STRATHAM Residents attending the March 13 Town Meeting will decide if the municipality will designate its Gateway zone along Portsmouth Avenue from Route 101 to the vicinity of the police station as a tax increment financing district.

Since a public effort began two years ago to revitalize the Gateway, officials said they believe setting up the zone as a TIF would spur private development with access to possible water and sewer infrastructure in the future.

During Thursday nights public hearing on two warrant articles to adopt enabling legislation to create the TIF district, Selectman Joe Lovejoy said it was the best way to ensure the town would keep a diversified tax base for decades to come.

Stratham residents currently bear 84% of the property tax burden, according to officials. Officials maintain an aging population and older strip malls making up a significant portion of the commercial tax base could eventually cause a double-whammy of higher costs for increased municipal services, like more ambulance calls to assist elderly residents, and a shrinking number of commercial properties to offset the residential tax base.

Theres no other place in town we can put this much commercial development, Lovejoy said. Weve zoned ourselves into this position.

A TIF is a municipal finance tool a town can adopt if passed by voters. In the first year of a TIF, the property taxes for each property within it are collected as the baseline taxes for the towns general fund.

In successive years, as different property owners redevelop their parcels or sell to developers, the incremental property tax revenue increase from redeveloped properties is captured in a separate fund by the town, while the baseline rate still flows into the general fund. The incremental funds can later be used to leverage bonding authority to fund projects of public benefit, such as infrastructure improvements, within the TIF district.

Skepticism and opposition remained Thursday night as some residents expressed doubt developers would be interested in Stratham even with a TIF in place. Others said they did not want to be saddled with increased taxes for a future bond project to put water and sewer lines to new commercial and/or residential buildings.

Stratham adopted its Gateway vision in 2008 and passed zoning ordinances in 2009 and 2014 to shape the type of development permitted in the area. However, officials say the lack of water and sewer infrastructure prevents the type of development the ordinances allow, which are mixed-use buildings capable of accommodating denser housing units spelled out as desired new development in the towns most recent Master Plan. They used Market Baskets inability to construct a new grocery store on its site nearly a decade ago as an example because a modern stores sprinkler system would require too much water for a wells supply to meet code.

Officials claimed the town has been engaged in informal talk with developers seeking to build in Stratham, but they wont make any move until voters approve the TIF as an indication the town is serious about development in the Gateway zone.

Select Board Chairman Mike Houghton said he wanted to emphasize to voters that the town was not on the hook for attempting to bond any kind of project in the upcoming Town Meeting. He said if the TIF passes, the town would have to bring a project to voters to approve using TIF funds to go get a bond in a future Town Meeting.

Its a complex issue and I applaud the residents for taking a detailed and thoughtful viewpoint to what were presenting them, Houghton said. Were not asking for bonding authority for water and sewer. We have to come back to voters with a project that is fitting for the district they created. Itd be irresponsible of us as town leaders not to look at different ways to manage the tax base.

Dover and Exeter are examples of communities that have created TIF districts, but for varying purposes to realize different outcomes with respect to public benefit.

Dover designated its downtown area as a TIF five years ago and has since created nearly $600,000 in incremental tax revenue from new development and redevelopment. Christopher Parker, assistant city manager and director of planning and strategic services, said the city was able to use TIF funds to obtain a $15 million bond to construct its parking garage downtown.

Our TIF works for us because all plans were filtered through the lens of our Master Plan and were reviewed by our legislative bodies, Parker said. Right now, were focused on continuing to pay down the debt (on the parking garage) bond. We wont identify any other infrastructure improvements until weve built up one years worth of debt service in reserve.

Dover also designated its waterfront area around the River and Washington streets intersection. Parker said the Phase I of construction likely would not begin until next year, but the city is under a development agreement with Boston-based Cathartes. Plans call for constructing 500,000 square feet of mixed-use development, including 25,000 square feet of street level commercial space.

Exeters TIF district is off Route 101s Exit 9 and runs east along Route 27 toward downtown. It makes up portions of three different zones in the towns ordinance, which combined, allow for residential, commercial and industrial development within the TIF. One project is Unitils new 54,000-square-foot operations center that is under construction on Continental Drive.

According to the towns office of economic development, in three years Exeters TIF has generated more than $2 million in incremental tax revenue, which has allowed the town to leverage bonds to construct a new road, traffic light at the intersection of Route 27 and Continental Drive and expanded water and sewer services in the zone.

The diversity of projects going into the TIF; were seeing residential, commercial and residential, said Darren Winham, Exeters director of economic development. The TIF is used to build public infrastructure to spur private investment. It becomes a rising tide lifting all boats mentality, and people start saying Exeter is a great place to invest.

Winham said TIFs do not come without some element of risks, calling them, a hedge, but he added as Strathams neighboring town, he felt the community was well-situated to be an attractive destination for developers should it pass.

Youre hedging by public investment, youll get the private investment you want, Winham said. Stratham is right off 101, its near the coast, its near Interstate 95. Theres a lot of reasons why people would want to live there, shop there if its retail. Anyone would want to move a business there.

During Thursdays public hearing in Stratham, lifelong resident Lucy Cushman made a plea for residents to pass the TIF. She cited Brentwoods long-running grumblings with the Exeter Region Cooperative School District budget every year. She said Brentwoods residents are hardest hit in SAU 16 because the towns tax base is predominately residential as an example of what could happen to Stratham down the road.

Some people are missing the fact this is just enabling legislation, not anything more, said Cushman, who volunteered on the towns Route 108 Corridor Study Committee. If the naysayers are right (if the TIF passes), and nothing happens, that (tax) money goes back to the town anyways.

