0000104894-13-000098.txt : 20131126 0000104894-13-000098.hdr.sgml : 20131126 20131126163603 ACCESSION NUMBER: 0000104894-13-000098 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20131121 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131126 DATE AS OF CHANGE: 20131126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WASHINGTON REAL ESTATE INVESTMENT TRUST CENTRAL INDEX KEY: 0000104894 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 530261100 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06622 FILM NUMBER: 131244609 BUSINESS ADDRESS: STREET 1: 6110 EXECUTIVE BOULEVARD STREET 2: SUITE 800 CITY: ROCKVILLE STATE: MD ZIP: 20852 BUSINESS PHONE: 3019295900 MAIL ADDRESS: STREET 1: 6110 EXECUTIVE BOULEVARD STREET 2: SUITE 800 CITY: ROCKVILLE STATE: MD ZIP: 20852 8-K 1 a2013medicalofficesaleclos.htm FORM 8-K 2013 Medical Office Sale Closing 8-K


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________
FORM 8-K
 ___________________________________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 21, 2013
 WASHINGTON REAL ESTATE
INVESTMENT TRUST
(Exact name of registrant as specified in its charter)
MARYLAND
1-6622
53-0261100
(State of incorporation)
(Commission File Number)
(IRS Employer Identification Number)
6110 EXECUTIVE BOULEVARD, SUITE 800, ROCKVILLE, MARYLAND 20852
(Address of principal executive office) (Zip code)
Registrant’s telephone number, including area code: (301) 984-9400
___________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))








Item 2.01 Completion of Acquisition or Disposition of Assets.

On October 3, 2013, Washington Real Estate Investment Trust (“WRIT”) reported in a Current Report on Form 8-K that it had entered into four separate purchase and sale agreements with Harrison Street Real Estate Capital, LLC to effectuate the sale of WRIT’s entire medical office portfolio, consisting of 17 medical office assets, and two office assets, 6565 Arlington Boulevard and Woodholme Center (both of which have significant medical office tenancy), encompassing in total approximately 1.5 million square feet. The assets to be sold also included land held for development at 4661 Kenmore Avenue.The sales prices under the four agreements aggregate to $500,750,000.

On November 21, 2013, WRIT closed on the first two of the four purchase and sale agreements. The sales prices under the two agreements aggregate to $307,189,438. The projected closing date under both of the remaining purchase and sale agreements is on or before January 31, 2014.

The properties, purchase prices and actual/projected closing dates under each of the purchase and sale agreements are as follows:

Purchase and Sale Agreement #1 ($303,354,090; closed on November 21, 2013, except Woodholme Medical Office Building, which closed on November 22, 2013):
 
1.
2440 M Street
 
2.
Alexandria Professional Center
 
3.
8301 Arlington Boulevard
 
4.
6565 Arlington Boulevard
 
5.
Ashburn Farm Office Park I
 
6.
Ashburn Farm Office Park II
 
7.
Ashburn Farm Office Park III
 
8.
CentreMed I and II
 
9.
Sterling Medical Office Building
 
10.
19500 at Riverside Office Park (formerly Lansdowne Medical Office Building)
 
11.
Shady Grove Medical Village II
 
12.
9707 Medical Center Drive
 
13.
15001 Shady Grove Road
 
14.
15005 Shady Grove Road
 
15.
Woodholme Center
 
16.
Woodholme Medical Office Building
Purchase and Sale Agreement #2 ($3,835,348; closed on November 21, 2013):
 
1.
4661 Kenmore Avenue (undeveloped land)
Purchase and Sale Agreement #3 ($78,998,212; expected to close by January 31, 2014):
 
1.
Woodburn Medical Park I
 
2.
Woodburn Medical Park II
Purchase and Sale Agreement #4 ($114,562,350; expected to close by January 31, 2014):
 
1.
Prosperity Medical Center I & II
 
2.
Prosperity Medical Center III

The foregoing description of the purchase and sale agreements does not purport to be complete and is qualified in its entirety by reference to the purchase and sale agreements, copies of which were filed as Exhibits to the Current Report on Form 8-K filed on October 3, 2013. 





