VOL. 8 | NO. 45 | Saturday, October 31, 2015
FedEx Prepares For Record Holiday Season
FedEx Corp. is getting ready for a record holiday season with 317 million expected shipments between Black Friday and Christmas Eve. The company’s forecast is a 12.4 increase in year-over-year seasonal volume.
FedEx expects to move more than double its average daily volume on Cyber Monday and the first two Mondays in December.
To prepare for the holiday rush, FedEx is adding 55,000 new positions throughout its network.
The shipping giant is investing $1.6 billion in FedEx Ground this fiscal year to improve capacity and automation.
For FedEx Express, the capital investments include adding 30 more reliable and efficient aircraft, adding enhanced vision systems to 250 aircraft to mitigate bad weather conditions and adding more than 7,000 new fuel-efficient vehicles.
FedEx Ground will run seven-day sort operations during the holiday season, and FedEx Express will expand operations based on customer needs.
The National Retail Federation expects FedEx’s sales to grow 3.7 percent, reaching $630.5 billion, between November and December. The NRF also expects e-commerce sales to rise between 6 and 8 percent, reaching $105 billion.
– Madeline Faber
Saddle Creek Announces New Store Openings
Several tenants have been announced for the Saddle Creek shopping center in Germantown.
Clothing and lifestyle store Lily Rain will open its first Tennessee location in a 1,600-square-foot bay at Saddle Creek South, next to Michael Kors.
Houston-based Lily Rain is new to the brick-and-mortar game, having only opened its first store in April in Houston. It primarily has been an online retailer, selling women's apparel, accessories, beauty products and home decor.
Women's clothing store Soft Surroundings and jewelry store Kendra Scottwill open in November, and Stoney River Steakhouse is set for early 2016. Mattress retailer Sleep Number and Vom Fass, which sells wines, oils, vinegars and spices, plan to open in the spring.
Trademark Property Co., the operating partner for Saddle Creek, is in the middle of the second phase of its redevelopment efforts. To be completed in spring 2016, the plan includes 5,000 square feet of new retail space and additional parking at Saddle Creek North and new facade and public space improvements to unite it with the new Saddle Creek South. In total, the redevelopment efforts will add nearly 25,000 square feet of new retail space to the property.
– Madeline Faber
St. Jude to Build Data Center
St. Jude Children’s Research Hospital has released plans for its new three-story data center at the northeast corner of St. Jude Place and the Danny Thomas Boulevard overpass.
The 60,600-square-foot building is planned for the four-acre lot that American Lebanese Syrian Associated Charities, the fundraising arm of St. Jude, purchased in March.
The city of Memphis sold the property, at 664 St. Jude Place, for $660,000, and its Public Works building still stands at the eastern part of the site.
In its plans recently submitted to the Board of Adjustment, St. Jude indicates that the existing building would be repurposed for support operations.
The plan is before the Board of Adjustment because St. Jude calls for a building that is 63 feet tall, but the area’s zoning, called “Uptown Light Industrial,” only allows for buildings that are 43 feet tall. It also is seeking approval to set the building back farther from the street.
In its application, St. Jude states that a three-story building is necessary to provide clearance between it and the existing building while still maintaining room for a mechanical service yard and 18 parking spots.
The building would be erected in 2016.
– Madeline Faber
Mo’s Bows CEO Named To TIME’s ‘Most Influential Teens’
TIME Magazine this week named 13-year-old Moziah Bridges, CEO of Mo’s Bows, as one of the “30 Most Influential Teens of 2015.” That ranking put him alongside the likes of Malia Obama; Bindi Irwin, a conservationist and daughter of the late Steve Irwin; and Ahmed Mohamed, the ninth grader arrested recently for bringing a clock to school that authorities mistook for a bomb. The distinction is only the latest in a string of them for Bridges.
Among his recent honors: This summer, after serving as a fashion correspondent for the 2015 NBA Draft, Bridges was invited to the first-ever White House Demo Day. President Barack Obama greeted the young fashion mogul personally after Bridges showed off his business and products at the event.
He even created a special boy tie for Obama, on the occasion of the president’s 54th birthday in August.
