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Start Time: 10:00
End Time: 11:11
Mack-Cali Realty Corporation (NYSE:CLI)
Q3 2008 Earnings Call
October 30, 2008 10:00 am
Mitchell Hersh - CEO and Director
Michael Grossman - EVP
Barry Lefkowitz - EVP, CFO
Jordan Sadler - KeyBanc Capital Markets
Michael Bilerman - Citi
Sloan Bohlen - Goldman Sachs
Mitch Germain - Banc of America
Sheila McGrath - Keefe, Bruyette & Woods
John Pierce - UBS
Chris Haley - Wachovia
Nick Piersos - McCleary
Good day, everyone, and welcome to the Mack-Cali Realty Corporation third quarter 2008 conference call. Today's call is being recorded. At this time I would like to turn the call over to the President and Chief Executive Officer, Mr. Mitchell Hersh. Please go ahead, sir.
Mitchell Hersh
Good morning and thank you for joining Mack-Cali's third quarter 2008 earnings conference call. With me today are Barry Leftovitz, Executive Vice President and Chief Financial Officer, and Michael Grossman, Executive Vice President.
On a legal note, I must remind everyone that certain information discussed on this call may constitute forward-looking statements within the meaning of the federal securities law. Although we believe the estimates reflected in these statements are based on reasonable assumptions, we cannot give assurance that the anticipated results will be achieved. We refer you to our press release and annual and quarterly reports filed with the SEC for risk factors that could impact the company.
First I'd like to review some of our results and activities for the quarter and what we're seeing in our markets, then Barry will review our financial results and Mike will give you an update of our leasing results.
FFO for the third quarter 2008 came in at $1.02 per share. As compared to $0.93 per share for the third quarter of 2007. Considering the overall economic conditions, I'm pleased to report that we had a solid quarter with some significant leasing accomplishments.
We had over 1.1 million square feet of lease transactions and our portfolio ended the quarter at 91.8% leased, slightly down from last quarter's 92.3%. Rents had a slight roll down this quarter by 1.8%, compared to last quarter's 6.5% roll up. The roll downs were throughout many of our markets, and largely based on a number of strategic transactions.
Similarly our leasing costs rose slightly this quarter, with TIs and commissions for the quarter at $3.46 per square foot per year, compared to last quarter's $2.86 per square foot per year but again, largely due to a number of strategic transactions in our Morris County and Hudson County marketplace.
For the remainder of 2008, we face lease rollovers that are quite manageable. They comprise only 1.2% of the base rent of the company, or just under $7 million, and in 2009, our lease rollovers constitute 7.4% of our base rent. So we have very manageable lease rollovers over the next few years.
Unfortunately as I've stated on prior calls, we don't believe we've seen the worst of the economic conditions, and so we expect that our markets will remain very challenging and the economics of lease transactions will remain very competitive.
We certainly will continue to concentrate our efforts on keeping our properties well-leased, and certainly our tenant retention rates of over 72%, demonstrate that.
Our portfolio continues to outperform most of the markets where we operate, with leased rates exceeding market averages in Northern and Central New Jersey, Westchester, suburban Philadelphia and Washington, D.C., as well as downtown Manhattan.
Nevertheless, despite our outperform acne there is a great deal of uncertainty in the business sector as we all know. Tenants are simply reluctant to make long-term strategic office space commitments because they don't know what their employment picture will look in the ensuing years, and so more clarity is required in the economy.
With that being said, we're pleased that even in these most-challenging times and markets we have maintained our competitive advantage and our market leadership. As you may have noted from this morning's earnings release, we have some especially good news to report which further solidifies our balance sheet and financial strength.
The Company just two days ago closed on a $240 million mortgage financing from Northwestern Mutual Life Insurance Company and New York Life Insurance in partnership on our Harbor Side Financial Center Plaza Five property in Jersey City.
The proceeds of this loan, again $240 million, have been used to pay down outstanding borrowings on our unsecured credit facility, and essentially what's occurred is that this financing repays our maturing $300 million senior unsecured bond which matures in March of 2009.
Today our outstanding line balance is roughly $95 million on a $775 million unsecured revolving credit facility that doesn't expire until effectively June of 2012 with extensions and in addition to that credit facility we have a $75 million overnight note program. And so the company has ample liquidity and even wit this secured financing, our unencumbered asset pools remains at almost 85%. And so we have access to additional secured financings for further liquidity in the future.
Looking back at some of our notable leasing transactions during the quarter, first and foremost Arch Insurance Company a division of Arch Capital Group, a provider of property casualty and specialty insurance, signed a new 15-year and six month lease for almost 107,000 square feet at our Harbor Side Financial Center Plaza 3 in Jersey City.
In suburban Philadelphia Keystone Mercy Health Plan and Amerihealth Mercy Health Plan, providers of personal insurance coverage, signed five-year lease extensions totaling over 303,000 square feet at our Airport Business Center in Lester, Pennsylvania. This transaction extended their leases through April of 2020.
We also signed a renewal of 52,000 square feet at Strawbridge Drive in Morristown with defense contactor Lockhead Martin Corporation. Strawbridge is a 74,000 square foot building that's almost 99% leased, and it's in Morristown Corporate Center.
DAB Robbins North America, national insurance and risk management service, signed approximately 58,000 square feet, a renewal for 10 years, at our 9 Campus Drive, at our Mack-Cali Business Campus in Parsippany, New Jersey. This 156,000 square foot office building is now approximately 94% leased.
In addition to this leasing news we have some other positive news to highlight. Mack-Cali continues to be recognized for our expertise in property management and tenant service. I am pleased to tell you that just this evening Mack-Cali Soundview Plaza in Stanford Connecticut will be receiving the office building of the year, the TOBE award, from the Connecticut chapter of BOMA.
For Gatehole Drive, located in our Mack-Cali Business Campus in Parsippany, New Jersey, has earned the United States Environmental Protection Agency's prestigious Energy Star award, a national symbol for superior energy efficiency and environmental protection. Our property management teams are currently working to achieve this important designation so vital to our nation and additional buildings throughout our portfolio.
With respect to our 2009 guidance noted in this morning's press release, you'll not that our 2009 mid-range of $3.35 is approximately 3.7% below our midrange 2008 guidance, which was $3.48 cents when first provided a year ago.
Of course, this reflects our conservative view of perhaps slight occupancy loss in our portfolio through the difficult climate in 2009 and certainly doesn't account for any special non-recurring items which resulted, frankly, in $0.21 per share in earnings in 2008, based on the latest release and guidance set forth today.
And so as has been our practice we maintain a conservative posture and a careful and disciplined posture in both our assessment of the marketplace and our assessment of the earnings stream. Now I'll turn the call over to Barry, who will review our financial results for the quarter.
Barry Lefkowitz
Thanks, Mitchell. Net income available of common shareholder for the third quarter of 2008 was $22.6 million or $0.34 a share, versus $23 million a year earlier and $0.34 a share. For the nine months ended September 30th, 2008, net income available of common shareholders amounted to $55.9 million or $0.85 a share as compared to $92.6 million or $1.38 a share for last year.
FFO available to common shareholders for the quarter amounted to $82.1 million or $1.02 a share, versus $77.5 million or $0.93 a share in '07. For the nine months ended September 30th, 2008, FFO available to common shareholders was $228.2 million or $2.83 a share versus $220.9 million or $2.67 a share in '07.
Other income in the quarter included approximately $8.2 million of lease termination fees. Third quarter last year had lease termination fees of about $8.5 million. For the nine months of this year, termination fees totaled approximately $9 million as compared to $9.5 million in '07.
Same store net operating income which excludes lease termination fees, increased by 0.6% for the third quarter of '08. On a GAAP basis and for the nine months increased by 0.5%. Same store net operating income on a cash basis increased by 0.1% for the third quarter of '08 and for the nine months increased by 1.5%.
Our same-store portfolio for the third quarter was 29.2 million square feet and our same-store portfolio for the nine months of '08 was 28.5 million square feet. Our unencumbered property pool at quarter end totaled 239 properties aggregating 25.8 million square feet of space, which represented at that time about 88.3% of our portfolio.
As Mitchell mentioned earlier, we just completed a $240 million mortgage financing secured by our Harbor Side Plaza 5 property. The financing, which was provided by Northwest Mutual and New York Life as calendars has a term of ten years with 30-year amortization and bears interest at 6.8%. The proceeds of the loan were used to reduce outstanding borrowings under our $775 million unsecured credit facility, bringing the current outstanding under the facility to 95 million.
After the mortgage financing, our unencumbered property portfolio now totals 238 properties, aggregating 24.8 million square feet of space, which represents 84.9% of our portfolio. At quarter end Mack-Cali's total undepreciated book assets equaled $5.5 billion and our debt to undepreciated assets ratio was 40.6%.
The Company had interest coverage of 3.6 times and fixed charge coverage of 3.1 times for the third quarter and interest coverage of 3.4 times and fixed charge coverage of 2.9 times for the nine months ended September 30th of '08.
We ended the quarter with total debt of approximately $2.2 billion which had a weighted average interest rate of 5.78%. We are providing 2009 FFO guidance for the first time. Our 2009 FFO guidance range of 325 to 345 of FFO per share assumes at the midpoint leasing starts of about a million square feet for the year versus scheduled lease expirations of about 1.9 million square feet. End of the year occupancy for 2009 about 2% the 9/30/08 levels and we also included a reserve of approximately $3 million for the uncertainty regarding the Lehman Brothers space in Georgia City.
Please not that under SEC regulation G concerning non-GAAP financial measures such as FFO, we are required to provide an explanation of why we believe such financial measures are relevant and reconcile them to net income.
Available on our website at www.mack-calie.com are our supplemental package and earnings release which include the information required by regulations G as well as our 10Q. Now Mike will cover our leasing activity. Mike?
Michael Grossman
Thanks, Barry. In the third quarter, we signed 118 transactions totaling 1.1 million square feet. Quarter-to-quarter decrease of 50 basis points in our space leased was primarily the result of a few large block expirations in our suburban Philadelphia, Maryland and Westchester County properties, combined with a decrease in new and expansion space transactions as compared to our two-year average.
Our New Jersey and remaining suburban portfolios held occupancy this quarter. Leasing costs of $3.46 per square foot per year of lease term reelect a number of strategic transactions. Lower costs in the first half of the year bring our year-to-date average down to just over $3 per square feet. Our rent roll down of 1.8% can be attributed this quarter more to the makeup of our outgoing space than to changing market conditions.
A few of our larger transactions absorbed space that had in place rents above market. Without these deal, the mark to market was effectively flat and in line with our more recent results. Going into the fourth quarter, tenants representing 7.4% of our base rent are expiring next year. We are actively addressing our rollover has served us well and bolstered our portfolio against current market conditions.
Our major markets are showing mostly modest vacancy increases in the third quarter. Direct asking rents have remained flat or increased slightly year-to-year, but we expect they may be coming down as we move through the cycle.
The public space has yet to become the major factor it was at the beginning of the decade. With the exception of northern New Jersey, Manhattan and Washington, D.C., sublease space availability has dropped in all the markets since this time last year.
Despite the fears of a slowing economy and increased delays in securing lease commitments, our leasing teams remained focused and on task with keeping our buildings while occupied. Mack-Cali's dominant market presence and attractive well-located buildings coupled with the depth of our experience in our leasing groups provide and edge that will allow us to continue to outperform our market. Mitch?