ITEM 9.01.     Financial Statements and Exhibits.
(b)    Pro Forma Financial Information.
The following pro forma financial statements reflecting the disposition of the properties included in all four of the purchase and sale agreements listed above are attached as Exhibit 99.1:
1.
WRIT Unaudited Pro Forma Consolidated Balance Sheet as of September 30, 2013.
2.
WRIT Unaudited Pro Forma Condensed Consolidated Statements of Income for the years ended December 31, 2012, 2011 and 2010.
(d)    Exhibits
The following exhibits are furnished with this report on Form 8-K:
Exhibit Number
 
Description
 
 
 
99.1
 
Unaudited pro forma condensed consolidated financial statements of Washington Real Estate Investment Trust
99.2
 
Press release issued November 25, 2013 regarding the completion of the sale of the first phase of the medical office portfolio





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
 
 
WASHINGTON REAL ESTATE INVESTMENT TRUST
 
 
 
 
(Registrant)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By:
/s/ Laura M. Franklin
 
 
 
 
 
 
(Signature)
 
 
 
 
 
 
 
 
 
 
 
 
 
Laura M. Franklin
 
 
 
 
 
 
Executive Vice President
 
 
 
 
 
Accounting, Administration and Corporate Secretary
 
 
 
 
 
 
 
 
 
November 26, 2013
 
 
 
 
 
 
(Date)
 
 
 
 
 





EXHIBIT INDEX
Exhibit Number
 
Description
 
 
 
99.1
 
Unaudited pro forma condensed consolidated financial statements of Washington Real Estate Investment Trust
99.2
 
Press release issued November 25, 2013 regarding the completion of the sale of the first phase of the medical office portfolio



 EX-99.1 2 a2013medicalofficesaleprof.htm EXHIBIT 99.1 2013 Medical Office Sale Pro Forma
Exhibit 99.1

WASHINGTON REAL ESTATE INVESTMENT TRUST
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 2013
(IN THOUSANDS, EXCEPT PER SHARE DATA)
 
WRIT
 
Disposition Group
 
 
Pro Forma
Assets
 
 
 
 
 
 
Land
$
418,008

 
 
 
 
$
418,008

Income producing property
1,624,617

 
 
 
 
1,624,617

 
2,042,625

 
 
 
 
2,042,625

Accumulated depreciation and amortization
(548,549
)
 
 
 
 
(548,549
)
Net income producing property
1,494,076

 
 
 
 
1,494,076

Properties under development or held for future development
55,580

 
 
 
 
55,580

Total real estate held for investment, net
1,549,656

 
 
 
 
1,549,656

Investment in real estate sold or held for sale, net
346,157

 
$
(346,157
)
 
(a)
—

Cash and cash equivalents
7,923

 
460,745

 
(b)
468,668

Restricted cash
7,547

 
 
 
 
7,547

Rents and other receivables, net of allowance for doubtful accounts
48,619

 
 
 
 
48,619

Prepaid expenses and other assets
110,116

 
 
 
 
110,116

Other assets related to properties sold or held for sale
18,337

 
(18,337
)
 
(a)
—

Total assets
$
2,088,355

 
$
96,251

 
 
$
2,184,606

Liabilities
 
 
 
 
 
 
Notes payable
$
846,576

 
 
 
 
$
846,576

Mortgage notes payable
290,838

 
 
 
 
290,838

Lines of credit
85,000

 
 
 
 
85,000

Accounts payable and other liabilities
57,116

 
 
 
 
57,116

Advance rents
11,749

 
 
 
 
11,749

Tenant security deposits
7,639

 
 
 
 
7,639

Liabilities related to properties sold or held for sale
31,275

 
$
(23,467
)
 
(c)
—

 
 
 
(7,808
)
 
(a)
 
Total liabilities
1,330,193

 
(31,275
)
 
 
1,298,918

Equity
 
 
 
 
 
 
Shareholders’ equity
 
 
 
 
 
 
Preferred shares; $0.01 par value; 10,000 shares authorized
—

 
 
 
 
—

Shares of beneficial interest, $0.01 par value; 100,000 shares authorized
665

 
 
 
 
665

Additional paid in capital
1,148,837

 
 
 
 
1,148,837

Distributions in excess of net income
(395,816
)
 
132,016

 
(d)
(266,506
)
 
 
 
(2,706
)
 
(e)
 
Total shareholders’ equity
753,686

 
129,310

 
 
882,996

Noncontrolling interests in subsidiaries
4,476

 
(1,784
)
 
(f)
2,692

Total equity
758,162

 
127,526

 
 
885,688

Total liabilities and shareholders’ equity
$
2,088,355

 
$
96,251

 
 
$
2,184,606


See accompanying notes to the pro forma condensed consolidated financial statements.