Meanwhile, an appearance on the popular show “Shark Tank” helped boost Bridges’ brand identity. Entrepreneur and FUBU founder Daymond John became a mentor of sorts for Bridges as a result of his appearance on the show, all of which has helped build Mo’s Bows into a $200,000 clothing retailer with, according to TIME, licensing deals with the likes of Cole Haan and Neiman Marcus.
He even provided bow ties for basketball players at this year’s NBA draft. But all of that – the spotlight, the recognition, the honors – is still just an outgrowth of the simple vision he started the company with.
It’s a line he continues to use: He likes to wear bow ties because “they make me look good and feel good,” and he wants to design them so everyone else can share that feeling.
Bridges also is a philanthropist, helping send Memphis-area children to summer camp each year through the proceeds of a specially designed “Go Mo” bow tie.
Bridges, who turns 14 in November, also recently teamed up with the March of Dimes to create a custom tie for their Signature Chef Auction.
– Andy Meek
Memphis Airport Activity Ticks Up in September
In September, the Memphis International Airport saw a steady increase in activity.
Origin and destination passengers were up 12 percent to 157,573 enplanements, compared to 150,225 for the same period last year.
This is the third month in a row that local passengers at the airport surpassed figures for the same period in 2014.
For the fiscal year 2016, which started July 1, year-to-date O&D is at 484,419 passengers, compared with 439,609 for FY2015.
As seasonal flights came to a close, Memphis lost five peak-day departures. However, enplanements are up because airlines are bringing in larger aircrafts, according to Forest Artz, vice president and CFO with the Memphis-Shelby County Airport Authority.
Low-cost flights appear to be drawing people back to the airport, he added.
– Madeline Faber
Hillary Clinton To Visit Memphis
Hillary Clinton is headed to Tennessee next month, with plans to make appearances in both Memphis and Nashville.
Campaign staff for the Democratic presidential frontrunner sent word Wednesday morning that she’ll make her first campaign stop in the state Nov. 20.
Clinton’s trip, the campaign email reads, “will be her latest effort to build support in primary states and a grassroots organization beyond the four early states and work hard for every vote ahead of the March 1 Tennessee primary. During the event, she’ll lay out why she’s running, who and what she’ll fight for as president.”
Additional details about the appearances will be forthcoming, the campaign added.
Another prominent presidential candidate also is making quick plans to visit the Memphis area. Dr. Ben Carson, a Republican candidate, will hold a rally in West Memphis, Ark., on Friday, Oct. 30.
The event will be held at West Memphis High School’s Lehr Arena, 501 West Broadway. It will run from 6 p.m. to 8 p.m.
– Andy Meek
Summit Distribution Center Sells for $21.6 Million
Hillwood Investment Properties, acting as Summit I Distribution Center LLC, bought a 706,802-square-foot warehouse off of Lamar Avenue for $21.6 million.
New York-based Teachers Insurance and Annuity Association of America had owned the property since 2013.
Bearing the address of 5155 U.S. 78, the parcel contains a Class A warehouse built in 2002 and 38 acres of land. According to the Shelby County Assessor of Property, it is appraised at $5.8 million.
TIAA began a 10-year lease-to-own agreement with then-property owners Principal Development Investors LLC in 2003.
– Madeline Faber
Shelby County Unemployment Dips in September
The Memphis metro area’s unemployment rate held steady at 6.4 percent in September, according to data released Friday, Oct. 23, by the Tennessee Department of Labor and Workforce Development.
Shelby County saw its rate dip to 6.7 percent from 6.9 percent in August.
In September 2014, Shelby County’s jobless rate was 7.9 percent and the Memphis MSA’s 7.6 percent.
Across Tennessee, unemployment decreased in 29 counties, increased in 24 and stayed the same in 24.
Davidson County had the state’s lowest major metropolitan rate in September at 4.6 percent, up from 4.5 percent in August. Knox County was 4.8 percent last month and Hamilton County was 5.6 percent.
The Memphis metro area’s Arkansas and Mississippi portions recorded lower rates than their Tennessee counterparts, at 5.6 percent and 5.1 percent respectively.
