Stratus Properties Inc. Reports Third-Quarter and Nine-Month 2017 Results
Highlights:
- Net income attributable to common stockholders totaled
$14.3 million ,$1.75 per share, for third-quarter 2017, compared with a net loss attributable to common stockholders of$1.7 million ,$0.20 per share for third-quarter 2016. The 2017 period includes an after-tax gain on sale of assets of$15.7 million ,$1.92 per share, associated with the recognition of a portion of the deferred gain on the sale of The Oaks atLakeway , which closed in first-quarter 2017. - Generated real estate sales revenue of
$3.0 million from the sale of three lots inAmarra Drive inBarton Creek and three lots in Meridian in Circle C in third-quarter 2017. - Operating income for the Entertainment segment, which includes
Austin City Limits Live (ACL Live) and the 3TEN ACL Live venue, increased nearly$0.5 million in third-quarter 2017 compared to third-quarter 2016. - Obtained project financing and commenced construction of the retail component of
Jones Crossing , a newHEB Grocery Company, L.P. (HEB)-anchored, mixed use development inCollege Station, Texas , and Santal Phase II, a 212-unit garden style multi-family project inBarton Creek , inSeptember 2017 .
William H. Armstrong III, Chairman, President and Chief Executive Officer, stated, “We continue to implement our strategy and our results reflect our efforts. Our successful leasing activity at The Oaks at
Third-Quarter 2017 Financial Results
Stratus reported net income attributable to common stockholders of
Stratus' Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled
Three Months Ended |
Nine Months Ended |
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2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
(In Thousands, Except Per Share Amounts) | |||||||||||||||||||||
Revenues |
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Real Estate Operations | $ | 3,038 | $ | 6,163 | $ | 9,244 | $ | 9,882 | |||||||||||||
Leasing Operations | 2,145 | 2,770 | 6,668 | 7,325 | |||||||||||||||||
Hotel | 7,795 | 8,328 | 28,047 | 29,721 | |||||||||||||||||
Entertainment | 4,655 | 4,196 | 16,517 | 13,326 | |||||||||||||||||
Eliminations and other | (411 | ) | (277 | ) | (1,161 | ) | (898 | ) | |||||||||||||
Total Consolidated Revenue | $ | 17,222 | $ | 21,180 | $ | 59,315 | $ | 59,356 | |||||||||||||
Operating income (loss) |
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Real Estate Operations | $ | 777 | $ | 2,032 | $ | 1,025 | $ | 1,539 | |||||||||||||
Leasing Operations | 24,612 | a | 452 | 23,708 | b | 1,844 | |||||||||||||||
Hotel | 231 | 562 | 4,070 | 4,829 | |||||||||||||||||
Entertainment | 472 | (19 | ) | 2,624 | 1,373 | ||||||||||||||||
Corporate and other | (2,452 | ) | (2,602 | ) | (8,991 | ) | (10,049 | ) | |||||||||||||
Total Consolidated Operating Income (Loss) | $ | 23,640 | $ | 425 | $ | 22,436 | $ | (464 | ) | ||||||||||||
Net income (loss) attributable to common stockholders | $ | 14,308 | a | $ | (1,659 | ) | $ | 10,745 | b | $ | (5,825 | ) | |||||||||
Diluted net income (loss) per share | $ | 1.75 | a | $ | (0.20 | ) | $ | 1.32 | b | $ | (0.72 | ) | |||||||||
Adjusted EBITDA | $ | 1,366 | $ | 2,617 | $ | 5,473 | $ | 5,474 | |||||||||||||
Capital Expenditures | $ | (9,263 | ) | $ | (2,385 | ) | $ | (14,363 | ) | $ | (24,820 | ) | |||||||||
Diluted weighted-average shares of common stock outstanding | 8,172 | 8,094 | 8,169 | 8,086 | |||||||||||||||||
a. Includes a gain of
b. Includes gains of
The decrease in revenue and operating income from the Real Estate Operations segment in third-quarter 2017 was primarily driven by fewer developed property sales.
