Tuesday, September 2, 2014
Inquirer Daily News

From AppTec's growth to PIDC's land sales

Philadelphia prepares to raise $350 million from a sale of notes. Its prospectus contains the usual signs of decline, but some hopeful signs as well.

From AppTec's growth to PIDC's land sales

The City of Philadelphia is hoping to sell $350 million in tax and revenue anticipation notes.

The thick prospectus released last week that accompanies the offering is, of course, a sales pitch to investors. It soberly describes the financial challenges facing the city’s budget.

There’s no avoiding the historical numbers showing employment declining in the city. Non-farm payroll has gone from 685,200 in 1999 to 662,400 in 2007.

But there are some interesting lines in the prospectus worth noting:

* AppTec Laboratory Services, which provides contract manufacturing services to the pharmaceutical sector, opened at the Navy Yard with 40 employees. It now has more than 260.

* The Philadelphia Industrial Development Corp. closed nine land sales in the fiscal year ended June 30. “Publicly-owned industrial land holdings in the City are reaching all-time lows,” the prospectus states.

* Rent per square foot for office space in Philadelphia was $23.97 in March 2003, according to CB Richard Ellis. In May 2008, it was $24.35. That upward trend is better than a lot of other metro areas.

Condo sales

So how’s the luxury condominium business?

Thomas Properties Group Inc. provided an update on sales at the Murano, the nearly completed 42-story high-rise at 21st and Market Streets.

Of its 302 units, the Los Angeles-based developer said it had closed sales on 101 units and 94 parking spaces. An additional 24 units and 28 parking spaces are under contract.

Earnings

Today: Campbell Soup

Tuesday: Charming Shoppes

Wednesday: Encorium Group

Friday: Pep Boys - Manny, Moe & Jack.

Quotable

Our ability to fund losses is not strong, nor is it something we should tolerate going into the future.

- Robert Lux, chief financial officer of the Temple University Health System, talking to investors about the hospital network’s financial condition.

Mike Armstrong Inquirer Columnist
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Mike Armstrong Inquirer Columnist
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