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Strategic Hotels & Resorts, Inc. (NYSE:BEE)
Q4 2013 Results Earnings Conference Call
February 26, 2014 10:00 AM ET
Jon Stanner - VP, Capital Markets and Treasurer
Rip Gellein - Chairman and CEO
Diane Morefield - Chief Financial Officer
Bill Crow - Raymond James
Chris Woronka - Deutsche Bank
Ryan Meliker - MLV Company
Smedes Rose - Evercore Partners
Lukas Hartwich - Green Street Advisors
Andrew Didora - Bank of America Merrill Lynch
Good day, ladies and gentlemen. And welcome to the Fourth Quarter 2013 Strategic Hotels & Resorts Earnings Conference Call. My name is Crystal, and I will be your operator for today. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions)
As a reminder, this conference is being recorded for replay purposes. I would now like to turn the conference over to Mr. Jon Stanner, VP, Capital Markets and Treasurer. Please proceed sir.
Jon Stanner
Thank you, and good morning, everyone. Welcome to the Strategic Hotels & Resorts' fourth quarter 2013 earnings conference call. Our press release and supplemental financials were distributed yesterday and are available on the company's website in the Investor Relations section.
We're hosting a live webcast of today's call, which can be accessed by the same section of the site with a replay of today's call available for the next month. Before we get underway, I would like to say that this conference call will contain forward-looking statements under Federal Securities Laws.
These statements are based on current expectations, estimates and projections about the market and the industry in which the company operates, in addition to management's, beliefs, and assumptions. Forward-looking statements are not guarantees of performance and actual operating results may be affected by a wide variety of factors. For a list of these factors, please refer to the forward-looking statement notice included within our SEC filings.
In the press release and supplemental financials, the company has reconciled all non-GAAP financial measures to the directly comparable GAAP measures in accordance with Reg G requirements.
I would now like to introduce the members of the management team here with me today. Rip Gellein, Chairman and Chief Executive Officer; and Diane Morefield, our Chief Financial Officer. Rip?
Rip Gellein
Thank you, Jon, and good morning, everyone. We are extremely pleased to report a terrific year of operating and financial results for Strategic with RevPAR in 2013 growing nearly 9% in our same-store portfolio and our full year corporate EBITDA and FFO metrics coming in ahead of consensus estimate [Technical Difficult] guidance range.
We were equally excited about 2014 which we believe is shaping us to be another strong year and are initiating full year RevPAR growth guidance range between 5% and 7%. This guidance includes approximately 100 basis point adjustment for expected renovation related displacement for which Diane will provide detail shortly.
During the call today, we will discuss our 2013 result, how we're interpreting those results in the context of our broader strategic direction and how the trends we're seeing in our business translate into our 2014 guidance.
We'll also provide with an update on our two asset dispositions, including our intention to redeploying the capital and continuing to significantly strengthen our balance sheet. I'll then walk through the details of our 2014 financial guidance and capital.
As you know our strategy is predicated on only a world-class portfolio of unique hotel assets in gateway cities in high barrier [Technical Difficulty] resort destinations. [Technical Difficulty] continues to create tremendous value throughout the portfolio at the levels evidenced by our industry-leading results both relative to our publicly traded peers and to our individual competitive sets for each hotel. [Technical Difficulty]
During the year and our EBITDA margins expanded impressive 210 basis points [Technical Difficult] New York. However, this was more than just writing a tailwind for the strong market as our total U.S. portfolio increased its RevPAR penetration within their competitive sets by 2.5% during the year, finishing 2013 an impressive RevPar index of 114 compared to 111 in 2012.
[Technical difficulty]
Diane Morefield
Operator, can you hear us.
Rip Gellein
Operator, can you hear us any better.
[Technical Difficulty] Actually every other word, I can't hear you at all now.
Rip Gellein
We'll call back in 2 minutes from other conference call. Sorry, everybody.
Please standby.
Diane Morefield
Yes. We will call back in a minute.
Please standby. Please standby, your conference will resume momentarily. Please standby. Thank you for your patience, your conference will be resume momentarily. Thank you so much for your patience, your conference will resume momentarily.
Rip Gellein
Good morning, everyone. I'm sorry that we had a little technical difficulty. So I'm going to start, I'm going to start over. Just that everybody -- we don't know what you heard. So I'll just -- I'll start from scratch and go quickly. But what we've said was we're extremely pleased to report a terrific year of operating financial results for strategic RevPAR in 2013 growing nearly 9% in our same-store portfolio and our full year corporate EBITDA and FFO metrics coming in ahead of consensus estimate and at the high end of our guidance ranges.
We're excited about 2014 which we believe is shaping up to be another very strong year and are initiating fully RevPAR guidance ranges between 5% and 7%. This guidance includes approximately 100 basis points adjustment for expected renovation-related displacement for which Diane will provide detail shortly.
During the call, we will discuss our 2013 results, however, interpreting those results in the context of our broader strategic direction, how the trends we're seeing in business translate into our 2014 guidance. We'll also provide you with an update in our two asset dispositions including our intentions for redeploying that capital and continuing to strengthen our balance sheet.
We'll then walk through the details of our 2014 financial guidance and capitals. As you know, our strategy is predicated on only a world-class portfolio of unique hotel assets in gateway cities and high barrier-to-entry resort destinations. Our asset management team which we believe is best-in-class continues to create tremendous value throughout the portfolio with the hotel level evidenced by our industry-leading results, most relevant to our publicly traded peers and to our individual comp sets for each hotel.
For example, RevPAR in our total North American portfolio grew 8.8% during the year and our EBITDA margins expanded an impressive 210 basis points, excluding any benefit from guarantee payments we received from Marriott at the Essex House in New York. However, this was more than just writing a tailwind for the strong market as our total U.S. portfolio increased its RevPAR penetration within their comp sets by 2.5% during the year finishing 2013 in an impressive Rev index of 114 compared to 111 in 2012.
In total, 10 of our 16 North American hotels finished the year with double-digit RevPAR growth which helped drive 21% increase in comparable EBITDA and 65% increase in comparable FFO per share in 2013.
We're in the final stages of the comprehensive de-leveraging phase of our strategic plan with two asset sales expected to close in the first half of 2014. As most of you know, we are under contract to sell the Four Seasons Punta Mita and adjacent La Solana land parcel for $200 million and expect to close that transaction within the next week or two.
We also have a select -- we have selected buyer in the midst of final due diligence for the Marriott Grosvenor Square in London. We are committed to this disposition and expect to close in the first half of this year. Proceeds from both asset sales will be used to further de-leverage the balance sheet including redeeming some of our higher cost preferred equity.
Diane will provide you with more details on our capital redeployment strategy but importantly assuming we close on both dispositions as described, we should comfortably be within our targeted 4 to 6x net debt-to-EBITDA range and expect to move toward the lower end of that range with organic cash flow growth over the next couple of years. These activities ultimately should put us on the path to reinstating the common dividend and though we are not committing to a date at this time, we would reiterate that it remains a corporate priority.
In terms of outlook, we agree with what you heard on most of the calls this quarter that the fundamental of the industry remain quite strong and that in many ways 2014 looks like a better version of 2013 albeit with a more difficult year-over-year comparison.
In the context of rather tepid GDP growth and a slower to recover group segment of business, the demand growth we've seen across the industry particularly in luxury and upper upscale sectors has been impressive. Roughly half of our hotels are at or above previous peaks though the composition of that business has obviously shifted throughout the recovery.
Transient demand in our total U.S. portfolio finished 2013 15% higher than our previous peak year of 2007 while group demand was still 12% lower compared to that same period. In total, occupancy is essentially flat to peak but average rates are 5% higher. So RevPAR is roughly 6% above its previous peak which is roughly double our comp set.
Our assets have also benefited from some of the creative capital investments we've made in recent years. For example, at the Fairmont Scottsdale Princess we invested approximately $25 million in 2012 and '13 to add a new ballroom, enhance the food and beverage outlets and introduce a new wellness spa concept.
The results have been quite impressive. Group room nights at that hotel increased 20% in 2013 compared with 5% growth in the comp set. This helped drive us 15% increase in group market share penetration and a 47% increase in EBITDA year-over-year.
Most importantly we're yielding a 19% cash-on-cash return on the invested capital ended first four year of implementation. Likewise, we invested roughly $30 million at the InterContinental Miami in 2010 and '11 which repressed and rethemed nearly every square inch of that hotel.
Again the results have been outstanding as the properties achieved a 12% RevPAR CAGR since 2009 outpacing the market by 120 basis points. And we've increased our EBITDA that property from just under $7 million in 2009 to $17.3 million in 2013. We've detailed these projects in several other case studies in our updated investor presentation which we will be posting to our website shortly and would encourage all of you to review.
