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Exam Code: OG0-093 Practice exam 2022 by Killexams.com team
OG0-093 OG0-093 TOGAF 9 Combined Part 1 and Part 2

Exam Summary
This is a combined TOGAF 9 Part 1 and Part 2 examination for candidates who want to achieve Level 2 certification directly.

Exam Name: TOGAF® 9 Combined Part 1 and Part 2
Exam Number:
OG0-093 - English
OG0-098 - Simplified Chinese
Qualification upon passing: TOGAF 9 Certified
Delivered at: Authorized Examination Provider Test Centers
Prerequisites: None
Supervised: Yes
Open Book: Dependent on section. This examination comprises two separate sections. The TOGAF 9 Part 1 section is CLOSED Book. The TOGAF 9 Part 2 section is OPEN book. An electronic copy of the specification is built into the exam and becomes available in Part 2 only.
Exam type: The exam comprises two sections. Section 1: 40 Simple Multiple Choice questions + Section 2: 8 Scenario Based, Complex Multiple Choice
Number of questions: 48
Pass score: The pass mark for Part 1 is 55%, which means 22 or more points out of maximum of 40 points. For Part 2, the pass mark is 60%, which means 24 or more points out of a maximum of 40 points. Note that you must pass both parts of the exam to achieve an overall pass result. If you fail either part you fail the examination, however you only need retake the examination(s) corresponding to the failed section(s).
Time limit: 150 Minutes total. Each section has a maximum time limit as follows: 60 Minutes on TOGAF 9 Part 1. 90 Minutes on TOGAF 9 Part 2. Once you complete the TOGAF 9 Part 1 section you cannot return to it. There is no break between sections; Part 1 directly follows Part 2.

- The basic concepts of Enterprise Architecture and the TOGAF standard
- The core concepts of the TOGAF 9 standard
- The key terminology of the TOGAF 9 standard
- The ADM cycle and the objectives of each phase, and how to adapt and scope the ADM
- The concept of the Enterprise Continuum; its purpose and constituent parts
- How each of the ADM phases contributes to the success of Enterprise Architecture
- The ADM guidelines and techniques
- How Architecture Governance contributes to the Architecture Development Cycle
- The concepts of views and viewpoints and their role in communicating with stakeholders
- The concept of building blocks
- The key deliverables of the ADM cycle
- The TOGAF reference models
- The TOGAF certification program
- How to apply the ADM phases in development of an Enterprise Architecture
- How to apply Architecture Governance in development of an Enterprise Architecture
- How to apply the TOGAF Architecture Content Framework
- How to apply the concept of Building Blocks
- How to apply the Stakeholder Management Technique
- How to apply the TOGAF Content Metamodel
- How to apply the TOGAF standard recommended techniques when developing an Enterprise Architecture
- The TOGAF Technical Reference Model and how to customize it to meet an organizations needs
- The Integrated Information Infrastructure Reference Model
- The content of the key deliverables of the ADM cycle
- How an Enterprise Architecture can be partitioned to meet the specific needs of an organization
- The purpose of the Architecture Repository
- How to apply iteration and different levels of architecture with the ADM
- How to adapt the ADM for security
- The role of architecture maturity models in developing an Enterprise Architecture
- The purpose of the Architecture Skills Framework and how to apply it within an organization

OG0-093 TOGAF 9 Combined Part 1 and Part 2
The-Open-Group Combined PDF Download
Killexams : The-Open-Group Combined PDF download - BingNews https://killexams.com/pass4sure/exam-detail/OG0-093 Search results Killexams : The-Open-Group Combined PDF download - BingNews https://killexams.com/pass4sure/exam-detail/OG0-093 https://killexams.com/exam_list/The-Open-Group Killexams : Noble Corporation plc Announces Publication of Exemption Document

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

Announcement of intention to submit a voluntary public share exchange offer to the shareholders of The Drilling Company of 1972 A/S in connection with its business combination with Noble Corporation and publication of exemption document

SUGAR LAND, Texas, Aug. 8, 2022 /PRNewswire/ -- Noble Corporation (NYSE: NE) ("Noble") and The Drilling Company of 1972 A/S (CSE: DRLCO) ("Maersk Drilling") announced on 10 November 2021 their agreement to combine in a primarily all-stock transaction (see Noble's company announcement no. 14/2021 of 10 November 2021).

Following this agreement, Noble Corporation plc ("Topco") hereby announces its intentions to submit a voluntary public share exchange offer (the "Exchange Offer") to the shareholders of Maersk Drilling (the "Maersk Drilling Shareholders") in accordance with section 4(1) of the Danish Executive Order no. 636 of 15 May 2020 on takeover bids (the "Danish Takeover Order"). Topco will present the terms and conditions of the Exchange Offer in an offer document (the "Offer Document"), to be published following receipt of approval from the Danish Financial Supervisory Authority (the "Danish FSA"), which is expected to take place today.

In connection with the Exchange Offer, the Danish FSA has today approved an exemption document prepared by Topco and drawn up in accordance with the exemptions in Articles 1(4)(f) and 1(5)(e) of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as amended (the "Prospectus Regulation") and in compliance with the requirements set out in Commission Delegated Regulation (EU) 2021/528 of 16 December 2020 (the "Exemption Document").

The Exemption Document contains, among other relevant information, a description of the business combination and its impact on each of Noble and Maersk Drilling. Topco has made the Exemption Document available, subject to regulatory restrictions in certain jurisdictions, at www.noblecorp.com.

The business combination has been unanimously approved by the boards of directors of both Noble and Maersk Drilling and is further supported by major shareholders of both companies. The business combination was approved with requisite majority by Noble's shareholders at an extraordinary general meeting held on 10 May 2022. APMH Invest A/S, holding approximately 42% of Maersk Drilling's total share capital and voting rights, has irrevocably undertaken to accept the Exchange Offer, and A.P. Møller og Hustru Chastine Mc-Kinney Møllers Familiefond and Den A.P. Møllerske Støttefond, together holding approximately 12% of Maersk Drilling's total share capital and voting rights, have expressed their intention to accept the Exchange Offer.

Furthermore, the board of directors of Maersk Drilling will upon publication of the Offer Document publish a statement pursuant to section 22 of the Danish Takeover Order regarding the Exchange Offer (the "Board Statement"). As will be further described in the Board Statement, the board of directors of Maersk Drilling unanimously decided to recommend that the Maersk Drilling Shareholders accept the Exchange Offer. Reference is made to the full Board Statement, which will be made available in both Danish and English on Maersk Drilling's website, investor.maerskdrilling.com, and will subsequently also be available for download via Topco's website, www.noblecorp.com, subject to regulatory restrictions in certain jurisdictions.

Robert W. Eifler, President and Chief Executive Officer of Noble stated:

"The combination of Noble and Maersk Drilling will create a dynamic leader in offshore drilling. Together, we will have the enhanced scale and capabilities to better serve our global customers and deliver long-term value to shareholders. I am pleased to have entered this stage of the process and look forward to closing the transaction later this year."

Advisors
Ducera Partners LLC and DNB Bank ASA are serving as financial advisors and Kirkland & Ellis LLP, Plesner Advokatpartnerselskab, and Travers Smith LLP are serving as legal counsel to Noble.

J.P. Morgan Securities plc is acting as sole financial advisor and Davis Polk & Wardwell London LLP, Gorrissen Federspiel Advokatpartnerselskab and Allen & Overy LLP are serving as legal counsel to Maersk Drilling.

For further information:
For additional information, visit www.noblecorp.com or email investors@noblecorp.com.

This announcement has been prepared both in English and Danish. In the event of any discrepancies between the English and Danish version, the Danish version shall prevail.

About Topco
Topco is a public limited company formed under the laws of England and Wales and is an indirect, wholly owned subsidiary of Noble. To date, Topco does not own any material business assets or operate any business. Upon consummation of the business combination with Maersk Drilling, Topco will be listed on the New York Stock Exchange and Nasdaq Copenhagen A/S, and Topco will own the businesses of Noble, Maersk Drilling and their respective subsidiaries. For additional information on Topco, visit www.noblecorp.com.

About Noble
Noble (NYSE: NE) is a leading offshore drilling contractor for the oil and gas industry. Noble owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry.  Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921.  Currently, Noble performs, through its subsidiaries, contract drilling services focused largely on ultra-deepwater and high-specification jackup drilling opportunities in both established and emerging regions worldwide.  Additional information on Noble is available at www.noblecorp.com.

About Maersk Drilling
With 50 years of experience operating in the most challenging offshore environments, Maersk Drilling (CSE: DRLCO) provides responsible drilling services to energy companies worldwide. Headquartered in Denmark, Maersk Drilling owns and operates a fleet of offshore drilling rigs and specialises in harsh environment and deepwater operations.  For more information about Maersk Drilling, visit www.maerskdrilling.com.

IMPORTANT INFORMATION
In connection with the proposed business combination transaction, Topco has filed a registration statement on Form S-4 with the U.S. Securities and Exchange Commission (the "SEC") that includes a prospectus (the "Prospectus") of Topco to be used in connection with the Exchange Offer by Topco to acquire all outstanding shares in Maersk Drilling. The registration statement on Form S-4, as amended, was declared effective by the SEC on 11 April 2022.

INVESTORS AND SHAREHOLDERS OF MAERSK DRILLING ARE URGED TO READ THE PROSPECTUS, THE EXEMPTION DOCUMENT AND THE OFFER DOCUMENT (WHEN PUBLISHED), AS WELL AS OTHER DOCUMENTS THAT HAVE BEEN OR WILL BE FILED WITH THE SEC OR THE DANISH FSA OR PUBLISHED ON TOPCO'S WEBSITE AT WWW.NOBLECORP.COM REGARDING THE PROPOSED BUSINESS COMBINATION TRANSACTION BETWEEN NOBLE AND MAERSK DRILLING AND THE EXCHANGE OFFER BECAUSE THESE DOCUMENTS CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION.

You may also obtain a free copy of the Prospectus, an English translation of the Offer Document (when published) setting out the full terms and conditions to the Exchange Offer, and other related documents filed by Topco with the SEC on the SEC's website at www.sec.gov.

This announcement is for information purposes only and does not constitute or contain any invitation, solicitation, recommendation, offer or advice to any person to subscribe for or otherwise acquire or dispose of any securities of Noble, Maersk Drilling or Topco. Final terms and further provisions regarding the Exchange Offer will be disclosed in the Offer Document and is disclosed in the Exemption Document and in documents filed or that will be filed with the SEC. Investors and Maersk Drilling Shareholders, or holders of such instruments conferring a right to directly or indirectly acquire shares in Maersk Drilling ("Maersk Drilling Shares"), are strongly encouraged to read the Offer Document (when published), the Exemption Document and all other documents related to the Exchange Offer as soon as they are published because these documents contain or will contain important information.

Unless required by mandatory law, no action has been or will be taken in any jurisdiction other than Denmark and the United States that would permit a public offering of shares in Topco, the Topco Offer Shares, the interim acceptance shares to be issued to holders of tendered Maersk Drilling Shares in connection with the Exchange Offer (the "Acceptance Shares") or the interim cash acceptance shares to be issued in connection with holders of Acceptance Shares' election to receive cash in the Exchange Offer (the "Cash Acceptance Shares"), or permit possession or distribution of the Offer Document and/or the Exemption Document or any advertising material relating to the shares in Topco, the A ordinary shares of Topco to be delivered in the form of share entitlements in the Exchange Offer (the "Topco Offer Shares"), the Acceptance Shares or Cash Acceptance Shares, except as described in the Offer Document (when published) or the Exemption Document.

NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY U.S. STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THE SECURITIES TO BE ISSUED IN CONNECTION WITH THE BUSINESS COMBINATION BETWEEN NOBLE AND MAERSK DRILLING OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE EXEMPTION DOCUMENT, THE OFFER DOCUMENT OR ANY OTHER DOCUMENTS REGARDING THE EXCHANGE OFFER. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE UNDER U.S. LAW.

In any member state of the European Economic Area other than Denmark (each a "Relevant State"), this announcement, including any attachments hereto, is only addressed to, and is only directed at Maersk Drilling Shareholders in that Relevant State that fulfil the criteria for exemption from the obligation to publish a prospectus, including qualified investors, within the meaning of the Prospectus Regulation.

This announcement, including any attachments hereto, has been prepared on the basis that all offers of Topco Offer Shares, Acceptance Shares and Cash Acceptance Shares to be offered in the Exchange Offer, other than the offer contemplated in Denmark, will be made pursuant to an exemption under the Prospectus Regulation from the requirement to produce a prospectus for offers of Topco Offer Shares, Acceptance Shares and Cash Acceptance Shares. Accordingly, any person making or intending to make any offer within a Relevant State of Topco Offer Shares, Acceptance Shares or Cash Acceptance may only do so in circumstances in which no obligation arises for Topco to produce a prospectus for such offer. Topco has not authorised, and Topco will not authorise, the making of any offer of Topco Offer Shares, Acceptance Shares or Cash Acceptance Shares through any financial intermediary, other than offers made by Topco which constitute the final offer of Topco Offer Shares, Acceptance Shares and Cash Acceptance Shares as contemplated through the Exchange Offer.

The Topco Offer Shares, the Acceptance Shares and the Cash Acceptance Shares which will be offered in the Exchange Offer have not been, and will not be, offered to the public in any Relevant State. Notwithstanding the foregoing, an offering of the Topco Offer Shares, the Acceptance Shares and the Cash Acceptance Shares offered in the Exchange Offer may be made in a Relevant State: (i) to any qualified investor as defined in the Prospectus Regulation; (ii) to fewer than 150 natural or legal persons per Relevant State (other than qualified investors as defined in the Prospectus Regulation); (iii) to investors who acquire Topco Offer Shares, Acceptance Shares and Cash Acceptance Shares for a total consideration of at least EUR 100,000 per investor, for each separate offer; and (iv) in any other circumstances falling within Article 1(4) of the Prospectus Regulation; subject to obtaining the prior consent of Topco and provided that no such offer of Topco Offer Shares, Acceptance Shares or Cash Acceptance Shares shall result in a requirement for the publication by Topco of a prospectus pursuant to Article 3 of the Prospectus Regulation or a supplementary prospectus pursuant to Article 23 of the Prospectus Regulation.

For the purposes of the foregoing paragraph, the expression an "offer to the public" in relation to any Topco Offer Shares, Acceptance Shares or Cash Acceptance Shares in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the Exchange Offer as to enable an investor to decide to participate in the Exchange Offer.

In the United Kingdom, this announcement, including any attachments hereto, is only addressed to and directed at persons who are (a) both "qualified investors" (within the meaning of the UK version of the Prospectus Regulation as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018), and either (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FSMA Order"); or (ii) persons who are high net worth entities falling within Article 49(2)(a) to (d) of the FSMA Order; and/or (b) persons to whom it may otherwise lawfully be communicated to, including under the FSMA Order (all such persons (a) and (b) together being referred to as "U.K. Relevant Persons"). Any investment activity to which this announcement, including any attachments hereto, relates is only available to U.K. Relevant Persons. Any person who is not a U.K. Relevant Person should not act on or rely on this announcement, including any attachments hereto, or any of its contents.

The Exchange Offer and this announcement, including any attachments hereto, are and will be subject to the laws of Denmark. The Exchange Offer relates to the securities of a Danish company and is subject to the disclosure requirements applicable under Danish law, which may be different in material aspects from those applicable in the United States, the United Kingdom or any other applicable jursidiction.

The Exchange Offer is being made in the U.S. pursuant to Section 14(e) of, and Regulation 14E promulgated under, the U.S. Securities and Exchange Act of 1934, as amended (the "Exchange Act"), subject to the exemptions provided by Rule 14d-1(c) under the Exchange Act and otherwise in accordance with the requirements of Danish law. The Exchange Offer is not subject to Section 14(d)(1) of, or Regulation 14D promulgated under, the Exchange Act. Maersk Drilling is not currently subject to the periodic reporting requirements under the Exchange Act and is not required to, and does not, file any reports with the SEC thereunder.

The Exchange Offer will be made to Maersk Drilling Shareholders who are residing in the United States, or who are U.K. Relevant Persons residing in the United Kingdom, on the same terms and conditions as those made to all other Maersk Drilling Shareholders to whom the Exchange Offer will be made. Any information documents are being disseminated to Maersk Drilling Shareholders who are resident in the United States, or who are U.K. Relevant Persons, on a basis reasonably comparable to the method that such documents are provided to the other Maersk Drilling Shareholders.

In addition, the procedures for the tender of Maersk Drilling Shares and settlement of the consideration due to each Maersk Drilling Shareholder who accepts the Exchange Offer will be carried out in accordance with the rules applicable in Denmark, which may differ in material aspects from the rules and procedures applicable to a tender offer for the securities of a domestic company in the United States or the United Kingdom, in particular with respect to withdrawal rights, offer timetable, settlement procedures and the payment date of the securities.

This announcement, including any attachments hereto, does not comprise a prospectus for the purposes of the U.K. Prospectus Regulation and has not been approved by or filed with the Financial Conduct Authority in the United Kingdom.

If Topco obtains the requisite number of Maersk Drilling Shares, each Maersk Drilling Shareholder residing in the United Kingdom who is not a U.K. Relevant Person may have their Maersk Drilling Shares compulsorily acquired under the compulsory purchase provisions of the Danish Companies Act.