The city of Memphis’ September unemployment rate was 7.3 percent, down from 7.6 percent in August.
– Daily News staff
Two Memphis Schools Win $10K From Frist’s SCORE
Two Memphis schools are among the four winners in the State Collaborative on Reforming Education annual awards.
The fifth annual SCORE Prize awards named Delano Optional School, a technology-focused elementary school in Frayser, and Soulsville Charter School among its winners. Each school will receive $10,000 as a result of the recognition.
The awards were announced Monday, Oct. 26, at a Nashville event hosted by Sen. Bill Frist, SCORE’s chairman and founder.
Delano is part of the Shelby County Schools system. It has about 225 students in kindergarten through fifth grade, and those kids score well above the state average in both math and science.
Soulsville is a public charter school in Memphis with about 340 students in ninth through 12th grade. Nearly 80 percent of its students have gone to college over the past three years.
Both Memphis schools were named winners from a group of three finalists. The finalists were selected based a weighted-criteria selection process that included three years of student achievement data. In the case of the high schools, that data included ACT results, graduation rates and how many students went to college.
The winners were decided following selection committee visits to each school.
– Daily News staff
Orpheum CEO Opens Art Gallery on South Main
Retiring Orpheum President and CEO Pat Halloran has opened a South Main art gallery, Pat Halloran’s Art Attack.
It features original works, antiques and Orpheum memorabilia. It also serves as Halloran’s second venture into fine art.
Before joining the Orpheum Theatre, Halloran owned and operated Court Square Gallery, which closed in 1977. The opening of his new gallery also comes as Halloran is winding down his time with the Orpheum, serving as something of a bookend to his career.
“When my first gallery closed, Downtown Memphis was all but abandoned,” Halloran said in a statement. “Opening Art Attack at the height of South Main’s renaissance is nothing short of amazing – not just because it’s a new chapter in my own life, but also because over the past three decades I’ve had the honor of watching the Downtown area completely transform.”
Gallery patrons will have the opportunity to buy works from celebrated artists, antiques and collectibles, and copies of Halloran’s latest book, “Phases and Stages of a Grand Dame: The Story of the Orpheum Theatre.” Halloran also will sell entertainment memorabilia acquired during his 35-year tenure at the Orpheum Theatre, including items from the estate sales of Frank Sinatra, Dean Martin and other celebrities.
Visitors also will occasionally have the opportunity to watch as artists create original works of art on-site.
– Andy Meek
Longleaf Funds Hit Third-Quarter Slump
All four of Memphis-based Southeastern Asset Management’s Longleaf family of mutual funds were in negative territory in the third quarter.
The company gave something of an apology in a letter to shareholders, laying bare the funds’ investing methodologies and the team’s willingness to learn when things go wrong and to iterate its approach where necessary.
The fund managers noted in their shareholder letter that most of the underperformance during the quarter came “at the hands of macro pressures indiscriminately weighing on a few holdings rather than company-specific problems.
“The primary driver in the U.S. remained energy, but China economic fears broadly impacted our companies with direct or indirect exposure. The slowing Chinese economy, collapse in the China A-share market, and an unexpected Renminbi devaluation created a ripple effect of fear across countries with economic ties to China, including many emerging markets, where local stocks were down and currencies also suffered.”
Despite the managers’ “frustration over recent returns,” they reiterated their belief that positive fundamentals of the companies whose shares they own – like Adidas, FedEx, DreamWorks and Google – ultimately will be reflected in their prices. Indeed, after previous periods when pressures weighed on Longleaf returns, the funds roared back with strong returns “when macro fears subsided,” the letter reads.
Underscoring the value of the long-term Longleaf approach, three of the four funds are up over the last five years from a cumulative rate of return perspective. One fund, the Global Fund, was launched at the end of 2012, so it hasn’t hit that five-year mark yet.
– Andy Meek
Three Midtown Apartment Complexes Sell for $4.3M
A local development company has purchased three Midtown apartment complexes.
Memphis-based Dakota Partners LLC bought the properties from Margaret Brent for $4.3 million, according to an Oct. 22 special warranty deed.