Supply growth in our markets for our type of hotel is generally well contained with the pipeline for all future years of competitive new supply, our portfolio and our markets less than 2% of existing rooms, which is well below both our historical averages and anticipated demand growth. Given the many challenges of building these hotels in high barrier-to-entry markets we expect the supply growth to be limited through at least 2017.
As you would expect, we're keeping a close eye on certain markets particularly in New York, Chicago and DC. Supply growth in New York has been the headline but much of this is in the limited service segment as only 6% of city's pipeline is in luxury and upper upscale segment. We also believe that some of the supply increase could be partially offset by residential conversions given the strength of the Manhattan residential market.
2014 will be the fourth full year into the recovery and we're obviously starting to face more difficult year-over-year comparisons in our operating results. However our forecasted growth for the year is strong. Once again, we remain optimistic on the outlook for the industry in general.
Our group pace for '14 is currently up 6% room nights, 3.1% in average rates which translates into a 9.3% increase in group room revenues. As of January 31st, 76% of our budgeted group room nights look definite on the book which is essentially the same as it was at this time last year.
In the group business, it's been the laggard in this recovery. Our portfolio has been somewhat of an outlier in the industry with nearly 5% REIT growth in 2013. And very importantly spending on a per occupied room night basis, increasing a robust 10% which we believe is solid proof of our group segment's increasing willingness to spend. So with strong forward bookings and robust transient travel, we look forward to a really solid 2014.
With the completion of our de-leveraging strategy within sight, we are positioned now to opportunistically evaluate selective acquisitions that need our qualitative and quantitative investment criteria. More specifically we'll target high end assets consistent with our existing portfolio, located in gateway cities in key resort definition.
We generally prefer complex assets with multiple revenue streams that provide operational upside for our asset management team to extract to revenue management initiatives, the implementation of cost control systems in the execution of accretive capital expenditure programs.
We'll continue to focus on North America. We'd like to diversify our portfolio by adding assets on east coast. So we remain bullish on certain west coast market such as San Francisco, Seattle and even Southern California. We would also consider the right assets in markets in Mexico and Canada.
Our financing strategy will mirror our commitments to a prudent capital allocation strategy targeting acquisition financing on a leverage neutral basis over a reasonable contract. Most importantly we'll only pursue opportunities where we can generate a return and exceeds our cost of capital and we're optimistic that there will be attractive value creating acquisition opportunities in this market.
We continue to believe the fundamentals of our business point to a sustained recovery and that could extend beyond what we've seen in past cycles. As I mentioned supply growth remains muted particularly in our markets and our asset. The significant discount between trading values and replacement cost only serves to discourage potential development and that we've seen some supply in certain markets, it remains at historic lows and is almost nonexistent in resort markets.
The improving group business dynamic for our assets in our markets provides another compelling catalyst for operational and valuation growth. And the capital markets as most of you know are wide open, providing attractive financing alternatives at low interest-rate to fund growth.
So in summary, we believe the fundamentals of our business remains strong. Our balance sheet is becoming significantly strengthened. Our stock is trading at a multiple premium to our peers and as a result, we plan to be disciplined and look to acquire assets where we have the ability to create significant shareholder value.
With that, I will turn it over to Diane.
Diane Morefield
Thanks, Rip and good morning, everyone. As Rip highlighted, we are really pleased with our fourth quarter and full year 2014 financial results. Fourth quarter comparable EBITDA was $58.3 million, a 31% increase over last year and FFO was $0.14 per share, a 132% increase.
For the full year, comparable EBITDA was $213.2 million, a 21.5% increase over 2012 and comparable FFO was $0.43 a share, which was a 65% year-over-year increase. Our full year results were near the top end of our guidance ranges, which we actually raised on our third quarter earnings call last year. And we also came out came out above consensus street estimates.
RevPAR in our total North American portfolio increased 9.6% during the quarter, primarily driven by a 6.1% increase in average rates and a 2.2% increase in occupancy. Transient rooms increased nearly 5% in the quarter, which were offset a bit by a 1% decline in group business.
The declining in group nights was primarily related to a softer city-wide calendar in Chicago, with only nine city-wide conventions in the fourth quarter of 2013 compared with 12 in the fourth quarter of 2012. However, this decline is partially offset by a 16% increase in association business in the portfolio, primarily at our resort property.
Group ADR increased 6.2% during the quarter, led by our highest rated corporate group segment with a 7.5% increase in ADR. We had a particularly strong quarter at the Four Seasons Washington, DC, both group rate was up over 28% as the hotel hosted the IMF Meeting in October.
To give you good statistics, the hotel was full during the IMF, with a minimum five night stay at an, $1,800 ADR. Fairmont Scottsdale Princess also had a great quarter where group rate increased to 11.5%, primarily driven by a shifting mix of business towards higher weighted group customers.
Our transient ADR increased 4.7% during the quarter, also driven by our highest rated premium segment where rates increased 6.4%. We saw particular strength in our resort properties where rates increased 6.5% in the fourth quarter.
For example, at Four Seasons Jackson Hole, we benefited from a strong early ski seasons and increased the premium rent rate over $100 during the fourth quarter of 2012 to $840 a night. On the expense side, hours worked for occupied room was flat year-over-year. This is particularly impressive, considering outlet covers increased 7% and banqueting covers increased 4%, compared to the fourth quarter of 2012.
This helped drive our reported 460 basis points EBITDA margins expansion in fourth quarter. However, as you will recall, we have an NOI guarantee in place of Marriott at the Essex House. And the accounting rules require us to recognize a full guaranteed payment in the fourth quarter, which skewed the margin expansion.
In 2013, we received $12.8 million in guarantee payments compared to $1.4 million for sub-ownership period in 2012. Excluding these payments, EBITDA margins still expanded to 180 basis points during the quarter and we again achieved an EBITDA growth to RevPAR growth ratio of 2 times.
For the full year, RevPAR in our total North American portfolio increased 8.8%, again driven mostly by rate improvements with ADR growth of 6.1% in 2013, and occupancy increased in just under, 2 percentage points.
Transient room nights increased 3% during the year, as we continue to see a healthy shift of business out of lower rated segments and due to higher rated segments. For example, room nights in our lowest rated contracts segment declined 28% during the year, as hotels like the InterCon Miami were able to eliminate certain airline crew business and replace it with higher rated customers.
Negotiated transient room demand, which is primarily the corporate traveler, increased 7% in 2013. Total group room nights increased 1.6% with particular strength in the resort portfolio. A 6% increase in average rates was again led by a 6.1% increase in transient ADR, and a 5% increase in group rates.
RevPAR to urban hotels increased nearly 10% in 2013, and our resort portfolio grew just under 8% year-over-year. EBITDA margins adjusted for the Essex House guarantee payment expanded 210 basis points as hours worked for occupied room declined year-over-year despite the increases in occupancy and outlet activity.
Much of this improved productivity is related to the ongoing labor restructuring of the Essex House, where we reduced FTEs by 130% during the year, and hours worked for occupied rooms declined 26%.
For our portfolio, total FTEs are still down 14%, compared to peak operating standards and management FTEs are down 20%, demonstrating our ability to maintain labor cost savings despite a strong rebound in topline performance. And for the year, our EBITDA growth to RevPAR growth ratio was an impressive 2.2 times.
Regarding our transaction activity, specifically our disposition activity, we want to let you know how we are thinking about that capital redeployment. As Rip mentioned, we are nearing the completion of the sale of the Four Seasons Punta Mita for gross purchase price of $200 million, from which we will net approximately $180 million after taxes.
Assuming a successful close, we intend to redeem our 8.25% Series A Preferred with the [Technical Difficulty] million near the end of first quarter. The fully payment is approximately $6.6 million from both dividends from the last few quarters of the year and currently we saved $8.8 million annually in preferred dividend beginning next year.
The remaining proceeds will be used to reduce the outstanding balance on our revolving credit facilities. Pro forma for the sale of the Four Seasons Punta Mita, the Preferred Series A redemption and the line reduction, our net debt to EBITDA was forecasted to be 5.3 times, and net debt preferred to EBITDA was 6.1 times based on the midpoint of our 2014 guidance range.
This represents nearly a full time reduction in our net debt towards leverage level and the elimination of the relatively expensive preferred dividend is accretive to our 2014 earnings by roughly $0.02. We will also continue to make progress on the sale of Marriott Grosvenor Square in London and have selected a buyer and we are working it through the due diligence period.
But we are not in a position to give you specific pricing or advanced timing guidance at this point. We anticipate the transaction will close in the first half of the year and we will intend to redeploy the capital to continue to delever the balance sheet. With both sales, we would expect to be comfortably within our targeted ranges of 3 to 5 times of net debt to EBITDA, and 4 to 6 times of net debt of preferred to EBITDA.
The Grosvenor Square sale has been a fully marketed in transaction and the pricing, while attractive will reflect the shorter term nature of the ground lease, which has historically increased cap rates between a 115 to 200 basis points compared to a freehold trade. The exchange rate is working in our favor with the British pound depreciating nearly 10% in the last year.