The Exchange Offer is not being made, and the Maersk Drilling Shares will not be accepted for purchase from or on behalf of persons, in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or other laws or regulations of such jurisdiction or would require any registration, approval or filing with any regulatory authority not expressly contemplated by the Offer Document and/or the Exemption Document. Persons obtaining the Offer Document and/or the Exemption Document and/or into whose possession the Offer Document and/or the Exemption Document comes are required to take due note and observe all such restrictions and obtain any necessary authorisations, approvals or consents. Neither Topco nor any of its advisors accepts any liability for any violation by any person of any such restriction. Any person (including, without limitation, custodians, nominees and trustees) who intends to forward the Offer Document and/or the Exemption Document or any related document to any jurisdiction outside Denmark should inform themselves of the laws of the relevant jurisdiction and should also carefully read the information contained in the Offer Document and the Exemption Document, before taking any action. The distribution of the Offer Document and/or the Exemption Document in jurisdictions other than Denmark may be restricted by law, and, therefore, persons who come into possession of the Offer Document and/or the Exemption Document should inform themselves about and observe such restrictions. Any failure to comply with any such restrictions may constitute a violation of the securities laws and regulations of any such jurisdiction.

Any failure to comply with these restrictions may constitute a violation of applicable securities laws. It is the responsibility of all persons obtaining the Offer Document, the Acceptance Form included as Appendix 1 in the Offer Document, the Exemption Document and/or other documents relating to the Offer Document and/or the Exemption Document or to the Exchange Offer or into whose possession such documents otherwise come, to inform themselves of and observe all such restrictions. Any recipient of the Offer Document and/or the Exemption Document who is in any doubt in relation to these restrictions should consult his or her professional advisors in the relevant jurisdiction. Neither Topco nor the financial advisors to Noble accept or assume any responsibility or liability for any violation by any person whomsoever of any such restriction. 

In accordance with normal Danish practice and subject to the requirements of Danish law, Topco or any entity acting in concert with Topco and any of their respective nominees or brokers (acting as agents or in a similar capacity), may from time to time make certain purchases of, or arrangements to purchase, Maersk Drilling Shares or securities that are convertible into, exchangeable for or exercisable for Maersk Drilling Shares outside the Exchange Offer, before or during the period in which the Exchange Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices, in each case to the extent permissible under law (include Rule 14e-5 under the Exchange Act). Any information about such purchases will be announced through Nasdaq Copenhagen A/S and relevant electronic media if, and to the extent, such announcement is required under applicable Danish law, rules or regulations. In addition, in the ordinary course of business, the financial advisors to Topco, Noble, any entity acting in concert with Topco, or Danske Bank as the settlement agent, and their respective affiliates, may make or hold a broad array of investments including serving as counterparties to certain derivative and hedging arrangements and actively trade debt and equity financial instruments (or related derivative financial instruments) and other types of financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and financial instrument activities may involve securities and/or instruments of Maersk Drilling.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS
Certain statements in this announcement, including any attachments hereto, may constitute forward-looking statements.

Forward-looking statements are statements (other than statements of historical fact) relating to future events and Noble and its subsidiaries (collectively, the "Noble Group"), Maersk Drilling and its subsidiaries (the "Maersk Drilling Group") and the combined Noble Group and Maersk Drilling Group following completion of the transactions contemplated by the business combination agreement entered into by and between Noble and Maersk Drilling to combine (the "Combined Group") anticipated or planned financial and operational performance. The words "targets", "believes", "continues", "expects", "aims", "intends", "plans", "seeks", "will", "may", "might", "anticipates", "would", "could", "should", "estimates", "projects", "potentially" or similar expressions or the negatives thereof, identify certain of these forward-looking statements. The absence of these words, however, does not mean that the statements are not forward-looking. Other forward-looking statements can be identified in the context in which the statements are made.

Although Topco believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this announcement, such forward-looking statements are based on Topco's current expectations, estimates, forecasts, assumptions and projections about the Noble Group's, the Maersk Drilling Group's and the Combined Group's business and the industry in which the Noble Group and the Maersk Drilling Group operate as well as on information which Topco has received from the Maersk Drilling Group (including with respect to forecasts prepared by Noble's management with respect to expected future financial and operating performance of Maersk Drilling) and/or which has been extracted from publications, reports and other documents prepared by the Maersk Drilling Group and/or the Noble Group and are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other important factors beyond the Noble Group's, the Maersk Drilling Group's or the Combined Group's control that could cause the Noble Group's, the Maersk Drilling Group's and/or the Combined Group's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.

Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove to be incorrect, the Noble Group's, the Maersk Drilling Group's and/or the Combined Group's actual financial condition, cash flow or results of operations could differ materially from what is described in this announcement, including any attachment hereto, as anticipated, believed, estimated or expected. Topco urges the Maersk Drilling Shareholders to read the Offer Document (when published) and the Exemption Document in their entirety for a more complete discussion of the factors that could affect the Combined Group's future performance and the market in which it operates.

Any forward-looking statements included in this announcement, including any attachment hereto, speak only as of today.

Topco does not intend, and does not assume, any obligations to update any forward-looking statements contained herein, except as may be required by law or the rules of the New York Stock Exchange or Nasdaq Copenhagen. All subsequent written and oral forward-looking statements attributable to Topco or to persons acting on its behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained in this announcement, including any attachment hereto.

PDF - https://mma.prnewswire.com/media/1873938/Noble_Corporation_plc_Publication_of_Exemption_Document.pdf

Logo - https://mma.prnewswire.com/media/1587531/Noble_Corporation_Logo.jpg

SOURCE Noble Corporation plc

Mon, 08 Aug 2022 00:00:00 -0500 en text/html https://www.prnewswire.co.uk/news-releases/noble-corporation-plc-announces-publication-of-exemption-document-835265302.html
Killexams : Github Moves to Guard Open Source Against Supply Chain Attacks

Following the 2020 SolarWinds cyberespionage campaign, in which Russian hackers slipped tainted updates into a widely used IT management platform, a series of further software supply chain attacks continues to highlight the urgent need to lock down software chains of custody. And the issue is particularly pressing in open source, where projects are inherently decentralized and often ad hoc endeavors. After a series of worrying compromises to widely downloaded JavaScript software packages from the prominent “npm” registry, which is owned by GitHub, the company laid out a plan this week to offer expanded defenses for open source security.

GitHub, which itself is owned by Microsoft, announced on Monday that it plans to support code signing, a sort of digital wax seal, for npm software packages using the code-signing platform Sigstore. The tool grew out of cross-industry collaboration to make it much easier for open source maintainers to verify that the code they create is the same code that ends up in the software packages actually being downloaded by people worldwide.

“While most npm packages are open source, there’s currently no ensure that a package on npm is built from the same source code that’s published,” says Justin Hutchings, GitHub's director of product management. “Supply chain attacks are on the rise, and adding signed build information to open source packages that validates where the software came from and how it was built is a great way to reduce the attack surface.”

In other words, it's all about creating a cryptographically Tested and transparent game of telephone. 

Dan Lorenc, CEO of Chainguard, which co-develops Sigstore, emphasizes that while GitHub isn't the only component of the open source ecosystem, it's an absolutely crucial town square for the community because it's where the vast majority of projects store and publish their source code. When developers actually want to download open source applications or tools, though, they typically go to a package manager 

“You don’t install source code directly, you usually install some compiled form of it, so something has happened in between the source code and the creation of the package. And up until now, that whole step has just been a black box in open source,” Lorenc explains. “You see the code and then go and download the package, but there’s nothing that proves that the package came from that code or the same person was involved, so that’s what GitHub is fixing."

By offering Sigstore to package managers, there's much more transparency at every stage of the software's journey, and the Sigstore tools help developers manage cryptographic checks and requirements as software moves through the supply chain. Lorenc says that many people are shocked to hear that these integrity checks aren't already in place and that so much of the open source ecosystem has been relying on blind trust for so long. In May 2021, the Biden White House issued an executive order that specifically addressed software supply chain security. 

Mon, 08 Aug 2022 11:19:00 -0500 en-US text/html https://www.wired.com/story/github-code-signing-sigstore/
Killexams : Synchronous Condenser Market worth $811 million by 2030 – Exclusive Report by MarketsandMarkets™

MarketsandMarkets Research Pvt. Ltd.

Chicago, Aug. 09, 2022 (GLOBE NEWSWIRE) -- Synchronous Condenser Market is projected to grow from USD 661 million in 2022 to USD 811 million by 2030, at a CAGR of 2.6%, according to a new report by MarketsandMarkets™. Synchronous condensers ensure a stable supply to the transmission grid. They can also supply and absorb reactive power and deliver voltage support and dynamic regulation. In addition, many renewable resources are remotely located and feed power into a single radial line. Synchronous condensers can be installed close to the connection point to strengthen the grid with additional short-circuit power. This improves the fault ride-through capability of the power installation itself and provides additional voltage stability. With renewable power generation on the rise, the market for synchronous condensers is expected to witness substantial growth in the coming years. This trend is expected to gain traction in North America and Europe, where renewable energy is gaining momentum, and the conventional power generation infrastructure is aging and converted to synchronous condensers.

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Browse in-depth TOC on “Synchronous Condenser Market
205 – Tables
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234 – Pages

The static frequency converters method, by starting method, is expected to be the most significant Synchronous Condenser Market during the forecast period.

Static frequency converters have the largest share of the Synchronous Condenser Market. Static frequency converters offer better precision and the capability to start multiple condensers. The advantage of using a static frequency converter is that it is independent of supply voltage and load variations. Also, the installation cost of a static frequency converter is low as it does not require heavy machinery and careful alignment. Static converters occupy less space and generate less noise than mechanical converters with heavy machinery, which is the major reason for their high demand in the global Synchronous Condenser Market.

By End-User, the Electrical utilities are expected to grow at the highest CAGR during the forecast period

By End-User, the Synchronous Condensers Market has been segmented into the electrical utilities and industrial sector segments. They generate, transmit, and distribute electricity from various conventional and renewable sources. Thus, they are the major end users of synchronous condensers. Electrical utilities can install synchronous condensers as stand-alone packages, temporarily operate power plants as synchronous condensers, and convert and retrofit existing and decommissioned power plants to run synchronous condensing facilities. In conventional, combined, or open-cycle plants, a turbine-driven generator is decoupled from the turbine by a clutch and operated as a synchronous condenser to provide reactive power.

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Europe is expected to be the second-largest region in the Synchronous Condenser Market

Europe is expected to be the second-largest in the Synchronous Condensers Market during the forecast period. EU is actively adding renewable energy capacities to meet its 32% target for Renewable Energy Sources (RES) in the total energy consumption by 2030. This would increase the share of the electricity supply fed to the grid from the RES. The expansion of decentralized and intermittent renewable generation capacities within Europe would make it imperative to adopt advanced technologies for power factor correction and voltage stabilization, thus ensuring the reliability and quality of power supply to end-users. Controlling the limits in voltage profiles in distributed generation and standardizing parameters for reactive power controllers are the major issues that need to be addressed in the region.

Some of the major players in the Synchronous Condenser Market are ABB (Switzerland), Siemens (Germany), GE (US), Eaton (Ireland), Voith Group (Germany), Fuji Electric (Japan), WEG (Brazil), BRUSH Group (UK), and ANDRITZ (Austria). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.

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Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

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Motor Control Centers Market by Type (Intelligent, Conventional), Voltage (Low, Medium), End-User, Standard, Component, Region (Asia Pacific, North America, Europe, South America, and the Middle East & Africa) - Global Forecast to 2025

Motor Soft Starter Market by Voltage (Low and Medium), Rated Power (Up to 750 W, 751 W–75 kW, above 75 kW), Application (Pumps, Fans, Compressors), Industry (Oil & Gas, Water and Wastewater, Power Generation, Mining), and Region - Global Forecast to 2024

CONTACT: About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com
Mon, 08 Aug 2022 21:30:00 -0500 en-CA text/html https://ca.sports.yahoo.com/news/synchronous-condenser-market-worth-811-093000328.html
Killexams : BPSC declares 66th CCE final results: Here’s the full selection list result
Bihar Public Service Commission (BPSC) has announced the final results of the 66th Combined Competitive Examination (CCE). As per the result notification, a total of 685 candidates have been selected for various departmental offices in Bihar. Candidates can check and download the result on the BPSC official website bpsc.bih.nic.in.

BPSC 66th Combined Competitive exam was conducted in three rounds – Preliminary, Mains and Interview. A total of 1,768 applicants had appeared for the interview in the month of May, June and July. As per the result, Sudhir Kumar has topped the examination and has been allotted State Tax Assistant Commissioner department. Ankit Kumar and Brajesh Kumar have secured the second and third rank.

Here is how to download the 66th Combined Competitive Examination result

* Open BPSC official website bpsc.bih.nic.in


* Click “Final Results: 66th Combined Competitive Examination” link

* The result notification will appear on the screen

* The result PDF will appear on the next screen

* You can save the downloaded result and take a printout for future reference55

Alternatively, you can click here to see the complete result of BPSC 66th Combined Competitive Examination

Disclaimer: This content is authored by an external agency. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.

Wed, 03 Aug 2022 19:50:00 -0500 en text/html https://economictimes.indiatimes.com/news/new-updates/bpsc-declares-66th-cce-final-results-heres-the-full-selection-list/articleshow/93338438.cms
Killexams : UP B.Ed Result 2022 LIVE: UP B.Ed JEE results today at upbed2022.in
  • Aug 05, 2022 07:50 PM IST

    UP B.Ed result 2022: Answer key 

  • Aug 05, 2022 06:43 PM IST

    UP B.Ed result 2022: Toppers list

    Ragini Yadav: Rank 1

    Neetu Devi: Rank 2

    Abhay Kumar Gupta: Rank 3

  • Aug 05, 2022 05:49 PM IST

    UP B.Ed 2022 result: Link here

  • Aug 05, 2022 05:34 PM IST

    UP B.Ed result 2022 announnced

    Mahatma Jyotiba Phule Rohikhand University has released the Uttar Pradesh B.Ed Joint Entrance Examination (UP B.Ed JEE) result 2022.

  • Aug 05, 2022 04:36 PM IST

    UP B.Ed result 2022: How to check

    Step 1: Visit the official website – upbed2022.in

    Step 2: Click on the result link on homepage

    Step 3: Key in required information

    Step 4: Check and take print out of the result.

  • Aug 05, 2022 04:21 PM IST

    UP B.Ed Result: Number of candidates appeared 

    A total of 6,15,602 candidates appeared in the first question paper and 6,15,778 candidates appeared in the second paper.

  • Aug 05, 2022 04:08 PM IST

    UP B.Ed JEE result 2022: exam conducted in 75 districts 

    The UP B.Ed JEE 2022 examination was conducted in 75 districts.

  • Aug 05, 2022 03:55 PM IST

    UP B.Ed Result 2022: How to check 

    Candidates can check the UP B.Ed Result 2022 on the official website of upbed2022.in by entering the login credentials. 

  • Aug 05, 2022 03:28 PM IST

    UP B.Ed entrance exam result: Check name of toppers 

    Ragini Yadav secured first position with 359 marks, Neetu Devi secured the second position with 358 marks and Abhay Kumar Gupta secured the third position with 349 marks.

  • Aug 05, 2022 03:16 PM IST

    UP B.Ed JEE Result 2022: Where to check 

  • Aug 05, 2022 03:03 PM IST

    UP B.Ed Result: Number of male and female candidates 

    In the first question paper, there were a total of 269992 male candidates, while there were 345609 female candidates. In the second question paper, there were 270052 male candidates, while there were 345726 female candidates.

  • Aug 05, 2022 02:54 PM IST

    UP BEd result 2022: Details here

    In the first question paper, there were 70556 students who took the exam in English and 545046 candidates who chose Hindi as their language of instruction.

  • Aug 05, 2022 02:46 PM IST

    UP B.Ed result 2022: Total number of registered and appeared candidates

    Total registered candidates:  6,67,463 candidates 

    Total appeared exam: 6,15,021

  • Aug 05, 2022 02:44 PM IST

    UP B.Ed result 2022: Toppers list

    In this entrance exam, Ragini Yadav placed first with 359.666 marks, followed by Nitu Devi in second place with 358.000 marks, and Abhay Kumar Gupta in third place with 319.333 marks

  • Aug 05, 2022 02:07 PM IST

    UP B.Ed Result: Steps to check 

    Visit the official site of UP BEd on upbed2022.in.

    Click on UP BEd result link available on the home page.

    Enter the login details.

    Click on submit and your result will be displayed on the screen.

    Check the result and download the page.

    Keep a hard copy of the same for further need.

  • Aug 05, 2022 01:55 PM IST

    UP B.Ed JEE Result 2022 Direct link 

  • Aug 05, 2022 01:43 PM IST

    UP BEd result 2022 link has not been activated yet. Candidates are advised to keep a check on the official website for result link. 

  • Aug 05, 2022 01:18 PM IST

    UP B.Ed Answer Key 2022: Direct link

  • Aug 05, 2022 01:13 PM IST

    UP BEd result 2022 topper list

    Ragini Yadav

    Neetu Devi

    Abhay Kumar Gupta

  • Aug 05, 2022 01:09 PM IST

    UP B.Ed Result 2022: How to check 

    Visit the official site of UP BEd on upbed2022.in.

    Click on UP BEd result link available on the home page.

    Enter the login details.

    Click on submit and your result will be displayed on the screen.

    Check the result and download the page.

    Keep a hard copy of the same for further need.

  • Aug 05, 2022 01:04 PM IST

    A total of 6,15,602 candidates appeared in the first question paper and 6,15,778 candidates appeared in the second paper, while the total number of candidates appeared in the entrance examination i.e. both the papers was 615021.

