$20B in bonuses for wall street

ALBANY, N.Y. » Employees at Wall Street financial firms collected more than $20 billion in bonuses in 2009, the year after taxpayers bailed out the financial sector, New York state Comptroller Thomas DiNapoli said yesterday. The payouts were about 17 percent higher than 2008 bonuses.

Total compensation at the largest securities firms grew beyond that figure, and profits could surpass $55 billion last year, DiNapoli said. That's nearly three times Wall Street's record increase, a rate of growth that is boosted in part by the record losses in 2008 of nearly $43 billion.

The projections would make the average bonus $124,850. In 2008 the average was $112,000, according to DiNapoli's office.

HRPT funds from operations flat

NEWTON, Mass. » HRPT Properties Trust, which owns 57 properties in Hawaii and has 17.9 million square feet of leased industrial and commercial lands in the state, posted fourth-quarter funds from operations, or FFO, that were little changed from a year ago, as occupancy in its office buildings and industrial properties slipped.

The real estate investment trust said yesterday that funds from operations for the last three months of 2009 were $62.6 million, or 27 cents a share, compared with $62.2 million, or 27 cents a share, in the 2008 fourth quarter.

FFO, a widely used gauge of real estate operating performance, adds depreciation and amortization expenses, as well as other nonoperating items, back to net income.

Rental income slipped to $213.3 million from $218.5 million in the year-earlier period.

Hawaii's industrial leasing market continued to weaken through the end of the year, though the vacancy rate remains below 5 percent, the company said yesterday during a conference call. Lease rents for many Hawaii HRPT properties were set eight to 10 years ago, leaving “;our in-place rents ... significantly lower than current market rates,”; said managing trustee Adam Portnoy.

The company filed a federal lawsuit in August, challenging as unconstitutional a state law seeking to limit rental increases on certain of its leased lands. HRPT expects a court ruling in the near future, he said.

HRPT posted a net loss on income after paying preferred dividends of $22.9 million, or 10 cents a share, compared with net income of $50.8 million, or 22 cents a share, in the year-earlier quarter.

Norwegian line loses $39 million

Norwegian Cruise Line, parent company of Honolulu-based NCL America, lost $39 million in the fourth quarter, but that was a significant improvement over the $211 million it lost in the year-earlier quarter.

Even with last quarter's loss, the Miami-based cruise line posted a $67.2 million profit in 2009 versus a $211.8 million loss in 2008.

Fourth-quarter revenue fell 6.8 percent to $401.7 million, while annual revenue declined 11.9 percent to $1.9 billion

NCL America owns and operates Pride of America, Hawaii's home-ported cruise ship.

Weinberg changes leadership

Major leadership changes have been announced by the Baltimore-based Harry and Jeanette Weinberg Foundation.

Donn Weinberg, the only family member, is the chairman, while Rachel Monroe is now president. It is the first time the positions have been separated. Shale Stiller, previous chairman and president, concluded his five-year term to return to his position as a partner at DLA Piper in Baltimore.

Beginning a six-year trustee term is retired Baltimore Judge Ellen Heller, joining Barry Schloss, Robert Kelly Jr. and Hawaii resident Alvin Awaya.

The foundation distributes about $100 million annually, much of it in Hawaii, to charitable organizations serving people's basic needs such as shelter, health and socialization and nutrition, and on enhancing their ability to provide for themselves.

Hawaii resident and business mogul Harry Weinberg established the foundation with his $900 million in personal wealth. It has built dozens of buildings for Hawaii nonprofits and funded numerous endowments since his 1990 death.

Confidence in U.S. economy falls

NEW YORK » Americans' confidence in the economy has suffered a sudden relapse, dimming hopes that they will start spending—and spurring job growth—any time soon.

The Consumer Confidence Index fell almost 11 points yesterday to 46 in February, down from a revised 56.5 in January and the lowest level since a 40.8 reading last April.

It erased three consecutive months of improvement, according to the Conference Board. Analysts were expecting only a slight decrease to 55.

ON THE MOVE

» Energy Industries has hired Cyd Shizuru as an energy specialist. She has 14 years of professional sales experience in the buildings and clean energy sectors, including sales of commercial and residential photovoltaic systems at Hoku Solar, account executive for Hawaii Home+Remodeling Magazine and vice president of membership for the Aloha Chapter of the National Kitchen and Bath Association.

» Hawaii Medical Service Association has promoted Jennifer Diesman to vice president from assistant vice president of government relations, and Janna L.S. Nakagawa to vice president of human resources from assistant vice president of personnel.