The decrease in revenue from the Leasing Operations segment in third-quarter 2017 primarily reflects the sale of The Oaks at
Revenue and operating income from the Hotel segment for third-quarter 2017 reflects lower revenue per available room (RevPar) of
The increase in revenue and operating income from the Entertainment segment in third-quarter 2017 reflects higher ticket sales and an increase in the number of events hosted at ACL Live, partially offset by a decrease in revenue associated with private events.
The decrease in Corporate and other charges in third-quarter 2017 primarily reflects non-recurring legal and consulting fees in 2016 associated with Stratus' successful proxy contest.
Debt and Liquidity
At
Purchases and development of real estate properties (included in operating cash flows) and capital expenditures (included in investing cash flows) totaled
In
In
Also in
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Stratus is a diversified real estate company engaged primarily in the acquisition, entitlement, development, management, operation and sale of commercial, hotel, entertainment, and multi- and single-family residential real estate properties, primarily located in the
Conference Call Information
Stratus will conduct an investor conference call to discuss its unaudited third-quarter 2017 financial results today,
____________________________
CAUTIONARY STATEMENT AND REGULATION G DISCLOSURE. This press release contains forward-looking statements in which Stratus discusses factors it believes may affect its future performance. Forward-looking statements are all statements other than statements of historical fact, such as statements regarding the implementation and potential results of Stratus' active development plan, projections or expectations related to operational and financial performance or liquidity, reimbursements for infrastructure costs, financing and regulatory matters, development plans and sales of properties, commercial leasing activities, timeframes for development, construction and completion of Stratus' projects, capital expenditures, possible joint venture or other arrangements, Stratus’ projections with respect to its obligations under the master lease agreements entered into in connection with the sale of The Oaks at
Stratus cautions readers that forward-looking statements are not guarantees of future performance, and its actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that can cause Stratus' actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, Stratus’ ability to refinance and service its debt and the availability of financing for development projects and other corporate purposes, Stratus' ability to sell properties at prices its Board considers acceptable, a decrease in the demand for real estate in the
This press release also includes measures of Adjusted EBITDA and debt to total asset value, which are not recognized under
Investors are cautioned that many of the assumptions upon which Stratus' forward-looking statements are based are likely to change after the forward-looking statements are made. Further, Stratus may make changes to its business plans that could affect its results. Stratus cautions investors that it does not intend to update its forward-looking statements more frequently than quarterly notwithstanding any changes in its assumptions, business plans, actual experience, or other changes, and Stratus undertakes no obligation to update any forward-looking statements.
A copy of this release is available on Stratus' website, stratusproperties.com.
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) | |||||||||||||||||||||
(In Thousands, Except Per Share Amounts) |
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Three Months Ended | Nine Months Ended | ||||||||||||||||||||
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2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Revenues: | |||||||||||||||||||||
Real estate operations | $ | 2,923 | $ | 6,155 | $ | 9,108 | $ | 9,858 | |||||||||||||