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What is a TIF, and how could it help Stratham? - Seacoastonline.com

Half Year 2020 LendLease Group Earnings Presentation

Millers Point, New South Wales Feb 23, 2020 (Thomson StreetEvents) -- Edited Transcript of LendLease Group earnings conference call or presentation Wednesday, February 19, 2020 at 11:00:00pm GMT

TEXT version of Transcript

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Corporate Participants

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* Stephen B. McCann

Lendlease Group - Group CEO, MD & Executive Director

* Tarun D. Gupta

Lendlease Group - Group CFO

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Conference Call Participants

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* Benjamin J. Brayshaw

JP Morgan Chase & Co, Research Division - Analyst

* James Druce

CLSA Limited, Research Division - Research Analyst

* Sameer Chopra

BofA Merrill Lynch, Research Division - Head of Australian Research and Co-Head of Regional Telecom Research

* Sholto Maconochie

* Simon Chan

Morgan Stanley, Research Division - VP & Equity Analyst

* Stuart McLean

Macquarie Research - Research Analyst

* Tom Bodor

UBS Investment Bank, Research Division - Director

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Presentation

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Operator [1]

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Ladies and gentlemen, thank you for standing by, and welcome to the Lendlease 2020 Half Year Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Mr. Steve McCann. Thank you. Please go ahead.

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Stephen B. McCann, Lendlease Group - Group CEO, MD & Executive Director [2]

Story continues

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Good morning, and welcome to the Lendlease 2020 Half Year Results Presentation.

My name is Steve McCann, Group Chief Executive Officer and Managing Director of Lendlease. Sitting here at Barangaroo in Sydney, I acknowledge we're on the land of the Gadigal people and extend my respects to their elders, past, present and emerging.

Joining me in the room is Tarun Gupta, Group Chief Financial Officer.

Firstly, I'll provide an overview of Lendlease's results for the period ended December 31, 2019. I'll then hand over to Tarun, who will talk through the financial results before I provide an update on our operations and outlook. We'll then be available to take questions.

As always, our first and most important priority is health and safety. Every day, tens of thousands of people around the world come to a Lendlease place to work. As our business grows, so do the number of workers in our care. Our commitment to their health and safety and everyone who interacts with us is our highest priority. Tragically, in September 2019, a construction worker was seriously injured in a critical incident on a project in Kuala Lumpur where Lendlease is the construction manager. While recovering from the surgery in hospital, the man contracted an infection and subsequently passed away in October. On behalf of all at Lendlease, I extend my heartfelt condolences to his family, friends and colleagues. This is a powerful reminder of the need to keep safety at the forefront, and we'll continue to maintain a relentless focus on safety leadership throughout the organization.

Notwithstanding this tragedy, the strive for continuous improvement across our business and recent enhancements to our analytics and assurance practices has supported an improved safety performance in HY '20. The frequency rate for lost time injuries was 1.3, and the percentage of operations without critical incidents was 94%.

Moving now to Slide 5. Lendlease's core strategy is focused on urbanization in gateway cities, and we aim to be the global urbanization partner of choice. Our ability to deliver major urbanization projects through our integrated model, together with our financial strength and strong track record, provide a point of difference we believe few can match. We apply a disciplined commercial approach informed by the 6 key trends which drive our business model. This helps us create great places, which make a positive contribution in meeting the world's significant urbanization needs. Our long-term value is underpinned by 5 focus areas that drive our approach to create safe, sustainable and profitable outcomes for our people, customers, partners and securityholders.

Turning now to ESG on Slide 6. The group has a proud history of leadership in sustainability, which has been critical to our success in securing urbanization projects and creating great places. During the period, the group published 4 climate scenarios in line with the Task Force for Climate-related Financial Disclosure or TCFD recommendations and is the only company in the real estate sector participating in the TCFD Secretariat's advisory group for scenario planning.

We are committed to creating strategic resilience across the business. The extreme bush fire season in Australia, together with recent severe storms in a number of regions, point to more volatile weather conditions globally. These events and the impacts of climate change strengthen our resolve to address the climate impacts of our business with greater focus and direct action. To this end, our Australian construction business achieved net 0 carbon in FY '19. We also have commitments in place for assets representing more than $12 billion in gross asset value to operate at a net 0 carbon basis by 2025.

In December, our business sign up was the first real estate company to become a member of the responsible steel initiative, which aims to drive low to 0 carbon steel solutions for our supply chain. More than a decade ago, Lendlease bid for Barangaroo South with a bold vision to achieve carbon neutrality across the entire precinct. That vision was realized at the end of last year with the Commonwealth government certifying it as Australia's first carbon-neutral precinct. Through the Lendlease Foundation, we formed new partnerships with Red Cross, OzHarvest and Landcare, and renewed our long-term partnership with MATES in Construction. These shared value partnerships are focused on creating measurable socioeconomic value by addressing social issues and the needs of the communities that we operate in, whilst aligning with our sustainability objectives.

In the 2019 Global Real Estate Sustainability Benchmark, APPF Commercial was the highest-ranked property fund. It has achieved that ranking in 5 of the last 6 years. Four of our managed funds ranked in the top 10 globally, including APPF Retail, which was named sector leader across all listed and unlisted retail funds.

To further support the management team as we deliver our extensive global development pipeline, 2 nonexecutive directors were appointed. These new appointments will bring further international property investment, development and construction expertise to the Board and provide valuable perspective with their domicile in the U.K. and the U.S.

Turning to Slide 7. The noncore segment that comprises the Engineering and Services businesses has been reported as a discontinued operation in HY '20. The sale of our Engineering business to Acciona for $180 million was agreed in December 2019. The transaction, which is subject to conditions, is expected to complete in the first half of this calendar year. Acciona will acquire the business, excluding the NorthConnex and Kingsford Smith Drive projects, which will be completed by Lendlease. Both projects are more than 90% complete and are expected to finish this calendar year.

The Melbourne Metro Tunnel project is currently being retained by Lendlease. We have previously outlined there have been issues in relation to the scope and costs on the project. The consortium continues to work with government on a confidential basis to resolve these issues while delivering the project to achieve the government's completion dates.

The loss on exiting the Engineering business will reflect a combination of exit-related costs and proceeds from sale relative to the carrying value of the business on completion of the transaction. The sale process for the Services business continues, notwithstanding the withdrawal of a party with whom we had been in advanced negotiations. We have subsequently reengaged with other potential acquirers, although that process is in a preliminary stage. In effecting the sale, we will look to realize the best possible outcome for our employees, customers and securityholders.