  • Aug 05, 2022 01:00 PM IST

    UP B.Ed Result: 6.15 lakh candidates result announced 

    A total of 6,67,463 candidates in this state were registered to wrote the exam and the result of 6,15,021 candidates who appeared in this entrance examination was announced on Friday.

  • Aug 05, 2022 12:54 PM IST

    UP B.Ed JEE Result 2022: Direct link not yet available 

    UP B.Ed JEE Result 2022 has been declared. The direct link is not available yet. 

  • Aug 05, 2022 12:46 PM IST

    UP B.Ed Entrance Exam: Toppers name 

    Ragini Yadav secured first position with 359 marks, Neetu Devi secured the second position with 358 marks and Abhay Kumar Gupta secured the third position with 349 marks. 

  • Aug 05, 2022 12:45 PM IST

    UP BEd Answer Key: Released 

    UP BEd Answer key has been released. The answer key is available on the official website. 

  • Aug 05, 2022 12:37 PM IST

    UP BEd JEE Result 2022: Declared 

    UP BEd JEE Result 2022 has been declared. 

  • Aug 05, 2022 12:31 PM IST

    UP BEd result will be announced on August 5, 2022. 

  • Aug 05, 2022 12:20 PM IST

    UP BEd JEE result 2022: Time not announced 

    UP BEd JEE result 2022 declaration time has not been announced yet. Candidates are advised to keep a check on the official website for UPBED on upbed2022.in.

  • Aug 05, 2022 12:03 PM IST

    UP B.Ed JEE exam result: How many candidates registered for the exam

    This year a total of 6,67,463 candidates registered for the UP B.Ed Joint Entrance exam 2022.

  • Aug 05, 2022 11:57 AM IST

    UP B.Ed result 2022: How to check

    Step 1: Visit the official website – upbed2022.in

    Step 2: Click on the result link on homepage

    Step 3: Key in required information

    Step 4: Check and take print out of the result

  • Aug 05, 2022 11:47 AM IST

    UP B.Ed result 2022: exam was held in 75 districts

    The UP B.Ed JEE 2022 examination was conducted in 75 districts.

  • Aug 05, 2022 11:43 AM IST

    This year a total of, 6,15,645 candidates appeared for the UP B.Ed examination with 51,818 remaining absent.

  • Aug 05, 2022 11:40 AM IST

    UP B.Ed result 2022: exam was held in July

    Uttar Pradesh B.Ed Joint Entrance Examination - 2022 was conducted by Mahatma Jyotiba Phule Rohilkhand University, Bareilly in July.

  • Aug 05, 2022 11:35 AM IST

    UP BEd jee result: Maximum attendance in these districts 

    The districts that witnessed maximum attendance were Prayagraj, Varanasi and Bareilly.

  • Aug 05, 2022 11:24 AM IST

    UP BEd result: When was exam conducted 

    The written examination of Uttar Pradesh BEd Joint Entrance Examination was conducted on July 6, 2022. The exam was conducted in 75 districts across the state in two shifts. The first shift was conducted from 9 am to 12 noon and second shift was conducted from 2 pm to 5 pm.

  • Aug 05, 2022 11:07 AM IST

    UP BEd result 2022: Where to check 

  • Aug 05, 2022 10:58 AM IST

    UP BEd result will be announced today, August 5, 2022. Candidates who will qualify the exam will get a chance to take admission in 19 colleges across the state. 

  • Aug 05, 2022 10:46 AM IST

    The UP BEd admit card was released on June 25, 2022. The examination was conducted on July 6, 2022. 

  • Aug 05, 2022 10:35 AM IST

    BEd entrance exam result 2022: Steps to check 

    Visit the official site of UP BEd on upbed2022.in.

    Click on UP BEd result link available on the home page.

    Enter the login details.

    Click on submit and your result will be displayed on the screen.

    Check the result and download the page.

    Keep a hard copy of the same for further need.

  • Aug 05, 2022 10:25 AM IST

    UP B Ed Joint Entrance Examination - 2022 conducted by the Mahatma Jyotiba Phule Rohilkhand University on July 6.

  • Aug 05, 2022 10:18 AM IST

    UP B.Ed Answer key: How to check 

    Visit the official site of UP BEd on upbed2022.in.

    Click on UP BEd answer key available on the home page.

    A new PDF file will open where candidates can check the answers. 

    Download the page. 

    Keep a hard copy of the same for further need.

  • Aug 05, 2022 10:06 AM IST

    UP BEd Result 2022: Candidates appeared 

    There were 6,67,463 candidates registered to take the state-level entrance test.

  • Aug 05, 2022 09:56 AM IST

    UP BEd admission 2022 counselling schedule will be available soon after the results are declared. 

  • Aug 05, 2022 09:39 AM IST

    UP BEd answer key will be released along with the result. The final answer key will be available on the official website soon. 

  • Aug 05, 2022 09:30 AM IST

    UP BEd entrance exam result 2022: Helpline numbers 

    UP BEd Result 2022 helpline numbers are 9258559253 and 9258538874. The toll free number is 9513632554. 

  • Aug 05, 2022 09:26 AM IST

    UP BEd entrance result 2022: Releasing today 

    UP BEd entrance result 2022 will be releasing today. The result link will be available here. Candidates are advised to keep a check on this space for latest developments. 

  • Aug 05, 2022 09:20 AM IST

    UP BEd expected cut off 2022

    UP BEd expected cut off 2022 is 341-351 marks for general category. 

  • Aug 05, 2022 09:14 AM IST

    UP BEd Results 2022: Number of candidates absent 

    The entrance test was held in two shifts on Wednesday. In all, 6,15,645 (92.24%) candidates appeared with 51,818 remaining absent. In the second shift 6,15,787 (92.26%) were present and 51,676 candidates remained absent.

  • Aug 05, 2022 09:05 AM IST

    UP B.Ed JEE Results 2022 

    The districts that witnessed maximum attendance were Prayagraj, Varanasi and Bareilly.

  • Aug 05, 2022 09:00 AM IST

    UP B.Ed JEE Result: exam pattern 

    The exam was conducted in two parts and each part consisted of 100 questions carrying 2 marks each. The duration of the exam was 3 hours. 

  • Aug 05, 2022 08:56 AM IST

    UP BEd result 2022 link will be available here soon after the result is declared. Appeared candidates can keep a check here for latest updates. 

  • Aug 05, 2022 08:49 AM IST

    UP BEd Result 2022 topper list: Likely today 

    UP BEd Result 2022 topper list will likely be releasing today along with the result. However, the university has not announced any new update on release of toppers name yet. 

  • Aug 05, 2022 08:42 AM IST

    UP BEd result date is August 5, 2022. The result will be announced by Mahatma Jyotiba Phule Rohikhand University, Bareilly. Candidates who have appeared for the examination can check the official website of UPBED on upbed2022.in.

  • Aug 05, 2022 08:37 AM IST

    UP BEd JEE result 2022: Number of candidates appeared 

    More than 6 lakh candidates have registered for the written examination this year. The exam was conducted by following all COVID19 norms issued by the state and central government. 

  • Aug 05, 2022 08:25 AM IST

    UP BEd JEE result: exam date 

    The written examination of Uttar Pradesh BEd Joint Entrance Examination was conducted on July 6, 2022 at 75 districts across the state. 

  • Aug 05, 2022 08:15 AM IST

    UP BEd result: How to check 

    Visit the official site of UP BEd on upbed2022.in. 

    Click on UP BEd result link available on the home page. 

    Enter the login details. 

    Click on submit and your result will be displayed on the screen. 

    Check the result and download the page. 

    Keep a hard copy of the same for further need. 

  • Aug 05, 2022 08:03 AM IST

    UP B.Ed JEE Results: Releasing today

    UP B.Ed JEE Results will be releasing today, August 5, 2022. The result will be available on the official link upbed2022.in.

  • Aug 04, 2022 08:31 PM IST

    UP B.Ed JEE result likely tomorrow

    The UP B.Ed Join Ebtrance examination exam was held in 75 districts on July 6.

  • Aug 04, 2022 08:25 PM IST

    UP B.Ed entrance exam result 2022

    This year a total of , 6,15,645 (92.24%) candidates appeared for the UP B.Ed exam with 51,818 remaining absent.

  • Aug 04, 2022 08:15 PM IST

    UP B.Ed result 2022: exam was held on July 6

    UP B Ed Joint Entrance Examination - 2022 conducted by the Mahatma Jyotiba Phule Rohilkhand University on July 6.

  • Aug 04, 2022 08:14 PM IST

    UP B.Ed  JEE Result 2022

    There were 6,67,463 candidates registered to take the state-level entrance test.

  • Aug 04, 2022 08:12 PM IST

    UP B.Ed result 2022 expected tomorrow

    UP B.Ed JEE result 2022 is expected to release tomorrow, August 5, 2022.

  • Thu, 04 Aug 2022 18:17:00 -0500 en text/html https://www.hindustantimes.com/education/exam-results/up-b-ed-result-2022-live-updates-results-tomorrow-at-upbed2022in-101659623236533.html
    Killexams : Datebook: A look at upcoming clubs and support group meetings

    Although some groups have resumed meetings, others’ schedules may have changed because of pandemic restrictions. It is recommended you contact the group in advance to verify details. Any changes in meeting schedules can be emailed to JJCsocial@myjournalcourier.com.

    ALCOHOLICS ANONYMOUS

    217-370-4002

    Jacksonville locations:

    First Baptist Church, 1701 Mound Ave. Wheelchair-accessible.

    Club HOW, 638 S. Church St.

    Monday

    • Closed discussion, 7:30 a.m. at Club HOW.

    • Closed discussion, noon at Club HOW.

    • Closed discussion, 8 p.m. at First Baptist Church. “Bowen Group.”

    • Closed discussion, 8 p.m. at Club HOW.

    Tuesday

    • Open discussion, noon at Club HOW.

    • Women’s open meeting, 5:30 p.m., First Christian Church’s Fireside Room.

    • VIRGINIA: Closed discussion, 7 p.m. at Grace Lutheran Church, Main and Washington streets.

    • ROODHOUSE: Closed discussion, 12-step/12 traditions, 8 p.m. at Grace Center, 114 W. Palm St.

    Wednesday

    • Closed discussion, noon at Club HOW.

    • Closed discussion, 8 p.m. at Club HOW.

    Thursday

    • Closed discussion, 7:30 a.m. at Club HOW.

    • Closed discussion, noon at Club HOW.

    • Closed discussion, 8 p.m. at Club HOW. “Newcomers Group.”

    Friday

    • Closed discussion, noon at Club HOW. “TGIF Group.”

    • Closed discussion, 5:15 p.m., Big Book Study at Club HOW.

    • VIRGINIA: Closed discussion, 8 p.m. at United Methodist Church, 401 E. Broadway Ave.

    Saturday

    • Open speaker, 8 p.m. at Club HOW.

    • Open meeting, noon at Club HOW.

    Sunday

    • Closed discussion, 8 p.m. at Club HOW. “12 & 12 Group.”

    • Closed discussion, 10 a.m. at Club HOW. (Second Sunday is open)

    • SPRINGFIELD: AA for Women, 10 a.m. at Discovery Club, 313 W. Cook St.

    •••

    AL-ANON

    Meetings are nonsmoking and open to anyone. The only requirement is that there be a problem of alcohol with a loved one or friend.

    217-248-6434.

    Wednesday

    • Al-Anon, 7:30-8:30 p.m. at Centenary United Methodist Church, 331 E. State St. (use Morgan Street entrance).

    •••

    NARCOTICS ANONYMOUS

    All meetings are nonsmoking. Not affiliated with any religious organization.

    Jacksonville locations:

    First Christian Church, 2106 S. Main St. (enter through far southeast door). 217-883-1975.

    Lutheran Church for the Deaf, 104 Finley St. (enter through back door). 217-883-1975.

    Wednesday

    • Open discussion group, 8 p.m. at Lutheran Church for the Deaf.

    Friday

    • Open discussion group, 7:30 p.m. at First Christian Church.

    •••

    OTHER MEETINGS

    Monday

    Hope Lives On support group for mothers who have lost children to suicide, 7 p.m., Jacksonville Chamber of Commerce, 155 W. Morton Ave.

    Addicts Victorious, 7-8 p.m. at Faith Tabernacle, 571 Sandusky St. Use side entrance to church hall.

    PITTSFIELD: Addicts Victorious, 7-8 p.m. in the basement of Subway in Pittsfield. 1-800-323-1388.

    •••

    Tuesday

    Jacksonville Sunrise Rotary, 7 a.m. Holiday Inn Express meeting room, South Jacksonville. 217-243-6895.

    Dementia Caregiver support group, 2-3 p.m., free virtual event. Call 800-272-3900 to register, which is required. Hosted by the Springfield office of the Alzheimer’s Association Illinois.

    American Legion Post 279, 7 p.m. at 903 W. Superior Ave.

    •••

    Wednesday

    Breastfeeding support group, 6 p.m., Jacksonville Memorial Hospital, Meeting Room 2.

    ROODHOUSE: Women with Hearts of Love (WWHOL), 6-7 p.m. at House of Restoration, 208 W. Franklin St. 217-602-1670.

    •••

    Thursday

    Jacksonville Area Chess Club, 6-9 p.m. at Jacksonville Public Library. 217-370-0882.

    Jacksonville Kiwanis Club, noon at Hamilton’s.

    WHITE HALL: Addicts Victorious, teens 5:30-6:30 p.m.; adults 7-8 p.m. in the Fellowship Hall of New Life Church, 626 Curtis St.

    •••

    Friday

    Jacksonville Rotary Club, noon at Hamilton’s.

    PITTSFIELD: Addicts Victorious, 6 p.m. at Assembly of God, 575 Piper St. 800-323-1388.

    •••

    Saturday

    Jacksonville Amateur Radio Society’s Net, 9 p.m. Transmitted on K9JX repeater. K9JX.com.

    Fri, 29 Jul 2022 15:10:00 -0500 en-US text/html https://www.myjournalcourier.com/news/article/Datebook-A-look-at-upcoming-clubs-and-support-17336433.php
    Killexams : Synchronous Condenser Market to Grow $811 Million by 2030

    The MarketWatch News Department was not involved in the creation of this content.

    Jul 28, 2022 (AB Digital via COMTEX) -- The global Synchronous Condenser Market is projected to grow from USD 661 million in 2022 to USD 811 million by 2030, at a CAGR of 2.6% according to a new report by MarketsandMarkets™. Synchronous condensers ensure a stable supply to the transmission grid. They can also supply and absorb reactive power and deliver voltage support and dynamic regulation. In addition, many renewable resources are remotely located and feed power into a single radial line. Synchronous condensers can be installed close to the connection point to strengthen the grid with additional short-circuit power. This improves the fault ride-through capability of the power installation itself and provides additional voltage stability. With renewable power generation on the rise, the market for synchronous condensers is expected to witness substantial growth in the coming years. This trend is expected to gain traction in North America and Europe, where renewable energy is gaining momentum, and the conventional power generation infrastructure is aging and converted to synchronous condensers.

    Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=189197147

    Electrical utilities are expected to grow at the highest CAGR during the forecast period

    By End-User, the Synchronous Condensers Market has been segmented into the electrical utilities and industrial sector segments. They generate, transmit, and distribute electricity from various conventional and renewable sources. Thus, they are the major end users of synchronous condensers. Electrical utilities can install synchronous condensers as stand-alone packages, temporarily operate power plants as synchronous condensers, and convert and retrofit existing and decommissioned power plants to run synchronous condensing facilities. In conventional, combined, or open-cycle plants, a turbine-driven generator is decoupled from the turbine by a clutch and operated as a synchronous condenser to provide reactive power.

    Europe is expected to be the second-largest region in the Synchronous Condenser Market

    Europe is expected to be the second-largest in the Synchronous Condensers Market during the forecast period. EU is actively adding renewable energy capacities to meet its 32% target for Renewable Energy Sources (RES) in the total energy consumption by 2030. This would increase the share of the electricity supply fed to the grid from the RES. The expansion of decentralized and intermittent renewable generation capacities within Europe would make it imperative to adopt advanced technologies for power factor correction and voltage stabilization, thus ensuring the reliability and quality of power supply to end-users. Controlling the limits in voltage profiles in distributed generation and standardizing parameters for reactive power controllers are the major issues that need to be addressed in the region.

    Request sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=189197147

    Some of the major players in the Synchronous Condenser Market are ABB (Switzerland), Siemens (Germany), GE (US), Eaton (Ireland), Voith Group (Germany), Fuji Electric (Japan), WEG (Brazil), BRUSH Group (UK), and ANDRITZ (Austria). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.

    About MarketsandMarkets™:

    MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

    Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

    MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

    Contact:

    Mr. Aashish Mehra

    MarketsandMarkets™ INC.

    630 Dundee Road

    Suite 430

    Northbrook, IL 60062

    USA: 1-888-600-6441

    Email: sales@marketsandmarkets.com

    Content Source: https://www.marketsandmarkets.com/PressReleases/synchronous-condenser.asp

    Media Contact
    Company Name: MarketsandMarkets(TM) Research Private Ltd.
    Contact Person: Mr. Aashish Mehra
    Email: Send Email
    Phone: 18886006441
    Address:630 Dundee Road Suite 430
    City: Northbrook
    State: IL 60062
    Country: United States
    Website: https://www.marketsandmarkets.com/Market-Reports/synchronous-condenser-market-189197147.html

    COMTEX_411199698/2555/2022-07-28T20:35:51

    Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

    The MarketWatch News Department was not involved in the creation of this content.

