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Major retailers across the UK and Ireland are to stop selling alcoholic drinks associated with Irish fighter Conor McGregor. The decision by Tesco, Musgrave and the BWG Group came after a woman who said Mr McGregor raped her won a civil claim for damages against him. Nikita Hand, who accused the sportsman of raping her in a Dublin hotel in December 2018, won her claim against him for damages in a case at the High Court in the Irish capital. In a statement, a spokesman for Musgrave said: “Musgrave can confirm these products are no longer available to our store network.” The network includes SuperValu, Centra, Daybreak and Mace. A Tesco spokesperson said: “We can confirm that we are removing Proper No Twelve Whiskey from sale in Tesco stores and online.” A spokesperson for BWG Group said: “The products are no longer listed for distribution across our network of Spar, Eurospar, Mace, Londis and XL stores, including Appleby Westward which operates over 300 Spar stores in the south west of England.” It is understood that other retail outlets including Costcutter and Carry Out will also stop stocking products linked to Mr McGregor. He and some of his business partners sold their majority stake in the Proper Number Twelve Irish whiskey brand. He was reported to have been paid more than £103 million from the sale to Proximo Spirits in 2021. On Monday, a popular video game developer decided to pull content featuring the MMA fighter. The Irish athlete has featured in multiple video games, including voice-acting a character bearing his likeness in additional downloadable content in the Hitman series. Mr McGregor’s character featured as a target for the player-controlled assassin in the game. IO Interactive, the Danish developer and publisher of Hitman, said in a statement: “In light of the recent court ruling regarding Conor McGregor, IO Interactive has made the decision to cease its collaboration with the athlete, effective immediately. “We take this matter very seriously and cannot ignore its implications. “Consequently, we will begin removing all content featuring Mr McGregor from our storefronts starting today.” Last Friday, the High Court jury awarded damages amounting to 248,603.60 euros (around £206,000) to Ms Hand. Mr McGregor made no comment as he left court but later posted on social media that he intended to appeal against the decision.
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timandtim On the surface, Innovative Industrial Properties, Inc. ( NYSE: IIPR ) and Plymouth Industrial REIT, Inc. ( NYSE: PLYM ) are quite similar. Industrial real estate investment trusts, or REITs Discounted adjusted funds from operations, or AFFO, multiples relative to the rest of the industrial sector Enticing dividend yields. Yet, we are bullish on PLYM and bearish on IIPR . As value investors, the extremely low AFFO multiples appeal to us, but value alone does not create a total return. Business models need to be durable such that earnings will grow over time. We believe PLYM passes this test and IIPR does not. The difference comes in acquisition strategy and the way properties are leased. Any acquisition looks good when it is cash flowing, but the real test of a REIT’s strategy is in times of struggle. Both IIPR and PLYM have experienced some tenant difficulties lately, affording an opportunity to stress test the companies. The fundamental outcomes of each company’s leasing events show a large quality gap between the discounted industrial REITs. IIPR’s Tenant Difficulties PharmaCann defaulted on its leases with IIPR. As IIPR’s largest tenant at 17% of rental revenues, it is a fairly sizable hit. IIPR Other tenants are struggling to pay rent as well, with IIPR dipping into security deposits from TILT Holdings, 4Front Ventures, and Emerald Growth to cover their rent. Per the 10-Q : “For the three months ended September 30, 2024, we applied $1.4 million of security deposits for payment of rent on properties leased to 4Front Ventures Corp. (“4Front”) (four properties), TILT Holdings Inc. (“TILT”) (one property), and Emerald Growth Holdings LLC (“Emerald Growth”) (one property). A lease was terminated with Temescal Wellness and IIPR retook possession of the property, also per the 10-Q: “We terminated our lease with Temescal Wellness of Massachusetts, LLC at our Massachusetts property and regained possession of the property on September 30, 2024. For the three months ended September 30, 2023, we applied $2.2 million of security deposits for payment of rent.” Rent collection continues to struggle post Q3 2024, with more of it being paid from security deposits: “Subsequent to September 30, 2024, we applied $0.9 million in security deposits for the properties leased to 4Front, TILT and Emerald Growth for the payment of rent owing in October 2024, and, including those security deposits applied, we collected $1.4 million of the contractually due rent and interest of $2.2 million for the month of October 2024 for 4Front, Emerald Growth, TILT and a secured loan for which we are the lender for a California property portfolio.” These security deposits will be depleted, at which point we believe the rent will become delinquent. We find 2 aspects of the poor rent collection troubling: It represents a large portion of their portfolio. PharmaCann is 17% of rental income alone, and some of their other significant tenants are struggling. The prospects for replacing that revenue look weak. Allow me to elaborate on the 2 nd point because I think that is the true weakness of IIPR’s business model. Tenant defaults are fairly common among REITs. Think of something as simple as an apartment tenant defaulting on their monthly rent. This sort of thing happens quite routinely, and it is so routine that the chance of occurrence is actually factored into the underwriting of property acquisitions. When the tenant defaults, the landlord kicks them out and finds a new tenant. Assuming the tenant was paying a normal amount, rent from the new tenant would be roughly the same. Perhaps the landlord loses out on a few months of rent during the transition, but overall, it is not that big of a deal. IIPR’s problem is that its tenants are not paying a normal amount of rent. The company reports 2025 annual base rent (ABR) of $310.8 million, which allows us to run various calculations on its leases. IIPR Annual rent totals a whopping 13.68% of enterprise value. A company could theoretically get to that level by its stock price getting cheap, but that is not the case here. Sure, IIPR crashed on the PharmaCann default announcement, but over a longer period of time, the stock price is up quite considerably. SA Normal cap rates for industrial REITs are around 4%-9% depending on the vintage of the lease and various property quality factors. Thus, rent being over 13% of EV is quite strange. The extremely high rent as a percentage of EV is due to going in cap rates in the mid-teens. We previously identified in the article linked earlier that IIPR’s high cap rates are the result of its leases being partially loans. Industrial buildings are quite cheap to build, often costing less than $100 per square foot. Yet, IIPR’s enterprise value per foot is $267. High EV/foot could be due to IIPR’s stock trading at a bloated valuation, but that is clearly not the case here with an 8.5X AFFO multiple. See, the way most REITs work is that the REIT invests in the building and then the tenant pays rent to use that building. IIPR does things a bit differently. It owns the building, but a substantial portion of its investment is directly with the tenant. IIPR gives its tenants millions of dollars to be used for property improvements in exchange for higher rental rates and longer lease terms. They have been doing this since IPO and are still doing it with recent announcements in its 10-Q. In fact, as recently as February, IIPR invested an additional $16 million in PharmaCann, the now defaulting tenant. “In February 2024, we amended our lease and development agreement with PharmaCann at one of our New York properties, increasing the construction funding commitment by $16.0 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. We also amended the lease to extend the term.” In April, they provided a similar tenant allowance to Battle Green Holdings: “In April 2024, we amended our lease with a subsidiary of Battle Green Holdings LLC at one of our Ohio properties to provide an additional improvement allowance of $4.5 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property.” Also in April, IIPR provided an additional $1.6 million to 4Front in exchange for higher rents. “In April 2024, we amended the lease with a subsidiary of 4Front at one of our Illinois properties to provide an additional improvement allowance of $1.6 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property and increased the annual base rent escalations for the remainder of the lease term.” That is the same 4Front that is now only covering its rent by dipping into security deposits. Perhaps one could technically classify these as property investments because the funds given to tenants are earmarked to improve the properties. However, I consider it to be the financial equivalent of investing in tenants in the form of loans with interest payments and principal to be paid back to IIPR through higher rent over the lease term. The result of all this investment in tenant improvement is that IIPR’s rent per foot has gotten to a whopping $36.53. 