Total estimated cost of $450 million to $550 million to exit the Engineering and Services businesses remain appropriate. Tarun will provide more detail on the composition of these costs.

Turning briefly to the performance of the noncore segment, which recorded EBITDA of $23 million, inclusive of $7 million of exit costs. Engineering was breakeven with a gross profit offset by overheads, and to a much lesser extent, the exit costs. Both the Melbourne Metro and WestConnex tunnel projects reached 20% complete towards the end of the half. New work secured, included the bulk earthworks contract at Western Sydney International Airport and additional works on the Southern Program Alliance in Victoria.

The services business delivered solid performance with an EBITDA margin of approximately 5%. New work secured of $1.1 billion included telecommunications contracts and a multiyear contract with Sydney Water.

Turning now to the group result on Slide 8. For HY '20, the group's core business generated profit after tax of $308 million and a return on equity of 9.6%. Group profit after tax was $313 million with earnings per stapled security of $0.555. The interim distribution of $0.30 per security represents a payout ratio of 54% within the 40% to 60% target range.

The cornerstone of the group's strategy is to create the best urban precincts in key global gateway cities. In this regard, substantial progress was made towards setting the group up to deliver on its strategy now and into the future. Two new major urbanization projects were added to the pipeline, generating significant growth. A development joint venture was formed with an existing capital partner on the Victoria Cross Over Station Development, and our flagship project in Singapore, Paya Lebar Quarter completed, exceeding both our financial and nonfinancial performance targets.

Development return on invested capital of 7.3% reflected activity across several urbanization projects. Development earnings are expected to be skewed to the second half of the financial year driven by commercial and residential activity across our urbanization pipeline. The core construction margin of 2.3% was generated on $4.3 billion of revenue. Our Construction business is highly regarded in each of our target markets and continues to generate stable returns.

In the U.S., we are consistently ranked as a leading high-rise residential builder, and in Australia, we were recently named the top infrastructure contractor by the Australian Department of Defense. The investments work of 10.7% reflected strong fee income including recognition of performance fees following the completion of Paya Lebar Quarter. Our investment platform continues to attract global capital, looking for access to our asset-creation capabilities and quality pipeline. The investments platform is well placed to continue to grow strongly and provide a solid base of recurring earnings for the group.

Turning to Slide 9. Our ability to deliver transformational urban precincts with a focus on environmental, social and financial outcomes is recognized globally. Continued origination success during the period has driven our urbanization pipeline to almost $100 billion within a total development pipeline of $112 billion. Two major residential-led urbanization projects with an estimated end-development value of more than $36 billion were secured, adding further long-term earnings visibility.

In London, the Thamesmead Waterfront development is expected to create 11,500 homes, in addition to new cultural community and commercial space. We have partnered with Google to develop 3 mixed-use communities in the San Francisco Bay area. The scheme is anticipated to deliver more than 15,000 new homes over a 10- to 15-year time frame. In Sydney, the first of 3 residential towers at One Sydney Harbor Barangaroo was launched to high demand. The project currently has more than $1.4 billion in presales, with the Penthouse setting an Australian record sale price. In Chicago, 2 buildings at Lakeshore East comprising apartments for sale and rent were put into delivery in partnership with our capital partner. Several third-party capital initiatives were progressed. A development joint venture was formed to deliver the 58,000 square meter Victoria Cross Over Station Development, contributing to half year profit.

The listing of the Lendlease Global Commercial REIT in Singapore demonstrates the support for the group's global Fund and asset management expertise. The retail and residential components of Singapore's newest lifestyle precinct Paya Lebar Quarter completed. This marks the culmination of a 4-year development joint venture with our capital partner which has delivered approximately $4 billion of product, including 3 office towers, a retail mall and more than 400 apartments. These initiatives continue to demonstrate the strength and attractiveness of our development pipeline and integrated business model.

Turning now to Slide 10. Our commitment to our core urbanization strategy is unwavering. Since FY '14, our urbanization pipeline has quadrupled from $25 billion to almost $100 billion, with 21 major urbanization projects in delivery. The endorsement of our capability is highlighted by the success and vibrancy of our completed projects such as Paya Lebar Quarter in Singapore and Darling Square in Sydney, where we have created world-class destinations for people to live, work and visit. While Barangaroo South is not expected to fully complete until FY '26, it is already being heralded as a global benchmark in urban regeneration.

In recent years, our development activity has averaged $4 billion per annum. Given the significant growth in the pipeline, we are well placed to accelerate the rate of production materially over the medium term. We have continued to implement what we call our new ways of working, to take the best of what we currently do to enable the group to deliver at a much greater scale. We are already seeing tangible results, most notably in our global residential practice.

Our investment in internal capability is designed to support the safe, sustainable and profitable delivery of our growing pipeline. We aim to come back to the market mid this year with more detail on our revised delivery targets.

More than $50 billion of institutional-grade investment product is expected to be created from the secured pipeline. This comprises approximately $30 billion of commercial assets or more than 50 buildings, and approximately $20 billion of residential for-rent assets or more than 19,000 apartment units. This will provide our capital partners with access to a broader range of high-quality investment assets, in addition to greater opportunities to participate alongside us in development activities.

Since FY '14, funds under management has more than doubled from $16 billion to $37 billion, and the group is well placed to double funds under management again as the urbanization pipeline is delivered.

I'll now hand over to Tarun.

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Tarun D. Gupta, Lendlease Group - Group CFO [3]

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Thanks, Steve, and good morning, everyone. Turning to our financial performance for half year '20 on Slide 12.

Core operating EBITDA was down 3% to $628 million. Development EBITDA rose by 4%. The final development profit on Paya Lebar Quarter was recognized following completion of the retail mall and apartments. There was a $31 million gain on sale on the establishment of the Victoria Cross Commercial Trust that will deliver the Victoria Cross Over Station Development. In addition, there was a valuation uplift of $92 million for the group's remaining 75% interest in the joint venture.