Leasing operations | 1,923 | 2,567 | 6,015 | 6,761 | |||||||||||||||||
Hotel | 7,738 | 8,268 | 27,817 | 29,501 | |||||||||||||||||
Entertainment | 4,638 | 4,190 | 16,375 | 13,236 | |||||||||||||||||
Total revenues | 17,222 | 21,180 | 59,315 | 59,356 | |||||||||||||||||
Cost of sales: | |||||||||||||||||||||
Real estate operations | 2,204 | 4,075 | 8,048 | 8,173 | |||||||||||||||||
Leasing operations | 1,091 | 1,390 | 3,749 | 3,295 | |||||||||||||||||
Hotel | 6,676 | 6,891 | 21,277 | 22,248 | |||||||||||||||||
Entertainment | 3,666 | 3,713 | 12,298 | 10,532 | |||||||||||||||||
Depreciation | 2,031 | 2,189 | 5,928 | 5,854 | |||||||||||||||||
Total cost of sales | 15,668 | 18,258 | 51,300 | 50,102 | |||||||||||||||||
General and administrative expenses | 2,220 | 2,497 | 8,462 | 9,718 | |||||||||||||||||
Profit participation in sale of The Oaks at |
— | — | 2,538 | — | |||||||||||||||||
Gain on sales of assets | (24,306 | ) | — | (25,421 | ) | — | |||||||||||||||
Total | (6,418 | ) | 20,755 | 36,879 | 59,820 | ||||||||||||||||
Operating income (loss) | 23,640 | 425 | 22,436 | (464 | ) | ||||||||||||||||
Interest expense, net | (1,577 | ) | (2,579 | ) | (5,060 | ) | (6,894 | ) | |||||||||||||
Gain (loss) on interest rate derivative instruments | 54 | 174 | 136 | (301 | ) | ||||||||||||||||
Loss on early extinguishment of debt | — | — | (532 | ) | (837 | ) | |||||||||||||||
Other income, net | 6 | 6 | 24 | 14 | |||||||||||||||||
Income (loss) before income taxes and equity in unconsolidated affiliates' (loss) income |
22,123 | (1,974 | ) | 17,004 | (8,482 | ) | |||||||||||||||
Equity in unconsolidated affiliates' (loss) income | (5 | ) | (3 | ) | (24 | ) | 70 | ||||||||||||||
(Provision for) benefit from income taxes | (7,810 | ) | 318 | (6,227 | ) | 2,587 | |||||||||||||||
Net income (loss) and total comprehensive income (loss) | 14,308 | (1,659 | ) | 10,753 | (5,825 | ) | |||||||||||||||
Total comprehensive income attributable to noncontrolling interests in subsidiaries |
— | — | (8 | ) | — | ||||||||||||||||
Net income (loss) and total comprehensive income (loss) attributable to common stockholders | $ | 14,308 | $ | (1,659 | ) | $ | 10,745 | $ | (5,825 | ) | |||||||||||
Basic net income (loss) per share attributable to common stockholders | $ | 1.76 | $ | (0.20 | ) | $ | 1.32 | $ | (0.72 | ) | |||||||||||
Diluted net income (loss) per share attributable to common stockholders | $ | 1.75 | $ | (0.20 | ) | $ | 1.32 | $ | (0.72 | ) | |||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 8,128 | 8,094 | 8,119 | 8,086 | |||||||||||||||||
Diluted | 8,172 | 8,094 | 8,169 | 8,086 | |||||||||||||||||
Dividends declared per share of common stock | $ | — | $ | — | $ | 1.00 | $ | — | |||||||||||||
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CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||||||
(In Thousands) |
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ASSETS | |||||||||||
Cash and cash equivalents | $ | 16,152 | $ | 13,597 | |||||||
Restricted cash | 23,751 | 11,892 | |||||||||
Real estate held for sale | 18,212 | 21,236 | |||||||||
Real estate under development | 113,408 | 111,373 | |||||||||
Land available for development | 14,791 | 19,153 | |||||||||
Real estate held for investment, net | 189,365 | 239,719 | |||||||||
Deferred tax assets | 18,630 | 17,223 | |||||||||
Other assets | 16,155 | 17,982 | |||||||||
Total assets | $ | 410,464 | $ | 452,175 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Accounts payable | $ | 15,422 | $ | 6,734 | |||||||
Accrued liabilities, including taxes | 10,898 | 13,240 | |||||||||
Debt | 227,856 | 291,102 | |||||||||
Deferred gain | 11,863 | — | |||||||||
Other liabilities | 10,377 | 10,073 | |||||||||
Total liabilities | 276,416 | 321,149 | |||||||||
Commitments and contingencies | |||||||||||
Equity: | |||||||||||
Stockholders' equity: | |||||||||||
Common stock | 93 | 92 | |||||||||
Capital in excess of par value of common stock | 185,184 | 192,762 | |||||||||