Mitchell Hersh
Thank you. In closing, I'd like to offer a few additional thoughts. I think it merits revisiting what I've said in our recent conference calls. You've heard me loud and clear to say that Mack-Cali certainly has sufficient resources to pursue new opportunities and new acquisitions.
However, we didn't like what was happening in the financial markets; we didn't think that the deal opportunities that we're coming to market with the pro forma estimations of rent growth made sense for us to pursue ad we weren't anxious to spend capital just for the sake of growing our portfolio.
Certainly the extraordinary events of the past several months have made us very satisfied that we were right in staying so focused and so disciplined. We are positioned today with a very diverse group of properties, a portfolio with higher occupancy than our peers and with comfortable lease terms.
We are not highly leveraged like some of our brethren in the commercial real estate industry and in fact we estimate completing 2008 based on our CAD calculations with approximately $11 million in free-cash-flow. And so we're in a particularly enviable position.
At some point we'll see growth in the economy, we'll see a rise in consumer and corporate confidence, less fear in the marketplace and once again we will see job growth. At that point this company, Mack-Cali, will be poised to take advantage of opportunities in the marketplace. But until then we will remain very cautious, very disciplined and very liquid. Thank you and we'll now take your questions. Operator?
Question-and-Answer Session
Yes, sir. (Operator Instructions) We'll take our first question from Jordan Sadler of KeyBanc Capital Markets.
Jordan Sadler - KeyBanc Capital Markets
Good morning, Mitch.
Mitchell Hersh
Jordan Sadler - KeyBanc Capital Markets
Just a quick question on positioning this time versus last time. I'm just curious how you feel your portfolio will perform in the downturn that's in front of us versus maybe where you were last go round.
Mitchell Hersh
Well, when you say last go around, are we talking about the 9/11 period?
Jordan Sadler - KeyBanc Capital Markets
Mitchell Hersh
Yes. I think that we have an extremely diverse composition within our tenant base and that speaks for itself in our supplemental, you can see the diversity throughout. So, I believe that that diversity and the cash flows that result from it, put us in a stronger position, quite frankly, than what we've seen previously.
The situation with Lehman Brothers, of course, was distressing from many points of view throughout the global economy, not only at Mack-Cali, but certainly we expect a little bit of pain from that, but, fortunately the government, for right or for wrong in terms of overall strategy and the way they may be implementing the tarp, has stepped in, in a variety of different ways now to try to stabilize the financial marketplace.
And, so I think that while we haven't probably even broached the recessionary period that's going to occur as a result of many, many different factors, our portfolio will perform well. I do expect that it will be relatively static in terms of occupancy, as I said, perhaps a slight downturn, nothing material.
We think that, generally speaking, we have limited credit risk. You know, again, who would have ever thought, with regard to the Lehman Brothers, but I would venture or estimate at this point that we think our credit risk is limited.
And, so if I were to stack side by side the portfolio now versus in 2001, and remembering that we recycled $1 billion worth of capital and moved 4 to 5 million square feet out of relatively thin weaker markets in the southwestern part of the United States into a much deeper macro economy, I think this time we stack up better and our balance sheet is certainly stronger, in my opinion and our liquidity is greater than it was in that period of time.
Jordan Sadler - KeyBanc Capital Markets
And, as it relates to Lehman, the reserve, it sounds like you took this year, Barry, for next year rather, was three million bucks, and I'm curious how that stacks up versus their -- in the supplemental it says you got about 6 million, or doubled that exposure.
Mitchell Hersh
I can address that. Lehman leases from us 207,000 square feet at 101 Hudson, however about 144,000 square feet of that demised premise is sublet on a long-term basis to a variety of tenants that entered into attornment agreements with us as the landlord, at the time of the subleasing. So, our net exposure to Lehman Brothers is 134,000 square feet, which on an annualized rent basis is $3.4 million, or approximately $0.04 a share.
At this point, Lehman Brothers or through Barclay's, is paying all of its obligations, has not rejected or taken any action with respect to the lease, the 134,000 square feet, and frankly has just sought bankruptcy court approval to extend the notice date, or the decision date, on all executory contracts, of which leases are a part.
So, it's unclear to us what the actual picture is. Both the when, how much and what will happen on that roughly $3.4 million per annum exposure. So, that's exactly where we are with the Lehman situation.
Jordan Sadler - KeyBanc Capital Markets
And, to the extent that you had to release this space in Jersey City.
Mitchell Hersh
Well, fortunately, I would tell you that the only good fortune is that Jersey City remains probably among the most active markets in the metropolitan area for all the obvious reasons that we've talked ad infinitum about on these calls, in terms of infrastructure, transportation.
And 101 Hudson happens to be, along with some of our new recent development product, like Plaza 5 at Harborside, among the finest assets that there are. And, so, of all markets if I had to take the infliction of pain that's where I would want to take it and that's the building that I would want to take it in. So, we're optimistic, but at this point, as I said, the lease is in full force and effect and all financial obligations are current.
Jordan Sadler - KeyBanc Capital Markets
Any other financial services exposure in Jersey City that you feel is at risk, either because of roll of --
Mitchell Hersh
Well, I haven't talked to Henry Paulson lately, or Dr. Bernake, but I would think at this point that of all the majors, which constitute the primaries tenancy within our portfolio, particularly at the Waterfront, that they're all, hopefully, fall in the category of too big to fail, in accordance with policies laid out by the Treasury and the Fed. So, we're as sanguine as you can be in what is clearly an economic and financial tsunami.
Jordan Sadler - KeyBanc Capital Markets
And, finally, on Citigroup's upcoming role downtown.
Mitchell Hersh
We've retained the services, we're finalizing an agency agreement with a brokerage firm who has vast success, both with us in Jersey City and downtown, and we're marketing under a major marketing effort that space.
I guess the market certainly will be competitive, but there are not a lot of large blocks of space downtown, and certainly not in a class A building, like 125. We can be competitive; we will be competitive on rate. There are all kinds of incentive programs, the downtown employment program that provides very significant employment benefits for moving new employees' downtown.
In comparison to the New York City landscape, the operating expenses on the building and our basis in the building will allow us to be competitive and aggressive, and I assure you I will be in trying to refill that space, but it's very early in the process at this juncture.
Jordan Sadler - KeyBanc Capital Markets
It sounds like -- so, Citi's out, can you --
Mitchell Hersh
I will tell you that Citi has until tomorrow, actually, to exercise their renewal option, but I am not optimistic that they will do so.
Jordan Sadler - KeyBanc Capital Markets
Okay, can you just remind us of what the in place rent was there?
Mitchell Hersh
About $39 a square foot, fully loaded, plus or minus.
Jordan Sadler - KeyBanc Capital Markets
Thank you.
Mitchell Hersh
You're welcome.
We'll take our next question from Michael Bilerman with Citi.
Michael Bilerman - Citi
Good morning, Irwin Guzman's on the phone as well. I want you to spend a little bit more time on guidance. You had $0.91 when you exclude the lease term fee for this quarter, so I guess you had about $3.64 in terms of a run rate.
Now, I know you have $0.04 from the Lehman, and if you were to take 200 basis points off of your NOI today, I'd assume it's the full year, that's about $0.10. So, I'm still having a hard time, and I know you want to be conservative and I know it's the right thing to do, but I'm just trying to reconcile where you are today to get to an $0.81 to $0.86 run rate for next year.
Mitchell Hersh
Well, we also had some G&A expense reductions that -- so, we brought our G&A down by about $4.5 million on an annualized basis. We also had some real estate tax refunds of 3 or $4 million that we don't, at this point, know whether in fact they will be recurring.
We've taken some, shall I say, conservative points of view with respect to some of our joint venture income, including our hotel, which by the way is magnificent, but, everybody recognizes in the face of a competitive hotel environment where occupancies could be falling as a result of business contractions and less tourism, partially due, frankly, to the stronger dollar now, everything goes around as we see.
We've taken a little bit more of a conservative viewpoint towards 2009. And, we'll see, again, I shouldn't use the expression it's only 3.7% less than where it was a year ago, because everybody would like to see it in the positive direction, but, again, we're in the midst of an economic paralysis that's occurring in corporate America.
Other than some of the boutique industries and maybe some of the service industries that might benefit from the distress that we're seeing in the marketplace, in helping the government intermediate this financial tsunami, we're generally seeing reticence, almost unilaterally.
And, pretty much whomever I talk to, my peers in this industry, certainly in the metropolitan area, are seeing paralysis, generally speaking, about making strategic decisions. Everyday you're reading about job loss, whether it's from Qwest, whomever it's from, every day there's another signal that job diminishing is occurring out there. And, so, I think, and I know I've always sort of been accused of being too conservative, but I think this in fact is the time to be conservative.
Michael Bilerman - Citi
I know, and Mitch, I completely agree with you. I want to make sure that I understand how you get from today to, at least what your guidance is showing, and I guess when I build up all the pieces, and I know it's the right thing to be conservative and that's what we want you to be, but I just want to make sure that I can get to those numbers.
Mitchell Hersh
There's $0.25 worth of income in 2008 that we don't know for sure that will recur in 2009. Chances are some of it will.
Michael Bilerman - Citi
But, that was $0.12 of lease term fees, right? The other $0.09 of it, you're saying that G&A will now go back to $50 million after --
Mitchell Hersh
Yes, I mean, G&A reductions were $0.045 a share, you had --
Michael Bilerman - Citi
And, why won't that continue into next year?
Mitchell Hersh
Yes, well, I mean, we brought down G&A to a run rate that we think is sustainable running through 2009. So, I'm not sure that we'll see material deviation from that, and, again, we expect we'll probably see some additional tax, real estate tax refunds, but we're not 100% sure.
If we do some additional leasing similar to the Arch Insurance deal, which I think as possible, we should see some lease termination fees that will help us pay for that new tenant and that represented almost $0.13 a share between the AICPA and other lease termination fees that we saw throughout the year. So, that $0.25 a share is sort of an unknown factor right now, and that's the difference.
Michael Bilerman - Citi
Yes, I'm still coming up a little bit short, but I guess if you beat that, I guess that would be a good thing. I think Irwin has a question as well.
Irwin Guzman - Citi
Yes, Mitch, could you spend a little more time talking about Jersey City, specifically? You mentioned some of the advantages of the much lower rent, relative to New York, and the infrastructure that's there.
But, how much risk do you see from the consolidation that we're seeing in financial services and how that could impact back office requirements, and sort of what you see in terms of sublease space in Jersey City over the next couple of years?
Mitchell Hersh
Well, it clearly is a little bit hard to predict. I would expect that the narrow space that we have, for example, should remain. I mean, there's every indication that Banc of America is going to leave that intact, almost as a self operating subsidiary as their brokerage and investment banking arm.
The Lehman situation we already talked about. AIG, for example, notwithstanding any of the other issues that surrounded AIG in its recent Sunday night situation, what we have in our portfolio, throughout our AIG portfolio, are operating insurance companies, operating and casualty insurance companies.
And, those firms, I'm not aware of any notion of consolidation, if anything, frankly, the government is talking about capital injection in the insurance industry.
