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MUMBAI: France's TotalEnergies on Monday said it won't make any fresh financial contribution as part of its investments in companies of the Adani Group till it gets clarity on accusations against certain officials in the Indian conglomerate and their consequences. "Until such time when the accusations against the Adani Group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani Group of companies," TotalEnergies said in a statement. The French energy company added that it was through public announcements made by US authorities that it learnt of the indictment of certain individual Adani Group executives in relation to an alleged corruption scheme linked to the business of Adani Green Energy Ltd (AGEL). "This indictment does not target AGEL itself, nor any AGEL-related companies," it said. Shares of AGEL fell on the news, closing 8.05% lower at Rs 967.65 apiece on the BSE on Monday, underperforming a 1.25% rise in the benchmark Sensex. Adani Total Gas lost 1.43% to Rs 600.75 apiece. On 21 November, the US Department of Justice and the US Securities and Exchange Commission charged Gautam Adani , his nephew Sagar Adani , and AGEL managing director and CEO Vneet Jaain over allegedly bribes of over $250 million to Indian government officials, aimed at helping AGEL secure solar energy contracts from the Solar Energy Corporation of India (SECI), which in turn collated contracts between SECI and various Indian state electricity distribution companies. Artificial Intelligence(AI) AI and Analytics based Business Strategy By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI View Program Finance A2Z Of Money By - elearnmarkets, Financial Education by StockEdge View Program Finance AI and Generative AI for Finance By - Hariom Tatsat, Vice President- Quantitative Analytics at Barclays View Program Web Development Advanced Java Mastery: Object-Oriented Programming Techniques By - Metla Sudha Sekhar, IT Specialist and Developer View Program Office Productivity Mastering Google Sheets: Unleash the Power of Excel and Advance Analysis By - Metla Sudha Sekhar, IT Specialist and Developer View Program Leadership Building Your Winning Startup Team: Key Strategies for Success By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Strategy ESG and Business Sustainability Strategy By - Vipul Arora, Partner, ESG & Climate Solutions at Sattva Consulting Author I Speaker I Thought Leader View Program Web Development Advanced C++ Mastery: OOPs and Template Techniques By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) AI for Everyone: Understanding and Applying the Basics on Artificial Intelligence By - Ritesh Vajariya, Generative AI Expert View Program Office Productivity Advanced Excel Course - Financial Calculations & Excel Made Easy By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development Intermediate C++ Skills: Master Pointers, Structures and File Stream By - Metla Sudha Sekhar, IT Specialist and Developer View Program Office Productivity Microsoft Word Mastery: From Beginner to Expert By - CA Raj K Agrawal, Chartered Accountant View Program Finance A2Z Of Finance: Finance Beginner Course By - elearnmarkets, Financial Education by StockEdge View Program Leadership Boosting Startup Revenue with 6 AI-Powered Sales Automation Techniques By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Data Science MySQL for Beginners: Learn Data Science and Analytics Skills By - Metla Sudha Sekhar, IT Specialist and Developer View Program Marketing Modern Marketing Masterclass by Seth Godin By - Seth Godin, Former dot com Business Executive and Best Selling Author View Program Web Development Django & PostgreSQL Mastery: Build Professional Web Applications By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) ChatGPT Mastery from Zero to Hero: The Complete AI Course By - Metla Sudha Sekhar, IT Specialist and Developer View Program Leadership Business Storytelling Masterclass By - Ameen Haque, Founder of Storywallahs View Program Artificial Intelligence(AI) Tabnine AI Masterclass: Optimize Your Coding Efficiency By - Metla Sudha Sekhar, IT Specialist and Developer View Program Office Productivity Zero to Hero in Microsoft Excel: Complete Excel guide 2024 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development Intermediate Java Mastery: Method, Collections, and Beyond By - Metla Sudha Sekhar, IT Specialist and Developer View Program In January 2021, TotalEnergies bought a minority stake in AGEL. Its current shareholding is at 19.75%. As part of its strategy to grow its renewable energy portfolio in India, this September, TotalEnergies