    Thu, 28 Jul 2022 12:35:00 -0500 en-US text/html https://www.marketwatch.com/press-release/synchronous-condenser-market-to-grow-811-million-by-2030-2022-07-28
    Killexams : Customers Bancorp, Inc. (CUBI) CEO Sam Sidhu on Q2 2022 Results - Earnings Call Transcript

    Customers Bancorp, Inc. (NYSE:CUBI) Q2 2022 Earnings Conference Call July 28, 2022 9:00 AM ET

    Company Participants

    David Patti - Communications Director

    Jay Sidhu - Executive Chairman

    Sam Sidhu - Vice Chairman, President and Chief Executive Officer

    Carla Leibold - Executive Vice President, Chief Financial Officer

    Andrew Bowman - Executive Vice President and Chief Credit Officer

    Conference Call Participants

    Peter Winter - Wedbush Securities

    Steve Moss - B. Riley Securities

    David Bishop - Hovde Group

    Matthew Breese - Stephens Inc.

    Operator

    Hello and welcome to Customers Bancorp Inc., Second Quarter 2022 Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded. Thank you.

    I will now hand today's call over to David Patti. Please go ahead.

    David Patti

    Thank you, Tameka, and good morning, everyone. Thank you for joining us for the Customer Bancorp's earnings call for the second quarter of 2022. The presentation deck you will see during today's webcast has been posted on the Investor Relations page of the Bank's website at www.customersbank.com. You can scroll to Q2 '22 results and click on the earnings presentation.

    You can also download a PDF of the full press release at the spot. Our investor presentation includes important details that we will walk through on this morning's webcast. I encourage you to download and use the document.

    Before we begin, we would like to remind you that some of the statements we make today may be considered forward-looking. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual performance results to differ materially from what is currently anticipated.

    Please note that these forward-looking statements speak only as of the date of this presentation, and we undertake no obligation to update these forward-looking statements in light of new information or future events, except to the extent required by applicable security laws. Please refer to our SEC filings, including our Form 10-K and 10-Q for more detailed description of the risk factors that may affect our results. Copies may be obtained from the SEC or by visiting the Investor Relations section of our website.

    At this time, it's my pleasure to introduce Customers Bancorp Chair, Jay Sidhu. Jay, the audience is yours.

    Jay Sidhu

    Okay. Thank you, Dave, and good morning, ladies and gentlemen. Thank you for joining us for this second quarter 2022 investor call. Joining me this morning from New York is Sam Sidhu, The President of Customers Bancorp, as well as the CEO of our principal subsidiary Customers Bank. And here with me in Reading, Pennsylvania is Carla Leibold, our Chief Financial Officer, as well as Andy Bowman, our Chief Credit Officer.

    We continued to perform well in the second quarter and are extremely pleased with our results for the first half of 2022. Despite this challenging macro and geopolitical environment, we remain laser focused on executing on our strategy, which has not changed. Our core earnings per share, excluding PPP this quarter were, up 32.3% year-over-year. Our core return on average asset was 1.23% and our core return on common equity was 19.1%. We continued to responsibly deliver remarkable organic loan growth without sacrificing credit quality.

    Our core loans increased $2.2 billion in second quarter, up 18.7% from first quarter 2022, and well above the $500 million average quarterly target that we shared with you. Nearly all of this growth was in market rate, low-risk, specialty lending verticals and was predominately as I mentioned earlier floating rate loans, and that helped us to manage our overall asset sensitivity.

    Asset quality remains exceptional and credit reserves are strong. Continuing the momentum from record 2021 performance and strong results for the first half of 2022, our loan and deposit pipelines remained robust, a testament to our customer-centric business model supported by best-in-class service and technology. We remain very excited and optimistic about our future.

    As you can see in Slide three, what we are building is a digital-paced forward thinking super community bank with a focus on community banking, specialty banking, and digital banking and our digital banking covers consumer businesses, commercial businesses, transaction, and payment businesses that we are really building strongly right now, as well as banking as a service business.

    I'd like to now hand it over to Sam to discuss with you our accomplishments and strategic priorities and all of these businesses. Sam?

    Sam Sidhu

    Thank you, Jay. Good morning, everyone. I'm pleased to walk you through another solid quarter and first half of the year at Customers Bancorp. Our team capitalized on the momentum built over the last two quarters and delivered industry leading responsible loan growth led by variable rate lending and low risk specialty lending verticals, which is diversifying and strengthening our franchise. Let me briefly summarize our results.

    From an earnings perspective, we earned $1.68 and GAAP EPS, which represents a net income of $56.5 million. Moving to core earnings, they were $1.77 and stripping out the benefit of PPP income we earned $1.38, which includes the significant growth-related provision impact. Net interest margin came in at $3.32 for the quarter.

    Now moving to the balance sheet, we ended the quarter with $18.7 billion in core assets, excluding PPP, up 40% over the year ago quarter. Our loan book, as you heard from Jay grew an impressive 32% year-over-year to $14.1 billion ex-PPP at quarter end, total deposits grew by 22% or $3.1 billion year-over-year, driven by monumental efforts from our commercial teams, amplified by our digital bank team's success in deposit gathering associated with our customers Bank Instant Token or CBIT launch. It is worth emphasizing and reiterating that $2 billion of this growth came from non-interest bearing deposits.

    Strong asset quality is at the core of our franchise and we continue to have superior credit quality versus peers and saw improvement in the quarter off of an already low base. As discussed at the start of the year, we proactively tightened credit underwriting and shifted loan growth mix in an effort to continue to maintain a pristine credit book as we wait to see the impact of the Fed’s action and inflation on the economy.

    Flipping to Slide six, let me update you on our business line accomplishments and strategic priorities for 2022. This page helps to visually simplify our strategy and explains what makes customers Bank so unique. Firstly, on community banking in the quarter, we focused on strengthening our presence and reputation in our expansion geographies, laying the foundation for future loan growth and team recruitment. We expect to actively recruit new teams as the year progresses. We are also focused on growing our existing community-focused business lines. We've added several new relationship managers and executives to our existing teams, leading to strong end market growth. We added a team in New York, one in Boston and also added to our Florida team.

    From a loan growth perspective, our largest community bank in C&I Group in the Mid-Atlantic grew by 8% quarter-over-quarter. We also continued to grow the multifamily book back to targeted levels and our SBA production grew 29% quarter-over-quarter and 88% year-over-year.

    Our digital small ticket 7A product pilot continues to show promise as part of our digital SMB bundle. As we guided at the beginning of the year and anticipation of margin compression on gain on sale income and a shift in business model going forward, we expect to hold majority of our government guaranteed growth on balance sheet.

    Finally, as you may have seen in the latest announcement, we are better aligning our branch network with our expansion in digital strategies and announced the closure of majority of our legacy Pennsylvania branches that were most impacted by declining industry trends, and we will be moving these customer accounts to other local branches. These five branches represented about 45% of our total existing branches on top of the three that we closed during the pandemic.

    Moving to Specialty Lending, we continue to recruit specialty lending teams and add to existing teams to support future growth. In the quarter, we added to our fund finance team, our tech and venture team, our financial institutions team, which included a lead for securities-based lending sub-vertical launch, our healthcare team with a new lead coming from a top five bank, and finally on-boarded a team to launch another technology enabled digital SMB, small medium size business lending product within our equipment finance specialty business.

    For the third quarter in a row, we've delivered industry leading low risk variable-rate loan growth. Our new lending verticals have already achieved outstanding balances are well over $1 billion since the inception surpassing our full-year 2022 goal, led by our fund finance team and very well secured assets with -- deposit rich customer basis. This growth has been supported by significant customer referrals and cross-sell and is well diversified across existing and new verticals.

    Moving to Digital Banking, we've established ourselves as a leader in technology and innovation in the banking and fintech space. In terms of our digital consumer business, we continue to progress our digital first consumer business cross-sell offerings by expanding into multi-product relationships with our existing customers.

    We're pleased to report that our digital SMB bundle will be in a pilot launch this quarter as we look to build off of our success and learnings in the digital 7A space and rolled into revolving line of credit term loan, equipment finance loans, and credit card offerings. In terms of, CBIT, I'll spend some more time talking about this in a minute, but we continue to scale our business at a pace far greater than what we had projected. We are on track to launch our banking-as-a-service business with our first customer on board of this quarter, which is expected to add significant income growth potential in 2023.

    Finally, I'm pleased to announce that we will be formally launching a transaction banking platform if you please flip to a tech enabled banking Slide seven to provide more detail. Building off of our on CBIT, we will be seeking to disrupt the transaction banking space by helping our current and future customers build a modern cloud-based API enabled treasury product suite, built for where our customers are going, not just for their needs today.

    Our best-in-class tech platform will enable us to expand our commercial treasury and payments capabilities to include the customer facing API library with documentation, enabling simple and robust treasury services, including digital account on-boarding, real-time reporting and account payings with API connectivity into ERPs and internal treasury management software platforms, as well as analytics, payments including ACH, wire, Fedwire, FX, CBIT instant payments, as well as crypto on and off ramps and stablecoin infrastructure services, including [indiscernible]. This is all in addition to the API-led banking-as-a-service, fintech partnerships, which we've already discussed.

    Our tech enabled platform has been built with input from dozens of interviews with customer end-users and decision-makers reinforcing our customer-centric and experience approach -- service and experience approach, which we hope will continue to build tremendous customer loyalty and enhance our brand. While most banks are rightfully focused on digital transformation and digitizing internal processes, we are looking to leapfrog forward and working to package and productize our tech by tailoring it to customers’ current and anticipated needs.

    Said another way, we're focusing our tech spend on innovation for our customers. We expect transaction banking to enhance the Customers Bank customer focused value proposition and facilitate significant low to no cost deposit, as well as fee income opportunities in commercial and large corporate, high-growth verticals led by digital assets, FIG, fund finance and tech and venture.

    As an example, our fund finance business, which crossed over $1 billion as you heard, will be expected to be 100% self funded and supported by these efforts. Similarly, our tech and venture business on a steady state, we expect to be at least 100% funded supported by our tech enablement.

    Moving to loan growth summary on Slide eight. We’re pleased to be benefiting from our 2021 efforts to establish new lending verticals, which has led to a well diversified loan growth in the quarter. Our teams are posted $2.2 billion of total loan growth with $1.6 billion of that coming from our specialty lending verticals. And our mortgage banking business, we now have achieved our goal of less than 15% to 20% of loans with that business at 13% of loans makes PPP, which will significantly reduce some of the seasonality we experienced historically.

    Our very well secured and well structured fund finance business that has been led by a team of senior executives from top five banks, led the growth with $700 million added in the quarter. Our matured, well secured and structured lender finance business that was started more than seven years ago has never experienced a loss of delinquency, also grew by more than $500 million in the quarter. As we previously guided, our consumer business remained flat to declining as we guided last quarter as we seek to further Improve our credit risk profile and focus on low risk verticals.

    Flipping to Slide nine on CBIT, a quick recap on the instant payments platform we launched, which tokenizes deposits on the blockchain for providing an instant payment rail that is available 24/7/365. Despite significant market volatility in the digital asset space during the quarter, building off of our significant customer growth in the first quarter, we are proud to report that we accelerated customer growth once again beating our internal target through the onboarding of 90 new customers nearly doubling to 190 total customers at the end of the quarter. This is a testament to our compliance first best-in-class onboarding process and again a recognition of our industry-leading technology infrastructure platform, which is forcing basic and long needed innovation by the incumbent commercial and digital asset banking institutions.

    Our customer backlog remains robust and to be clear, we have no exposure to underlying cryptocurrency assets of our customers, just bank their fee up dollar deposits used for operating accounts, payments and trading. All in, customer payments more than doubled in the quarter and deposits increased with the growth being led by new customers funding their opened accounts with about $400 million added in non-interest bearing deposits. Our total CBIT-related deposits reached $2.1 billion in the quarter.

    As a reminder, our digital asset customer base is diversified and led by exchanges OTC desks and institutional investors, and stable coin issuers. In just a few months, Customers Bank already banks several of the largest needs of these categories. Customers continue to progress in moving over their primary banking relationships to us, which speaks to our innovative take on service and experience based high-tech, high touch banking model. Our focus in 2022 will be on growing and strengthening our network effect by driving customer growth, API connectivity for multiple payment rails, as well as stable coin infrastructure leading to more engagement and thus more inflows into our ecosystem.

    We continue to expect CBIT-related deposits to grow through the year as our pipeline remains strong, supported by customer referrals giving us an opportunity to further transform and Improve our deposit franchise.

    With that, I'd like to hand it over to our CFO, Carla Leibold.

    Carla Leibold

    Thanks, Sam. And good morning, everyone. I'll keep my comments focused on five key topics. The first strong organic growth resulting in improvements in loan and deposit mix. The second asset sensitivity and being well positioned for future rate hikes. Third, continued strong growth in net interest income generated by the core bank. The fourth ample liquidity combined with a well diversified and managed investment portfolio, including strategic actions taken to mitigate further material negative AOCI book value impact. And number five, strong capital position.

    Turning to Slide 10. I'll start with strong organic growth, resulting in improvements in loan and deposit mix. As Sam mentioned earlier, we continue to see remarkable organic core loan growth in the second quarter of 2022, up $2.2 billion from the prior quarter and up $3.4 billion year-over-year. This equates to a 19% increase quarter-over-quarter, significantly higher than our peers, as well as most of the industry.

    In total, our specialty lending C&I verticals ended the quarter at $4.8 billion, an impressive 50% growth over the prior quarter and 192% growth year-over-year. We also continue to build our relationship-based multifamily business, which increased 18% quarter-over-quarter, while our consumer installment portfolio stayed flat at $1.9 billion.

    Overall, our loan mix continues to Improve as we increase the percentage of the portfolio in low credit risk lending verticals such as lender finance, fed fund finance. I'll also point out that over $800 million of our loan growth came in June, meaning we will see the full net interest income benefit in the third quarter.

    Moving to deposits. We had $529 million of growth in the second quarter, up 30% over the prior quarter. Year-over-year, deposit growth was $3.1 billion, up 22%. Notably, total demand deposits increased $4.4 billion or 64% year-over-year. We continue to make progress in the remixing of our deposit franchise as a percentage of non-interest bearing deposits to total deposits increases. At the end of June, 28% of our total deposits with non-interest bearing, a significant improvement from 16% back in 2018. In addition to our digital asset related deposit, we see significant opportunity to grow our core deposit base through our financial institution group, as well as other channels.

    Slide 11, shows the repricing characteristics of our interest earning assets, approximately 65% of our interest earning assets are market sensitive and will benefit from a rising rate environment. Nearly all of the growth I described earlier was in low credit risk, special lending verticals and with predominantly floating rate in nature as we continue to manage and remain moderately asset sensitive.

    Moving to Slide 12. This slide shows a trend of increasing net interest income, excluding PPP over the past five quarters, largely driven by strong organic growth in our specialty lending C&I business. Compared to the prior quarter, our net interest income increased 12%, year-over-year our net interest income from the core bank increased 42%. You can also see that we have increased our spread 13 basis points from the year ago quarter. Going forward, we remain very focused on disciplined pricing and preserving net interest margin, but not at the expense of sacrificing on credit quality.

    For the second half of this year, we are expecting our net interest margin, excluding PPP to be between [$3 and $3.25] (ph). I'll point out that approximately $1.3 billion of loan growth added during the second quarter was in very low credit with lending verticals. And accordingly yields tighter spreads above so far.

    Turning to Slide 13. PPP loans totaled $1.6 billion at the end of June. There was approximately $6 million of forgiveness of repayments in the second quarter of 2022. This resulted in deferred fee recognition of about $15 million, which was approximately half of the amount recognized in first quarter. At the end of June, approximately 91% of PPP loans originated under rounds one and two had been forgiven and approximately 73% of PPP loans originated under round three had been forgiven. To-date, we've recognized about $307 million of deferred origination fees, leaving approximately $43 million to be recognized throughout the second half of 2022 and into 2023. As we've said previously, it's difficult to predict the timing of these fees, but we are expecting approximately two-thirds of the remaining fees to be recognized later this year.

    Turning to Slide 14. You can see tremendous growth in our liquidity position, particularly in the second half of 2021 and ultimately peaking at $4.4 billion at the end of last quarter. During second quarter, we took two strategic actions impacting liquidity and the investment portfolio. The first, we sold $400 million of available for sale securities and redeployed those proceeds to fund organic loan growth in very low risk variable rate specialty lending verticals. This resulted in approximately $3 million of realized losses during the quarter, which we estimate can be earned back in less than three months.

    The second is we reclassified $550 million of investment securities with an unrealized fair value loss of $50 million from available for sale to help the maturity on June 1. This essentially locked the $50 million or $37 million of after tax unrealized losses in AOCI with approximately $8 million of estimated reversals annually until the securities payoff. We did this to prevent further material AOCI losses from our available for sale investment portfolio from impacting our TCE ratio and book value. We purposely reclassified longer duration fixed rate MBS and CMOs to help the maturity as they were most vulnerable to fair value losses, driven by rising interest rate. Post this reclass, our net yield on the AFS book was 2.9%, the effective duration is approximately 1.6 years and approximately 52% of the securities of floating rate.

    Moving to Slide 15. We continue to maintain strong levels of capital. The estimated total risk based capital ratio at the end of the second quarter was approximately 12.6% and our TCE ratio excluding PPP was 6.5%. Our TCE ratio was negatively impacted by about $125 million of after tax unrealized losses deferred in AOCI at the end of June. This negatively impacted our TCE ratio by approximately 70 basis points. Without this impact, our TCE ratio would have been approximately 7.2% at the end of the second quarter.