The five parcels bear the addresses of 1985 Madison Ave. and 1989 Madison Ave. at the southeast corner of Rembert Street; 2150 Washington Ave. and 2153 Washington Ave. at the northeast corner of Cooper Street; and 2151 Poplar Ave., 2153 Poplar Ave. and 2155 Poplar Ave. at the southeast corner of Cooper.
In conjunction with the sale, Dakota Partners filed a $3.4 million mortgage and a $1 million construction loan, both with Landmark Community Bank and set to mature Nov. 1, 2040.
Kevin Conlon, founder of Memphis-based Meridian Pacific Properties and CEO of Memphis Medical Redevelopment Group, signed for the loan.
– Madeline Faber
Public Housing Site Approved For Municipal Complex
The razed site of the Walter J. Simmons public housing development at Lamar Avenue and Knight Arnold Road gained approval to be rezoned from residential to municipal/industrial use.
At a Oct. 28 meeting of the Board of Adjustment, chairman Frank Colvett said in his approval of the rezoning that,“The good part about this site is that it hasn’t been used. It’s being developed because we are combining our services so there’s an economy of efficiency and we can create a campus-like environment.”
According to the application, the 33-acre property near the Memphis International Airport would house several departments within the general services division, including fleet maintenance, park operations, sign shop and traffic markings, fire apparatus and maintenance, traffic signals maintenance, property maintenance, construction inspection and the material testing lab.
It would be developed in several phases, beginning with building facilities to house property maintenance.
– Madeline Faber
West Cancer Center To Host First Oncology Conference
West Cancer Center is getting set to welcome internationally renowned cancer experts to Memphis as part of the center’s inaugural West Cancer Center Oncology Conference Nov. 13-14 at the FedEx Institute of Technology.
The two-day event, titled “Multidisciplinary Care: Collaborating for the Cure,” is chaired by Dr. Lee Schwartzberg, executive director of West Cancer Center, and will feature speakers from the country’s leading cancer institutions like Memorial Sloan Kettering Cancer Center, Mayo Clinic, Stanford University and MD Anderson Cancer Center, among others.
With sessions focusing on lung cancer, breast cancer and melanoma, the gathering will include the discussion of newly available data, as well as optimal therapeutic approaches for these types of cancer. Participants will be provided with an update on practice-changing discussion and information that can have an immediate impact on clinical outcomes for patients.
The conference also will serve as the kick-off to West Cancer Center’s grand opening celebration of its new state-of-the-art cancer center site at 7945 Wolf River Boulevard.
The press conference and ribbon cutting for the new center is open to the public and will take place Nov. 17 at 10 a.m.
– Andy Meek
Cohen Wants Hoover Name Removed from FBI Building
U.S. Rep. Steve Cohen of Memphis has introduced a bill that would strip the name of J. Edgar Hoover, the first and founding director of the Federal Bureau of Investigation, from the FBI building in Washington, D.C.
Ten other Democratic House members cosponsor Cohen’s bill.
Cohen cited civil rights abuses and illegal conduct by the FBI during Hoover’s long tenure, and with his specific approval, that were first made public in the 1970s in the wake of the Watergate scandal.
“The civil rights we enjoy today are in spite of J. Edgar Hoover, not because of him,” Cohen said. “Given his well-documented abuses and prejudices towards African-Americans, gays and lesbians, I believe it is past time to remove his name from this place of honor.”
Cohen also pressed the point on Capitol Hill Thursday, Oct. 22, as he questioned current FBI director James Comey.
Cohen is not the first Tennessean in Congress to question Hoover’s administration and build-up of the FBI.
U.S. Senator Kenneth McKellar of Memphis was an early critic of the FBI in the 1930s as Hoover began to build the institution in terms of its funding and the scope of its powers.
– Bill Dries
John Hampton Getting Brass Note on Beale
John Hampton, the Grammy-award winning recording engineer and producer at Ardent who died late last year, is getting a Brass Note on the Beale Street Walk of Fame.
Ardent announced the news Friday and is encouraging the public to join them in front of Alfred’s Sunday, Nov. 1, at 4 p.m. to start the celebration.