Renewables Singapore Pte Ltd and Adani Renewable Energy Sixty Four Ltd formed an equal joint venture wherein Total invested about $444 million. The JV company will house a 1,150-megawatt (MW) of renewable energy portfolio. "TotalEnergies recalls that its investments in Adani's entities were undertaken in full compliance with applicable laws, and with TotalEnergies' internal governance processes pursuant to due diligence and representations made by the sellers," the company said, adding that in particular, TotalEnergies was not made aware of the existence of an investigation into the alleged corruption scheme. Total also owns a 37.4% stake in Adani Total Gas, which operates the company's city gas distribution business that retails compressed natural gas to automobiles and piped natural gas to households for cooking. Last February, following allegations by a US short-seller, Total had put on hold a planned investment in Adani Group's $50 billion green hydrogen project. The company had in June 2022 announced its plan to buy a 25% equity in Adani New Industries Ltd, the Adani Group firm that is investing $50 billion over 10 years in the green hydrogen business. Nominations for ET MSME Awards are now open. The last day to apply is November 30, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award. (You can now subscribe to our Economic Times WhatsApp channel )Amazon and Starbucks workers are on strike. Trump might have something to do with it Amazon delivery drivers and Starbucks baristas are on strike in a handful of U.S. cities as they seek to exert pressure on the two major companies to recognize them as unionized employees or to meet demands for an inaugural labor contract. Strikes during busy periods like the holidays can help unions exercise leverage during negotiations or garner support from sympathetic consumers. One expert says he thinks workers at both companies are “desperate” to make progress before President-elect Donald Trump can appoint a Republican majority to the National Labor Relations Board. Workers at Starbucks, Amazon and some other prominent consumer brands are fighting for their first contracts after several locations voted to unionize. Bluesky finds with growth comes growing pains — and bots Bluesky has seen its user base soar since the U.S. presidential election, boosted by people seeking refuge from Elon Musk’s X, or wanting an alternative to Meta’s Threads and its algorithms. The platform grew out of the company then known as Twitter and was eventually intended to replace it. While this is still very much a pie in the sky, Bluesky’s growth trajectory could make it a serious competitor to other social platforms. With growth, though, comes growing pains. It’s not just human users who’ve been flocking to Bluesky but also bots, including those designed to create partisan division or direct users to junk websites. Party City to close its stores as company files for bankruptcy LOS ANGELES (AP) — Party City announced that it's going to “wind down” its retail and wholesale operations as it prepares to shutter nearly 700 stores nationwide. The company said Saturday it has also filed for Chapter 11 bankruptcy protection "to maximize value for the benefit of the company’s stakeholders.” The New Jersey-based retailer said it will keep more than 95% of its 12,000 employees to help with the process of closing down. Customers have flocked to Party City for Halloween costumes, favors for children’s birthday parties and decorations for New Year’s Eve celebrations for nearly 40 years. It has faced growing competition from Walmart and Target and from occasion-based pop-up stores such as Spirit Halloween. A million taxpayers will soon receive up to $1,400 from the IRS. Who are they and why now? Approximately 1 million taxpayers will automatically receive special payments of up to $1,400 from the IRS in the coming weeks. The money will be directly deposited into eligible people’s bank accounts or sent in the mail by a paper check. Most people shouldn't get their hopes up about receiving the cash. The IRS says it’s distributing about $2.4 billion to taxpayers who failed to claim a Recovery Rebate Credit on their 2021 tax returns after missing one of the COVID stimulus payments or receiving less than the full amount. The IRS says most taxpayers eligible for the federal stimulus payments received them. 