    We saw a similar impact on our tangible book value, which was down about $0.15 from the first quarter as the $1.68 of second quarter GAAP earnings was more than offset by a negative AOCI impact of about $1.80. It's important to note here that the AOCI impact is an accounting fair value adjustment that has no permanent impact on capital, if the securities are held on balance sheet. Looking forward to the end of 2022, we are still expecting our tangible book value to be over $40. We also expect our TCE ratio to be above 7.5% over the next three to four quarters.

    And with that, I'll turn it over to Andy to talk about asset quality. Andy?

    Andrew Bowman

    Thank you, Carla, and good morning, everyone. Moving to Slide 16, credit quality remains strong as evidenced by decline in NPLs $28 million or 18 basis points of total loans, a correlating decrease in NPAs to only 14 basis points of total assets. And more importantly as it represents a real time assessment after the performance of the loan portfolio, 30 to 89 day delinquencies stood at just 13 basis points.

    The $11.5 million in charge offs for the quarter after adjusting for the approximate $2 million cleanup of overdrawn consumer deposit accounts managed by a third-party servicer was comprised of $9.9 million in consumer loan charge offs and $1.6 million in commercial loan charge offs, equating to an annualized net charge offs to average total loans and leases of approximately 31 basis points.

    The $9.9 million of consumer loan charge offs, presented an increase over prior quarters, but remained in line with prior shared guidance of increased charge off rates as the portfolio naturally seasons. Most importantly, the 2.1% annualized charge off rate is well below the lifetime loss rate of 5.85% and weighted average life remains very short at just 1.7 years.

    From a commercial loan perspective, charge offs were only $1.6 million, equating to annualized net charge offs to average total commercial loans and leases of just 5 basis points. The charge offs were tied to the sale of four related multifamily loans that have been in non-performing status for some time, and therefore is not at all indicative of the solid ongoing performance of the multifamily portfolio, as evidenced by the NPA, NPL and delinquency stats, I previously noted.

    As outlined on Page 23 in the appendix and in line with prior quarters, the consumer installment loan portfolio continues to evidence strong credit characteristic as evidenced by weighted average FICO score of 729, with 99% of all FICO scores greater than or equal to 680. The weighted average DTI of 17.4% with 72% of all borrowers having a DTI of less than 30% and a weighted average borrower income of $102,000 with 83% of the borrower incomes greater than or equal to $50,000. The portfolio also remains geographically dispersed and is comprised predominantly of borrowers employed within non-discretionary spending dependent industries.

    Additionally, as outlined on Page 26 in the appendix, the consumer installment portfolio allowance for credit losses remains robust by $111.2 million based on the previously stated 5.85% lifetime loss rate. And although there will inevitably be increased charge off rates, the portfolio continues to naturally season, we are more than confident that based on the portfolios strong credit attributes and strong performance to-date reserves are more than adequate at this time.

    Overall, although we're extremely pleased with how well all of our portfolios have performed and continue to perform, we remain committed to maintaining a strong reserve position given the continued uncertainties associated with the current social, economic and political climates and remain committed to adhering for our strong underwriting standards. Following this theme, we did post a reserve build in Q2, predominantly due to very strong loan growth as mentioned by both Sam and Carla, resulting in a continued strong coverage ratio of 1.28%, which equates to 557.8% coverage of NPLs.

    It's important to note that the reserve build is 7.3%, when compared to the core loan growth of 18.7%, clearly evidences that the growth came through lower credit risk lines of business.

    Thank you for your time this morning. And now I'd like to turn the presentation back over to Jay Sidhu.

    Jay Sidhu

    Okay. Thanks, Andy. And before we open the call for Q&A, let me briefly share with you what we are seeing in our local, regional and some national markets that we are operating in. So far, our businesses and consumers remain concerned about inflation and higher rates thay believe they can deal with them. It seems like the impact of the Fed's policies has yet to be felt by them.

    The mortgage market is really suffering with dramatic reduction in sales and refis for many mortgage bankers today are less than 5% of their businesses. We have believed actually since last year that due to the United States fiscal policy and extremely accommodating monetary policy, the risks of recession and inflation in 2022 were very high. We had shared back with you, including at our call in the third and fourth quarters last year.

    We have been hoping that, that would not happen, but hope cannot be a strategy. Since Q4 2021, we have adopted the following five initiatives. Number one, build our floating rate low risk loan portfolios, where to-date those floating rate loans now make up more than 70% of our loans. In addition, we have a very disciplined pricing strategy, as well as management of our fixed rate loan portfolios and have no loans in the books -- on our books, which are greater than five years in duration.

    Number two, we are focused on maintaining a margin of 3% to 3.25% in different scenarios as you’ve heard from Carla. And this will keep the bank somewhat asset sensitive, because we expect Fed to continue to increase rates gradually at least in 2022.

    Number three, we continue to build upon our digital capabilities and you heard a lot about that from Sam. And specially, we believe this will help us in our low cost deposit gathering initiatives and help us to continue to grow deposits consistently every single quarter.

    Number four, we are conducting a complete reorganization review at our company, resulting in consolidating operations and reallocating safe resources to digital technology and other related areas. And last but not the least, we once again commit to meeting or beating our EPS goals for 2022 and 2023.

    Just looking at the last slide, which is Slide 17. We hope you can see the alignment of our strategic initiatives and tactics with our key investment highlights for Customers Bancorp. Number one is, we believe we have industry-leading loan and deposit growth supported by best-in-class digital banking. Number two, we believe we are maintaining above average and we intend to keep it in terms of exceptional quality as you heard from Andy.

    Number three, we believe we remain well positioned for higher interest rates and are expecting to fit to continue to raise rates till the inflation numbers come down and we don't believe that will happen until 2023. Number four, we have demonstrated industry-leading proprietary tech capabilities and we focused on all of these, while offering a very attractive valuation for our investors.

    So with that, we'd like to open it up for Q&A. Tamika, can you please help us?

    Question-and-Answer Session

    Operator

    [Operator Instructions] Our first question comes from the line of Peter Winter with Wedbush Securities.

    Peter Winter

    Good morning. I wanted to start off with the margin outlook. The second quarter on a core basis was $3.32, you guys mentioned you have a slightly asset sensitive balance sheet, but the outlook in the second half of the year is 3% to 3.25%. Can you just supply some color around that?

    Sam Sidhu

    Carla?

    Carla Leibold

    Yes. So Peter, one of the things that we're adding is increasing the percentage of our portfolio that is very low credit risk, variable rate, which is part of our lender finance and fund finance business. I include in my prepared remarks that those portfolios yield tighter spreads over so far. So when you consider that, there is that decrease in margin to 3% and 3.25%.

    Peter Winter

    Okay. But what I guess if you could talk about then the outlook for deposit growth in the second half of the year? And how you're thinking about deposit betas through the end of the year?

    Sam Sidhu

    Sure, absolutely. I can take that question. So from a deposit growth perspective, we continue to -- as you heard, work on technology enabled initiatives to help us gather low to no cost deposit CBIT was step one in serving a narrow digital asset industry, but we're looking to broaden that to all commercial and corporate clients. So as we think about deposit growth, we have sort of guided towards beginning of the year was taking a look at various balance sheet optimization led by our large deposit servicing arrangement, then seeking to number one, bringing deposits to make up for that potential 12/31 transition. But also to continue to Improve the deposit mix, so you may see us add gross deposits and continue to Improve the overall mix of funding as we take a look at some of our larger non-operating account commercial depositors.

    So to pivot is a deposit betas, if you look at the quarter through June 30, we experienced a beta that's right around 45%, which is at the low end of our range guidance. Having said that, as you heard from Jay and from Carla, we believe in delivering earnings and margin that are sustainable versus going long on short-term benefits and margins. So if you look at this quarter, we've had as an industry over 2% higher in Fed funds rates. We're a business bank and our non-operating account commercial depositors have and we'll be seeking higher rates from the industry. So as such, we are anticipating and in some cases have proactively moved our deposit rates up to retain and support our client base. But will remain asset sensitive through the cycle and have a goal of that minimum margin range that you heard from Carla?

    Peter Winter

    And Sam, just what are you thinking about deposit betas in the second half of the year? Would that go up too?

    Sam Sidhu

    Yes, it's very difficult to fully forecast and some of this is dependent upon competitor actions, as well. We will -- for some of our -- for some of the clients specifically that I mentioned, we will be supporting -- retaining them and providing them market rates. So I think that the rapid increase in rates has resulted in a change in view of the industry, the deposit betas or commercial depositors will likely be higher than last cycle.

    Peter Winter

    Okay. If I could just ask one more question. Just loan growth was pretty impressive. It came in actually above that mid quarter update of $1.5 billion with that strong growth in June. But you maintained that quarterly average loan guidance of $500 million, which seems like you can beat that just given the momentum. I was just wondering if you could talk about that?

    Sam Sidhu

    Sure. You know, I think from a loan growth perspective, we had some verticals that were started evergreen in the last couple of quarters. So the teams we're bringing over relationships, as well as benefiting, for example, say, in the Fund Finance business from large fundraising and deployment trends that continue through the first quarter. Last year, the second quarter from a equity deployment into private equity venture has sort of stabilized to 2021 mid-year levels. But if you look at our mortgage warehouse business as an example, it was actually slightly up quarter-over-quarter and that reflects a convergence, while line utilization overall is down, there's a conversions to focusing on relationship banks. And if someone had -- let's say three to five banks, it will led down to one to three as an example. So that has sort of helped us maintain balances, despite our loan guidance, which included projected declines in our mortgage warehouse business.

    Going forward, as you heard from Jay, the mortgage market is suffering in the beginning of the year. We were something along the lines of less than 50% purchase in the month of June. That was a approaching 80% purchase and we think that trend is going to continue. That will likely result in the mortgage warehouse business declining in the second half of the year. Having said that, we're still maintaining the upper end of our guidance, net of those potential declines through 2022.

    Peter Winter

    Great. Thanks.

    Operator

    Your next question is from the line of Steve Moss with B. Riley Securities.

    Steve Moss

    Good morning.

    Sam Sidhu

    Good morning, Steve.

    Steve Moss

    Maybe just following up on -- hey Sam, maybe just following up on loan growth here. I've seen the desk the -- looking for growth of about $1 billion, I think in -- on finance. Just kind of curious on the other specialty verticals that you have there? What are you thinking for if you could kind of quantify the growth there? I mean, I hear you on the mortgage warehouse headwinds, but just more on the specialty side?

    Sam Sidhu

    Sure. So on the specialty lending verticals we're ramping up in our financial institutions business. I think we're still under $100 million somewhere around $60 million or so of total balances in that business. Our real estate specialty finance business grew modestly from a dollar amount perspective by about $40 million or so within the quarter. However, as you know, these are typically construction projects and the fundings will -- the commitments are significantly larger than what the growth is. So we'll experience more growth in 2022 and mostly in 2023. And those are the other main drivers, the specialty verticals, which as you can see here, in some cases still ramping up and in other cases have issued commitments, but the projects will take time to ramp up and increase outstandings.

    Steve Moss

    Okay. That's helpful. And then in terms of the consumer loan portfolio, I appreciate the clarification on the charge offs here. Just in terms of how do we think about the balance of that portfolio going forward?

    Sam Sidhu

    So as we go forward, we'd like to reiterate that we have, sort of, a bias towards flat to declining in that business, you know, over the past 90-days or so, we've experienced in the low end $45 million on the high end, $60-ish million or so of natural runoff in that portfolio. And we’ve continue to see that in the third quarter. So going forward, I think we've reached a dollar ceiling on the portfolio, at least for the near to medium term.

    Steve Moss

    Okay. And then on CBIT, curious as to how many customers you expect to onboard this quarter? And just maybe size up the pipeline of customers over the remainder of the year?

    Sam Sidhu

    Sure. So in our CBIT platform because there's a tremendous amount of strategic evaluation as well as compliance first evaluation of these customers. What I can say is that the folks -- the number of clients that are in the pipeline is greater than it was at the beginning of last quarter. However, we're still, sort of, working out how pipeline translates into backlog. So it's safe to say definitely not -- don't expect slowdown in client growth, especially as the network effect continues to pick up. And one of the things that we've seen accelerate over the past couple of months has been client referrals, bringing in important counterparties to join the platform.

    Steve Moss

    Okay. That's helpful. And then just last one for me. What was bank mobile expense for the quarter here?

    Carla Leibold

    Yes, it was [$16] (ph) million. Yes, it was $16 million.

    Steve Moss

    $16 million, okay. Thanks, Carla. And thanks very much for all the color guys.

    Sam Sidhu

    No problem.

    Operator

    Your next question is from the line of Michael Perito with KBW.

    Unidentified Analyst

    This is Mike's associate Andrew filling in for him. Thank you for taking my question. First off, I just wanted to ask about the appetite for digital asset lending given everything that has occurred in the crypto ecosystem here in the second quarter? And how you approach that lending opportunity as surrounding digital assets?

    Sam Sidhu

    Sure. And absolutely, good morning, Andrew, and thanks for the question. So in terms of digital asset lending, we had talked about launching as early the second quarter. Given all of the market volatility that occurred in April, May and through June, we have continued our diligence and engaged in deeper, sort of, customer conversations, as well as wanting to make sure that other banks, who are in the space had no liquidations, which they didn't. So we're very pleased to hear that and that is consistent with the channel checks that we had throughout the quarter.

    As we look into the second half of the year, this is still a very important product for our digital asset banking customers and will lead to further support the strength of the CBIT platform. So if anything, we probably have a much more conservative view on how we'll approach the low LTC nature of these loan products. However, just as a reminder, the way that we're approaching this is lending to customers that we otherwise would have already lent to with crypto, specifically Bitcoin at a low LTC, a secondary collateral.

    Unidentified Analyst

    Great. Thanks for all that color, Sam. And just lastly for me, what growth and buyback assumptions are being made on that TCE target of 7.5% in the next three to four quarters you said? And will that be a priority? Or kind of as growth accelerates here, do you think if that target might get pushed out a little bit further?

    Sam Sidhu

    Sure. So let me just take a step back and address capital more broadly. So we ended the quarter with 6.5%, TCE to provide a little bit of a bridge, this was impacted about 70 basis points of organic asset growth in our balance sheet. As you heard from Carla, about 70 basis points of cumulative AOCI impact and about 10 basis points of impact due to our capital deployment and the buybacks. So adjusting for these, you see we could have been an 8% in the quarter, but we're not sacrificing organic growth, so organic growth is going to be at the top of the capital waterfall. However, excess capital could be used in the future for buybacks if appropriate will be tactical as we think about the balance sheet size over the next couple of quarters, we've talked about the service deposits that we have provided a termination notice too, but we'll wait to see where things settle over the next couple of quarters.

    Unidentified Analyst

    Great. Thanks for all the color and appreciate you taking my questions.

    Sam Sidhu

    No problem.

    Operator

    Your next question is from the line of David Bishop with Hovde Group.

    David Bishop

    Hey, good morning, Sam. Hey --

    Sam Sidhu

    Good morning, David.

    David Bishop

    First question, obviously a lot of moving parts looking for here, but and apologies if I didn’t as here this on the call. But outlook for operating expenses, how should we think about that moving into the back half of the year into 2023?

    Carla Leibold

    Yes. So I can add some color there. So included in our press release, we did supply some guidance on our efficiency ratio. We think that's a better way to look at expenses versus just flat level change quarter-over-quarter. Would you change that guidance to be plus or minus 45% in the back half of this year and into early 2023.

    David Bishop

    And that captures the branch closures, correct?

    Carla Leibold

    The branch closures was included in our second quarter numbers. There's about $1 million in there. And there were other one-time charges [indiscernible] another $0.5 million of professional services related to EPP forgiveness activity.

    David Bishop

    Okay. The 45% of the back half that captures the expense saves from the anticipated branch closures?

    Carla Leibold

    That's right. Excluding PPP and BMTX as well.

    David Bishop

    Got it. And then I think I heard in the preamble of the multifamily segment, obviously some growth there. As a percent of loans, just curious where you want to sort of grow that too or keep that at? Is this a sort of a good -- I think it's up to about 13% or so? Is that sort of the range you want to keep that at? Or we grow that even more?

    Sam Sidhu

    Yes, that's a good question. Plus or minus, we've guided to about 15% as sort of targets that we're reaching, say the target, our loan book does continue to increase, but so you may see a little bit of growth we are seeing high quality borrowers in the 5% and [entertaining] (ph) leftovers about 70% of our originations were from relationships and existing borrowers.

    David Bishop

    Great. Thank you.

    Operator

    [Operator Instructions] Your next question is from the line of Matthew Breese with Stephens Inc.

    Matthew Breese

    Good morning. I wanted to go back to the [Multiple Speakers] discussion. I guess, I'm struggling a little bit with the incremental growth driving that level of compression. And at the same time, you're sticking with the high-end, but you're sticking with the $500 million of quarterly loan growth. So I was hoping you could just be a bit more specific on the outlook for fund banking loan growth throughout the end of the year? And maybe provide the exit margin for this quarter either June 30 or for the month of June just to supply us some idea of what the launch point is as we head into the third quarter?

    Sam Sidhu

    Sure. So I'll start with the fund banking and then Carla maybe if you want to address the question related to June 30 or at least directionally how we're thinking about it. So from a fund finance perspective, we do anticipate that approximately 35% to 50% of our growth should come from the fund finance business based upon the guidance we provided in the second half of the year.

