Performance

Performance

Real Estate and Rental Scams | The Source Weekly

Post By: January 25, 2023 0 Comment(s) , , , , ,

One thing I was discussing with a colleague the other day is what seems to be a rise in real estate related scams that are happening both locally and nationally. This is not to say these scams are “new” or something that has never happened before, but something people should be aware of in their pursuit to buy, sell or rent. According to FBI statistics there were over 11,000 victims of real estate and rental fraud in 2021. Let’s look at a couple of the most common types of scams that are out there and what can be done to prevent them.

click to enlarge Real Estate and Rental Scams

Wire fraud is a complex scam that involves phishing (the practice of tricking internet users to acquire sensitive data through a fraudulent email or website) and then the scammer often poses as a party to the transaction (escrow officer, closing attorney). They send out faulty wire instructions, and just like that have stolen thousands or perhaps millions of dollars. Wire fraud can be quite sophisticated, and hard to detect, especially when compared to some of the other scams that have red flags. This is due to the scammers using phony emails/websites that appear to be real and legitimate.

The best way to protect yourself from being a victim of wire fraud is to communicate with your escrow/closing groups about how the wiring process will work. Who will be sending the instructions, on what date/time, that way you know when to expect them and know who will be sending them. Next, once you have received the wire instructions, call and verify the instructions, but do not use any number from the instructions that were sent to you, call the officer/attorney you have been working with directly to verify/confirm the instructions. I work with the same escrow officer/team on all my deals, so I know their names, and when/why they will be contacting my clients. If you are ever unsure, call your real estate agent and have them help with any issues.

One of the most common scams in real estate is one that preys upon people desperately looking for a rental. The “phantom rental” trick has been around a while because it works, especially in places where it is so competitive to find rentals. The scam itself is simple; scammers create a fake “for Rent” advertisement and often use pictures and information from current listings to make it seem legitimate. The listing will often have a below market rent and be in a desirable area. Once someone inquires the scammer will require some sort of deposit to reserve the place or to hold it for you. Once the scammer has the money, the potential renters will show up to either a fake address or a real address with someone already living in the property.

The best way to prevent this type of scam is the same as preventing 90% of scams, and that is taking notice of red flags. Like the saying we have heard over and over, “if it sounds too good to be true, it probably is.” No reputable landlord or property manager requires any money up front for a “deposit” or to “hold” or to “view” a property, except for an application fee. If you are exclusively dealing with someone online, who is out of town/state/country you need to proceed with caution and be very skeptical. Use tools at your disposal like Deschutes County DIAL to search for property records, addresses and owner information. One final tip is to use and rely on professionals, like licensed real estate agents, licensed property managers, escrow/title officers and attorneys who are more than happy to assist you!

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Begbies Traynor describes 'strong' first-half performance

Post By: November 17, 2022 0 Comment(s) , , , , , , , , , , , , ,

Business recovery, financial advisory and property consultancy Begbies Traynor reported a “strong” first-half financial performance in an update on Thursday, with revenue expected to have increased 12% to £58.5m.

The AIM-traded firm said adjusted profit before tax was set to have risen 13% year-on-year in the six months ended 31 October, to £9m.

Net debt stood at £2.4m at period end, swinging from net cash of £1.2m a year prior, with the board describing a “robust” operating cash flow net of dividend payments, and acquisition and deferred consideration payments of £7.2m in the six months.

The directors said they were “confident” of delivering market expectations for the full year, extending its strong financial track record of growth.

“We have performed well in the first half with double digit growth and strong performances in both divisions,” said executive chairman Ric Traynor.

“As corporate financial distress levels rise in a deteriorating economic environment, we anticipate continued momentum in activity levels in insolvency and restructuring and we are better placed than ever to take advantage of this with our expanded presence and enhanced service offering.

“We remain confident of delivering market expectations for the full year thereby extending our strong financial track record of growth.”

Begbies Traynor said it would report its half-year results for the six months ended 31 October on 13 December.

At 1257 GMT, shares in Begbies Traynor Group were down 1.82% at 134.5p.

Reporting by Josh White for Sharecast.com.

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self-employed firms sell and exchange homes f...

