Exela Technologies Inc. stock underperforms Friday when compared to competitorsThe following is a transcript of an interview with Rep. Mike Turner, Republican of Ohio, on "Face the Nation with Margaret Brennan" that aired on Dec. 8, 2024. MARGARET BRENNAN: We're joined now by the Chairman of the House Intelligence Committee, Ohio, Congressman Mike Turner. Just a stunning turn of events within such a short period of time. The US doesn't have a diplomatic presence inside of Syria. Our visibility is a little limited here. What is it that you think Americans need to know about this turn of events? REP. MIKE TURNER: Margaret, that was an excellent report, because you certainly laid the groundwork of this has been an incredibly brutal civil war with hundreds of thousandss of people dying, including the use of chemical weapons. And of course, reminding people that the Obama administration had said this would be a red line, that we would use military force to stop the use of chemical weapons, then failing to do so. This is a Islamic militia that has risen up and has continued and now is successfully toppling the Assad regime. As your report indicated, it's al Qaeda in its origins, but it opposes ISIS. It is Turkish-backed. This is a blow to Iran, a blow to Russia. We're seeing what is likely a disintegration in Syria. The big questions will be, what does this mean for the US? What does it mean for Iran, Russia, the neighbors of Israel and Jordan, which are strong allies of the United States? MARGARET BRENNAN: So you mentioned there, and we showed the picture of Abu Muhammad al-Jolani. He is the leader of Hayat Tahrir al-Sham, people call HTS. You're going to hear a lot about that in the coming days and weeks, the rebel group that appears to be taking control. But they are working also with the Prime Minister. The United States government has a ten million bounty on the head of Jolani. Do you think the United States still should keep that? Should Americans be concerned that this will mean something in terms of impact for terror threats to the United States. REP. TURNER: This is a terrorist organization and group, but this is not going to be just a passing of power and authority. It could be. We'll have to, obviously, watch that. You know, one of the things that we do see here, though, is this is a diplomatic failure with respect to the United States and Turkey. You know, the U.S. has troops in Syria. This is on the border of Turkey. Turkey is a NATO ally. The United States is working with the Kurds. This really could have been an opportunity for the United States to work to try to resolve the issue between the Kurds, Turkey and the United States and working with Turkish interests in Syria. Hopefully this could be an opportunity where there could be a diplomatic support there that hopefully could have- help in this transition in Syria. MARGARET BRENNAN: There are 900 US troops in Syria in the South. Donald Trump in 2019 pulled US troops out of northern Syria, abandoning our allies there. Do you believe he will stand by the 900 US troops that remain there? Or should he consider pulling them out when he takes office? REP. TURNER: Well I think, you know, one of the things that Donald Trump will make clear is, is that any any threat to us, troops will be unbelievably responded to. So everyone should understand, absolutely, the United States troops are to be secure. The second thing is, is he does absolutely support the Kurds and that he's going to look for a diplomatic solution. I think there will be an assessment as to whether or not those troops should remain. But it's, you know, I think here there is an opportunity for the parties, especially now that Iran and Russia's roles are going to be domin- diminished. They have been brutal in their support with Assad, the hundreds of thousands of people, including use of chemical weapons that have been killed, have been under the Russian influence there. Russia still has two bases, a naval and air force base there that are going to be, you know, both at risk for Russia, but also a risk to the population of Syria because they could- they have been used before to attack the Syrian population. We'll have to see what Russia does there. But this is going to be an area that's going to be highly volatile and in transition. MARGARET BRENNAN: And no idea where Bashar Al Assad might have fled to? REP. TURNER: No, not at this time. MARGARET BRENNAN: I want to ask you, since we're talking about the incoming administration, Donald Trump has chosen Tulsi Gabbard, the former Congresswoman, a former Democrat, now Republican, to be the Director of National Intelligence, overseeing 18 intelligence agencies. She not only went and met with Assad, she publicly doubted high confidence assessments by U.S. intelligence that he did what we showed you pictures of him doing, using chemical weapons there. Do you trust that she could actually represent the intelligence community, lead it and be trusted to brief the Commander in Chief? REP. TURNER: Well, I obviously differ in a great deal in a number of areas with both her judgment and and her background and experience, but what I do trust is the– MARGARET BRENNAN: –You're smiling when you're saying this– REP. TURNER: The Senate is the Senate process, and I think this- the senators are going to put her through a process. She has been nominated. She will go through the process, and I think there will be significant debate and evaluation. I think– MARGARET BRENNAN: –You don't think she'll be confirmed?