Corporate Office Properties Trust Reports Second Quarter 2009 Results
COLUMBIA, Md.--(BUSINESS WIRE)-- Corporate Office Properties Trust (COPT) (NYSE:OFC) announced today financial and operating results for the quarter ended June 30, 2009.
Highlights
-- 14% increase in diluted Funds from Operations ("FFO") per share to $.67
or $46.9 million of FFO for the second quarter 2009 from $.59 per share
or $37.8 million of FFO for the second quarter 2008.
-- 29% increase in diluted earnings per share ("Diluted EPS") to $.22 or
$12.6 million of net income available to common shareholders for the
second quarter 2009 as compared to $.17 per diluted share or $8.1
million of net income available to common shareholders for the second
quarter 2008.
-- 46% increase in diluted Adjusted Funds from Operations available to
common share and common unit holders ("Diluted AFFO") to $36.2 million
for the second quarter 2009 as compared to $24.8 million for the second
quarter 2008.
-- 92.3% occupied and 93.2% leased for our wholly-owned portfolio as of
June 30, 2009.
-- 70% renewal rate on expiring leases for second quarter 2009, with an 11%
increase in total straight-line rents for renewed space.
-- 5% increase in same office property cash NOI for the quarter compared to
the second quarter 2008. The Company's same office portfolio for the
quarter ended June 30, 2009 represents 92% of the rentable square feet
of its consolidated portfolio and consists of 228 properties.
"Continuing our strong 2009 performance, the Company had an excellent second quarter and is well positioned for the second half of 2009. Real estate is a lagging indicator, therefore the full impact of the recession has not yet been felt in the real estate markets. In anticipation of this trend, we have strengthened our financial position with no debt maturing for the remainder of 2009 and continue to tighten operating expenses," stated Randall M. Griffin, President and Chief Executive Officer, Corporate Office Properties Trust. "We are well positioned to accelerate product to meet the imminent demand in several of our markets resulting from BRAC and the cyber initiative," he stated.
Financial Ratios
Diluted FFO payout ratio for the six months ended June 30, 2009 was 56% as compared to 59% for the six months ended June 30, 2008. Diluted AFFO payout ratio for the six months ended June 30, 2009 was 66% as compared to 77% for the six months ended June 30, 2008.
As of June 30, 2009, the Company had a total market capitalization of $3.9 billion, with $1.8 billion in debt outstanding, equating to a 47% debt to total market capitalization ratio.
As of June 30, 2009, the Company's weighted average interest rate was 4.7% and the Company had 74% of the total debt subject to fixed interest rates.
For the second quarter 2009, the Company's EBITDA to interest coverage ratio was 3.7x, and the EBITDA fixed charge coverage ratio was 3.0x.
Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included in the tables that follow the text of this press release.
Operating Results
At June 30, 2009, the Company's wholly-owned portfolio of 243 office properties totaled 18.7 million square feet. The weighted average remaining lease term for the portfolio was 4.7 years and the average rental rate (including tenant reimbursements) was $23.12 per square foot.
For the quarter ended June 30, 2009, 499,000 square feet was renewed equating to a 70% renewal rate, at an average committed cost of $9.42 per square foot. Total rent on renewed space increased 11% on a straight-line basis, as measured from the straight-line rent in effect preceding the renewal date and remained flat on a cash basis. For renewed and retenanted space of 630,000 square feet, total straight-line rent increased 8% and total rent on a cash basis decreased 4%. The average committed cost for renewed and retenanted space was $10.79 per square foot.
Development Activity
At June 30, 2009, the Company had 2.4 million square feet under construction, development and redevelopment for a total projected cost of $498.9 million.
The Company's land inventory (wholly-owned and joint venture) at June 30, 2009 totaled 1,827 acres that can support 16.2 million square feet of development.
During the quarter, the Company placed into service 175,000 square feet located in three newly-constructed properties.
