Latest news with #OperatingPartnership
Business Wire
2 days ago
- Business
- Business Wire
Invitation Homes Announces Pricing of $600 Million of 4.950% Senior Notes due 2033
DALLAS--(BUSINESS WIRE)--Invitation Homes Inc. (NYSE: INVH) ('Invitation Homes,' the 'Company,' or 'our') announced today that its operating partnership, Invitation Homes Operating Partnership LP (the 'Operating Partnership'), has priced a public offering of $600 million aggregate principal amount of 4.950% Senior Notes due 2033 (the 'Notes'). The Notes were priced at 99.477% of the principal amount and will mature on January 15, 2033. The offering is expected to close on August 15, 2025, subject to the satisfaction of customary closing conditions. The Notes will be fully and unconditionally guaranteed, jointly and severally, by the Company, Invitation Homes OP GP LLC, and IH Merger Sub, LLC. The Operating Partnership intends to use the net proceeds from the offering for general corporate purposes, which may include the repayment of a portion of the Operating Partnership's outstanding indebtedness under its revolving credit facility. BofA Securities, BMO Capital Markets, J.P. Morgan, Capital One Securities, Deutsche Bank Securities, M&T Securities, Mizuho, Morgan Stanley, PNC Capital Markets LLC, RBC Capital Markets and Wells Fargo Securities are acting as the joint book-running managers of the offering. KeyBanc Capital Markets, Regions Securities LLC, US Bancorp, BNP PARIBAS, BNY Capital Markets, Goldman Sachs & Co. LLC, Huntington Capital Markets, Truist Securities, Citigroup, R. Seelaus & Co., LLC, and Scotiabank are acting as the co-managers of the offering. The offering is being made pursuant to an effective shelf registration statement filed by the Company, the Operating Partnership, Invitation Homes OP GP LLC, and IH Merger Sub, LLC with the Securities and Exchange Commission (the 'SEC'). A prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC. When available, a copy of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from: BofA Securities, Inc., toll-free: 1-800-294-1322; BMO Capital Markets Corp., toll-free: 1-800-200-0266; and J.P. Morgan Securities LLC, toll-free: 212-834-4533; or by visiting the EDGAR database on the SEC's website at This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Invitation Homes Invitation Homes, an S&P 500 company, is the nation's premier single-family home leasing and management company, meeting changing lifestyle demands by providing access to high-quality homes with valued features such as close proximity to jobs and access to good schools. Our purpose, Unlock the power of home™, reflects our commitment to providing living solutions and Genuine CARE™ to the growing share of people who count on the flexibility and savings of leasing a home. Forward-Looking Statements 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, which include, but are not limited to, statements related to the Company's expectations regarding the performance of the Company's business, its financial results, its liquidity and capital resources and the use of the net proceeds from the offering, and other non-historical statements. In some cases, you can identify these forward-looking statements by the use of words such as 'outlook,' 'guidance,' 'believes,' 'expects,' 'potential,' 'continues,' 'may,' 'will,' 'should,' 'could,' 'seeks,' 'projects,' 'predicts,' 'intends,' 'plans,' 'estimates,' 'anticipates' or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties that may impact our financial condition, results of operations, cash flows, business, associates, and residents, including, among others, risks inherent to the single-family rental industry and the Company's business model, macroeconomic factors beyond the Company's control, competition in identifying and acquiring properties, competition in the leasing market for quality residents, increasing property taxes, homeowners' association fees and insurance costs, poor resident selection and defaults and non-renewals by the Company's residents, the Company's dependence on third parties for key services, risks related to the evaluation of properties, performance of the Company's information technology systems, development and use of artificial intelligence, risks related to the Company's indebtedness, risks related to the potential negative impact of fluctuating global and United States economic conditions (including inflation), uncertainty in financial markets (including as a result of events affecting financial institutions), geopolitical tensions, natural disasters, climate change, and public health crises. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, but are not limited to, those described under Part I. Item 1A. 'Risk Factors' of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (the 'Annual Report'), as such factors may be updated from time to time in the Company's periodic filings with the SEC, which are accessible on the SEC's website at These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release, in the Annual Report, and in the Company's other periodic filings. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except to the extent otherwise required by law.