-- REP. TURNER: –that Donald Trump has put together in his last term, and I think he will in this term, a great national security team. I think CIA director, Radcliffe, I think Mike Waltz as National Security Director, are both great examples of people who are going to be foundational. I think you're going to see a great national security team. MARGARET BRENNAN: Well, this is a community that you also have oversight of, so you may not vote in the Senate, but it sounds like she doesn't have your confidence. What about Pete Hegseth to run the Pentagon at a time of global instability? REP. TURNER: Yeah, I think the Chairman of the Armed Services in the Senate made a great statement. He said, we certainly support the process, and he has his support going through the process, and we'll have to see how that goes through. One thing that is absolutely clear is that the Pentagon needs reformed. We are not keeping pace with what Russia and China are doing in advanced weapon systems. At the same time, we're seeing the weapon systems of advanced technology that are being utilized on the battlefield of Ukraine, and our acquisition systems and our accounting systems, our spending systems are not working at the Pentagon– MARGARET BRENNAN: -That requires experience– REP TURNER: –We need reform. We need reform. Someone has to be able to lead that, and that's going to be the debate in the Senate. MARGARET BRENNAN: I love when I ask Congresspeople, and they just keep reminding me that they don't sit in the Senate and don't want to comment. I sense some some uncertainty there on your part, but I don't want to put words in your mouth. I want to ask you though about what is ticking down in Congress right now, and that is something there's a scramble at the end of this year to get a bunch of work done. Your Democratic colleague in the Senate, Mark Warner, said "it is an urgent priority to address cybersecurity gaps in these final weeks." Is it a priority for you to do something because of this massive breach by China, of U.S. Telecom? REP. TURNER: You know, one thing that's- it's very disappointing, and we've seen from this administration, this this malaise of this stasis of where they're unable to move as a result of the president unable to make a decision. Here we have this massive breach, this hack that has occurred from China, but we're hearing nothing from the president himself, no action from this administration as to what their- what consequences that will be. This is not- doesn't need just a technological fix. This needs also a diplomatic fix, a nation to nation, consequences to China– MARGARET BRENNAN: –What would consequences look like? REP. TURNER: Now in the Obama administration, in the Obama administration, China hacked the personnel management system of the US government, and there were no consequences, and now we're seeing China hack the entire system of the nation. There needs to be consequences. They can be economic. They can be in a number of ways. But right now we have zero, we have nothing coming out of the administration. What need to be talking about is not technologically how do we fix this? But how do we address, which is what Donald Trump is doing, is coming in and saying China is our most, gravest threat. How do we address the fact that China is aggressively attacking the United States, and they're doing that in our telecom? MARGARET BRENNAN: Question for the incoming administration to pick that up. Thank you, Chair Turner. "Face the Nation" will be back in a minute. Stay with us.Major car brand to RELAUNCH iconic motor 18 years after production stopped leaving eager shoppers thrilled
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The new, 12-team College Football Playoff brings with it a promise to be bigger, more exciting, more lucrative. Perfect or 100% fair? Well, nobody ever believed that. The first expanded playoff bracket unveiled Sunday left a presumably deserving Alabama team on the sideline in favor of an SMU squad that finished with a better record after playing a schedule that was not as difficult. It ranked undefeated Oregon first but set up a possible rematch against Ohio State, the team that came closest to beating the Ducks this year. It treated underdog Boise State like a favorite and banged-up Georgia like a world beater at No. 2. It gave Ohio State home-field advantage against Tennessee for reasons it would take a supercomputer to figure out. It gave the sport the multiweek tournament it has longed for, but also ensured there will be plenty to grouse about between now and when the trophy is handed out on Jan. 20 after what will easily be the longest college football season in history. All of it, thankfully, will be sorted out on the field starting with first-round games on campuses Dec. 20 and 21, then over three succeeding rounds that will wind their way through traditional bowl sites. Maybe Oregon coach Dan Lanning, whose undefeated Ducks are the favorite to win it all, put it best when he offered: "Winning a national championship is not supposed to be easy.” Neither, it turns out, is figuring out who should play for it. The Big Ten will lead the way with four teams in the tournament, followed by the SEC with three and the ACC with two. The lasting memory from the inaugural bracket will involve the decision that handed the ACC that second bid. Alabama of the SEC didn't play Saturday. SMU of the ACC did. The Mustangs fell behind by three touchdowns to Clemson before coming back to tie. But they ultimately lost 34-31 on a 56-yard field goal as time expired. “We were on pins and needles,” SMU coach Rhett Lashley said. “Until we saw the name ‘SMU’ up there, we were hanging on the edge. We're really, really happy and thankful to the committee for rewarding our guys for their total body of work." The Mustangs only had two losses, compared to three for the Crimson Tide. Even though SMU's schedule wasn't nearly as tough, the committee was impressed by the way the Mustangs came back against Clemson. “We just felt, in this particular case, SMU had the nod above Alabama,” said Michigan athletic director Warde Manuel, the chairman of the selection committee. “But it’s no disrespect to Alabama’s strength of schedule. We looked at the entire body of work for both teams.” Alabama athletic director Greg Byrne was gracious, up to a point. “Disappointed with the outcome and felt we were one of the 12 best teams in the country,” he said on social media. He acknowledged — despite all of Alabama’s losses coming against conference opponents this season — that the Tide’s push to schedule more games against teams from other major conferences in order to improve its strength of schedule did not pay off this time. “That is not good for college football," Byrne said. Georgia, the SEC champion, was seeded second; Boise State, the Mountain West champion, earned the third seed; and Big 12 titlist Arizona State got the fourth seed and the fourth and final first-round bye. All will play in quarterfinals at bowl games on Dec. 31-Jan. 1. Clemson stole a bid and the 12th seed with its crazy win over SMU, the result that ultimately cost Alabama a spot in the field. The Tigers moved to No. 16 in the rankings, but got in as the fifth-best conference winner. The conference commissioners' idea to give conference champions preferable treatment in this first iteration of the 12-team playoff could be up for reconsideration after this season. The committee actually ranked Boise State, the Mountain West Champion, at No. 9 and Big 12 champion Arizona State at No. 12, but both get to skip the first round. Another CFP guideline: There’s no reseeding of teams after each round, which means no break for Oregon. The top-seeded Ducks will face the winner of Tennessee-Ohio State in the Rose Bowl. Oregon beat Ohio State 32-31 earlier this year in one of the season’s best games. No. 12 Clemson at No. 5 Texas, Dec. 21. Clemson is riding high after the SMU upset, while Texas is 0-2 against Georgia and 11-0 vs. everyone else this season. The winner faces ... Arizona State in the Peach Bowl. Huh? No. 11 SMU at No. 6 Penn State, Dec. 21. The biggest knock against the Mustangs was that they didn't play any big boys with that 60th-ranked strength of schedule. Well, now they get to. The winner faces ... Boise State in the Fiesta Bowl. Yes, SMU vs. Boise was the quarterfinal we all expected. No. 10 Indiana at No. 7 Notre Dame, Dec. 20. Hoosiers coach Curt Cignetti thought his team deserved a home game. Well, not quite but close. The winner faces ... Georgia in the Sugar Bowl. The Bulldogs got the No. 2 seed despite a throwing-arm injury to QB Carson Beck. But what else was the committee supposed to do? No. 9 Tennessee at No. 8 Ohio State , Dec. 21. The Buckeyes (losses to Oregon, Michigan) got home field over the Volunteers (losses to Arkansas, Georgia) in a matchup of programs with two of the biggest stadiums in football. The winner faces ... Oregon in the Rose Bowl. Feels like that matchup should come in the semifinals or later. Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.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.The Wolverines started the season ranked No. 9 in the AP Top 25, making them the third college football team since 1991 to be ranked worse than seventh in the preseason poll after winning a national title. Michigan (6-5, 4-4 Big Ten) failed to meet those modest expectations, barely becoming eligible to play in a bowl and putting the program in danger of losing six or seven games for the first time since the Brady Hoke era ended a decade ago. The Wolverines potentially can ease some of the pain with a win against rival and second-ranked Ohio State (10-1, 7-1, No. 2 CFP) on Saturday in the Horseshoe, but that would be a stunning upset. Ohio State is a 21 1/2-point favorite, according to the BetMGM Sportsbook, and that marks just the third time this century that there has been a spread of at least 20 1/2 points in what is known as "The Game." Michigan coach Sherrone Moore doesn't sound like someone who is motivating players with an underdog mentality. "I don't think none of that matters in this game," Moore said Monday. "It doesn't matter the records. It doesn't matter anything. The spread, that doesn't matter." How did