'Sonic 3' bests 'Mufasa: The Lion King' at the box office NEW YORK (AP) — In the holiday season battle of big-budget family movies, Paramount Pictures’ “Sonic the Hedgehog 3” sped past the Walt Disney Co.’s “Mufasa: The Lion King” to take the top spot at the box office. The results came just ahead of the lucrative Christmas corridor in theaters. According to studio estimates, “Sonic the Hedgehog 3” debuted with $62 million in ticket sales over the weekend. “Mufasa,” however, was humbled in its opening weekend, coming in notably shy of expectations. It returned just $35 million in domestic ticket sales. Farmers are still reeling months after Hurricane Helene ravaged crops across the South LYONS, Ga. (AP) — Farmers in Georgia are still reeling more than two months after Hurricane Helene blew away cotton, destroyed ripened squash and cucumbers and uprooted pecan trees and timber. Agribusinesses in other Southern states saw costly damage as well. The University of Georgia estimates the September storm inflicted $5.5 billion in direct losses and indirect costs in Georgia alone. In rural Toombs County, Chris Hopkins just finished harvesting his ravaged cotton crop and figures he lost half of it, costing him about $430,000. Poultry grower Jeffrey Pridgen in Georgia's Coffee County had four of his 12 chicken houses destroyed and others badly damaged. Farmers say more government disaster assistance is needed. Ex-OpenAI engineer who raised legal concerns about the technology he helped build has died Suchir Balaji, a former OpenAI engineer and whistleblower who helped train the artificial intelligence systems behind ChatGPT and later said he believed those practices violated copyright law, has died, according to his parents and San Francisco officials. He was 26. He was well-regarded by colleagues at the San Francisco company, where a co-founder this week called him one of OpenAI’s strongest contributors who was essential to developing some of its products. But he grew disillusioned with the company and told The Associated Press this fall he would “try to testify” in copyright infringement cases against it. Federal Reserve's preferred inflation gauge shows price pressures eased last month WASHINGTON (AP) — An inflation gauge that is closely watched by the Federal Reserve barely rose last month in a sign that price pressures cooled after two months of sharp gains. Prices rose just 0.1% from October to November. Excluding the volatile food and energy categories, prices also ticked up just 0.1%, after two months of outsize 0.3% gains. The milder inflation figures arrived two days after Federal Reserve officials, led by Chair Jerome Powell, rocked financial markets by revealing that they now expect to cut their key interest rate just two times in 2025, down from four in their previous estimate. Albania to close TikTok for a year blaming it for promoting violence among children TIRANA, Albania (AP) — Albania’s prime minister says the government will shut down video service TikTok for one year, blaming it for inciting violence and bullying, especially among children. Albanian authorities held 1,300 meetings with teachers and parents following the stabbing death of a teenager in mid-November by another teenager following a quarrel that started on TikTok. Prime Minister Edi Rama, speaking at a meeting with teachers and parents, said TikTok “would be fully closed for all. ... There will be no TikTok in the Republic of Albania.” Rama says the ban will begin sometime next year. Albanian children comprise the largest group of TikTok users in the country, according to domestic researchers. Stock market today: Wall Street rises to turn a dismal week into just a bad one NEW YORK (AP) — U.S. stocks rose to turn what would have been one of the market’s worst weeks of the year into just a pretty bad one. The S&P 500 rallied 1.1% Friday to shave its loss for the week down to 2%. The Dow Jones Industrial Average jumped nearly 500 points, and the Nasdaq composite gained 1%. A report said a measure of inflation the Federal Reserve likes to use was slightly lower last month than expected. It’s an encouraging signal after the Fed shocked markets Wednesday by saying worries about inflation could keep it from cutting interest rates in 2025 as much as earlier thought.Invesco Balanced-Risk Commodity Strategy Fund Q3 2024 Commentary