2MC That is an insane level of rent for industrial properties. As a point of comparison, Rexford Industrial Realty ( REXR ) has rent per foot of $16.23 and their portfolio consists almost exclusively of class A+ real estate in the highly dense Inland Empire. S&P Global Market Intelligence In comparison, IIPR’s properties are in the middle of nowhere. S&P Global Market Intelligence I love the Midwest, but property values in Michigan are a fraction of property values in the port of Los Angeles. So, IIPR’s rent per foot of $36.53 is absolutely insane compared to Rexford at $16.23. Rents are high to essentially pay IIPR back for the tenant allowances that IIPR pays the tenants. That works out great when the leases go to full term. It is a disaster when leases end early, such as the PharmaCann default, a few other defaults recently, and the slew of tenants currently struggling to pay rent. The problem for IIPR is that, unlike that apartment landlord who just finds a new tenant at the same rent, a new tenant’s rent is likely to be closer to $8 a foot. If they are lucky, a cannabis-related tenant would be able to use the tenant improvements installed in the buildings and could potentially pay $16 a foot. I just don’t see any realistic scenario in which a replacement tenant pays anywhere close to $36 a foot. IIPR is looking at either substantial vacancies or large cuts in rent when replacement tenants are found. So while the stock is cheap, trading at a very low multiple relative to the industrial sector, I think the fundamental downside makes it cheap for a reason. S&P Global Market Intelligence Plymouth Industrial is similarly discounted at a 9.7X AFFO multiple. It, too, has had tenant troubles with 2 recent tenant defaults on rent. This valuation would indicate that the market thinks Plymouth will also suffer a fundamental downside resulting from these defaults. Indeed, PLYM stock has been clobbered since the tenant lease defaults were announced on November 6 th . SA This, in my opinion, is incorrect. The fundamental impact of PLYM’s tenant issues is entirely different for 2 reasons: These tenants were quite a small slice of PLYM’s revenue PLYM has a different business model in which they invest exclusively in the real estate, not the tenant. We tabulated IIPR's vitals earlier and PLYM’s are below. 2MC There are some considerable differences worth pointing out. PLYM’s enterprise value per foot is $52.44 compared to $267 for IIPR. Part of this is PLYM stock trading cheaply, but most of it is that PLYM’s acquisition criteria involves purchasing properties below replacement cost. It is not feasible to build warehouses of reasonable quality today for $52.44 a foot. Perhaps the more pertinent difference is that PLYM’s rent per foot is $4.79. That is well below market rent for industrial real estate of the quality (usually class B) and location of PLYM’s properties. Rent per foot varies throughout PLYM’s portfolio by vintage of lease and the particular property with which it is associated. In the most recent quarter, PLYM had some of its lower rent leases expire at $4.14 per foot and signed new tenants at $5.27 per foot. Supplemental That is a 27% increase, and I think quite indicative of the rest of the portfolio in terms of existing rents being below market. Below-market rent is a make-or-break when it comes to tenant issues. When an above-market rent tenant fails as was the case with IIPR, rent comes back down to market and that is in the favorable outcome where a new tenant is found. When a below-market rent tenant fails, it is almost an opportunity. It allows the REIT to accelerate marking that rent to market. That is what happened with PLYM’s vacancies. We discussed the replacement of PLYM’s defaulted tenants on our portfolio update on Portfolio Income Solutions. “Digging into the content of {Plymouth’s} the 3Q24 call, both vacancies have already been replaced with new tenants at equal or higher rent. Thus, it is clearly not a demand issue and the financial hit to PLYM will be limited to the roughly 6 month window between the previous tenant leaving and rent of the new tenant commencing.” Anthony Saladino, PLYM’s CFO, confirmed on the Q3 2024 earnings call that the replacement tenant is paying higher rent than the tenant that defaulted. “We sourced, identified and fully negotiated with a new tenant at a 27% positive spread to expiring rents” That is a night and day different outcome than IIPR. PLYM will have a few months of vacancy followed by a larger cash flow stream. That is the result of good asset underwriting and a business model that focuses on good real estate. IIPR will have either a long-term vacancy or a new tenant that pays a fraction of the rent of the previous tenant. Most of the capex IIPR spent on PharmaCann and the other struggling tenants could be lost, and AFFO/share is likely to suffer as rent gets marked to market. The Bottom Line As value investors, we have to choose carefully. PLYM is a strong industrial REIT that happens to be trading at a discounted AFFO multiple and well below NAV. IIPR is cheap for a reason. REITs are cheap relative to the broader market making it a great time to get in to the right REITs. To help people get the most updated REIT data and analysis I am offering 40% off Portfolio Income Solutions, but you can only get it through this link. https://seekingalpha.com/affiliate_link/40Percent I hope you enjoy the plethora of data tables, sector analysis and deep dives into opportunistic REITs. Dane Bowler is the Chief Investment Officer and a registered investment adviser at the 2nd Market Capital Advisory Corporation. He has over a decade of experience running a proprietary portfolio with a specialization in REITs. On-site property tours and critical analysis of REIT management help inform his selection process. Dane leads the investing group Portfolio Income Solutions along with Simon and Ross Bowler. Features of the service include: a diversified high-yield REIT portfolio, data tables on every REIT, tax guidance, macro analysis, fair value estimates, and quick updates via chat on breaking news. Learn More . Analyst’s Disclosure: I/we have a beneficial long position in the shares of PLYM either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. All articles are published and provided as an information source for investors capable of making their own investment decisions. None of the information offered should be construed to be advice or a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.The information offered is impersonal and not tailored to the investment needs of any specific person. Readers should verify all claims and do their own due diligence before investing in any securities, including those mentioned in the article. NEVER make an investment decision based solely on the information provided in our articles.It should not be assumed that any of the securities transactions or holdings discussed were profitable or will prove to be profitable. Past Performance does not guarantee future results. Investing in publicly held securities is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions.Commentary may contain forward looking statements which are by definition uncertain. Actual results may differ materially from our forecasts or estimations, and 2MC and its affiliates cannot be held liable for the use of and reliance upon the opinions, estimates, forecasts, and findings in this article.S&P Global Market Intelligence LLC. Contains copyrighted material distributed under license from S&P2nd Market Capital Advisory Corporation (2MCAC) is a Wisconsin registered investment advisor. Dane Bowler is an investment advisor representative of 2nd Market Capital Advisory Corporation. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.NoneAdvisors Asset Management Inc. trimmed its position in shares of Franklin High Yield Corporate ETF ( BATS:FLHY – Free Report ) by 47.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,727 shares of the company’s stock after selling 4,354 shares during the period. Advisors Asset Management Inc.’s holdings in Franklin High Yield Corporate ETF were worth $116,000 as of its most recent SEC filing. Several other hedge funds and other institutional investors also recently made changes to their positions in the business. US Bancorp DE boosted its stake in Franklin High Yield Corporate ETF by 126.3% during the 3rd quarter. US Bancorp DE now owns 6,808 shares of the company’s stock valued at $166,000 after purchasing an additional 3,800 shares during the period. Atria Investments Inc bought a new stake in shares of Franklin High Yield Corporate ETF in the third quarter valued at approximately $223,000. Cetera Advisors LLC acquired a new stake in shares of Franklin High Yield Corporate ETF in the first quarter worth $490,000. Williams & Novak LLC increased its position in Franklin High Yield Corporate ETF by 19.0% during the third quarter. Williams & Novak LLC now owns 16,012 shares of the company’s stock worth $391,000 after acquiring an additional 2,560 shares during the period. Finally, Traynor Capital Management Inc. bought a new position in Franklin High Yield Corporate ETF during the second quarter worth $210,000. Franklin High Yield Corporate ETF Stock Up 0.2 % Shares of Franklin High Yield Corporate ETF stock opened at $24.27 on Friday. The firm has a fifty day moving average of $24.21 and a two-hundred day moving average of $24.01. Franklin High Yield Corporate ETF Company Profile The Franklin High Yield Corporate ETF (FLHY) is an exchange-traded fund that mostly invests in high yield fixed income. The fund is actively managed portfolio of global high-yield corporate debt. The fund seeks high current income, with capital appreciation as a secondary goal. FLHY was launched on May 30, 2018 and is managed by Franklin Templeton. Read More Five stocks we like better than Franklin High Yield Corporate ETF What Investors Must Know About Over-the-Counter (OTC) Stocks The Latest 13F Filings Are In: See Where Big Money Is Flowing Investing in the High PE Growth Stocks 3 Penny Stocks Ready to Break Out in 2025 Do ETFs Pay Dividends? What You Need to Know FMC, Mosaic, Nutrien: Top Agricultural Stocks With Big Potential Receive News & Ratings for Franklin High Yield Corporate ETF Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin High Yield Corporate ETF and related companies with MarketBeat.com's FREE daily email newsletter .
