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1. | OMGUK incorporated OMAM in the United Kingdom as a direct, wholly-owned subsidiary of OMGUK. |
2. | OMAM incorporated OMAM US, Inc. in the State of Delaware (“U.S. Sub”) as a direct, wholly-owned subsidiary of OMAM. |
3. | U.S. Sub incorporated OMAM UK Limited in the United Kingdom (“U.K. Sub”) as a direct, wholly-owned subsidiary of U.S. Sub. |
4. | The Company’s existing intercompany debt, which was owed by OMUSH to OMGUK, was refinanced with new intercompany debt. |
5. | OMGUK contributed its shares in OMUSH and the new intercompany debt to OMAM in return for an issuance of shares by OMAM resulting in the elimination of existing intercompany debt of $1,003.5 million and the redemption of a $32.2 million intercompany receivable via a capital distribution back to OMGUK, for a net reduction of existing intercompany debt of $971.3 million. |
6. | The OMUSH shares were transferred to U.K. Sub via a series of share exchanges, and the new intercompany debt was contributed among OMAM, U.S. Sub and U.K. Sub. |
7. | OMAM underwent a reduction of share capital to maximize distributable reserves, re-registered in the United Kingdom as a public limited company, amended its articles of association to reflect the same and organized its share capital for purposes of the Offering. |
8. | OMAM declared a $175.0 million pre-Offering dividend to OMGUK. OMAM also issued a non-interest bearing promissory note to OMGUK in the principal amount of $37.0 million which was fully repaid by June 30, 2015. |
9. | OMAM entered into arrangements with OMGUK for the payment of future realizable benefits (estimated to total $208.0 million at September 30, 2015) associated with certain deferred tax assets existing as of the date of the Offering, as well as co-investments (with both a carrying value and fair value of $31.8 million at September 30, 2015) made by the Company in real-estate and timber strategies of its Affiliates. In accordance with the deferred tax asset arrangement, in December 2014, OMAM began to make quarterly payments to OMGUK. In the fourth quarter of 2014, OMAM adjusted the balance of the liability to reflect the impact of the 2013 income tax return and also reduced the liability as of the Offering date to reflect a revised estimate of the future realizable benefits as of the Offering date. The liability will again be adjusted in the fourth quarter of 2015 to reflect the impact of the 2014 income tax return through October 8, 2014. |
10. | The Company made a payment of the $175.0 million pre-Offering dividend to OMGUK, funded by a new third party credit facility entered into at the closing of the Offering; and |
11. | OMAM completed the purchase of additional ownership of an Affiliate for $60.0 million in cash, resulting in a reduction of liabilities for the same amount. |
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Quoted prices in active markets (Level I) | Significant other observable inputs (Level II) | Significant unobservable inputs (Level III) | Total value, September 30, 2015 | ||||||||||||
Assets of OMAM(1) | |||||||||||||||
Investment securities(2) | $ | 64.5 | $ | — | $ | — | $ | 64.5 | |||||||
Investments in unconsolidated Funds(3) | — | — | 35.3 | 35.3 | |||||||||||
Total fair value assets | $ | 64.5 | $ | — | $ | 35.3 | $ | 99.8 | |||||||
Liabilities of OMAM(1) | |||||||||||||||
Derivative securities | $ | — | $ | (12.1 | ) | $ | — | $ | (12.1 | ) | |||||
Total fair value liabilities | $ | — | $ | (12.1 | ) | $ | — | $ | (12.1 | ) |
Quoted prices in active markets (Level I) | Significant other observable inputs (Level II) | Significant unobservable inputs (Level III) | Total value December 31, 2014 | ||||||||||||