Post By: September 27, 2022 0 Comment(s) , , , ,
Claim - self-employed firms sell and exchange homes fastest and for the highest prices

Self-employed agencies are currently outperforming other agency types when it comes to price secured, according to new research from data firm TwentyEA.


The research also found that self-employed agencies – which have become a growing phenomenon in recent years, but still remain relatively niche – are selling and exchanging most quickly.


The data revealed that self-employed agencies are selling homes on average seven days faster than the industry at large, at 22.77 days compared to 27.89. eXp UK led the charge at 20.7 days.



The firm also recorded the fastest average time to exchange of all the self-employed agencies, at 144.5 days. Overall, the self-employed average was 157.93, nearly a whole month faster than the rest of the UK at 183.45 days.


What’s more, the data suggested that self-employed agencies outperform the rest of the UK when it comes to getting their clients the best price for their property. Brands using this model, on average, secure 101.5% of the original asking price, the research found. Meanwhile, the rest of the UK’s agencies on average secure 99.6%.


The data examined the 12 largest estate agencies in the UK that operate using the self-employed model, with eXp UK currently leading the way for market share amongst the country’s self-employed agencies. Just over a quarter (25.2%) of the UK’s self-employed agents are in the brand’s hands.

“Since its inception in the UK, I’ve always been confident that the self-employed, agent-centric model is the best way for an estate agent to work in this country – this data simply emphasises the merits of a consumer using a self-employed agent to sell their house,” Adam Day, international expansion leader for eXp UK and the former founder of Hatched, said.


“We focus on recruiting only the highest quality agents who have the autonomy to support their clients every step of the way. Possessing this business ethos ensures our agents are able to have full control over their working schedule, earnings and overall job satisfaction, which in turn gives them the perfect platform to provide their clients with a first-rate service.”


Despite its growth in recent years, which was further accelerated by the pandemic, the self-employed model continues to divide opinion in the industry.


Arguably the most high-profile proponent of the model, Purplebricks, moved fully away from it earlier this year, but eXp – amongst others – is trying to make it more mainstream, bringing the UK more in line with the US and Australia where such a model is far more ingrained.



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Adler Group S.A.: reports robust operational performance and adequate cash position in H1 2022

Post By: August 29, 2022 0 Comment(s) , , , , , , , , , , , , , , , , , , ,

DGAP-News: Adler Group S.A.

/ Key word(s): Half Year Report

Adler Group S.A.: reports robust operational performance and adequate cash position in H1 2022

29.08.2022 / 23:27
The issuer is solely responsible for the content of this announcement.

Adler Group S.A. reports robust operational performance and adequate cash position in H1 2022

  • Thomas Echelmeyer appointed as CFO effective as of 1 September 2022
  • Net rental income of €130.8m (-24.8%) due to asset disposal, FFO 1 at €49.9m
  • Reshaping of portfolio leads to like-for-like (“LFL”) rental growth of +2.3% and improved monthly average residential rent per square meterof €7.47 along with low vacancy rate of 1.6%
  • NOI margin from rental activities up to 88.2%, EBITDA from rental activities at €85.9m – Group loss for the period of €604.4m impacted by one-off non-cash impairments of development projects and receivables
  • Cash position up by €215m to €771m – proceeds from disposals used to repay bonds and long-term loans, keeping LTV (58.0%) below required level despite impairments
  • FY 2022 guidance for net rental income raised by €30m to a range of €233m to 242m, FFO 1 forecast raised to range of €84m to 88m due to the inclusion of BCP KPI’s

 

Luxembourg, 29 August 2022: The Board of Directors of Adler Group S.A. (“Adler Group”) has appointed Thomas Echelmeyer (61) as Chief Financial Officer (CFO) with effect as of 1 September 2022. Mr. Echelmeyer, a qualified auditor and tax advisor, has already held this position in the senior management of Adler Group ad interim based on a consultancy mandate since 1 June 2022. The Board of Directors will propose to the Company’s next ordinary Annual General Meeting (AGM) or extraordinary AGM that Mr. Echelmeyer also be appointed to the Company’s Board of Directors as an additional member.

