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VOL. 131 | NO. 88 | Tuesday, May 3, 2016

Daily Digest

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International Paper Buys Weyerhaeuser Pulp Business

Memphis-based International Paper Co. announced Monday, May 2, it has bought the pulp business of Weyerhaeuser.

The assets in the $2.2 billion deal are five pulp mills and two converting facilities to produce fluff pulp, softwood pulp and specialty pulp. The pulp is used in the production of tissues and textiles as well as diapers and other hygiene products.

The dollar figure includes a $300 million tax benefit, making it a $1.9 billion net price deal factoring in that amount.

International Paper hopes to have regulatory approval and close on the deal in the fourth quarter.

Weyerhaeuser has a 1,900-employee workforce in its pulp business across the U.S., Canada and Poland.

“This transaction will position us as the premier global supplier of fluff pulp and will enhance our ability to generate additional free cash flow,” said IP chairman and CEO Mark Sutton in a written statement.

– Bill Dries

Fogelman Properties Expands in Atlanta

Memphis-based Fogelman Properties has acquired a 312-unit apartment community in Norcross, Ga.

Fogelman purchased the Grove Point Apartments in a joint venture with Dallas-based Thackeray Partners. This is the second Atlanta-area acquisition for the Fogelman/Thackeray partnership following the 2015 purchase of the 196-unit Hamptons at East Cobb property.

Fogelman Management Group will manage the Grove Point Apartments. The company’s Atlanta portfolio includes 15 multifamily communities totaling over 3,400 apartment homes.

– Madeline Faber

Multiple Memphis Tigers to Be in NFL Camps

Former University of Memphis quarterback Paxton Lynch was the headliner, as expected, being drafted by the Denver Broncos in the first round and 26th overall.

But other players reached free agent deals with clubs after the draft concluded. Two players, tight end Alan Cross and offensive lineman Taylor Fallin, latched on with Tampa Bay.

Wide receiver Mose Frazier is following Lynch to Denver, wide receiver Tevin Jones was headed to the Houston Texans, offensive lineman Ryan Mack to the Dallas Cowboys, and linebacker Leonard Pegues to the New Orleans Saints.

Cross, Frazier and Jones all began their Memphis careers as walk-ons.

– Don Wade

Metropolitan Bank Sees Strong First-Quarter Results

Metropolitan Bank earned a $1.5 million profit in the first quarter.

The bank’s net income for the quarter ended March 31 represented an annualized increase of 22 percent compared to the same quarter in 2015. Earnings per share were 20 cents for the quarter, up from 19 cents a year ago.

In other highlights, net operating revenue increased 10 percent year over year. And gross loan production for the first quarter was about $110.3 million, up from $82.3 million during the first quarter of 2015 – a 34 percent increase.

Total deposits also grew 14 percent during the quarter.

– Andy Meek

Trustmark Bank Pursuing Share Buyback Program

The parent company of Trustmark Bank earned $27 million in net income in the first quarter.

On the heels of its earnings announcement, Trustmark’s board also declared a quarterly cash dividend of $0.23 per share, payable June 15.

Among the quarter’s highlights, the bank also got authority to pursue a discretionary $100 million common share buyback program through March 31, 2019. Trustmark president and CEO Gerard Host said the bank views the share repurchase program as “another capital management alternative, in addition to loan growth, acquisitions and a consistent dividend.”

Revenue, excluding acquired loans, also increased 5.1 percent year over year to total $131 million during the quarter.

– Andy Meek

Dallas Firm Buys Warehouse for $7.5 Million

A warehouse near McKellar Lake has sold for $7.5 million.

W.M. Barr & Co., Inc. sold the property at 2170 Buoy St. to STORE Master Funding X, an entity of Dallas-based investment firm Argenta Partners, in an April 11 warranty deed.

The 161,402-square-foot property was built in 1973, according to the Shelby County Assessor of Property. It was most recently appraised at $2 million.

In conjunction with the sale, STORE Master Funding X filed a $7.5 million mortgage on the property through CitiBank N.A.

– Madeline Faber

EdR Reports Q1 Net Income of $16.7M

Memphis-based EdR earned $16.7 million in net income, or 26 cents per diluted share, in the first quarter, the company announced Monday, May 2. That compares with net income of $6.9 million, or 14 cents per diluted share, during first quarter 2015.

EdR, which is one of the nation’s largest developers, owners and managers of collegiate housing communities, reported its same-community net operating income increased 8.5 percent for the quarter, on a 4 percent increase in revenue and a 2.9 percent drop in operating expenses.

During Q1, EdR acquired one community and entered into binding agreements for the acquisition of four additional communities that are expected to close during the second and third quarters . The five communities, comprising a total of 1,645 beds, will be acquired for an aggregate purchase price of $284 million.

Among its other highlights, the company sold a community near Duke University for $52.4 million in net proceeds; was awarded a 550-bed on-campus development at Southeastern Louisiana University; entered into an agreement to develop a 475-bed community adjacent to Oklahoma State; broke ground on a 656-bed development at Boise State; and accelerated its delivery date for a 207-bed community at Virginia Tech from August 2017 to this August.

– Kate Simone

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
FORECLOSURE NOTICES 8 52 151
BUILDING PERMITS 158 699 2,751
BANKRUPTCIES 37 157 618
BUSINESS LICENSES 12 77 276
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0