ST Picks: Giving Singapore’s stray animals a shot at a better lifeAdvisors Asset Management Inc. grew its position in shares of Donaldson Company, Inc. ( NYSE:DCI – Free Report ) by 197.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,073 shares of the industrial products company’s stock after purchasing an additional 1,376 shares during the quarter. Advisors Asset Management Inc.’s holdings in Donaldson were worth $153,000 as of its most recent filing with the SEC. A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Los Angeles Capital Management LLC acquired a new position in Donaldson during the second quarter worth approximately $14,288,000. Jupiter Asset Management Ltd. grew its position in shares of Donaldson by 91.4% during the second quarter. Jupiter Asset Management Ltd. now owns 370,756 shares of the industrial products company’s stock worth $26,531,000 after acquiring an additional 177,078 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Donaldson by 13.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,310,372 shares of the industrial products company’s stock valued at $93,770,000 after acquiring an additional 153,342 shares during the period. Algert Global LLC raised its position in Donaldson by 1,554.0% in the 2nd quarter. Algert Global LLC now owns 146,346 shares of the industrial products company’s stock valued at $10,473,000 after purchasing an additional 137,498 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in Donaldson by 18.5% during the 2nd quarter. AQR Capital Management LLC now owns 754,631 shares of the industrial products company’s stock worth $53,964,000 after purchasing an additional 117,874 shares during the period. Institutional investors and hedge funds own 82.81% of the company’s stock. Analyst Upgrades and Downgrades A number of research firms have commented on DCI. StockNews.com upgraded shares of Donaldson from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 28th. Stifel Nicolaus dropped their price target on Donaldson from $76.00 to $71.00 and set a “hold” rating on the stock in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Donaldson has a consensus rating of “Hold” and a consensus target price of $69.67. Donaldson Stock Performance Shares of DCI opened at $78.11 on Friday. Donaldson Company, Inc. has a 1 year low of $59.78 and a 1 year high of $78.95. The stock has a market capitalization of $9.35 billion, a P/E ratio of 23.13, a P/E/G ratio of 2.04 and a beta of 1.04. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.23 and a current ratio of 1.84. The company’s fifty day moving average is $74.91 and its two-hundred day moving average is $73.41. Donaldson ( NYSE:DCI – Get Free Report ) last posted its quarterly earnings results on Wednesday, August 28th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.06. The firm had revenue of $935.40 million during the quarter, compared to analysts’ expectations of $941.12 million. Donaldson had a net margin of 11.54% and a return on equity of 29.47%. On average, sell-side analysts predict that Donaldson Company, Inc. will post 3.63 earnings per share for the current year. Donaldson Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Monday, December 9th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date is Monday, December 9th. Donaldson’s dividend payout ratio (DPR) is 31.95%. Insider Transactions at Donaldson In related news, Director Willard D. Oberton sold 2,700 shares of the business’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $73.37, for a total transaction of $198,099.00. Following the sale, the director now owns 27,983 shares of the company’s stock, valued at approximately $2,053,112.71. The trade was a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link . Also, Director James Owens sold 5,210 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $71.74, for a total transaction of $373,765.40. Following the completion of the transaction, the director now directly owns 17,788 shares of the company’s stock, valued at approximately $1,276,111.12. This trade represents a 22.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here . In the last three months, insiders sold 167,805 shares of company stock valued at $12,310,222. Corporate insiders own 2.70% of the company’s stock. About Donaldson ( Free Report ) Donaldson Company, Inc manufactures and sells filtration systems and replacement parts worldwide. The company operates through three segments: Mobile Solutions, Industrial Solutions, and Life Sciences. Its Mobile Solutions segment provides replacement filters for air and liquid filtration applications, such as air filtration systems; liquid filtration systems for fuel, lube, and hydraulic applications; exhaust and emissions systems and sensors; indicators; and monitoring systems. Read More Five stocks we like better than Donaldson How to Invest in Small Cap Stocks The Latest 13F Filings Are In: See Where Big Money Is Flowing Why Invest in 5G? How to Invest in 5G Stocks 3 Penny Stocks Ready to Break Out in 2025 Health Care Stocks Explained: Why You Might Want to Invest FMC, Mosaic, Nutrien: Top Agricultural Stocks With Big Potential Want to see what other hedge funds are holding DCI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Donaldson Company, Inc. ( NYSE:DCI – Free Report ). Receive News & Ratings for Donaldson Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Donaldson and related companies with MarketBeat.com's FREE daily email newsletter .
A massive gold deposit with estimated reserves of over 1,000 tons has been discovered in southern China, Xinhua news agency reported on Thursday, citing Hunan Province’s geological bureau. According to the report, geologists have unearthed over 40 gold veins within a depth of 2,000 meters beneath the Wangu gold field in Pingjiang County. Within the depth of 3,000 meters, the site is estimated to contain over 1,000 tons of gold, valued at $83 billion, Xinhua reports. “Many drilled rock cores showed visible gold,” an ore-prospecting expert at the bureau, Chen Rulin, told the outlet. He noted that a ton of ore in the 2,000-meter range contained up to 138 grams of gold. The report also cited the vice head of the bureau, Liu Yongjun, as saying that the geologists used modern ore prospecting technologies, including 3D geological modeling. Liu said that test drilling around the Wangu field’s peripheral areas also showed promising potential. The latest discovery comes as gold prices have rallied to record highs amid growing global uncertainty, a weaker US dollar, and strong demand from central banks. China is the world’s leading gold producer, accounting for around 10% of global output in 2023, according to data from the World Gold Council. The share of gold in the overall reserves of the People’s Bank of China (PBOC) amounted to 5.7% at the end of October. Official bullion holdings remained unchanged at 2,264 tons in October, for the seventh consecutive month. In 2023, the PBOC outpaced all central banks, adding 225 tons of gold to its reserves. The country ranked sixth in the amount of gold it has in its reserves last year, behind Russia, France, Italy, Germany, and the US, according to Statista.
