Macerich looks to tap investors after stings from Covid then day traders

first_imgEmail Address* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Full Name* Message* Macerich CEO Thomas E. Hern and Arden Fair mall in Sacramento, California. (Macerich)Macerich Company, the beleaguered mall REIT whose stock briefly soared last week before falling back down, is preparing to issue up to $500 million of new equity.One of the largest shopping center owners in the U.S., Macerich is now shopping for investors to help it meet its outstanding debt obligations, according to filings with the Securities and Exchange Commission. The Santa Monica, California-based company has a $1.5 billion line of credit that was fully drawn and comes due in July, along with $800 million in mortgages in forbearance plans.The move comes a few days after individual investors bid up the share price of Macerich — along with now famously, GameStop, AMC and Bed Bath and Beyond — catching hedge funds that had bet against them off guard. It made for a wild week on Wall Street as Macerich shares surged 72 percent to a high of $22.38 on Jan. 27, before giving up the gains just as quickly. The stock closed Tuesday at $12.31.Despite the massive swings, or perhaps because of them, some companies emerged better positioned to cope with the financial effects of the pandemic.Movie theater chain AMC capitalized on its own volatility, raising $304 million by selling shares last week, and reducing its debt burden by $600 million as investor Silver Lake swapped debt for equity — clearing about $112 million in profit.Macerich didn’t have such luck, and its largest single investor, Ontario Teachers’ Pension Plan, cashed out last week as it rode the wave, selling all its shares for $500 million.Prior to the pandemic, which has pummeled the company, Macerich’s properties were already heavily leveraged. An infusion of $500 million through a new equity issuance would be a “good start,” said Alex Goldfarb, a Piper Sandler analyst who covers mall REITs.But Goldfarb said Macerich will need to raise as much as $2 billion this year to meet its outstanding debt and mortgage obligations.The company owns 28 shopping centers concentrated in California, Illinois and New York, totaling about 25 million square feet. It also has another 18 million square feet across 21 joint ventures in regional cities where it is at least a 50-percent owner.Preliminary figures Macerich released Monday ahead of its fourth quarter earnings show a predictable decline, Goldfarb said. Net operating income fell 33 percent to $155 million in Q4 compared to the same time in 2019. Tenant occupancy also slipped, to 90 percent from 94 percent, according to Piper Sandler. Funds from operations for Q4 also dropped to 72 cents a share from $1.01 year-over-year.Rent collection was strong in the fourth quarter, slightly above 2019 rates, indicating the company overcame collection difficulty experienced early in the pandemic. In the first quarter of 2020, Macerich collected just 26 percent of rent from tenants.Now, to help Macerich refinance its outstanding debt, “explaining its plans to recapitalize the business will be crucial to winning investors,” Goldfarb said.Contact Orion Jones Share via Shortlink TagsmacerichReal Estate and FinanceRetail Real Estatelast_img read more

What’s a Hairy Wood Ant Good For?

