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VOL. 128 | NO. 241 | Wednesday, December 11, 2013

Daily Digest

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Maryland REIT Buys Two Memphis Properties

Affiliates of Hunt Valley, Md.-based real estate investment trust Omega Healthcare Investors Inc. have bought two Memphis properties for a total of $17.9 million.

OHI Asset (TN) Bartlett LLC paid $13.5 million for the Rainbow Health & Rehab of Memphis nursing home facility at 8119 Memphis-Arlington Road in Bartlett. The limited liability company bought the 45,078-square-foot nursing home Nov. 27 from Memphis RE LLC.

Built in 2009, the nursing home sits on 6 acres at the southeast corner of Memphis-Arlington and Germantown roads. The Shelby County Assessor of Property’s 2013 appraisal is $4.4 million.

And another Omega Healthcare Investors affiliate, OHI Asset (TN) Memphis LLC, paid $4.4 million for the office building at 2723 Summer Oaks Drive in Bartlett. The limited liability company bought the 28,358-square-foot facility Nov. 27 from Ark Holding Co. Inc.

Built in 2009, the office building sits on 2 acres at the corner of Summer Oaks Drive and U.S. 70. The assessor’s 2013 appraisal is $2.7 million.

Omega Healthcare Investors is a REIT “providing financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities located in the United States,” according to its website.

The acquisitions are the result of a recent $525 million sale/leaseback transaction for 56 facilities operated by Ark Holding Co., a Memphis-based company founded by Behrman Capital in 2007 that is also known as Covenant Dove.

Source: The Daily News Online & Chandler Reports
– Daily News staff

Path Chief Financial Officer Joins FedEx Board

The chief financial officer of the social network Path Inc. has joined the board of directors at FedEx Corp.

Path CFO Kimberly Jabal also has been appointed as a member of FedEx’s information technology oversight committee, the package delivery giant announced Monday.

Path has functionalities similar to Facebook – the adding of friends, posting of status updates, and a layout built around a stream of updates – but it’s also a kind of anti-Facebook. Path purposely limits the number of connections its users can have – in theory, fostering closer bonds between users of the service.

Prior to joining Path earlier this year, Jabal worked at Lytro Inc., an early-stage company building the world’s first consumer lightfield camera. There, she was vice president of finance.

Jabal also served in multiple roles at Google from 2003 to 2011, including as director of investor relations.

– Andy Meek

Triumph Bank Reports Third-Quarter Profit

Triumph Bank posted a profit of nearly $670,000 for the third quarter, according to new figures from the bank.

That continues the bank’s streak of quarterly profitability, but it is down from the nearly $780,000 profit in the previous quarter, partly because of an increase in the loan loss reserve and greater operating expenses that came with the addition of 17 mortgage professionals.

They joined Triumph as a result of Triumph buying M&P Mortgage in a deal that closed during the third quarter, on Aug. 31.

– Andy Meek

Brooks Pulls Petition for Juvenile Court Clerk

Shelby County Commissioner Henri Brooks took another step Tuesday, Dec. 10, in her bid for Juvenile Court clerk. Brooks pulled a qualifying petition to run in the May 6 Democratic primary.

Brooks has been campaigning for months.

Republican incumbent Joy Touliatos opened her campaign last month and has already filed her qualifying petition. Democrat Cynthia Gentry has pulled a petition in the race, and former city division director Kenneth Moody has said he is interested in running in the Democratic primary. But to date, Moody has not pulled a petition.

Meanwhile, Coleman Thompson picked up a petition this week to run in the Democratic primary for Shelby County register. Thompson was the Democratic nominee for register in 2006 and 2010, losing both times to Republican incumbent Tom Leatherwood.

And David Vinciarelli has a petition out to run in the Democratic primary for County Commission District 8.

His most recent political outing was the 2011 election for City Council District 7, where he finished eighth in a field of 14 for the only council seat without an incumbent that year.

– Bill Dries

State Funding Board to Hear Revenue Estimates

The State Funding Board will meet on Tuesday to hear economists' revenue estimates for the upcoming budget year.

Following their predictions, the governor selects a number within the range in constructing the budget.

Last month, finance officials reported that the state's general fund revenues fell $97 million short of projections in the first quarter of the state's budget year.

Corporate franchise and excise tax collections came in at $352 million, or $87 million below the budgeted estimate, and a 14 percent drop from the same year-ago period.

Following a speech this week to the Nashville Rotary Club, Gov. Bill Haslam told members that preliminary numbers for Thanksgiving sales were "mediocre."

However, despite the sluggish numbers, he later told reporters that he still has confidence in the state's economy.

– The Associated Press

US Job Openings Reach 5-Year High

U.S. employers advertised the most job openings in more than five years in October, and the number of people quitting also reached a five-year high.

The Labor Department said Tuesday that job openings rose 1 percent to a seasonally adjusted 3.93 million. That is the highest figure since May 2008, three months after the Great Recession began.

And the number of workers who quit rose 2.5 percent to 2.39 million, the most since October 2008. More workers quitting can signal a healthy job market, because most of those people likely either have a new job or are confident they can find one.

Total hiring, though, slipped 2.6 percent to 4.5 million after reaching a five-year high in September. Still, overall hiring has risen 5.2 percent in the past year.

More hiring, job openings and quits point to a more dynamic job market. That trend creates more opportunities for people out of work or looking for a new job.

Another positive sign in the report: Layoffs plunged 16 percent to 1.47 million, the lowest level on records dating to 2001. Still, while fewer layoffs are welcome, businesses need to step up hiring to more quickly reduce the still-high unemployment rate of 7 percent.

– The Associated Press

MORTGAGES 54 374 1,120
BUILDING PERMITS 177 767 2,425