The chairman of the Board of Directors Prof. Dr. A. Stefan Kirsten said: “The Board of Directors and I are very pleased that Thomas Echelmeyer is now taking over this role on a permanent basis, in what is undoubtedly a difficult time for the Group. With Thomas’s expertise, especially in the real estate business, he is exactly the right person at the right time for Adler Group. In addition, Thomas has already familiarized himself very well with the Company over the past months. The appointment was preceded by a structured search process, which succeeded in attracting other very good candidates who expressed an interest in this important position at Adler Group. The appointment strengthens the Group’s corporate governance and our ambition to lead Adler Group back to stability.”

Thomas Echelmeyer commented, “It is as Stefan Kirsten already said earlier this year: Adler Group is struggling, but vital. I have been able to see this in the past three months and am therefore happy to continue working permanently with my colleagues in management to lead the Adler Group towards a better future. I would like to thank the Board of Directors for the trust they have placed in me.”

Robust operational performance in first half of 2022

Adler Group reports a robust operational performance of its yielding portfolio and an improved liquidity position in the first half of the financial year 2022. Adler Group made further progress in increasing the portfolio quality by means of asset disposals, resulting in a like-for-like fair value growth of 6.0% YoY and a low operational vacancy rate of 1.6%. Like-for-like rental growth was 2.3%.

“By reshaping our portfolio, we maintain a robust operational performance and further grow the quality and substance of our yielding property assets”, commented Thierry Beaudemoulin, CEO of Adler Group.

As a result of streamlining the residential portfolio to 26,243 units, income from rental activities decreased to €195.4m (H1 2021: €230.5m). Funds from operations from rental activities (FFO 1) totaled €49.9m compared to €67.8m in H1 2021. This corresponds to a FFO 1 per share of €0.42 (H1 2021: €0.58).

The average rent of the residential portfolio increased to €7.47/sqm/month in the reporting period, representing a like-for-like rental growth of 2.3% on a 12-month-basis, which was mainly driven by the Berlin portfolio. At 1.6% as of 30 June 2022, the vacancy rate was more than halved compared to mid-year 2021 (3.8%) but showed a slight increase over year-end 2021.

EBITDA from rental activities was down 23.7% in line with expectations to €85.9m (H1 2021: €112.5m), resulting in a moderate EBITDA margin uplift to 65.7% (H1 2021: 64.7%), which was mainly attributable to the disposal of the Northern portfolio to LEG.

As of 30 June 2022, the fair value of the entire portfolio including developments amounted to €9.5bn (year-end 2021: €10.0bn). The high-quality portfolio remains anchored in Berlin. The EPRA NTA as of 30 June 2022 amounted to €3,535m or €30.08 per share, compared to €4,269m / €36.33 per share at year-end 2021.

Cash position improved – further proceeds from sales expected

In the reporting period, Adler Group generated proceeds from disposals of investment properties of €1.06bn which were used to repay bonds and long-term loans by a total of €0.90bn. Compared to year-end 2021, the Group’s cash position rose by €215m to €771m, also thanks to a significantly improved operating cashflow. “For the second half of the year, we expect the proceeds from sales to be adequate for meeting the liquidity requirements for financing and operational purposes”, said CEO Thierry Beaudemoulin.

With the previously announced sale of the Waypoint portfolio, Adler Group has already realised an inflow of approximately €170m. Furthermore, Adler Group has announced the completed sale of the development projects Ostend Quartier and Westend Ensemble – Upper West – LEA B, both located in Frankfurt with combined cash proceeds of c. €166m. “In a challenging environment, Adler Group sold these projects with a combined discount to Gross Asset Value (GAV) of just 13.6%. This underscores our ability to deliver on our pledge of further improving our liquidity position in 2022 and beyond”, added Beaudemoulin.

One-off non-cash impairments impacting EPS and LTV

Against the background of recent market developments, Adler Group changed its assessment of credit risks inherent in receivables from the sale of real estate, resulting in one-off non-cash credit impairments (trade and other receivables) in the amount of €375.1m. In addition, the remaining goodwill of €91.4m attributable to the subsidiary Consus Real Estate was impaired in full, whereas the fair value of the investment properties decreased by €147.4m among others.

As a result, Adler Group reports a net loss for the reporting period of €604.4m, corresponding to earnings per share of -€4.94. “By reflecting goodwill impairments and the credit reassessment of inherent risks associated with receivables, both based on a constant monitoring process, the Adler Group management team continues its approach of eliminating risks off the balance sheet”, commented CFO Thomas Echelmeyer.