We currently have a $104 million outstanding on our revolving line of credit and another $81 million in letters of credit, leaving us with a $185 million in line availability. These numbers have the full any proceeds from the asset sales, which will further increase our liquidity position.
We have $73 million of unrestricted cash combined at the corporate hotel levels and two encumbered assets, so our balance sheet is in a good position today and on an even better trajectory. Given the strength of the debt markets, we are also currently evaluating potential refinancings that will further enhance our balance sheet and reduce our cost of capital.
Turning to guidance, we did announce our guidance ranges yesterday in the press release, which reflect a 5% to 7% RevPAR growth and 4.5% to 6.5% total RevPAR growth in 2014, for those are same-store in total U.S. portfolio.
These ranges are reduced by roughly 100 basis points for displacement related to renovation activity in certain hotels, including guest room renovations at the Westin St. Francis, Hyatt Regency La Jolla, Loews Santa Monica and Ritz-Carlton Half Moon Bay.
Our EBITDA margins are expected to expand between 120 and 200 basis points, which reflects the 20 basis points impact from the renovation displacements. We project comparable EBITDA in the range of $220 million to $240 million, and FFO in the range of $0.53 to $0.63 per share, which is a 26% to 27% increase over comparable FFO per share in 2013.
Our corporate G&A expenses are forecasted to be between $22 million and $24 million, excluding cost associated with the defense against the Orange Capital activist campaign. Capital expenditures are expected to be in the range of $75 million to $80 million, including $40 million of hotel level contractual FF&E expanding. The remaining $35 million to $40 million represents owner-funded capital projects largely related to the various room renovations.
Interest expense is forecasted to be approximately $85 million to $90 million, including roughly $8 million of non-cash interest. Our corporate guidance has been the sale of Four Seasons, Punta Mita, a redemption of the Series Preferred A in the first quarter, but no additional acquisitions dispositions or capital raising activity have assumed in this guidance, including the sale of the Marriott London Grosvenor Square at this point.
With that, we'd now like to open the call for questions.
Question-and-Answer Session
(Operator Instructions) Our first question will come from the line of Bill Crow from Raymond James. Please proceed.
Bill Crow - Raymond James
Hey, good morning guys. Nice quarter.
Rip Gellein
Thanks Bill.
Bill Crow - Raymond James
Couple of topics, Rip. On the acquisition front, have you made progress in narrowing potential acquisitions? Do you have a pipeline? I know you don't give details, but if you could just talk about what you're seeing out there?
Rip Gellein
Well, we've pretty careful Bill, but we're in -- virtually everything is on the market publicly and obviously, we look at things that are off market. We are pretty optimistic that there are -- if we stay disciplined, there are still some -- there is some good potential opportunities out there or sort of a logical buyer of assets of this kind. So, we're seeing some fair traction, but obviously we're not going to talk about any individual assets.
Bill Crow - Raymond James
You've mentioned the improvement in the RevPAR index, 214. Could you identify which assets if any, are still below a 100 that might provide the greatest opportunity?
Rip Gellein
Maybe, Marriott Lincolnshire. I think, yeah. I think that's the only one that's below a 100 at this point.
Bill Crow - Raymond James
Okay. And then, Diane, maybe you could provide some granularity on the renovation disruptions. You've identified the assets there. A couple of renovations are already going on. If it's a 100 basis points across the portfolio for the full year, one can assume it's pretty significant in the first half of the year. Is that a good way to think about it, and should we expect that those particular assets to, for example, have negative RevPAR growth in the first half and then recover in the second half of the year?
Diane Morefield
Yeah. It's -- certainly the biggest displacement comes from the Westin St. Francis and as you know that runs -- occupancy was up [88%]. So it doesn't matter when you do that it's going to affect occupancy, but it is -- that renovation is going on now, so that would be more towards beginning of the year. The other property, while not as material again, most of them are going on towards the end of the year. But of course that we only give full year guidance, so it's accounted in our full year guidance but there is no negative RevPAR growth that we anticipate.
Bill Crow - Raymond James
Okay. And then finally for me, could you just remind us, Diane, the amount remaining on the Marriott guarantee in the Essex House? How we think about it in 2014 and 2015? Is it similar amount to 2013 for both years or is it's --
Diane Morefield
The Marriott guarantee sort of in two buckets of $40 million in total, $20 million is a straight guarantee, the other $%20 million is they can earn part of it back over certain threshold. Again, we announced $12.8 million that's paid this past year, 1.4 the previous year. So we don't anticipate exhausting the full first $20 million in 2014 but we may still be dipping into it at some level. But -- so the Essex House guarantee for this year remains $21.5 million in total. So to the extent, there is any shortfall in the actual operations, we will top off with the Marriott guarantee.
William Crow - Raymond James
So it will come down from the $12 million last year to $3 million or $5 million or whatever the number is, the maximum, it sounds like would be what $6 million or $7 million?
Diane Morefield
Yes, it's probably in the $3 million to $4 million range that we're projecting.
William Crow - Raymond James
Yes, perfect. All right. Thank you.
Diane Morefield
You're welcome.
Rip Gellein
Thanks Bill.
Our next question will come from the line of Chris Woronka from Deutsche Bank. Please proceed.
Chris Woronka - Deutsche Bank
Hey, good morning.
Rip Gellein
Hi Chris.
Chris Woronka - Deutsche Bank
Just a quick question on Chicago. Well understood about the citywide's being down and I know there's also some new supply there. How do you guys, kind of happen to have the bird's eye view there. How do you view that market maybe this year and even in the next year? Is this going to get a little better or a lot better just any color you have there? Thanks.
Rip Gellein
Well, the citywide are essentially the same this year over last year but in 2015, they get significantly better. So we're optimistic going into '15. Obviously there is supply but given the location of our hotels we are optimistic that it's getting better.
Chris Woronka - Deutsche Bank
Okay. And then just on Lincolnshire, again understand the issues with the lease there. Is there any option or thoughts to maybe changing out taking the flag off that hotel maybe to save franchise fees. Is there really anything at all or is it pretty much steady state until it can be sold?
Rip Gellein
Well it's pretty much in the steady state. We have a management contract on the hotel. So it's been through some tough time. We are obviously -- in other words, partnering with Marriott to bring it back as quickly as we can. But it's suburban asset that's had its challenges but we invested $5 million in the rooms. And we also extended, I don't know if you know this we extended the land lease out to 99 years. So we think that's enhanced value, so as it comes back -- that's obviously a non-core assets that we look to move when it stabilizes.
Chris Woronka - Deutsche Bank
Okay, got you. And then just finally on a Grosvenor Square if we do assume that it sells by in the first half. You guys have mentioned there is, I think about $1 million of savings between taxes and SG&A. Does that -- is that in your guidance and is that kind of -- do we recognize that rate away and you can clarify that? Thanks.
Diane Morefield
Again Marriott Grosvenor Square is not in our guidance because we don't have a specific time for when it may -- the sale might close, as we have given guidance on price. It is about $1 million in friction costs between the taxes we pay in the U.K. in G&A but again none of that is in guidance until it closes. Once it closes and on subsequent earnings call, we will update how that impacts guidance.
Chris Woronka - Deutsche Bank
Okay, got you, very good. Thanks.
Rip Gellein
Thanks Chris.
Our next question will come from the of Ryan Meliker from MLV Company. Please proceed.
Ryan Meliker - MLV Company
Hey, good morning guys, nice quarter. Just a couple of quick ones here, first of all Diane, can you talk a little about the balancing act going back and forth with the decision to redeem the preferred equity obviously. It's got a high coupon and that's not been attractive but it also reduces some optionality. If you guys ever do decide here willing to sell the company at some point in the future. How did those two factors weigh in your decision to go ahead and move forward with that?
Diane Morefield
Well, I think the decision with the proceeds from asset sales to redeem the preferred is actually pretty straight forward. Now the series A has 8.5% coupon. It's the high cost of capital. The capital markets now, particularly if you go with street debt or convertible debt is much lower than that and while that's the permanent layer of capital, we feel it. It crows out cash flow to reinstate a common dividend. And again, it's just too high cost for layer of capital on the balance sheet to just retain it.
Rip Gellein
We actually think -- Ryan, we actually think strengthening the balance sheet is the very best think we can be doing here and we think that this significantly strengthens our balance sheet, given the capital markets the way they are, reducing the cost of capital that we have. We think that all-in-all really does enhance the shareholder value which is the goal, right.
Ryan Meliker - MLV Company
Sure. And then so should we assume that -- assuming that the London sale is executed that the debt that you will be repurchasing is more likely to be preferred than actual straight-up debt given the high interest rate?
Diane Morefield
I think when we do close London, we'll net about $85 million of proceeds after paying off the mortgage debt specific to the asset, so anywhere from $80 million to $85 million. But we will analyze at that point depending on corporate opportunities, whether we use that for another Series A. There will still be a little bit out on the line probably in the range of $30 million. And again if there is growth opportunities or other use, we'll just have to evaluate it when we have those proceeds. So I don't think you can assume that level in Q4.