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It could be argued that 2024 wasn't the best year for television. Highly anticipated shows like the final season of “Stranger Things," “The Last of Us” and “The White Lotus” didn't even make it on the calendar and will instead return in 2025. Streamers and networks tightened their budgets by saying yes to less. Writing off this year's selection, however, seems unfair. There were new standout comedies, dramas, reality TV and remakes of old favorites that caught the attention of viewers, awards voters and the zeitgeist. In no particular order, here are 10 new shows from 2024 to check out before the new year. In 2024, pop culture experienced a Brodyssance when Netflix's “Nobody Wants This” reminded many why they had a crush on Adam Brody in the early aughts when he was on “The O.C.” In this rom-com created by Erin Foster, Brody plays a rabbi named Noah who begins dating a gentile named Joanne (the always entertaining Kristen Bell) and their courtship as thirtysomethings unfolds. Before reaching their happily ever after, a number of obstacles — like religious differences, family pressures and career goals — need to be addressed. Hope is not lost, however, and throughout it all Noah and Joanne remain a good match. The supporting cast, by the way, is also a delight. The British series “Supacell” introduced a smart spin on the superhero template. Created and written by Rapman, the show centers on a group of Black, working class people in London who discover they have superpowers. At first, it seems the powerful are linked by just the color of their skin but their real connection is a family history of sickle cell disease. The show addresses themes like the medical exploitation of the Black community , poverty and how the media often overlooks cases of missing people of color. The show has been renewed for a second season and is on Netflix. Another fresh take on the world of superheroes and their villains is “The Penguin,” on Max. The story picks up after the 2022 film “The Batman” starring Robert Pattinson but here, Batman is more a background character to the gangster story of Oz Cobb. Colin Farrell played the criminal kingpin in the Pattinson film and reprises that role here. Cristin Milioti has also gotten positive reviews — and a Golden Globe nomination — for her portrayal of villain Sofia Falcone. When CBS first announced a new “Matlock” with Kathy Bates in the lead role, it seemed like just a gender-flipped remake. Au contraire. Bates plays Madeline Kingston, a wealthy lawyer who comes out of retirement under the alias Mattie Matlock (with a similar folksy demeanor as Andy Griffith's). Her reason for returning to work is that she needs money but, in reality, she's out for revenge. It's also fun to see how the series addresses older people being often overlooked and underestimated, which Madeline sometimes leans into for her own benefit. It streams on Paramount+. (Bates also snagged a Globe nomination.) When “Vanderpump Rules” spinoff “The Valley” debuted on Bravo in spring, some fans rolled their eyes. It follows three former “Vanderpump” castmates — Jax Taylor, Brittany Cartwright and Kristen Doute — now living more settled lives amid a new circle of friends. Taylor and Doute knew the assignment — or just quickly fell into old habits of saying too much and stirring the pot. The new cast also impressed. Janet Caperna positioned herself as both above the drama and very much living for it. Jesse Lally showed vulnerability over the demise of his marriage to castmate Michelle Sanai, while also being an unapologetic snob. Viewers watched Taylor and Cartwright's marriage spiral, too (they're now divorcing). It streams on Peacock. Another adaptation with a twist is Prime Video's “Mr. & Mrs. Smith,” starring Donald Glover and Maya Erskine. It shares a title with the film starring Brad Pitt and Angelina Jolie, but differs dramatically: Glover and Erskine play spies assigned to pose as a married couple named John and Jane Smith. They quickly go from strangers to co-workers to lovers. Each episode sees John and Jane on a new assignment, with notable guest stars like Alexander Skarsgård, Michaela Coel and Sharon Horgan. The show was nominated for 16 Emmy Awards and three Golden Globes. Andrew Scott stars in “Ripley,” a neo-noir Netflix adaptation about the con artist and serial killer created by Patricia Highsmith. Like the 1999 movie starring Matt Damon, Gwyneth Paltrow and Jude Law, this limited series is based on the Highsmith's “The Talented Mr. Ripley.” Tom Ripley is hired by a wealthy businessman to travel to Italy and encourage his son, Dickie, who is living a life of leisure, to return to the States. Ripley ends up becoming enamored with Dickie's lifestyle and the ruse turns deadly. Brian Jordan Alvarez created and stars in FX's “English Teacher” as Evan, a high school teacher in Texas, juggling the normal demands of the job amid societal changes. In one episode, Evan must show sensitivity to a student who has self-diagnosed herself with a made-up disease. In another, he successfully gets the school's gun safety program shut down but then is told all faculty must receive firearm training. As the adults on the show often struggle with getting it right, it's the students who seem less bothered with labels. The show also has a great soundtrack. It streams on Hulu. “Shōgun” had a triumphant first season on FX, winning a historic 18 awards at this year's Emmys — including best drama series and best actor and actress in a drama for Hiroyuki Sanada and Anna Sawai. It's set during the power struggles in feudal Japan and is based on a 1975 James Clavell novel. FX didn't skimp on the production value, netting comparisons to “Game of Thrones.” It was originally planned as a limited series, but now two more seasons are planned. Episodes stream on Hulu. Jake Gyllenhaal starred in his first TV series, “Presumed Innocent,” for Apple TV+. Gyllenhaal is Rusty Sabich, a Chicago prosecutor accused of killing a colleague. Gyllenhaal's real brother-in-law, Peter Sarsgaard, plays Rusty's adversary, another lawyer trying to prove his guilt. The story comes from a Scott Turow novel that was made into a Harrison Ford film in 1990 but doesn't follow either to the letter. It was the streamer's most watched drama series so far and a second season has been ordered, with Gyllenhaal staying on as an executive producer.REYKJAVIK, Iceland (AP) – Icelanders are electing a new parliament Saturday after disagreements over immigration, energy policy and the economy forced Prime Minister Bjarni Benediktsson to pull the plug on his coalition government and call an early election. This is Iceland’s sixth general election since the 2008 financial crisis devastated the economy of the North Atlantic island nation and ushered in a new era of political instability. Opinion polls suggest the country may be in for another upheaval, with support for the three governing parties plunging. Benediktsson, who was named prime minister in April following the resignation of his predecessor, struggled to hold together the unlikely coalition of his conservative Independence Party with the centrist Progressive Party and the Left-Green Movement. Iceland, a nation of about 400,000 people, is proud of its democratic traditions, describing itself as arguably the world’s oldest parliamentary democracy. The island’s parliament, the Althingi, was founded in 930 by the Norsemen who settled the country. Fierce weather in the sub-Arctic nation threatened to hamper some voters getting to polling stations on Saturday, with heavy snow blocking roads in many areas. The weather could also delay the delivery of ballot boxes to counting centers after polls close at 10 p.m. (2200GMT). Here’s what to look for in the contest. Voters will choose 63 members of the Althingi in an election that will allocate seats both by regional constituencies and proportional representation. Parties need at least 5% of the vote to win seats in parliament. Eight parties were represented in the outgoing parliament, and 10 parties are contesting this election. Turnout is traditionally high by international standards, with 80% of registered voters casting ballots in the 2021 parliamentary election. A windswept island near the Arctic Circle, Iceland normally holds elections during the warmer months of the year. But on Oct. 13 Benediktsson decided his coalition couldn’t last any longer, and he asked President Halla Tómasdóttir to dissolve the Althingi. vhttps://twitter.com/BreitbartLondon/status/1797368452119761236 “The weakness of this society is that we have no very strong party and we have no very strong leader of any party,” said Vilhjálmur Bjarnason a former member of parliament. “We have no charming person with a vision ... That is very difficult for us.” The splintering of Iceland’s political landscape came after the 2008 financial crisis, which prompted years of economic upheaval after the country’s debt-swollen banks collapsed. The crisis led to anger and distrust of the parties that had traditionally traded power back and forth, and prompted the creation of new parties ranging from the environment focused Left-Green Alliance to the Pirate Party, which advocates direct democracy and individual freedoms. “This is one of the consequences of the economic crash,” said Eva H. Önnudóttir, a professor of political science at the University of Iceland. “It’s just the changed landscape. Parties, especially the old parties, have maybe kind of been hoping that we would go back to how things were before, but that’s not going to happen.” Like many Western countries, Iceland has been buffeted by the rising cost of living and immigration pressures. Inflation peaked at an annual rate of 10.2% in February 2023, fueled by the fallout from the COVID-19 pandemic and Russia’s invasion of Ukraine. While inflation slowed to 5.1% in October, that is still high compared with neighboring countries. The U.S. inflation rate stood at 2.6% last month, while the European Union ́s rate was 2.3%. Iceland is also struggling to accommodate a rising number of asylum-seekers, creating tensions within the small, traditionally homogenous country. The number of immigrants seeking protection in Iceland jumped to more than 4,000 in each of the past three years, compared with a previous average of less than 1,000. Repeated eruptions of a volcano in the southwestern part of the country have displaced thousands of people and strained public finances. One year after the first eruption forced the evacuation of the town of Grindavik, many residents still don’t have secure housing, leading to complaints that the government has been slow to respond. But it also added to a shortage of affordable housing exacerbated by Iceland ́s tourism boom. Young people are struggling to get a foot on the housing ladder at a time when short-term vacation rentals have reduced the housing stock available for locals, Önnudóttir said. “The housing issue is becoming a big issue in Iceland,” she said.