Mainly influenced by the one-off impairments, the net loan-to-value (LTV) increased to 58.0% as of
30 June 2022 (year-end 2021: 50.9%), below the required bond covenant level of 60%.

Guidance updated: net rental income now expected in the range of €233m to 242m

Because of the inclusion of BCP KPI’s into the second half of the year, Adler Group updated its guidance for FY 2022 to a net rental income in the range of €233m to 242m (previous forecast: €203m to 212m) and FFO 1 in the range of €84m to 88m (previous forecast €73m to 76m).  For reasons of prudence the Board of Directors has previously decided not to submit a dividend proposal to the shareholders of the Adler Group until an unqualified audit opinion has been issued and will therefore not make any forward-looking statement on the dividend until further notice.

Search for auditor of the 2022 financial statements continues

During today’s Board meeting, the Board of Directors also discussed the ongoing search for an auditor for the 2022 financial statements in the wake of the previous auditor’s decision last May to decline to continue to act as auditor of the group. The formal audit tender process was launched directly after the Annual General Meeting in June; it has since closed without any audit tenders having been received. Individual auditing firms are therefore currently being approached directly.

“As soon as there will be a new factual situation in this regard, we will communicate it immediately,” explained Chairman of the Board of Directors Stefan Kirsten, adding, “It is crucial for us to appoint an auditor, as we can only restore our credibility on the capital market and beyond with independently audited figures. We are doing everything possible to appoint an auditor, especially since Adler Group is a member of the DAX family, the flagship of Germany’s financial center.”

Finally, and as stated before, the Board of Directors, together with the management, has commenced a review of its strategy. As previously indicated, the Board of Directors expects to be able to present results from this review process at or about the time of the publication of the Group’s Q3 results at the end of November 2022.

Earnings call

An Analyst & Investor webcast and conference call will be held on Tuesday, 30 August 2022, at 
10 am CET.

PLEASE USE THIS LINK FOR THE WEBCAST:
https://media.choruscall.eu/mediaframe/webcast.html?webcastid=BWrr3x06

 

Contact

Investor Relations:
T +352 278 456 710
F +352 203 015 00
E investorrelations@adler-group.com

29.08.2022 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

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Craft v. Commercial | Smoke Signals | Bend | The Source Weekly

Post By: June 8, 2022 0 Comment(s) , , , , , , , , , , , , , , , ,

In the before times, prior to the establishment of Oregon’s Adult Use recreational cannabis program, the list of things to consider when purchasing weed was fairly short, including but not limited to: “Is it, like, chronic?” “How much?” and “How late from the time my dealer says they will arrive will they actually show up?”

“Been two hours. I’ll try his beeper again” sighed many a stood-up stoner. Simpler times…

click to enlarge
UNSPLASH

When buying cannabis now, questions primarily concern potency, terpene content and if the product/strain will deliver on your intended outcomes. But for many, the same questions they ask when making other purchases are being asked about their cannabis, often involving how it was produced. 

Cannabis is an agricultural crop, and like all cultivated crops, is generally produced in two forms: small scale sun-grown “Craft” and large-scale indoor “Commercial.” As cannabis continues its transition from “illegal evil drug comin’ for your children, booga booga” to “taxed and regulated commodity helping fund schools and police departments, ka-ching,” the sector of consumers who seek out craft cannabis is growing—not simply for the quality, but for the shared beliefs in ecological stewardship and supporting small businesses.

Trigger warning: Whenever one is discussing the merits of sun-grown cannabis it is often framed as a contest between that and indoor, instead of a comparison. I know indoor growers can produce remarkable, award-winning flowers, which I regularly enjoy very much. So, while “sun-grown versus indoor” is a false equivalence, “craft compared to commercial” is not. 

A new public education and awareness campaign looks to help cannabis consumers identify sun-grown producers that adhere to certain organic cannabis farming practices and ideals.

“Weed Like Change,” a name which clearly someone signed off on while high AF, is a coalition including dispensaries, producers, nonprofits and “Sun+Earth” certified farms and brands. 

Sun+Earth is a two-years-young nonprofit that promotes and certifies growers producing sun-grown cannabis using regenerative organic soil practices, and who fairly compensate their workers. Their 50-plus small craft cannabis farms, primarily in southern California and southern Oregon, with a few in Washington, are spotlighted by “Weed Like Change” to amplify the value of environmental impacts of cannabis produced this way.