Ryan Meliker - MLV Company
Okay. That's helpful. And then if we could just touch based on the acquisitions a little bit, I am assuming you guys are focused on luxury type assets primarily in North America. Is that correct?
Rip Gellein
That would be correct.
Diane Morefield
Ryan Meliker - MLV Company
So obviously we saw a very aggressive, at least what I consider a very aggressive bid for your Punta Mita asset. It certainly doesn't look like the cost of capital that you guys have would compete with buyers of that nature. What's going to differentiate you? How are you going to be able to reconcile those challenges? Is it going to be non-gateway markets that you are looking at high end assets? Is it going to be assets that need material repositioning that you see a lot of upside in that a more long-term buyer, that's more focused on a trophy cap rate doesn't necessarily want to put that time and effort into? How can we reconcile your cost of capital with being able to grow with these types of assets given what you're competing with?
Rip Gellein
Well, we understand the question and obviously for those sort of the luxury buyer, that's going to pay a very high price, that's not what -- that's not we're going to go compete with, but we do see assets that we believe have substantial upside, we think where they are complex as we said in our opening comments. So we're seeing some opportunities out there that we believe we can potentially acquire that gives us a good return based on cost of capital. But, are we going to be the top bidder for at a three cap on a luxury asset some place? No, you're not going to find us going to do that.
Ryan Meliker - MLV Company
Are you willing to move outside of the major gateway markets?
Rip Gellein
No, not really. No, we will stay consistent with the strategy, but we've talked about major markets on the East Coast, we've talked about Mexico and Canada as well. So we've got -- there are fair number of things out there for us to look at.
Ryan Meliker - MLV Company
All right. Fair enough. Thanks a lot.
Rip Gellein
Our next question will come from the line of Smedes Rose from Evercore. Please proceed.
Smedes Rose - Evercore Partners
Hi, thanks. I was just wondering if you could update us on where you're I guess with your kind of non-core assets, either condos at the Essex House or (inaudible) in Mexico if you're moving forward with the sale of those items and kind of what sort of total cash proceeds you think those could yield I think as you move to continue to delever?
Rip Gellein
Sure. We sold four of the condos at the Essex House. We've got several that remain for sale, so we are anxious to continue to move those, but the market in New York obviously is quite good. So we are optimistic about that. We are in discussions on the land in Mexico and we would like to move that out. We sold Lakeshore Athletic Club. We've got some land that we're looking at both. At the Loews Santa Monica, we have an adjacent piece of land that we're looking at how potentially to develop that in a way that is additive to the hotel. I think that…
Diane Morefield
And I think not that is particularly material.
Rip Gellein
Yeah, but that's really small so, but we will move that piece of land in Mexico as soon as we've got a rational buyer here.
Smedes Rose - Evercore Partners
Okay, thanks. And I was wondering, you mentioned moving back towards paying a common dividend. Is there any kind of -- do you have a sense of when you might be required I guess just from a tax perspective to reinstate a common dividend, or is that -- would that still be quite some time away?
Diane Morefield
Yes, we are not required for two reasons, one is we still have NOLs carry forward, and secondly, the preferred dividend is on top for the dividend test given we still have pretty significant preferred dividend. We are not going to be forced to from a restructuring standpoint as part of the obviously corporate priorities to get back (inaudible) at the right time.
Smedes Rose - Evercore Partners
Great. Okay. Thank you.
Rip Gellein
You bet.
Our next question will come from the line of Lukas Hartwich from Green Street Advisors. Please proceed.
Lukas Hartwich - Green Street Advisors
Hey, thank you. Hey, guys, can you maybe just talk a little bit more about how bigger appetite is to do acquisitions?
Rip Gellein
Yeah, let's be clear, we will be very disciplined about it, but we do believe that that now that we have strengthened the balance sheet to the degree that we have. And given our abilities to extract value, we think that we are optimistic that we will find some good opportunities going forward, but we don't feel some huge requirement to do it. But we are optimistic about our abilities to both add value to key assets as well as to be the source for some of these assets where people need or want to sell them because we are an obvious. We've got -- now we've got a strong balance sheet, we've got -- we've trade at a relatively high multiple. All of those are assets for us to buy as long as we buy it at the appropriate price and get a good return for our shareholders.
Lukas Hartwich - Green Street Advisors
Right. Thank you. And then another question, can you update us on your thoughts on the ramp up of Essex House?
Rip Gellein
Yeah, we've been quite pleased. The rate is up about $46 year-over-year. EBITDA was up $10 million, a little over $10 million year-over-year, excluding some of the severance costs that we had. So we are actually quite pleased, we've got more to do, but we are -- and our group business is up. It was de minimis when we bought the hotel, so it's taken us a little while to bring that up to speed, but that's coming as well as event business for the hotel, but overall we are pleased.
Lukas Hartwich - Green Street Advisors
Do you have a targeted stabilization timeframe?
Rip Gellein
Probably '15.
Lukas Hartwich - Green Street Advisors
Great. Thank you.
Rip Gellein
You bet.
And our next question will come from the line of Andrew Didora from Bank of America. Please proceed.
Andrew Didora - Bank of America Merrill Lynch
Hi, good morning, everyone. A lot of my questions have already been answered, but just had one for Rip. I guess, Rip, are you seeing any high-end luxury portfolios on the market right now, or is it all pretty much single asset deals at this point in time? Thanks.
Rip Gellein
There is the potential for portfolio deals, but most of what we've seen in the last several months have been one-off assets.
Andrew Didora - Bank of America Merrill Lynch
Okay, thanks.
Rip Gellein
You bet.
And with no more questions, I would now like to turn the call back over to Rip for closing remarks.
Rip Gellein
Thanks everyone for joining the call. It's a fun call to have great results, and we look forward to delivering more of them the next time we chat. Have a great week. Bye.
Ladies and gentlemen, that concludes today's presentation. You may now disconnect. Have a great day.
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How did three Danes end up being tortured in Lebanon?
At 15 Omar went to Guantanamo. Here's his story
23 Sep 2013 06:37 GMT | Politics, Europe, Belgium, France, Switzerland
People in the southern Swiss canton of Ticino have voted to impose the country's first ban on full-face veils, following in the footsteps of French and Belgian restrictions that rights groups say discriminate against Muslims.Almost two thirds of voters in the Italian-speaking region backed the ban on Sunday that still needs to be approved by the federal parliament in Bern before coming into effect.Campaigner Giorgio Ghiringhelli, who drew up the proposal, said the result would send a message to "Islamist fundamentalists" he said were in Ticino and across Switzerland."Those who want to integrate are welcome irrespective of their religion," he said in a statement on the website ilguastafeste.ch."But those who rebuff our values and aim to build a parallel society based on religious laws, and want to place it over our society, are not welcome," he added.'Black day for human rights'Amnesty International said the vote was a "black day for human rights in Ticino".There are roughly 400,000 Muslims in Switzerland, about five percent of the population.
I would also have voted 'yes' if I had been in Ticino. The burqa is a symbol of female oppression.
Christophe Darbellay, Christian Democratic People's Party
In 2009, voters backed a ban on constructing new minarets and Switzerland's biggest party, the Swiss People's Party (SVP), has long made opposition to immigration a key plank of its electoral appeal."I would also have voted 'yes' if I had been in Ticino. The burqa is a symbol of female oppression," said Christophe Darbellay of the Christian Democratic People's Party on Swiss television, referring to a head-to-toe covering for Muslim women.But an earlier attempt to obtain a nationwide ban on burqas in public places was rejected by Swiss parliament in 2012.
Cantonal assemblies in Basel, Bern, Schwyz, Solothurn and Fribourg have also rejected similar restrictions.France was the first country in Europe to pass a law banning full-face veils in public, in 2010, and Belgium later followed suit. The Ticino vote was launched under Switzerland's traditional direct democracy, which allows proposals to be put to the public if enough signatures are collected.
Source: Agencies
Veils and "polleras" are modern expressions of "political contestation and negotiation" between state and society.
Latin America, Ecuador, France
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Changing climate, unpredictable rains dry out the land, threaten the pastoral way of life in Somaliland.
Poverty & Development, Environment, Africa
Tensions rise as Greeks from both side of the bailout debate take to the streets to withdraw money and express angst.
Politics, Europe, Greece
The world's biggest producer and consumer of the metal sees a golden opportunity to expand its pricing power.
Business & Economy, Asia, China
Normalised Cuba-US relations could result in a hybrid economic model blending socialism and entrepreneurial spirit.
Business & Economy, Communism, Politics
Muslim Brotherhood calls on supporters to "rise in revolt" after police kill 13 leading members in raid on Cairo home.
Middle East, Egypt, Abdel Fattah el-Sisi, Muslim Brotherhood
Officials and medics say 22 died in fighting and aid strikes, a day after UN declared highest humanitarian emergency.
War & Conflict, Yemen, UN, Saudi Arabia
After decades of tension and hostility between the two nations, has change finally come to US-Cuba relations?
As the Baku games close, we examine the challenges facing journalists; plus, Angola, Portugal and 'reverse colonialism'.
Media, Europe, Azerbaijan
How Brazil's football legend turned every Corinthians' match into a political meeting for democracy.
Politics, Football, Latin America
The ICC chief prosecutor discusses Sudan's president escaping justice in South Africa and alleged war crimes in Gaza.
Politics, ICC, South Africa