So, ICAP, PLC, Garban, recently the CEO of ICAP was on CNBC, indicated that Lehman, for example, in all their inter broker dealings represented only 5% of their revenue base, that's how broadly diversified they are, and that the company is performing well, and there were no indications that there would be consolidation in that area.
You know, you recall, over the last five or so, maybe six years, certainly five, we've seen some fairly significant consolidation in electronic trading, between TD Waterhouse, and AMERITRADE, and some of the electronic trading houses. So, I don't know that there will be continued consolidation, and we certainly haven't heard of that.
So, we've continued to see, in Jersey City, a pretty good mixture of insurance, the insurance industry, Arch, AIG, National Union Fire, etcetera, etcetera. Fairly stable, in terms of financial services, we haven't seen a dramatic shift one way or the other, and, some good diversity in terms of Forest Laboratory's just having taken additional space.
And so, obviously, I don't know exactly what the future holds, but I think at this moment I'm pretty comfortable with the fact that subleasing space should not inundate that marketplace. I see no indication of that, and frankly there are a couple of large requirements that are New York centric.
Whether they move, whether they bifurcate, whether they end up on the Waterfront, I don't know, but there's still some pretty good levels of activity, considering the Waterfront as new tenants, and they're primarily New York City centric.
Irwin Guzman - Citi
Thanks, Mitch
Mitchell Hersh
You're welcome.
We'll take our next question from Sloan Bohlen with Goldman Sachs.
Sloan Bohlen - Goldman Sachs
Good morning, guys, Jay's on the line as well. Just a question on guidance, maybe asked a little bit differently from Michael's question. Mitch, you talked about occupancy may be declining just slightly next year. What assumptions are you guys making for what your renewal rates and where you think rents go next year are?
Mitchell Hersh
We think that rents will be generally were they are today. I mean, the marketplace has been very competitive, particularly the suburban marketplace. So, our projections and estimates are based on what we're seeing in the marketplace today.
I don't believe that there will be deterioration for the quality tenants that we see, even in flight to quality, in terms of our asset base, and our estimates are fairly conservative. So, if we should see more rapid re-growth in the economy then I anticipate, at this point, I think there's only upside in the rents.
Sloan Bohlen - Goldman Sachs
Okay, and do you expect further decline from the renewal rent rate, much like you saw this past quarter?
Mitchell Hersh
No, again, the principle reason that we had roll down was we had situations, for example, in Harborside, where, and this Arch deal, where I think the deal today is a very competitive deal in the older section of Harborside, on the average of a $36 or $37 gross rent over the term, but we had tenants paying $43 a square foot, because they were old leases that had escalations.
So, that situation was a large part of the roll down that you saw in the quarter. Generally, if you take out these few strategic specialized deals we would have almost been flat, maybe a tenth of a percentage point roll down, which gives me further confidence that we've kind of reached the floor in the rents.
Now it's not so much a question of are tenants renewing, because tenants that are operating businesses don't want to go anywhere. The last thing they want to do is take on new obligations, have distractions, and all sorts of things that are associated with moving, IT costs and everything else, to save a dollar or two.
They're more concerned with staying in place and trying to get a better handle on what the picture for their business growth will be in the future. So, I'm pretty comfortable with our projections.
Sloan Bohlen - Goldman Sachs
Okay, and lastly on the Harborside 5 refinancing, what was the LTV on that?
Mitchell Hersh
The loan-to-value was approximately 57%. The banks, or the insurance companies, which were co-managers, co-leaders, they did the deal equally, Northwestern and New York Life, and we've had long standing relationships with both firms over many, many years. So, I think the sponsorship, the asset quality, and the income stream were all very important.
The loan to value was about 57%. They, on $29 million of NOI, valued the building at about $420 million. So, the loan was conservative and the all in rate, which we locked many, many months ago, on a handshake actually, is 6.8%. Which, by the way, the maturing senior unsecured bond that we have coming due on March 14th of 2009 has an all in cost of 7.4167%, plus or minus. So, this in fact is a lower cost of capital than the unsecured bond coming to its maturity.
We'll take our next question from Mitch Germain, Banc of America.
Mitch Germain - Banc of America
Hey, good morning. What's your assumption for the Greenbelt? Is that included at all in guidance if there will be some lease activity there?
Mitchell Hersh
Very little, most of what we're seeing in Greenbelt are smaller transactions. What's occurred down there, basically, is that the government has frozen virtually all spending in defense and other programs. I guess pending, number one, the financial issues or the melt down that's occurred, and the priorities that now exist in government allocation of resources.
But, I think until there's a new precedent in office, and Congress is reinstated, you won't see appropriations. A lot of what drives that marketplace and fuels that marketplace are a variety of government spending programs, and the consultants that serve those industries. Whether it's defense, whether it's the IRS growing its operation, all of the Prince George's County employment, or large portion of it, is tied to those types of programs.
So, unfortunately, because of the presidential election and the fact that the entire Congress is up for reelection, we've seen a cessation of that sort of demand. And most, again, of what we're seeing are smaller firms related to, in one way or another, boutique situations or the federal courthouse which sits right next to the campus, which is full of activity at this point.
Mitch Germain - Banc of America
Great, and you mentioned about 200 basis point decline in occupancy, is that related to any specific region or is that just kind of more general throughout your portfolio?
Mitchell Hersh
You know, I would tell you that the regions that I think are under most pressure are in fact Greenbelt, as we've just discussed, and parts of suburban Philadelphia. Whether it's Blue Bell, and we haven't seen much velocity there, and I don't expect it to pick up.
Merck having announced that they're laying off 9,000 people, and Unisys contracting, and just the general conditions in the capital markets for securities type firms, which have been large employers, Vanguard and the spillover effect. I would say those are the markets that are, out of all of our markets, are under the most pressure right now.
Mitch Germain - Banc of America
Okay, and just last question. Any specific tenant type industry that you've seen of more so of a pull back? I guess everyone's pulling back these days, but --
Mitchell Hersh
You know, I think it's almost across the board. Like I said before, we, year-to-date have lost 760,000 jobs, and just last month 159,000 jobs in this country. Every industry is under pressure to preserve capital and to reduce expenses, because top line growth, pretty much across the board, is a big question mark right now.
So, you know, we haven't seen much within our portfolio in terms of what I would call shadow contraction. We have, maybe, 5% of our in place wholly owned portfolio that, in one form or another, is available for sublease or otherwise empty. But, all you're hearing in the corporate community is expense reductions, employment reductions, so we're being conservative until we see a brighter horizon.
Mitch Germain - Banc of America
Mitchell Hersh
You're welcome.
We'll take our next questions from Sheila McGrath from Keefe, Bruyette & Woods.
Sheila McGrath - Keefe, Bruyette & Woods
Good morning. Mitch, you mentioned that the Plaza 5 mortgage was negotiated a while ago, I was just wondering your thoughts on if you think you could get a deal of that size done now?
Mitchell Hersh
I have to be, it's going to sound like I'm boasting, but I think a great deal of the fact that this was done on a literally I was on the telephone with the head of mortgage finance for New York Life and Northwestern and locked the rate on the telephone, and that's got to be two months ago, I would guess, a month and half to two months ago, and they honored every aspect of the transaction.
And, we didn't even have the paperwork done for another 30 days. We completed the commitment and so forth and that basically, were in fact the loan documents, because everything was addressed in the commitment.
Do I think that can be done today? I would tell you that in our discussions there's almost every reason that every capital provider is either looking to increase the cost of that capital or reduce the principle, because of the uncertainty in the marketplace.
So, I think that our sponsorship, the quality of our assets and our tenants, and our track record, in one case, with one half of that partnership, 30 plus years, was a big part of being able to get that transaction done, and having the confidence that once we effectively shook hands over the telephone on the rate that we weren't going to see a discussion of spread widening or similar.
But, I will tell you right now, Sheila, that in discussion with those same lenders, the universe has changed in terms of spread today. If we were to look for that same sort of financing today or secured financing, spreads have already changed in that period of time.
Sheila McGrath - Keefe, Bruyette & Woods
Okay, and with that in mind, on the '09 maturity, you could put that on the line now? And, then, would you probably go back to the secured market again?
Mitchell Hersh
Yes, we're looking at a couple of much smaller secured transactions that would essentially make up the differential, the 60 million plus or minus the differential. And, we're going to look at a few others on a similar scale, and if we think that the cost of capital and the loan to value and so forth, and we think in one case that we're pretty close to a deal.
But, we feel really comfortable that we have, effectively, between the 775 and 75 million overnight program, that we have in excess of $700 million of liquidity available to us.
Sheila McGrath - Keefe, Bruyette & Woods
Okay, and last question, you look like you're covering your dividend, but just in the new environment, the capital constrained environment, what are your thoughts on the dividend?
Mitchell Hersh
You know, we look at that all the time. From, obviously, cash flow is paramount. Naturally there's a requirement to pay out a certain amount annually to meet the tax obligations for REIT status and, we stress the portfolio, we stress the cash flows, and we've recently had a very full discussion at the board.
We do that in September, and more frequently in these unusual, extraordinary times. So, at this point we paid out $0.64 a quarter, we expect that our cap payout ratio is approximately 95% year end 2008.
Our current modeling suggests it will be 97ish%, based on what we think will be leasing activity and Incremental CapEx that we put back into the buildings for '09, and we will continue to look at our dividend and our coverage and cash flow ratios as we go forward, and that's what I can tell you.
Sheila McGrath - Keefe, Bruyette & Woods
Okay, great. Thanks, Mitch.
Mitchell Hersh
You're welcome.
We'll take our next question from Jamie Feldman with UBS.
John Pierce - UBS
Hi, this is actually John Pierce, I'm standing in for Jamie today. I was hoping we could get an update on the development pipeline, specifically the Windham build to suit, what yield you're expecting and then maybe an update on the Boston Filene's project, how that's progressing.
Mitchell Hersh
Yes. With regard to Windham, we anticipate effectively a delivery of possession date of February 1st, upcoming, February 1st of 2009. And, the cash-on -ash, obviously it's all cash, it's all equity, with a fully loaded land contribution based on the allocation of developable land on the campus, will yield us approximately 8.5% on costs.
Again, fully loaded including all of our internal and external costs of the project. So, we're very pleased with that development, it's coming along extremely well. Windham is doing very well; they've obviously made different transitions within their own business to reflect market conditions and some of hotel-ominium businesses, like everybody else in the world, there adjusting.
But, the core company's doing fine, I maintain personal contact with Steve Holmes, the CEO, and so, everything looks to be completely on track with respect to delivery of that. Regarding Boston, right now that's fairly fluid.
As you know, we are a minor participant, let's say we have 15% of the deal, JP Morgan Asset Management has 35%, Vornado has 50%. Clearly, as has been written, the financing markets, particularly for a largely speculative type development, are challenging to say the least, although basically if we move forward with the full project the hotel element is really pre-sold on delivery after construction of the core and shell.
A lot of the retail is leased, and we do feel that there is a reasonably buoyant office market of there. But, the capital markets have been very, very difficult, the financing has been clearly difficult.