Michigan end up with a relative mess of a season on the field, coming off its first national title since 1997? Winning it all with a coach and star player contemplating being in the NFL for the 2024 season seemed to have unintended consequences for the current squad. The Wolverines closed the College Football Playoff with a win over Washington on Jan. 8; several days later quarterback J.J. McCarthy announced he was skipping his senior season; and it took more than another week for Jim Harbaugh to bolt to coach the Los Angeles Chargers. In the meantime, most quality quarterbacks wanting to transfer had already enrolled at other schools and Moore was left with lackluster options. Davis Warren beat out Alex Orji to be the team's quarterback for the opener and later lost the job to Orji only to get it back again. No matter who was under center, however, would've likely struggled this year behind an offensive line that sent six players to the NFL. The Wolverines lost one of their top players on defense, safety Rod Moore, to a season-ending injury last spring and another one, preseason All-America cornerback Will Johnson, hasn't played in more than a month because of an injury. The Buckeyes are not planning to show any mercy after losing three straight in the series. "We're going to attack them," Ohio State defensive end Jack Sawyer said. "We know they're going to come in here swinging, too, and they've still got a good team even though the record doesn't indicate it. This game, it never matters what the records are." While a win would not suddenly make the Wolverines' season a success, it could help Moore build some momentum a week after top-rated freshman quarterback Bryce Underwood flipped his commitment from LSU to Michigan. "You come to Michigan to beat Ohio," said defensive back Quinten Johnson, intentionally leaving the word State out when referring to the rival. "That's one of the pillars of the Michigan football program. "It doesn't necessarily change the fact of where we are in the season, but it definitely is one of the defining moments of your career here at Michigan." AP Sports Writer Mitch Stacy in Columbus, Ohio, contributed to this report.
NoneBritish Columbia's housing crisis is a cruel irony. We face a desperate shortage of long-term rentals, yet witness hotels lobbying to strangle legal short-term rentals (STRs). This hypocrisy exposes a truth – for some, profit trumps people. The recent regulations targeting legal STRs were lauded as a victory for affordability. Yet, a closer look reveals a smokescreen. Hotels, facing competition from platforms like Airbnb, lobbied heavily for these restrictions. Here's the catch: while painting themselves as champions of long-term housing, these same hotels are proposing serviced apartments – essentially, short-term rentals under a different label. Take the 129-room TownePlace Suites by Marriott, a multinational corporation building the region’s first extended stay hotel, which hotels refer to as “serviced apartments” to avoid the taint of “airbnb”. The three-storey all-suite hotel will feature studio, one-bedroom and two-bedroom units with fully equipped kitchens. This is blatant hypocrisy. If hotels truly prioritize tourism, wouldn't they support regulations that address Victoria's documented 2,000-room hotel shortage? Instead, they advocate for policies that remove 600 legal STRs from Victoria's downtown market, further squeezing visitor options with their oligopoly. This raises a troubling question: are these regulations truly about long-term housing, or about protecting established (often multinational) hotel chains? Consider the plight of a legal STR owner in Victoria. Their 250-square-foot unit, demonstrably not suitable for a long-term tenant, languishes on the sales market at $299K for over 60 days. Meanwhile, countless other micro-studios have not been rentable either – they are not affordable to rent for many individuals at $1,900 a month and the size makes them challenging for couples to live in full time. This example highlights the reality – many legal STRs wouldn't become homes or long-term rentals even if forced. B.C. needs a nuanced solution. We can't ignore the tourism industry's needs, but sacrificing residents on the altar of hotel profits is unacceptable. Instead, let's focus on: increased development of purpose-built rentals: This directly addresses the long-term housing shortage. Regulation of REITs (Real estate investment trusts) which own 30-48% of rental housing and benefit from the fact that Canadian law exempts them from corporate taxes as long as profits are distributed to investors. When investors control housing stock the pressure to generate profit rises and landlords are incentivized to evict residents and raise rental prices. Allow micro-condos (under 400 sq. ft.) unsuitable for long-term rentals in appropriately zoned downtown tourism areas to offer short-term rentals: They are not taking away affordable or appropriate housing. The current approach is a disservice to British Columbians. We deserve a housing strategy that prioritizes residents, fosters responsible tourism, and avoids falling prey to industry lobbying masquerading as public policy. Let's build a B.C. where both residents and visitors can thrive.
