Latest news with #LibertyCenter
Yahoo
26-04-2025
- Business
- Yahoo
Apollo Commercial Real Estate Finance Inc (ARI) Q1 2025 Earnings Call Highlights: Strong Loan ...
Distributable Earnings: $33 million or $0.24 per share. GAAP Net Income: $23 million or $0.16 per diluted share. Loan Portfolio Carrying Value: $7.7 billion at quarter end. Loan Originations: $650 million in new commitments and $73 million in add-on funding. Loan Repayments: $93 million during the quarter. Weighted Average Yield: 7.9% on the loan portfolio. Debt-to-Equity Ratio: 3.5 times at quarter end. Total Liquidity: $218 million. Book Value Per Share: $12.66, excluding general CECL allowance and depreciation. Warning! GuruFocus has detected 6 Warning Signs with ARI. Release Date: April 25, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Apollo Commercial Real Estate Finance Inc (NYSE:ARI) committed to $650 million of new loans in Q1, with a strong focus on residential properties and data centers. The company completed an additional four transactions totaling over $700 million post-quarter end, bringing year-to-date volume to $1.5 billion. ARI's loan portfolio grew to $7.7 billion, up from $7.1 billion at year-end, with a weighted average yield of 7.9%. The company successfully reduced its net exposure on the 111 West 57th Street project by $29 million due to strong sales momentum. ARI has a robust presence in the European market, supported by a dedicated team in London, which provides a competitive advantage in sourcing and managing assets. Q1 earnings were slightly below the current quarterly dividend rate, covering only 96% of the dividends. The general CECL allowance increased by $4 million, reflecting a cautious stance on the macroeconomic outlook. There is increased capital markets volatility and recessionary fears, which could impact the real estate market. The company faces potential risks in the hospitality sector if a recession occurs, due to the quick movement of cash flows in this asset class. The balance of the 111 West 57th Street project increased from $390 million at year-end to $403 million due to additional costs. Q: Can you provide an update on the specific CECL tied to 111 West 57th and Liberty Center? A: Stuart Rothstein, CEO, explained that the specific CECL is primarily tied to these two assets. They expect to sell the Liberty Center asset later this year and are confident in its valuation. Sales momentum at 111 West 57th is positive, and they anticipate more capital coming through resolutions by the end of the year. Q: How is the current market volatility affecting loan repayments and new money deployment? A: Stuart Rothstein noted that the market remains robust, with credit market volatility being more muted than in equity markets. They do not anticipate a slowdown in transactions. The main concern is whether a potential recession would be shallow or prolonged, but currently, the need to deploy capital outweighs recession fears. Q: With the senior mezz loan A at 111 West 57th becoming senior, will you start recognizing interest income again? A: Stuart Rothstein clarified that they will not turn income back on, as it would effectively mean paying themselves. Instead, they will keep income turned off and any better-than-expected recovery will come through reserve recovery rather than near-term income. Q: Can you provide updates on the Berlin and Chicago office assets, as well as the Manhattan office and Cleveland multifamily? A: Scott Weiner, CIO, stated that the Berlin office is working on a modification with new equity and a major lease, expecting it to improve. The Chicago office has seen positive leasing and additional equity. The Manhattan office is exploring recapitalization and potential conversion to multifamily. The Cleveland multifamily is performing well with new management and capital. Q: How is ARI managing its European exposure, and what advantages does it offer? A: Stuart Rothstein explained that ARI has a dedicated team in London, led by Ben Eppley, managing European operations. The lack of an active securitization market in Europe allows ARI to handle larger deals, providing a competitive advantage. They hedge everything back to dollars to avoid FX risks. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
11-04-2025
- Business
- Yahoo
Designer jewelry store opens at The Greene
DAYTON, Ohio (WDTN) — Kendra Scott, a designer jewelry store, has opened is newest location at The Greene Town Center in Beavercreek. According to a release, Kendra Scott is located at 4420 Glengarry Drive, and is best-recognized for its earrings, bracelets, necklaces, pendants, rings and more. The store held its soft opening April 11. 'Known for its design and material innovation, use of color, and signature shapes, Kendra Scott offers Fashion, Demi-Fine and Fine Jewelry, watches, engagement rings, fragrance, home accessories, and a men's collection, Scott Bros. by Kendra Scott,' said the release. From Monday through Thursday, the store operates from 11 a.m. to 7 p.m. On Friday and Saturday, the jeweler is open from 10 a.m. to 8 p.m., and Sunday from noon to 6 p.m. The Beavercreek location is the area's second spot, as the brand also operates at Liberty Center in Liberty Township. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
28-01-2025
- Entertainment
- Yahoo
Coming Soon: Lunar New Year celebartion at Liberty Center
DAYTON, Ohio (WDTN) – The Liberty Center in Liberty Township will hold a Lunar New Year party this Saturday. The family-friendly event celebrating 2025 — the Year of the Snake — will take place in The Foundry section of the center from 2-5 p.m. It will celebrate centuries-old traditions deeply rooted in Chinese culture as well as cultures across Asia. NASA delays Artemis moon missions once again The party will feature Chinese calligraphy, water writing, paper cutting, Chinese tea tasting, folk dancing and live musical performances. The Alliance of Chinese Culture and Arts USA is the event's host and multiple local community organizations will be present. Including the following: Asian American Coalition of Ohio Bamboo Beats Kids Music Lab Bing Yang Chinese Performing Arts Center Cincinnati Symphony Orchestra CincyVengai Tamil Folk Arts Group Dayton Cultural Calligraphy Group Freya Dance Studio Joy Flower Music Center LinkMind Foundation GreenEnergy Group Ohio State University James Cancer Center Sounds of Joy Choir The U.S. Bollywood Dance Team The Liberty Center is located at I-75 and SR 129 interchange in Liberty Township, north of Cincinnati, Ohio. It is a mega complex of retail space, restaurants and entertainment. It received the 2017 Commendation Award for new development from the International Council of Shopping Centers' annual global awards for U.S. Design and Development. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