Financing and Capital Transactions
The Company executed the following transactions during the quarter:
-- Issued approximately 3.0 million common shares in an underwritten public
offering made in conjunction with the Company's inclusion in the S&P
MidCap 400 Index on April 1, 2009. The shares were issued at a public
offering price of $24.35 per share for net proceeds after underwriting
discounts but before offering expenses of $72.1 million. The net
proceeds were used to pay down the Company's Revolving Credit Facility
and for general corporate purposes.
-- Closed on a $50.0 million secured loan with a five-year term that
carries interest at LIBOR plus 3.0% (subject to a LIBOR floor of 2.5%).
The proceeds were used to repay the Company's maturing debt and pay down
its Revolving Credit Facility.
-- Closed on a $23.4 million joint venture construction loan with a
two-year term and the right to extend for an additional year that
carries interest at LIBOR plus 2.75%. The proceeds were used to pay down
the Company's Revolving Credit Facility.
Subsequent Event
The Company repaid its remaining 2009 maturing debt of approximately $22.5 million using proceeds from its unsecured credit facility and closed on a $90.0 million secured loan with a five-year term that carries interest at 7.25%. Most of the proceeds were used to pay down the Company's Revolving Credit Facility.
Earnings Guidance
The Company revised its 2009 diluted EPS guidance from a range of $.70 to $.80 to a range of $.59 to $.67 per diluted share.
The Company revised its 2009 diluted FFO per share guidance from a range of $2.41 to $2.51 to a range of $2.43 to $2.51, representing growth of 2% to 5% compared to 2008 diluted FFO per share, as adjusted, of $2.38. The adjusted 2008 results reflect the change in accounting for exchangeable debt as required by the adoption of the FSP regarding APB 14-1 and excludes gains on extinguishment of exchangeable notes.
Conference Call
The Company will hold an investor/analyst conference call:
Conference Call (within the United States) Date: Thursday, July 30, 2009 Time: 11:00 a.m. Eastern Time Telephone Number: 888-679-8034 Passcode: 24073962 Conference Call (outside the United States) Date: Thursday, July 30, 2009 Time: 11:00 a.m. Eastern Time Telephone Number: 617-213-4847 Passcode: 24073962
Please use the following link to pre-register and view important
information about this conference call. Pre-registering is not mandatory
but is recommended as it will provide you immediate entry into the call
and will facilitate the timely start of the conference. Pre-registration
only takes a few moments and you may pre-register at anytime, including
up to and after the call start time. To pre-register, please click on
the below link:
https://www.theconferencingservice.com/prereg/key.process?key=PN9KBNJAM
You may also pre-register in the Investor Relations section of the Company's website at www.copt.com. Alternatively, you may be placed into the call by an operator by calling the number provided above at least 5 to 10 minutes before the start of the call. A replay of this call will be available beginning Thursday, July 30 at 3:00 p.m. Eastern Time through Thursday, August 13 at midnight Eastern Time. To access the replay within the United States, please call 888-286-8010 and use passcode 48082544. To access the replay outside the United States, please call 617-801-6888 and use passcode 48082544.
The conference call will also be available via live webcast in the Investor Relations section of the Company's website at www.copt.com. A replay of the conference call will be immediately available via webcast in the Investor Relations section of the Company's website.
Definitions
Please refer to our Form 8-K or our website (www.copt.com) for definitions of certain terms used in this press release. Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included in the attached tables.
Company Information
Corporate Office Properties Trust (COPT) (NYSE:OFC) is a specialty office real estate investment trust (REIT) that focuses on strategic customer relationships and specialized tenant requirements in the U.S. Government, Defense Information Technology and Data sectors. The Company acquires, develops, manages and leases properties which are typically concentrated in large office parks primarily located adjacent to government demand drivers and/or in growth corridors. As of June 30, 2009, the Company owned 262 office and data properties totaling 19.6 million rentable square feet, which includes 19 properties totaling 852,000 square feet held through joint ventures. The Company's portfolio primarily consists of technically sophisticated buildings in visually appealing settings that are environmentally sensitive, sustainable and meet unique customer requirements. COPT is an S&P MidCap 400 company and more information can be found at www.copt.com.
Forward-Looking Information
This press release may contain "forward-looking" statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company's current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "estimate" or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Accordingly, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements.