first_img(Visited 24 times, 1 visits today)FacebookTwitterPinterestSave分享0 A humble, rare ant might help humans learn how to communicate better with networks.  It’s just one of many ways nature is inspiring technology that approaches perfection.Hairy wood ants are being studied in England for clues to improving telecommunication networks, the BBC News reported.  Researchers have actually found a way to outfit a thousand of the little crawlers with radio transmitters, allowing them to monitor their movements.  The ants don’t mind, because they can carry up to two times their own weight.  One project member compared ants’ to-and-fro movements with telephone networks.  “How to move information through that network is sometimes done with ant-like analogies,” he said.Chlorophyll extracted from green plants is being harnessed for a new generation of solar cells, LEDs and lasers, PhysOrg reported.  Did you know that chlorophyll is the world’s most abundant organic material?   Calling nature “an infinite source of inspiration,” the article described photosynthesis as a “perfectly functioning process,” an example of “Complicated mechanisms developed by nature [that] arouse astonishment in many researchers.”  People “can only dream of duplicating” photosynthesis and many other “structures and systems” found in the living world.Pigments from purple bacteria were used to make light-gathering antennas at Washington University in St. Louis.  The researchers wanted to “avoid the laborious synthesis typically required to make designer light-harvesting antennas,” so they put the bacteria to work for them.  “Fortunately light-harvesting antennas from purple bacteria are modular devices that self assemble under appropriate conditions,” they found.  Leaves are green because they reflect some of the light.  These engineers, by employing multiple pigments that “talk” to each other, hope to squeeze even more energy out of the rest of the spectrum in their lab-made “sun sponges” composed of rings of proteins, half natural and half engineered.  See Science Daily.Plants and insects that can pull water out of the air are inspiring “fog harvesting” techniques by MIT scientists offering help to residents in Chile where fresh water is scarce.  PhysOrg tells about a vertical mesh they are developing, and includes video clips of how it works better than previous efforts, producing up to 12 liters per day in the mountains bordering the dry Atacama desert.  The systems require no power and are easy to set up.  Because “nature has already done the hard work of evaporating the water, desalinating it and condensing the droplets. We just have to collect it,” one project member said—just like beetles do on their exoskeletons and some plants do on their leaves.Morpho butterfly wings are being used as templates for “carbon nanotube networks that can convert light to heat and replicate DNA sequences,” according to New Scientist:But their creation isn’t just inspired by nature. It is a real hybrid of butterfly wings fused with nanocarbon that imitates traits found in nature but is also tough to reproduce through technology alone. It could potentially play a role in digital diagnosis of disease, power flexible microscopic photovoltaic cells or even help create soft wearable electronics.A researcher at the National Institute of Advanced Industrial Science and Technology basically “hardened” the pattern that is already present on the butterfly wing.  How does the butterfly use it?  “The surface of Morpho wings are essentially covered in nanoscale solar cells, honeycomb-like structures that trap light, much like a fibre-optic cable, and convert it to heat to keep the insect warm in cold environments.”  Not only that, the patterns are super-hydrophobic (water resistant) and self-cleaning.  Why not just use the pattern that is already there?  “The resulting hybrid gives the term ‘bio-tech’ new meaning,” the article states, explaining how the electrically-conducting carbon nanotube pattern can be used to replicate DNA, too.  Science Daily published a short summary.Your nervous system has inspired a flexible, flat ion-conducting film that could some day turn your smartphone screen into a speaker.  New Scientist discussed the “bio-inspired speaker” that “uses clear gel to play music.”  The embedded video shows the transparent gel responding to the whole range of sound frequencies and playing music over a computer screen.The team that created the device, led by Zhigang Suo of Harvard University, took inspiration from the way electric signals are transmitted in the human body. There, the flow of charged atoms called ions – rather than the electrons that carry charge in electrical devices – is what allows neurons to share information or trigger the heart to beat.The technology “could one day be used to build both noise-cancelling windows and music-playing smartphone screens,” the article states.Your inner ear is inspiring a new generation of hearing aids.  PhysOrg stated that “A healthy ear is much better at detecting and transmitting sound than even the most advanced hearing aid.”  Improving them, therefore, can’t do better than to study the original:Today’s hearing aids—which send amplified signals to the whole cochlea—cannot duplicate this location- and frequency-specific amplification, and understanding how the cochlea accomplishes this may lead to major advances.“Several groups around the world are devising electromechanical cochlear prostheses, or next-generation cochlear implants. Understanding the micro-mechanical machine of the natural cochlea will inspire and guide these developments,” says Dr. [Elizabeth] Olson [Columbia University].Your brain is inspiring the ultimate computers of the future.  PhysOrg marveled at today’s computer devices and hand-held smartphones, but admitted, alas, that “Despite their ability to perform thousands of tasks in the blink of an eye, none of these devices even come close to rivaling the computing capabilities of the human brain.”  To get out of the chip-based rut, inventors are going to have to learn from how the brain is organized, armed with a $500,000 NSF grant:“By mimicking the brain’s billions of interconnections and pattern recognition capabilities, we may ultimately introduce a new paradigm in speed and power, and potentially enable systems that include the ability to learn, adapt and respond to their environment,” said Barney Smith, who is the principal investigator on the grant.They are working on “new device technology that exhibits similar electrical response to the neural synapses” and consist of “entirely new computing chips that mimic how the brain processes information,” the article continues, noting that such a bio-inspired computer of the future will also use an order of magnitude less power.  But can it run on potatoes?Your dog’s nose is still the technology to beat in odor sensing.  A new sensor made using “rational design,” announced by Science Daily, is “almost” as sensitive as a dog’s nose.  But can it fetch a duck in water?Biomimetics has revitalized science and opened the door for intelligent-design thinking back into academia.  None of these articles needed Darwinism.  The only one that came close was a dumb statement in the chlorophyll article that personified Nature, saying, “Nature has had 5 billion years to develop structures and systems that people can only dream of duplicating.”  No, it had six days, not millions of years ago but thousands, when the ultimate Designer spoke this technology into existence by the power of His word.  As all biomimeticians will acknowledge, the product “was very good” – inspirational, even.last_img read more