WASHINGTON REAL ESTATE INVESTMENT TRUST
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2012
(IN THOUSANDS, EXCEPT PER SHARE DATA)

 
WRIT
 
Disposition Group
 
 
Pro Forma
Revenue
 
 
 
 
 
 
Real estate rental revenue
$
304,983

 
$
(50,189
)
 
(g)
$
254,794

Expenses
 
 
 
 
 
 
Real estate expenses
103,276

 
(16,731
)
 
(g)
86,545

Depreciation and amortization
103,067

 
(17,960
)
 
(g)
85,107

Acquisition costs
234

 
—

 
 
234

Real estate impairment
2,097

 
(2,097
)
 
(h), (g)
—

General and administrative
15,488

 
—

 
 
15,488

 
224,162

 
(36,788
)
 
 
187,374

Real estate operating income
80,821

 
(13,401
)
 
 
67,420

Other income (expense)
 
 
 
 
 
 
Interest expense
(64,697
)
 
4,070

 
(c), (g)
(60,627
)
Other income
975

 
—

 
 
975

 
(63,722
)
 
4,070

 
 
(59,652
)
Income from continuing operations
17,099

 
(9,331
)
 
 
7,768

Less: Income from continuing operations attributable to noncontrolling interests
—

 
—

 
 
—

Income from continuing operations attributable to the controlling interests
$
17,099

 
$
(9,331
)
 
 
$
7,768

Income from continuing operations attributable to the controlling interests per share:
 
 
 
 
 
 
Basic
$
0.25

 
 
 
 
$
0.11

Diluted
$
0.25

 
 
 
 
$
0.11

Weighted average shares outstanding - basic
66,239

 
 
 
 
66,239

Weighted average shares outstanding - diluted
66,376

 
 
 
 
66,376


See accompanying notes to the pro forma condensed consolidated financial statements.




WASHINGTON REAL ESTATE INVESTMENT TRUST
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2011
(IN THOUSANDS, EXCEPT PER SHARE DATA)

 
WRIT
 
Disposition Group
 
 
Pro Forma
Revenue
 
 
 
 
 
 
Real estate rental revenue
$
284,156

 
$
(49,423
)
 
(g)
$
234,733

Expenses
 
 
 
 
 
 
Real estate expenses
95,342

 
(15,718
)
 
(g)
79,624

Depreciation and amortization
91,805

 
(17,402
)
 
(g)
74,403

Acquisition costs
3,607

 
—

 
 
3,607

Real estate impairment
14,526

 
—

 
 
14,526

General and administrative
15,728

 
—

 
 
15,728

 
221,008

 
(33,120
)
 
 
187,888

Real estate operating income
63,148

 
(16,303
)
 
 
46,845

Other income (expense)
 
 
 
 
 
 
Interest expense
(66,214
)
 
4,812

 
(c), (g)
(61,402
)
Other income
1,144

 
—

 
 
1,144

Loss on extinguishment of debt
(976
)
 
—

 
 
(976
)
 
(66,046
)
 
4,812

 
 
(61,234
)
Loss from continuing operations
(2,898
)
 
(11,491
)
 
 
(14,389
)
Less: Income from continuing operations attributable to noncontrolling interests
—

 
—

 
 
—

Loss from continuing operations attributable to the controlling interests
$
(2,898
)
 
$
(11,491
)
 
 
$
(14,389
)
Loss from continuing operations attributable to the controlling interests per share:
 
 
 
 
 
 
Basic
$
(0.04
)
 
 
 
 
$
(0.22
)
Diluted
$
(0.04
)
 
 
 
 
$
(0.22
)
Weighted average shares outstanding - basic
65,982

 
 
 
 
65,982

Weighted average shares outstanding - diluted
65,982

 
 
 
 
65,982


See accompanying notes to the pro forma condensed consolidated financial statements.




WASHINGTON REAL ESTATE INVESTMENT TRUST
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2010
(IN THOUSANDS, EXCEPT PER SHARE DATA)

 
WRIT
 
Disposition Group
 
 
Pro Forma
Revenue
 
 
 
 
 
 
Real estate rental revenue
$
253,127

 
$
(48,908
)
 
(g)
$
204,219

Expenses
 
 
 
 
 
 
Real estate expenses
84,745

 
(16,055
)
 
(g)
68,690

Depreciation and amortization
78,483

 
(17,462
)
 
(g)
61,021

Acquisition costs
1,161

 
—

 
 
1,161

Real estate impairment
—

 
 
 
 
—

General and administrative
14,406

 
—

 
 
14,406

 
178,795

 
(33,517
)
 
 
145,278

Real estate operating income
74,332

 
(15,391
)
 
 
58,941

Other income (expense)
 
 
 
 
 
 
Interest expense
(66,965
)
 
5,126

 
(c), (g)
(61,839
)
Other income
1,193

 
—

 
 
1,193

Gain from non-disposal activities
7

 
—

 
 
7

Loss on extinguishment of debt
(9,176
)
 
—

 
 
(9,176
)
 
(74,941
)
 
