Management Projections. The projections and budgets provided to the Conflicts Committee (including those provided to the Financial Advisor) as part of the Conflicts Committee’s review of the Contributed Assets in connection with this Agreement and the other Transaction Documents and the transactions contemplated hereby and thereby were prepared and delivered in good faith and have a reasonable basis and are materially consistent with Western’s management’s current expectations regarding the Contributed Assets.
Management Projections. The projections provided to the Partnership by KMI, the Contributors and the Companies during the Partnership’s due diligence review of the Companies in connection with this Agreement, including with respect to the methods and terms of financing the Transaction, were made in good faith and are materially consistent with the expectations of KMI’s management.
Management Projections. The projections provided to the Partnership by NMD and/or its affiliates during the Partnership’s due diligence review of the Assets and the Operations related thereto in connection with this Agreement were made in good faith and are materially consistent with the expectations of NMD’s and/or its affiliates’ management.
Management Projections. The Financial Projections, which were provided to the Conflicts Committee as part of the Conflicts Committee’s review in connection with this Agreement and the other Transaction Documents, were prepared and delivered in good faith and were materially consistent with HoldCo management’s expectations regarding the business of the Entities at the time they were prepared and to the Knowledge of HoldCo, no event or circumstance has occurred since the time the Financial Projections were prepared that would materially change the Financial Projections in a manner adverse to MLP which has not been disclosed to the Conflicts Committee; provided, however, that no representation or warranty is made as to commodity price assumptions used for purposes of such financial projections.
Management Projections. The following prospective financial information was approved for use by Touchstone senior management in March 2024: (i) estimates of net income for the years ending December 31, 2024 through December 31, 2028 of $3.17 million for 2024, $3.31 million for 2025, $3.60 million for 2026, $3.77 million for 2027, and $4.35 million for 2028; (ii) estimated EPS for the years ending December 31, 2024 through December 31, 2028 of $0.96 for 2024, $1.00 for 2025, $1.09 for 2026, $1.14 for 2027, and $1.32 for 2028; (iii) estimated tangible book value per share for the years ending December 31, 2024 through December 31, 2028 of $14.16 for 2024, $14.88 for 2025, $15.67 for 2026, $16.50 for 2027, and $17.50 for 2028; and (iv) estimated total assets of $672.64 million, deposits of $554.01 million, and net loans of $496.18 million as of December 31, 2024.
Management Projections. In the event that under this Agreement REIT or any of its Subsidiaries is required to provide a budget projection for the following four (4) calendar quarters, and to the extent property level budgets from Managers or capital expenditure requirements from Franchisors are not available, then such projections as to such matters at such Real Estate shall be made by the REIT on a best efforts basis based upon information available to it and market conditions and prospects.
Management Projections. Management, utilizing assumptions it believed to be reasonable and materially consistent with its expectations relating to the financial and operating performance of the Partnership for the years ending December 31, 2018, 2019 and 2020, provided to Baird the following forecasts relating to the Partnership’s Total Adjusted EBITDA and DCF on a stand-alone basis. Baird utilized these forecasts to assume and sensitize certain distributions for purposes of its analysis, as described in more detail below under “—Sensitivity Analyses Prepared by Baird for the Partnership and NSH.” The summarized projected financial information set forth below assume two cases. The first case, called Case A in the table below, is the lower case, which assumes the Partnership’s existing business, as well as organic growth projects expected to be completed in 2018. For 2019 and 2020, the projections include $300 million of additional capital expenditures, which are assumed to generate incremental EBITDA based on an 8.0x multiple in the year subsequent to the expenditure. The projections include additional debt and equity financing to fund the expected capital expenditures and to refinance expected debt maturities. The weighted average financing rate for the aggregate additional debt and equity, including any preferred equity, is assumed to be 7.4%. However, EBITDA for all three years is assumed to be lower, primarily as a result of lower revenues at the Partnership’s St. Eustatius terminal. Case A assumes that the Partnership must replace its anchor tenant at St. Eustatius with other customers over the course of 2018, resulting in periods during 2018 in which the anchor tenant’s storage at St. Eustatius is not generating revenue. All of the anchor tenant’s storage at St. Eustatius is assumed to be leased to other customers by the end of 2018, but at lower rates, thereby causing 2019 and 2020 EBITDA to be lower than Case B. The second case, called Case B in the table below, is the higher case, which includes all of the same assumptions as Case A, except that, in addition, it assumes the Partnership does not have to replace its anchor tenant at the Partnership’s St. Eustatius terminal. Rather, EBITDA for all three years is assumed to be higher than Case A due to increased volume at the Partnership’s St. Eustatius terminal and consistent revenues being generated by the anchor tenant’s storage needs. Total Adjusted EBITDA(1) $ 624 $ 725 $ 796 DCF Case B $ 288 $ 346 $ 420 Total Adjusted ...
Management Projections. The Financial Projections provided to the Conflicts Committee as part of the review in connection with this Agreement and the other Transaction Documents, were prepared and delivered in good faith and were materially consistent with the General Partner’s management’s expectations regarding the business of CAPL and its subsidiaries at the time they were prepared, and to the Knowledge of the General Partner, no event or circumstance has occurred since the time the Financial Projections were prepared that would materially change the Financial Projections in a manner adverse to CAPL which has not been disclosed to the Conflicts Committee.
Management Projections. The Financial Projections, which were provided to the Special Committee as part of the review in connection with this Agreement and the other Transaction Documents, were prepared and delivered in good faith and were materially consistent with the General Partner’s management’s expectations regarding the business of MLP and its subsidiaries at the time they were prepared, and to the Knowledge of the General Partner, no event or circumstance has occurred since the time the Financial Projections were prepared that would materially change the Financial Projections in a manner adverse to MLP which has not been disclosed to the Special Committee.