There were 1,146 apartment settlements and completions in the period. Solid margins were generated on the residential for-sale apartments at Clippership Wharf in Boston, Elephant Park in London and Collins Wharf in Melbourne. Profit on approximately 700 of these apartments was largely booked in prior periods. These relate to apartments at Paya Lebar Quarter and residential for-rent apartments at Clippership Wharf.

The default rate on apartments for sale was below 1%. The Australian master plan communities portfolio had a subdued period with settlements of 836 lots, impacted by market conditions and production and planning delays on key projects.

The Construction segment EBIT delivered EBITDA of $101 million, down 9%, with the EBITDA margin up from 2.1% to 2.3%. The 17% decline in revenue was partially driven by activity on integrated projects being recognized in the Construction segment in the prior corresponding period.

Both revenue and earnings derived from the construction of buildings on integrated projects were reported in the Development segment from second half FY '19. This approach was adopted to more accurately reflect the returns the group generates from its urbanization projects through the integrated model. Comparisons with the prior corresponding period are, therefore, impacted by this change.

Investments EBITDA of $255 million was down 7%. Strong operating earnings from the Investments platform were more than offset by lower ownership earnings on the back of reduced co-investment revaluations and retirement living earnings.

The adoption of the new leasing accounting standard, AASB 16, triggered a reclassification of operating lease expenses to finance costs and depreciation. This change resulted in lower operating costs and higher depreciation and finance costs. On a like-for-like basis, group services costs was 6% higher based on investment in productivity and efficiency initiatives. Higher average net debt was also a contributor to the rise in net finance costs.

Moving now to Slide 13. The chart provides an overview of the major movements in net cash flows during the period and a longer-term view on historic cash conversion. We commenced the year with $1.3 billion in cash. Underlying operating cash flow was $29 million, with the impact of maturing places instruments and timing of receipts across the Development and Investment segments, key drivers of cash flow for the half. Underlying investing cash flows of $503 million reflect the group's ongoing deployment of capital into the development pipeline and contributions into the investment platform, including the establishment of the Lendlease Global Commercial REIT. Net financing inflows of $425 million reflected the drawdown of existing facilities.

We closed the period with a cash balance of $1.1 billion. Cash flow coverage, that is underlying operating cash flow to EBITDA, has averaged 84% since FY '16. That level is broadly in line with where we expected to trend over the medium to long term. Over shorter periods, there will be some variability, as was the case in half year '20.

While the cash flow coverage was only 5%, the key driver of this was the maturing of the PLLACes product in the period. The product results in the sell-down of presold apartment revenue ahead of completion, with the PLLACes investors receiving the cash on settlement. This is a risk-mitigation tool which provides protection in the event of significant apartment defaults. In half year '20, $220 million of PLLACes product matured. The group currently has no outstanding PLLACes instruments.

In addition, the mismatch of profit recognition from timing of cash flow receipts was larger than usual in the period. For example, the cash payment on the Paya Lebar Quarter performance fee that was booked in the first half was received post balance date.

Looking now at the group's financial position on Slide 14. The group remains in a strong financial position with gearing at the midpoint of the 10% to 20% target range. The key drivers of the rise in gearing from June 2019 were the net cash generation I discussed and the $800 million increase in invested capital across the Development and Investment segments. The interest cover ratio was 7.4x. Net debt ended the period at $2.3 billion, up from $1.4 billion at FY '19 and in line with the prior corresponding period. The average cost of debt declined to 3.6% during the period. While average debt maturity is 3.9 years, with no material debt expiries until FY '22.

The group's liquidity position is $3.1 billion, which includes the group's share of cash from joint operations of $700 million which is reported in the balance sheet as assets held for sale.

In terms of where we see the financial position of the group at 30 of June 2020. Gearing is forecast to be in the range of 15% to 20%. This assumes the completion of the sale of the Engineering business in the second half. The anticipated cash flow impact of the sale remains in line with the estimates at the time the agreement was announced. 1/3 of the sale price, being $60 million, less transaction costs, is scheduled to be received on settlement. A negative working capital balance, backed by cash, will be transferred with the business. As at 31 December, that amount was approximately $425 million for the projects included in the sale agreement. The actual amount of working capital may vary at settlement.

For context, had the completion of the sale occurred in FY -- half year '20, gearing would have been approximately 3% higher. The remaining proceeds from the sale are due in FY '21, with the cash flow impact of the remaining exit costs relating to engineering expected to be incurred over several years. Exit costs relating to services will be dependent on the timing of the sale of that business.

The previously disclosed cost estimate to exit the noncore segment of $450 million to $550 million pretax remains appropriate, with $22 million expensed to date. Exit-related costs include implementation and selling costs, indemnities included in any sale agreement and potential cost to cover concluding projects retained by the group. This cost estimate, together with existing provisions, is considered appropriate to cover concluding retained projects and to exit the noncore segment. We remain committed to maintaining an investment-grade credit rating and the capacity to absorb and respond to market volatility.

Turning now to our core business performance for the period against the portfolio of management framework targets on Slide 15. In terms of EBITDA mix, all 3 segments were within their target ranges. The segment invested capital mix continues to be weighted towards development, reflecting the significant amount of development activity that is underway.

The continued implementation of our international gateway city strategy resulted in a reduction in the proportion of capital allocated to Australia in recent years. Returns across each of the segments was solid. Development returns were below the target range reflecting an expected skew to the second half. There was also a second half skew in FY '19. The construction margin was within the target range, and the Investment segment was at the top of the target range.

Looking now at Slide 16. As an organization, we are focused on delivering consistent returns over the longer term for our securityholders. This chart illustrates the performance of the core business over the last 5 financial years, including returns to date in the current year. Both the Development and Construction segment returns have been at the midpoint of their respective target ranges over this time, while the Investment segment outperforming. This has enabled the group to achieve a core business return on equity towards the upper end of the target range. We believe the foundations are in place for the core business to continue to perform strongly.

I will now hand back to Steve for an operational update.

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Stephen B. McCann, Lendlease Group - Group CEO, MD & Executive Director [4]

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Thanks, Tarun.