Hampton died a week before Ardent founder John Fry last December. His career included producing “New Miserable Experience,” the 1992 debut by the Gin Blossoms, along with work by a host of other artists like the Replacements and the White Stripes.
– Andy Meek
Christian Development Group Hosting Memphis Conference
The annual conference of national group Christian Community Development Association is headed to Memphis Nov. 11-14.
The event is expected to draw more than 2,500 people to the Memphis Cook Convention Center. It will offer networking and workshops focused on training people in how to develop under-resourced communities in a side-by-side way.
Several Memphis leaders will present at the conference, including Larry Lloyd with the Memphis Leadership Foundation, Bridgette Bowman with the Juvenile Court of Memphis and Shelby County, Robin Henderson with the Memphis Teacher Residency and Steve Nash, who founded AdvanceMemphis.
Discounted tickets are available for Memphians. Visit ccda.org for more information.
– Madeline Faber
GTx Back in Black With $34.9M Profit
Memphis-based biopharmaceutical company GTx Inc.’s lead program has patients enrolling in two Phase 2 clinical trials of its drug enobosarm.
That’s among results the company shared this week for the quarter ended Sept. 30. Other financial information the company shared:
• Cash and short-term investments stood at $34.5 million. Research and development expenses for the third quarter were $3.8 million, compared to $3.4 million for the same period of 2014.
• General and administrative expenses in the quarter were $2 million compared to $1.6 million for the same period of 2014.
• The company saw a big jump in profit – $34.9 million, compared to a net loss of $4.9 million for the same period in 2014.
Earlier this month, the company received FDA clearance to initiate a Phase 2 proof-of-concept clinical trial of enobosarm to treat postmenopausal women with stress urinary incontinence. GTx plans to initiate the trial in the first quarter of 2016.
– Andy Meek
Canale Brothers Named To Tenn. Sports Hall of Fame
The Tennessee Sports Hall of Fame has announced the names of 10 inductees plus a group of brothers to be enshrined at its 50th anniversary induction banquet next June at the Omni Nashville.
The hall chose the six Canale brothers from Memphis, all of whom played football in the Southeastern Conference. George, Frank and Whit played at the University of Tennessee while Justin, Billy and Conn played at Mississippi State. Ernest Gray, an All-America wide receiver from the University of Memphis and NFL star, also is in the 50th anniversary class.
Other honorees at the June 18 event include posthumous inductions for Tennessee Titans quarterback Steve McNair and Baylor golf coach King Oehmig. Additional inductees include Conrad Graham, a University of Tennessee All-America defensive back; Missy Kane, a University of Tennessee middle-distance runner and bronze-medal Olympian; Mike Taylor, UT-Martin football player and current SEC football official; Mike Curb, a legend in auto racing; Joe Biddle, longtime Nashville sports writer; and Lester McClain, the first African-American football player at Tennessee.
In addition, the Hall will recognize Milligan College legend and coach Duard Walker as the Lifetime Achievement Inductee.
The Sports Hall of Fame, which held its first induction banquet in 1966, has as its goal to enshrine successful teams and individuals who display sportsmanship, good character and success, creating a legacy for others to follow. The Tennessee Sports Hall of Fame Museum is housed the Bridgestone Arena in Nashville.
– Don Wade
Greenprint Summit Launches Nov. 16
The first biannual Greenprint Summit is set for Nov. 16 in the Germantown Great Hall in Germantown.
The public summit, happening from 3 p.m. to 6 p.m., will feature a collection of local organizations whose current projects support the Greenprint’s objectives to accelerate the Mid-South’s transition into a more livable, sustainable and connected region.
Greenprint 2015/2040 is a 25-year regional plan containing recommended actions for local governments, businesses, nonprofits and concerned citizens to improve the quality of life in the Mid-South. To date, 18 of 22 local jurisdictions have formally adopted the plan to use as a guide for creating better green spaces, improving the health and safety of local communities, protecting natural resources and promoting economic development.
Attendees of the summit will have a chance to meet with local groups such as the Shelby Farms Park Conservancy, Overton Park Conservancy and Clean Memphis, among others. Exhibitors will showcase new initiatives and projects such as the West Memphis EcoPark, the Harahan Bridge Project, the Explore Bike Share program and the Wolf River Greenway.
