Click here to close now.



Welcome!

Microsoft Cloud Authors: Jayaram Krishnaswamy, Dana Gardner, David Bermingham, Pat Romanski, Adine Deford

News Feed Item

Crombie REIT reports solid third quarter 2012 results

STELLARTON, NS, Nov. 13, 2012 /CNW/ - Crombie Real Estate Investment Trust ("Crombie") (TSX: CRR.UN) is pleased to report its results for the third quarter ended September 30, 2012.

2012 Highlights

  • Funds from operations ("FFO") for the quarter ended September 30, 2012 was $0.25 per unit (payout ratio 90.7%) compared to $0.27 per unit (payout ratio 84.2%) for the same period in 2011. Excluding the impact of the approximately $3.0 million expense relating to the Refinanced Mortgages (see Finance Costs - Operations below), FFO for the quarter ended September 30, 2012 would have been $0.28 (payout ratio 79.5%).
  • FFO for the nine months ended September 30, 2012 was $0.78 per unit (payout ratio 87.2%) compared to $0.82 per unit (payout ratio 81.7%) for the same period in 2011. Excluding the approximately $3.0 million Refinanced Mortgages impact, FFO for the nine months ended September 30, 2012 would have been $0.81 (payout ratio 83.3%).
  • Adjusted funds from operations ("AFFO") for the quarter ended September 30, 2012 was $0.21 per unit (payout ratio 106.1%) compared to $0.22 per unit (payout ratio 101.9%) for the same period in 2011. Excluding the impact of the approximately $3.0 million expense relating to the Refinanced Mortgages, AFFO for the quarter ended September 30, 2012 would have been $0.24 (payout ratio 94.3%).
  • AFFO for the nine months ended September 30, 2012 was $0.65 per unit (payout ratio 103.9%) compared to $0.65 per unit (payout ratio 102.7%) for the same period in 2011. Excluding the approximately $3.0 million Refinanced Mortgages impact, AFFO for the nine months ended September 30, 2012 would have been $0.68 (payout ratio 99.6%).
  • Crombie completed the acquisition of two properties in the quarter ended September 30, 2012 totalling $29.6 million; 30 retail properties totalling $340.8 million have been acquired year to date which increases total assets in excess of $2.0 billion.
  • Property revenue for the quarter ended September 30, 2012 of $64.5 million; an increase of $9.7 million or 17.7% over the $54.8 million for the quarter ended September 30, 2011.
  • Same-asset cash net operating income ("NOI") for the quarter ended September 30, 2012 of $33.3 million; an increase of $1.5 million or 4.7%, compared to $31.8 million for the quarter ended September 30, 2011 and for the nine months ended September 30, 2012, same-asset cash NOI of $99.2 million; an increase of $2.5 million or 2.5% over the same period in 2011.
  • Occupancy on a committed basis was 93.5% at September 30, 2012 compared with 93.5% at June 30, 2012, and 94.7% at December 31, 2011.  Actual occupied space at September 30, 2012 was 92.2% compared with 91.8% at June 30, 2012, and 93.3% at December 31, 2011.
  • Crombie completed leasing activity on 864,000 square feet of GLA during the nine months ended September 30, 2012, which represents approximately 83.8% of its 2012 expiring lease square footage.
  • Crombie's 2012 leasing activity included lease renewals during the first nine months on 371,000 square feet at an average rate of $14.27 per square foot; an increase of 8.3% over the expiring lease rate. Crombie's new leasing activity during the first nine months was completed at an average rate of $13.24 per square foot.

Commenting on the third quarter results, Donald E. Clow, FCA, President and Chief Executive Officer stated: "The refinancing of a portfolio of mortgages on 23 properties in September is a tremendous win for Crombie and its stakeholders. While expenses of $3.0 million were realized in the quarter, the payback on this transaction is short and significant. At current interest rates, the interest savings in less than one year should offset the costs incurred. The immediate remortgaging of these properties in the coming few quarters should provide additional funds to further our continued development, redevelopment and property acquisitions. Our strong year to date acquisitions growth is aligned with our strategy to increase our pace of high quality growth and national geographic diversification while maintaining ample liquidity and financial flexibility in these uncertain global economic times. We continue to focus on building a national portfolio of primarily grocery and drug anchored retail centres supported  by a strong national real estate platform."

The table below presents a summary of financial performance for the quarter and nine months ended September 30, 2012 compared to the same period in fiscal 2011.