Assets of OMAM and consolidated Funds(1) | |||||||||||||||
Investments owned, at fair value | |||||||||||||||
Common and preferred stock | $ | 24.8 | $ | — | $ | — | $ | 24.8 | |||||||
Short-term investment funds | 0.1 | — | — | 0.1 | |||||||||||
Fixed income securities | 1.1 | — | — | 1.1 | |||||||||||
Collective investment Funds | — | 32.5 | — | 32.5 | |||||||||||
Other investments | 0.3 | 1.8 | — | 2.1 | |||||||||||
Total investments at fair value | 26.3 | 34.3 | — | 60.6 | |||||||||||
Restricted cash held at fair value | 104.5 | — | — | 104.5 | |||||||||||
Consolidated Funds Total | 130.8 | 34.3 | — | 165.1 | |||||||||||
Investment securities(2) | 59.7 | — | — | 59.7 | |||||||||||
Investments in unconsolidated Funds(3) | — | — | 34.5 | 34.5 | |||||||||||
OMAM Total | 59.7 | — | 34.5 | 94.2 | |||||||||||
Total fair value assets | $ | 190.5 | $ | 34.3 | $ | 34.5 | $ | 259.3 | |||||||
Liabilities of consolidated Funds(1) | |||||||||||||||
Common stock | $ | (16.4 | ) | $ | — | $ | — | $ | (16.4 | ) | |||||
Total fair value liabilities | $ | (16.4 | ) | $ | — | $ | — | $ | (16.4 | ) |
(1) | Assets and liabilities measured at fair value are comprised of financial investments managed by the Company’s Affiliates and derivative securities held by the Company. $0.0 million in assets and $0.0 million in liabilities at September 30, 2015 and $60.6 million in assets and $(16.4) million in liabilities at December 31, 2014 are the result of the consolidation of Funds sponsored by the Company’s Affiliates. |
(2) | Investment securities of $64.5 million and $59.7 million at September 30, 2015 and December 31, 2014, respectively, are investments in publicly registered daily redeemable funds (some managed by Affiliates), which the Company has classified as trading securities and valued using the published price as of the measurement dates. Accordingly, the Company has classified these investments as Level I. |
(3) | The $35.3 million and $34.5 million at September 30, 2015 and December 31, 2014, respectively, relate to investments in unconsolidated Funds which consist primarily of investments in funds advised by Affiliates and are valued using NAV which the Company relies on to determine their fair value. The NAVs that have been provided by investees have been derived from the fair values of the underlying investments as of the measurement dates. The Company has classified investments in unconsolidated Funds as Level III given the nature of redemption restrictions that are in place. These unconsolidated Funds consist primarily of real estate investments funds. These investments are subject to longer than monthly or quarterly redemption restrictions, and due to their nature, distributions are received only as cash flows are generated from underlying assets over the life of the funds. The range of time over which the underlying assets are expected to be liquidated by the investees is approximately 1-8 years from September 30, 2015. The valuation process for the underlying real estate investments held by the real estate investments funds begins with each property or loan being valued by the investment teams. The valuations are then reviewed and approved by the valuation committee, which consists of senior members of the portfolio management, acquisitions, and research teams. For certain properties and loans, the valuation process may also include a valuation by independent appraisers. In connection with this process, changes in fair-value measurements from period to period are evaluated for reasonableness, considering items such as market rents, capitalization and discount rates, and general economic and market conditions. |
