VOL. 128 | NO. 82 | Friday, April 26, 2013
Extra Space Storage Owner Files Loan
The owner of the Extra Space Storage facility at 2625 Mount Moriah Road in Hickory Hill has filed a $2.6 million loan on the property.
Extra Space Properties Ninety Two LLC filed the deed of trust, assignment, security agreement and fixture filing April 17 through Compass Bank.
The mortgage followed an April 15 quitclaim deed that saw Extra Space Properties Ninety Two take possession of the 104,160-square-foot property from Storage Portfolio Bravo II LLC. That entity had bought the storage facility for $4.2 million in 2004 from SUSA-TN LLC.
Built in 1988, the Class A storage facility sits on 6.4 acres along the south side of Mount Moriah Road between South Mendenhall Road and Fox Plaza Drive. The Shelby County Assessor of Property’s 2013 appraisal is $3 million.
Charles L. Allen, executive vice president and chief legal officer for Salt Lake City-based Extra Space Storage, signed the trust deed as manager of the borrowing entity.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Higher Fares Help Southwest Airlines’ Profit
Higher fares helped Southwest Airlines make more money than Wall Street expected in the first quarter, but the company said Thursday automatic federal spending cuts could hurt revenue in April.
The average passenger fare on Southwest is now more than $150 one-way, 4 percent higher than a year ago.
The airline also said that a new policy on no-shows will start next month.
Southwest’s first-quarter net income fell 40 percent to $59 million, or 8 cents per share. That’s down from earnings of $98 million, or 13 cents per share, a year ago.
Without gains from fuel-hedging contracts, Southwest would have earned 7 cents per share, topping analysts’ forecast of 2 cents per share.
Revenue totaled $4.08 billion, up 2 percent from a year ago. Analysts expected $4.07 billion, according to FactSet.
Southwest said revenue was weaker than expected in March and so far in April. Automatic budget cuts that went into effect in March have caused federal agencies to cut back on travel. The company said it’s “cautious” because of the potential effect of those cuts, but that recent bookings for May and June are “solid.”
Lower fuel prices have offset the slump in revenue in April. Fuel is the airline’s biggest expense. It’s first-quarter fuel bill fell 3.5 percent compared to the same period last year, to $1.46 billion.
Southwest will officially enter the Memphis market later this year.
– The Associated Press
Regions Financial Triples Quarterly Dividend
Regions Financial Corp. is tripling its quarterly dividend payment to shareholders.
Since 2009, Regions’ quarterly dividend has been $0.01 per share, which the bank is now increasing to $0.03 per share starting July 1. This fulfills a stated goal of Regions to increase its dividend.
The news comes on a positive earnings announcement in recent days from the Birmingham, Ala.-based bank, which saw its first quarter profit climb as it set aside less money to cover loan losses.
The bank said its profit after paying dividends was 76 percent higher than the year-ago period. The bank’s net income rose to $325 million, or 23 cents per share, up from $185 million, or 11 cents per share.
– Andy Meek
UWT Logistics to Expand Memphis Facilities
UWT Logistics said it will expand the company’s facilities on East Holmes Road. The expansion represents a $4.8 million investment and will create 81 full-time jobs.
“Tennessee’s global transportation systems provide unsurpassed efficiency and proximity to customers throughout the U.S. and around the world,” said Tennessee Department of Economic and Community Development Commissioner Bill Hagerty, in a statement making the expansion official. “Companies like UWT Logistics understand the competitive edge that our solid infrastructure and pro-business environment offer.”
UWT Chief Financial Officer David Ozier says the company is focused on expanding its Memphis footprint by bringing new customers, offering more services and hiring the right people.
The transportation and logistics company currently employs about 160 people.
For more about UWT’s plans in Memphis, read the March 1 feature on the company in The Daily News.
– Jennifer Johnson Backer
Memphis in May Founder Receives Beale Street Note
The founder of the Memphis in May International Festival will get a brass note in the Beale Street Entertainment District just before the opening weekend of this year’s festival.
Lyman Aldrich started the festival in 1976 as a way to promote business ties between the city and other countries. The 1976 festival honored Japan as the city was courting the Japanese company Sharp Manufacturing to open in the city.
Aldrich gets his brass note in a ceremony May 2 at 5 p.m. at Rum Boogie Cafe.
– Bill Dries
Richard Bausch Wins $30,000 Story Prize
One of the country’s top short story writers has won a $30,000 prize.
Richard Bausch, author of eight story collections and winner of numerous other honors, is this year’s recipient of the Rea Award for the Short Story.
Bausch, who held the Lillian and Morrie A. Moss Chair of Excellence in English at the University of Memphis through spring 2012, now teaches creative writing at Chapman University in Orange, Calif.
The prize, announced Thursday, is given for making a “significant contribution” to the art of short story writing. Bausch’s books include “Something is Out There” and “Someone to Watch Over Me.” He also has written 11 novels and has been praised for his lyrical style and his insights into a wide range of people and emotions.
The Rea Award was established in 1986. Previous winners include Eudora Welty, John Updike and Lorrie Moore.
– The Associated Press
Pop-Up Music Shop Coming Downtown
A unique pop-up shop is coming Downtown.
Oxford’s The End of All Music independent record store is setting up shop at Hoot-Louise May 15. The pop-up shop will feature treats from Muddy’s Bake Shop, Hoot-Louise’s unique brand of threads and accessories, plus new and used vinyl records from The End of All Music.
The End of All Music, which is based a few miles north of Oxford’s downtown square, will be peddling some record store swag plus some other exclusive items only available at the pop-up shop. It will last from noon to 7 p.m. May 15.
– Andy Meek
Visible Music College Hosts Band Showcase
For the first time, Visible Music College is opening to the public its twice-yearly music event “Turn it Up: Visible Bands Showcase,” which happens May 1 at the school’s 200 Madison Ave. campus.
The school hopes to make it a signature event going forward.
The concert is a culminating event for the student musicians who will take the stage and for the student songwriters, managers and marketers who’ve worked with them since the start of the fall.
There’s no cover charge, and the bands start at 7 p.m.
– Andy Meek
Unemployment Applications Drop to 339,000
The number of Americans seeking unemployment benefits fell last week to a seasonally adjusted 339,000, the second-fewest in more than five years.
Applications for benefits dropped 16,000, the Labor Department said Thursday. The four-week average declined 4,500 to 357,500.
Applications are a proxy for layoffs. When they decline, it signals that companies are cutting fewer jobs.
Still, layoffs are only half the equation: Businesses also need to be confident enough in the economy to step up hiring. Many companies have been advertising more jobs but have been slow to fill them. Job openings jumped 11 percent during the 12 months that ended in February, but the number of people hired declined, according to a Labor Department report this month.
– The Associated Press