    Carla Leibold

    Yes. And on top of that, I'll just add that we remain very disciplined on achieving the 3% target. And as we think about adding those lower credit risk, we understand that there are tighter spreads associated with that business. But we're focused on maintaining a moderately asset sensitive business, so that we won't have a significant impact to our NII from changing ways. But it will really be driven by volume increases.

    Matthew Breese

    Okay. Maybe we could turn to the deposit cost discussion. Cost of deposits were up a bit more than I expected this early in the cycle. And you had mentioned that you expect the commercial deposit betas to be a bit higher this cycle than last just given the extent we're seeing rate increases. Could you define for us how much of your deposit base is commercial and expectations around deposit betas this time versus last?

    Sam Sidhu

    Yes, sure. So I think that we're commercial based, we're predominantly a commercial deposit base, right? So we have a little bit of retail deposits sitting in some of our branches, but that's hundreds of millions, not billions. And we do have our service deposits, which are consumer in nature, which are under $2 billion plus or us, but transitory in nature. So that basically gives you a sense of the overall commercial book. You know, focusing on the profit -- yes, go ahead.

    Matthew Breese

    No, no, no, I interrupted you, I'm sorry. You're going to talking about commercial betas.

    Sam Sidhu

    Yes. So commercial betas, we had started to see beginning early in the quarter, some very aggressive actions by some competitors in the space on large commercial depositors and our financials insitutions group, as well as the digital asset space to the tune of including operating accounts linking to Fed funds in an effort to retain relationships with clients. So that goes back to the comment that I made earlier is about, sort of, in some cases very strategically proactively moving deposit rates to retain and support our clients, while very -- while being very focused on being moderately asset sensitive to the cycle.

    And one of the things that I would just sort of reemphasize is that it's nice to be extremely asset sensitive on the way up and going long. However, we've talked about in the past how we would think about hedging strategies, as well depending on how the forward curve progresses. And we'll continue to evaluate those types of opportunities as the year progresses and those are types of things that could have a short-term impact on margin their long-term preservation.

    Matthew Breese

    Got it, okay. Last one for me, just first ensure with the bankruptcy this quarter. Customers was listed in the bankruptcy filings, could you just supply us some sense of the nature of that loan and the ultimate ability to be paid back? And from our end, how should we be thinking about that loan making its way through the balance sheet timeframe and ultimate outcome?

    Andrew Bowman

    Sure. This is Andy Bowman, I can handle that. Regarding first guarantee, we've gone through our traditional process and completed the full legal assessment, and we've undertaken all the actions to protect the bank's interests and have already commenced with the sale of the underlying loan mortgage portfolio, which at time of the original filing was about $90 million and we continue to liquidate that collateral and we continue to pursue the payment ensure for the line of credit facility.

    And really at this time, everything is progressing well. The timeframe anticipation is to have this completely wrapped up and fully addressed by the end of Q3 of this year. And at this time, we do not anticipate any transition of this relationship to a non-performing status nor do we anticipate any loss at this time on the relationship based upon the valuations we've obtained and based upon success we've had so far in ratcheting down that $90 million mortgage warehouse exposure.

    Matthew Breese

    Got it. Okay. That's all from me. Thank you for taking my questions.

    Sam Sidhu

    Thanks, Matt.

    Operator

    At this time, there are no further audio questions. I'll hand the call back over to our speakers.

    Jay Sidhu

    Okay. Well, thank you very much for dialing in today. And if you have any other questions, please can reach any of us anytime. And so thank you so much for your interest in Customers Bancorp. Have a good day.

    Operator

    Thank you. This concludes today's call. You may now disconnect your lines.

    Thu, 28 Jul 2022 04:15:00 -0500 en text/html https://seekingalpha.com/article/4526906-customers-bancorp-inc-cubi-ceo-sam-sidhu-on-q2-2022-results-earnings-call-transcript
    Killexams : Tritax Big Box REIT plc (TTBXF) CEO Colin Godfrey on Q2 2022 Results - Earnings Call Transcript

    Tritax Big Box REIT plc (OTCPK:TTBXF) Q2 2022 Results Conference Call August 4, 2022 4:30 AM ET

    Company Participants

    Ian Brown - Head of Investor Relations

    Colin Godfrey - Chief Executive Officer

    Frankie Whitehead - Chief Financial Officer

    Conference Call Participants

    Neil Green - JPMorgan

    Paul May - Barclays

    Colm Lauder - Goodbody

    Pieter Runneboom - Kempen

    Rob Virdee - Green Street

    Ian Brown

    Good morning, and welcome to Tritax Big Box's H1 2022 Results Presentation. I am Ian Brown, Head of Investor Relations. Before we begin a few points to note. Firstly, this morning's presentation is being recorded and a replay and transcript will be made available on the investor section of the Tritax Big Box website. A PDF of the presentation itself is also available to download.

    And secondly, after the presentation, there'll be a Q&A session for analysts and investors. To ask a question through the webcast, please type and submit your question in the question box. If you've joined by phone, please follow the instructions from the operator. In the interest of time, we will aggregate similar questions we receive from the webcast. And with that, I will hand over to Colin.

    Colin Godfrey

    Thanks Ian, and Good morning everyone. I'm pleased to present the 2022 first half results for Tritax Big Box and to provide you with an update on the further strong progress that we're making. My name is Colin Godfrey, CEO at Tritax Big Box and I'm joined, as usual, by Frankie Whitehead, our Chief Financial Officer and Ian Brown, our Head of Investor Relations. I'll kick off with a brief introduction. Frankie will run through our financial results for the first half together with a view on our outlook.

    And I will conclude the presentation with a strategic update. Ian will then coordinate Q&A. In March this year, we reported record results for 2021 and expressed continued confidence about the outlook for our business. And my key message today is that we remain confident despite a changing external environment. Now this view is supported by our first half results and I want to start by highlighting 5 key factors.

    Firstly, we're delivering against our strategy. We achieved a record level of new letting activity in the first half of the year. This will add GBP 17.8 million of annual rent to our business. It would underpin future earnings growth in 2023 and 2024, and it supports our decision to accelerate construction starts. Secondly, the powerful structural drivers to our market continue.

    Supply chains have never been more important, and there is a clear desire to increase operational reliability, efficiency and resilience. Against this strong demand, there remains a lengthy planning process and a scarcity of consented sites in the U.K., which continues to constrain supply, together underpinning attractive levels of rental growth. And we're very well placed to help our customers achieve these ambitions, both through our investment portfolio and our large development portfolio, which includes a significant amount of planning consented land available for near-term delivery of logistics warehousing.

    Thirdly, this attractive combination of delivering our strategy and the strength of the market continues to support our performance. We're very excited about the range of opportunities that we have to create fantastic and sustainable buildings for our customers and enduring an attractive income and capital growth, both from our investment and development activities.

    Additionally, and this is the fourth factor, we founded this business on the principle of providing our shareholders with resilient and growing income through the economic cycle, and we remain true to that principle nearly 9 years later. Resilience is built into our business on several levels. There's been a deliberate decision to focus on the best logistics assets that are long leases to strong customers, and this is evidenced by a 100% rent collection rate during COVID and continued 100% occupancy of our investment portfolio.

    Now this resilience is being strengthened by the significant work that we're undertaking on ESG and how we're embedding ESG into all aspects of our operations and our thinking. And to the final factor, we complement this resilience in our capital structure with a prudent approach to risk, demonstrated by a very strong balance sheet, low leverage, significant liquidity and no near-term refinancing requirements, plus an attractive cost of debt secured through fixed or capped instruments.

    This financial strength positions us well to weather a more challenging geopolitical and macroeconomic backdrop and to continue taking advantage of the strong growth opportunities embedded within our business and our market. And on that note, I'll now hand you over to Frankie to talk through our financial performance. Frankie?

    Frankie Whitehead

    Thank you, Colin, and Good morning, everyone. This morning I will be walking you through the strong results we have posted for the first half of 2022. And in doing so, I also want to emphasize that the excellent operational progress made in the period, particularly with regards to new construction and letting activity is something that will further benefit our earnings through 2023 and 2024. And as Colin has said, we are conscious of the current macro environment, and I'll set out why we are well placed to perform strongly as we move forwards. Turning to our first half 2022 key financial highlights.

    Our adjusted EPS, excluding additional DMA income, has risen by 1.1% to 3.73p, with development completions and like-for-like rental growth more than offsetting the impact from the increased share count in the period. We have increased our dividend by 4.7% to 3.35p per share for the 6 months. And once again, our portfolio has performed strongly, which has helped us to deliver a 9.1% increase in EPRA NTA to 242.9p. All elements of our strategy are performing well, leading to a total accounting return of 10.7% over the 6-month period. And finally, and this is a key message from today's presentation.

    Future income growth is now truly embedded within our development pipeline and wider portfolio. As you can see from the chart here, the rents now secured within our development pipeline means that our contracted position rests 9% above today's passing rent. And with the added rental reversion within the portfolio, the ERV sits a further 15% ahead of today's contracted rental position, indicating the attractive prospects for our future earnings growth. Further strong progress has been made in terms of delivering growth in net rental income, and this supports the underlying growth in our dividend. The group net rental income increased by 16.1%.

    Once again, this was predominantly driven by development completions over the last 12 months. The total contracted annual rent has increased to GBP 216 million, with 86% of the growth since December generated from the development component of our strategy. Our EPRA cost ratio has increased, albeit temporarily to 15.2%. We expect this ratio to return to the level seen in previous periods as further contracted rent translates into passing rent. And we also have the positive impact to come from the latest change in management fee structure, which becomes effective from July 1, 2022, and further details can be found on Slide 28 of the presentation.

    Our headline adjusted earnings per share fell by 7%, reflecting the fact that there was no exceptional DMA income received in the period. Hence, therefore, there being no difference between this and our adjusted earnings, excluding exceptional DMA for this first half at 3.73p. And it is this which we consider to be our recurring earnings metric. This has increased by 1.1% despite the average share count growing by nearly 9%. We have increased our dividend per share for this first half to 3.35p and we sit comfortably with a payout ratio of 90%, providing us with future flexibility as we continue to target sustainable dividend progression over the long-term.

    Slide 8 highlights the level of underlying earnings growth in absolute terms, driven by our development activity. Starting with last year's headline adjusted earnings figure on the left-hand side and removing the exceptional DMA income of GBP 6.3 million, which was received in half 1 2021, getting us to the recurring earnings position of GBP 63.1 million for the first half of last year. You can see that top line growth in net rental income is the significant driver to this growth in recurring earnings. The like-for-like rental growth of 3.3% has added GBP 2.2 million to current period earnings alongside a further GBP 1.1 million contribution from last year's investment activity, which is now being held for the full period. Development completions are by far the biggest contributor to net rental income growth, with GBP 10.8 million attached to new lease completions.

    This is offset by an unwind of approximately GBP 6 million from license fee income in relation to one building at Littlebrook. This has now reached practical completion. Finally, net of the other admin and finance costs, this gets us to the adjusted earnings for this period of GBP 69.7 million, which is a 10.5% increase on a like-for-like basis over the same period last year. And just to recap, this is shown here in absolute terms. On a pence per share basis, this growth is 1.1% when factoring in the dilution from our 2021 equity issue.

    Our income performance has been coupled with an even stronger delivery of capital growth across the period. Another milestone was reached with the portfolio value crossing GBP 6 billion at the half year point. The valuation surplus recorded was 7% across the half. We have invested approximately GBP 150 million of capital during the period into our attractive development pipeline. We expect this to accelerate in the second half and therefore retain our guidance of GBP 350 million to GBP 400 million of development CapEx this financial year.

    Our EPRA NTA increases to over GBP 4.5 billion, which equates to 242.9p share. And with an LTV relatively unchanged at below 24%, this provides us with the balance sheet capacity to commit to near-term opportunities, both from within our existing pipeline and externally should those opportunities arise. This financial performance culminates in another strong 6 months, with a total accounting return, as I said before, of 10.7%. Turning to the detail behind our strong capital growth. The equivalent yield on our portfolio has remained stable at 4.1%.

    The ERV growth itself has continued to progress at attractive levels, increasing by 5.8% this half. This investment portfolio performance has, therefore, added 15.6p to NAV. Whilst our development pipeline is a key driver to income growth, the development profit realized is also becoming a bigger feature of NAV growth. A further 5p has been added to performance through increasing levels of development activity. When noting the impact of the operating profit and dividends paid in the period, this takes us to the closing EPRA NTA of 243p per share or plus 9.1% over the 6 months.

    So the first half has been another period of compelling financial results. And more importantly, our strong operational performance has led to our near-term outlook for income growth looking even more attractive. This rental income bridge illustrates the potential we have to grow today's passing rent from GBP 198 million shown on the left-hand side by approximately 2.5x to an estimated GBP 510 million, as shown on the right. This includes GBP 80 million of rent, which is contracted and sits within our current development pipeline. This is all targeted for delivery by Q3 2023 and will add 9% to passing rent.

    We have a further GBP 15 million of potential rent within the current development pipeline, which is currently unlet, although 1/3 of this is under offer. And we have GBP 4 million of potential rent attached to planned development starts during the second half of this year. Further ERV growth has led to an improved mark-to-market rental position. This rental reversion now stands at 15% or GBP 32 million of further opportunity to grow our income. Taking all of this into account, this gets us to the green bar totaling GBP 267 million.

    So including our current development pipeline, the targeted development starts from the second half of the year and the rental reversion, we have the opportunity to grow passing rent by GBP 69 million or 35% over the near-term, which from a timing perspective, we would expect to translate into an acceleration in our earnings growth from mid-2023 onwards.

    Moving further out, we continue to benefit from our near-term and future pipeline, which is unique and has significant embedded value. And to remind you, there is no future rental income growth factored into this chart. And it is important to remember, our land pipeline is largely held under option. This provides us with significant flexibility over the long-term, allowing us to alter the pace of development to suit prevailing market conditions.

    Slide 12 is a reminder that the strength of our balance sheet provides further resilience across our business, which is particularly important noting today's macro environment. At the half year, our loan-to-value ratio stood at 23.7%, and we had GBP 475 million of available liquidity. As you can see, our debt book remains diversely funded, with a laddered maturity profile averaging 6.2 years. Our earliest refinancing event does not fall due until December 2024. With the last few months seeing us move into a new interest rate environment, our work on the capital structure over the last few years stands us in good stead.

    Approximately 70% of our debt is fixed rate, and our remaining drawn balance is fully hedged. Our average cost of debt remains attractive at 2.5% at the end of the period. And finally, I want to finish by reaffirming the guidance set out at the time of our 2021 annual results in March. Our high-quality investment portfolio underpins our core income return, and we are confident that we will continue to deliver low-risk and sustainable income growth, including through the significant portfolio reversion. We will continue to maintain our financial strength by managing our balance sheet efficiently.

    And as I said, our fixed term and hedged position means that we are less exposed to higher interest rates when taking a medium term view. We have plans to recycle capital this year, but we are mindful of managing investment disposal timings with the delivery of income from our developments. And with investors likely to be pausing for breath over the summer months, any disposals are therefore likely to fall towards the latter part of the year. Our longer term guidance on disposals remains at GBP 100 million to GBP 200 million per annum. We intend to continue investing for growth, ensuring that we continue to maintain strict financial discipline around our deployment of capital.

    We maintain our development CapEx target for 2022 of GBP 350 million to GBP 400 million this year. From a yield on cost perspective, we maintain our target at the lower end of our 6% to 8% range in the near-term, with rental growth continuing to act as a key mitigant to cost pressures. I've set out how a large part of the expected acceleration in earnings growth for 2023 and 2024 has already been secured and therefore is significantly derisked. And with the strategy founded on income quality, alongside a highly flexible growth engine through development, we expect this to translate into attractive returns over the longer term. So that concludes the financial review, and I shall now hand you back to Colin.

    Colin Godfrey

    Thanks, Frankie. Our confidence in delivering the numbers that Frankie talked to is based on our strategy, combined with the continuing strength of our market, and that is what I want to update you on here. As shown top left, a record level of lettings at 22.6 million square feet was recorded in the first half of 2022, 10% up on the first half of 2021. This deep demand has come from a broad range of occupier types. The level of new supply and construction has increased slightly to 33 million square feet as at 30 June.

    Much of the supply has been either pre-let or let during construction. Across the market as a whole, 19 million square feet was under offer at the end of the first half, leaving an estimated 5 million square feet of the future development pipeline currently available. Now against this, the level of unsatisfied demand remains exceptionally strong, equivalent to around 2 years of latest average annual take-up. As shown top right, demand and constrained occupational supply have driven down vacancy to a record low of only 1.2%, representing around 5.7 million square feet against a total U.K. stock of around 484 million square feet.

    Turning to the bottom left chart, this acute supply and demand imbalance continues to drive rental growth across all 6 regions of the U.K. with investor forecasts strengthening, and we've got plenty of opportunities to capture this. And bottom right, strong investment demand for logistics warehousing has continued. Whilst we saw a slowing of volumes in Q2, the first half of 2022 recorded GBP 4.2 billion of transactions, significantly ahead of the 5-year first half average of GBP 2.7 billion. We believe that there remains a wall of unsatisfied capital seeking investment into logistics real estate given the attractive medium-term attributes offered.

    Now as you can see, the long-term structural drivers of our market remain unchanged, with significant tension between occupational supply and demand supporting enduring rental growth. Now against that market backdrop, I wanted to spend some time highlighting the first key element of our strategy, the strength of our investment portfolio, which makes up 91% of our GAV.