So, we are considering our different options, actually spoke with Vornado and JP Morgan yesterday frankly, and we may elect to phase in the project which we can do both physically and technically. Until the world looks like it's a better place with respect to financing, but it is very real time with respect to looking at our different options for that project.
John Pierce - UBS
Okay, thanks, and I know it's a ways out, but the 2010 unsecured maturity, I was wondering, looking that far ahead, do you guys have plans for how you to address that? Whether you'd take it on the credit facility like the maturity next year, or whether you'd look to refinance it.
Mitchell Hersh
Well, you know, we have $165 million that comes due in senior unsecured in 2010 with an interest rate of 5.5%, and then we have a couple of mortgages, which frankly the larger mortgage is a small pooled portfolio mortgage, with, again, another life insurance company that we've dealt with for 30 plus years. So, we're confident that we'll get that one redone at its principle level.
So, the question mark would be the senior unsecured (inaudible). I have to, let's say, hope that the commercial markets, in terms of the ability to issue public debt will return long before 2010, and that the global economy is on a much better footing.
So, I hope we'll be able to look at the unsecured markets for public debt, but it's a long way away, and we have a lot of flexibility, particularly given this mortgage that we've just done.
John Pierce - UBS
Okay, thank you.
Mitchell Hersh
Your welcome.
We'll take our next question from Chris Haley with Wachovia.
Chris Haley - Wachovia
Mitch, good morning.
Mitchell Hersh
Good morning.
Chris Haley - Wachovia
On the Filene's project, did you say that there was pre-leasing on the retail side?
Mitchell Hersh
Well, Filene's is a significant part of that, and returning to the site, and there is other, let's say, letters of intent or the ability to enter into leases, and a number of different retail leases that, frankly, Vornado's been leading the charge on that.
So, the answer is, yes, this appears to be a pretty good environment with respect to the ability to complete the retail, and, as I said, if we elect to move forward with the entire project we have a deal that we can implement with respect to a presale of the hotel component roughly at cost.
But, we're looking at different options right now, Chris, because of the difficulty in the financial markets, and the options are either go ahead with the complete project and take whatever we think we can get out of the financing markets, and we do have some commitments that are what I would call more than soft commitments but not quite hard at this point.
We could do that, we could build the project out of equity, which is highly unlikely, you know, it's plus or minus the $700 million project. We could phase the project, which is something that we're looking at now, to develop only a part of it out of equity, which we all feel would be very manageable.
Or, we might consider other alternative which might include mothballing the project until the financial markets open up. As I said, these are real time discussion that we're having with Vornado and JP Morgan right now.
Chris Haley - Wachovia
Thank you for that, and your disclosure, I think it's about a $700 million project, if I recall, and the total amount of money in the project, what we're hearing, is about just a little under $200 million.
Mitchell Hersh
It's more like $160 million. That's the land and all of the costs incurred to date, but we'll give you an exact figure, for demolition and all the soft costs.
Chris Haley - Wachovia
I'd be interested if you could offer some color, as specific as you'd like to get, or unspecific as you'd like to get, as in how much would that be related to the lodging, the retail, and the potential office component, if you were to downsize the project. Because, I seem to recall that this is one of your largest development projects that you've had.
Mitchell Hersh
Yes, well, first of all, again, $100 million of the capital expanded to date was for the site, and the rest of it, as I said, which I think is about $60 million in terms of commitment or expenditures to date, is for demolition, you know, hard and soft costs.
If we were to phase the project, and again, I don't want to speak for Vornado or JP Morgan, because these are real time discussions, and we're 15% of the deal, although we all have to agree upon these major decisions, that we might look at phasing it as small as just the retail component, or part of the retail component. But, it's hard to say at this point what we're going to do, but there will be clarity of what we're going to do, certainly in the fourth quarter.
Chris Haley - Wachovia
Okay, I thank you for that.
Mitchell Hersh
And, I might add too, just for what it's worth, that I'm told that the total commitment to date might be as high as $184 million, for all in, everything. But, the point I want to make is that the construction costs, as a result of, believe it or not, demand destruction in Asia and other parts of the world for commodities like steel, have already shown that the cost of the development will be less, that there's a more competitive environment because there's so little construction going on.
But, again, the fourth quarter will reflect on what our intentions are as a unified partnership between the three of us.
Chris Haley - Wachovia
Okay, that's helpful, and in your '09 guidance, are you including any reserving for that, or are you including any expensing of overhead, or any interest on that that would contribute?
Mitchell Hersh
Chris Haley - Wachovia
Okay. Last question, on organic growth expectations or same store, could you comment on what you thought 2009 organic growth metrics would look like?
Mitchell Hersh
Pretty flat, I mean, we look at the same store, which is basically our entire portfolio at this point for the year 2008. On a GAAP basis it's about a half a percentage point, and that's a guess, an estimate to the end of the year, and cash of about 1.5%. So, I would say it's certainly not going to exceed those numbers in 2009; we're looking at a slight diminution, frankly, of occupancy.
Chris Haley - Wachovia
Right, you had indicated, I think Barry mentioned, 200 basis of occupancy loss year-end to year-end, and seeing where the markets are based on Michael's comments, what would you expect to see in terms of organic revenue growth year over year, looking at the components of same store revenue and expenses? I'd be interested if you could offer any color on that.
Mitchell Hersh
I think if you look at a NOI projection, we're thinking that there could be a $7 or $8 million loss of net operating income. It's not more buoyant than I think it is at this point. In other words, if we're strictly on projection, based on the guidance that we put out today, it could be $6 or $7 million, plus or minus or so of NOI reduction.
Chris Haley - Wachovia
Right, okay, that's very helpful, thank you.
Mitchell Hersh
You're quite welcome.
We'll take our next question from Nick Piersos (ph) with McCleary (ph).
Nick Piersos - McCleary
Thank you, but all of my questions have been answered.
We do have a follow-up question from Jordan Sadler with KeyBanc Capital Markets.
Jordan Sadler - KeyBanc Capital Markets
Thanks, I didn't catch this. What do you have in terms of lease termination fee expectations in next year's guidance?
Mitchell Hersh
It's almost nothing, I mean, we carry another income category of a couple million bucks. So, it's really minor. Again, if we, for example, back fill the remainder of the AICPA stays similar to what we did with Arch that was an $8 million plus or minus lease termination fee.
And there's, call it an equal amount of space, slightly more space that we're working on a couple of transactions. So, it might be more material, but right now it's almost a negligible number in our guidance.
Jordan Sadler - KeyBanc Capital Markets
Okay, and, just in terms of tenant discussions, have you seen an increased level of discussions with tenants looking to give back or maybe reduce the amount of space they have exposure to?
Mitchell Hersh
Yes, nothing more than anecdotal. We have dealt with certain situations, a couple of the renewals were for slightly less space, because tenants, on some of these renewals, wanted to rationalize themselves, and be in a stronger fighting weight position for tough times. And, so we did go through a couple of situations where we saw 25% reductions in there space. But, no, other than anecdotally, there's nothing looming out there.
Jordan Sadler - KeyBanc Capital Markets
Lastly, any commentary that you could provide on the Mack-SL Green joint venture and how that's progressing from a lease up prospective?
Mitchell Hersh
Well, the wholly owned portfolio is about 90%-ish, plus or minus, eighties. The joint venture is about 72%, which is the 880,000 square feet, so it's suburban product in tough markets, with very little demand right now. So, that's what's going on.
Jordan Sadler - KeyBanc Capital Markets
Okay, thank you. That's about it.
Mitchell Hersh
You're welcome, take care.
It appears there are no further questions at this time. Mr. Hersh I'd like to turn the conference back over to you for any additional or closing remarks.
Mitchell Hersh
Well, I want to thank you all for joining us on today's call. I'm hopeful that the information that we've provided and the discussion has been forwarded and helpful. And, we look forward to reporting to you again next quarter. Thank you very much, have a good day.
This concludes today's conference. We thank everyone for their participation. (Operator Instructions)
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text:
A Northeast Regional Conference
Luce Hall Auditorium
Yale University, April 20, 2013
New Haven, Connecticut
OVERVIEW: Yale University's working group on global environmental history invites paper proposals from graduate students at northeastern universities for a one-day conference titled "Sudden Shifts: Causes and Consequences of Rapid Environmental Change."
Today, climate change dominates the headlines and scientists warn of the possibility of Earth reaching a catastrophic tipping point. At the same time, societies around the world must navigate a variety of challenges, from sudden "natural" disasters to economic, social, political, and even intellectual events that trigger rapid environmental change. While our concerns about human-caused climate change may be relatively new, scholars have long identified historical pivot points whose causes or effects are environmental. This conference seeks to explore these moments of change — sudden shifts — as we discuss current scholarship in environmental history.
Conference paper topics might address: the relative roles of nature and society in "natural disasters"; cultural alterations or adaptations to rapid environmental change; the role of the state and local communities in addressing sudden environmental shifts; the success or failure of projects borne out of rapid change; transnational dimensions of environmental change such as new commodity flows, biological movements, emergence of ideas, and migrations of humans and animals; shifting notions of nature and causation; and historical watersheds of sudden change and environmental consciousness. Papers focused on causes of environmental change might discuss rapid migration and colonization, the introduction of new forms of agriculture and land use, new technologies, new transportation routes and methods, publication of influential books, and other ways in which human action has led to sudden environmental change. Papers emphasizing water-related change might consider droughts, floods, freezes, chemical additions, or the creation of new waterways.
We especially welcome abstracts that address environmental history in its broadest sense, whether dealing with political economy, society and culture, intellectual debates, science and technology, microorganisms and disease, or policy and planning. Conference organizers are particularly interested in the inclusion of comparative and transnational perspectives on environmental history.
Three moderated panel sessions will explore the theme of sudden shifts. Presentations will be approximately 15 minutes, based on papers circulated in advance to panel commentators and attendees. A faculty panel will conclude the day.
ABSTRACT SUBMISSION: Abstract submissions should be in the form of a SINGLE document in Microsoft Word or Adobe PDF format, and must include the following: (1) your name, institutional affiliation, and contact information; (2) a 250-word abstract; (3) a one-page C.V. Submissions must be emailed to firstname.lastname@example.com by December 1, 2012. Please include your name and paper title in the title of your submission.
Accepted presenters will be notified by December 20, 2012, and asked to submit a full version of their paper for circulation to conference attendees and commentators by March 25, 2013.
** Submissions are invited from graduate students enrolled in doctoral programs in New England, New York, New Jersey, and eastern Pennsylvania. **
Please contact email@example.com with any questions. For more information, visit: http://www.yale.edu/environmentalhistory. To learn about our prior conferences in April 2010 ("Social Conflict and Environmental Change"), April 2011 ("Creating Healthy Landscapes"), or April 2012 ("Two Kingdoms") please visit: http://www.yale.edu/environmentalhistory/programs/conference.html