Visit midsouthgreenprint.org/Greenprint-Summit for a schedule of activities and the full list of exhibitors. The summit is free and open to the public.
– Andy Meek
Alzheimer’s Caregivers Conference on Nov. 10
Bob DeMarco, founder of alzheimersreadingroom.com, will be the featured speaker at a conference for caregivers of Alzheimer’s patients on Nov. 10 at the Kroc Center, 800 East Parkway S.
DeMarco cared for his mother, who lived with Alzheimer’s for eight years. His Alzheimer’s Reading Room has become a valuable resource for caregivers.
The conference, titled “A Caregiver’s Journey: Past, Present and Future Caregivers,” is presented by the Aging Commission of the Mid-South and will run from 8:30 a.m. to 4 p.m. Home Instead Senior Care will provide free on-site care for loved ones.
The conference is free to family members who are acting as caregivers. The cost for professional caregivers is $50. Visit adsmemphis.org for more information and registration.
– Don Wade
Memphians Chosen For DRA Leadership Institute
The Delta Regional Authority has announced 52 fellows for its Delta Leadership Institute Executive Academy, and a couple of Memphis players made the list.
The yearlong leadership development program kicked off with an orientation session in Memphis. Over the course of the program, participants will attend six sessions in Washington, D.C., and across the region to train in workforce training and education; small business and entrepreneurship; public health; transportation and infrastructure; and culture and tourism.
Tennessee Gov. Bill Haslam nominated Jimmie Tucker, managing principal with Self-Tucker Architects, and Nichole Saulsberry-Scarboro, project manager with the Innovation Delivery Team, for the program.
– Madeline Faber
Lakeland Buys 94 Acres For New Middle School
The Lakeland School System paid $1 million to purchase 94 acres, where it will build a new middle school expected to open in August 2018.
The school system’s leaders purchased the land Friday, Oct. 23. The site is north of U.S. 70, east of Canada Road and south of Old Brownsville Road.
“While our short-term and immediate needs are for a middle school, we are making a long-term investment in a beautiful site that will eventually accommodate our middle and high school students,” said Lakeland School superintendent Ted Horrell in a statement.
Jones-Gilliland Group LLC sold the land, which had been in the family of Rudolph Jones for more than 140 years.
A2H and Renaissance Group, both Lakeland-based firms, are handling the architecture and engineering work. More details will be presented to the school board in the coming weeks.
Lakeland School System currently oversees one K-5 school, Lakeland Elementary. The city’s middle and high school students attend schools in Arlington and Bartlett.
The city of Lakeland went to market Sept. 10 on $20 million in bonds to finance construction of a new Lakeland middle school at a 2.82 percent interest rate.
Lakeland’s board of commissioners approved a 55-cent property tax hike to pay the bonds with interest and begin school construction.
The school bond issue was the second of the year attempted by local leaders. Lakeland voters in an April referendum defeated an earlier bond issue aimed at building a $50 million grades 6-12 school on the same 94-acre site.
The petition drive that forced that referendum didn’t materialize for the middle school bond issue.
– Daily News staff
Airport Touts New Website, Tony Allen Video
Memphis International Airport has a new website bringing easier navigation, better mobile capability, new features and an enhanced design to those looking to travel to and from Memphis.
Visitors to flymemphis.com will be able to plan routes and book tickets directly from the site’s comprehensive list of nonstop flights. Memphis International carriers like Frontier, Allegiant and Southwest do not list flights with aggregator services.
Flymemphis.com also provides real-time information about arrivals and departures as well as easy access to parking information and rates and a map of dining and entertainment.
The site also features a new promotional video that shows Tony Allen interacting with Memphis-Shelby County Airport Authority employees in a vignette, which is styled on the popular TV show “The Office.”
The new website was created in partnership with RedRover Company and local firm eBiz Solutions. RedRover and local studio Prodigi Arts worked on the Tony Allen video.
– Madeline Faber
International Paper’s Q3 Off 38 Pct. From Previous Year
International Paper Co. reported Wednesday, Oct. 28, that it earned $220 million, or 53 cents per share, in third quarter 2015.