Turning to Slide 18. A very disciplined and focused strategy of targeting key gateway cities has resulted in strong growth across the platform and provides the group with the opportunity to extend the leadership position in what we term as creating place in urban precincts. Today, we operate in 15 gateway cities, and of those, our 21 major urbanization projects are located in 9. We've secured a great pipeline and are working hard on enhancing our operating structure for success across a scale platform. Our development pipeline, the front end of the integrated model, is the key for the future growth of construction on integrated projects and the Investment segment.

Moving to the development segment on Slide 19 and focusing on apartments. As I've just noted, the pivot towards international urbanization projects in recent years is producing results, particularly as these projects move into delivery. It has also provided diversity by product with our entry into the residential for rent sector. Apartment settlements and completions were recorded across several gateway cities, primarily outside of Australia. Delivery commenced on One Sydney Harbor Barangaroo, and given the scale of the development, we're exploring potential joint venture opportunities. At Lakeshore East in Chicago, apartments for sale and rent were also put into production. The 2 new major urbanization projects secured in HY '20 are both residential-led and have contributed more than 26,000 units to the now 57,000-unit pipeline. Approximately 1/3 of these are expected to be residential for rent units.

Turning to our commercial performance on Slide 20. As I noted earlier, a development joint venture was formed to deliver the Victoria Cross Over Station Development in Sydney. The transaction with the Lendlease-managed APPF Commercial demonstrates the value of the integrated model, where our asset-creation capabilities provide our capital partners with access to high-quality investment product. Three commercial buildings were completed during the period across 3 major urbanization projects. The retail mall of Paya Lebar Quarter in Singapore is 90% let and performing well. It has a strong anchor mix with fair price finest, Kopitiam and UNIQLO. The third commercial building at International Quarter London and the final commercial building, Daramu House at Barangaroo, South in Sydney were also completed. There are a further 5 major commercial buildings in delivery with an estimated end value of $5.4 billion.

Potential conversion opportunities looking out to FY '22 are promising, with 18 buildings or 523,000 square meters in various stages of planning. Within that, nearer-term opportunities include 2 office buildings at Milano Santa Giulia, a fourth building at International Quarter London, and buildings at Melbourne Quarter and Brisbane Showgrounds.

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Edited Transcript of LLC.AX earnings conference call or presentation 19-Feb-20 11:00pm GMT - Yahoo Finance

Work is wrapping up on the exterior of One South First, aka Ten Grand Street, a435-foot-tall mixed-use building in WilliamsburgsDomino Park development.Formally addressed as260 Kent Avenue, the structure rises 45 stories on the northern end of the six-acre waterfront master plan and is part of the revitalization of the Domino Sugar factory site. The project includes 330 rentals, 66 affordable units, 150,000 square feet of office space that spans 22 floors, and 13,000 square feet of designated ground-floor retail space. COOKFOX is the architect and Two Trees is the developer of the two-legged tower.

One South First, photo by Michael Young

One South First, photo by Michael Young

One South First, photo by Michael Young

One South First, photo by Michael Young

One South First, photo by Michael Young

One South First, photo by Michael Young

One South First, photo by Michael Young

One South First, photo by Michael Young

Photos show the exterior hoist completely removed with only a small strip of panels left to be filled in on the northwestern corner of the superstructure. Truck beds are delivering the last pieces while work on the ground floor also wraps up. A large banner on the main waterfront-facing elevation shows that leasing at One South First is available.

One South First, photo by Michael Young

One South First, photo by Michael Young

Photo by Michael Young

To the south of the building stands a 53-foot-tall display composed of 16 blue shipping containers arranged in a triangular footprint. The work features a mural by French street artist and photographer JR showing 1,128 New Yorkers merged into a collage of landmarks including One World Trade Center, the Empire State Building, and the Williamsburg Bridge. Named The Chronicles of New York City, the display sits on the footprint of a proposed Domino Park skyscraper. No word has been released on when the next structures will commence construction.

JRs outdoor art display next to One South First, photo by Michael Young

JRs outdoor art display next to One South First, photo by Michael Young

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Exterior Work Wraps on COOKFOX's One South First in Williamsburg, Brooklyn - New York YIMBY

Exterior work is moving along on 329 Broadway, a 17-story mixed-use building in Williamsburg, Brooklyn.Designed bySyndicate Architectureand developed byParkview Management, the 195-foot-tall reinforced concrete structure spans 175,000 square feet and will contain 63 units, more than 59,000 square feet of retail area on the first two floors, and around 24,500 square feet of community facilities on the third and fourth floors. JLJ Capital recently provided $57 million in financing for the project.

Recent photos show the degree to which construction has progressed since YIMBYs September update. The curved outside of the superstructure has been covered in thick black netting and scaffolding, except for the southeastern elevation, as seen in the first photograph. Most of the framing for the perimeter walls is up, but the final curtain wall panels have yet to be fully installed. The main rendering shows the windows surrounded by what appears to be either stone or metal.

329 Broadway (left), photo by Michael Young

Work is proceeding carefully to avoid damage to the adjacent St. Pauls Evangelical Lutheran Church, which sits at the corner of Rodney Street and South Fifth Avenue.

329 Broadway, photo by Michael Young

329 Broadway, photo by Michael Young

329 Broadway, photo by Michael Young

329 Broadway, photo by Michael Young

329 Broadway is one of several new structures that have sprung up along the raised subway lines feeding into the Williamsburg Bridge. Residents will have views facing the bridge and sunsets behind the Manhattan skyline. The relative prominence and isolated position of the edifice will allow a substantial amount of natural light on all sides. Residences begin on the sixth floor and are arranged in a pinwheel pattern, with the elevator core and egress stairs placed in the center along the flat southeastern elevation. The development will also feature 18,000 square feet of private outdoor space, as well as cellar parking for 109 vehicles and storage.

The closest subway station is the elevated platform at Marcy Avenue, which serves the J, M, and Z trains.

A completion date for 329 Broadway has not been announced, though sometime in the second half of 2020 is conceivable.

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Exterior Work Progresses on 329 Broadway in Williamsburg, Brooklyn - New York YIMBY

The developer of a major project taking over a prominent waterfront spot in downtown Charleston unveiled the name for the property as it broke ground Thursday.