Investments in unconsolidated Funds, | |||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Beginning of period balance | $ | 34.4 | $ | 42.3 | $ | 34.5 | $ | 43.1 | |||||||
Realized gain (loss) | 0.6 | 0.5 | (0.6 | ) | 1.5 | ||||||||||
Net change in unrealized appreciation (depreciation) | 0.4 | (2.4 | ) | (0.4 | ) | (2.1 | ) | ||||||||
Purchases, issuances or settlements | 0.7 | — | 3.5 | — | |||||||||||
Dispositions | (0.8 | ) | (1.0 | ) | (1.7 | ) | (3.1 | ) | |||||||
Balance, September 30, | $ | 35.3 | $ | 39.4 | $ | 35.3 | $ | 39.4 |
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September 30, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Investments, at fair value | $ | — | $ | 5.9 | |||
Restricted cash | — | 2,487.7 | |||||
Timber assets | — | 4,053.2 | |||||
Other assets of consolidated Funds | — | 165.0 | |||||
Total Assets | $ | — | $ | 6,711.8 | |||
Liabilities | |||||||
Borrowings | $ | — | $ | 4,095.9 | |||
Other liabilities of consolidated Funds | — | 150.8 | |||||
Total Liabilities | $ | — | $ | 4,246.7 |
September 30, 2015 | December 31, 2014 | ||||||
Unconsolidated VIE assets | $ | 7,374.4 | $ | 9,993.5 | |||
Unconsolidated VIE liabilities | $ | 4,204.2 | $ | 1,515.0 | |||
Equity interests on the Condensed Consolidated Balance Sheet | $ | 50.4 | $ | 75.3 | |||
Maximum risk of loss (1) | $ | 55.3 | $ | 75.5 |
(1) | Includes equity investments the Company has made or is required to make and any earned but uncollected management/incentive fees. The Company does not record performance/incentive allocations until the respective measurement period has ended. |
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Nine Months Ended September 30, 2015 | Nine Months Ended September 30, 2014 | |||||||||||||||||||||||
Statements of Income | Heitman LLC | Other | Total | Heitman LLC | Other | Total | ||||||||||||||||||
Net revenues (1) | $ | 93.8 | $ | 176.3 | $ | 270.1 | $ | 176.1 | $ | 64.2 | $ | 240.3 | ||||||||||||
Operating income | 17.6 | 81.8 | 99.4 | 42.0 | 22.4 | 64.4 | ||||||||||||||||||
Other income (expense), net | — | 50.8 | 50.8 | 41.2 | (35.4 | ) | 5.8 | |||||||||||||||||
Income before income taxes | 17.6 | 132.6 | 150.2 | 83.2 | (13.0 | ) | 70.2 | |||||||||||||||||
Less income tax expense | 0.6 | 7.1 | 7.7 | 1.5 | 0.1 | 1.6 | ||||||||||||||||||
Exclude: noncontrolling interests income (loss) | — | 123.6 | 123.6 | 73.3 | (14.3 | ) | 59.0 | |||||||||||||||||
Net income attributable to controlling interests | $ | 17.0 | $ | 1.9 | $ | 18.9 | $ | 8.4 | $ | 1.2 | $ | 9.6 | ||||||||||||
OMAM equity in net income of equity method investees | $ | 7.4 | $ | 1.9 | $ | 9.3 | $ | 5.2 | $ | 1.2 | $ | 6.4 |
As of September 30, 2015 | As of December 31, 2014 | |||||||||||||||||||||||
Balance Sheet | Heitman LLC | Other | Total | Heitman LLC | Other | Total | ||||||||||||||||||
Total assets | $ | 62.3 | $ | 2,620.0 | $ | 2,682.3 | $ | 1,647.1 | $ | 1,319.9 | $ | 2,967.0 | ||||||||||||
Total liabilities | 33.8 | 970.7 | 1,004.5 | 581.1 | 552.8 | 1,133.9 | ||||||||||||||||||
Non-controlling interests in subsidiaries | — | 1,613.2 | 1,613.2 | 1,014.4 | 756.9 | 1,771.3 | ||||||||||||||||||
Members’ equity | $ | 28.5 | $ | 36.1 | $ | 64.6 | $ | 51.6 | $ | 10.2 | $ | 61.8 | ||||||||||||
OMAM equity investment and undistributed earnings of affiliated companies, before consolidating and reconciling adjustments | $ | 20.0 | $ | 36.1 | $ | 56.1 | $ | 44.7 | $ | 10.2 | $ | 54.9 | ||||||||||||
Consolidating and reconciling adjustments: | ||||||||||||||||||||||||
Goodwill attributable to equity method investment | 29.8 | — | 29.8 | 30.6 | — | 30.6 | ||||||||||||||||||
OMAM Investment in equity method investees at cost plus equity in undistributable earnings since acquisition | $ | 49.8 | $ | 36.1 | $ | 85.9 | $ | 75.3 | $ | 10.2 | $ | 85.5 |