Important factors that may affect these expectations, estimates, and projections include, but are not limited to:
-- the Company's ability to borrow on favorable terms;
-- general economic and business conditions, which will, among other
things, affect office property demand and rents, tenant
creditworthiness, interest rates and financing availability;
-- adverse changes in the real estate markets including, among other
things, increased competition with other companies;
-- risk of real estate acquisition and development, including, among other
things, risks that development projects may not be completed on
schedule, that tenants may not take occupancy or pay rent or that
development or operating costs may be greater than anticipated;
-- risks of investing through joint venture structures, including risks
that the Company's joint venture partners may not fulfill their
financial obligations as investors or may take actions that are
inconsistent with the Company's objectives;
-- our ability to satisfy and operate effectively under federal income tax
rules relating to real estate investment trusts and partnerships;
-- governmental actions and initiatives; and
-- environmental requirements.
The Company undertakes no obligation to update or supplement any forward-looking statements. For further information, please refer to the Company's filings with the Securities and Exchange Commission, particularly the section entitled "Risk Factors" in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2008.
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(Amounts in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
Revenues
Real estate revenues $ 105,718 $ 97,946 $ 212,562 $ 194,948
Service operations revenues 103,324 22,424 178,213 33,038
Total revenues 209,042 120,370 390,775 227,986
Expenses
Property operating expenses 37,162 33,957 76,195 68,499
Depreciation and other
amortization associated with 28,708 24,955 55,199 49,847
real estate operations
Service operations expenses 101,161 21,926 174,484 32,433
General and administrative 5,834 5,934 11,377 11,704
expenses
Business development 446 102 1,092 265
expenses
Total operating expenses 173,311 86,874 318,347 162,748
Operating income 35,731 33,496 72,428 65,238
Interest expense (18,678 ) (21,162 ) (38,102 ) (43,077 )
Interest and other income 1,252 170 2,330 365
Income from continuing
operations before equity in 18,305 12,504 36,656 22,526
loss of unconsolidated
entities and income taxes
Equity in loss of (202 ) (56 ) (317 ) (110 )
unconsolidated entities
Income tax (expense) benefit (52 ) 107 (122 ) (5 )
Income from continuing 18,051 12,555 36,217 22,411
operations
Discontinued operations - 1,314 - 2,580
Income before gain on sales 18,051 13,869 36,217 24,991
of real estate
Gain on sales of real - 41 - 1,100
estate, net of income taxes
Net income 18,051 13,910 36,217 26,091
Less net income attributable
to noncontrolling interests
Common units in the (1,272 ) (1,461 ) (3,076 ) (2,663 )
Operating Partnership
Preferred units in the (165 ) (165 ) (330 ) (330 )
Operating Partnership
Other 25 (122 ) (25 ) (222 )
Net income attributable to 16,639 12,162 32,786 22,876
COPT
Preferred share dividends (4,026 ) (4,026 ) (8,051 ) (8,051 )
Net income attributable to $ 12,613 $ 8,136 $ 24,735 $ 14,825
COPT common shareholders
Earnings per share "EPS"
computation:
Numerator for diluted EPS:
Net income available to $ 12,613 $ 8,136 $ 24,735 $ 14,825
common shareholders
Amount allocable to (242 ) (166 ) (510 ) (336 )
restricted shares
Numerator for diluted EPS 12,371 7,970 24,225 14,489
Denominator:
Weighted average common 56,637 47,110 54,296 47,055
shares - basic
Dilutive effect of stock 546 790 522 746
option awards
Weighted average common 57,183 47,900 54,818 47,801
shares - diluted
Diluted EPS $ 0.22 $ 0.17 $ 0.44 $ 0.30
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(Amounts in thousands, except per share data and ratios)