The site, which for decades was the location of the State Ports Authority headquarters, is being converted into a full-service luxury lodging with street-level retail, dining, meeting and event space.

Though the project was introduced at the same time Charleston's mayor was cautioning against rapid hotel development on the peninsula, it was met little resistance and ultimately became an undertaking that deeply involved the city.

That's largely because of a 400-foot stretch of public waterfront access that the developer, Los Angeles-based Lowe, has promised to fund to create an extension of the adjacent Waterfront Park.

Up until now, the project was referred to as the "Waterfront Hotel." But at Thursday's groundbreaking, Lowe revealed that the hotel will be called The Cooper, named for the river that its 225 guest rooms, rooftop lounge and lawn will overlook.

Charleston Mayor John Tecklenburg speaks before Lowe, a real estate company that is based in Los Angeles, broke ground on a hotel that will have 225 guest rooms, retail spaces, rooftop bar and lawn that will be known as The Cooper. The project also includes an expansion of the citys Waterfront Park. The hotel is being built on the site of the former South Carolina State Ports Authority headquarters. Brad Nettles/Staff

The occasion drew state and local leaders, including Gov. Henry McMaster and former and current Charleston mayors, Joe Riley and John Tecklenburg, to the Concord Street site Thursday.

During Riley's 40-year tenure as mayor, increasing public access to the peninsula's waterfront was one of his prized goals. That led to the opening of Waterfront Park nearly 30 years ago.

The waterfront "belongs" to a city's citizens, Riley said Thursday.

Between the groundbreaking of The Cooper and the now-rising International African American Museum, which will feature a publicly accessible landscaped area next to the Charleston Maritime Center, the city is "two giant steps closer to the fulfillment" of that vision, Explore Charleston CEO Helen Hill said Thursday.

Lowe first presented plans for the hotel to the city about four years ago, shortly after Tecklenburg was elected to his first term.

Reining in hotel development was one of the pillars of Tecklenburg's campaign platform, which likely gave the Lowe team pause, the mayor recalled at the groundbreaking.

Charleston Mayor John Tecklenburg (left) and South Carolina Gov. Henry McMaster heat their hands up after a groundbreaking for the new hotel The Cooper. Lowe, a real estate company that is based in Los Angeles, broke ground on a hotel that will have 225 guest rooms, retail spaces, rooftop bar and lawn. The project also includes an expansion of the citys Waterfront Park. The hotel is being built on the site of the former South Carolina State Ports Authority headquarters. Brad Nettles/Staff

But when Tecklenburg learned that the project included an extension of public waterfront access on the harbor and that Lowe was going to pay for it he was on board.

Tecklenburg said the project helped to inform what he asks other developers who are trying to build hotels in Charleston.

"What is the public purpose?" he said he asks.

Dan Battista, Lowe's vice president for development in Charleston, said he's had his eye on that stretch of waterfront since he first came to Charleston about 15 years ago.

Battista acknowledged making frequent calls to State Ports Authority CEO Jim Newsome about the property. The agency had housed its headquarters in a large brick building on the site since the early 1970s.

Lowe bought the parcel from the maritime agency in 2017 for $38 million, still one of the top real estate sales on the peninsula. Last year, the SPA moved to its new building at its Wando Welch Terminal in Mount Pleasant, prompting the demolition of the offices and clearing the way for Lowe's hotel.

Rob Lowe, a co-chief executive officer for the California developer, said Thursday that he anticipates The Cooper will be "among (the) company's greatest achievements."

Lowe has had a significant stake in the Charleston area for decades. It has owned Wild Dunes Resort on the Isle of Palms for 30 years.

The company has updated and expanded the resort in the years since, and is currently adding a 153-room hotel to the property.

And Lowe's investment in the Lowcountry is growing. During the groundbreaking, the firm announced that the company will establish a Southeast regional office in Charleston, led by Battista, to support current and future projects in the Lowcountry.

Rob Lowe speaks at the groundbreaking of The Cooper Hotel Thursday, Feb. 20, 2020. The 225 room waterfront hotel is being Built on the site of the former South Carolina State Ports Authority headquarters. Brad Nettles/ Staff

Lowe expects to open The Cooper in 2022.

Matt Walker, who heads hospitality and resort development for the company, said that, except for the name, plans for the hotel are "almost entirely intact" from what they were four years ago.

The outdoor pool, elevated on an outdoor terrace, will have an infinity edge. A dedicated public elevator will be available to take visitors up from the park to the rooftop lounge, which will have views of the harbor from six stories up.

Lowe is also building a new dock and marina facility where boaters can park their vessels during the day while they visit the hotel for shopping or dining.

As for the food and beverage program, Walker said he couldn't divulge details yet.

"All I can say is, it's going to be great," he said.

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Hotel that broke ground this week will extend Waterfront Park in downtown Charleston - Charleston Post Courier

The Bank Building at 699 14th St. NW integrates an 11-story office tower and the renovated Federal-American National Bank.

A venerable bank building just blocks from the White House is shaping up to become a trophy office asset with an eye-popping set of rooftop balconies and a lobby that will play host to multiple restaurants.

Built in 1926, the former Federal-American National Bank branch has stood vacant on the corner of 14th Street and G Street for almost 25 years. But a plan to renovate the building and to integrate it with a new, 11-story office on a neighboring lot is finally coming to fruition.

The Bank Building, at699 14th St. NW,developed byLincoln Property Co. and owned byCara Real Estate, will rise on what is one of the last pockets of undeveloped land in downtown Washington, D.C.

We felt we had an opportunity to tie together the old and the new, said Adam Biberaj, senior vice president of the D.C. leasing team for Lincoln. We wanted to restore as much as possible and incorporate the historic structure with the ground-up development, making sure to maintain their connectivity.

The new portion of the building will offer 125K SF ofClass-A officespace over11floors. Biberaj said the area is popular with law firms, private equity firms and government affairs firms, all of which appreciate the proximity to bothCapitol Hilland the West Wing, not to mention the property'sone-block walk toMetro Center, where four transit lines converge.