 
(In millions of CAD dollars, except per unit amounts) Three months
ended
Sep. 30, 2012
Three months
ended
Sep. 30, 2011
Nine months
ended
Sep. 30, 2012
Nine months
ended
Sep. 30, 2011
Property revenue $64.459 $54.781 $187.552 $167.456
Property operating expenses 21.731 19.611 67.368 61.674
Property NOI 42.728 35.170 120.184 105.782
NOI margin percentage 66.3% 64.2% 64.1% 63.2%
Other items:        
  Lease terminations 0.273 -- 0.386 0.163
  Depreciation and amortization (12.200) (7.718) (32.077) (23.085)
  General and administrative expenses (3.105) (2.487) (9.213) (7.848)
Operating income before finance costs and income taxes 27.696 24.965 79.280 75.012
Finance costs - operations (20.285) (16.075) (52.770) (47.170)
Operating income before income taxes 7.411 8.890 26.510 27.842
Taxes - deferred 0.500 0.200 1.400 (0.300)
Operating income attributable to Unitholders 7.911 9.090 27.910 27.542
Finance costs - distributions to Unitholders (19.343) (15.132) (55.270) (44.753)
Decrease in net assets attributable to Unitholders $(11.432) $(6.042) $(27.360) $(17.211)
         
Operating income attributable to Unitholders per Unit,
Basic and Diluted
$0.09 $0.13 $0.34 $0.41
 
 
Property NOI - Cash Basis
(In millions of CAD dollars) Three months
ended
Sep. 30, 2012
Three months
ended
Sep. 30, 2011
Nine months
ended
Sep. 30, 2012
Nine months
ended
Sep. 30, 2011
Property NOI $42.728 $35.170 $120.184 $105.782
Non-cash tenant incentive amortization 1.727 1.369 4.799 3.836
Non-cash straight-line rent (1.249) (0.800) (3.564) (2.615)
Property cash NOI 43.206 35.739 121.419 107.003
Acquisition, disposition and redevelopment property cash NOI 9.850 3.895 22.179 10.216
Same-asset property cash NOI $33.356 $31.844 $99.240 $96.787

Property NOI, on a cash basis, excludes straight-line rent recognition and tenant incentive amortization amounts. The 4.7% and 2.5% increases in same-asset cash NOI for the quarter ended and nine months ended September 30, 2012 respectively are primarily the result of increased average rent per square foot from leasing activity during the past 12 months, completed land use intensification development projects and improved recovery rates.

Crombie believes that cash NOI is a better measure of AFFO sustainability and same-asset property performance.

Same-Asset Property NOI        
 
(In millions of CAD dollars)
Three months
ended
Sep. 30, 2012
Three months
ended
Sep. 30, 2011
Nine months
ended
Sep. 30, 2012
Nine months
ended
Sep. 30, 2011
Same-asset property revenue $50.355 $48.468 $152.704 $149.229
Same-asset property operating expenses 17.483 16.969 54.588 53.128
Same-asset property NOI $32.872 $31.499 $98.116 $96.101
Same-asset NOI margin % 65.3% 65.0% 64.3% 64.4%

Same-asset property NOI for the quarter grew 4.4% over Q3 of 2011.  Same-asset property revenue of $50.4 million for the quarter ended September 30, 2012 increased by 3.9% compared to the same quarter in 2011.  Same-asset property revenue of $152.7 million for the nine months ended September 30, 2012 was 2.3% higher than the nine months ended September 30, 2011 due to increased base rent driven by lease renewal activity, completed land use intensification development projects at several properties and recoveries as a result of higher recoverable property expenses.

Same-asset property operating expenses of $17.5 million for the quarter ended September 30, 2012 were 3.0% higher than the quarter ended September 30, 2011 due primarily to higher recoverable property expenses. Same-asset property expenses of $54.6 million for the nine months ended September 30, 2012 increased by 2.7% from the nine months ended September 30, 2011 due primarily to higher recoverable property expenses.

Acquisition, Disposition and Redevelopment Property NOI
(In millions of CAD dollars) Three months
ended
Sep. 30, 2012
Three months
ended
Sep. 30, 2011
Nine months
ended
Sep. 30, 2012
Nine months
ended
Sep. 30, 2011
Property revenue $14.104 $6.313 $34.848 $18.227
Property operating expenses 4.248 2.642 12.780 8.546
Property NOI $9.856 $3.671 $22.068 $9.681
NOI margin % 69.9% 58.1% 63.3% 53.1%

For the quarter ended and nine months ended September 30, 2012, the acquisition, disposition and redevelopment property results have significantly increased over the same periods in 2011.  The growth is impacted by the significant acquisition activity during 2011 and 2012 as well as the increased focus on property redevelopment over that same period.