subset: commoncrawl


text:
19 as of Jan
16 as of last Wednesday
I love you, Adam.
19 as of Jan
20 years old.
As you turn 18 here in Liechtenstein you're an adult: drinking, smoking and do whatever the hell you want.
14, going on 15. my 18 year-old bro plays it too and even my 46-year-old mom
Favorite Wiichat Members: Leve, CyanRussel, Wario2000, Frogger, Marioman, Mushroomed, SSBB_Lover, Axtlar, Brawny, and balrogs.pa
Smash Bros Brawl Friendcode: 3222 5243 1228
[SIZE="4"]PM me if you have added me
Yes, but all 26 polizei in your country know who you are and you can't get away with much.Originally Posted by midiambient
I visited Liechtenstein on a tour as a teen but only remember that's is the smallest.
your one messed up up kid lee jarat bi-curious and a wii-nerd at 16 years old, wtf.Originally Posted by lee.jarratt
oh 19
17 here...
I'm up late too o.o
I have no idea why, but I've been trading Pokemon, hehe.
current obsessions::
Kingdom Hearts
Bloody Hell....I'm 37 and I feel ANCIENT now
Sorry for double post, but shut the **** up, who cares if i am. Bugger off back to retardation please and never come back hereOriginally Posted by superheist


text: The President And The Pens Posted by Rick on Sep 10, 2009 23:00 ShareTweet No matter where you stand, meeting the President is a pretty big deal. The Pens met President Obama today. "Having Mario Lemieux here is a pretty big deal." "Sidney must be really fast because there's some big hockey players, and he's not one of them." Geno taking cell phone pics during the ceremony. Awesome. "With the Penguins and Steelers, I guess it's a good time to be a sports fan from Pittsburgh." Free Candy is not amused. Go Pens. ShareTweetPenguins Tickets About Rick View all posts by Rick →


text:
Recipe Servings
Recipe Cook Time
For the pachadi:
Cook pineapple with green chillies, ginger, salt and 1/2 cup water, till the pineapple is soft and mushy in texture. Take out the ginger at this stage.
Grind the coconut and red chillies to a paste. Then add the crushed mustard seeds. Mix these with the cooked pineapple. Let it boil, then remove from the flame.
Add beaten curd and mix well.
For the tempering:
Heat oil in a pan and splutter whole mustard seeds. Add red chillies and curry leaves. Pour this seasoning over the cooked pineapple. Mix well.
Serve with appams and stew.
Key Ingredients: coconut, pineapple, green chillies, ginger, salt, red chilli, mustard seeds, yogurt, vegetable oil, curry leaves


text:
The average salary of a(n) Jet Pilot in Franklin Park, Illinois is $120,795.
The average hourly rate of a(n) Jet Pilot in Franklin Park, Illinois is $58.07.
The average bonus of a(n) Jet Pilot in Franklin Park, Illinois is $4,530.00.
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Prior military experience as a USAF pilot. The Business Development Manager will support the marketing / business development activities for the Fast Jet....View job on Indeed.com


text:
The rector of a local Episcopal church will soon be leaving his post.
The Rev. William D. Nix Jr., rector of St. Andrew's Episcopal Church, has announced his resignation, effective Feb. 15. Nix's last Sunday will be Feb. 13.
Nix, an Amarillo native, has been at the church since October 1992 - he was formally installed in November 1992 - and held several church positions before coming to St. Andrew's, including Canon to the Ordinary of the Diocese of Northwest Texas from 1981 to 1986.
Nix said he decided to move on because he thinks the church needs someone with more vigor and energy.
"It's a perfect time for me to move on and for them to have new leadership," he said.
Nix said he has not announced his plans for after his departure.
"I have some prospects for another call in the church, but those are not finalized yet, so I can't announce anything until they are," he said.
Nix said he does not plan to move.
"I am sad to leave so many people I care about and who care about me and my family," he said. "In fact, I hope to remain in the Texas Panhandle. It's not exactly like the normal departure; it's not as if we're severing ties with the people. It's not as painful as it might be if we were moving far away."
Nix said he does not expect an announcement of his replacement soon. He said the Rt. Rev. C. Wallis Ohl Jr., bishop of Northwest Texas, wants the parish to have an interim rector and not begin the search process until this summer.
"Father Nix is a valuable part of the diocese and will continue to be so," said Ohl.
Ohl said he talked to Nix several times about why he decided to leave, and said he knows it's been a difficult time for the congregation, given that the church has been in a rebuilding phase.
The church building burned in February 1996, and Nix said he is not sure when construction will begin on the new building. Nix announced at the recent annual parish meeting that plans have been finalized and bids are being let.
Leon Swift, senior warden of St. Andrew's, said Nix has been a "blessing" for the church.
"I think he was just tired," Swift said.
"I'm sad to see him go," said the Rev. Andy Parker, associate to the rector at St. Andrew's.
© 2016. All Rights Reserved. | Contact Us


text: One of our best customers asked that we remove a giant holly bush (tree, about 18' tall) from near their front door a few weeks ago when we were doing some other clean up. They are very particular about the landscape and turf, so since it was so wet I suggested they allow us to wait until things dried out a bit. We removed the offending bush Saturday morning. It took about 30 min to dig it out, fill the hole and replace the mulch. Since we had the trailer loaded we ran the quick 36 with the Aluminum grass catcher over the yard. It was covered with pine straw and leaves again since the fall cleanup. The yard looked great after the quick mow&vac. All told, about 1 1/4 hours for the two of us including transport both ways. I did not even go to the door, figured we would do this one just as customer service since they treated us so good all season, and paid for the fall cleanup. Went to have lunch and when we got home the customer was there waiting for me. He said I brought you a check, told him I didn't' expect to be paid for the work. He paid us $125, I love days like that!