Accumulated deficit | (30,255 | ) | (41,143 | ) | |||||||
Common stock held in treasury | (21,057 | ) | (20,760 | ) | |||||||
Total stockholders' equity | 133,965 | 130,951 | |||||||||
Noncontrolling interests in subsidiaries | 83 | 75 | |||||||||
Total equity | 134,048 | 131,026 | |||||||||
Total liabilities and equity | $ | 410,464 | $ | 452,175 | |||||||
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||||||
(In Thousands) |
|||||||||||
Nine Months Ended | |||||||||||
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2017 | 2016 | ||||||||||
Cash flow from operating activities: | |||||||||||
Net income (loss) | $ | 10,753 | $ | (5,825 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||||||||||
Depreciation | 5,923 | 5,854 | |||||||||
Cost of real estate sold | 5,086 | 4,546 | |||||||||
Gain on sales of assets | (25,421 | ) | — | ||||||||
(Gain) loss on interest rate derivative contracts | (136 | ) | 301 | ||||||||
Loss on early extinguishment of debt | 532 | 837 | |||||||||
Debt issuance cost amortization and stock-based compensation | 1,227 | 1,233 | |||||||||
Equity in unconsolidated affiliates' loss (income) | 24 | (70 | ) | ||||||||
Deposits | (145 | ) | 1,054 | ||||||||
Deferred income taxes | (1,264 | ) | (12,827 | ) | |||||||
Purchases and development of real estate properties | (11,196 | ) | (10,919 | ) | |||||||
Municipal utility district reimbursement | 2,172 | 12,302 | |||||||||
Increase in other assets | (392 | ) | (2,675 | ) | |||||||
(Decrease) increase in accounts payable, accrued liabilities and other | (320 | ) | 7,071 | ||||||||
Net cash (used in) provided by operating activities | (13,157 | ) | 882 | ||||||||
Cash flow from investing activities: | |||||||||||
Capital expenditures | (14,363 | ) | (24,820 | ) | |||||||
Proceeds from sales of assets | 117,261 | — | |||||||||
Payments on master lease obligations | (1,653 | ) | — | ||||||||
Site development escrow deposit and other, net | (11,676 | ) | (19 | ) | |||||||
Net cash provided by (used in) investing activities | 89,569 | (24,839 | ) | ||||||||
Cash flow from financing activities: | |||||||||||
Borrowings from credit facility | 45,200 | 24,000 | |||||||||
Payments on credit facility | (53,651 | ) | (19,120 | ) | |||||||
Borrowings from project loans | 8,725 | 174,342 | |||||||||
Payments on project and term loans | (64,228 | ) | (154,584 | ) | |||||||
Cash dividend paid | (8,133 | ) | — | ||||||||
Stock-based awards net payments | (234 | ) | (146 | ) | |||||||
Financing costs | (1,536 | ) | (1,331 | ) | |||||||
Net cash (used in) provided by financing activities | (73,857 | ) | 23,161 | ||||||||
Net increase (decrease) in cash and cash equivalents | 2,555 | (796 | ) | ||||||||
Cash and cash equivalents at beginning of year | 13,597 | 17,036 | |||||||||
Cash and cash equivalents at end of period | $ | 16,152 | $ | 16,240 | |||||||
BUSINESS SEGMENTS
Stratus currently has four operating segments: Real Estate Operations, Leasing Operations,
The Real Estate Operations segment is comprised of Stratus’ real estate assets (developed, under development and available for development), which consists of its properties in
The Leasing Operations segment includes the office and retail space at the
The Hotel segment includes the
The Entertainment segment includes ACL Live, a live music and entertainment venue and production studio at the
Stratus uses operating income or loss to measure the performance of each segment. General and administrative expenses, which primarily consist of employee salaries, wages and other costs, are managed on a consolidated basis and are not allocated to Stratus' operating segments. The following segment information reflects management determinations that may not be indicative of what the actual financial performance of each segment would be if it were an independent entity.
Segment information presented below was prepared on the same basis as Stratus’ consolidated financial statements (in thousands).