subset: commoncrawl


text:
Charlotte Simmonds is a writer and blogger living in London. She was formerly an editorial assistant at the New Statesman. You can follow her on Twitter @thesmallgalleon.
Cultural Capital
20 November 2012
Grayson Perry's graphic novel.
19 November 2012
Philip Roth's last interview in the New York Times
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The plot against the BBC "If the BBC has often fallen short of its high ideals, one should at least be...
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Here are 17.2 things you might not know about him.
12 November 2012
The NS Interview.
The Staggers
08 November 2012
"Although there was no repeat of the euphoria that greeted his victory four years ago, the world still has good...
Cultural Capital
05 November 2012
In an impassioned open letter in Sunday's Observer, "Britain's cultural elite" implored the...
The Staggers
01 November 2012
Why America stands on the edge of the precipice.
30 October 2012
Bridget Riley, one of Britain's most acclaimed modern painters, was this week awarded the 2012 Sikkens Prize, an...
The Staggers
25 October 2012
For this week's cover story, the New Statesman reflects on the crisis of British Institutions. From banks to big...
Cultural Capital
16 October 2012
The startling, sensual work of two photography mavericks arrives at the Tate Modern.
The Staggers
11 October 2012
Highlights from this week's New Statesman magazine
Cultural Capital
08 October 2012
We want your thoughts on the Rothko defacement.
Star Spangled Staggers
04 October 2012
Obama lost the debate for lack of enthusiasm.
The Staggers
04 October 2012
In this week's New Statesman: The Tory Conference Special


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13 Artists Children Should Know
Product Number:349663
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A dazzling introduction to 13 of the world's most important artists any child should be aware of. This book is vividly illustrated with some of the most famous works of such artists as Leonardo da Vinci, Claude Monet, Vincent Van Gogh and others. It even includes a timeline of important events during each artist's life, biographical material and a glossary of essential art terms. 45 pages


text:
How did three Danes end up being tortured in Lebanon?
Saving Afghanistan's archaeological sites
28 Jun 2011 22:28 GMT | Business & Economy, Europe, US & Canada, China, France
Christine Lagarde, the French finance minister, has been named as the first-ever female chief of the International Monetary Fund, the international lender has announced.
Lagarde was elected at a meeting of the IMF's 24-member executive board on Tuesday.
"The executive board of the International Monetary Fund today selected Christine Lagarde to serve as IMF managing director and madame chairman of the executive board for a five-year term starting on July 5, 2011," the IMF said in a statement.
The IMF said she was elected by consensus, rather than a vote.
The office of President Nicolas Sarkozy termed the appointment a "victory for France".
"The results are in: I am honored & delighted that the board has entrusted me with the position of MD of the IMF!" Lagarde said via Twitter minutes after the announcement.
Afterwards she said in a statement: "I will make it my overriding goal that our institution continues to serve its entire membership with the same focus and the same spirit.
"As I have had the opportunity to say to the IMF board during the selection process, the IMF must be relevant, responsive, effective, and legitimate, to achieve stronger and sustainable growth, macroeconomic stability, and a better future for all."
Regarding the debt crisis in Greece, which prompted violent protests on Tuesday, Lagarde told a French television channel that her message to the country was that to "call to the Greek opposition for it to join in national unity with the party which is currently in power".
Agustin Carstens, the governor of Mexico's central bank and Lagarde's opponent in the race for the post, said that she had his full support, and that he was sure that she would be "a very capable leader of the institution".
"I welcome the selection of Christine Lagarde as managing director for the IMF, and extend her my best wishes and full support," Carstens said in a statement on Tuesday.
Heavyweights' support
Earlier in on Tuesday, the US and Russia threw their weight behind Lagarde's candidacy for the managing director's post.
Their support all but assured her of being chosen when the organisation's board met to discuss the issue.
Timothy Geithner, the US treasury secretary, said in a statement on Tuesday that the French finance minister's "exceptional talent and broad experience" will help her to lead the bank at a "critical time for the global economy".
He said that he was encouraged by the broad support Lagarde had received from the fund's members.
Separately on Tuesday, Alexei Kudrin, the Russian finance minister, said that his country would support Lagarde in the vote.
"We will vote for her candidacy," he said, adding that she would be able to "secure reform of the IMF in the interests of developing markets".
Carstens had stood against Lagarde, but he lacked broad support across European countries, and the Frenchwoman was expected to easily secure the appointment.
Between them, the US, Russia, Europe and China hold over 50 per cent of the seats on the board, which represents the 187 members of the IMF. Board officials had earlier said, however, that they would prefer to have the appointment made by consensus, rather than a vote.
Emerging economies' concerns
Lagarde, 55, is be the first woman to head the lending organisation, succeeding Dominique Strauss-Kahn, who resigned last month after being charged with sexually assaulting a housekeeper in a New York City hotel.
Although she is not an economist, she has gained respect as the French finance head during its leadership of the G-20 group of countries, as well as during European debt talks.
Lagarde toured the world to convince emerging economic powers, such as China and India, that she would take tough stances on European bailouts and would not be biased against their interests.
"I am not here to represent the interest of any given region of the world, but rather the entire membership," she told the IMF board last week.
Nevertheless, there had been grumblings from non-European members about the continent's 65-year lock on the managing director's job. Carsten was not able to gain broad support despite his impeccable credentials: a PhD in economics from Chicago University and stints as both finance minister and governor of the central bank of Mexico.
Under an informal arrangement in place since World War II, the IMF is always headed by a European citizen, while its sister organisation, the World Bank, is headed by an American. The US also names the IMF's top deputy.
Developing countries have long protests against the set-up, pushing for the positions to be opened up to candidates outside of the US and Europe.
Sarkozy, the French president, is expected to name Lagarde's replacement as French finance minister as early as Wednesday.
Source: Al Jazeera and agencies
IMF leadership should be selected by public vote, not behind closed doors based on political interests of the rich.
Business & Economy, US & Canada, China, France, Greece
Europeans are not allowing the IMF to "reform" to the point of being led by the developing world.
US & Canada, Latin America, Argentina, Brazil, China
Content on this website is for general information purposes only. Your comments
are provided by your own free will and you take sole responsibility for any direct
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Changing climate, unpredictable rains dry out the land, threaten the pastoral way of life in Somaliland.
Poverty & Development, Environment, Africa
Tensions rise as Greeks from both side of the bailout debate take to the streets to withdraw money and express angst.
Politics, Europe, Greece
The world's biggest producer and consumer of the metal sees a golden opportunity to expand its pricing power.
Business & Economy, Asia, China
Normalised Cuba-US relations could result in a hybrid economic model blending socialism and entrepreneurial spirit.
Business & Economy, Communism, Politics
Palestinian Authority arrests more than 120 people over the past two days, raising tension between rival groups.
Middle East, Hamas
Rival sides of Greece's debt debate rally days before voters are to decide on whether to reject creditors' conditions.
Politics, Business & Economy, Europe, Greece
After decades of tension and hostility between the two nations, has change finally come to US-Cuba relations?
As the Baku games close, we examine the challenges facing journalists; plus, Angola, Portugal and 'reverse colonialism'.
Media, Europe, Azerbaijan
How Brazil's football legend turned every Corinthians' match into a political meeting for democracy.
Politics, Football, Latin America
The ICC chief prosecutor discusses Sudan's president escaping justice in South Africa and alleged war crimes in Gaza.
Politics, ICC, South Africa


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Vidyut Jamwal on a signing spree!
The Commando boy Vidyut Jamwal who has won quite a lot of popularity with all his acting and fighting skills not to mention his muscly hot body with the movie … Continue reading Vidyut Jamwal on a signing spree!
Actor Vidyut Jamwal became a very common name and managed to grab many eyeballs with his amazing body and power-packed, daredevil stunts in 'Commando' and 'Force'. Now the actor is … Continue reading Vidyut Jamwal: "I play an IPS officer in Bullett Raja"
[nggallery id=898] Actors Vidyut Jamwal and Milind Soman launched the new Old Spice deodorant in New Delhi. Milind Soman said at the launch: "Old Spice is for the real men. … Continue reading Milind Soman and Vidyut Jamwal Launched old Spice deodorant
Tigmanshu Dhulia's new project "Bullet Raja" has an official action director Parvez Khan, who did the heart-in-the-mouth stunts in "Ra.One", "Vishwaroop" and "Agent Vinod". But new action-star Vidyut Jamwal will … Continue reading Vidyut to design own fights for Bullet Raja


text:
My bank and my credit card offer quick "emergency" type loans. With the fees, the interest rate is about 30%. That's too high for me, however many take advantage of these offers to get by. It's cheaper and less risky than going to the "street" for the money.
As you point out, some are unable to get this type of credit, and their only collateral is their car. Most use the opportunity for what is intended, and pay the loan back in the agreed term. Some do not, and as a result they end up paying high interest rates.
Why would you take the opportunity to get needed emergency funds away from those in need? Why punish those who use this service as it is intended because some do not? Would you rather they risk life and limb going to a real life loan shark?
I don't think you hate poor people that much. Do you think they are stupid? Does your version of altruism require you save them from themselves?