General and Administrative Expenses

General and administrative expenses for the quarter ended September 30, 2012 increased by 0.3% from 4.5% to 4.8% as a percentage of property revenue, when compared to the same period in 2011.  Salaries and benefits increased due to the hiring of additional staff related to continued growth and higher incentive payments.  Other increases are primarily due to higher travel costs, training and development and increased public company costs.

General and administrative expenses as a percentage of property revenue increased by 0.2% from 4.7% to 4.9% as a percentage of revenue for the nine months ended September 30, 2012 when compared to the same period in 2011.  Salaries and benefits increased due to the hiring of additional staff related to continued growth and higher incentive payments.  Other increases are primarily due to higher travel costs, training and development, increased public company costs and costs associated with due diligence on potential property acquisitions.

Finance Costs - Operations
 
(In millions of CAD dollars)
Three months ended
Sep. 30, 2012
Three months ended
Sep. 30, 2011
Nine months ended
Sep. 30, 2012
Nine months ended
Sep. 30, 2011
Same-asset finance costs(1) $12.324 $12.723 $35.913 $38.251
Acquisition, disposition and redevelopment finance costs 3.752 1.324 8.994 3.303
Amortization of effective swaps and deferred financing charges(1) 4.209 2.028 7.863 5.616
Finance costs - operations $20.285 $16.075 $52.770 $47.170

(1)  In September 2012, Crombie assigned a portfolio of mortgages on 23 investment properties (the "Refinanced Mortgages") to a new lender. Concurrent with the assignment of the mortgages to the new lender, Crombie renegotiated the terms of the debt, refinancing them with a 30 month floating rate term credit facility. Included in finance costs for the quarter are expenses of approximately $3.0 million associated with this transaction (approximately $1.5 million in cash costs related to legal fees, term loan set up fees and a repayment fee paid to the mortgage lender are included in same-asset finance costs and approximately $1.5 million representing the unamortized balance of deferred financing and other costs previously paid in respect of the 2008 mortgage financing are included in Amortization of effective swaps and deferred financing charges). The mortgages, with a weighted average interest rate of 5.91% and terms to maturity from 2013 to 2017, totalled $92.4 million, while the floating rate term credit facility of $92.7 million had an interest rate of 3.07% at September 30, 2012. The floating rate is based on Bankers' Acceptance rates plus a spread or Prime Rates plus a spread.

Excluding the additional costs associated with the Refinanced Mortgages, same-asset finance costs for the nine months ended September 30, 2012 would have decreased by approximately $3.8 million compared to the nine months ended September 30, 2011 and same-asset finance costs for the three months ended September 30, 2012 would have decreased by approximately $1.9 million compared to the three months ended September 30, 2011.  The savings are primarily due to greater utilization of lower cost floating rate debt, mortgage refinancings and interest savings from conversions of Convertible Debentures.  Growth in acquisition, disposition and redevelopment finance costs is consistent with Crombie's significant acquisition activity in 2012 and 2011.

FFO and AFFO

Crombie's FFO and AFFO had the following results for the third quarter ended September 30, 2012 and 2011:

         
  Three months ended
Sep. 30,
Variance
(In millions of CAD dollars, except per unit amounts) 2012 2011 $ %
FFO $21.338  $17.977    $3.361 18.7%
FFO Per Unit - Basic $0.25 $0.27 $(0.02)      (7.4)%
FFO Per Unit - Diluted $0.24 $0.26 $(0.02)      (7.7)%
FFO Payout ratio 90.7% 84.2%   (6.5)%
Excluding the impact of $3.0 million of costs on Refinanced Mortgages:(1)
 

 

 

 

FFO Per Unit - Basic $0.28 $0.27 $0.01 3.7%

FFO Per Unit - Diluted $0.27 $0.26 $0.01 3.8%

FFO Payout ratio 79.5% 84.2%   4.7%
         
AFFO $18.237 $14.851 $3.386 22.8%
AFFO Per Unit - Basic $0.21 $0.22 $(0.01) (4.5)%
AFFO Per Unit - Diluted $0.21 $0.22 $(0.01) (4.5)%
AFFO Payout ratio 106.1% 101.9%   (4.2)%
Excluding the impact of $3.0 million of costs on Refinanced Mortgages:(1)        
  AFFO Per Unit - Basic $0.24 $0.22 $0.02 9.1%
  AFFO Per Unit - Diluted $0.23 $0.22 $0.01 4.5%
  AFFO Payout ratio 94.3% 101.9%   7.6%
(1) During the third quarter of 2012, Crombie refinanced $92.4 million of mortgages with a floating rate term credit facility.  Refinancing expenses of approximately $3.0 million were incurred.

