On Tuesday, CBL & Associates Properties, Inc. (NYSE:CBL)’s shares declined -0.43% to $13.96.
CBL & Associates Properties, Inc. and PLAYTIME, LLC declared a multi-year partnership with Fisher-Price, Inc., one of the world’s leading infant and preschool toy manufacturers, and a partner of Mattel, Inc., to design soft play area attractions at select CBL centers nationwide.
The play areas will resemble a larger-than-life Toy Box featuring iconic brands like Thomas & Friends™, Little People® and more. PLAYTIME, LLC, long-time partner of CBL, will bring these highly recognizable and well-loved characters to life in interactive, engaging attractions exclusive to CBL malls.
The five-year partnership kicks off this fall with the first three attractions opening at West Towne Mall in Madison, WI; Asheville Mall in Asheville, NC; and Monroeville Mall in Monroeville, PA, just in time for the 2015 holiday season. Three additional attractions will open in early 2016, and locations will be declared in the coming months. Over the next three years, the partnership is planned to extend to more than 18 malls across the country.
CBL & Associates Properties, Inc. is a public real estate investment trust. It engages in acquisition, development, and administration of properties. The fund invests in the real estate markets of United States.
NRG Yield, Inc. Class C (NYSE:NYLD)’s shares dropped -4.98% to $11.44.
NRG Yield, Inc. (NYLD,) declared it has reached an agreement with NRG to acquire 75% of the equity interests in a portfolio of wind projects comprising primarily of assets attained by NRG from Edison Mission Energy in April 2014 (EME Wind Portfolio) for $210 million in total cash consideration, subject to working capital adjustments, plus assumed project debt of about $145 million and tax equity of about $97 million (as of August 1, 2015 on a pro rata basis).
The Company anticipates these assets to deliver about $41 million of Adjusted EBITDA and $21 million of cash accessible for distribution (CAFD) on a run-rate basis1 and provide incremental geographical and counterparty diversification. At closing, the portfolio is predictable to have an average contracted life of about 11 years2 and an average offtaker credit rating of A33. The transaction is predictable to close in the fourth quarter, subject to receipt of third party consents and other closing conditions.
The Company is also reaffirming third quarter and full year guidance for 2015 and continues to have the ability to deliver a target 15% dividend per share growth through 2018, which is not dependent on access to the equity capital markets.
NRG Yield, Inc., through its auxiliaries, acquires, owns, and operates contracted renewable and conventional generation, and thermal infrastructure assets in the United States. As of December 31, 2014, it had 4 natural gas or dual-fired facilities, 4 thermal generation facilities, 11 utility-scale solar and wind generation facilities, and 2 portfolios of distributed solar facilities with a capacity of about 2,984 net megawatt (MW).
At the end of Tuesday’s trade, RLJ Lodging Trust (NYSE:RLJ)‘s shares dipped -0.44% to $25.05.
RLJ Lodging Trust (RLJ) declared that it has closed on the formerly declared acquisition of the 156-room Residence Inn Palo Alto Los Altos (the “Hotel”), for a purchase price of $70.0 million, or about $449,000 per key. The purchase price represents a forward capitalization rate of about 8.1% on the Hotel’s projected 2016 net operating income. The Company assumed $33.4 million of existing debt and funded the remaining portion with cash accessible on the balance sheet.
The Hotel, which is located in the heart of Silicon Valley, recently underwent a comprehensive renovation counting upgrades to the public spaces and all the guestrooms. The Company projects that during its first full year of ownership, the Hotel’s revenue per accessible room (“RevPAR”) will represent an 86% premium to the Company’s 2014 stated RevPAR.
Silicon Valley has long been recognized as the global technology center of the world due to its high concentration of venture capitalists, start-ups, and some of the world’s largest technology companies, as well as its focus on technological innovation, research & development and investment. The emergence of new technology platforms such as mobile, cloud, cyber security and analytics are driving growth in the area.
RLJ Lodging Trust is an independent equity real estate investment trust. The firm also manages real estate funds. It invests in the real estate markets of the United States. The firm primarily invests in premium-branded, focused service, and compact full-service hotels. RLJ Lodging Trust was launched in 2000 and is domiciled in Bethesda, Maryland.
Analog Devices, Inc. (NASDAQ:ADI), ended its Tuesday’s trading session with 1.08% gain, and closed at $54.05.
Analog Devices, Inc. (ADI) declared it is the primary sponsor and founding member of “Solve,” a multi-faceted program organized by the Massachusetts Institute of Technology (MIT) that convenes thought leaders, researchers, students, and change agents to identify and implement technology-centered solutions to the most difficult challenges of our times. Solve is part of HUBweek, a week-long city-wide festival taking place October 3-10, 2015, that will celebrate ideas and innovation in the Boston area. Solve kicks off with an inaugural event planned for October 5-8, 2015, at MIT. Solve is an ongoing initiative with participants reconvening regularly to share insights and move toward finding solutions.
Analog Devices, Inc. engages in the design, manufacture, and marketing of analog, mixed-signal, and digital signal processing integrated circuits (ICs) for use in industrial, automotive, consumer, and communication markets worldwide.
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