Former Vice President Atiku Abubakar has hosted the Labour Party’s 2023 presidential candidate, Peter Obi, at his residence in Yola, Adamawa State. The meeting, which was captured in a video shared by Atiku on his X (formerly Twitter) handle on Saturday, featured the two leaders having a meal together. Atiku captioned the post, “It is breakfast time with my friend, #PeterObi, in the ‘land of beauty.” The video shows Atiku and Obi seated at a dining table with other dignitaries, engaged in discussions over breakfast. The development marked another significant interaction between the two political figures since the 2023 general election. Their previous meeting occurred in May when Obi visited Atiku at the latter’s Abuja residence. During that period, Obi also met with other prominent members of the opposition Peoples Democratic Party (PDP), including former Jigawa State governor, Sule Lamido, and former Senate President Bukola Saraki. Those visits were Obi’s first interactions with his former political allies after defecting from the PDP to the Labour Party in May 2022. Chief Spokesman of Obi’s Presidential Campaign Organisation, Yunusa Tanko, had previously stated that the discussions in May focused on charting a path to rescue the “soul of Nigeria” from the ruling All Progressives Congress (APC). While the details of the latest meeting remained undisclosed, it sparked speculation about possible collaboration or alignment among key opposition figures ahead of 2027 general election. See More Photos Below:
Major retailers across the UK and Ireland are to stop selling alcoholic drinks associated with Irish fighter Conor McGregor. The decision by Tesco, Musgrave and the BWG Group came after a woman who said Mr McGregor raped her won a civil claim for damages against him. Nikita Hand, who accused the sportsman of raping her in a Dublin hotel in December 2018, won her claim against him for damages in a case at the High Court in the Irish capital. In a statement, a spokesman for Musgrave said: “Musgrave can confirm these products are no longer available to our store network.” The network includes SuperValu, Centra, Daybreak and Mace. A Tesco spokesperson said: “We can confirm that we are removing Proper No Twelve Whiskey from sale in Tesco stores and online.” A spokesperson for BWG Group said: “The products are no longer listed for distribution across our network of Spar, Eurospar, Mace, Londis and XL stores, including Appleby Westward which operates over 300 Spar stores in the south west of England.” It is understood that other retail outlets including Costcutter and Carry Out will also stop stocking products linked to Mr McGregor. He and some of his business partners sold their majority stake in the Proper Number Twelve Irish whiskey brand. He was reported to have been paid more than £103 million from the sale to Proximo Spirits in 2021. On Monday, a popular video game developer decided to pull content featuring the MMA fighter. The Irish athlete has featured in multiple video games, including voice-acting a character bearing his likeness in additional downloadable content in the Hitman series. Mr McGregor’s character featured as a target for the player-controlled assassin in the game. IO Interactive, the Danish developer and publisher of Hitman, said in a statement: “In light of the recent court ruling regarding Conor McGregor, IO Interactive has made the decision to cease its collaboration with the athlete, effective immediately. “We take this matter very seriously and cannot ignore its implications. “Consequently, we will begin removing all content featuring Mr McGregor from our storefronts starting today.” Last Friday, the High Court jury awarded damages amounting to 248,603.60 euros (around £206,000) to Ms Hand. Mr McGregor made no comment as he left court but later posted on social media that he intended to appeal against the decision.
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timandtim On the surface, Innovative Industrial Properties, Inc. ( NYSE: IIPR ) and Plymouth Industrial REIT, Inc. ( NYSE: PLYM ) are quite similar. Industrial real estate investment trusts, or REITs Discounted adjusted funds from operations, or AFFO, multiples relative to the rest of the industrial sector Enticing dividend yields. Yet, we are bullish on PLYM and bearish on IIPR . As value investors, the extremely low AFFO multiples appeal to us, but value alone does not create a total return. Business models need to be durable such that earnings will grow over time. We believe PLYM passes this test and IIPR does not. The difference comes in acquisition strategy and the way properties are leased. Any acquisition looks good when it is cash flowing, but the real test of a REIT’s strategy is in times of struggle. Both IIPR and PLYM have experienced some tenant difficulties lately, affording an opportunity to stress test the companies. The fundamental outcomes of each company’s leasing events show a large quality gap between the discounted industrial REITs. IIPR’s Tenant Difficulties PharmaCann defaulted on its leases with IIPR. As IIPR’s largest tenant at 17% of rental revenues, it is a fairly sizable hit. IIPR Other tenants are struggling to pay rent as well, with IIPR dipping into security deposits from TILT Holdings, 4Front Ventures, and Emerald Growth to cover their rent. Per the 10-Q : “For the three months ended September 30, 2024, we applied $1.4 million of security deposits for payment of rent on properties leased to 4Front Ventures Corp. (“4Front”) (four properties), TILT Holdings Inc. (“TILT”) (one property), and Emerald Growth Holdings LLC (“Emerald Growth”) (one property). A lease was terminated with Temescal Wellness and IIPR retook possession of the property, also per the 10-Q: “We terminated our lease with Temescal Wellness of Massachusetts, LLC at our Massachusetts property and regained possession of the property on September 30, 2024. For the three months ended September 30, 2023, we applied $2.2 million of security deposits for payment of rent.” Rent collection continues to struggle post Q3 2024, with more of it being paid from security deposits: “Subsequent to September 30, 2024, we applied $0.9 million in security deposits for the properties leased to 4Front, TILT and Emerald Growth for the payment of rent owing in October 2024, and, including those security deposits applied, we collected $1.4 million of the contractually due rent and interest of $2.2 million for the month of October 2024 for 4Front, Emerald Growth, TILT and a secured loan for which we are the lender for a California property portfolio.” These security deposits will be depleted, at which point we believe the rent will become delinquent. We find 2 aspects of the poor rent collection troubling: It represents a large portion of their portfolio. PharmaCann is 17% of rental income alone, and some of their other significant tenants are struggling. The prospects for replacing that revenue look weak. Allow me to elaborate on the 2 nd point because I think that is the true weakness of IIPR’s business model. Tenant defaults are fairly common among REITs. Think of something as simple as an apartment tenant defaulting on their monthly rent. This sort of thing happens quite routinely, and it is so routine that the chance of occurrence is actually factored into the underwriting of property acquisitions. When the tenant defaults, the landlord kicks them out and finds a new tenant. Assuming the tenant was paying a normal amount, rent from the new tenant would be roughly the same. Perhaps the landlord loses out on a few months of rent during the transition, but overall, it is not that big of a deal. IIPR’s problem is that its tenants are not paying a normal amount of rent. The company reports 2025 annual base rent (ABR) of $310.8 million, which allows us to run various calculations on its leases. IIPR Annual rent totals a whopping 13.68% of enterprise value. A company could theoretically get to that level by its stock price getting cheap, but that is not the case here. Sure, IIPR crashed on the PharmaCann default announcement, but over a longer period of time, the stock price is up quite considerably. SA Normal cap rates for industrial REITs are around 4%-9% depending on the vintage of the lease and various property quality factors. Thus, rent being over 13% of EV is quite strange. The extremely high rent as a percentage of EV is due to going in cap rates in the mid-teens. We previously identified in the article linked earlier that IIPR’s high cap rates are the result of its leases being partially loans. Industrial buildings are quite cheap to build, often costing less than $100 per square foot. Yet, IIPR’s enterprise value per foot is $267. High EV/foot could be due to IIPR’s stock trading at a bloated valuation, but that is clearly not the case here with an 8.5X AFFO multiple. See, the way most REITs work is that the REIT invests in the building and then the tenant pays rent to use that building. IIPR does things a bit differently. It owns the building, but a substantial portion of its investment is directly with the tenant. IIPR gives its tenants millions of dollars to be used for property improvements in exchange for higher rental rates and longer lease terms. They have been doing this since IPO and are still doing it with recent announcements in its 10-Q. In fact, as recently as February, IIPR invested an additional $16 million in PharmaCann, the now defaulting tenant. “In February 2024, we amended our lease and development agreement with PharmaCann at one of our New York properties, increasing the construction funding commitment by $16.0 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. We also amended the lease to extend the term.” In April, they provided a similar tenant allowance to Battle Green Holdings: “In April 2024, we amended our lease with a subsidiary of Battle Green Holdings LLC at one of our Ohio properties to provide an additional improvement allowance of $4.5 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property.” Also in April, IIPR provided an additional $1.6 million to 4Front in exchange for higher rents. “In April 2024, we amended the lease with a subsidiary of 4Front at one of our Illinois properties to provide an additional improvement allowance of $1.6 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property and increased the annual base rent escalations for the remainder of the lease term.” That is the same 4Front that is now only covering its rent by dipping into security deposits. Perhaps one could technically classify these as property investments because the funds given to tenants are earmarked to improve the properties. However, I consider it to be the financial equivalent of investing in tenants in the form of loans with interest payments and principal to be paid back to IIPR through higher rent over the lease term. The result of all this investment in tenant improvement is that IIPR’s rent per foot has gotten to a whopping $36.53. 