While no leases have yet been executed, Lincoln has been in talks with several potential tenants interested in both partial and full-building uses. The firm is still receiving proposals, and with the building set to deliver in March 2021, Biberaj expects the company to announce the future tenant or tenants this summer.

Unlike many assets in downtown Washington, 699 14th offers floor-to-ceiling windows.

Renovations inside the former bank portion of the building are ongoing, but construction on the new building has just reached the ground level. Because it is being built from the ground up, Biberaj said, The Bank Building offers what many repositioned buildings in D.C. cant, such as 10-foot floor-to-ceiling windows, private balconies on every floor, and private and shared terraces atop both the former bank and the new building.

Were seeing record-low unemployment, and many firms are turning to their real estate to attract and retain the best talent, Biberaj said. But with so much new office space being delivered across D.C., we knew we had to go above and beyond in order to deliver the best tenant experience possible.

The Bank Building boasts a shared rooftop terrace on the 11th floor, as well as private tenant terraces on the fifth and 10th floors.

Lincolnsoriginal planwas to turn the five-story bank structure into a plush lobby for the building behind, complete with retail offerings. However, the owners now have proposals out to multiple restaurant groups interested in turning the banks original floor and the vault below into eateries, according to Lincoln Property Co. Senior Vice President Merrill Turnbull. Including the galleries above the two-floor atrium, the former bank building will offer 40K SF of retail space.

No retailers or restaurateurs have been chosen, but several Michelin-starred chefs arereportedlyin the mix to take over the space. Turnbull said the design team has tried to make the best possible use of the space, including turning vaults on the lower level into private dining areas and crafting installation pieces out of found objects like the original safety deposit boxes.

The renovated second-floor interior is being considered as a location for multiple restaurant concepts.

This is not just the coffee and breakfast caf that you might have on the first floor of another building, Turnbull said. We wanted to create a variety of options, from the everyday lunch to the business account lunch to the private dinner.

He added that he sees the retail and dining options as integrated amenities just as crucial to tenants as the buildings fitness center, penthouse conference center and bike room. The projects designers and architects have planned the layout so that office tenants can move seamlessly from their brand-new suites to the historic building next door.

A private dining room built into the bank's former vault.

Biberaj said it has beengratifying to see a Washington landmark get a new lease on life. The banks limestone facade is in the process of being restored, which is brightening its exterior aspect and curb appeal. Inside, teams are restoring the tiled floor and plaster ceiling of the banking hall to their former glory, and the contractors have resuscitated a massive chandelier that remains in the banks main hall.

This property has always been a hole in the fabric of one of the most dynamic markets in Washington, Biberaj said. Now the building is going to be Washingtonssignature creative trophy office destination, and I believe its really going to invigorate the whole area.

This feature was produced in collaboration between the Bisnow Branded Content Studio and699 14th St. NW. Bisnow news staff was not involved in the production of this content.

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Rooftop Terraces And Michelin Stars: A 100-Year-Old DC Bank Gets A Modern Twist - Bisnow

Published 11:00pm CST, Saturday, February 22, 2020

The entire crew at Amstill Roofing commits to supporting HomeAid and their non-profit homeless care agencies who need roof repairs at no cost to the charites.

The entire crew at Amstill Roofing commits to supporting HomeAid and their non-profit homeless care agencies who need roof repairs at no cost to the charites.

The entire crew at Amstill Roofing commits to supporting HomeAid and their non-profit homeless care agencies who need roof repairs at no cost to the charites.

The entire crew at Amstill Roofing commits to supporting HomeAid and their non-profit homeless care agencies who need roof repairs at no cost to the charites.

Amstill Roofing commits to roof repairs for HomeAid nonprofits

Amstill Roofing, a family owned residential re-roofing and roof repair company has committed their services to HomeAid Houston. Amstill has offered to replace up to five roofs for HomeAids homeless care agencies within their service area. These agencies experience damage and wear and tear just like residential homeowners. The agencies can call Amstill at any time to perform a weather integrity evaluation of the roof. If the roof was damaged by natural means, they will assist the non-profit in filing a claim. Amstill will provide all the resources necessary to make sure that the property can be restored correctly. If the roof has met the end of its life cycle, Amstill will replace up to two of these a year at no cost.

Sam Stilley, the companys second generation owner has taken a personal interest to make sure that HomeAid and our agency partners are not burdened with costly repairs and replacement costs to restore these properties correctly when the time comes, said Jim Muska, president of HomeAid Houston. HomeAid and our agencies are grateful for this commitment, and are honored they want to partner with us to give back to a community that has served them well for nearly 50 years.

Amstill Roofing was started by Frank Stilley in 1974. He and his son Sam have built Amstill Roofing into one of the largest residential re-roofing and roof repair companies in the area, taking care of thousands of homeowners needs.

We believe our success for our staff and our company is directly due to our local communities, said Sam Stilley. Its hard enough living in a world where there are not enough people that wish to do good for others. We are proud to reach out to non-profits that could use assistance. The last thing we want them to worry about is a leaking roof over their heads when they have so many other things on their plate. We are looking forward to working with HomeAid and their agencies when the need arises.

Amstill has already provided services to one of HomeAids newest nonprofit partners, VitaLiving, with a roof in 2020 that was damaged in a storm. VitaLiving is a 37-year-old nonprofit that provides long-term comprehensive care and support for adults and children with intellectual and developmental disabilities (IDD).

Our company has been blessed by so many people whom have chosen us to do their roofing work and we believe in passing that blessing on, added Stilley. We are honored to be a partner in the process of making Houston an even better community.

HomeAid was established in 2003 to work with Houston homeless care providers to build and renovate shelters that transform lives. Since 2003, HomeAid Houston has completed 54 projects that added more than $14 million in real estate to Houstons homeless community.

For more information on HomeAid Houston visit http://www.homeaidhouston.org or call 281-970-8970

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Amstill Roofing commits to roof repairs for HomeAid nonprofits - Chron.com

ZANESVILLE, Ohio Hearth, Home and Away closed its doors on another year at the Colony Square Mall.