(1) | Net revenue includes advisory fees for asset management services and investment income, including interest and dividends from consolidated investment partnerships. |
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USD, in millions | 9/30/2015 | 12/31/2014 | ||||||
Total timber and timberlands, at cost | $ | — | $ | 4,920.1 | ||||
Accumulated depletion on timber | — | (866.0 | ) | |||||
Accumulated amortization | — | (0.9 | ) | |||||
Timber and timberlands, net | $ | — | $ | 4,053.2 |
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(in millions) | 9/30/2015 | 12/31/2014 | Interest rate | Maturity | ||||||||
Third party obligations: | ||||||||||||
Revolving credit facility | $ | 70.0 | $ | 177.0 | LIBOR + 1.25% plus 0.20% commitment fee | October 15, 2019 | ||||||
Related party obligations: | ||||||||||||
Loan note two | — | 37.0 | — | September 29, 2024 | ||||||||
Total long term debt of the Company | $ | 70.0 | $ | 214.0 |
(in millions) | September 30, 2015 | December 31, 2014 | Interest rate | Maturity | ||||||||
Related party obligations: | ||||||||||||
Shareholder loans and note interest | $ | — | $ | 318.7 | BBSW* + 5.5% | October 2022 | ||||||
Total related party obligations: | — | 318.7 | ||||||||||
Third party obligations: | ||||||||||||
Term loan A | — | 163.0 | 6% - 6.26% | May 2016 | ||||||||
Term loan B | — | 261.3 | 5.93% - LIBOR + 1.61% | October 2016 | ||||||||
Senior secured notes | — | 860.0 | 6.19% - 6.38% | December 2019 | ||||||||
Secured bank loan | — | 109.7 | variable | October 2017 | ||||||||
Notes payable | — | 2,383.2 | LIBOR + margin | October 2027 | ||||||||
Total third party obligations: | — | 3,777.2 | ||||||||||
Total long term debt of consolidated Funds | $ | — | $ | 4,095.9 |
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September 30, 2015 | December 31, 2014 | ||||||
Foreign currency translation | $ | 2.3 | $ | (20.4 | ) | ||
Valuation of derivative securities, net of tax | (9.6 | ) | — | ||||
Total | $ | (7.3 | ) | $ | (20.4 | ) |
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Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues | $ | — | $ | — | $ | — | $ | 38.0 | |||||||
Compensation expense | — | — | — | 31.0 | |||||||||||
Depreciation | — | — | — | 0.2 | |||||||||||
Other operating expenses | — | — | — | 9.8 | |||||||||||
Operating loss | — | — | — | (3.0 | ) | ||||||||||
Investment gain of consolidated Funds | — | — | — | 2.8 | |||||||||||
Net interest income | — | — | — | 0.2 | |||||||||||
Income before taxes | — | — | — | — | |||||||||||
Income taxes | — | — | — | 2.0 | |||||||||||
Discontinued net loss | — | — | — | (2.0 | ) | ||||||||||
Gain on disposal, net of tax of $0.6, $0.6, $1.2, and $0.6 | 1.0 | 1.3 | 1.9 | 3.7 | |||||||||||
Total Discontinued Operations | 1.0 | 1.3 | 1.9 | 1.7 | |||||||||||
Attributable to non-controlling interests | — | — | — | 4.7 | |||||||||||
Attributable to controlling interests | $ | 1.0 | $ | 1.3 | $ | 1.9 | $ | (3.0 | ) | ||||||
Earnings (loss) per share (basic) attributable to controlling interests | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | (0.03 | ) | ||||||
Earnings (loss) per share (diluted) attributable to controlling interests | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | (0.03 | ) |
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Quoted prices in active markets (Level I) | Significant other observable inputs (Level II) | Significant unobservable inputs (Level III) | Total value, September 30, 2015 | ||||||||||||
Assets of OMAM(1) | |||||||||||||||
Investment securities(2) | $ | 64.5 | $ | — | $ | — | $ | 64.5 | |||||||
Investments in unconsolidated Funds(3) | — | — | 35.3 | 35.3 | |||||||||||