That’s compared to net earnings of $355 million, or 83 cents per share, in third quarter 2014, which represents a 38 percent decline.
In second quarter 2015, International Paper recorded earnings of $227 million, or 54 cents per share.
Operating earnings were essentially flat: $407 million in the third quarter compared to $409 million in the same year-ago period.
Quarterly net sales were $5.7 billion, a 7 percent drop from $6.1 billion in third quarter 2014. Revenues continue to be negatively impacted by foreign exchange translation, the company said.
Business segment operating profits before special items in third quarter 2015 were $773 million, compared with $663 million in second quarter 2015 and $840 million in third quarter 2014.
Free cash flow was $512 million in the third quarter. Cash from operations was $837 million.
From the company’s earnings statement:
“International Paper delivered another strong performance in the third quarter, highlighted by 25 percent EBITDA margins in our North American Industrial Packaging business and excellent operating results from our Ilim Joint Venture,” said Mark Sutton, chairman and CEO. “We remain confident in our ability to continue to deliver consistent, robust free cash flow and create long-term shareholder value, despite a global macro environment that remains challenged.”
– Don Wade
Dixon Museum Reopens After Six-Month Renovation
The Dixon Gallery and Gardens will unveil its newly renovated museum and residence on Sunday, Nov. 1.
The most notable change will be the remodeled and expanded Museum Store, which has new flooring and fresh paint.
Other improvements include: installation of a new fire suppression system; addition of a backup generator; residence roof replacement; repair and replacement work on the floors; installation of a freight elevator; a service entry on Cherry Road; expanded Wi-Fi reception; and other technology and security upgrades.
The Dixon’s museum and residence have been closed to the public for six months. Haizlip Studio managed the project, and Montgomery Martin Contractors handled the renovations.
Another project, the new Dixon cafe, will open in 2016.
Jun Kaneko: Sculpture at the Dixon Gallery and Gardens will continue to be on view through the end of November, and the reopening of the museum brings with it three new exhibitions: Scenic Impressions: Southern Paintings from the Johnson Collection; My Own Places by Martha Kelly; and Painting American Progress: Selections from the Kattner Collection and More.
– Daily News staff
MAA Sees Growth In Third Quarter
Mid-America Apartment Communities Inc. has reported core funds from operations at $1.38 per diluted common share for the third quarter ended Sept. 30, the company announced this week.
That’s 8 percent above the same period in the prior year and a record quarterly performance for the Memphis-based real estate investment trust.
Same store net operating income for the quarter increased 8.1 percent as compared to the same period the prior year, based on a 6.1 percent increase in revenue and a 3 percent increase in property operating expenses.
Average revenue per occupied unit for the same store portfolio increased 5.1 percent to $1,123, primarily driven by an increase in average effective rent per unit of 4.6 percent. Average physical occupancy for the quarter increased a little less than 1 percent over the prior year, and physical occupancy ended the quarter at 96.6 percent.
MAA, which owned 79,024 apartment units throughout the Southeast and Southwest United States as of Sept. 30, has four communities under construction, with a total projected cost of approximately $120 million. An additional $10.5 million of construction costs were funded during the quarter.
Year-to-date, the company has renovated 4,209 apartment homes under its redevelopment program.
The company also is issuing revised guidance for the full year, with core funds from operations now expected to be in the range of $5.39 per share to $5.49 per share for the full year.
– Andy Meek
Memphis Tigers Basketball To Sell Smaller Ticket Packages
The University of Memphis athletic department is offering fans two partial season-ticket packages for the upcoming men’s basketball season.
The packs go on sale Monday, Nov. 2, at 8 a.m.
The two new ticket options include a five-game package and a seven-game plan. Each gives Tiger fans control over which home games will be included. Both mini plans guarantee reserved seats for each of the games.
The “Starting Five” (five-game plan) guarantees two premium games and three non-premium games. Fans can pick two from among the Oklahoma, Ole Miss, UConn, Cincinnati and SMU games, and then choose three from any of the remaining home games on the schedule. Seating is in the Terrace Level and the price is $60.
The Lucky Seven (seven-game plan) guarantees three premium games and four non-premium games. Seating is in the Terrace Level and the price is $77.