text:
Business briefs from across the nation and around the world
Apple defends itself in N.Y. e-books trial
NEW YORK -- A lawyer for Apple Inc. has asked a New York judge to take a "fresh and open look" at government claims that the company conspired with publishers to raise e-book industry prices in 2010.
Attorney Orin Snyder presented closing arguments Thursday. He told the federal judge she would set a "dangerous precedent" if she agreed with Justice Department lawyers that Apple manipulated e-book prices as it entered the market.
The three-week trial stemmed from an antitrust lawsuit the government brought in 2012 against Apple and major publishers. The government has reached settlements with five publishers.
The trial has featured testimony from executives for Apple, publishers and Amazon.com.
U.S. District Judge Denise Cote is expected to decide the civil case later this year.
Court rules for Amex in dispute with merchants
WASHINGTON -- The Supreme Court has ruled against merchants who object to having to accept American Express debit and credit cards along with the company's iconic charge card.
The justices said in a 5-3 decision Thursday that the merchants could not band together but rather must use arbitration to resolve their claims against American Express one by one.
The case involved the merchants' effort to sue American Express in court and the company's move to force the businesses to use arbitration to resolve their claims one by one.
U.S. rate on mortgages falls to 3.93 percent
WASHINGTON -- U.S. mortgage rates declined this week, with the average on the 30-year fixed loan remaining just under 4 percent. But rates likely will surge next week now that Chairman Ben Bernanke said the Federal Reserve is likely to reduce its bond purchases later this year.
Bernanke's statements weren't fully reflected in the latest rates, which were compiled through Wednesday evening.
Concern that the Fed will wind down its bond purchases has pushed mortgage rates higher in recent weeks.
Mortgage buyer Freddie Mac says the rate on the 30-year loan eased to 3.93 percent last week. That's down from 3.98 percent last week but is still the highest level since April 2012.
U.S. home resales surpass 5 million in May
WASHINGTON -- U.S. sales of previously occupied homes surpassed the 5 million mark in May, the first time that's happened in three and a half years. The gain shows the housing recovery is strengthening.
The National Association of Realtors says home sales rose 4.2 percent in May to a seasonally adjusted annual rate of 5.18 million. That's up from April's pace of 4.97 million.
Sales last exceeded 5 million in November 2009. During that month and October 2009, a home-buying tax credit briefly inflated sales. Prior to that, sales hadn't been above 5 million since July 2007.
On home turf show, Airbus steals Boeing's thunder
LE BOURGET, France -- Airbus beat its rival Boeing in the orders stakes at the Paris Air Show, but both aircraft manufacturers were encouraged that their lucrative wide-body planes were finding new customers -- a sign that the global economy is on the mend.
The show at Le Bourget, which alternates with the Farnborough Air Show on an annual basis, is a platform for the sales race between the world's two major aircraft makers.
Though Europe's Airbus said Thursday it notched up about $70 billion in sales at the show, it acknowledged a problem with its large backlog, which will delay the delivery of jets. Boeing Co., which last week signaled it expected a lower tally than Airbus, announced orders worth $66 billion -- in 2012 Boeing won the annual orders battle at Farnborough, south of London.
-- from wire reports


text:
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text:
Louisville coach Charlie Strong
On the overall effort: "I am very embarrassed today for our program."
More on the overall game: "The flaws really showed up. But you come on the road and you are going to get flaws. You have to be prepared. No. 1, you have to pack your defense. We didn't pack our defense today. You have to pack your special teams. We didn't pack our special teams. It's discipline. We weren't a very disciplined football team today."
"A total embarrassment. You would have like to think that we would have come in here and played better. We didn't play well at all – offensively, defensively or special teams."
On the noise in the Carrier Dome: "We just didn't execute. The noise (in the Carrier Dome) had nothing to do with it. This place wasn't so loud. We just were not prepared to play."
On the defense: "We just didn't play good defense. We didn't do a good job getting off blocks, didn't do a good job covering and didn't do a good job of tackling."
On offensive execution: "The throws were there. We had wide receivers running open. We had guys running open. It wasn't because of what they did, it was because of what we did to ourselves."
On the future: "We're not going to worry about winning the conference. Let's go worry about going to get better for ourselves.


text:
"Suppose I was an idiot. And suppose I was a member of Congress. But I repeat myself." -- Mark Twain
While we're on this grim and random subject, do you know who's fourth in line for the presidency? Harry Reid perhaps?
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The Rio Arriba County Sheriff's Department is investigating a homicide that happened Thursday night in Chimayo.
Deputies said a man in his 60s was found dead in his home on Friday.
Action 7 News is following this story and will update it as soon as more information is available.
The views expressed are not those of this site, this station or its affiliated companies. By posting your comments you agree to accept our terms of use.blog comments powered by Disqus


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Frigidaire FAD504DUD 50 Pint Review
The Frigidaire FAD504DUD 50-Pint Dehumidifier is an Energy Star compliant machine and although it is energy-efficient it still does a great job of removing moisture from the air. The Frigidaire FAD504DUD can remove up to 50 pints of moisture from the ambient air each day and it is capable of continuous operation if the machine is located near a drain (and you can get the drainage feature to work properly).
The controls on the machine allow you to easily select the exact percentage of humidity you would like and the machine will shut off automatically when the water collection tank is close to being full. The Frigidaire FAD504DUD also features a washable filter to remove moisture and airborne particulates and it has handles and is mounted on caster wheels for easy mobility.
- Dimensions: 11.3 x 16.1 x 24.6 inches
- Product Weight: 39 pounds
- Frigidaire FAD504DUD Shipping Weight: 40.2 pounds
- 50 pints/day dehumidification
- Continuous operation is possible when unit is located near a suitable drain
- Electronic controls
- 2 fan speeds
- Low temperature operation
Brand Review of Frigidaire
Figidaire FAD704DUD 70 Pint Review
Instruction Manual (1.6MB / PDF)
The reviews for the Frigidaire FAD504DUD 50-Pint Dehumidifier are pretty good but could be better. We found about 75 reviews online and the average user rating for this product was 4.0 stars. Most people agree that the Frigidaire FAD504DUD does a good job of removing moisture from the air but there was one complaint that came up time and time again. A lot of people said that the continuous draining simply does not work.
It appears that gravity alone is not enough to force water through any low spots in the hose so people had to set up their dehumidifier so that it was tilted a bit in order for water to drain out. This complaint came up a lot and a number of people said that they would have given this machine a 5 star rating if the continuous training system would have worked rather than having water fill up in the collection tank. One reviewer did note that Frigidaire made a modification kit that can be installed onto this machine to eliminate any drainage issues.
Aside from the drainage problem the Frigidaire FAD504DUD received very good reviews. One reviewer said that when the outside temperature was 98° and it was very humid the Frigidaire FAD504DUD did its job and he had to empty the collection tank about twice a day. When the outside temperature was in the 70s and humidity wasn't quite as high he only had to empty the collection tank once per day. A lot of people are saying that within just a few hours they could feel a big difference in the air and that the entire room was dry.
Some reviewers also comment that the Frigidaire FAD504DUD 50-Pint Dehumidifier is quiet. Some people say that it is a little bit noisy but one reviewer states that anyone who thinks this machine is noisy hasn't used a much older unit. This person said that the Frigidaire FAD504DUD is so quiet that he hardly even notices that it is on. He says that even in high mode it's quiet enough to watch television with the dehumidifier just 15 feet away.
After researching all of the reviews online it appears that the Frigidaire FAD504DUD 50-Pint Dehumidifier is a good machine that does a great job of removing moisture from the air. If you don't plan on using the continuous drainage feature and don't mind emptying the water collection tank or if you don't mind installing a modification kit or setting it up so that the machine is tilted a little bit to allow the drainage feature to work properly the Frigidaire FAD504DUD will certainly get the job done and seems to be a good quality machine.