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
Net income $ 18,051 $ 13,910 $ 36,217 $ 26,091
Add: Real estate-related 28,708 24,955 55,199 49,899
depreciation and amortization
Add: Depreciation and
amortization on unconsolidated 161 163 321 327
real estate entities
Less: Gain on sales of
operating properties, net of - (1,250 ) - (2,630 )
income taxes
Funds from operations ("FFO") 46,920 37,778 91,737 73,687
Less: Noncontrolling interests
- preferred units in the (165 ) (165 ) (330 ) (330 )
Operating Partnership
Less: Noncontrolling interests 25 (122 ) (25 ) (222 )
- other consolidated entities
Less: Preferred share (4,026 ) (4,026 ) (8,051 ) (8,051 )
dividends
Less: Depreciation and
amortization allocable to (107 ) (75 ) (160 ) (124 )
noncontrolling interests in
other consolidated entities
Less: Basic and diluted FFO (450 ) (308 ) (903 ) (582 )
allocable to restricted shares
Basic and diluted FFO
available to common share and 42,197 33,082 82,268 64,378
common unit holders ("Basic
and diluted FFO")
Less: Straight-line rent (1,718 ) (2,778 ) (2,858 ) (5,434 )
adjustments
Less: Amortization of deferred (616 ) (458 ) (996 ) (903 )
market rental revenue
Less: Recurring capital (4,383 ) (5,821 ) (10,266 ) (10,603 )
expenditures
Add: Amortization of discount
on Exchangeable Senior Notes, 723 815 1,421 1,618
net of amounts capitalized
Diluted adjusted funds from
operations available to common $ 36,203 $ 24,840 $ 69,569 $ 49,056
share and common unit holders
("Diluted AFFO")
Weighted average shares
Weighted average common shares 56,637 47,110 54,296 47,055
Conversion of weighted average 5,483 8,151 6,363 8,153
common units
Weighted average common
shares/units - basic FFO per 62,120 55,261 60,659 55,208
share
Dilutive effect of share-based 546 790 522 746
compensation awards
Weighted average common
shares/units - diluted FFO per 62,666 56,051 61,181 55,954
share
Diluted FFO per share $ 0.67 $ 0.59 $ 1.34 $ 1.15
Dividends/distributions per $ 0.3725 $ 0.3400 $ 0.7450 $ 0.6800
common share/unit
Earnings payout ratio 171.2 % 199.1 % 169.2 % 218.3 %
Diluted FFO payout ratio 55.7 % 57.3 % 55.7 % 58.9 %
Diluted AFFO payout ratio 64.9 % 76.4 % 65.9 % 77.3 %
EBITDA interest coverage ratio 3.73x 2.97x 3.62x 2.91x
EBITDA fixed charge coverage 3.01x 2.46x 2.93x 2.42x
ratio
Reconciliation of denominators
for diluted EPS and diluted
FFO per share
Denominator for diluted EPS 57,183 47,900 54,818 47,801
Weighted average common units 5,483 8,151 6,363 8,153
Denominator for diluted FFO 62,666 56,051 61,181 55,954
per share
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(Dollars and shares in thousands, except per share data)
June 30, December 31,
2009 2008
Balance Sheet Data (in
thousands) (as of period
end)
Properties, net of $ 2,854,136 $ 2,778,466
accumulated depreciation
Total assets 3,198,675 3,114,239
Debt 1,831,713 1,856,751
Total liabilities 2,052,268 2,031,816
Beneficiaries' equity 1,146,407 1,082,423
Debt to total assets 57.3 % 59.6 %
Debt to undepreciated book
value of real estate 55.2 % 57.8 %
assets
Debt to total market 46.9 % 47.4 %
capitalization
Property Data (wholly
owned properties) (as of
period end)
Number of operating 243 238
properties owned
Total net rentable square 18,740 18,462
feet owned (in thousands)
Occupancy 92.3 % 93.2 %
Reconciliation of
denominator for debt to
total assets to
denominator for debt to
undepreciated book value
of real estate assets
Denominator for debt to $ 3,198,675 $ 3,114,239
total assets
Assets other than assets
included in properties, (344,539 ) (335,773 )
net
Accumulated depreciation 382,385 343,110
on real estate assets
Intangible assets on real 81,090 91,848
estate acquisitions, net
Denominator for debt to
undepreciated book value $ 3,317,611 $ 3,213,424
of real estate assets
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
Reconciliation of tenant
improvements and
incentives, capital
improvements and leasing
costs for operating
properties to recurring
capital expenditures