At the event was an Columbus founded roofing company. Mathew Mahone for Roof Maxx says the product is the first of its kind.

Roof Maxx is the worlds first all natural roof rejuvenating treatment. Its the first of its kind option aside from roof replacement. The product was actually founded by Mike and Todd Feezle from Feezle Roofing in Columbus, Ohio. So it is a locally funded product. It supports local farmers. It is a USDA bio-preferred product and has been researched by the Ohio State University who has released a research study on it showing Roof Maxx does exactly what it says it does.

The treatment is a spray made of soybean oil. The oil restores the flexibility of a shingle which will extend its roof life by at least five years.

Most people havent really planned on replacing their roofs. They havent saved up the money. Roof Maxx is about 80% less than a roof replacement and can get you at least five years. And you can do three treatments and get up to another 15 out of most roofs.

Mahone says the oil does not include the allergen found in soybeans.

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Hearth, Home and Away showcases Columbus business - WHIZ

After 18 long months of work, the Buena Vista Historic Preservation Commission has reached the stage where it shared some of its findings with Buena Vista Trustees during a Feb. 11 work session. But the work is not done; the commission will incorporate Trustees edits for re-release by March 20, for public review and comment during an open public meeting. It hopes to deliver the formal draft recommendation document by early April 2020.

The historic roof lines and cupola of the Buena Vista Museum recently went through a historic restoration, returning the cupola to its original appearance. (Photo by Jan Wondra)

The commission was formed in 2018, because of the towns interest in preservation and desire for real guidelines to fulfill the mandate of the Buena Vista Comprehensive Plan.

The goal: to maintain the architectural heritage of the community, protecting sightlines and the integrity of both historic structures, as well as the historic character of the main downtown area.

The process, begun in Sept. 2018 by commission leader Dan Cartwright, has been extensive and transparent. There have been four public hearing sessions, social media and email interaction from the public and input from Main Street property owners.

The boundaries of the historic area covered by the proposed guidelines are East Main, from U.S. 24 to the intersection with South Main, and one block north of Main to include the alleyways. The area roughly overlays the old town zone. The thinking here was to start small, protect the key assets, and protect the old town before going bigger, explain the commission members.

The document presented during the work session compared the proposed architectural design guidelines for the downtown area, against the unified development code (MU-MS). The draft recommendations from the Historic Preservation Commission:

Among the topics during the hour-long discussion, was a healthy debate over building heights of new construction on Main Street. Some members of the public advocated for more height, and others made the case to follow the commissions recommendation to limit building heights for new construction to 30 feet. The rationale for that recommendation; it minimizes the difference between the historic one-story structures along the street, such as the Lobeck Bakery, and new buildings taller than two stories.

Those advocating for at least 35 ft. building heights (with a few asking for a maximum of 40 ft. for front-facing parapets) said that limiting new construction to 30 ft. buildings do not make economic sense for property owners. They pointed out that at that height, it was difficult to place a second-story apartment or condo unit above a retail space, which is important to the business decision to build in the first place.

Proponents of the draft guidelines talk about mass and scale describing it as the human scale of buildings. They raise the feeling of walking down East Main and getting a sense of welcome. Commission members say they have studied building heights in 20 historic municipalities across the state and the scale averages about one and one-half stories tall.

Historically, Buena Vistas building heights on Main Street have been limited to preserve sightlines to the majestic mountains to the west, as well as not to overwhelm the rooflines and cupola of the Buena Vista Museum, which began life as the Chaffee County Courthouse.

At present, say, commission members, the only local landmark buildings on East Main that are protected on historic registries are the old Jail House and Town Hall, the Court House and the old Mothers Building. The only structure that is 100 percent protected is the Jail House.

The Historic Preservation Commission points out that the guidelines concerning existing landmarks intend to provide information to those property owners about accepted best practices, to help preserve their historic asset and its value. The guidelines are not at this time perceived to be mandatory.

Following feedback during the work session with Buena Vista Trustees, the commission is incorporating their comments and plans to have a draft recommendation ready by March 20. At that point, it will be released to the public, and a public meeting and comment period will begin.

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Buena Vista Historic Preservation Commission Presents Draft Protection Guidelines for East Main St. 'Historic Oldtown' Area - by Jan Wondra - The Ark...

Look up basement in the dictionary and youll see cellar, vault even crypt. But with a little effort and some design flair you can make your basement come alive and reclaim valuable living space.

Create the workout room you always wanted. A dramatic home theater. Or a spacious office, playroom or craft area. If you can re-imagine your basement, you can remodel it. Here are hints on how:

Like the look of wood? Check out Armstrong WoodHaven Ceiling Planks. Theyre available in a variety of finishes, although WoodHaven Classic White planks is the do-it-yourself favorite. These wood-look ceiling planks can install over drywall, plaster or joists and can even cover an existing drop ceiling grid.

Creating a playroom or cozy retreat? If moisture isnt a worry, add warmth and softness underfoot with carpeting or an area rug.

If your subfloor is smooth and even, vinyl is hard to beat. Whether in tile, sheet or plank form, the styles are versatile and the material is water-resistant or waterproof.

If youre adding a basement gym, consider rubber interlocking tiles. They absorb shock and you can install them yourself.

Youll discover abundant wall-covering options, too, such as wainscoting, paneling and beadboard. Subtle grass cloth wallpapers add sophistication. Peel-and-stick cork wall tiles create design interest and absorb sound.

Whatever your choice, be sure to waterproof the walls before you cover them.

Display cubes or built-in shelving with lighting are great options for showing off your trophies, baskets, pottery or collectibles. For color and warmth, mix and match a variety of pillows and plush throws.

To personalize your walls, without making a permanent design commitment, consider wall decals. Their elegant patterns and bold images add instant interest. You can even make your mark with an inspiring, oversized quote.

Use every type of lighting general, task and accent to bring your basement out of the shadows. Mirrors are another great way to add light, and the illusion of space.

DIYers have never had more versatile design tools and materials to choose from. So dont let your lower level go unloved and unused any longer. Let the transformation begin.

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Create the workout room you always wanted | Home - Reading Eagle