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STATE COLLEGE - The Juniata Mennonite girls had a few sniffles here and there, and maybe an injury or two, but no one would have guessed it Tuesday afternoon as they took a 3-2 win over Grace Prep.
Juniata Mennonite was strong at all points on the field, outshooting Grace Prep 16-5, and overall putting forth a much more aggressive effort than Grace Prep was able to muster. And in the first half of the game, when Juniata Mennonite jumped on top for a 2-0 lead, this aggression turned out to be very beneficial.
Leading the way for the Lions was Alexis Hahn-Kline. She has been a strong scorer for Juniata Mennonite all season long, and Tuesday, during the Lions' last match of the season, Hahn-Kline continued her scoring ways.
Article Photos
Sentinel photo by BRADLEY?KREITZER
Juniata Mennonite's Alexis Hahn-Kline (14) toes the ball past Grace Prep's Theresa Sicree, center, and Allison Spang (11) Tuesday in State College. Hahn-Kline scored twice in the win.
Hahn-Kline scored her two goals early in the opening half, the first of which was assisted by Lauren Breon, but neither goal was scored in a traditional manner.
The first goal came after Breon shot but just missed, and Hahn-Kline was there to finish for the score. On the second goal, Hahn-Kline again scored in a non-traditional way, when a Grace Prep defender accidentally knocked a deflected Hahn-Kline shot past her keeper and into the goal for a Juniata Mennonite score. As the last Juniata Mennonite player to touch the ball, Hahn-Kline was awarded the goal.
"She's played well just getting those shots in. She has a good left foot. She's really helped us," Juniata Mennonite coach Trish Hoffman said.
Going into the second half, Juniata Mennonite had a 2-0 lead, but it was clear the Lions weren't done yet. Breon, who already had an assist under her belt, made Juniata Mennonite's third and last goal as she dribbled past Grace Prep's defenders, then shot one over the keeper's head at 27:51 in the second half.
From there, with the 3-0 lead, it appeared as if Juniata Mennonite had the game put away, but then the momentum, which had clearly been the Lions' the whole game, began to swing in Grace Prep's favor. And Grace Prep's Samantha Zubler was the catalyst behind this momentum swing.
Less than five minutes after Breon's goal, Zubler put Grace Prep on the board with a 23:39 goal. Then again, at 4:30 left to play, Zubler took advantage of a breakaway and put Grace Prep within one goal of tying the match.
Grace Prep was on a surge, and it began to be unclear which team would come away with the win, but Juniata Mennonite held on for the last four minutes, and prevented Grace Prep from scoring any more goals for a final score of 3-2.
Hoffman thought her girls were tired for the last match of the season, and she thought that may have been why her girls seemed to lose steam during the second half.
"Obviously it's the end of the season. So some the girls have colds and aren't feeling well. We've got a couple injuries," Hoffman said.
But, slow second half or not, Juniata Mennonite ended the season with a win, and that's an accomplishment which any coach can be happy.
Hoffman summed it up well.
"We came off with a win. It was exciting. This year we're 9-7, and that's better than we have been for the past few years, and so that's an exciting accomplishment."


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Each fall, leaves turn from a summery, fresh green to autumnal, rich reds and yellows. As homeowners tackle the job of raking leaves, clearing gardens, and cleaning yard debris, they create a lot of noise and pollution. In fact, one gas-powered leaf blower can emit as much pollution as 80 cars! Here are some tips for a quieter, cleaner way to maintain the yard:
Choose hand-powered or electric tools over gas:
Hire neighborhood kids to help:
If you don't have the time or energy to clean up your yard after a long work week, support the local economy by hiring kids in the neighborhood to help you with your yard work. Not only is it affordable, but it's also more ecological!
Compost as much as possible:
Instead of putting your leaves, branches, and weeds into plastic bags only to be picked up by trash collectors, consider turning this lawn "waste" into nutrient-rich soil ready for your spring garden! Collecting compost is quite easy and can save money on soil and fertilizer when it comes time to start your garden after the cold season.
Almost everything in your yard is compostable (grass and plant clippings, leaves, dead or brown weeds), except for weeds that have seeds or pernicious weeds (i.e. ivy) that can withstand composting. Mix in some of your kitchen waste as well – fruit and vegetable peels, teabags, and coffee grinds – to increase your yield.
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Thanks for sharing this great idea for those in our community who may have livestock like chickens. Keep those tips coming!
I like to run all of my green waste through one extra step on the way to our organic garden. Since I was a little boy, we were able to have a few chickens. The "Girls" just love going through the lawn clippings (chemical free of course) and other leaf matter looking for chow. Even if they do not eat parts of it, their scratching and digging breaks the mix down faster. I also like to place leaf matter under their roosts so that nitrogen rich droppings quickly mix with brown materials. This has really worked for us.


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Behind the Numbers:
Patrik Berglund
If you've followed the St. Louis Blues this year you are well aware that Patrik Berglund has struggled this season. Heading into tonight's game against Pittsburgh, Berglund had 18 points through 48 games and has often looked like a different version of the player we saw in 2010-11. With fans clamoring for a change and urging the team to shop Berglund, we take a quick look behind the numbers to see just how badly Berglund has struggled this season.
I typically give players the benefit of the doubt. Slumps happen. However, when I spot something wrong or troubling I'll be quick to point it out.
Patrik Berglund hasn't looked very impressive this season – and that's being kind. His numbers are significantly down but more troubling, Berglund hasn't played with the same physical style fans have grown accustomed to seeing. He isn't winning his battles nor is he winning space on the ice.
First, the stats themselves.
This slump might have been predictable. When looking at his career stats, it's easy to spot an up, down, up, down trend. Granted, the sample size is extremely small but the trend still appears to be one that's developing.
2008-09: 21 goals, 26 assists – 47 points (76 games)
2009-10: 13 goals, 13 assists – 26 points (71 games)
2010-11: 22 goals, 30 assists – 52 points (81 games)
2011-12: 10 goals, 8 assists – 18 points (48 games)
The 2011-12 season still has a lot of hockey left. Berglund could easily turn his weak first half around and thrive through the final stages of the year. To date, his pace is troubling.
Last season Berglund had a point-per-game average of 0.64. Through 48 games this season his average is 0.37. There are slumps and then there are slumps.
Unfortunately, the numbers aren't even the most troubling part of this picture. Berglund's style of play is drastically different from what we have seen from him in previous years. He should use his large frame to muscle defenders off the puck and to clear space for himself on the ice. He hasn't. He should be able to battle on the boards and win more battles than he loses. He hasn't. He should be able to capitalize on the opportunities he is presented instead of flubbing the shot or firing it wide. He hasn't. These factors combined have a lot of fans legitimately worried about him as the year moves forward, and rightfully so.
So what's exactly happening here? Was Berglund's 2010-11 campaign a factor of good luck or is the 2011-12 season a factor of bad luck? Which Berglund is the real one? Is this a matter of confidence or is Berglund really this streaky?
Fans have lost their patience. If you're active on Twitter, you'll regularly see fans asking the club to shop Berglund or include Berglund in a package deal to bring in a new forward. My issue with this is that the same fans were clamoring for Berglund to be dealt during the 2009-10 season only to retract their words in 2010-11.
Dealing Berglund isn't as easy as some fans might think. Every single team in the NHL is aware that he has struggled this season. More troubling, every team in the league is aware that he has shown some major flaws of late and hasn't shown much consistency over his first four seasons in the NHL. These aren't traits that a team is going to spend an arm and a leg on. There might be some teams that think they can buy low on Berglund, which is pretty likely. However, at the same time, this would mean the Blues would be selling low and getting the smallest return on their buck. As a team, you never want to sell low unless you absolutely have to.
Berglund is currently in the first year of a two-year, $4.5 million contract. He carries a cap hit of $2.25 million in 2011-12 and in 2012-13. As far as the budget goes, Berglund isn't exactly breaking the bank. However, on a team that desperately needs offense, he has been placed under the microscope for his poor play, perhaps unfairly.
As a whole, the Blues have struggled offensively. Is it really fair to single out one player, Berglund, when the problem exists through the majority of the St. Louis lineup? As an analyst, I'm pretty concerned with Berglund but at the same time, I'm not eager to pull the trigger on a deal sending him to a new team unless the offer really hits home and brings back a piece that can truly improve the Blues. At the same time, I'm not eager to deal a player that has as recently as last season shown he can be a force offensively.
We still have roughly a month until the trade deadline arrives. The odds of the Blues making a trade seems like it would be pretty high. Will Berglund be on his way out? I guess we will have to wait and find out.


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Canadian Living
Together, a family has the power to change the world. At WE Day Family, families are motivated to bond together around causes that matter. WE is a movement that brings people together and gives them the tools to lead and create change. This event gives parents the support to raise compassionate children.
WE Day Family is a powerful, life-changing experience with world-renowned inspirational speakers and performers. With inspiring stories of leadership and triumph, families grow closer, stronger and feel empowered to take on the world, together.
WE has been empowering young people to transform communities at home and around the world for 20 years, and if there is one thing known to be true it is this: raising caring and compassionate kids is a family affair. Let's do this together. Let's get started now.
Purchase your event ticket to attend WE Day Family for an inspirational evening featuring:
With surprise performances by multi-platinum, Juno award winning recording artists. And more still to be announced.
WE Day Family
Wednesday, October 19
Doors Open 5:30 p.m. | Show Starts 6:30 p.m.
Air Canada Centre, Toronto
Ticket Packages available in Gold, Silver and Bronze levels
Bronze Package
300-Level Bowl tickets
Package Includes:
Tickets: $45 each click here to purchase tickets.
Bundle and Save:
Silver Package
100-Level Bowl tickets
Package Includes:
Tickets: $95 each click here to purchase tickets.
Bundle and Save:
Gold Package
Floor seating tickets
Package Includes:
Tickets: $295 each click here to purchase tickets.
Bundle and Save:
Sarah Gunn
Add sparkle to a floral arrangement with this easy project.