Yahoo
3 days ago
- Business
- Yahoo
CubeSmart Announces Pricing of 5.125% Senior Unsecured Notes Due 2035
MALVERN, Pa., Aug. 11, 2025 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) (the 'Company' or 'CubeSmart'), the third-largest owner and operator of self-storage properties in the United States, today announced that its operating partnership, CubeSmart, L.P. (the 'Operating Partnership'), priced an offering of $450.0 million aggregate principal amount of 5.125% senior unsecured notes due 2035 (the 'Notes') in an underwritten public offering. The Notes were priced at 98.656% of the principal amount with a yield to maturity of 5.295%. The Notes will be fully and unconditionally guaranteed by CubeSmart. The offering is expected to close on August 20, 2025, subject to the satisfaction of customary closing conditions. The Operating Partnership expects to use the net proceeds from this offering to repay outstanding indebtedness under its unsecured revolving credit facility and for working capital and other general corporate purposes, which may include repayment or repurchase of certain of the Operating Partnership's other outstanding indebtedness. Wells Fargo Securities, BofA Securities and PNC Capital Markets LLC are acting as joint book-running managers for the offering. Regions Securities LLC and US Bancorp are acting as senior co-managers for the offering. Barclays, BMO Capital Markets, Citizens JMP Securities, LLC, Goldman Sachs & Co. LLC and Truist Securities are acting as co-managers for the offering. This offering will be made under CubeSmart's existing automatic shelf registration statement filed with the Securities and Exchange Commission (the 'SEC') on March 3, 2023. The offering of the Notes will be made only by means of a prospectus and a related prospectus supplement, when available. The prospectus supplement related to this public offering and accompanying prospectus will be filed with the SEC. Copies of the prospectus and related prospectus supplement for this offering may be obtained by contacting: Wells Fargo Securities, LLC, by email at wfscustomerservice@ or by calling toll-free at 1-800-645-3751; PNC Capital Markets LLC, by email at pnccmprospectus@ or by calling toll-free at 1-855-881-0697; or BofA Securities, Inc., by calling toll-free at 1-800-294-1322. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About CubeSmart CubeSmart is a self-administered and self-managed real estate investment trust. As of June 30, 2025, CubeSmart owned or managed 1,532 self-storage properties across the United States. According to the 2025 Self Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the U.S. The Company's mission is to simplify the organizational and logistical challenges created by the many life events and business needs of its customers through innovative solutions, unparalleled service, and genuine care. The Company's self-storage properties are designed to offer affordable, easily accessible, and, in most locations, climate-controlled storage space for residential and commercial customers. Forward-Looking Statements This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as 'believes,' 'expects,' 'estimates,' 'may,' 'will,' 'should,' 'anticipates,' or 'intends' or the negative of such terms or other comparable terminology, or by discussions of strategy. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Although we believe the expectations reflected in these forward-looking statements are based on reasonable assumptions, future events and actual results, performance, transactions or achievements, financial and otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. As a result, you should not rely on or construe any forward-looking statements in this press release, or which management or persons acting on their behalf may make orally or in writing from time to time, as predictions of future events or as guarantees of future performance. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this press release or as of the dates otherwise indicated in such forward-looking statements, as applicable. All of our forward-looking statements, including those contained in this press release, are qualified in their entirety by this statement. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this press release. Any forward-looking statements should be considered in light of the risks and uncertainties referred to in this press release and our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the SEC. These risks include, but are not limited to, the following: the satisfaction of customary closing conditions for an offering of securities; adverse changes in economic conditions in the real estate industry and in the markets in which we own and operate self-storage properties; the effect of competition from existing and new self-storage properties and operators on our ability to maintain or raise occupancy and rental rates; the failure to execute our business plan; adverse consumer impacts and declines in general economic conditions from inflation, tariffs, rising interest rates and wage stagnation including the impact on the demand for self-storage, rental rates and fees and rent collection levels; reduced availability and increased costs of external sources of capital; financing risks, including rising interest rates, the risk of over-leverage and the corresponding risk of default on our mortgage and other debt and potential inability to refinance existing or future debt; counterparty non-performance related to the use of derivative financial instruments; risks related to our ability to maintain our qualification as a real estate investment trust for federal income tax purposes; the failure of acquisitions and developments to close on expected terms, or at all, or to perform as expected; increases in taxes, fees and assessments from state and local jurisdictions; the failure of our joint venture partners to fulfill their obligations to us or their pursuit of actions that are inconsistent with our objectives; reductions in asset valuations and related impairment charges; negative publicity relating to our business or industry, which could adversely affect our reputation; increases in operating costs, including, without limitation, insurance, utility