Total tenant improvements
and incentives on $ 3,826 $ 4,731 $ 8,051 $ 8,578
operating properties
Total capital improvements 2,323 2,631 3,836 3,648
on operating properties
Total leasing costs on 950 520 2,576 1,765
operating properties
Less: Nonrecurring tenant
improvements and (2,028 ) (1,287 ) (2,069 ) (2,082 )
incentives on operating
properties
Less: Nonrecurring capital
improvements on operating (694 ) (866 ) (1,282 ) (1,368 )
properties
Less: Nonrecurring leasing
costs incurred on (16 ) (22 ) (916 ) (52 )
operating properties
Add: Recurring
improvements on operating 22 114 70 114
properties held through
joint ventures
Recurring capital $ 4,383 $ 5,821 $ 10,266 $ 10,603
expenditures
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(Dollars in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
Reconciliation of dividends
for earnings payout ratio to
dividends and distributions
for FFO & AFFO payout ratio
Common share dividends for $ 21,597 $ 16,197 $ 41,861 $ 32,370
earnings payout ratio
Common unit distributions 1,894 2,772 3,979 5,543
Dividends and distributions $ 23,491 $ 18,969 $ 45,840 $ 37,913
for FFO & AFFO payout ratio
Reconciliation of GAAP net
income to earnings before
interest, income taxes,
depreciation and amortization
("EBITDA")
Net income $ 18,051 $ 13,910 $ 36,217 $ 26,091
Interest expense on continuing 18,678 21,162 38,102 43,077
operations
Interest expense on - 10 - 51
discontinued operations
Income tax expense (benefit) 52 (102 ) 122 583
Real estate-related 28,708 24,955 55,199 49,899
depreciation and amortization
Depreciation of furniture, 415 392 803 776
fixtures and equipment
EBITDA $ 65,904 $ 60,327 $ 130,443 $ 120,477
Reconciliation of interest
expense from continuing
operations to the denominators
for interest coverage-EBITDA
and fixed charge
coverage-EBITDA
Interest expense from $ 18,678 $ 21,162 $ 38,102 $ 43,077
continuing operations
Interest expense from - 10 - 51
discontinued operations
Less amortization of deferred (1,009 ) (885 ) (2,033 ) (1,662 )
financing costs
Denominator for interest 17,669 20,287 36,069 41,466
coverage-EBITDA
Preferred share dividends 4,026 4,026 8,051 8,051
Preferred unit distributions 165 165 330 330
Denominator for fixed charge $ 21,860 $ 24,478 $ 44,450 $ 49,847
coverage-EBITDA
Reconciliation of same
property net operating income
to same office property cash
net operating income and same
office property cash net
operating income, excluding
gross lease termination fees
Same office property net $ 64,988 $ 62,796 $ 128,415 $ 123,218
operating income
Less: Straight-line rent (860 ) (2,014 ) (1,229 ) (4,123 )
adjustments
Less: Amortization of deferred (446 ) (362 ) (655 ) (733 )
market rental revenue
Same office property cash net $ 63,682 $ 60,420 $ 126,531 $ 118,362
operating income
Less: Lease termination fees, (558 ) (59 ) (4,218 ) (158 )
gross
Same office property cash net
operating income, excluding $ 63,124 $ 60,361 $ 122,313 $ 118,204
gross lease termination fees
Corporate Office Properties Trust
Summary Financial Data
(unaudited)
(Amounts in thousands, except per share data)
Reconciliation of projected diluted EPS to projected
diluted FFO per share
Year Ending
December 31, 2009
Low High
Reconciliation of numerators
Numerator for projected diluted EPS $ 33,174 $ 37,714
Real estate-related depreciation and amortization (1) 114,783 114,783
Minority interests-common units 3,597 4,082
Incremental FFO allocable to restricted shares (754 ) (779 )
Numerator for projected diluted FFO per share $ 150,800 $ 155,800
Reconciliation of denominators
Denominator for projected diluted EPS 56,334 56,334
Weighted average common units 5,726 5,726
Denominator for projected diluted FFO per share 62,060 62,060
Projected diluted EPS $ 0.59 $ 0.67
Projected diluted FFO per share $ 2.43 $ 2.51
(1) The estimate of real estate-related depreciation and amortization excludes
any impact of potential write-offs resulting from lease terminations.