Real Estate |
Leasing |
Hotel | Entertainment |
Eliminations |
Total | ||||||||||||||||||||||||
Three Months Ended |
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Revenues: | |||||||||||||||||||||||||||||
Unaffiliated customers | $ | 2,923 | $ | 1,923 | $ | 7,738 | $ | 4,638 | $ | — | $ | 17,222 | |||||||||||||||||
Intersegment | 115 | 222 | 57 | 17 | (411 | ) | — | ||||||||||||||||||||||
Cost of sales, excluding depreciation | 2,204 | 1,100 | 6,678 | 3,799 | (144 | ) | 13,637 | ||||||||||||||||||||||
Depreciation | 57 | 739 | 886 | 384 | (35 | ) | 2,031 | ||||||||||||||||||||||
General and administrative expenses | — | — | — | — | 2,220 | 2,220 | |||||||||||||||||||||||
Gain on sales of assets | — | (24,306 | ) | c | — | — | — | (24,306 | ) | ||||||||||||||||||||
Operating income (loss) | $ | 777 | $ | 24,612 | $ | 231 | $ | 472 | $ | (2,452 | ) | $ | 23,640 | ||||||||||||||||
Capital expendituresd | $ | 3,222 | $ | 9,066 | $ | 15 | $ | 182 | $ | — | $ | 12,485 | |||||||||||||||||
Total assets at |
183,643 | 71,041 | 103,560 | 36,888 | 15,332 | 410,464 | |||||||||||||||||||||||
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BUSINESS SEGMENTS (Continued) | ||||||||||||||||||||||||||||||
Real Estate |
Leasing |
Hotel | Entertainment |
Eliminations |
Total | |||||||||||||||||||||||||
Three Months Ended |
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Revenues: | ||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 6,155 | $ | 2,567 | $ | 8,268 | $ | 4,190 | $ | — | $ | 21,180 | ||||||||||||||||||
Intersegment | 8 | 203 | 60 | 6 | (277 | ) | — | |||||||||||||||||||||||
Cost of sales, excluding depreciation | 4,076 | 1,398 | 6,893 | 3,837 | (135 | ) | 16,069 | |||||||||||||||||||||||
Depreciation | 55 | 920 | 873 | 378 | (37 | ) | 2,189 | |||||||||||||||||||||||
General and administrative expenses | — | — | — | — | 2,497 | 2,497 | ||||||||||||||||||||||||
Operating income (loss) | $ | 2,032 | $ | 452 | $ | 562 | $ | (19 | ) | $ | (2,602 | ) | $ | 425 | ||||||||||||||||
Capital expendituresd | $ | 3,290 | $ | 2,385 | $ | 16 | $ | (16 | ) | $ | — | $ | 5,675 | |||||||||||||||||
Total assets at |
171,465 | 119,968 | 104,674 | 38,240 | 23,502 | 457,849 | ||||||||||||||||||||||||
Nine Months Ended |
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Revenues: | ||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 9,108 | $ | 6,015 | $ | 27,817 | $ | 16,375 | $ | — | $ | 59,315 | ||||||||||||||||||
Intersegment | 136 | 653 | 230 | 142 | (1,161 | ) | — | |||||||||||||||||||||||
Cost of sales, excluding depreciation | 8,048 | 3,773 | 21,323 | 12,756 | (528 | ) | 45,372 | |||||||||||||||||||||||
Depreciation | 171 | 2,070 | 2,654 | 1,137 | (104 | ) | 5,928 | |||||||||||||||||||||||
General and administrative expenses | — | — | — | — | 8,462 | 8,462 | ||||||||||||||||||||||||
Profit participation | — | 2,538 | — | — | — | 2,538 | ||||||||||||||||||||||||
Gain on sales of assets | — | (25,421 | ) | c | — | — | — | (25,421 | ) | |||||||||||||||||||||
Operating income (loss) | $ | 1,025 | $ | 23,708 | $ | 4,070 | $ | 2,624 | $ | (8,991 | ) | $ | 22,436 | |||||||||||||||||
Capital expendituresd | $ | 11,196 | $ | 13,845 | $ | 273 | $ | 245 | $ | — | $ | 25,559 | ||||||||||||||||||
Nine Months Ended |
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Revenues: | ||||||||||||||||||||||||||||||
Unaffiliated customers | $ | 9,858 | $ | 6,761 | $ | 29,501 | $ | 13,236 | $ | — | $ | 59,356 | ||||||||||||||||||
Intersegment | 24 | 564 | 220 | 90 | (898 | ) | — | |||||||||||||||||||||||
Cost of sales, excluding depreciation | 8,174 | 3,319 | 22,322 | 10,869 | (436 | ) | 44,248 | |||||||||||||||||||||||
Depreciation | 169 | 2,162 | 2,570 | 1,084 | (131 | ) | 5,854 | |||||||||||||||||||||||
General and administrative expenses | — | — | — | — | 9,718 | 9,718 | ||||||||||||||||||||||||
Operating income (loss) | $ | 1,539 | $ | 1,844 | $ | 4,829 | $ | 1,373 | $ | (10,049 | ) | $ | (464 | ) | ||||||||||||||||
Capital expendituresd | $ | 10,919 | $ | 24,280 | $ | 277 | $ | 263 | $ | — | $ | 35,739 |
a. Includes sales commissions and other revenues together with related expenses.