Ohio FFA President welcomes members to State Convention

first_imgShare Facebook Twitter Google + LinkedIn Pinterest The 88th Ohio FFA Convention kicks off its two-day run in Columbus on Thursday. Thousands of blue corduroy clad members from around the state will be converging on the Ohio Expo Center to participate in delegate sessions, show their work in competition, listen to motivational speakers, hear updates on the one-of-a-kind organization, and much more.“It’s been an honor and a privilege to be able to travel the state and be able to serve Ohio’s FFA members,” said Matthew Klopfenstein, who will be rounding out his year of service as Ohio FFA state president when the newly elected state officer team is installed Friday evening. “One of the really cool things that I get to do is hear all the different stories and see the students at the beginning of the year and then during the two days of convention, I get to see where they end up. The growth in between is truly phenomenal.”Countless hours go into preparation for the state convention each year, with the 2016 edition being no exception.“The state officer team has been here in Columbus all week. We got here on Sunday and we’ve been running through sessions, practicing and sorting awards, seating — all that good stuff that needs to be put into place. We’ve been working hard and been pulling some late nights,” he said.Klopfenstein, originally from the Wayne Trace FFA Chapter, mentioned that though the two days are busy, it’s nonetheless a time he has been looking forward to all year.“Right now, I’m just sort of going through my checklist making sure everything is in order — that we don’t forget anything — and just really trying to relax and soak it all in because in only two short days there’s going to be a phenomenal convention and we’re going to have some really talented members getting recognized for all of their hard work. I’m really looking forward to it,” he said.The past year has been one of many successes for the state association as well as Ohio’s members.“We’ve had a really successful year as an association. We went over 25,000 members this year. National Convention was a very good success — we had Sydney Snider representing us as a national officer and we had a Star Farmer. We had lots of CDE winners at National Convention,” Klopfenstein said. “Seeing the level of proficiencies and other applications here at State Convention is also really good.”Klopfenstein also noted a major goal set by the officer team at the beginning of their term had been reached.“As far as the state officer team, we’ve had a really successful year with outreach. It was our first year with a team of 11, and I know we had mentioned in a previous interview we were hoping to reach every chapter in the state, and that has happened. So every chapter in the state has had an opportunity for a chapter visit and that’s something we’re really proud of,” he said.When asked what he would tell FFA members preparing for the two days of fellowship and leadership, Klopfenstein had this to say.“We are really looking forward to having you. Bring lots of energy. There are more opportunities here at Convention each year and just take advantage of them because we only have Convention so many times. We’re really looking forward to having everyone here in Columbus.”Follow along with up-to-the-minute updates from the 2016 student reporters throughout Thursday and Friday at www.ocj.com.last_img read more

NRL in Touch – Team-mates at last!