Single-game tickets, including the home opener on Nov. 14 against Southern Miss, also go on sale Monday at 8 a.m. Season tickets remain available for sale and reserved seats start at $115 for all 21 home games.
To order mini plans, single-game tickets or season tickets, visit GoTigersGoTix.com or call the Memphis Tigers ticket office at 901-678-2331.
– Don Wade
EdR to Build Apartments At Boise State University
A Memphis apartment developer has finalized a $39.7 million deal to build new apartments at Boise State University.
EdR will build and manage Honors College and freshman housing on the university’s Boise, Idaho, campus. The project will include a four-story building with a 305-bed Honors College, and 351 additional beds devoted to a freshman living-learning community.
Upon completion in July 2017, EdR will own the residence hall under a 50-year ground lease with Boise State and will manage the facility while the university will provide residence life services.
Boise State chose EdR as the project’s developer in November 2014 following a competitive bid process, but the two parties recently finalized the agreements.
EdR is one of the country’s largest owners, developers and managers of collegiate housing. The Memphis-based real estate investment trust owns or manages 81 communities with more than 42,000 beds serving 52 universities in 23 states.
– Daily News staff
Tigers Picked Fifth in AAC, Goodwin Gets Early Honors
The University of Memphis Tigers basketball team was picked to finish fifth in the preseason American Athletic Conference Coaches Poll, while senior Shaq Goodwin was named to the Preseason All-Conference Second Team.
The poll and the Preseason All-Conference Teams were voted on by the league’s head coaches and announced at the league’s media day in Orlando, Fla.
The Tigers finished 2014-15 with an 18-14 overall record and return four starters. However, they lost their go-to player in forward Austin Nichols, who transferred to Virginia.
The Tigers will try to earn the program’s sixth postseason appearance in seven seasons under head coach Josh Pastner.
Goodwin, the 2014-15 American Athletic Conference Sportsmanship Award winner, was selected to the Preseason All-Conference Second Team. He averaged 9.6 points per game a season ago.
Earlier this preseason Goodwin was named to the watch list for the Karl Malone Power Forward of the Year Award, given to the nation’s top power forward. He had the second-highest field goal percentage in American Athletic Conference play a season ago, and averaged a career-high 7.1 rebounds per game while also setting a new Conference record with 23 rebounds against Temple on Feb. 7, 2015.
The Tigers open their 2015-16 season on Nov. 6 with an exhibition game against LeMoyne-Owen at 8 p.m. at FedExForum, while the regular season kicks off Nov. 14 at home against Southern Miss at 7 p.m.
– Don Wade
Local Mentors Needed For TN Promise Students
TnAchieves, Shelby County’s partnering organization for TN Promise, says it needs 1,504 local volunteer mentors to work with high school seniors from the class of 2016.
TN Promise provides students the opportunity to attend one of the state’s community or technical colleges free of tuition for two years. Currently, 499 volunteers have registered to provide support for students making the transition from high school to college.
In its first year, 8,585 students in Shelby County applied for TN Promise. Participants are required to complete at least eight hours of community service each semester, and since January more than 23,500 hours of community service have been performed by students locally.
More than 58,000 students in the class of 2015 applied for TN Promise in its inaugural year, and the program is expecting more than 60,000 students applicants this year.
– Andy Meek
Grizz Exercise Contract Option on Jordan Adams
Second-year Memphis Grizzlies guard Jordan Adams is signed through the 2016-17 season after the team elected to exercise a third-year contract option.
Selected by the Grizzlies with the 22nd overall pick in the 2014 NBA Draft, Adams averaged 3.1 points in 8.3 minutes over 30 games as a rookie. In 11 games with the team’s NBA Development League affiliate, the Iowa Energy, Adams averaged 18.1 points, 7.0 rebounds and 1.9 assists.
Adams played two years at UCLA and led the Bruins to consecutive NCAA Tournaments, including the 2014 Sweet 16.
He averaged 16.0 points, 4.8 rebounds and 2.25 steals in four Orlando Summer Pro League games this past July as the Grizzlies’ team went undefeated.
– Don Wade