The increase in FFO for the quarter ended September 30, 2012 was primarily due to the significant acquisition activity during 2011 and 2012.

AFFO for the quarter ended September 30, 2012 was $18.2 million, an increase of $3.4 million or 22.8% over the same period in 2011, due primarily to the improved FFO results as previously discussed.

     
  Nine months ended
Sep. 30,
Variance
(In millions of CAD dollars, except per unit amounts) 2012 2011    $ %
FFO $63.386  $54.763   $8.623 15.7%
FFO Per Unit - Basic $0.78 $0.82 $(0.04)      (4.9)%
FFO Per Unit - Diluted $0.76 $0.78 $(0.02)     (2.6)%
FFO Payout ratio 87.2% 81.7%   (5.5)%
Excluding the impact of $3.0 million of costs on Refinanced Mortgages:(1)        
  FFO Per Unit - Basic $0.81 $0.82 $(0.01) (1.2)%
  FFO Per Unit - Diluted $0.79 $0.78 $0.01 1.3%
  FFO Payout ratio 83.3% 81.7%   (1.6)%
         
AFFO $53.198 $43.566 $9.632 22.1%
AFFO Per Unit - Basic $0.65 $0.65 -- --
AFFO Per Unit - Diluted $0.64 $0.64 -- --
AFFO Payout ratio 103.9% 102.7%   (1.2)%
Excluding the impact of $3.0 million of costs on Refinanced Mortgages:(1)        
  AFFO Per Unit - Basic $0.68 $0.65 $0.03 4.6%
  AFFO Per Unit - Diluted $0.67 $0.64 $0.03 4.7%
  AFFO Payout ratio 99.6% 102.7%   3.1%
(1) During the third quarter of 2012, Crombie refinanced $92.4 million of mortgages with a floating rate term credit facility.  Refinancing expenses of approximately $3.0 million were incurred.

The increase in FFO for the nine months ended September 30, 2012 was due primarily to significant acquisition activity which resulted in improved NOI results offset in part by increased operations finance costs related to the acquisitions.

AFFO for the nine months ended September 30, 2012 was $53.2 million, an increase of $9.6 million or 22.1% over the same period in 2011, due primarily to the improved FFO results and the unfavourable swap agreement settlement of $1.7 million in the nine months ended September 30, 2011.

Liquidity and Financings

Crombie's objectives when managing its capital structure are to optimize weighted average cost of capital; maintain financial flexibility through access to long-term debt and equity markets; and maintain ample liquidity. In pursuit of these objectives, Crombie utilizes staggered debt maturities, optimizes its ongoing exposure to floating rate debt, pursues a range of fixed rate secured and unsecured debt and maintains sustainable payout ratios. Crombie has an authorized floating rate revolving credit facility of up to $200 million, subject to available borrowing base of which $62.6 million was drawn as at September 30, 2012, and an additional $11.4 million encumbered by outstanding letters of credit, resulting in significant available liquidity.

Debt to gross book value is 51.6% (including convertible debentures) at September 30, 2012 compared to 52.4% at June 30, 2012, 52.5% at December 31, 2011 and 54.8% at September 30, 2011. This leverage ratio is below the maximum 60%, or 65% including convertible debentures, permitted pursuant to Crombie's Declaration of Trust. On a long-term basis, Crombie intends to maintain overall indebtedness, including convertible debentures, in the range of 50% to 60% of gross book value, depending upon Crombie's future acquisitions and financing opportunities.

Crombie's interest and debt service coverage for the nine months ended September 30, 2012 were 2.58 times EBITDA and 1.75 times EBITDA respectively.  This compares to 2.45 times EBITDA and 1.73 times EBITDA respectively for the nine months ended September 30, 2011.

Definition of Non-IFRS Measures

Certain financial measures included in this news release do not have standardized meaning under IFRS and therefore may not be comparable to similarly titled measures used by other publicly traded entities.  Crombie includes these measures because it believes certain investors use these measures as a means of assessing Crombie's financial performance.