The farms, all sun grown, have a carbon footprint of 1/25th that of an indoor grow, and forgoe herbicides, synthetic pesticides and fertilizers for compost teas, soil inoculants and nitrogen- fixing cover crops.  

Some of my favorite flowers lately have been from small craft sun-grown farms, providing outstanding taste, potency, bag appeal and high terpene contents. I’ve written of my love for Green Source Gardens, who arguably are Oregon’s foremost regenerative organic soil cannabis growers, as well as members of the Weed Like Change campaign. They offered up some strains that delivered soaring highs, subterranean chilled out lows, with mouth-watering terpene levels. Also great? Their lower production costs result in wallet-friendly prices. 

Other Oregon members include Luminous Botanicals, East Fork Cultivars, Groundworks Industries—owners of Serra, Farma and Electric Lettuce, Somewhere Dispensary, Phoenix Rising, and several other farms. They are joined by Brother David’s, a nonprofit cannabis brand whose 100% of proceeds are dedicated to supporting small cannabis farms. 

Technology has developed grow systems utilizing high intensity, low energy LEDS and more efficient HVAC systems for indoor growers, offering a smaller carbon footprint than traditional indoor grow systems using massively inefficient rows of 1000 watt lights and HVAC. 

Reducing our carbon footprint involves numerous small changes and choices. The choice to support small sun-grown craft cannabis is one of the easiest.

Weed Like Change
weedlikechange.org 

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Buying or Selling Tenant-Occupied Homes | Take Me Home | Bend | The Source Weekly

Post By: April 13, 2022 0 Comment(s) , , , , , , , , , , , , , , , ,

Despite climbing interest rates, supply and demand in the housing market remains significantly unbalanced. There are still many more buyers looking for homes than units available. As a result, it remains a sellers’ market, with prices up more than 20% from just one year ago.

Some investors who own and rent out homes or other types of dwellings (duplexes, townhomes, condos, etc.) decide to cash in their equity by selling their tenant-occupied units. For buyers competing in the limited supply of housing for sale in Central Oregon, finding the perfect house to purchase may pose additional challenges if it is currently inhabited by a tenant. Owners, too, must be able to navigate and comply with tenant protection laws in Oregon when selling.

UNSPLASH

In order to help manage expectations for future use of a tenant-occupied property—whether for investment or personal use—buyers should consider retaining an attorney. Similarly, sellers should consult an attorney before listing currently leased property for sale. Real estate agents cannot review lease documents or advise on a specific landlord-tenant arrangements unless they are also licensed to practice law.

The following considerations apply: first, the type of tenancy (month-to-month, or fixed term); second, the length of occupancy time (especially if less than one year); third, the expiration date of the tenancy term; and fourth, the rights of the tenant under the specific lease contract. Oregon law is very tenant-protective with respect to termination. Among other things, if a tenant has lived in the dwelling for more than one year, the owner/landlord cannot terminate the tenancy for “no cause,” but must have a “qualifying landlord” reason.

If an owner/landlord desires to sell leased property to a buyer and terminate the existing tenancy, that owner can only do so if the buyer intends to reside in the home after closing. If a buyer purchasing a tenant-occupied home wants to re-rent the property to a different occupant, that would not be a “qualifying landlord reason” to terminate. In addition to a showing of a “qualifying landlord reason,” the owner must provide appropriate advance notice of termination to a tenant. This time period varies based on the type of tenancy.

A buyer could request that the seller work with a tenant to determine whether the tenant may consider voluntarily surrendering the property prior to the end of the term. This may be necessitated if the buyer is financing the purchase for residential purposes, because lenders require that the home be buyer-occupied within 60 days of closing.

Just as the housing market is still tight for buyers, rental units are also difficult to come by at reasonable rates. When considering a transaction involving a tenant-occupied home, communication and cooperation with all affected parties are key. Be sure to work with a knowledgeable real estate broker, as well as an attorney who can advise you on the intricacies of landlord-tenant law. With a reliable team helping you through the process, the additional challenges posed by these transactions can be addressed, whether you are looking to buy a home to live in, or one for investment purposes.

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