No. 21 Arizona State on the rise in Kenny Dillingham's second season as coachOptimization technology offers TikTok Shop Live sellers viewer insights to boost sales NEW YORK , Nov. 25, 2024 /PRNewswire/ -- Stickler today announced its launch as the first – and only – Live Selling Analytics Platform in the TikTok Shop App Store. With TikTok Shop rapidly expanding its global footprint in live commerce, Stickler's app sets a new standard for data-driven optimization, enabling brands, agencies and sellers to scale their live selling with ease and at very low cost. Stickler's solution also supports every local language where TikTok Shop operates to empower sellers worldwide by providing unparalleled insights into their live stream performance. "We've tracked over 100,000 hours of Live Commerce and understand the best practices of live selling and what makes it work. We're very happy to partner with TikTok Shop to release our technology through the App Store to help merchants in the U.S. when going live on TikTok Shop," said Stickler founder and CEO Fionn Hyndman . TikTok Shop guards its total retail sales closely, but Hyndman said he expects TikTok Shop will be delivering over $3 billion a month in GMV in the U.S. over November and December, and the number of live streams and session length should increase 30-60%, month-on-month. "We think it's safe to say that clients who go live are seeing it generate a return," Hyndman said. "Very few sellers are optimizing their live selling for TikTok's algorithm or the consumer. They need a tool like Stickler to give them the insight they lack. Insights drive effectiveness. Effectiveness drives results. And results drive spend. It has always been that way." TikTok Shop's Product Lead noted Stickler's app is the "best-in-class product that I've seen so far on the market when it comes to serving a global market and the challenges and nuances that come with Eastern and Western markets." Hyndman and team have been offering Stickler's custom app to brands in Southeast Asia since 2023, working with some of the region's leading traditional and direct-to-consumer brands. The Stickler live-selling app is now available now in the U.S. TikTok Shop App Store and across all TikTok Shop markets globally through custom application. For further information about the company and its services, visit http://www.stickler.live/ or please contact; Fionn Hyndman [email protected] STICKLER FACT SHEET Founded in 2022, Stickler is a software-as-a-service platform focused on live commerce optimization. Stickler combines cutting-edge analytics with scalable optimization tools. Its three flagship products –Stickler, LiveScope, and LiveStage – empower brands to maximize their live selling results efficiently and effectively. Key Features of Stickler's TikTok Shop Integration Exclusive Analytics for Live Selling: Stickler is the only platform providing comprehensive analytics for TikTok live streams, capturing video, audio and engagement metrics. Auto-Reporting: Automatically generates detailed post-stream reports, including sales data, audience engagement and actionable insights. Real-Time Monitoring: Seamlessly connects to clients' TikTok Shop accounts to capture every stream and track likes, comments, shares, follows, and gifts. Host and Messaging Analysis: Transcribes audio to identify impactful host actions, promotions, and messaging that resonate—or have a negative affect. Multi-Market and Multi-Language Support: Fully operational in every TikTok Shop market, with tailored support for local languages and cultural nuances. Why Live Commerce Analytics & Optimization Matter As live commerce emerges as a ascendent form of online retail, TikTok Shop continues to lead with its innovative approach to engaging consumers and selling through a marketplace that is more similar to Amazon than Meta. Stickler amplifies this success by equipping sellers with the tools to: Understand What Drives Sales: Correlate host actions, promotions and offers with spikes in engagement and revenue. Protect Brand Safety: Detect any messaging misalignments to safeguard brand reputation. Improve ROI: Use actionable insights from Stickler's analytics to optimize future streams. Stickler's Unique Selling Points Stickler was built to address the complexities of live commerce at scale. Its integration with TikTok Shop's App Store means brands and sellers can – for the first time – access real-time, actionable insights to optimize their live streams across markets. No more guesswork – just data-driven decisions to drive engagement, sales, and ROI. Many companies, brands and prominent sellers have told Stickler they don't understand this new way of going live via TikTok. Looking at available data, most successful brands go live for many more hours on TikTok Live than on other platforms. Stickler has cracked the best, most-effective way to optimize customer engagements and is making it globally available for sellers in every local language where TikTok Shop operates across 10 countries and markets. About Stickler Pte Ltd Stickler is a Live Commerce (Live Selling) enablement platform. We work with brands, creators, agencies and ecommerce companies to help them scale Live Commerce. We help manage the work flow and optimisation and help sellers do more with less resource. We don't believe in multi-streaming, we believe in being as effective as possible when you do stream. We are a multi-platform tool, designed with sellers at heart, aiming to make their Life, and their Lives easier Press Contact: Fionn Hyndman 16462432994 http://www.stickler.live SOURCE Stickler Pte Ltd