b. Includes consolidated general and administrative expenses and eliminations of intersegment amounts.
c. Includes
d. Also includes purchases and development of residential real estate held for sale.
RECONCILIATION OF NON-GAAP MEASURES
ADJUSTED EBITDA
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-GAAP (
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 14,308 | $ | (1,659 | ) | $ | 10,745 | $ | (5,825 | ) | |||||||||||
Depreciation | 2,031 | 2,189 | 5,928 | 5,854 | |||||||||||||||||
Interest expense, net | 1,577 | 2,579 | 5,060 | 6,894 | |||||||||||||||||
Provision for (Benefit from) income taxes | 7,810 | (318 | ) | 6,227 | (2,587 | ) | |||||||||||||||
Profit participation in sale of The Oaks at |
— | — | 2,538 | — | |||||||||||||||||
Gain on sales of assets | (24,306 | ) | — | (25,421 | ) | — | |||||||||||||||
(Gain) loss on interest rate derivative instruments | (54 | ) | (174 | ) | (136 | ) | 301 | ||||||||||||||
Loss on early extinguishment of debt | — | — | 532 | 837 | |||||||||||||||||
Adjusted EBITDA | $ | 1,366 | $ | 2,617 | $ | 5,473 | $ | 5,474 | |||||||||||||
DEBT TO TOTAL ASSET VALUE
Debt to total asset value is calculated by dividing the principal amount of Stratus' debt by the estimated market value of Stratus' assets ("gross value"). The gross value of assets is the same gross value shown in the NAV schedule on Stratus' website, stratusproperties.com, adjusted for certain changes that occurred during the first nine months of 2017. Debt to total asset value is a financial measure that is used by management to assess the borrowing capacity of the company. Management uses this measure in making financial, operating and planning decisions and in evaluating Stratus' performance. This measure should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. Stratus' definition and calculation of this measure may differ from similarly titled measures used by others or similar metrics used by Stratus for debt covenant compliance. Management strongly encourages investors to review Stratus' consolidated financial statements and publicly filed reports in their entirety.
Below are reconciliations of Stratus' total asset value as of
Total asset value as of |
$ | 703.4 | a | ||||
Less: Gross value of assets sold during the first nine months of 2017 | (121.5 | ) | |||||
Plus: Additions to West |
4.2 | ||||||
Plus: Change in Other Assets during the first nine months of 2017 | 13.8 | ||||||
Total asset value as of |
$ | 599.9 | a | ||||
Debt as of |
$ | 227.9 | |||||
Plus: Deferred financing costs presented with debt | 1.5 | ||||||
Principal amount of debt as of |
$ | 229.4 | |||||
Debt to Total Asset Value as of |
38 | % | |||||
a. Total asset value at
View source version on businesswire.com: http://www.businesswire.com/news/home/20171109005755/en/
Financial and Media Contact:
William H. Armstrong III, 512-478-5788
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