text:
The Message audio Bible is now available on Bible Gateway! Click to learn more.
15:2 sea of glass. See note 4:6.
those who had conquered. The saints through their prayers have a role to play in the judgments of God (6:9–11). As in ch. 7, they are protected from the judgments that fall on the earth.


text:
Archive for December 20th, 2012
Gold Flowing From West To East
"While the current world hubs for gold trading and storage are London, Zurich, and New York, stores of physical metal are also beginning to migrate east. Gold storage facilities are springing up all over Asia like mushrooms after a summer rain."
-Tim Staermose, Chief Investment Strategist, SovereignMan.com, July 30, 2012
Some time ago, I remember well-known investor and China bull Jim Rogers say that capital is flowing from West to East.
I hear the gold is heading that way too these days.
Clementine Wallop pointed out on the Wall Street Journal website this morning:
Investors in Asia are increasingly dealing with a seemingly anachronistic problem: finding a place to stash their bars of gold.
Gold is a popular choice for those seeking to diversify their holdings and spread risk, but it isn't the most mobile of assets. Still, gold has been moving east, and that has created opportunities for security companies in Singapore, Hong Kong and Shanghai—financial hubs where the metal's popularity is soaring.
Security companies are busy ordering two-ton steel doors and sophisticated monitoring systems, and hiring more armed guards as they expand their high-security vault capacity in Asia…
"Asians Using Gold Vaults to Store Designer Bags"
WSJ Video
So are Western vaults no longer a safe place to store gold bullion? Not necessarily. Wallop added:
Vault operators say banks are among those seeking to spread their risk by holding gold in a variety of locations, rather than a single stronghold in London or Zurich.
She did note:
Some private investors fret about tougher rules and the scrutiny of Swiss and other Western banks, they say.
Still, reputation and the stability of the countries these vaults are located within remain a draw for many owners of the yellow metal.
(Editor's note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)
Wallop, Clementine. "Going for Gold? Don't Forget the Vault." Wall Street Journal. 20 Dec. 2012. (http://online.wsj.com/article/SB10001424127887324461604578190841374704164.html). 20 Dec. 2012.
Central Banks Keep Buying Gold
There's been a lot of talk recently about the dip in the gold price.
Yet, so little chatter about the world's central banks adding to their gold reserves.
Glenys Sim reported on Bloomberg.com tonight:
Brazil boosted gold reserves for a third month in November to double the country's holdings since August as central banks from Russia to Belarus and South Korea add the metal to diversify their assets.
Brazilian holdings expanded 14.7 metric tons in November to 67.2 tons, the most since November 2000, according to data on the International Monetary Fund's website. The country bought 17.2 tons in October after adding 1.7 tons in September, the first increase since 2008. Russia's holdings increased 2.9 tons last month and Belarus's reserves expanded 1.4 tons, the data show…
In Asia, the Bank of Korea increased gold reserves 20 percent last month to diversify investments, boosting holdings for the fourth time since June 2011, according to a statement Dec. 5. Gold is a physical, safe asset, the Bank of Korea said.
According to ArabianMoney.net editor/publisher Peter Cooper on the ResourceInvestor.com news site back on December 6:
Gold buying by the global central banks will hit a new high this year of more than 500 tons up from 465 tons in 2011, according to data compiled by the World Gold Council.
(Editor's note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)
Sim, Glenys. "Brazil Doubles Gold Reserves as Central Banks Buy Bullion." Bloomberg. 20 Dec. 2012. (http://www.bloomberg.com/news/2012-12-21/brazil-doubles-gold-reserves-with-third-purchase-as-banks-buy.html). 20 Dec. 2012.
Coopers, Peter. "Central Bank Gold Purchases to Top 500 Tons This Year." ResourceInvestor.com. 6 Dec. 2012. (http://www.resourceinvestor.com/2012/12/06/central-bank-gold-purchases-to-top-500-tons-this-y?ref=hp). 20 Dec. 2012.
U.S. Falls To 15th In Democracy Rankings
Back when I was toiling away on "The Most Hated Blog On Wall Street" a couple of years ago, I came across something that made me chuckle. I don't remember the source, but in the wake of all the government bailouts and intervention after the global financial crisis really reared its ugly head in 2008, it was said one of the most popular books in Russia at the time was Adam Smith's The Wealth of Nations.
While in America, Karl Marx's Communist Manifesto was a hot item.
I have a feeling this was more commentary than fact, but what reminded me of this was something I stumbled on the other day on the Washington Times website. Jennifer Harper blogged on the Water Cooler on December 17:
A new rating of the most "democratic" nations on the planet places the U.S. in 15th place in a list of 104 countries. Who made the assessment? The Vienna, Austria-based Democracy Ranking annually rates the democracy among world populations based on "quality," taking into account such factors as political rights, civil liberty, press freedom, corruption, political stability, "gender gap" issues and myriad socioeconomic indicators.
Nordic nations — where governments tend to flirt with socialism — dominate the lead. The top 10 nations on the list are Norway, Sweden, Finland, Switzerland, Denmark, Netherlands, New Zealand, Germany, Ireland and Austria.
Harper noted that the United States dropped from 14th to 15th place in the latest rankings.
Next time some politician or somebody else proclaims we live in a model democracy, a beacon for the world to follow, I'll have to remember these rankings.
In the meantime, it's business as usual here in Amerika.
"Glenn Beck presents the Obama National Anthem"
YouTube Video
Just kidding. I'll keep toiling on in the plutocracy.
You can find out more about the Democracy Ranking's findings on their website here.
Harper, Jennifer. "'Most democratic': U.S. is 15th on the list." Water Cooler. 17 Dec. 2012. (http://www.washingtontimes.com/blog/watercooler/2012/dec/17/most-democratic-us-15th-list/). 20 Dec. 2012.
Heading Into Or Already In The Bunker?
Considering we are already at the eve of December 21, 2012, and I've heard believers in something cataclysmic taking place Friday and who also own underground shelters are on the verge of heading into them (if they're not already in the bunkers), does anyone from this group care to share anything with the rest of us who've chosen to dismiss the date and remain topside? Mature replies only.
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Tag: Leed - Page 3
Is LEED back on the menu for the Military's green buildings?
A new report says that LEED Silver "or equivalent" should be used by the Department of Defense.
Green Building under Threat: Feds May Drop LEED Endorsement
The General Services Administration wimps out, looks for "additional input" as big chem gets ready to party
The Dark Money Behind The Latest LEED-Bashing
The Taxpayers Protection Alliance appears to be a front for two of the biggest right wing dark money organizations in the country, and they don't much like LEED.
IBS Home Gets LEED Points, But Misses the Green Point
At the annual builders' show, a massive green show home has all the bells and whistles, but none of the logic of sustainable building.
Study Finds Phthalates, Key Additive in Vinyl, Are Contaminating Ants
The suspected endocrine disruptor is everywhere, even in insects