first_imgThis article was written by Brad Walter from the Sydney Morning Herald.The article is available from http://www.smh.com.au/rugby-league/league-news/merger-puts-nrl-in-touch-with–2m-player-base-20130813-2rujo.html#ixzz2bqZGaQFuThe greatest game of all has just got even greater, with up to 2 million Australians now considered rugby league players after a historic partnership between the NRL and Touch Football Australia.The merger, which has been years in the making, will give the NRL greater clout to secure government funding, ensure access to more sporting fields and provide a foot in the door at private schools that only play rugby union.Importantly, it also creates an association with mothers and other people who may have never previously felt any connection with the NRL. Rugby league can be a brutal game but NRL Touch – as the sport that began in 1963 and was formalised by the South Sydney Junior Rugby League Club five years later – can be safely played by people of any age or sex.Effectively, they are now playing rugby league and there are 1.03 million participants involved in organised competitions as well as 844,000 boys and girls who take part in NRL development programs each year.The aim of the new alliance is to increase the overall playing numbers to 2 million, or 10 per cent of the national population.”We are announcing a commitment to build the biggest sporting community in Australia,” NRL chief executive Dave Smith said. ”Quite simply this an opportunity for people of all ages, all abilities and genders to play the greatest game of all every day of the week and all year round.”The partnership also gives league a foothold in places it may not otherwise have because touch football is played across Australia and internationally.Sydney Roosters star Sonny Bill Williams was among the host of present and former players happy to play a demonstration game of touch at Allianz Stadium wearing T-shirts with the NRL logo and the slogan ”A place on the field for everyone”, as his sister Niall captained New Zealand in the sport.”I am happy for the touch people because I know how hard it is for my sister in New Zealand who struggles just to go to competitions because there is no funding,” Williams said.Touch Football Australia chief executive Colm Maguire said there were other financial benefits too.”We can have a look at cost efficiencies, we can have a look at joint approaches to government, we can have a look at green space and we can have a look at commercial opportunities, so we see this is the first step on a long journey,” Maguire said.”There are a lot of sports now having a look at how to capture hearts and minds from a cradle to grave-type of approach, and I think the only way you can grow your membership base is to actually have people sample your product.”Warriors and Kiwis halfback Shaun Johnson is one of numerous NRL players – including Benji Marshall – with a touch background and he tweeted: ”Very cool to see the partnership between NRL and Touch starting. Played a big part in my development. #GoodMove #AboutTime”.Former Roosters, Queensland and Papua New Guinea halfback Adrian Lam has represented Australia in touch football, and his wife and sons also play.”Personally I learnt a lot out of touch football, like how to count [players], and if you look at Brazilian soccer, all the young kids play small sided games and I think that is where touch footy can fit in with rugby league as kids at a young age can learn to pass and develop all the skills,” said Lam, whose son Lachlan was recently chosen in the Australian schoolboys league team and is going to Darwin to trial for the national touch team.”I think what else is good is that it ties families in with rugby league, which is a really positive move especially in places like western Sydney where the AFL is trying to make inroads.”Negotiations began when NRL league integration and game development manager Andrew Hill returned to the code two years ago after being recruited by AFL for its push into western Sydney and stepped up after Smith’s appointment as chief executive earlier this year.The article is available from http://www.smh.com.au/rugby-league/league-news/merger-puts-nrl-in-touch-with–2m-player-base-20130813-2rujo.html#ixzz2bqZGaQFuRelated LinksNRL in Touchlast_img read more

10 months agoBrighton boss Hughton finds positives from Chelsea defeat

first_imgAbout the authorPaul VegasShare the loveHave your say Brighton boss Hughton finds positives from Chelsea defeatby Paul Vegas10 months agoSend to a friendShare the loveBrighton boss Chris Hughton drew positives from defeat at home to Chelsea.Solly March pulled a goal back for the Seagulls after first-half strikes from Pedro and Eden Hazard, and Hughton decided to focus on his team’s second-half reaction, as they created chances to equalise against the Blues.He said, “We have to take the positives from how we finished the game. We were up against a very good side — whether it was at home or away, they’ve spent big money and brought in exceptional players.“They’re a team that will be pushing at the top end of the division, so we have to understand that and respect that.“But I thought we were in the game for large periods, and that’s what you want. I can’t fault the effort our players put in, particularly in the second half.“We said ‘if you can get that first goal back, anything can happen’. If one of those scrambles in the last few minutes goes in, then it’s a different outcome.” last_img read more