    Since we launched Tritax Big Box in 2013, we've been disciplined and focused with our aim of creating the highest quality logistics portfolio possible. By doing so, we attract high-quality customers on long leases, providing greater security of income, which we know is very important to many of our shareholders. Nearly 9 years on, our investment portfolio benefits from an increasingly broad range of large, well-known and financially strong customers, as shown here on the left, from a wide range of business sectors that are often market leaders in their field, noting that to ensure resilience through the economic cycle, we've deliberately limited our exposure to SMEs.

    Geographically diverse assets, which are well located, modern and highly sustainable, and assets that are crucial to our customers in supporting their complex supply chains. Now ESG is increasingly important in both protecting and enhancing investment value with 95% of our assets rated A to C. We've got limited CapEx requirements estimated at only GBP 4.2 million to ensure that our portfolio meets the minimum EPC rating of B by 2030 as legislated by the U.K. government. Along with the high-quality and modernity of our investment assets, our development activities allow us to integrate ESG performance through the lifecycle of a building, from design to construction and with the objective of reducing embedded carbon and delivering buildings, which are net zero in construction.

    We are also working with our customers to reduce carbon emissions from their operations. And our contractors now source most building materials from within the U.K., further reducing the environmental impact and supply chain risk and helping us deliver buildings on time. All our new developments are targeting a minimum standard of EPC Grade A and BREEAM Very Good. We're increasing renewable power and producing biodiversity net gains, and our focus on social impact is supporting communities through job creation and charity partnerships. And this leads me neatly to Slide 17 and the second key element of our strategy, active asset management, which we employ to continually enhance and Improve this high-quality investment portfolio.

    Activity in the first half has been in line with our expectations, having completed 8 rent reviews relating to 15% of our rent roll and the lease renewal, which have together secured an additional GBP 2.7 million in annual rent. EPRA like-for-like rental growth was 3.3%, noting that most rent reviews are 5 yearly and backward looking. So we expect our rent review performance to Improve as we capture latest stronger levels of rental growth and higher inflation. And we have an attractive blend of upward-only rent review types, as shown here on the left pie chart. Over half of our investments are subject to inflation-linked rent reviews.

    And thanks to our development pipeline, we've increased potential exposure to open market rent reviews from 36% to 40% of rents over the last 6 months. As the timing, 20% of our rents are subject to annual rent reviews with the remainder reviewed 5 yearly as shown on the right pie chart. The opportunity for income growth comprises several components. As shown here top right, the growth in market rents is embedding within our portfolio with rental reversion up from 6% just a few years ago to 15% as at 30 June. We have plenty of opportunity to capture this reversion as shown bottom bright.

    In any given year, we have around 1/3 of the portfolio subject to rent review. In addition, around 18% of our portfolio is subject to lease expiry over the next 5 years. And in the intervening period, we expect rents to continue growing, supporting an increasingly attractive rental reversion. And our development pipeline provides a third way to capture rental growth. Now this is important because our development lettings also create positive evidence that we can use to produce growth from our investment portfolio rent reviews.

    So through active management of our high-quality investment portfolio, we're driving both attractive income and capital growth. And here's a case study that brings this to life. It's a great example of our investment activity and active management strategy in action and demonstrates the understanding we have of the U.K.'s logistics market and our ability to capture the increasing reversion within our portfolio. Located in Southampton and let to Tesco, we purchased this reversionary asset at the end of 2020. It was an off-market transaction as we had identified an institutional owner who needed liquidity quickly.

    This enabled us to achieve advantageous pricing for a rare cold storage asset in a great location where supply is acutely tight. The lease only had 3 months left until expiry, but our knowledge of the customer and the market meant that we were confident that Tesco would want to stay, but also that there will be strong alternative market demand if Tesco vacated. And I'm pleased to say that the combination of our due diligence, detailed customer supply chain analysis and working in partnership with Tesco has resulted in our securing a new 10-year lease to Tesco earlier this year.

    In addition to which, we've increased the passing rent by 23%, thereby creating additional value for our shareholders, both through income and capital growth. So while much of our emphasis is on our development activities, we continue to create opportunities to enhance our investment portfolio through active asset management and in turn, support the ambitions of our customers.

    Turning then to Slide 19 and the third key element of our strategy, our significant

    development program. Now this slide outlines the scale and indicative timings of our development pipeline. Now I won't dwell here on it as we've covered this before. So please refer to the replay of our development focus seminar, which is available on the Investor Relations section of the Tritax Big Box website. I will, however, reiterate that this is the U.K.'s largest logistics land portfolio, and it gives us the ability to support our customers by creating modern, highly sustainable and well-located assets in a range of sizes and locations.

    Now we've guided to a long-term aim of delivering 2 million to 3 million square feet of development starts per annum over the course of the next 10 years. And last year, we announced that we would accelerate this in 2022 in the face of exceptionally strong occupier demand. As to activity so far in 2022, I'm pleased to report excellent progress and strong performance. Actually, the numbers speak for themselves. So let's start with lettings.

    So far this year, we've secured around 2.4 million square feet of lettings. Some of these buildings are being constructed now and are reported in our current development pipeline, and some have yet to start construction and feature in our near-term development pipeline. These lettings secured an additional GBP 17.8 million of contracted annual rent, a record first half for us, which, as Frankie, highlighted, will begin contributing to earnings by mid-2023, with the full effect felt in our 2024 earnings as these buildings reach practical completion. Now this strong letting activity significantly derisks our future earnings growth. Turning then to our current development pipeline, shown in the green section on this chart.

    Now that captures buildings currently in construction. And here, we're making excellent progress with 2.2 million square feet commencing in the first half of the year, a significant majority of which has been let already. So we are more than halfway to achieving our accelerated target for 2022 of 3 million to 4 million square feet. When adding this to the 1.2 million square feet of construction already underway at the start of the year, we now have 3.4 million square feet in our current development pipeline, noting that 1.8 million square feet is let and will contribute GBP 12.7 million of annual rent. This leaves 1.6 million square feet under construction and available to let, which has the potential to add a further GBP 14.9 million to our rent roll in the near-term.

    And looking further out to our near-term development pipeline at the bottom here related to construction, which we anticipate starting within 36 months from now, this has the potential to produce nearly 9 million square feet. And we're making good progress here also having already achieved planning for and pre-let 0.6 million square feet that is set to commence construction in the second half of this year. Critically, we've been able to offset much of the inflationary pressures that we're seeing with higher rents, thanks to the strong market fundamentals that I've already mentioned.

    Now as Frankie stated, this means that our projects remain within the lower end of our targeted 6% to 8% yield on cost range supporting attractive returns and our decision to accelerate development activity in 2022. So our development program is making excellent progress, on track with our delivery expectations and we are optimistic about the potential opportunities looking forward.

    So to summarize and reiterate what I said at the start. We remain as confident and excited today as we did in March. As these results show, we're delivering on our strategy. The occupational market remains exceptionally strong, supported by long-term structural drivers. Our rental reversion and new development lettings are embedding continued high-quality growth in our business, which further reinforces the resilience of our portfolio assets and recurring earnings.

    And we have the financial strength to continue to deliver our strategy and take advantage of opportunities in our market. Thank you for listening. Ian will now open the call for your questions.

    Question-and-Answer Session

    A - Ian Brown

    Great. Thanks so much. So there are 2 ways to ask questions. You can put your question through on the webcast. There should be a text box where you can type the question.

    [Operator Instructions]

    We'll begin with the webcast, just want to wait for some questions coming through on the phone. First question on the webcast relates to yields. Question is with risk-free rates rising, what are your views on the future path of logistics yields?

    Colin Godfrey

    Okay. It's Colin speaking. Well, look, I think like a lot of markets, we think investors are pausing their activity to see where things settle at the moment. In the last few weeks investment activity has reduced. Buyers have been pausing for breath with owners sitting on their hands.

    And it's difficult there form a very real clear view on current pricing given the limited evidence that we have in the marketplace, let alone trying to speculate on future pricing. However, I think at the moment, we're not seeing any signs of distress in our market or forced selling. That's the first thing to say. We are aware of some transactions that haven't progressed because the buyers and sellers haven't been able to agree terms and there has been some sort of price chipping potential. But just to counter that, last week, by way of example, we are aware of the completion of investment transaction.

    And if you sold a portfolio of 7 assets, from memory, I had a 10-year vault with a mix of review types of credit qualities. And that was a 3.5% net initial yield, which is very strong and, I think, sort of underpins the sort of levels that we were seeing in the first half. Overall, of course, much of this is going to depend upon the cost of capital. And obviously that's increased significantly over the last 6 months. But I think the key point here is the quality of our own portfolio.

    We think that our assets are highly liquid and will be very resilient. And of course, one's got to have a mind to the structural driver is that if our market is supporting occupational demand and rental growth, and they're still exceptionally strong. And these fundamentals are really likely to continue to attract investment interest, I would say. We are aware that there's still a lot of uninvested capital destined for logistics real estate. So I think the outlook remains, in the medium to long-term, remains very positive.

    But I think taking a pause in the near-term, hopefully, that sort of covers that point.

    Ian Brown

    Great. The next question is, if all the caps were met, what would your cost of debt rise to you?

    Frankie Whitehead

    Yes. So the average cost of debt as at 30 June was 2.5%. On the interest rate cap side, the strike rates, it's just outside of where we were at balance sheet date. So they all kick-in in the short-term and the average cost of debt would move to around 2.6%, so not significantly above where we were trending at 30 June.

    Ian Brown

    Okay. Great. Next question relates to expectations for development activity. Question is, what are your expectations for development activity in 2023? Will you maintain the current accelerated levels?

    Frankie Whitehead

    Thanks, Ian. So heading into 2022, we obviously saw an increased level of occupier demand for our space. And with our portfolio well-positioned, we increased our expectations for this year to 3 million to 4 million square feet. I think we've demonstrated this morning that we're on track to meet that. Our longer term guidance remains at 2 million to 3 million square feet per annum, although we continue to position our portfolio to allow us to accelerate that should the occupation demand be there.

    So the flexibility we have in the land pipeline will remain driven from the bottom up, and we will react to any occupational demand in order to increase that should that be there.

    Ian Brown

    Great. Next question. Congratulations on a great set of results. What is the average length of your fixed debt? How confident are you, you can achieve your rental increases in this uncertain macro environment?

    Colin Godfrey

    Okay. It's Colin. Should we maybe take that in reverse order? Should I start, Frankie?

    Frankie Whitehead

    Sure.

    Colin Godfrey

    So probably the first way to sort of think about this is to talk to our like-for-like rental growth. Look, I think looking at the composition of our portfolio, we've got a really good balance of rent reviews in the portfolio, 40% linked to open market and 50% of our rents are inflation-linked. Now the open market reviews are uncapped. It's typically 5 yearly rents, and most of our inflation-linked leases do have a cap and collar arrangement, of course. We've delivered, as I said in the presentation, like-for-like rental growth of 3.3% in the period.

    And just to remind you, that is a 5-year backward-looking process. And over that 5-year period, the average underlying CPI inflation rate was 3.1%. So to that effect, we're sort of on track. But probably more importantly is the way that we think about the current capture, and it's almost a case of sort of catching up with and this labor timing point in relation to how we're capturing what is happening in the market right now. So we think about that in the context of our ERV growth, which has been progressing very well at 6% for the last 6 months, up 14% over the last 12 months.

    And I talked about embedded reversion in our business at 15%, which, of course, to some degree, embeds the ability to capture future growth in our business without reliance on further growth in the market. So it's very much a timing point between underlying market growth and the path to us securing that reversion. In addition to which, we do have opportunity to capture 18% of our portfolio with lease expiries during the course of the next 5 years. So I think our investment portfolio delivers strong high-quality income growth potential given the relatively low-risk and high-quality of sort of foundation of our assets. And I think probably the most important factor is the underlying income growth potential of the business, which, of course, includes asset management and the good work we're doing in development and the ability to drive those rates through in terms of rental and development.

    And just probably to mention that again, to supply you a bit of a feel again the last 6 months against our target rental tone that we set ourselves, and particularly, say, for our speculative developments, which we've leased in the intervening period, the rental term we've been achieving is sort of 10% to 20% ahead of target levels. So you can see the sort of, if you like, a growing curve of opportunity from the current like-for-like level we're achieving as we sort of -- as we captured the growing levels of rental growth that we're seeing in the market.

    Frankie Whitehead

    And just on that first part of that question, the average length of the fixed component of our debt book, which minus 70%, it's 7.5 years, including the full debt book, the average maturity is 6.2 years.

    Ian Brown

    Perhaps continuing with the question around the current all-in marginal cost of debt with color on different types of debt would be appreciated. Was the rate on the GBP 250 million RCF maturing in 2024? And what are your thoughts on replacing us? And what rate would you get on that today?

    Frankie Whitehead

    There's a few elements there. I think just to reiterate what we said in the presentation, I think we're well set. The work that we've undertaken on the capital structure and the debt book, particularly over the last few years, puts us in a good position. 6.2-year average maturity, 70% is fixed, and the balance is hedged at the moment. So a long duration on that.

    Speaking to the space 2 components of the debt side there, debt capital markets first, clearly, underlying interest rates have moved out as our bond spreads. We aren't immune to that. That will affect us on any new debt that we look to execute. I would say that for medium to long-term debt today, we would be pricing in the very high 3s, low 4% since that is a move up from where we were 6 months or so ago. I think the other point is the more flexible debt that's so the traditional corporate banking side.

    I would say that the cost there has been a lot more stable. So we will continue to look to fund our strategy through a blend of those forms of debt, debt capital markets and traditional corporate banking. On the banking side in terms of the refi in 2024, to remind you that we had a positive move in terms of the outlook of our corporate credit rating, which will all feature in this. I would say where we stand today that the margin will be very similar to when we originally agreed that a few years ago when it comes to refinancing, that's how we're currently seeing that.

    Ian Brown

    Okay. Look, I think I'll have one more question from the webcast, and we'll go over to the time we've got a few questions waiting there. A couple of questions. I'll aggregate them here. But could you supply more color on tenant demand by sector?

    And do you think that demand is more same now given the greater breadth of tenants looking to take space. And a couple of questions around the reliance of just on e-commerce and how do you plan to reduce such dependency as was visible with Amazon led stock price decline over the last few months. So 2 questions there.

    Colin Godfrey

    We'll supply it a day. So in the -- it's really interesting this -- in the first half, take-up by sector, the largest component was the third-party logistics sector at 28% of take-up. Interestingly, online retail only comprise 14% of take-up. And I think that probably talks to the Amazon point we can come back to that in a moment. The other retail was 9%. Food was 13%. Manufacturing was 20%, construction 3%, and there are a number of others in there that comprise the remainder, which is 14%.

    It's really interesting. I think when we reflect on sort of the effect of Amazon's comments, it's important to remember that we do have the largest logistics-focused land portfolio in the U.K., which is geographically diverse and in strong locations. And it does provide us with really good real-time insight into what we're seeing in the occupier market. And if we were to sort of measure the occupational demand of our -- for our assets, I think Hamid at Prologis said, 12 out of 10 moving to -- 10 out of 10 or something. But I would probably say it's sort of been an exceptional market at 10 out of 10 for the last 12 months, and we're probably now just edged at very slightly sort of 9 out of 10, but it's still very, very strong.

    If you look at the composition of that interest that we are seeing at the coal face, it's very deep, it's very broad. There are -- I think we're seeing the effect of Brexit coming in there a little bit reassuring you can perhaps touch on that a bit later. But there are strong structural reasons why we're seeing a broad range of occupier types. And that, I think, is really quite gratifying. And it stepped up really as a consequence of -- as we come out of lockdown and COVID and companies looking to invest for the longer term.

    So I think a healthy sort of broad range. And if we think about the sort of the timing of that take-up, we are leasing our buildings, particularly quickly. Now if you think about the speculative development program by way of example, I think Savills reported the negative 2 months which is the sort of first time that negative number has been reported in history for spec lettings. And that means that the average speculatively developed building has been letting up 3 months prior to practical completion. Well, for our own activity in the first 6 months of this year, that equivalent numbers have ranged from negative 6 months to negative 12 months.

    In other words, we're letting our buildings up incredibly quickly. So I think it talks to not only the breadth, but also the strength and depth of the market, absent perhaps Amazon's reduced level of activity in the marketplace.

    Ian Brown

    Excellent. Well, I think we'll turn to the phones now. I think we've got a number of questions there. But first I think is from Neil Green at JPMorgan. [Operator Instructions] Neil, can you hear us?

    Operator

    Neil Green, Your line is now unmuted.

    Neil Green

    Just one question really. Obviously, with the rental growth and the uplift on renewals you're seeing. I'm just wondering if any tenants are talking about the affordability of rents, especially given the uncertain economic outlook, please?

    Colin Godfrey

    Yes. To be honest, Neil, no, not really. I mean we have really high-quality buildings. Typically, they're led to large scale, robust occupiers that are recognizing the importance and need for these buildings in producing solutions to supply chain issues that they have. It is worth mentioning that we've done some in assets on this.

    And if you look at the rental tone, by the way of example, for a retailer that it can sort of amount to something like 1% or even less of their total operational cost. So the much bigger component part of their cost is, for instance, in transportation and labor and those sorts of things. So if their rent goes up by 10%, sort of potentially 10 bps on the bottom line. It's a relative -- we're talking about relatively small increase in costs here. And in the context of that, it's much more important that they can solve sort of key things that they need to sell for in their business to optimize their business operations to capture those economies of scale, tent cost savings, the flexibility that these buildings provide.