5,126

 
 
(69,815
)
Loss from continuing operations
(609
)
 
(10,265
)
 
 
(10,874
)
Less: Income from continuing operations attributable to noncontrolling interests
—

 
—

 
 
—

Loss from continuing operations attributable to the controlling interests
$
(609
)
 
$
(10,265
)
 
 
$
(10,874
)
Loss from continuing operations attributable to the controlling interests per share:
 
 
 
 
 
 
Basic
$
(0.01
)
 
 
 
 
$
(0.17
)
Diluted
$
(0.01
)
 
 
 
 
$
(0.17
)
Weighted average shares outstanding - basic
62,140

 
 
 
 
62,140

Weighted average shares outstanding - diluted
62,140

 
 
 
 
62,140


See accompanying notes to the pro forma condensed consolidated financial statements.




WASHINGTON REAL ESTATE INVESTMENT TRUST
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2013

Note 1: Basis of Presentation
The accompanying unaudited pro forma consolidated balance sheet at September 30, 2013 of Washington Real Estate Investment Trust (“WRIT”) gives effect to the disposition of WRIT’s entire medical office segment and two office properties as if they had occurred on September 30, 2013.
The accompanying unaudited pro forma condensed consolidated statements of income for the years ended December 31, 2012, 2011 and 2010 give effect to the disposition of WRIT’s entire medical office segment and two office properties as if these dispositions had occurred on January 1, 2010.
This unaudited pro forma condensed consolidated financial information is not necessarily indicative of what WRIT’s actual results of operations or financial position would have been had these transactions been consummated on the dates indicated, nor does it purport to represent WRIT’s results of operations or financial position for any future period. The pro forma results of operations for the periods ended December 31, 2012, 2011 and 2010 are not necessarily indicative of the operating results for these periods.
The unaudited condensed consolidated pro forma financial information should be read in conjunction with the consolidated financial statements and notes thereto included in WRIT’s Annual Report on Form 10-K for the year ended December 31, 2012 and WRIT’s Quarterly Report on Form 10-Q for the period ended September 30, 2013. In management’s opinion, all adjustments necessary to reflect these dispositions and related transactions have been made.
Note 2: Description of Transactions
On September 27, 2013, WRIT entered into four separate purchase and sale agreements with Harrison Street Real Estate Capital, LLC to effectuate the sale of WRIT’s entire medical office portfolio and two office assets (collectively, the "Disposition Group")encompassing in total approximately 1.5 million square feet. The sales prices under the four agreements aggregate to $500.8 million.

WRIT closed on Purchase and Sale Agreements #1 and #2 on November 21, 2013 (except for Woodholme Medical Office Building, which closed on November 22, 2013). WRIT had three mortgage notes secured by properties included in Purchase and Sale Agreement #1 (Woodholme Medical Office Building and Ashburn Farm Office Park I and III). WRIT extinguished the mortgage notes secured by Ashburn Farm Office Park I and III on November 21, 2013 and the mortgage note secured by Woodholme Medical Office Building on November 22, 2013. The costs and prepayment penalties related to these transactions totaled $2.7 million. WRIT expects to settle on Purchase and Sale Agreements #3 and #4 by January 31, 2014.

The properties, purchase prices and actual/projected closing dates under each of the purchase and sale agreements are as follows:
Purchase and Sale Agreement #1 ($303.4 million; closed on November 21, 2013 except for Woodholme Medical Office Building, which closed on November 22, 2013):
 
1.
2440 M Street
 
2.
Alexandria Professional Center
 
3.
8301 Arlington Boulevard
 
4.
6565 Arlington Boulevard
 
5.
Ashburn Farm Office Park I
 
6.
Ashburn Farm Office Park II
 
7.
Ashburn Farm Office Park III
 
8.
CentreMed I and II
 
9.
Sterling Medical Office Building
 
10.
19500 at Riverside Office Park (formerly Lansdowne Medical Office Building)
 
11.
Shady Grove Medical Village II
 
12.
9707 Medical Center Drive
 
13.
15001 Shady Grove Road
 
14.
15005 Shady Grove Road
 
15.
Woodholme Center
 
16.
Woodholme Medical Office Building



Purchase and Sale Agreement #2 ($3.8 million; closed on November 21, 2013):
 
1.
4661 Kenmore Avenue (undeveloped land)
Purchase and Sale Agreement #3 ($79.0 million; expected to close by January 31, 2014):
 