10 months agoSao Paulo defender Rodrigo Caio missed Barcelona move over medical concerns

first_imgTagsTransfersAbout the authorCarlos VolcanoShare the loveHave your say Sao Paulo defender Rodrigo Caio missed Barcelona move over medical concernsby Carlos Volcano10 months agoSend to a friendShare the loveSao Paulo defender Rodrigo Caio underwent a Barcelona medical – though missed out on a move this week.Globoesporte says Caio underwent a medical with a Barcelona club doctor who was sent to Brazil, following concerns which previously saw Atletico Madrid and Valencia having pulled out of deals for the 25-year-old.The physical condition of the defender eventually led Barcelona to instead opt for Jeison Murillo, who joined the club on loan from Valencia on Thursday.The deal for Caio would have been a free loan move with an obligatory purchase option worth €15m. last_img read more

Government making some progress on child welfare file but more is needed

first_imgAnnette FrancisAPTN NewsThe Government of Canada was back before the Canadian Human Rights Commission giving an update on how it is improving the child welfare system for First Nations children.To date, Ottawa has been severely criticized for how it funds the child welfare system on reserve compared to how provinces pays for the system off-reserve.In 2016 the tribunal ruled that the federal government discriminates against First Nation children.Cindy Blackstock, the executive director of the First Nation Child and Family Caring Society, and one of the parties that took the government to the tribunal, said there is some progress but more work is [email protected]@aptnafrancislast_img read more

Related How to experience the Edinburgh Festival F

first_img RelatedHow to experience the Edinburgh Festival Fringe on a budgetHopping from show to show, catching the buzz in a pop-up beer garden, spotting your favourite comedian/children’s TV star/D list celebrity on Princes Street: the Edinburgh Festival Fringe is worth every penny. All those tickets and meals out don’t come cheap though, so if you’re Fringing frugally this August, arm…Edinburgh Festival Fringe 101: A first-timer’s guideEvery August, Edinburgh transforms from being Scotland’s prim and proper capital to the eclectic, eccentric and downright crazy city that hosts the Edinburgh Festival Fringe – the biggest arts festival in the world.Win a £500 travel voucher (and more!) at the Edinburgh Festival FringeWish you were here? Come join us at the Edinburgh Festival Fringe to be in with a chance of winning £500 travel vouchers (and much more!) Get the best out of the Fringe Festival with these great websites for Fringe fans…1. Festival in the Sky – Skyscanner has teamed up with Britain’s most exciting dining experience to offer visitors to Edinburgh a chance to eat, drink and be merry – whilst suspended 100ft above our beautiful capital! We also have five sets of four tickets for this unique experience to give away. Enter our Festival in the Sky competition for a chance to win!2. Skyscanner’s Edinburgh Fringe Festival tips and tip offs – as Edinburgh is Skyscanner’s home city, we know a thing or two about the Fringe. Read our top tips and recommendations.3. Official Edinburgh Fringe Website – complete with listings, timings, tips, previews and reviews.4. [Edinburgh Festival iPhone App](http://itunes.apple.com/gb/app/edinburgh-festival-fringe/id370924823 -) – stay up to date on the go with this app that helps you locate venues, read reviews and enter your own.5. Edinburgh Festival on Wikipedia – learn more about the history of the world’s largest arts festival.6. Edinburgh Festival Reviews – there are so many things to see, that one of the hardest things is sifting the diamonds from the dross. Reading reviews is the best way to do that and The List site will help.7. FivePoundFringe – with so much great stuff to see, you can find your costs adding up. Enter: The Five Pound Fringe – a great idea which lists over 65 different shows which cost just a fiver.8. Edinburgh Festival: The Guardian’s Guide – see what the good folks at The Guardian recommend.9. EdTwinge.com – very cool site for Fringe fans who tweet. Also just search #edfringe tag on Twitter to find out what’s happening.10. TheSkinny.co.uk – for features and reviews of up coming Fringe shows. ReturnOne wayMulti-cityFromAdd nearby airports ToAdd nearby airportsDepart14/08/2019Return21/08/2019Cabin Class & Travellers1 adult, EconomyDirect flights onlySearch flights Maplast_img read more