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HUNTSVILLE, Ala. (AP) — Paul Zilinskas put up 32 points as IU Indianapolis beat Alabama A&M 88-83 on Monday. Zilinskas shot 11 for 20 (5 for 10 from 3-point range) and 5 of 5 from the free-throw line for the Jaguars (3-5). Jarvis Walker scored 13 points while going 3 of 9 from the floor, including 2 for 5 from 3-point range, and 5 for 7 from the line. Timaris Brown and Sean Craight both added 11 points. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.Williams 3-9 1-1 7, Hutchinson 3-11 0-0 6, Reese 2-9 0-0 4, Thompson 6-11 2-4 14, Thornton 4-12 1-2 10, Robinson 0-0 0-0 0, Polk 0-0 0-0 0, Waddle 2-8 0-0 4, Chairs 0-3 0-0 0, Schultz 1-3 0-0 3, Wilson 0-3 2-2 2, Totals 21-69 6-9 50 Daniels 4-8 3-4 11, Eke 3-8 1-2 7, Ladine 5-11 0-0 12, Sellers 5-8 5-6 16, Stines 2-8 1-1 6, Anderson 1-1 0-0 2, Gillmer 2-4 0-0 4, McDonald 0-1 0-0 0, Briggs 1-3 0-0 2, Brown 2-4 0-0 5, Coppinger 0-2 0-0 0, Totals 25-58 10-13 65 3-Point Goals_Prairie View 2-10 (Hutchinson 0-3, Thompson 0-1, Thornton 1-2, Chairs 0-2, Schultz 1-2), Washington 5-19 (Daniels 0-1, Ladine 2-5, Sellers 1-3, Stines 1-4, Gillmer 0-1, Briggs 0-1, Brown 1-2, Coppinger 0-2). Assists_Prairie View 6 (Thornton 3), Washington 12 (Sellers 3). Fouled Out_None. Rebounds_Prairie View 30 (Hutchinson 5, Waddle 5), Washington 48 (Eke 14). Total Fouls_Prairie View 17, Washington 9. Technical Fouls_None. A_1,665.
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Yes, an Italian village is offering $1 homes to Americans following the electionKirk LaPointe: Alberta's 'get things done' edge leaves B.C. behind in investment race( MENAFN - Newsfile Corp) Vancouver, British Columbia--(Newsfile Corp. - December 27, 2024) - Inspiration (CSE: ISP) ("Inspiration" or the "Company") announces the granting of stock options to certain directors and consultants of the Company to purchase an aggregate of 350,000 common shares of the Company at an exercise price of C$0.07 per share, expiring in two years from the date of grant. The Options were issued pursuant to the terms of the Company's stock option plan and the requirements of the Canadian Securities Exchange. About Inspiration energy Corp. Inspiration Energy Corp. is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. Its objective is to locate and develop properties of merit and to conduct exploration on the Company's properties. For more information, please refer to the Company's information available on SEDAR+ ( ). On Behalf of the Board of Directors Charles Desjardins CEO, President and Director Phone: 604-808-3156 Email: ...gy Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release. FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR+ in Canada (available at ). To view the source version of this press release, please visit SOURCE: Inspiration Energy Corp. MENAFN27122024004218003983ID1109035929 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
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