Nov. 21 (UPI) -- Police and members of the public came together in Utah to rescue an escaped horse that went running on a busy highway. The Springville Police Department said the filly was first spotted near the Walmart store in Springville before making her way down Spanish Fork Main Street. "She then 'stirruped' some trouble and wanted a butter burger at Culver's, then [traveled] down US-6 where unsuspecting drivers saw a full siren police chase with her," the department said on social media. Police were able to corner the horse at Motor Sportsland. "We had a couple of awesome citizens who our girl took a liking to and assisted officers with roping, bridling, and after hours of work, were able to get her in the [Utah County Sheriff's Office] trailer," the post said. Read MoreGeneral Motors agrees deal to become 11th F1 team from 2026
No. 14 ASU, No. 17 Iowa State front-runners for possibly wild Big 12 finish
LANDOVER, Md. (AP) — Austin Seibert missed his second extra point of the game with 21 seconds left after Washington’s Jayden Daniels and Terry McLaurin connected on an 86-yard touchdown, Dallas’ Juanyeh Thomas returned the ensuing onside kick attempt for a touchdown, and the Cowboys pulled out a 34-26 victory Sunday that extended the Commanders’ skid to three games. Seibert, who missed the previous two games with a right hip injury, was wide left on the point-after attempt following a low snap. Thomas then took the kick back 43 yards as the Cowboys (4-7) ended their losing streak at five in improbable fashion. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
Sweet 16: Hockomock League flexes its muscles in the postseason
10'000 Hours Extrapolation is a dangerous tendency in the stock market, and Four Corners ( NYSE: FCPT ) seems to be priced with extrapolation in mind. The restaurant REIT has put together a strong track record of steady, medium-paced growth and with a 16X forward multiple, it seems the market is extrapolating its history. S&P Global Market Intelligence While we believe FCPT is a reasonably well-managed company, it has been operating in an easy-mode environment for most of its history. An inflection point is coming to the restaurant landscape, which could slow growth and potentially upset FCPT’s nearly flawless historical rent collection. This article will discuss the following: FCPT leases, tenants and cashflows Restaurant industry tailwinds becoming headwinds Valuation relative to peers Investment alternatives better positioned than FCPT FCPT niche focus on restaurants Many triple net REITs have some restaurants in their portfolio, but Four Corners intentionally concentrated its portfolio in restaurants, which is a concept I actually like quite a bit. When companies focus their portfolios on specific niches, it allows investors to obtain pinpoint exposure. While at a company level, there is a lack of diversification, investors can create their own diversification. So while FCPT is mostly restaurant, if an investor owns it in a portfolio otherwise not exposed to restaurants, they can still be diversified. As such, I don’t see any problem with FCPT being so concentrated in restaurants and getting roughly half of its revenue from a single tenant (Darden). In fact, the targeted restaurant exposure has been a boon for the company due to the extreme strength of restaurants in the last 5 years, which has contributed to its AFFO/share growth outperformance over peers. FCPT scores well on traditional triple net statistics. Occupancy is full at 99.6% and tenants are consistently paying rent on time. FCPT Long lease terms along with moderate rent escalators provide decent organic growth. One of the sticking points of triple net REITs can be what happens on lease renewal. Some leases are signed above market rates as part of an initial sale-leaseback transaction which can cause poor rent recapture rates on renewal. Thus, we like to check current lease rates against market rates to ensure leases are at or below market. FCPT’s leases are at just over $22 rent per foot which is on the low end and tenant EBITDAR coverage of rent is healthy at just over 5X. Each of these metrics suggests current leases are toward the conservative end which bodes well for maintaining or growing lease income upon renewal. FCPT’s tenant roster is robust. FCPT Note that Darden ( DRI ) owns more brands than just Olive Garden, so FCPT’s exposure to them is even larger than the 35% of rent that comes from Olive Garden locations. This is an unusually concentrated tenant roster compared to other REITs, but both Darden and Longhorn are among the largest and most profitable in the sit-down dining space. The main weakness on the tenant roster is the 1.6% of ABR coming from Red Lobster, which is in the bankruptcy process. All 18 of FCPT’s leases with Red Lobster have been affirmed in hearings which indicates 2 things: Four wall EBITDA coverage is well over 1.0X at these particular locations 18 out of 18 affirmed suggests FCPT’s acquisition underwriting is perspicacious. These particular locations are clearly among the more profitable of Red Lobster’s broader operations. On the liabilities side of the balance sheet, FCPT operates at 5.6X debt to EBITDA, which is right in line with the institutionally “recommended” level for REITs. Some combination of luck and skill allowed FCPT to not have to roll much of its debt during the higher interest rate environment, which has kept its weighted average cost of borrowing at 3.94%. FCPT This has been excellent for cashflows over the past few years, but does risk interest expense increasing going forward. With a 10-year Treasury yield at 4.4% today, debt that rolls will likely have to be refinanced at rates significantly more expensive than the current 3.94%. Below is FCPT’s debt maturity ladder: FCPT Given a generally strong balance sheet and ample cashflows, I don’t see material solvency risk or difficulty in refinancing, but interest expense will likely increase for the next few years as cheap debt rolls to more expensive debt. This will be a slight drag on AFFO/share. Overall, I think FCPT is a solid company with a good track record and above-average property quality. That said, there are 2 main reasons we are bearish on the name. Restaurant tailwinds becoming headwinds Valuation relative to peers Restaurants operating above sustainable levels According to the National Restaurant Association “Restaurant Industry Sales Forecast to Set $1.1 Trillion Record in 2024” The pandemic created a shift in consumer behavior, with a notable inflection point in restaurant sales. FRED Note the clear pre-pandemic trendline and then the upward inflection in slope starting in 2021. This is fueled by an increasing portion of consumers' food dollars being spent out of home. USDA Food away from home shot up after the pandemic. We don’t think this level of restaurant consumption is sustainable. So far, it was fueled by pandemic stimulus checks and dipping into savings. FRED With stimulus checks running out and personal savings rate already near all-time lows, consumers are going to have to tighten somewhere. Restaurant spending tends to be the flex slot of consumption. It is the first to ramp up when consumers are feeling better about their finances, but also the easiest valve to shut off. One can simply eat out less frequently to save money while still largely maintaining one’s lifestyle. Inflation is straining a large portion of Americans, and inflation is particularly potent for restaurants. Food inflation is well above overall CPI. USDA Labor, which is another key input to restaurant costs, is also running hot on inflation. FRED The result is that restaurants have raised prices materially to maintain margins. Consumers have not yet adjusted their behavior in response to the higher prices, and food spending has passed 30% of household income for lower income households. USDA This is not sustainable. Behavior will change. Cracks are already starting to show. Retail REITs are generally very strong right now, but a plethora of retail REITs are reporting weakness, specifically in restaurants. Here is an exchange from the Agree Realty ( ADC ) 3Q24 conference call: Linda Tsai : “There's a headline this morning that Denny's is closing 150 stores. Can you opine on what's happening with the restaurant chain?” Joel N. Agree “I continue to eat at them, not specifically Denny's. But Linda, we've been pretty clear that restaurants are not in our sandbox. Our restaurant exposure is on ground leases. We'll take the building back for free. But specifically, the furnitures, the fixtures, the mechanical, electrical and plumbing, the build-outs all amortized into the rental rates in 1 of the 2 probably most difficult retail business -- retail sectors to operate in the restaurant business is not our forte. Again, we're focused on fungible rectangles here. And generally, those rents are elevated and they're tenant specific. And so our focus has not been in the restaurant space. We didn't acquire one in Q3. I don't anticipate us acquiring one in Q4. We'll continue to enjoy the food and stay away from the real estate.” Linda Tsai “But any general thoughts on why they might be struggling now?” Joel N. Agree “Certainly. I mean, if you look at the elevated labor cost to constrained consumer at the low end, I mean, there's different value propositions here, but elevated labor costs led by the state of California, elevated consumers, also just the elevated consumer preference, frankly, excuse me, for eating at home, utilizing things such as DoorDash and Uber Eats. Those numbers have not come down to pre-COVID levels. And it's a difficult business, undeniably. But I would tell you, it's just not restaurants. What we're seeing today is a shakeout in that post-COVID free money world of retailers that probably had no value proposition in the first place, but had access to cheap capital that elongated their life cycle and we'll see continued elevated bankruptcies now while they have to refinance their ongoing obligations and their sales continue to erode. And so we're going to see that in the pet space, in the office supply space, in the sporting goods space, in the restaurant space. These are things that were inevitably delayed by free capital or nearly free capital that was out there. And now we're seeing the shakeout. And so it's back to capitalism, which I think is healthy.” Joey Agree seems to be quite bearish on restaurants along with a couple other asset types that were propped up by “free money”. CTO Realty ( CTO ) had excellent growth in 3Q24 yet still experienced weakness in restaurants. John James Massocca “Okay. And then maybe bigger picture, have you seen any change just given some of the macroeconomic uncertainty around retailer demand for either their existing space or to kind of take over move-outs or reposition space, et cetera?” John P. Albright (CTO’s CEO) “Not really. I mean, really, the only -- the softness that we're seeing is some of the restaurants, sales are down. And we're definitely monitoring that. But as a commentary on the economy, I would say, on the restaurants, that's where you're seeing more of the challenges and the softness.” Overall, it seems restaurant sales have been at an unsustainably high level and there is some pain ahead in the return to a more normal trend line. Due to FPCT’s greater than 5X tenant EBITDAR coverage of rent, the likely declines in tenant profits are unlikely to directly hurt FCPT’s contractual revenues. However, I see it impacting the REIT in 2 ways: Lower long-term growth Lower EBITDAR coverage ratios Both are quality factors which should filter into valuation. Valuation The average triple net REIT trades at 13.38X 2025 estimated AFFO. FCPT trades at 15.64X. Portfolio Income Solutions Source: Portfolio Income Solutions This greater than 2 turn premium made sense when the restaurant niche was relatively stronger than the average triple net property. Today, however, restaurants are one of the more at-risk triple net assets, with profitability of the sector peaking and consumer spending tightening back up. Given the subsector level challenges ahead, I don’t think FCPT should still trade at a premium to peers. Below we plotted the P/AFFO of each triple net on the Y axis and Debt to EBITDA on the X axis to obtain a sort of leverage neutral valuation. Portfolio Income Solutions Those above the line are relatively overvalued, while those below the line are cheap compared to peers on a leverage neutral basis. Valuation in the above graph is quality/growth agnostic, so those factors would also need to be considered in overall valuation. Within the sector, there are 5 companies that we believe provide a significantly better forward total return potential. Getty Realty ( GTY ) VICI Properties ( VICI ) W. P. Carey ( WPC ) Broadstone Net Lease ( BNL ) Gladstone Commercial ( GOOD ) We have written extensively on each of these, so feel free to check out the full articles in my archives . The REIT market has gotten egregiously underpriced 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 GOOD, BNL, WPC, GTY, VICI 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.Cowboys set for Thanksgiving visit from Giants after ending 5-game losing streak
Lagos introduces online portal for building material testingTennessee 32, Houston 27
Supercomputing center nears debut
No. 14 Arizona State and No. 17 Iowa State would play for the Big 12 title and likely College Football Playoff spot on Dec. 7 if they both win Saturday and there's a four-way tie for first place. There are seven other teams that begin this week with hopes, slim in most cases, of getting into the game at AT&T Stadium in Arlington, Texas. Last week it was No. 19 BYU and No. 23 Colorado that had the inside track to the championship game. Arizona State beat the Cougars and Kansas knocked off the Buffaloes, and here we are. "Everybody counted us out, I think, two weeks ago," Iowa State coach Matt Campbell said after his team beat Utah 31-28. "We didn't flinch. We didn't waver. And we just keep fighting." The Cyclones were national darlings the first half of the season as they won seven straight games to match the best start in program history. Back-to-back losses to Texas Tech and Kansas followed. Now they've won two straight heading into "Farmageddon," their rivalry game against Kansas State at home. "Right now they've got the pen and they continue to write the story," Campbell said of his players, "and I hope they will continue to write it the way they've got the ability to write it. Unwavering. Tough, mentally tough, physically tough. This group has stood for it every step of the way." Arizona State has been an even better story than the Cyclones. The Sun Devils have six more wins than they did last season, when they went 3-9. They were picked to finish last in their first year in the Big 12. They'll go for their fifth straight victory when they play at Arizona on Saturday. "These guys came off no momentum and everybody doubting them, and everybody is still doubting them. That's what makes this special," second-year coach Kenny Dillingham said. "Hopefully the expectations become higher. I don't know if there's a way we can exceed expectations more than we're exceeding them right now." Checking in on five of the Top 25: The Ducks were idle Saturday after clinching a spot in the Big Ten championship game with their win at Wisconsin on Nov. 16. Oregon can go 12-0 in the regular season for the first time since 2010 if it beats Washington at home this week. Oregon's only two losses last season came against the Huskies, both decided by three points. The first was a top-10 matchup in the regular season and the second was a top-five matchup in the Pac-12 championship game. The Ducks are 19 1/2-point favorites this time, according to BetMGM Sportsbook. The Buckeyes' showdown with upstart Indiana combined with Michigan's dropoff after winning the national championship have lowered the volume on this week's meeting with the Wolverines at the Horseshoe. If Michigan beats Ohio State a fourth straight time and it keeps the Buckeyes out of the Big Ten championship game and playoff ... well, there'll be lots of noise in Columbus then. The Lone Star Showdown returns to the gridiron for the first time since 2011, when Texas and Texas A&M were in the Big 12. The Longhorns head to No. 20 Texas A&M on a four-game win streak. The Aggies have lost two of three after Saturday's four-overtime loss at Auburn. The winner advances to the Southeastern Conference championship game against Georgia. The Broncos are tied with Notre Dame for the second-longest active win streak, at nine games, and they seem to have adopted a survive-and-advance mantra. They trailed 23-point underdog Wyoming in the fourth quarter before winning 17-13 and clinching a spot in the Mountain West championship game. They won their previous game, 42-21 against San Jose State, but didn't pull away until the fourth quarter. Two weeks ago they beat a three-win Nevada team 28-21. Just when you think Illinois is about to cash in for the season, they do what they did against Rutgers. The Illini were down 31-30 when they lined up for a 58-yard field goal with 14 seconds left. Ethan Moczulski missed. But wait. Rutgers called timeout before the snap, and Bret Bielema thought better of trying another kick and sent his offense back on the field. Luke Altmyer passed to Pat Bryant for the winning 40-yard touchdown. The Illini won't play for the Big Ten title, but they have a chance for nine wins and a nice bowl. Ohio State played in three of the five regular-season top-five matchups and won three of them. The Buckeyes lost to Oregon and beat Penn State and Indiana. ... Kansas' 37-21 win over Colorado made the Jayhawks the first FBS team with a losing record to beat three straight Top 25 opponents. The Jayhawks, who were 2-6 a month ago, will be bowl eligible if they win at Baylor. ... Nebraska ended the longest power conference bowl drought with its 44-25 win over Wisconsin. The Cornhuskers haven't played in a bowl since 2016.
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