and other general expenses, which could adversely affect our financial results; cybersecurity breaches, cyber or ransomware attacks or a failure of our networks, systems or technology, which could adversely impact our business, customer and employee relationships or result in fraudulent payments; risks associated with generative artificial intelligence tools and large language models and the conclusions that these tools and models may draw about our business and prospects in connection with the dissemination of negative opinions, characterizations or disinformation; changes in real estate, zoning, use and occupancy laws or regulations; risks related to or consequences of earthquakes, hurricanes, windstorms, floods, wildfires, other natural disasters or acts of violence, pandemics, active shooters, terrorism, insurrection or war that impact the markets in which we operate; potential environmental and other material liabilities; governmental, administrative and executive orders, regulations and laws, which could adversely impact our business operations and customer and employee relationships; uninsured or uninsurable losses and the ability to obtain insurance coverage, indemnity or recovery from insurance against risks and losses; changes in the availability of and the cost of labor; other factors affecting the real estate industry generally or the self-storage industry in particular; and other risks identified in the prospectus supplement relating to this offering and in our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the SEC. Given these uncertainties and risks, readers are cautioned not to place undue reliance on forward-looking statements. Except with respect to such material changes to our risk factors as may be reflected from time to time in our quarterly filings with the SEC or as otherwise required by law, we are under no obligation to, and expressly disclaim any obligation to, publicly update or revise any forward-looking statements included in this press release, whether as a result of new information, future events or otherwise except as may be required by securities laws. Because of the factors referred to above, the future events discussed in this press release may not occur and actual results, performance or achievement could differ materially from those anticipated or implied in the forward-looking statements. Company Contact: Josh SchutzerVice President, Finance(610) 535-5700
Business Wire
06-08-2025
- Business
- Business Wire
Rayonier Reports Second Quarter 2025 Results
(a) 'Cash Available for Distribution' (CAD) is defined as cash provided by operating activities adjusted for capital spending (excluding timberland acquisitions and real estate development investments) and working capital and other balance sheet changes. CAD is a non-GAAP measure of cash generated during a period that is available for common stock dividends, distributions to Operating Partnership unitholders, repurchase of the Company's common shares, debt reduction, timberland acquisitions and real estate development investments. CAD is not necessarily indicative of the CAD that may be generated in future periods. (b) 'Income (loss) from operations of discontinued operations, net of tax' includes income (loss) generated by the Company's New Zealand joint venture interest, which was classified as discontinued operations prior to its June 30, 2025 disposition. (c) 'Gain on sale of discontinued operations" reflects the net gain recognized on the sale of the Company's New Zealand joint venture interest. (d) The six months ended June 30, 2024 includes a $1.2 million income tax benefit related to the pension settlement. (e) The six months ended June 30, 2025 includes $1.7 million of net costs associated with legal settlements. The six months ended June 30, 2024 includes $5.7 million of pension settlement charges and $2.4 million of net costs associated with legal settlements. (f) 'Restructuring charges' include severance costs related to workforce optimization initiatives. (g) 'Costs related to disposition initiatives' include legal, advisory, and other due diligence costs incurred in connection with the Company's asset disposition plan, which was announced in November 2023. (h) 'Adjusted EBITDA' is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating expense, income (loss) from operations of discontinued operations, gain on sale of discontinued operations, restructuring charges, costs related to disposition initiatives and Large Dispositions. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that investors can use to evaluate the operational performance of the assets under management. It excludes specific items that management believes are not indicative of the Company's ongoing operating results. (i) 'Cash interest paid, net' includes patronage refunds received of $7.9 million and $8.3 million during the six months ended June 30, 2025 and June 30, 2024, respectively. In addition, cash interest paid, net includes cash interest received of $5.2 million and $3.7 million during the six months ended June 30, 2025 and June 30, 2024, respectively. (j) 'Pro forma net income (loss)' is defined as net income (loss) attributable to Rayonier Inc. adjusted for its proportionate share of income (loss) from operations of discontinued operations (net of tax), gain on sale of discontinued operations, net costs associated with legal settlements, restructuring charges, pension settlement charges, costs related to disposition initiatives and Large Dispositions. Rayonier believes that this non-GAAP financial measure provides investors with useful information to evaluate our core business operations because it excludes specific items that are not indicative of the Company's ongoing operating results. (k) 'Net costs on legal settlements' reflects the net loss from litigation regarding insurance claims. (l) 'Pension settlement charge, net of tax" reflects the net loss recognized in connection with the termination and settlement of the Company's defined benefit plan. (m) 'Pro forma net income (loss) adjustments attributable to noncontrolling interests' are the proportionate share of pro forma items that are attributable to noncontrolling interests. (n) 'Pro forma operating income (loss)' is defined as operating income (loss) adjusted for restructuring charges, costs related to disposition initiatives and Large Dispositions. Rayonier believes that this non-GAAP financial measure provides investors with useful information to evaluate our core business operations because it excludes specific items that are not indicative of the Company's ongoing operating results. F
