Arguing the original award was pulled "only to avoid personal responsibility," and that Simon stands to gain even more from the new plan, the Delaware County Employees' Retirement Fund has sued.
“The amended award failed to establish meaningful performance metrics and instead reflects the compensation committee’s decision to bury the bar in terms of performance goals for Simon,” says the complaint.
Earlier this year, a Delaware judge ruled SPG wouldn't have to face a lawsuit brought by Louisiana over the award because the company had already agreed to change it. The new suit says the board only changed course when faced with "an imminent adverse decision."
One Liberty Properties (OLP +0.8%) recently sold an office property in Parsippany, NJ for about $40M, with gain on sale for financial statement purposes of about $10M and roughly $21M for income tax purposes (prepayment penalty on mortgage was $1.6M).
Purchased this month was a 58K square foot stadium-style theater in Indianapolis for $9M. The property is leased through 2027 to Regal Cinemas.
The company also added through a JV in which it has a 90% interest a 57K square foot supermarket in Philadelphia for about $7.7M, including a $4.6M mortgage maturing in 2021 with an annual interest rate of 3.885%. The property is leased through 2021 to Pathmark.
The aggregate annual base rent for the two properties is about $1.3M.
European regulators will privately disclose (public leaks to occur immediately thereafter, and officially on Sunday) to about 150 lenders the results of their exams, and no one is expecting any sizable capital holes needing to be filled.
Naturally, the ECB and EBA are touting the tests as the toughest ever, and analysts expect fewer than two dozen mostly smaller lenders to be served up to prove that point (Greece's Alpha Bank has reportedly passed without need for further capital; nothing to see here, move along).
Still waging the last war, the regulatory generals of Basel have completed drafting "the first-ever global insurance capital standard." Beginning in 2015, nine companies which have been decreed as systemically important by the FInancial Stability Board (this is different than the U.S.'s SIFI-designation), will report a "basic capital requirements" ratio on a confidential basis.
The next stage set for the end of 2015 is the definition of "higher loss absorbency" requirements.
It's a second day of losses post-earnings for Union Bankshares (UBSH -2.2%) as both Raymond James and Baird pull their buy recommendations on the stock.
Speaking on the earnings call (transcript), CEO Billy Beale described the quarter as a noisy one. Earnings of $16M or $0.35 per share ($0.08 shy of estimates) would have been $20M and $0.44 with an after-tax OREO valuation adjustment, he notes. "We took a hard look at some of our long standing OREO properties ... Given the lack of movement on some of the properties for over five years, we elected to reappraise our OREO properties."