  • Property NOI is property revenue less property expenses.
  • Property Cash NOI is Property NOI adjusted to remove non-cash straight-line rent and tenant incentive amortization.
  • Debt is defined as bank loans plus commercial property debt and convertible debentures.
  • Gross book value means, at any time, the book value of the assets of Crombie and its consolidated subsidiaries plus deferred financing charges, accumulated depreciation and amortization in respect of Crombie's properties (and related intangible assets) and cost of any below-market component of properties less (i) the amount of any receivable reflecting interest rate subsidies on any debt assumed by Crombie and (ii) the amount of deferred income tax liability arising out of the fair value adjustment in respect of the indirect acquisitions of certain properties.
  • EBITDA is calculated as property revenue, adjusted to remove the impact of amortization of tenant incentives, less property expenses and general and administrative expenses.
  • FFO is calculated as Increase (decrease) in net assets attributable to Unitholders (computed in accordance with IFRS), excluding gains (or losses) from sales of depreciable real estate and extraordinary items, plus depreciation and amortization expense, deferred income taxes, finance costs - distributions to Unitholders and after adjustments for equity accounted entities and non-controlling interests.
  • AFFO is defined as FFO adjusted for non-cash amounts affecting revenue, amortization of effective swap agreements, less maintenance capital expenditures, maintenance tenant incentives and deferred leasing costs, and the settlement of effective interest rate swap agreements.

Interim Financial Reporting

While the financial figures included in this preliminary interim earnings announcement have been computed in accordance with IFRS applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as that term is defined in IFRS.  The Trustees expect to publish an interim financial report that complies with International Accounting Standard 34, Interim Financial Reporting, on November 13, 2012.

About Crombie

Crombie is an open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario.  The trust invests in income-producing retail, office and mixed-use properties in Canada, with a future growth strategy focused primarily on the acquisition of grocery-anchored and drug store-anchored retail properties. Crombie currently owns a portfolio of 170 investment properties in nine provinces, comprising approximately 14.0 million square feet of rentable space.

This news release contains forward-looking statements that reflect the current expectations of management of Crombie about Crombie's future results, performance, achievements, prospects and opportunities. Wherever possible, words such as "may", "will", "estimate", "anticipate", "believe", "expect", "intend" and similar expressions have been used to identify these forward-looking statements. These statements reflect current beliefs and are based on information currently available to management of Crombie. Forward-looking statements necessarily involve known and unknown risks and uncertainties. A number of factors, including those discussed in the 2011 annual Management Discussion and Analysis under "Risk Management", could cause actual results, performance, achievements, prospects or opportunities to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and a reader should not place undue reliance on the forward-looking statements. There can be no assurance that the expectations of management of Crombie will prove to be correct.

In particular, certain statements in this document discuss Crombie's anticipated outlook of future events, including the the realization of any benefits from refinancing the portfolio of mortgages, future development and acquisition of properties and other pending growth opportunities and expected pace of growth, all of which could be impacted by financing market conditions, the demand for properties and the effect that demand has on acquisition capitalization rates and changes in interest rates. Readers are cautioned that such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from these statements. Crombie can give no assurance that actual results will be consistent with these forward-looking statements.

Crombie's consolidated financial statements and management's discussion and analysis for the period ended September 30, 2012 can be found on Crombie's web site at www.crombiereit.com or on the SEDAR web site for Canadian regulatory filings at www.sedar.com.

Conference Call Invitation

Crombie will provide additional details concerning its third quarter ended September 30, 2012 results on a conference call to be held Tuesday, November 13, 2012, at 1:00 p.m. Eastern time. To join this conference call you may dial (647) 427-7450 or (888) 231-8191. You may also listen to a live audio web cast of the conference call by visiting Crombie's website located at www.crombiereit.com. Replay will be available until midnight November 27, 2012, by dialling (416) 849-0833 or (855) 859-2056 and entering pass code 49536472, or on the Crombie website for 90 days after the meeting.

 

 

 

SOURCE CROMBIE REIT

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless...
The IoT's basic concept of collecting data from as many sources possible to drive better decision making, create process innovation and realize additional revenue has been in use at large enterprises with deep pockets for decades. So what has changed? In his session at @ThingsExpo, Prasanna Sivaramakrishnan, Solutions Architect at Red Hat, discussed the impact commodity hardware, ubiquitous connectivity, and innovations in open source software are having on the connected universe of people, thi...
WebRTC: together these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at WebRTC Summit, Cary Bran, VP of Innovation and New Ventures at Plantronics and PLT Labs, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it may enable, complement or entirely transform.
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, showed how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants received the download information, scripts, and complete end-t...
For manufacturers, the Internet of Things (IoT) represents a jumping-off point for innovation, jobs, and revenue creation. But to adequately seize the opportunity, manufacturers must design devices that are interconnected, can continually sense their environment and process huge amounts of data. As a first step, manufacturers must embrace a new product development ecosystem in order to support these products.
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, discussed how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the dat...
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...