2MC That is an insane level of rent for industrial properties. As a point of comparison, Rexford Industrial Realty ( REXR ) has rent per foot of $16.23 and their portfolio consists almost exclusively of class A+ real estate in the highly dense Inland Empire. S&P Global Market Intelligence In comparison, IIPR’s properties are in the middle of nowhere. S&P Global Market Intelligence I love the Midwest, but property values in Michigan are a fraction of property values in the port of Los Angeles. So, IIPR’s rent per foot of $36.53 is absolutely insane compared to Rexford at $16.23. Rents are high to essentially pay IIPR back for the tenant allowances that IIPR pays the tenants. That works out great when the leases go to full term. It is a disaster when leases end early, such as the PharmaCann default, a few other defaults recently, and the slew of tenants currently struggling to pay rent. The problem for IIPR is that, unlike that apartment landlord who just finds a new tenant at the same rent, a new tenant’s rent is likely to be closer to $8 a foot. If they are lucky, a cannabis-related tenant would be able to use the tenant improvements installed in the buildings and could potentially pay $16 a foot. I just don’t see any realistic scenario in which a replacement tenant pays anywhere close to $36 a foot. IIPR is looking at either substantial vacancies or large cuts in rent when replacement tenants are found. So while the stock is cheap, trading at a very low multiple relative to the industrial sector, I think the fundamental downside makes it cheap for a reason. S&P Global Market Intelligence Plymouth Industrial is similarly discounted at a 9.7X AFFO multiple. It, too, has had tenant troubles with 2 recent tenant defaults on rent. This valuation would indicate that the market thinks Plymouth will also suffer a fundamental downside resulting from these defaults. Indeed, PLYM stock has been clobbered since the tenant lease defaults were announced on November 6 th . SA This, in my opinion, is incorrect. The fundamental impact of PLYM’s tenant issues is entirely different for 2 reasons: These tenants were quite a small slice of PLYM’s revenue PLYM has a different business model in which they invest exclusively in the real estate, not the tenant. We tabulated IIPR's vitals earlier and PLYM’s are below. 2MC There are some considerable differences worth pointing out. PLYM’s enterprise value per foot is $52.44 compared to $267 for IIPR. Part of this is PLYM stock trading cheaply, but most of it is that PLYM’s acquisition criteria involves purchasing properties below replacement cost. It is not feasible to build warehouses of reasonable quality today for $52.44 a foot. Perhaps the more pertinent difference is that PLYM’s rent per foot is $4.79. That is well below market rent for industrial real estate of the quality (usually class B) and location of PLYM’s properties. Rent per foot varies throughout PLYM’s portfolio by vintage of lease and the particular property with which it is associated. In the most recent quarter, PLYM had some of its lower rent leases expire at $4.14 per foot and signed new tenants at $5.27 per foot. Supplemental That is a 27% increase, and I think quite indicative of the rest of the portfolio in terms of existing rents being below market. Below-market rent is a make-or-break when it comes to tenant issues. When an above-market rent tenant fails as was the case with IIPR, rent comes back down to market and that is in the favorable outcome where a new tenant is found. When a below-market rent tenant fails, it is almost an opportunity. It allows the REIT to accelerate marking that rent to market. That is what happened with PLYM’s vacancies. We discussed the replacement of PLYM’s defaulted tenants on our portfolio update on Portfolio Income Solutions. “Digging into the content of {Plymouth’s} the 3Q24 call, both vacancies have already been replaced with new tenants at equal or higher rent. Thus, it is clearly not a demand issue and the financial hit to PLYM will be limited to the roughly 6 month window between the previous tenant leaving and rent of the new tenant commencing.” Anthony Saladino, PLYM’s CFO, confirmed on the Q3 2024 earnings call that the replacement tenant is paying higher rent than the tenant that defaulted. “We sourced, identified and fully negotiated with a new tenant at a 27% positive spread to expiring rents” That is a night and day different outcome than IIPR. PLYM will have a few months of vacancy followed by a larger cash flow stream. That is the result of good asset underwriting and a business model that focuses on good real estate. IIPR will have either a long-term vacancy or a new tenant that pays a fraction of the rent of the previous tenant. Most of the capex IIPR spent on PharmaCann and the other struggling tenants could be lost, and AFFO/share is likely to suffer as rent gets marked to market. The Bottom Line As value investors, we have to choose carefully. PLYM is a strong industrial REIT that happens to be trading at a discounted AFFO multiple and well below NAV. IIPR is cheap for a reason. REITs are cheap relative to the broader market making it a great time to get in to the right REITs. To help people get the most updated REIT data and analysis I am offering 40% off Portfolio Income Solutions, but you can only get it through this link. https://seekingalpha.com/affiliate_link/40Percent I hope you enjoy the plethora of data tables, sector analysis and deep dives into opportunistic REITs. Dane Bowler is the Chief Investment Officer and a registered investment adviser at the 2nd Market Capital Advisory Corporation. He has over a decade of experience running a proprietary portfolio with a specialization in REITs. On-site property tours and critical analysis of REIT management help inform his selection process. Dane leads the investing group Portfolio Income Solutions along with Simon and Ross Bowler. Features of the service include: a diversified high-yield REIT portfolio, data tables on every REIT, tax guidance, macro analysis, fair value estimates, and quick updates via chat on breaking news. Learn More . Analyst’s Disclosure: I/we have a beneficial long position in the shares of PLYM either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. All articles are published and provided as an information source for investors capable of making their own investment decisions. None of the information offered should be construed to be advice or a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.The information offered is impersonal and not tailored to the investment needs of any specific person. Readers should verify all claims and do their own due diligence before investing in any securities, including those mentioned in the article. NEVER make an investment decision based solely on the information provided in our articles.It should not be assumed that any of the securities transactions or holdings discussed were profitable or will prove to be profitable. Past Performance does not guarantee future results. Investing in publicly held securities is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions.Commentary may contain forward looking statements which are by definition uncertain. Actual results may differ materially from our forecasts or estimations, and 2MC and its affiliates cannot be held liable for the use of and reliance upon the opinions, estimates, forecasts, and findings in this article.S&P Global Market Intelligence LLC. Contains copyrighted material distributed under license from S&P2nd Market Capital Advisory Corporation (2MCAC) is a Wisconsin registered investment advisor. Dane Bowler is an investment advisor representative of 2nd Market Capital Advisory Corporation. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.NoneAdvisors Asset Management Inc. trimmed its position in shares of Franklin High Yield Corporate ETF ( BATS:FLHY – Free Report ) by 47.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,727 shares of the company’s stock after selling 4,354 shares during the period. Advisors Asset Management Inc.’s holdings in Franklin High Yield Corporate ETF were worth $116,000 as of its most recent SEC filing. Several other hedge funds and other institutional investors also recently made changes to their positions in the business. US Bancorp DE boosted its stake in Franklin High Yield Corporate ETF by 126.3% during the 3rd quarter. US Bancorp DE now owns 6,808 shares of the company’s stock valued at $166,000 after purchasing an additional 3,800 shares during the period. Atria Investments Inc bought a new stake in shares of Franklin High Yield Corporate ETF in the third quarter valued at approximately $223,000. Cetera Advisors LLC acquired a new stake in shares of Franklin High Yield Corporate ETF in the first quarter worth $490,000. Williams & Novak LLC increased its position in Franklin High Yield Corporate ETF by 19.0% during the third quarter. Williams & Novak LLC now owns 16,012 shares of the company’s stock worth $391,000 after acquiring an additional 2,560 shares during the period. Finally, Traynor Capital Management Inc. bought a new position in Franklin High Yield Corporate ETF during the second quarter worth $210,000. Franklin High Yield Corporate ETF Stock Up 0.2 % Shares of Franklin High Yield Corporate ETF stock opened at $24.27 on Friday. The firm has a fifty day moving average of $24.21 and a two-hundred day moving average of $24.01. Franklin High Yield Corporate ETF Company Profile The Franklin High Yield Corporate ETF (FLHY) is an exchange-traded fund that mostly invests in high yield fixed income. The fund is actively managed portfolio of global high-yield corporate debt. The fund seeks high current income, with capital appreciation as a secondary goal. FLHY was launched on May 30, 2018 and is managed by Franklin Templeton. Read More Five stocks we like better than Franklin High Yield Corporate ETF What Investors Must Know About Over-the-Counter (OTC) Stocks The Latest 13F Filings Are In: See Where Big Money Is Flowing Investing in the High PE Growth Stocks 3 Penny Stocks Ready to Break Out in 2025 Do ETFs Pay Dividends? What You Need to Know FMC, Mosaic, Nutrien: Top Agricultural Stocks With Big Potential Receive News & Ratings for Franklin High Yield Corporate ETF Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Franklin High Yield Corporate ETF and related companies with MarketBeat.com's FREE daily email newsletter .