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Stanford Football
Print without images
Thursday, January 30, 2014
Ultimate 300: Pac-12's top classes
By Erik McKinney
Since 2006, only once has USC not claimed the top recruiting class in the Pac-12, which makes the Trojans an easy selection as the
top recruiting school in the conference
. But the
Ultimate ESPN 300
proves that several other Pac-12 programs have seen terrific recruiting success over that time as well. Here's a look at the top five Pac-12 recruiting schools over the past eight years:
The Trojans' 15 entries in the Ultimate ESPN 300 are the most of any Pac-12 program. Proven or potential superstars have been signed in each of USC's past six classes, with OT
Matt Kalil
Matt Barkley
Robert Woods
Marqise Lee
Leonard Williams
and safety
Su'a Cravens
all signing with USC between 2008 and 2013. The Trojans also landed two recruits in the top 20 of the ultimate rankings, with safety
Taylor Mays
joining Barkley. Sanctions have hurt USC in the past three seasons, but it wouldn't be surprising to see new head coach Steve Sarkisian finish the 2014 season on a positive note and put together a terrific 2015 class.
2. Stanford
The Cardinal have become a recruiting force over the past few seasons and landed seven prospects in the Ultimate ESPN 300.
Andrew Luck
, the first Pac-12 player on the list, comes in at No. 9 overall. Joining him in the 2008 class was OL
David DeCastro
and the Cardinal also put offensive linemen
David Yankey
Andrus Peat
on the list. Joining Luck in changing the path of this program was 2006 signee
Toby Gerhart
and 2009 addition
Shayne Skov
, who both made the list. While Alabama is stockpiling a terrific group of offensive linemen in the 2014 class, special attention should continue to be paid to what Stanford accomplished in the 2012 class, bringing in Peat along with
Joshua Garnett
Kyle Murphy
Nick Davidson
Graham Shuler
, Brandon Fanaika and
Johnny Caspers
3. Oregon
The Ducks landed six players in the Ultimate ESPN 300 -- seven if
Lache Seastrunk
(he signed with Oregon before moving on to Baylor) is included -- with three each coming from the 2008 and 2011 class. Not surprisingly, the top three players for the Ducks were all running backs, with
De'Anthony Thomas
LaMichael James
Kenjon Barner
earning recognition. The other three -- QB
Marcus Mariota
Ifo Ekpre-Olomu
and DE
Dion Jordan
-- all show how well Oregon coaches evaluate talent to fit the Ducks' system, as none of the three were ranked in the ESPN 150 for their respective years. Oregon has also found more success recently in terms of ESPN 300 recruits, as the Ducks signed five in the 2013 class and have commitments from four in 2014.
Six former and current Bruins made the Ultimate ESPN 300, with standout linebacker
Anthony Barr
leading the way. Defensive backs
Alterraun Verner
Rahim Moore
made the list from 2006 and 2008, respectively, while 2009 offensive line commit
Xavier Su'a-Filo
helped anchor the line last season and quarterback
Brett Hundley
and two-way standout
Myles Jack
will be the faces of the program in 2014. While UCLA sits at No. 4 in the Pac-12 on this list, the Bruins look to be on the way up. Jim Mora and staff have been phenomenal on the recruiting trail of late, landing 11 ESPN 300 recruits in the 2013 class, topped by five-star defensive tackle
Eddie Vanderdoes
, and holding commitments from six more in the 2014 class.
5. Washington
The Huskies landed four players on this list, as quarterback Jake Locker from the 2006 class was joined by 2011 signees in tight end
Austin Seferian-Jenkins
and running back
Bishop Sankey
, as well as 2012 addition
Shaq Thompson
. While Washington has not received some of the recruiting attention that other Pac-12 programs have, the Huskies have done a solid job over the past eight years, grabbing players such as Mason Foster in 2007,
Alameda Ta'amu
Chris Polk
Jermaine Kearse
in 2008 and
Desmond Trufant
in 2009, to go along with huge recruiting wins in recent years for
Kasen Williams
in 2011,
Cyler Miles
in 2012 and five ESPN 300 recruits in the 2013 class.


text:
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So much to learn, and so little time to sit down and read. Thanks Audible.
This story took place in my home county, and I'd even met the anti-hero of this book, Nick Hackney, many years before this all took place, but I had no idea how twisted and shocking all the details of this case really were. Since finishing this book last week I can't stop thinking about it, and have had amazing discussions with people who knew Nick very well.
The story of the murder and arson following it are very interesting, but even better is what happened in the five years between the murder and Nick's eventual arrest. He used the sympathy-factor of his wife's "tragic death" in a fire to cajole what seemed like every woman he was close to into a sexual relationship. If it would have been a fictional story it would have seemed too ridiculous to believe, but the fact it is a true story made this a story I couldn't stop listening to.
If you enjoy listening to true-crime stories this book is a must-listen. Like all true-crime books, you can't say it's "awesome", because real lives were destroyed, but this story is a fascinating look into the persuasive power a diabolical liar can posses over his unsuspecting victims.


text:
Select Local Merchants
Arthur Murray Dance Studio Hartford AreaRead MoreArthur Murray Dance Studio has been a leading name in franchise dance since 1912, when the entrepreneur began selling mail-order dance lessons. Expanding his reach, he enlisted teachers to spread his signature dance lessons on first-class steamships and skyrocketed to fame in the '30s after introducing the public to such dances as the Lambeth Walk and the Big Apple. By the 1950s, Arthur and his wife, Kathryn, were hosting their own highly popular TV show on ABC, the Arthur Murray Dance Party, which ran for 12 years. Today, Arthur Murray's team prepares students for rug cutting at special events and weekend nightclub jaunts. Clients who arrive to lessons partnerless will be paired up with other classmates as the instructors assess their current skill level and make recommendations on the most appropriate program. Throughout lessons, instructors teach the foundations of two to four dances from a long list of styles that range from Latin to country-western, helping students to learn basic step patterns, timing, and the ability to lead or follow.11 Water StGuilford, CT US
Renzo Gracie Shoreline AcademyRead MoreIn the early 20th century, the Gracie family took the tenants of jujitsu, as taught by Japanese immigrant Mitsuyo Maeda, and put their own Brazilian spin on them. Now a century later, Renzo Gracie carries on the family tradition as the American forefather of brazilian jujitsu—and he's the one who handed a black belt to Andy Papadopoulos, the instructor at Renzo Gracie Shoreline Academy. He honors his mentor, and the other members of the Gracie family under whom he's trained, by teaching traditional brazilian jujitsu. The method of grappling focuses on taking the opponent to the ground, and then gaining control using wrestling techniques.223 East Main StreetClinton, CT US
Aiki Academy of Self DefenseRead MoreMilitary personnel, police officers and detectives have something in common besides high-risk jobs: Dennis Hill. The chief instructor at Aiki Academy of Self Defense, armed with a black belt in judo and a brown belt in Brazilian jujitsu, has trained members of all three professions in the art of hand-to-hand combat. He also teaches civilians at his 4,000-square-foot dojo, voted New Haven's best martial-arts studio in 2012 by CT.com readers. Hill and his team helm more than 50 classes per week. Sessions traffic in styles that range from kickboxing-focused combat hapkido and muay thai to krav maga, a fighting style that readies people for no-rules brawls, such as street fights or bare-knuckle-boxing matches held on cruise ships once maritime law kicks in. Fitness classes from kettlebell workouts to flexibility-enhancing yoga complement the self-defense courses, as do amenities such as an onsite playroom and free coffee in the spacious waiting room.5 Foxon RdNorth Branford, CT US
Twin Lakes Golf CourseRead MoreTwin Lakes Golf Course is set on grounds that have been walked by golfers for more than 50 years, but enjoy the modern touches of a recent revamping. New tee boxes reside atop the professionally manicured greens that carpet the 10-acre course. Its renovated clubhouse offers guests the supplies they need for gameplay, including clubs and pull carts. After a round, players can return to the clubhouse where pizza bubbles in a wood-burning oven and cool beverages flow freely from taps.241 Twin Lakes RdNorth Branford, CT US
The Fairways Driving RangeRead MoreAt The Fairways Driving Range, players can practice all the skills they need to excel on the course. Golfers can take aim at grass target greens at a range with grass tees as well as covered mat hitting areas. A greenside sand trap lets golfers hone their scrambling skills, and a 4,000 square-foot, bent-grass practice green provides a slick surface for golfers to work on their touch with the putter. The practice facility also lets players demo a number of training aids to perfect their form.19 Tipping DrBranford, CT US
H2OwlsRead MoreThe instructors at H2Owls orchestrate their fun and safe swim lessons in accordance with SwimAmerica, a 10-step curriculum that helps youngsters refine their swimming skills. After beginning with basic swimming fundamentals including leg kicks and arm strokes, instructors move on to more advanced techniques based on each student's progress. To ensure that students receives their due attention and aren't just tunas dressed to look like children, the swimming school keeps its class sizes small, with a max of five students per teacher in standard group lessons and a max of three students per teacher in the preschool program.360 Amity RoadWoodbridge, Connecticut US


text:
Kris W. | Toronto, ON, CA
Rewarding myself helped me successfully quit smoking. I realized that I had been using smoking as part of my reward system. During the first months, I replace smoking with a nice bottle of red wine each week. After 3 months I bought myself a new computer. It's been 6 1/2 years since I quit.
Posted In: success tip (242) , rewards (10) , how to quit smoking (331)
|Smoking Cessation: A Guide for Primary Care Clinicians
|The Guilt-Free Guide to A Smoke-Free Life
|Five Steps to Staying Smoke-Free After You Quit Smoking
|Here Comes the Great American Smokeout!
|What it Means to Be an Ex-Smoker
|"Boy, did I ever drink my brains out today."
|Smoking is Not Y2K Compatible


text:
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The following 17 users match with the requested search. Click on their names to contact them.
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When you register you will be able to search for all your cards in one go, and we will send you any new results of the search every day by email.


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Letter: Gay-Marriage Ruling Will Ripple Into Other Facets Of Life
Now that gay marriage is legal in all 50 states, many church leaders are concerned that if they refuse to conduct a gay wedding ceremony, they could face a civil lawsuit. Another situation that people have yet to consider is the position it will place on newspapers. Most small newspapers throughout America (including the Times Record) set aside one day a week to run wedding/engagement announcements along with a photograph of the engaged couple. My question is, will all those same newspapers now publish announcements and photos of gay couples who plan on getting married?