Total fair value assets | $ | 64.5 | $ | — | $ | 35.3 | $ | 99.8 | |||||||
Liabilities of OMAM(1) | |||||||||||||||
Derivative securities | $ | — | $ | (12.1 | ) | $ | — | $ | (12.1 | ) | |||||
Total fair value liabilities | $ | — | $ | (12.1 | ) | $ | — | $ | (12.1 | ) |
Quoted prices in active markets (Level I) | Significant other observable inputs (Level II) | Significant unobservable inputs (Level III) | Total value December 31, 2014 | ||||||||||||
Assets of OMAM and consolidated Funds(1) | |||||||||||||||
Investments owned, at fair value | |||||||||||||||
Common and preferred stock | $ | 24.8 | $ | — | $ | — | $ | 24.8 | |||||||
Short-term investment funds | 0.1 | — | — | 0.1 | |||||||||||
Fixed income securities | 1.1 | — | — | 1.1 | |||||||||||
Collective investment Funds | — | 32.5 | — | 32.5 | |||||||||||
Other investments | 0.3 | 1.8 | — | 2.1 | |||||||||||
Total investments at fair value | 26.3 | 34.3 | — | 60.6 | |||||||||||
Restricted cash held at fair value | 104.5 | — | — | 104.5 | |||||||||||
Consolidated Funds Total | 130.8 | 34.3 | — | 165.1 | |||||||||||
Investment securities(2) | 59.7 | — | — | 59.7 | |||||||||||
Investments in unconsolidated Funds(3) | — | — | 34.5 | 34.5 | |||||||||||
OMAM Total | 59.7 | — | 34.5 | 94.2 | |||||||||||
Total fair value assets | $ | 190.5 | $ | 34.3 | $ | 34.5 | $ | 259.3 | |||||||
Liabilities of consolidated Funds(1) | |||||||||||||||
Common stock | $ | (16.4 | ) | $ | — | $ | — | $ | (16.4 | ) | |||||
Total fair value liabilities | $ | (16.4 | ) | $ | — | $ | — | $ | (16.4 | ) |
(1) | Assets and liabilities measured at fair value are comprised of financial investments managed by the Company’s Affiliates and derivative securities held by the Company. $0.0 million in assets and $0.0 million in liabilities at September 30, 2015 and $60.6 million in assets and $(16.4) million in liabilities at December 31, 2014 are the result of the consolidation of Funds sponsored by the Company’s Affiliates. |
(2) | Investment securities of $64.5 million and $59.7 million at September 30, 2015 and December 31, 2014, respectively, are investments in publicly registered daily redeemable funds (some managed by Affiliates), which the Company has classified as trading securities and valued using the published price as of the measurement dates. Accordingly, the Company has classified these investments as Level I. |
(3) | The $35.3 million and $34.5 million at September 30, 2015 and December 31, 2014, respectively, relate to investments in unconsolidated Funds which consist primarily of investments in funds advised by Affiliates and are valued using NAV which the Company relies on to determine their fair value. The NAVs that have been provided by investees have been derived from the fair values of the underlying investments as of the measurement dates. The Company has classified investments in unconsolidated Funds as Level III given the nature of redemption restrictions that are in place. These unconsolidated Funds consist primarily of real estate investments funds. These investments are subject to longer than monthly or quarterly redemption restrictions, and due to their nature, distributions are received only as cash flows are generated from underlying assets over the life of the funds. The range of time over which the underlying assets are expected to be liquidated by the investees is approximately 1-8 years from September 30, 2015. The valuation process for the underlying real estate investments held by the real estate investments funds begins with each property or loan being valued by the investment teams. The valuations are then reviewed and approved by the valuation committee, which consists of senior members of the portfolio management, acquisitions, and research teams. For certain properties and loans, the valuation process may also include a valuation by independent appraisers. In connection with this process, changes in fair-value measurements from period to period are evaluated for reasonableness, considering items such as market rents, capitalization and discount rates, and general economic and market conditions. |