ST Picks: Giving Singapore’s stray animals a shot at a better lifeAdvisors Asset Management Inc. grew its position in shares of Donaldson Company, Inc. ( NYSE:DCI – Free Report ) by 197.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,073 shares of the industrial products company’s stock after purchasing an additional 1,376 shares during the quarter. Advisors Asset Management Inc.’s holdings in Donaldson were worth $153,000 as of its most recent filing with the SEC. A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Los Angeles Capital Management LLC acquired a new position in Donaldson during the second quarter worth approximately $14,288,000. Jupiter Asset Management Ltd. grew its position in shares of Donaldson by 91.4% during the second quarter. Jupiter Asset Management Ltd. now owns 370,756 shares of the industrial products company’s stock worth $26,531,000 after acquiring an additional 177,078 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Donaldson by 13.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,310,372 shares of the industrial products company’s stock valued at $93,770,000 after acquiring an additional 153,342 shares during the period. Algert Global LLC raised its position in Donaldson by 1,554.0% in the 2nd quarter. Algert Global LLC now owns 146,346 shares of the industrial products company’s stock valued at $10,473,000 after purchasing an additional 137,498 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in Donaldson by 18.5% during the 2nd quarter. AQR Capital Management LLC now owns 754,631 shares of the industrial products company’s stock worth $53,964,000 after purchasing an additional 117,874 shares during the period. Institutional investors and hedge funds own 82.81% of the company’s stock. Analyst Upgrades and Downgrades A number of research firms have commented on DCI. StockNews.com upgraded shares of Donaldson from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 28th. Stifel Nicolaus dropped their price target on Donaldson from $76.00 to $71.00 and set a “hold” rating on the stock in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Donaldson has a consensus rating of “Hold” and a consensus target price of $69.67. Donaldson Stock Performance Shares of DCI opened at $78.11 on Friday. Donaldson Company, Inc. has a 1 year low of $59.78 and a 1 year high of $78.95. The stock has a market capitalization of $9.35 billion, a P/E ratio of 23.13, a P/E/G ratio of 2.04 and a beta of 1.04. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.23 and a current ratio of 1.84. The company’s fifty day moving average is $74.91 and its two-hundred day moving average is $73.41. Donaldson ( NYSE:DCI – Get Free Report ) last posted its quarterly earnings results on Wednesday, August 28th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.06. The firm had revenue of $935.40 million during the quarter, compared to analysts’ expectations of $941.12 million. Donaldson had a net margin of 11.54% and a return on equity of 29.47%. On average, sell-side analysts predict that Donaldson Company, Inc. will post 3.63 earnings per share for the current year. Donaldson Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Monday, December 9th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date is Monday, December 9th. Donaldson’s dividend payout ratio (DPR) is 31.95%. Insider Transactions at Donaldson In related news, Director Willard D. Oberton sold 2,700 shares of the business’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $73.37, for a total transaction of $198,099.00. Following the sale, the director now owns 27,983 shares of the company’s stock, valued at approximately $2,053,112.71. The trade was a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link . Also, Director James Owens sold 5,210 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $71.74, for a total transaction of $373,765.40. Following the completion of the transaction, the director now directly owns 17,788 shares of the company’s stock, valued at approximately $1,276,111.12. This trade represents a 22.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here . In the last three months, insiders sold 167,805 shares of company stock valued at $12,310,222. Corporate insiders own 2.70% of the company’s stock. About Donaldson ( Free Report ) Donaldson Company, Inc manufactures and sells filtration systems and replacement parts worldwide. The company operates through three segments: Mobile Solutions, Industrial Solutions, and Life Sciences. Its Mobile Solutions segment provides replacement filters for air and liquid filtration applications, such as air filtration systems; liquid filtration systems for fuel, lube, and hydraulic applications; exhaust and emissions systems and sensors; indicators; and monitoring systems. Read More Five stocks we like better than Donaldson How to Invest in Small Cap Stocks The Latest 13F Filings Are In: See Where Big Money Is Flowing Why Invest in 5G? How to Invest in 5G Stocks 3 Penny Stocks Ready to Break Out in 2025 Health Care Stocks Explained: Why You Might Want to Invest FMC, Mosaic, Nutrien: Top Agricultural Stocks With Big Potential Want to see what other hedge funds are holding DCI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Donaldson Company, Inc. ( NYSE:DCI – Free Report ). 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A massive gold deposit with estimated reserves of over 1,000 tons has been discovered in southern China, Xinhua news agency reported on Thursday, citing Hunan Province’s geological bureau. According to the report, geologists have unearthed over 40 gold veins within a depth of 2,000 meters beneath the Wangu gold field in Pingjiang County. Within the depth of 3,000 meters, the site is estimated to contain over 1,000 tons of gold, valued at $83 billion, Xinhua reports. “Many drilled rock cores showed visible gold,” an ore-prospecting expert at the bureau, Chen Rulin, told the outlet. He noted that a ton of ore in the 2,000-meter range contained up to 138 grams of gold. The report also cited the vice head of the bureau, Liu Yongjun, as saying that the geologists used modern ore prospecting technologies, including 3D geological modeling. Liu said that test drilling around the Wangu field’s peripheral areas also showed promising potential. The latest discovery comes as gold prices have rallied to record highs amid growing global uncertainty, a weaker US dollar, and strong demand from central banks. China is the world’s leading gold producer, accounting for around 10% of global output in 2023, according to data from the World Gold Council. The share of gold in the overall reserves of the People’s Bank of China (PBOC) amounted to 5.7% at the end of October. Official bullion holdings remained unchanged at 2,264 tons in October, for the seventh consecutive month. In 2023, the PBOC outpaced all central banks, adding 225 tons of gold to its reserves. The country ranked sixth in the amount of gold it has in its reserves last year, behind Russia, France, Italy, Germany, and the US, according to Statista.