    And as I said, the solutions to supply chain issues. So we're not seeing much of that. And it's an interesting question because obviously, that's in the context of quite significant inflation that we've seen coming through to cost/price inflation and particularly in the U.K., I think, on top of the European scenario in labor.

    And more recently, and there has been a bit of a delayed reaction to this because, of course, there's been an educational component to it that our customers do recognize that we are simply looking to pass on to them, the cost increases that we are seeing. And I would say, if you look at the stats and the level of demand we're seeing and the conversations we're having, they are fully appreciative of that, and they're recognizing that this is just part of the backdrop of the economic environment.

    So short answer is no, we're not seeing much pushback on that at all.

    Operator

    The next question comes in from the line of Paul May calling from Barclays.

    Paul May

    Just a couple for me sort of probably a number of questions, but focus on the average cost of debt. I appreciate you said sort of on the bond market, probably looking at high 3s, low 4s. On the bank market, you mentioned I think margins flat, but I assume cost is up sort of 170 basis points relative to where we were back in the last year, just looking at the move in LIBOR. Is that sort of what you're seeing as well in terms of conversations? And then also on your margins, we're hearing from some banks that they are looking to basically expand margins.

    I imagine margins have got compressed because of the low cost of the corporate bond market. That's obviously got significantly higher margins now. So we're hearing from some banks that are looking to expand that. And then finally, on the cost of debt, I think if you look at your first half financing costs and all the various bits and pieces that go in there, you annualize that, your debt book hasn't really changed sort of from year-end to the first half. So dividing those 3, we get to more like a sort of 2.7, 2.68 cost of debt on the proven finance side.

    Is the average cost you mentioned net of capitalized interest? Or sort of what's it sort of excluding, I suppose, to get down to sort of the 2.5%? Start with those on the debt side and then I've got a couple of questions on the development side.

    Frankie Whitehead

    Trying to pick those up in order, Paul. On the banking side, I would say margins at the moment seem to be relatively stable, so versus the sort of 4% that I quoted for the longer term tenure. We've been in around the 2% on the floating rate side, obviously, caps in place on that. So a blend of those different sources going forward, looking to finance our strategy. Cost of debt, I think we noted in the statement, the cost of debt that we quote is based on all debt commitments rather than drawn debt.

    So that will be the difference between your 2.7 and the 2.5.

    Paul May

    Cool. Perfect. And on that -- sorry, on the floater the 2%. So your margin -- I mean, you're looking at LIBOR is going 1.9-ish I think, something around there, 3-month LIBOR. Is that sort of margins are basically 0 effectively in -- on bank debt?

    Or should we be thinking sort of 100 basis points or so margin on top of the 1.9 plus a little bit on the fee side, all-in cost?

    Frankie Whitehead

    Sure. So the margins are in around the 100 basis point mark you mentioned. We're borrowing over 3 months on the flowing.

    Paul May

    Okay. Okay. Cool. And then on the development side of things, just trying to get a sense of, I suppose, timing of income, and I appreciate you gave quite a bit of information, I think, on Slide 11, as some sort of indication as to when that's likely to come through. But just to get a sense of where your top line could be growing sort of through 2023 effectively.

    And I appreciate a lot of it is probably second half loaded. I think it's probably fair to say in terms of that coming through. But just to get probably some millions of pounds around the sort of numbers would be much appreciated.

    Frankie Whitehead

    So that's something to some as well. So looking at Slide 11, Paul, there, obviously passing rent and just stepping through the slide, passing rent, GBP 198 million at June, the GBP 13 million, and GBP 5 million and the GBP 18 million that secured under construction or should commence should all be passing by Q3 2023. So passing rent Q3 2023 in and around the GBP 216 million from development, actually, there are rent reset things between now and then as well. The GBP 15 million that, again, currently under construction that's unlet. Those buildings -- again, there's a bit of a range.

    But again, by summer of next year, those should all have reached -- factual completions, but subject to letting activity on that between now and then, some of that or all of that could also be passing. And then the GBP 4 million that we are due to start in the second half of this year, that's more like an end of 2023 completion attached to that. So hopefully, that gives you a feel. But broadly speaking, a large part of that income, you can see on the early phase of that chart there should be flowing by Q3 '23.

    Paul May

    Perfect. And in terms of the reversion potential of GBP 30-odd million, I mean simple over the next 5 years, you'd expect to capture the majority of that? Or is there any -- I appreciate you've obviously got the timing of sort of rent reviews and various things coming through, but is a broad sort of GBP 5 million to GBP 6 million a year of reversion, not a bad starting point.

    Frankie Whitehead

    Yes. I think that's probably fair, Paul. The only thing I would say to balance that a little bit that obviously, the reversion fits within specific assets. So -- and if you're sitting so francs with an inflation in rent review and subject to a cap, you may not be able to capture the full amount of the reversion appertaining to that property within that 5-year time frame. It could take a little bit longer.

    So it may not all be absolutely delivered within the time here -- 5-year time horizon. I mean you've got the slide there, which shows the timing of our rent reviews with 20% in '23, 32%, '24%, 27%, '25% and 43% of our rents in '26. The -- I suppose the biggest composition of that is RPI-linked growth in that time frame. But on top of that, we've got lease expiries, roughly ranging sort of between 3.5% and 4% of our rent roll in each of those years as well. So it does range between sort of 25% and 47% overall in each of those years.

    Hopefully, it gives you a bit more of a feel for the capture. But broadly, I think that's a sensible assumption, yes.

    Paul May

    Yes. No, exactly. It's sort of the -- it's trying to tally and reconcile the various numbers because as you say, we don't get obviously the exposure to the lease-by-lease item. So just sort of that headline movements are usually quite a useful start point. So much appreciate it.

    Operator

    The next question comes in from the line of Colm Lauder calling from Goodbody.

    Colm Lauder

    I have a couple which actually follow on from Paul's just on the inflation-linked reviews and how that might be evolving or changing. So firstly, and you can link 2 questions together. Firstly, what's your average cap across that 52.5% chunk of the portfolio, which is on inflation in leases? And then for new releases that you are agreeing, are you seeing any changes or tweaking to those cap and collar ranges given obviously higher at rates of current inflation?

    Frankie Whitehead

    Yes. So the average cap is 3.4%. But that is expected to and will grow. Our partly through our development activity. I mean, you've seen that during the 6-month period to 30 June, we increased our exposure to open market rent reviews from 36% of our rents to 40% of our rents.

    That was a conscious decision. If we think about the way that we are conducting rent review negotiations right now, on our developments. There is a hierarchy of preference, which is really responding to the way we think about the market. So in the first instance, our preference is a hybrid rent review, essentially the higher of open market, which is uncapped or inflation-linked, which will be subject to cap and collar. If we can't achieve that, then we're typically reverting to an unrestrained open market review profile.

    And if we can't achieve that, and if we're desiring of capturing the occupier and we're prepared to let that building on an inflation-linked lease, then the cap and collar arrangements will be much higher. And just to supply you a feel, we are -- and we're not on our own here. We've seen these sort of numbers move up to cap-let 5, collar-let 2, cap-let 6, collar-let 3, this sort of thing. I think in recognition of where inflation has been running despite the fact that -- I think this is a general expectation that inflation will soften off again. So those sorts of bandings, I think our expectation is that they will be fit for purpose in underpinning quite attractive rental growth for the medium to longer term.

    Colm Lauder

    Okay. Useful. And again, a similar question, just looking at the yield profile then in terms of your credit at CBRE might be giving you for the various types of yield structures. Is that anything you can guide us in terms of sort of the divergence in yields? Or has there been any increased divergence in yields between the open market rent reviewed, book versus the inflation-linked book?

    Frankie Whitehead

    I can't supply you specifics on that breakdown, but I can supply you a sort of sentiment-driven answer, Colm. So if we sort of go back 24 months or so and more, the market typically was -- I think the crude is a possible way paying a bit more for inflation-linked reviews. I mean, we were obviously in a market where inflation was very low and inflation it reviews typically provide a high level of transparency and clarity of delivery because you capture that review real-time year-on-year during the 5-year time horizon. Now that compares to open market rent reviews, which can take some time to negotiate and agree with the customer. And in absence of agreeing it, it can go to arbitration or independent expert.

    Now you get back rent and you get late payment interest and all of those sorts of things, but the transparency and timing of delivery of that growth can be delayed on like market revenues. We've moved obviously to a new market dynamic. And I think in this new world, the market is paying more attention to and paying more for the ability to capture the stronger rental growth that it's seeing evident in the market right now, preferring that to some degree to the constrained profiling of inflation-linked rent reviews because, obviously, rental growth has been running very fast, partly driven by the underlying inflationary pressures that we talked about, particularly cost/price inflation, which has been feeding into the rents that developments have been creating. And of course that is creating probably the best new and real-time evidence for the rent reviews to take for comparable events in that review process.

    Operator

    The next question comes in from the line of Pieter Runneboom calling from Kempen.

    Pieter Runneboom

    Quick one from my side. You already briefly touched upon speculative part of your pipeline. This currently leads to around 50% pre-let. Is it fair to assume that all of this will be leased out upon completion?

    Colin Godfrey

    Yes. Of course, Pieter, I mean, our expectation is that -- I mean, I think we don't have a crystal ball, but we approach speculative development with very conservatively. And on an information-based approach -- so I think the first point of reference is, as I mentioned earlier, the speed at which the lettings that we have achieved on our speculative development program have been very, very fast, minus 6 months to minus 12 months from the target data practice completion. That is almost unheard of. Some of the buildings being let up almost instantaneously when we break ground.

    Of course, we've still got further spec coming out of the ground. In some instances, we are seeking to hold back on negotiations, preferring to capture the stronger rental growth during the course of the construction progress. And of course, one of the things that we can benefit from here is locking into a fixed price building contract at the start of speculative development and then benefiting from the upward rise in rental growth we're seeing in the market subsequently compared to build to suit scenarios where we're pre-letting the building, we're essentially back to back the pre-let lease with the fixed price building contract and therefore, know exactly what our profit is on day 1. But the other thing I think to mention about the spec program is that we don't just put up a building in the hope that a tenant is going to come along and lease that in the future. We will only make a speculative starts.

    And -- but by the way, the spec buildings are typically the smaller buildings in our program. There is a geographically diverse range. So there's a risk profiling geographically across our portfolio. And finally, we don't start structure and speculative buildings unless we have line of sight on at least 2 occupiers who we know have a requirement for that size of building approximately in that location, and we've got very, very clear understanding of any other sites that we might be in competition with or whether we're the only show in town to intends and purpose, the timing requirement of those occupiers wanting that building. And our view on the success rate of achieving letting to one or more of those occupiers.

    Now obviously, if you've got competitive tension, that helps in terms of your -- the rental tone as well. So this is a highly informed process that we embark upon in our spec program. So we don't really view it in the way that much of the market considers spec, it's not really spec in that -- it's highly educated development. Hopefully that gives you a good feel and some comfort.

    Operator

    The next question comes in from the line of Rob Virdee calling from Green Street.

    Rob Virdee

    Question is on online retailers and not just Amazon, but are you seeing any reduced requirements for space for them. And the context of that question is really how the second derivative of e-commerce penetration in the U.K. is slowing and all that we read about inventories for some of these retailers being overstocked. That's the first question.

    Colin Godfrey

    Yes. So would you like us to answer that one now and then?

    Rob Virdee

    Yes, please, yes, if you can just review a couple.

    Colin Godfrey

    Yes. Look, I think let's sort of -- let's paint a picture of time. Pre-COVID online sales were 19% of total retail sales. It spiked at around 42%, depending on which metric you look at during lockdown. And they came back down to sort of the low 30s.

    Now whilst the rate of growth has naturally slowed, as one would expect, there is still a continued trend to growth on online, and we expect that trend to continue with the continued shrinkage of the High Street. All of our major customers that we're talking to who were already occupied in our portfolio. And I mean just to supply you a feel by the way of example, of those customers that we're currently talking to on our development program, it's pretty well 50-50 between the buildings that we're talking to existing customers on and the buildings and sites that we're talking to potentially new customers on. So we have a really good cross read as to how the market is -- what the market is thinking right the way across all the sectors, including online. And there's still quite a lot of expansion being planned.

    And partly, this is to do with some of the things I mentioned earlier about efficiencies, cost savings, economies of scale, need flexibility, the move to increase levels of automation to enhance the speed and reliability that these companies are offering their customers. So the large-scale big box logistics buildings are very, very important in delivering that component part here, the hub in the supply chain framework. And of course, supply chain is becoming increasingly complex. So I think you will see online continuing as a very important component part of ongoing take-up in this market. But as I said earlier, there's not an overreliance on it because it only comprised of around 14% of total take-up in the first half of this year.

    So I think we've got a really good balance. Coupled with some of the other points I mentioned earlier, such as Brexit, et cetera, and sort of the concept of the sort of the deglobalization, to some degree, accelerated by Brexit. And the fact that, of course, because of Brexit, we now have an exacerbation of labor supply issues in the U.K., which again are playing to these larger buildings and automation even more so than they were before. So in some respects, this is like a real-time imperative for automation to supplement the low labor availability levels that we are seeing. And of course, the increase in the cost of labor being a significant component part of that cost/price inflation I mentioned earlier.

    So it will continue to be an important part, but there's not an overreliance on it. So hopefully, that gives you a bit of a feel for how we see that section of the market.

    Rob Virdee

    Now just moving a little bit on to the general market and expectations for spec supply for everybody else. I was just wondering, given all the macro challenges that you've talked about, do you see expect development for others coming down?

    Colin Godfrey

    Look, I think the same is a market -- I would describe the market has been really quite disciplined. And I think we've seen that in the latest past. Firstly, if you look back into the face of and through the last GFC, number one, the level of debt that was supporting developers in the market was much higher than it is today. Secondly, the number of trader developers has reduced dramatically. Some of those have been subsumed into larger investment businesses.

    Our own business is a prime example of that, when we acquired the Symmetry portfolio in February 2019. And there's a much more transparent level of data available now in the marketplace. So developers are pretty -- been quite cautious. But -- and the other thing, of course, is that they haven't built up huge land banks. And of the land that was acquired into the face of this sort of explosive growth in occupier demand, quite a lot of that has been developed out already.

    Now any developer out there is not going to want to run that well dry. You need a geographically diverse pipeline of opportunity that you can offer the market. No one wants to sit. They're paying their development team without a planning consented bucket to draw from. But that bucket has been eaten up very, very quickly because of the rates of lettings that we've seen in the marketplace in latest times.

    So we are seeing quite a lot of sensible activity from developers. And if you look at the stats, we've not seen an explosive level of supply. And indeed, we're not expecting to see that. And to some degree, that's sort of embedded in the way that we think the barriers to entry in the market and the way that the planning system works, and it's very, very crude. It kind of pops out the similar levels of planning consent every year.

    And of course, that is the sort of the starting point to the ability of the market to produce supply in the first place. So the short answer is no. We're not expecting to see that.

    Rob Virdee

    And then just finally, just wondering about any conversations you're having at the moment with tenants on rising energy costs. And I'm thinking here because you brought it up cold storage. And are you seeing any signs of -- any distress from some of these tenants or deteriorating occupier health there.

    Colin Godfrey

    Not so much distress. I think it's more a case of a recognition of the challenges that they face in a number of areas and power -- and the increased cost of power being one of them. And of course, the positive element there is that we -- as an owner of modern, very large buildings with large REIT status can help provide a solution to that. Now there's 2 components to this. Firstly, the way we're doing in terms of the way we think about ESG, and this is once more competitive part of that.

    And there's a lot of things that can go into that, such as LED lighting, rainwater harvesting, et cetera, et cetera. But the big win really and the relatively easy win is solar. So we've made certain proposals for every single one of our occupiers on every single building, is a rollout program, is really good and increased take-up. Obviously this provides occupiers with cheaper power. It also meets the areas of the objectives significantly.

    So that's a really positive attribute that sort of helps to deal with that problem. The other thing that we are doing is that we've employed a power guru I'd like to call him, in Tim O'Reilly, who we poached from the National Grid. He was their Head of Strategy, a new product development. He brought in the interconnector from Norway. And he's helping us unlock sites, bring improved power delivery for our customers and open up sites that currently don't have power capability.

    We think that power is going to be an increasingly important feature of occupational thinking in the future, particularly as we see a reliance on fossil fuels reducing and an increase in EV both for cars, for staff, but also for vans and HGVs coming to these buildings. And that will be a very, very significant draw on electricity. And meeting that challenge, which the government has made very clear, it needs to be provided by the private sector significantly given that it's going to say many, many, many years for the new focus on nuclear to kick-in, and that's assuming that it doesn't reverse gear in relation to the political agenda. So we do need to be thinking about and putting in solutions for our customers for the long-term. And that is something we're working very hard in terms of that intelligence-driven program and all that we're doing in other parts of our business in understanding about battery technology.

    So I won't bore you now, but happy to have a coffee with you at another time to explore that test.

    Rob Virdee

    Yes. Definitely, I think thinks more into it, but thank you.

    Ian Brown

    Look, on that note, I think that concludes the Q&A session. That's all the questions from the phone. I'll just remind everyone that this session is being recorded. There will be a replay on the website and a transcript made available afterwards. And if you do have any further questions, please do drop us an e-mail.

    I'll just hand back to Colin for quick closing remarks.

    Colin Godfrey

    Yes. Look, thank you very much, everyone, for taking the time to join us this morning. We really appreciate your continued support for the company and your interest and for your excellent questions, and wish you a good rest of the day. Hope to see you soon. Bye-bye.

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