1.
Woodburn Medical Park I
 
2.
Woodburn Medical Park II
Purchase and Sale Agreement #4 ($114.6 million; expected to close by January 31, 2014):
 
1.
Prosperity Medical Center I and II
 
2.
Prosperity Medical Center III
Note 3: Unaudited Pro Forma Adjustments to Condensed Consolidated Financial Statements
(a) Reflects the elimination of assets and liabilities associated with the Disposition Group, as defined in note 2.
(b) Reflects the estimated net sales proceeds for the Disposition Group.
(c) Reflects the elimination of mortgage notes and related accrued interest secured by Woodholme Medical Office Building, Ashburn Farm Office Park I and Ashburn Farm Office Park III, and interest expense associated with mortgage notes secured by Woodholme Medical Office Building, Ashburn Farm Office Park I and III (see note 2).
(d) Reflects the estimated gain on sale of real estate for the Disposition Group.
(e) Reflects the estimated loss on extinguishment of debt for the mortgage notes secured by Woodholme Medical Office Building, Ashburn Farm Office Park I and III (see note 2).
(f) Reflects the elimination of noncontrolling interests related to an operating partnership agreement with a member of the entity that previously owned the undeveloped land at 4661 Kenmore Avenue.
(g) Reflects the elimination of income and expenses associated with the Disposition Group.
(h) Reflects the elimination of real estate impairment associated with 4661 Kenmore Avenue.


EX-99.2 3 a2013mobsalepressrelease.htm EXHIBIT 99.2 2013 MOB Sale Press Release


Exhibit 99.2
NEWS RELEASE
CONTACT:
 
6110 Executive Blvd., Suite 800
William T. Camp
Rockville, Maryland 20852
Executive Vice President and
Tel 301-984-9400
Chief Financial Officer
Fax 301-984-9610
E-Mail: bcamp@writ.com
www.writ.com
 
 
 
 
November 25, 2013
WASHINGTON REAL ESTATE INVESTMENT TRUST COMPLETES SALES OF
FIRST PHASE OF MEDICAL OFFICE PORTFOLIO FOR $307.2 MILLION

Washington Real Estate Investment Trust (WRIT) (NYSE: WRE), a leading owner of commercial and multifamily properties in the Washington, DC area, has completed two separate sale transactions comprising approximately 877,000 square feet of its medical office portfolio in addition to two office assets (both of which have significant medical office tenancy) totaling approximately 216,000 square feet. The aggregate sale proceeds for the two transactions were $307.2 million, or $281 per square foot.

The first sale transaction included 2440 M Street, Alexandria Professional Center, Woodholme Medical Office Building, 9850 Key West Avenue, 15001 Shady Grove Road, 15005 Shady Grove Road, 6565 Arlington Boulevard, 19500 at Riverside Office Park, 9707 Medical Center Drive, Woodholme Center, CentreMed I & II, Ashburn Farm I, II and III, 8301 Arlington Boulevard and Sterling Medical Office Building. The second transaction included 4661 Kenmore Avenue, a land parcel that is being utilized as off-site/overflow parking for one of the medical office buildings, Alexandria Professional Center, located in Alexandria, Virginia. The sole buyer in these transactions is Harrison Street Real Estate Capital, LLC.

As previously announced, WRIT’s remaining medical office properties are also under two additional contracts with Harrison Street Real Estate Capital, LLC and are projected to close as follows: Woodburn I & II on or about January 31, 2014 for approximately $79 million, and Prosperity I, II and III on or about January 31, 2014 for approximately $114.6 million.

“As planned, the structure of this large transaction has provided WRIT the flexibility to redeploy the sales proceeds into assets that are aligned with our current strategy. We look forward to executing the two remaining medical office sales transactions in the next few months,” said Paul T. McDermott, President and Chief Executive Officer of WRIT.

About WRIT
 
WRIT is a self-administered, self-managed, equity real estate investment trust investing in income-producing properties in the greater Washington metro region. WRIT owns a diversified portfolio of 56 properties totaling approximately 7 million square feet of commercial space and 2,675 multifamily units, and land held for development. These 56 properties consist of 23 office properties, 5 medical office properties, 16 retail centers and 12 multifamily properties. WRIT shares are publicly traded on the New York Stock Exchange (NYSE:WRE).

Certain statements in our earnings release and on our conference call are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. Such risks, uncertainties and other factors include, but are not limited to, the potential for federal government budget reductions, changes in general and local economic and real estate market conditions, the timing and pricing of lease transactions, the timing of the closings on the sale of the remaining assets in the medical office portfolio, the availability and cost of capital, fluctuations in interest rates, tenants' financial conditions, levels of competition, the effect of government regulation, the impact of newly adopted accounting principles, and other risks and uncertainties detailed from time to time in our filings with the




SEC, including our 2012 Form 10-K and third quarter 2013 Form 10-Q. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.


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