Top Twenty Office Tenants of Wholly Owned Properties as of June 30, 2009 (1)
(Dollars in thousands)
Percentage Total Percentage Weighted
of
Total Total Annualized of Total Average
Number Occupied Occupied Rental Annualized Remaining
of Rental
Tenant Leases Square Square Revenue Revenue Lease
Feet Feet (2)(3) Term (4)
United States (5) 66 2,583,040 14.9 % 69,134 17.3 % 6.0
of America
Northrop
Grumman (6) 15 1,135,594 6.6 % 29,119 7.3 % 6.9
Corporation
Booz Allen 8 710,692 4.1 % 20,968 5.2 % 5.6
Hamilton, Inc.
Computer
Sciences (6) 4 454,645 2.6 % 12,371 3.1 % 2.0
Corporation
L-3
Communications (6) 5 267,354 1.5 % 9,863 2.5 % 4.8
Holdings, Inc.
Unisys (7) 5 760,145 4.4 % 9,097 2.3 % 4.3
Corporation
General
Dynamics (6) 10 293,329 1.7 % 8,111 2.0 % 1.1
Corporation
Wells Fargo & (6) 6 215,760 1.2 % 7,583 1.9 % 8.8
Company
Aerospace (6) 3 245,598 1.4 % 7,569 1.9 % 5.6
Corporation
ITT (6) 9 290,312 1.7 % 6,859 1.7 % 5.3
Corporation
AT&T (6) 8 306,988 1.8 % 5,903 1.5 % 4.0
Corporation
Comcast (6) 11 306,123 1.8 % 5,854 1.5 % 4.3
Corporation
Integral (6) 4 240,846 1.4 % 5,675 1.4 % 10.5
Systems, Inc.
The Boeing (6) 4 143,480 0.8 % 4,394 1.1 % 4.2
Company
Ciena 4 229,848 1.3 % 4,346 1.1 % 3.9
Corporation
The Johns
Hopkins (6) 4 128,827 0.7 % 3,205 0.8 % 7.3
Institutions
BAE Systems (6) 7 212,339 1.2 % 3,201 0.8 % 3.4
PLC
Science
Applications (6) 9 137,142 0.8 % 3,127 0.8 % 0.4
International
Corp.
Merck & Co., (6) 2 225,900 1.3 % 2,722 0.7 % 3.1
Inc. (Unisys) (7)
Magellan
Health 2 113,727 0.7 % 2,681 0.7 % 2.1
Services, Inc.
Subtotal Top
20 Office 186 9,001,689 52.0 % 221,781 55.4 % 5.4
Tenants
All remaining 777 8,302,030 48.0 % 178,214 44.6 % 3.7
tenants
Total/Weighted 963 17,303,719 100.0 % $ 399,995 100.0 % 4.7
Average
Table excludes owner occupied leasing activity which represents 155,433
(1) square feet with a weighted average remaining lease term of 6.1 years as of
June 30, 2009.
Total Annualized Rental Revenue is the monthly contractual base rent as of
(2) June 30, 2009, multiplied by 12, plus the estimated annualized expense
reimbursements under existing office leases.
(3) Order of tenants is based on Annualized Rent.
(4) The weighting of the lease term was computed using Total Rental Revenue.
Many of our government leases are subject to early termination provisions
(5) which are customary to government leases. The weighted average remaining
lease term was computed assuming no exercise of such early termination
rights.
(6) Includes affiliated organizations or agencies.
(7) Merck & Co., Inc. subleases 219,065 rentable square feet from Unisys'
960,349 leased rentable square feet in our Greater Philadelphia region.
Source: Corporate Office Properties Trust (COPT)
Released July 29, 2009