Yahoo
10-06-2025
- Business
- Yahoo
Lineage Announces Pricing of $500 million of Senior Notes due 2030
NOVI, Mich., June 10, 2025--(BUSINESS WIRE)--Lineage, Inc. (NASDAQ: LINE) (the "Company"), today announced that Lineage OP, LP (the "Operating Partnership"), a direct subsidiary of the Company, priced an offering of $500 million aggregate principal amount of 5.250% Senior Notes due 2030 (the "Notes") at a price of 98.991% of the principal amount. The Notes will be senior unsecured obligations of the Operating Partnership and will be fully and unconditionally guaranteed by the Company, Lineage Logistics Holdings, LLC and each other subsidiary of the Company (other than the Operating Partnership and certain excluded subsidiaries) that guarantees or is otherwise obligated in respect of the Company's revolving credit and term loan agreement. Interest on the Notes will accrue at a rate of 5.250% per annum and be payable semi-annually on January 15 and July 15 of each year. The Notes will mature on July 15, 2030. Closing of the offering is expected to occur on June 17, 2025, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the Notes to repay amounts outstanding from time to time under its revolving credit facility and for other general corporate and working capital purposes. The Notes have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the Securities Act. The Notes will be offered only to "qualified institutional buyers" under Rule 144A of the Securities Act or, outside the United States, to persons other than "U.S. persons" in compliance with Regulation S under the Securities Act. This communication is not an offer to sell or a solicitation of an offer to buy securities of Linage, Inc. or its subsidiaries, nor shall it constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. There can be no assurances that the offering of the Notes will be completed as described herein or at all. Safe Harbor Statement This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to the timing and consummation of the offering of the Notes and the expected use of the net proceeds. Forward-looking statements can generally be identified by the use of words such as words "estimate," "anticipate," "expect," "believe," "intend," "may," "will," "could," "should," "would," "seek," "position," "support," "drive," "enable," "optimistic," "target," "opportunity," "approximately" or "plan," or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. The Company can provide no assurances that it will be able to complete the offering on the anticipated terms, or at all. For a further list and description of such risks and uncertainties, see the Company's reports and other filings with the U.S. Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2024. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. View source version on Contacts Investor Relations ContactEvan BarbosaVP, Investor Relationsir@ Media Contact Megan HendricksenVP, Global Marketing & Communicationspr@
Business Wire
10-06-2025
- Business
- Business Wire
Lineage Announces Pricing of $500 million of Senior Notes due 2030
NOVI, Mich.--(BUSINESS WIRE)--Lineage, Inc. (NASDAQ: LINE) (the 'Company'), today announced that Lineage OP, LP (the 'Operating Partnership'), a direct subsidiary of the Company, priced an offering of $500 million aggregate principal amount of 5.250% Senior Notes due 2030 (the 'Notes') at a price of 98.991% of the principal amount. The Notes will be senior unsecured obligations of the Operating Partnership and will be fully and unconditionally guaranteed by the Company, Lineage Logistics Holdings, LLC and each other subsidiary of the Company (other than the Operating Partnership and certain excluded subsidiaries) that guarantees or is otherwise obligated in respect of the Company's revolving credit and term loan agreement. Interest on the Notes will accrue at a rate of 5.250% per annum and be payable semi-annually on January 15 and July 15 of each year. The Notes will mature on July 15, 2030. Closing of the offering is expected to occur on June 17, 2025, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the Notes to repay amounts outstanding from time to time under its revolving credit facility and for other general corporate and working capital purposes. The Notes have not been and will not be registered under the Securities Act of 1933, as amended (the 'Securities Act'), or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the Securities Act. The Notes will be offered only to 'qualified institutional buyers' under Rule 144A of the Securities Act or, outside the United States, to persons other than 'U.S. persons' in compliance with Regulation S under the Securities Act. This communication is not an offer to sell or a solicitation of an offer to buy securities of Linage, Inc. or its subsidiaries, nor shall it constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. There can be no assurances that the offering of the Notes will be completed as described herein or at all. Safe Harbor Statement This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to the timing and consummation of the offering of the Notes and the expected use of the net proceeds. Forward-looking statements can generally be identified by the use of words such as words 'estimate,' 'anticipate,' 'expect,' 'believe,' 'intend,' 'may,' 'will,' 'could,' 'should,' 'would,' 'seek,' 'position,' 'support,' 'drive,' 'enable,' 'optimistic,' 'target,' 'opportunity,' 'approximately' or 'plan,' or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. The Company can provide no assurances that it will be able to complete the offering on the anticipated terms, or at all. For a further list and description of such risks and uncertainties, see the Company's reports and other filings with the U.S. Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2024. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