Investments in unconsolidated Funds, | |||||||||||||||
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Beginning of period balance | $ | 34.4 | $ | 42.3 | $ | 34.5 | $ | 43.1 | |||||||
Realized gain (loss) | 0.6 | 0.5 | (0.6 | ) | 1.5 | ||||||||||
Net change in unrealized appreciation (depreciation) | 0.4 | (2.4 | ) | (0.4 | ) | (2.1 | ) | ||||||||
Purchases, issuances or settlements | 0.7 | — | 3.5 | — | |||||||||||
Dispositions | (0.8 | ) | (1.0 | ) | (1.7 | ) | (3.1 | ) | |||||||
Balance, September 30, | $ | 35.3 | $ | 39.4 | $ | 35.3 | $ | 39.4 |
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September 30, 2015 | December 31, 2014 | ||||||
Unconsolidated VIE assets | $ | 7,374.4 | $ | 9,993.5 | |||
Unconsolidated VIE liabilities | $ | 4,204.2 | $ | 1,515.0 | |||
Equity interests on the Condensed Consolidated Balance Sheet | $ | 50.4 | $ | 75.3 | |||
Maximum risk of loss (1) | $ | 55.3 | $ | 75.5 |
(1) | Includes equity investments the Company has made or is required to make and any earned but uncollected management/incentive fees. The Company does not record performance/incentive allocations until the respective measurement period has ended. |
September 30, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Investments, at fair value | $ | — | $ | 5.9 | |||
Restricted cash | — | 2,487.7 | |||||
Timber assets | — | 4,053.2 | |||||
Other assets of consolidated Funds | — | 165.0 | |||||
Total Assets | $ | — | $ | 6,711.8 | |||
Liabilities | |||||||
Borrowings | $ | — | $ | 4,095.9 | |||
Other liabilities of consolidated Funds | — | 150.8 | |||||
Total Liabilities | $ | — | $ | 4,246.7 |
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Nine Months Ended September 30, 2015 | Nine Months Ended September 30, 2014 | |||||||||||||||||||||||
Statements of Income | Heitman LLC | Other | Total | Heitman LLC | Other | Total | ||||||||||||||||||
Net revenues (1) | $ | 93.8 | $ | 176.3 | $ | 270.1 | $ | 176.1 | $ | 64.2 | $ | 240.3 | ||||||||||||
Operating income | 17.6 | 81.8 | 99.4 | 42.0 | 22.4 | 64.4 | ||||||||||||||||||
Other income (expense), net | — | 50.8 | 50.8 | 41.2 | (35.4 | ) | 5.8 | |||||||||||||||||
Income before income taxes | 17.6 | 132.6 | 150.2 | 83.2 | (13.0 | ) | 70.2 | |||||||||||||||||
Less income tax expense | 0.6 | 7.1 | 7.7 | 1.5 | 0.1 | 1.6 | ||||||||||||||||||
Exclude: noncontrolling interests income (loss) | — | 123.6 | 123.6 | 73.3 | (14.3 | ) | 59.0 | |||||||||||||||||
Net income attributable to controlling interests | $ | 17.0 | $ | 1.9 | $ | 18.9 | $ | 8.4 | $ | 1.2 | $ | 9.6 | ||||||||||||
OMAM equity in net income of equity method investees | $ | 7.4 | $ | 1.9 | $ | 9.3 | $ | 5.2 | $ | 1.2 | $ | 6.4 |
As of September 30, 2015 | As of December 31, 2014 | |||||||||||||||||||||||
Balance Sheet | Heitman LLC | Other | Total | Heitman LLC | Other | Total | ||||||||||||||||||
Total assets | $ | 62.3 | $ | 2,620.0 | $ | 2,682.3 | $ | 1,647.1 | $ | 1,319.9 | $ | 2,967.0 | ||||||||||||
Total liabilities | 33.8 | 970.7 | 1,004.5 | 581.1 | 552.8 | 1,133.9 | ||||||||||||||||||
Non-controlling interests in subsidiaries | — | 1,613.2 | 1,613.2 | 1,014.4 | 756.9 | 1,771.3 | ||||||||||||||||||
Members’ equity | $ | 28.5 | $ | 36.1 | $ | 64.6 | $ | 51.6 | $ | 10.2 | $ | 61.8 | ||||||||||||
