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Textainer Group Holdings Limited (NYSE: TGH, JSE: TXT) is one of the world’s largest lessors of intermodal containers, a position it has held since its inception in 1979. The company manages a substantial fleet of over 4 million TEU (twenty-foot equivalent units), leasing containers to approximately 200 customers, including leading international shipping lines and various other lessees.
Textainer's extensive fleet encompasses standard dry freight, refrigerated intermodal containers, and dry freight specials. Additionally, through a strategic partnership with Trifleet Leasing, the company also leases tank containers and supplies containers to the U.S. Military. This diverse range of assets emphasizes Textainer's crucial role in global trade and logistics.
The company operates via a global network of 14 offices and approximately 400 independent depots, ensuring comprehensive service coverage. Textainer’s business model includes not only leasing but also the purchase and sale of new and used containers. Annually, the company invests over $1 billion in new container purchases and sells up to 100,000 used containers to more than 1,100 customers, making it a significant player in both segments.
Financially, Textainer has demonstrated stable performance. For the third quarter, utilization stood at an impressive 99.1%, with lease rental income steady at $192 million and adjusted net income at $45 million, or $1.08 per diluted common share. The company’s long-term lease contracts and fixed-rate financing policies provide a solid foundation for sustained revenue and profitability.
In recent corporate developments, Textainer has entered into a definitive agreement to be acquired by Stonepeak, an alternative investment firm specializing in infrastructure and real assets, for $50.00 per share in cash. This acquisition, expected to close in the first quarter of 2024, underscores the intrinsic value of Textainer's business and is set to provide significant benefits to its shareholders and customers alike.
Post-acquisition, Textainer’s President and CEO, Olivier Ghesquiere, will continue to lead the company, which will remain headquartered in Hamilton, Bermuda. The company also plans to maintain its current quarterly dividends on both common and preference shares prior to the transaction’s completion.
Key Financial Highlights: For the second quarter of 2023, Textainer reported a utilization rate of 98.8% and lease rental income of $192 million. Adjusted net income was $51 million or $1.20 per diluted common share. These metrics reflect Textainer’s ongoing operational efficiency and robust market position.
Textainer Group Holdings Limited (NYSE:TGH) announced the completion of a public offering on August 23, 2021, of 6,000,000 depositary shares representing a 1/1,000th interest in its 6.250% Series B Cumulative Redeemable Perpetual Preference Shares. The offering generated $150,000,000, with net proceeds of approximately $144,875,000 intended for general corporate purposes, including container purchases, share repurchases, and debt repayment. The preference shares will be listed on the NYSE under the ticker symbol 'TGH PRB'.
Textainer Group Holdings Limited (NYSE:TGH) announced the early redemption of approximately $208 million in senior secured term loans, originally due in February 2025. The company incurred an $11 million make-whole payment and a $1 million write-off of unamortized debt issuance costs as part of this redemption. By utilizing borrowings from lower-priced debt facilities, Textainer aims to optimize its financing and reduce its effective interest rate, with expected future savings from the make-whole payment.
Textainer Group Holdings Limited (NYSE:TGH) has announced the pricing of its public offering of 6,000,000 depositary shares, each representing a 1/1,000th interest in its 6.250% Series B Cumulative Redeemable Perpetual Preference Shares. The offering, totaling $150 million, is expected to close on August 23, 2021. Proceeds will be used for general corporate purposes, including purchasing additional containers and repaying debt. Textainer plans to list these shares on the NYSE under ticker 'TGH PRB'.
Textainer Group Holdings Limited (NYSE: TGH) announced strong Q2 2021 financial results, with lease rental income rising to $187 million, a 11% increase from Q1 2021. Net income attributable to common shareholders also grew to $73.8 million, or $1.45 per diluted share, up from $62.1 million in Q1 2021. The Company reported an adjusted EBITDA of $178.4 million, reflecting a 17% increase quarter-over-quarter. The fleet's average utilization rate reached 99.8%, and Textainer invested $501 million in new containers during the quarter, with plans for additional $600 million orders. A quarterly dividend is scheduled for September 15, 2021.
Textainer Group Holdings Limited (NYSE:TGH) will release its Q2 2021 financial results after market close on August 5, 2021. A conference call will follow at 5:00 p.m. ET to discuss these results. Investors can participate via webcast or by phone. Textainer, a leading lessor of intermodal containers, boasts a fleet of over 4 million TEU, serving around 250 customers. The company also engages in the sale of containers, averaging 150,000 container sales annually. CEO Olivier Ghesquiere and CFO Michael Chan will attend the Susquehanna Conference on August 11, 2021.
Textainer Group Holdings Limited (NYSE: TGH) announced the election of two new Class II directors, James Earl and Cynthia Hostetler, at the May 26, 2021, Annual Meeting of Shareholders. Olivier Ghesquiere was re-elected. The shareholders also approved the 2020 audited financial statements and appointed KPMG as auditor for 2021. Earl brings extensive experience from GATX Corporation, while Hostetler has a solid background with various investment firms. The meeting also marked the retirement of Hennie Van der Merwe from the Board, after multiple terms since 2003.
Textainer Group Holdings Limited (NYSE: TGH) reported strong financial results for Q1 2021, with lease rental income of $169,244,000, a 7.8% increase from Q4 2020. Net income rose to $62,050,000, or $1.22 per diluted share, compared to $44,260,000 in the previous quarter. Adjusted EBITDA reached $153,110,000, reflecting an 11.9% increase. The company maintained a high fleet utilization rate of 99.6%. Investments in containers totaled $580 million during the quarter. Textainer anticipates continued favorable industry conditions driven by strong economic activity and container demand, reinforcing long-term shareholder value.
Textainer Group Holdings Limited (NYSE: TGH) will release its first-quarter 2021 financial results on May 11, 2021, after market close. A conference call to discuss these results will follow at 5:00 p.m. Eastern Time. Textainer is a leading lessor of intermodal containers with an owned and managed fleet of approximately 3.8 million TEU and serves around 250 customers, including major international shipping lines. Interested parties can access the call via the Investor Relations website.
Textainer Group Holdings Limited (NYSE:TGH) completed a public offering of 6,000,000 depositary shares on April 13, 2021, raising $150 million. Each depositary share represents a 1/1,000th interest in the company's 7.00% Series A Cumulative Redeemable Perpetual Preference Shares. The net proceeds of approximately $144.9 million will be utilized for general corporate purposes, including acquiring additional intermodal containers. Textainer's President, Olivier Ghesquiere, noted the positive market reaction and the attractiveness of this permanent capital for financing their asset structure.
Textainer Group Holdings Limited (NYSE:TGH) announced the pricing of its public offering of 6,000,000 depositary shares, each representing a 1/1,000th interest in its 7.00% Series A Cumulative Redeemable Perpetual Preference Shares with a liquidation preference of $25,000 per share, totaling $150 million. The offering is set to close on April 13, 2021. Proceeds will be used for general corporate purposes, including purchasing additional containers. The shares will be listed on the NYSE under the ticker symbol 'TGH PRA.'
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