertise in the life sciences industry and financial management. I look forward to having her perspective on the board to help the company advance its mission for patients with cancer.”

Ms. Sharp has more than 25 years of financial and corporate strategy experience in the life sciences industry. Most recently, she was the Chief Financial Officer (CFO) at Ultragenyx where she was responsible for leading the company’s corporate finance, strategy, and information technology functions. Prior to Ultragenyx, Ms. Sharp was CFO at Agenus Inc., and before that, she worked in corporate strategy at Elan Pharmaceuticals, management consulting at McKinsey & Company, and investment banking at Goldman Sachs, in the pharmaceutical and medical device space. Ms. Sharp also serves as a board member of Neurocrine Biosciences, Precision Biosciences, Sutro Biopharma and TB Alliance. She previously served on the boards of Array BioPharma, Panacea Acquisition Corporation and Agenus. Ms. Sharp received a B.A. from Harvard College and an M.B.A. from Harvard Business School.

Ms. Sharp commented, “I am delighted to join the Board of Mirati Therapeutics, with its potential to deliver meaningful breakthrough therapies to patients fighting cancer. The company’s exceptional research and development capabilities have generated a pipeline spanning the early to late-stage in important target areas, and I welcome the opportunity to play a role in helping the company at this pivotal point in its history as it approaches commercialization.”

For more information about the Mirati Board of Directors, click here.

About Mirati Therapeutics
Mirati Therapeutics is a late-stage biotechnology company whose mission is to discover, design and deliver breakthrough therapies to transform the lives of patients with cancer and their loved ones. The company is relentlessly focused on bringing forward therapies that address areas of high unmet need, including lung cancer, and advancing a pipeline of novel therapeutics targeting the genetic and immunological drivers of cancer. Mirati is using its scientific expertise to develop novel solutions in two registration-enabling programs: adagrasib (MRTX849), an investigational small molecule, potent and selective KRAS G12C inhibitor, as monotherapy and in combination with other agents, and sitravatinib, an investigational spectrum-selective inhibitor of receptor tyrosine kinases in combination with checkpoint inhibitor therapies. Mirati is also advancing its differentiated preclinical portfolio, including MRTX1133, an investigational KRAS G12D inhibitor, and other oncology discovery programs. Unified for patients, Mirati’s vision is to unlock the science behind the promise of a life beyond cancer.

For more information about Mirati Therapeutics, visit us at Mirati.com or follow us on Twitter and LinkedIn.  

Forward Looking Statements

This press release contains forward-looking statements regarding the business of Mirati Therapeutics, Inc. (“Mirati”). Any statement describing Mirati’s goals, expectations, financial or other projections, intentions or beliefs, development plans and the commercial potential of Mirati’s drug development pipeline, including without limitation adagrasib (MRTX849), sitravatinib and MRTX1133, is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to risks and uncertainties, particularly those challenges inherent in the process of discovering, developing and commercialization of new drug products that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs.

Mirati’s forward-looking statements also involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although Mirati’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by Mirati. As a result, you are cautioned not to rely on these forward-looking statements. These and other risks concerning Mirati’s programs are described in additional detail in Mirati’s quarterly reports on Form 10-Q and annual reports on Form 10-K, which are on file with the U.S. Securities and Exchange Commission (the “SEC”) available at the SEC’s Internet site (www.sec.gov).These forward-looking statements are made as of the date of this press release, and Mirati assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. 

Mirati Contacts

Investor Relations
Temre Johnson
(858) 332-3562
[email protected]

Media Relations
Priyanka Shah
(908) 447-6134
[email protected]

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SOURCE Mirati Therapeutics, Inc.

NEW YORK, March 31, 2021 /PRNewswire/ — W. P. Carey Inc. (NYSE: WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced the release of its 2020 CEO Letter to shareholders. The letter can be viewed and downloaded from W. P. Carey’s website here: www.wpcarey.com/CEO-Letter.

In the letter, Chief Executive Officer Jason Fox reflected on 2020 and the resilience of W. P. Carey’s business amid the pandemic as well as his pride in the performance of employees during a challenging year. He explained how the company’s disciplined investment approach, diversified portfolio and proactive approach to asset management enabled W. P. Carey to maintain consistently high rent collections, which in conjunction with its strong balance sheet and liquidity position, enabled the company to promptly resume external investment activity once transaction markets reopened.

Key 2020 achievements highlighted in the letter include:

• Maintaining consistently high rent collections throughout the pandemic, averaging 98% from April – December, a validation of its disciplined underwriting and diversified investment strategy
• Executing on $826 million of investments, 26% of which was in green buildings totaling 1.3 million square feet
• Successfully accessing the capital markets to raise over $880 millionin permanent and long-term capital
• Continuing to provide stable and growing income for shareholders, increasing total dividends declared to $4.17 per share
• Launching the Diversity & Inclusion Initiative to formalize and build on the company’s commitment to cultivating a diverse, inclusive and equitable workforce. Subsequent milestones included, signing the CEO Action Pledge for Diversity & Inclusion, being named a “Winning Company” for board diversity by Women on Boards and inclusion in the Bloomberg Gender-Equality Index in early 2021

“2020 was a year unlike any other in W. P. Carey’s nearly 50-year history. Despite its challenges, in many ways it served to amplify the benefits of our long-standing business model. Thanks to the hard work of our employees and seamless transition to a remote work environment, we continued to grow our portfolio and execute on corporate initiatives that position us for future growth. We look forward to building on this momentum and to delivering durable, long-term value to our shareholders in 2021 and beyond,” said Mr. Fox.

W. P. Carey Inc.

W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $19 billion and a diversified portfolio of operationally critical commercial real estate that includes 1,243 net lease properties covering approximately 144 million square feet as of December 31, 2020. For nearly five decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail and self-storage properties subject to long-term net leases with built-in rent escalators. Its portfolio is located primarily in the U.S. and Northern and Western Europe and is well-diversified by tenant, property type, geographic location and tenant industry.  
www.wpcarey.com

This press release may contain forward-looking statements within the meaning of U.S. Federal securities laws. The comment of Mr. Fox is an example of forward-looking statements. A number of factors could cause W. P. Carey’s actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate, including the continuing impact of the COVID-19 pandemic; the supply of and demand for commercial properties; interest rate levels; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact W. P. Carey, reference is made to its filings with the U.S. Securities and Exchange Commission.

W. P. Carey Inc. Contacts:

Press Contact: 

Anna McGrath

W. P. Carey Inc.
+1 212-492-1166 
[email protected]

Institutional Investors:

Peter Sands

+1 212-492-1110
[email protected]

Individual Investors:  
+1-800-WP CAREY (1-800-972-2739) 
[email protected]

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SOURCE W. P. Carey Inc.