OMAM equity investment and undistributed earnings of affiliated companies, before consolidating and reconciling adjustments | $ | 20.0 | $ | 36.1 | $ | 56.1 | $ | 44.7 | $ | 10.2 | $ | 54.9 | ||||||||||||
Consolidating and reconciling adjustments: | ||||||||||||||||||||||||
Goodwill attributable to equity method investment | 29.8 | — | 29.8 | 30.6 | — | 30.6 | ||||||||||||||||||
OMAM Investment in equity method investees at cost plus equity in undistributable earnings since acquisition | $ | 49.8 | $ | 36.1 | $ | 85.9 | $ | 75.3 | $ | 10.2 | $ | 85.5 |
(1) | Net revenue includes advisory fees for asset management services and investment income, including interest and dividends from consolidated investment partnerships. |
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USD, in millions | 9/30/2015 | 12/31/2014 | ||||||
Total timber and timberlands, at cost | $ | — | $ | 4,920.1 | ||||
Accumulated depletion on timber | — | (866.0 | ) | |||||
Accumulated amortization | — | (0.9 | ) | |||||
Timber and timberlands, net | $ | — | $ | 4,053.2 |
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(in millions) | September 30, 2015 | December 31, 2014 | Interest rate | Maturity | ||||||||
Related party obligations: | ||||||||||||
Shareholder loans and note interest | $ | — | $ | 318.7 | BBSW* + 5.5% | October 2022 | ||||||
Total related party obligations: | — | 318.7 | ||||||||||
Third party obligations: | ||||||||||||
Term loan A | — | 163.0 | 6% - 6.26% | May 2016 | ||||||||
Term loan B | — | 261.3 | 5.93% - LIBOR + 1.61% | October 2016 | ||||||||
Senior secured notes | — | 860.0 | 6.19% - 6.38% | December 2019 | ||||||||
Secured bank loan | — | 109.7 | variable | October 2017 | ||||||||
Notes payable | — | 2,383.2 | LIBOR + margin | October 2027 | ||||||||
Total third party obligations: | — | 3,777.2 | ||||||||||
Total long term debt of consolidated Funds | $ | — | $ | 4,095.9 |
(in millions) | 9/30/2015 | 12/31/2014 | Interest rate | Maturity | ||||||||
Third party obligations: | ||||||||||||
Revolving credit facility | $ | 70.0 | $ | 177.0 | LIBOR + 1.25% plus 0.20% commitment fee | October 15, 2019 | ||||||
Related party obligations: | ||||||||||||
Loan note two | — | 37.0 | — | September 29, 2024 | ||||||||
Total long term debt of the Company | $ | 70.0 | $ | 214.0 |
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September 30, 2015 | December 31, 2014 | ||||||
Foreign currency translation | $ | 2.3 | $ | (20.4 | ) | ||
Valuation of derivative securities, net of tax | (9.6 | ) | — | ||||
Total | $ | (7.3 | ) | $ | (20.4 | ) |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenues | $ | — | $ | — | $ | — | $ | 38.0 | |||||||
Compensation expense | — | — | — | 31.0 | |||||||||||
Depreciation | — | — | — | 0.2 | |||||||||||
Other operating expenses | — | — | — | 9.8 | |||||||||||
Operating loss | — | — | — | (3.0 | ) | ||||||||||
Investment gain of consolidated Funds | — | — | — | 2.8 | |||||||||||
Net interest income | — | — | — | 0.2 | |||||||||||
Income before taxes | — | — | — | — | |||||||||||
Income taxes | — | — | — | 2.0 | |||||||||||
Discontinued net loss | — | — | — | (2.0 | ) | ||||||||||
Gain on disposal, net of tax of $0.6, $0.6, $1.2, and $0.6 | 1.0 | 1.3 | 1.9 | 3.7 | |||||||||||
Total Discontinued Operations | 1.0 | 1.3 | 1.9 | 1.7 | |||||||||||
Attributable to non-controlling interests | — | — | — | 4.7 | |||||||||||
Attributable to controlling interests | $ | 1.0 | $ | 1.3 | $ | 1.9 | $ | (3.0 | ) | ||||||
Earnings (loss) per share (basic) attributable to controlling interests | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | (0.03 | ) | ||||||
Earnings (loss) per share (diluted) attributable to controlling interests | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | (0.03 | ) |
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