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It could be argued that 2024 wasn't the best year for television. Highly anticipated shows like the final season of “Stranger Things," “The Last of Us” and “The White Lotus” didn't even make it on the calendar and will instead return in 2025. Streamers and networks tightened their budgets by saying yes to less. Writing off this year's selection, however, seems unfair. There were new standout comedies, dramas, reality TV and remakes of old favorites that caught the attention of viewers, awards voters and the zeitgeist. In no particular order, here are 10 new shows from 2024 to check out before the new year. In 2024, pop culture experienced a Brodyssance when Netflix's “Nobody Wants This” reminded many why they had a crush on Adam Brody in the early aughts when he was on “The O.C.” In this rom-com created by Erin Foster, Brody plays a rabbi named Noah who begins dating a gentile named Joanne (the always entertaining Kristen Bell) and their courtship as thirtysomethings unfolds. Before reaching their happily ever after, a number of obstacles — like religious differences, family pressures and career goals — need to be addressed. Hope is not lost, however, and throughout it all Noah and Joanne remain a good match. The supporting cast, by the way, is also a delight. The British series “Supacell” introduced a smart spin on the superhero template. Created and written by Rapman, the show centers on a group of Black, working class people in London who discover they have superpowers. At first, it seems the powerful are linked by just the color of their skin but their real connection is a family history of sickle cell disease. The show addresses themes like the medical exploitation of the Black community , poverty and how the media often overlooks cases of missing people of color. The show has been renewed for a second season and is on Netflix. Another fresh take on the world of superheroes and their villains is “The Penguin,” on Max. The story picks up after the 2022 film “The Batman” starring Robert Pattinson but here, Batman is more a background character to the gangster story of Oz Cobb. Colin Farrell played the criminal kingpin in the Pattinson film and reprises that role here. Cristin Milioti has also gotten positive reviews — and a Golden Globe nomination — for her portrayal of villain Sofia Falcone. When CBS first announced a new “Matlock” with Kathy Bates in the lead role, it seemed like just a gender-flipped remake. Au contraire. Bates plays Madeline Kingston, a wealthy lawyer who comes out of retirement under the alias Mattie Matlock (with a similar folksy demeanor as Andy Griffith's). Her reason for returning to work is that she needs money but, in reality, she's out for revenge. It's also fun to see how the series addresses older people being often overlooked and underestimated, which Madeline sometimes leans into for her own benefit. It streams on Paramount+. (Bates also snagged a Globe nomination.) When “Vanderpump Rules” spinoff “The Valley” debuted on Bravo in spring, some fans rolled their eyes. It follows three former “Vanderpump” castmates — Jax Taylor, Brittany Cartwright and Kristen Doute — now living more settled lives amid a new circle of friends. Taylor and Doute knew the assignment — or just quickly fell into old habits of saying too much and stirring the pot. The new cast also impressed. Janet Caperna positioned herself as both above the drama and very much living for it. Jesse Lally showed vulnerability over the demise of his marriage to castmate Michelle Sanai, while also being an unapologetic snob. Viewers watched Taylor and Cartwright's marriage spiral, too (they're now divorcing). It streams on Peacock. Another adaptation with a twist is Prime Video's “Mr. & Mrs. Smith,” starring Donald Glover and Maya Erskine. It shares a title with the film starring Brad Pitt and Angelina Jolie, but differs dramatically: Glover and Erskine play spies assigned to pose as a married couple named John and Jane Smith. They quickly go from strangers to co-workers to lovers. Each episode sees John and Jane on a new assignment, with notable guest stars like Alexander Skarsgård, Michaela Coel and Sharon Horgan. The show was nominated for 16 Emmy Awards and three Golden Globes. Andrew Scott stars in “Ripley,” a neo-noir Netflix adaptation about the con artist and serial killer created by Patricia Highsmith. Like the 1999 movie starring Matt Damon, Gwyneth Paltrow and Jude Law, this limited series is based on the Highsmith's “The Talented Mr. Ripley.” Tom Ripley is hired by a wealthy businessman to travel to Italy and encourage his son, Dickie, who is living a life of leisure, to return to the States. Ripley ends up becoming enamored with Dickie's lifestyle and the ruse turns deadly. Brian Jordan Alvarez created and stars in FX's “English Teacher” as Evan, a high school teacher in Texas, juggling the normal demands of the job amid societal changes. In one episode, Evan must show sensitivity to a student who has self-diagnosed herself with a made-up disease. In another, he successfully gets the school's gun safety program shut down but then is told all faculty must receive firearm training. As the adults on the show often struggle with getting it right, it's the students who seem less bothered with labels. The show also has a great soundtrack. It streams on Hulu. “Shōgun” had a triumphant first season on FX, winning a historic 18 awards at this year's Emmys — including best drama series and best actor and actress in a drama for Hiroyuki Sanada and Anna Sawai. It's set during the power struggles in feudal Japan and is based on a 1975 James Clavell novel. FX didn't skimp on the production value, netting comparisons to “Game of Thrones.” It was originally planned as a limited series, but now two more seasons are planned. Episodes stream on Hulu. Jake Gyllenhaal starred in his first TV series, “Presumed Innocent,” for Apple TV+. Gyllenhaal is Rusty Sabich, a Chicago prosecutor accused of killing a colleague. Gyllenhaal's real brother-in-law, Peter Sarsgaard, plays Rusty's adversary, another lawyer trying to prove his guilt. The story comes from a Scott Turow novel that was made into a Harrison Ford film in 1990 but doesn't follow either to the letter. It was the streamer's most watched drama series so far and a second season has been ordered, with Gyllenhaal staying on as an executive producer.REYKJAVIK, Iceland (AP) – Icelanders are electing a new parliament Saturday after disagreements over immigration, energy policy and the economy forced Prime Minister Bjarni Benediktsson to pull the plug on his coalition government and call an early election. This is Iceland’s sixth general election since the 2008 financial crisis devastated the economy of the North Atlantic island nation and ushered in a new era of political instability. Opinion polls suggest the country may be in for another upheaval, with support for the three governing parties plunging. Benediktsson, who was named prime minister in April following the resignation of his predecessor, struggled to hold together the unlikely coalition of his conservative Independence Party with the centrist Progressive Party and the Left-Green Movement. Iceland, a nation of about 400,000 people, is proud of its democratic traditions, describing itself as arguably the world’s oldest parliamentary democracy. The island’s parliament, the Althingi, was founded in 930 by the Norsemen who settled the country. Fierce weather in the sub-Arctic nation threatened to hamper some voters getting to polling stations on Saturday, with heavy snow blocking roads in many areas. The weather could also delay the delivery of ballot boxes to counting centers after polls close at 10 p.m. (2200GMT). Here’s what to look for in the contest. Voters will choose 63 members of the Althingi in an election that will allocate seats both by regional constituencies and proportional representation. Parties need at least 5% of the vote to win seats in parliament. Eight parties were represented in the outgoing parliament, and 10 parties are contesting this election. Turnout is traditionally high by international standards, with 80% of registered voters casting ballots in the 2021 parliamentary election. A windswept island near the Arctic Circle, Iceland normally holds elections during the warmer months of the year. But on Oct. 13 Benediktsson decided his coalition couldn’t last any longer, and he asked President Halla Tómasdóttir to dissolve the Althingi. vhttps://twitter.com/BreitbartLondon/status/1797368452119761236 “The weakness of this society is that we have no very strong party and we have no very strong leader of any party,” said Vilhjálmur Bjarnason a former member of parliament. “We have no charming person with a vision ... That is very difficult for us.” The splintering of Iceland’s political landscape came after the 2008 financial crisis, which prompted years of economic upheaval after the country’s debt-swollen banks collapsed. The crisis led to anger and distrust of the parties that had traditionally traded power back and forth, and prompted the creation of new parties ranging from the environment focused Left-Green Alliance to the Pirate Party, which advocates direct democracy and individual freedoms. “This is one of the consequences of the economic crash,” said Eva H. Önnudóttir, a professor of political science at the University of Iceland. “It’s just the changed landscape. Parties, especially the old parties, have maybe kind of been hoping that we would go back to how things were before, but that’s not going to happen.” Like many Western countries, Iceland has been buffeted by the rising cost of living and immigration pressures. Inflation peaked at an annual rate of 10.2% in February 2023, fueled by the fallout from the COVID-19 pandemic and Russia’s invasion of Ukraine. While inflation slowed to 5.1% in October, that is still high compared with neighboring countries. The U.S. inflation rate stood at 2.6% last month, while the European Union ́s rate was 2.3%. Iceland is also struggling to accommodate a rising number of asylum-seekers, creating tensions within the small, traditionally homogenous country. The number of immigrants seeking protection in Iceland jumped to more than 4,000 in each of the past three years, compared with a previous average of less than 1,000. Repeated eruptions of a volcano in the southwestern part of the country have displaced thousands of people and strained public finances. One year after the first eruption forced the evacuation of the town of Grindavik, many residents still don’t have secure housing, leading to complaints that the government has been slow to respond. But it also added to a shortage of affordable housing exacerbated by Iceland ́s tourism boom. Young people are struggling to get a foot on the housing ladder at a time when short-term vacation rentals have reduced the housing stock available for locals, Önnudóttir said. “The housing issue is becoming a big issue in Iceland,” she said.
Former Vice President Atiku Abubakar has hosted the Labour Party’s 2023 presidential candidate, Peter Obi, at his residence in Yola, Adamawa State. The meeting, which was captured in a video shared by Atiku on his X (formerly Twitter) handle on Saturday, featured the two leaders having a meal together. Atiku captioned the post, “It is breakfast time with my friend, #PeterObi, in the ‘land of beauty.” The video shows Atiku and Obi seated at a dining table with other dignitaries, engaged in discussions over breakfast. The development marked another significant interaction between the two political figures since the 2023 general election. Their previous meeting occurred in May when Obi visited Atiku at the latter’s Abuja residence. During that period, Obi also met with other prominent members of the opposition Peoples Democratic Party (PDP), including former Jigawa State governor, Sule Lamido, and former Senate President Bukola Saraki. Those visits were Obi’s first interactions with his former political allies after defecting from the PDP to the Labour Party in May 2022. Chief Spokesman of Obi’s Presidential Campaign Organisation, Yunusa Tanko, had previously stated that the discussions in May focused on charting a path to rescue the “soul of Nigeria” from the ruling All Progressives Congress (APC). While the details of the latest meeting remained undisclosed, it sparked speculation about possible collaboration or alignment among key opposition figures ahead of 2027 general election. See More Photos Below: