REIT Sells Two Local Nursing Homes

HCRI Tennessee Properties Inc., an affiliate of Toledo, Ohio-based Health Care REIT Inc., has sold two Memphis nursing homes to related entities for a combined $17 million.

HCRI sold the Quince Nursing and Rehabilitation Center at 6733 Quince Road in East Memphis for $9 million to Quince Property Co. LLC.

The 66,327-square-foot facility was built in 1996 and sits on 4.9 acres at the intersection of Quince Road and Columbine Lane near Tenn. 385 and Kirby Parkway.

The Shelby County Assessor of Property’s 2011 appraisal is $6.4 million.

And HCRI sold the Allenbrooke Nursing and Rehabilitation Center at 3933 Allenbrooke Cove in the Oakhaven/Parkway Village area for $8 million to Allenbrooke Property Co. LLC.

The 54,684-square-foot property was built in 1982 and sits on 5.83 acres on Allenbrooke Cove, which is southwest of the intersection of Getwell Road and American Way.

The assessor’s 2011 appraisal is $3.2 million.

Quince Property and Allenbrooke Property filed a $17 million loan through Manufacturers and Traders Trust Co. in conjunction with the purchases. Norbert A. Bennett signed the trust deed as manager of both buying entities.

The transaction also included two terminations of sublease with Aurora Healthcare LLC.

HCRI bought the Quince Road facility for $6.6 million and the Allenbrooke Cove facility for $4.5 million, both in 2003.

Source: The Daily News Online & Chandler Reports

– The Daily News staff

Delta Says Q2 Will Be Profitable Despite Fuel

Delta Air Lines Inc. said Monday, June 27 that it expects to make money in the second quarter even though its fuel bill will be $1 billion larger than a year earlier.

Delta also predicted that a measurement called unit revenue will rise 10 percent for the quarter compared with the same period last year. Unit revenue is the airline’s revenue for each seat flown one mile, and it’s a key airline industry measure.

Delta and other airlines raised fares earlier this year as fuel prices rose. In an investor update on Monday, Delta said “higher revenues have largely offset the impact” of higher fuel prices.

It now expects to pay $3.23 per gallon of jet fuel during the second quarter, which ends at the end of June. That’s 3 cents per gallon higher than its previous prediction, and 91 cents higher than the same period last year. It expects to pay $3.03 per gallon in the third quarter, based on current prices.

The travel dropoff in Japan after its nuclear crisis will hurt second-quarter revenue by $125 million, the airline said.

Delta plans to reduce flying more than usual after Labor Day. And it is retiring planes, with plans to remove 140 by the end of next year, with half leaving the fleet this year. Maintenance costs should be $250 million lower in the second half of the year compared with the first, Delta said. It has also announced plans for buyouts aimed at reducing its payroll.

– The Associated Press

Education Realty Trust Increases Quarterly Dividend

The board of directors of Education Realty Trust Inc. – a Memphis-based developer, owner and manager of collegiate housing – has approved a quarterly cash dividend of $0.07 per share of common stock for the quarter ending June 30.

The dividend will be payable Aug. 16 to shareholders of record as of July 29.

With this dividend increase, the annualized dividend of $0.28 per share represents approximately 70 percent of the previously issued 2011 Core Funds from Operations guidance range of $0.38 to $0.42 per share and represents a 3.3 percent yield based on the closing price of EDR stock on June 22.

EDR is a self-administered and self-managed real estate investment trust that owns or manages 57 communities in 23 states with more than 33,800 beds within more than 10,600 units.

– Sarah Baker

FedEx Awards $375K to Women's Foundation

FedEx has awarded The Women’s Foundation for a Greater Memphis $375,000 to support comprehensive Community Supportive Services for the Cleaborn Homes revitalization project.

The project, whose services are provided by Urban Strategies/Memphis HOPE, centers on employment preparation, financial literacy and other initiatives to foster economic self-sufficiency in the 400 families who live in the public housing development near FedExForum.

The project is built on the success of other recent similar projects at University Place and Legends Park.

“We have seen individuals and families truly blossom through CSS,” said Stephanie Butler, manager of FedEx corporate contributions.

The Cleaborn project budget is supported by $2 million in HOPE VI funds, a Women’s Foundation for a Greater Memphis match of $1.5 million, as well as more than $11 million in leverage from partners.

– Aisling Maki

State Hires First Chief Procurement Officer

Jessica Robertson, a deputy commissioner of procurement for Indiana state government, is the state of Tennessee’s first chief procurement officer.

Tennessee Gov. Bill Haslam this week appointed Robertson, who is moving to Tennessee from Indiana.

The position, as well as a state procurement commission, was established in a 2010 act passed by the Tennessee Legislature. The apparatus consolidates all state contracts and purchases in the procurement office, which is part of the Tennessee Department of General Services. Robertson’s first day on the job is Friday, July 1.

“Transforming the way Tennessee negotiates contracts will be an exciting new chapter for me,” Robertson said in a written statement.

– Bill Dries

Thompson Dunavant Official Earns Special Certification

William Spilman, payment card industry (PCI) compliance practice leader with Thompson Dunavant PLC, has earned a specialized certification.

Spilman recently completed the education security training requirements necessary to perform a PCI compliance audit and consulting related to the protection of credit card data. He’s also received the Quality Service Assessor (QSA) designation.

The certification is awarded by the PCI Security Standards Council originally founded by American Express, Discover Financial Services, JCB International, Mastercard Worldwide and Visa to create security standards.

Professional designations like Spilman’s QSA achievement add another layer to the range of services provided by the risk management and compliance group at Thompson Dunavant, a Memphis-based tax, consulting and assurance services firm.

Spilman is a certified information systems auditor with more than 30 years of experience in professional and managerial positions with information technology, global express transportation, global trade management and technology start-up companies.

– Andy Meek

Wells Fargo Grant Awarded to YMCA Youth Program

After receiving a $5,000 grant from Wells Fargo, the Mason YMCA Multicultural Achievers program is continuing to use that money to encourage young people to pursue academic and career success. The YMCA of Memphis and the Mid-South and Wells Fargo are helping facilitate the development and skills of youth in the Memphis area.

The YMCA Multicultural Achievers was established by the YMCA in 1971 to help youth raise their academic standards, develop a positive sense of self, build character, explore diverse college and career options, and interact with professionals who serve as mentors. Thirty-nine predominately Hispanic students are enrolled in the program, which also includes activities that encourage family participation.

With an initial grant from the Wachovia Foundation (now Wells Fargo) the Multicultural Achievers program began during the 2007-2008 school year. The Wachovia Foundation renewed the grant annually, and Wells Fargo has continued to award grants to the Achievers.

Wells Fargo was a 2010 recipient of the Memphis Latino Leadership Award for helping fund the YMCA Multicultural Achievers program.

– Houston Cofield