Getty Images

Since hitting the spotlight, Sophie Grégoire Trudeau—along with her stylist Jessica Mulroney—has championed Canadian designers and brands. Take a look at her vibrant fashion choices.
For her second outfit during the Royal Canada Tour, Sophie wore a flattering dress by Tanya Taylor.
To greet Will and Kate on their Royal Canada tour, Sophie wore a dress by Éditions de Robes and a hat by The Saucy Milliner.
Sophie wore a Tracy Moore designed by Freda dress to greet the Chinese premiere.
Trudeau paired a Pink Tartan blazer with an UNTITTD gold dress and a statement necklace from Katherine Karambelas Jewelry.
While walking the blue carpet for the Global Citizen fesitval, Sophie wore this classic leather jacket from Canadian brand Mackage.
After walking the blue carpet, Trudeau ditched her Mackage jacket to reveal this black dress from Madame Moje.
Trudeau wore the same red jumpsuit by Lucian Matis that she donned for Canada Day. We love that she shops her own closet!
Sophie wore a dress by Jason Wu from The Room at Hudson's Bay on her husband's trip to China.
Trudeau wore a turquoise jumpsuit by designer Aleks Susak to celebrate Pride in Vancouver. Bracelets from Anzie, sunnies from Claudia Alan and Susie Wall and wedges from Browns complete the look.
Trudeau looked absolutely perfect on her first Canada Day as the nation's first lady, sporting a white hat and red one-piece by Canadian designer Lucian Matis.
Sophie wore American colours and Canadian designer Muriel Dombret to meet with President Obama in June, 2016.
Accessorizing with dangling earrings and pulled back hair, Sophie looked like a prize in a gold ballgown at the Ottawa State Dinner.
At the Press Gallery Dinner Trudeau wore this UNTTLD white dress—looking classy while having some fun.
Trudeau is wearing a custom Aleks Susak two-piece during a private ceremony in Ottawa in early June, 2016.
Sophie wore Lucian Matis to round out her Japan wardrobe.
Posing with other spouses of the G7 leaders, Sophie looks comfortable and elegant in a jumpsuit created by Toronto-born Tanya Taylor.
On May 26, 2016, the first lady of Canada sported a custom design by Canadian designer Wayne Clark during a cocktail event at the G7 summit in Japan.
Sophie Gregoire Trudeau wore a pale pink dress by Jay Godfrey to meet Empress Michiko of Japan during a trip to the Imperial Palace on May 24, 2016.
On May 24, 2016, Gregoire Trudeau wore a floral dress by Erdem to visit the Meiji Shrine in Tokyo.
For her arrival at the airport in Tokyo, Gregoire Trudeau wore a suit by Montreal designer Marie Saint Pierre.
Gregoire Trudeau in a lovely Greta Constantine dress accessorized with a simple string of pearls.
Sophie was dressed head-to-toe in Canadian designs for the 2016 Canadian Arts and Fashion Awards. She wore a tailored jumpsuit by Mikael D. with a deep V in front and a beautiful flowing cape with embellished shoulders.
We're used to seeing Sophie in feminine, colourful pieces, but this woman can rock a suit as well. She wore Canadian favourite Pink Tartan at the Catalyst Awards Dinner in March 2016, where her husband was honoured.
For the state dinner in March 2016, Trudeau chose a fuschia gown by Lucian Matis, and accessorized with a handbag by Ela, Zvelle shoes, John de Jong earrings and a Dean Davidson ring. The gown was classic in its design, but a vibrant and youthful choice for Trudeau, who isn't afraid of colour. Michelle Obama also chose Canadian (wearing custom Jason Wu) to the state dinner.
Wearing a red and pink dress from Lucian Matis, Trudeau accessorized with heels by Zvelle and a red clutch from Aldo.
Trudeau wore a custom DUY suit for her arrival with her family in Washington.
Sophie Gregoire Trudeau wore this dazzling Greta Constantine dress for the International Women's Empowerment Leadership Conference in Toronto in early 2016.
For the Remembrance Day ceremony in Ottawa in 2015, Sophie Grégoire Trudeau chose a grey coat by the Toronto-based company Sentaler, and a cloche (hat) by Chapeaux de Madeleine in Ottawa.
Sporting a two-tone, floral dress by Erdem for Justin Trudeau's swearing in as Prime Minister, Sophie Trudeau looked regal. Her only accessory? A simple poppy for Remembrance Day.
Trudeau wore something a little more traditional as she arrived for the opening ceremony of the Commonwealth Heads of Government meeting in November of 2015, wearing a pale pink lace dress with a matching fascinator.
Sophie Grégoire Trudeau helped design her own wedding dress, with a little help from Les Noces Couture in Montreal.


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A Dance where both hands are raised over the head and waved horizontally, the same motion used to open electronic train or tram doors in Europe. Made Famous by Stone Roses Front man Ian Brown.
You have to Train Door to this song.
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As Immunotherapy Revolutionizes the Cancer Treatment...
Quadruple Helices Appear To Have Role...
Adapting to Evolving Business Environments Is...
Wall Street Decline Takes Its Toll...
Albany Molecular Research (AMRI) reported that its Holywell, Wales-based wholly owned subsidiary AMRI U.K., has been awarded a seven-year contract for the development and manufacture of an undisclosed active ingredient under clinical evaluation. The contract was awarded by the Defense Science and Technology Laboratory, acting on behalf of the U.K.'s Secretary of State for Defence, the Department of National Defence of Canada, and Minister of Defence of the Kingdom of the Netherlands.
AMRI will initially work on the development and scale-up of the investigational drug, and subsequently the manufacture and supply for use during Phase I trials. If the trials are successful, AMRI feels it will be in a strong position to become the commercial manufacturer of the product for distribution to the government partners of this contract including the United Kingdom, Netherlands, and Canada.
This collaboration emphasizes AMRI's initiatives to provide SMARTSOURCING™ solutions to government agencies working to solve critical health issues. AMRI has been a subcontractor in the manufacturing arena for the U.S. Department of Defense for more than a decade, according to the company. AMRI's president and CEO, Thomas E. D'Ambra, Ph.D., said, "Government contracts and related collaborations outside of our typical outsourcing contracts with biotechnology and pharmaceutical companies are part of our strategy to diversify our revenue base while making our high-quality services available to all industries, sectors and organizations that can benefit from our strengths in discovery, development and manufacturing."
In August 2011, AMRI received a five-year federal contract award from the National Institutes of Health (NIH) / National Institute of Neurological Disorders and Stroke (NINDS) with funding of up to $43 million to provide chemistry and other drug discovery technologies in support of NINDS' Medicinal Chemistry for Neurotherapeutics Program, part of the NIH Blueprint Neurotherapeutics Network.
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While Zika continues to garner a lot of news coverage, a Mayo Clinic survey reveals that Americans believe the country's most significant healthcare challenge is cancer. Compared to other diseases, does the possibility of developing cancer worry you the most?
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Find wide calf boots at Belk
Belk offers a stylish variety of wide calf boots. Our wide shaft boots have unique design features that make it easy to find a great-fitting pair. You no longer have to be disappointed when you find a cute pair of boots that won't fit around your calves. It can be frustrating trying to find the perfect fit, and at Belk we understand that. This is why we offer stylish boots that provide a comfortable fit in designs you will love to wear. When you are looking for stunning knee high boots, look no further than Belk.com. Find wide calf boots from designers including Naturalizer, Everybody, Frye and more. Some boot makers disregard an important factor in the design and manufacture of women's boots - not every woman has the same size calves. There was a time when it was hard to purchase boots with wider calve openings that were also trendy and stylish. That is no longer the case because our collection of boots with wide calves is highly fashionable, very much in style. Find some of the top name brands in this assortment and enjoy a perfect fit in the wide shaft boots from Belk.


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BUCHANAN – Ricky Carmichael was nearly unbeatable at RedBud during the 2000s. He ripped off seven consecutive national victories at the legendary motocross course from 2001-2007.
Carmichael will now tackle the course on four wheels instead of two.
Carmichael, 33 and a native of Clearwater, Fla., will make his off-road truck racing debut when RedBud hosts the Traxxxas TORC Series Saturday and Sunday. Carmichael will be racing a TORCO Pro Lite truck.
"It's a great opportunity from the Traxxxas TORC Series to come out here and try a little off-road truck racing," Carmichael said. "My schedule was pretty open. This opportunity came about around the 4th of July, and I said, 'Well, why not?'
"And another reason why I did it is because I love RedBud. I have had a ton of success on the two-wheel side of things, and with it being here, I said this will be an awesome time."
Carmichael is motocross' all-time winningest rider, which earned him the nickname 'The G.O.A.T.' for Greatest Of All Time. Carmichael won 15 championships and 150 national races. He eventually transitioned into stock car racing, and he competed in the NASCAR Camping World Truck seasons from 2009-2011. He recorded 18 top-10 finishes in 68 starts during that stretch.
But Carmichael said the trucks he raced in NASCAR are nothing like the one he will be racing this weekend.
"I have only driven one for about five minutes to 10 minutes, and it is going to be completely different," Carmichael said. "Number one, there is going to be dust and dirt, which I am used to. What's nice about NASCAR, there never was any dust and dirt floating around. But it is going to be a cool experience. I am used to dust and dirt flying."
Carmichael has returned to his motocross roots now that he co-owns a team with Carey Hart. He said he is going to wait and see how this weekend plays out before he considers entering another off-road truck race.
"This opportunity arose and it came at a good time. We will see how this goes," Carmichael said. "I am having a good time with my Supercross and motocross teams with Carey Hart. I have been having a good time doing that. If the weekend goes good and we have a good time, maybe we will check it out.
"The main thing is that I have been in action sports my whole life, and action sports are growing tremendously, and all these opportunities are arising. I try to do my best to make myself and sponsors as visible as possible."
Practice will begin at 9 a.m., followed by opening ceremonies at 10:50 a.m. both days. Weekend passes are available for $40 for adults and $20 for children 11-and-under.
Email Steve Kaminski at email@example.com, friend him on Facebook and follow him on Twitter.


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DEAR ABBY: I am a 31-year-old, never-married mother of two. Last summer, I started having an affair with "Jordan," the father of my first child. He left me when our daughter was a year old and has been engaged for three years in an on-again, off-again relationship.
Today I found out from Jordan's fiancée that they have set their wedding date for next spring. She said they would like for me to come. As if it wouldn't be painful enough to go to the wedding, his fiancée has also asked me to do her hair for the occasion. (I'm a hairstylist.)