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33 year old man | Philadelphia, PA, USA | Seeking women 24-34 within 50 miles
Work to live, not live to work.
I'd like to find someone with whom to enjoy my love for family, sports, music, and travel and who is also as ambitious as I am in their career. I consider myself to have a great sense of humor and love to be around people that enjoy having a good time. The most important things in my life are my family and friends. I have a strong relationship with them and they are a big part of who I am and a lot of fun to be around. I am the youngest of three boys and we are pretty close. I have a niece and two nephews who are probably my three favorite people in the world. I am grateful to have such a great support system so it is important to me that person I date has a similar type of relationship with their family/friends. I am originally from Wilmington, DE but I moved to Philly about 2 1/2 years ago. Living in the city is definitely a lot of fun especially the concerts and sporting events that the city has to offer. During the summer I try to make it to the DE beaches as often as possible.
Coffee and conversation , Cooking , Dining out , Movies/Videos , Music and concerts , Playing sports , Travel/Sightseeing , Watching sports , Wine tasting
Baseball, Basketball, Cycling, Football, Golf, Swimming, Weights / Machines
I exercise 1-2 times per week.
I like Dogs
Middle of the Road
the beach, Starboard, Rudder, PYT, North 3rd, New Wave
Randolph-Macon College, Ashland, VA
Music- Pearl Jam, Gary Clark Jr., Gaslight Anthem, Citizen Cope, The Black Keys TV- Modern Family, Tosh.0, Breaking Bad, Mad Men, Workaholics, The League, Homeland
Movies, going to the beach, concerts going to live sporting events (Phillies, Flyers or Eagles game) or going out to dinner/drinks (trying new BYOBs)
The Girl That Played with Fire
Z{{Cta}} {{#if HasMoreInfo}} ?{{CtaSecondary}} {{/if}}
|What he is looking for
|5'8" (172cms)
|3'0" (91cms) to 5'10" (177cms)
|Body type:
|About average
|Slender, About average, Athletic and toned
|Blue, Brown, Green, Hazel
|Dark brown
|No preference
|No Way
|No Way, Occasionally
|Social Drinker
|Social Drinker, Moderately
|Labor / Construction
|No preference
Project Management
|I'll tell you later
|No preference
|Never Married
|Never Married, Widow / Widower, Divorced
|Have kids:
|Yes, and they sometimes live at home, No, Yes, and they live away from home, Yes, and they live at home
|Wants kids:
|Definitely, Someday
|White / Caucasian
|No preference
|Christian / Catholic
|No preference
|Bachelors degree
|Some college, Associates degree, Bachelors degree, Graduate degree, PhD / Post Doctoral


text:
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Books and Authors
Ethel Payne, known as the "first lady of the black press," may be the most influential journalist and activist most people haven't heard of. She covered presidencies and Vietnam, traveled often to Africa and was on the front lines of the Montgomery Bus Boycott and the 1963 March on Washington. Author James McGrath Morris joins Gwen Ifill to discuss "Eye on the Struggle," a new biography of Payne. Continue reading
In the bestselling but controversial new book "The Hundred-Year Marathon," author and former Pentagon official Michael Pillsbury argues that China is angling to replace the United States as a global superpower. Chief foreign affairs correspondent Margaret Warner interviews Pillsbury about what he thinks the U.S. can do to counteract the "secret strategy." Continue reading
In "Blood of the Tiger," author J.A. Mills examines the multi-billion dollar market for tigers — a worldwide problem but most prominent in China. Jeffrey Brown interviews the author about how tiger farms drive mass demand for products made from tigers, and how that in turn spurs demand for wild animals via illegal hunting. Continue reading
Opera performer Deborah Voigt has starred on some of the world's great stages, rising to be one of the most prominent singers of her generation. But she's also made headlines for her figure, which has sometimes stopped her from portraying roles she wanted. Jeffrey Brown talks to the star about the ups and downs described in her new book, "Call Me Debbie: True Confessions of a Down-to-Earth Diva." Continue reading
Photojournalist Lynsey Addario has traveled the world, capturing images of war, famine, brutality and displacement, from Darfur to Afghanistan, Iraq and Libya. She joins Jeffrey Brown to discuss her career, how she managed her fear and a new memoir, "It's What I Do." Continue reading
Alexandra Fuller's childhood in Southern Africa was the inspiration for two past memoirs. In her third, "Leaving Before the Rains Come," she writes about moving to the U.S. and the collapse of her decades-long marriage. Fuller joins Jeffrey Brown for a conversation. Continue reading
Robert E. Lee was the son of a Revolutionary War hero who was a trusted aide to George Washington. In 1861, after 25 years in the U.S. Army, Lee turned down an offer to command Union forces in the Civil War. That decision is the subject of a new book, "The Man Who Would Not Be Washington." Judy Woodruff talks to author Jonathan Horn about choices that change history. Continue reading
David Axelrod, once a political reporter who became a political advisor, was the chief strategist for then-Sen. Barack Obama's successful presidential bid in 2008. He discusses his years in the Obama administration and his enduring optimism in his new book, "Believer: My Forty Years in Politics." Axelrod joins Judy Woodruff to share his view of the president and the political system. Continue reading
Confronted by her own grandmother's illness, writer and neuroscientist Lisa Genova started her exploration of Alzheimer's with one question: What does it actually feel like to have the disease? Her resulting novel, "Still Alice," was adapted into a film that has been nominated for an Academy Award. Jeffrey Brown interviews Genova about why she turned to fiction. Continue reading
Journalists Nicholas Kristof and Sheryl WuDunn have exposed widespread problems of abuse, sex trafficking and violence against women in Africa and Asia. Now they also bring their focus home, shining a light on the ways American women are commonly hurt, deprived and exploited. Jeffrey Brown talks to them about their new book and documentary series on PBS, "A Path Appears." Continue reading


text:
Savour Spring
Eat well and live healthy while being aware of what goes into your food.
Words: R. Rajendra
Green With Goodness
From controversial greens to greens that slay garlic breath, and going green for St Patrick's Day, it's time to paint your meals green!
Words: R. Rajendra
Lovin' The Food
New Year feasting continues with gusto with the advent of Chinese New Year and Valentine's Day. Eat, drink and be merry. Now, repeat aforesaid!
Words: R. Rajendra
Year of Eating Hearty
Hundreds of new foodie adventures await you in the New Year. From feasting in the sky to dining in the dark, let 2014 tease, tempt and titillate your taste buds.
Words: R. Rajendra
Merry Feasting
It's that time of the year to kick up your heels and embrace the warmth of the season with friends and family and, a hearty dose of happy feasting!
Words: R. Rajendra
Live To Eat!
As decadent as that sounds, the array of world cuisines available for us to feast on is just amazing, and every country should make it compulsory for its citizens to try at least five different world foods every week. If this isn't possible, at least ogle those fabulous chefs!
Words : R. Rajendra
Healthy & Hearty
Healthy food need not be blah. There's a huge list of food that is both nutritious and tasty too. The good news is that these ingredients are affordable and easily available.
Words: R. Rajendra
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From The Magazine
Sanctuary of SilversmithsIn Yogyakarta's Kotagede enclave, a community initiative is reviving the traditional trade of silversmithing, forging a brighter future for the next generation. Words: Chitra...
Sweet SpringIn contrast to its fiery cuisine, Sichuan's cool, spring weather and laid-back lifestyle make it the perfect destination for a...
The Leela GoaA sandstone dragon with the mane and cat-like body of a lion and the curling trunk of an elephant stared at...
Alila Diwa GoaStaying at a luxury resort, I never imagined I'd find myself scouring a wet market in search of seafood for...
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和朱家角有个约会一直以来,我对中国的历史和文化有着很浓厚的兴趣,尤其是一些古时候遗留下来的建筑物或者是富有历史性的地方。每次去旅行,我都会把它们安排在我的行程里,并抽时间前去探索一番。 ...
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New materials from Miami University's Fighting With Food project focuses on the process of inquiry and helps teachers engage their students in the topic of toxicants and the role nutrient dense foods in helping to combat their effects with a new graphic story style format.
Be a Butterfly Hero
Help Save the Monarch Butterfly
L.CCS.1/2/3/4 Grades 6-12: Video of a current news event is presented for discussion to encourage student participation, but also inspire the use of evidence to support logical claims using the main ideas of the video. Students must analyze background information provided about a current event, draw out the main ideas and key details, and review different opinions on the issue. Then, students should present their own claims using facts and analysis for support.
U.S. Census: Minority Babies Now Outnumber White Babies
Census results show for the first time minority babies born in the U.S. outnumber white babies.
■Class discussion: Which minority do you think may ultimately become the majority? Does it matter? What changes do you foresee as the shift slowly happens?


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Chrome by Azzaro Necessities Gift Set
We're sorry, this item has sold out. However, we have found some other items you may like. You can find those listed at right.
Celebrate his impeccable taste with the CHROME Necessities Gift Set. It features the 3.4 fl. oz. Chromatized Eau de Toilette Spray and 3.4 fl. oz. After Shave Balm. This handsome gift set comes in a CHROME signature gift box.
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Teddy Bear Heart
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A Christmas Bear for Me Personalized Book
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Sterling Silver Girl's Brush and Comb Set
Baby Girl Diaper Carriage Gift Set
Personalized New Baby Teddy Bear with Full Name and Birthdate
Personalized New Baby Boy or Girl Bear with Balloon
Blue Pool Bear Activity Mat
Personalized Engraved Baby Photo Frame
Bunny or Teddy Clock
My First Christmas Personalized Baby Blanket
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