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VOL. 131 | NO. 153 | Tuesday, August 2, 2016

Daily Digest

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Frost Bake Shop Opens New Location This Month

Frost Bake Shop is opening its second location this month, at 1016 W. Poplar Ave. in Collierville.

The opening on Aug. 16 will include a ribbon-cutting that day at 11:30 a.m. As part of the opening, Frost also plans to donate 20 percent of sales from Aug. 19 through Aug. 21 to the Collierville Education Foundation.

Frost’s new 3,400-square-foot store in Collierville is larger than the original bake shop in the Laurelwood Shopping Center, which has 2,000 square feet. With the size increase comes a room for private parties and cake decorating classes, as well as space for a selection of coffees and espressos, including a specialty Frost blend created by Ugly Mug Coffee.

– Andy Meek

Clay & Land Insurance Names New President

Memphis-based insurance brokerage company Clay & Land Insurance Inc. has a new president.

Todd Dyson, who’s managed the company’s benefits department during his tenure with the company since 1989, is the company’s new president effective Monday, Aug. 1.

He takes over from founder Louis Clay, who’s stepping down after nearly 50 years but will remain involved with the company, a spokesperson says.

Dyson became one of the company’s vice presidents in 2009, and he’s been with Clay & Land for 27 years.

– Andy Meek

MATA to Offer Reduced Bus Fare for Students

The Memphis Area Transit Authority has reduced bus fares for students enrolled in kindergarten through 12th grade in Shelby County Schools.

The reduced student cash fare is $1.35 per one-way bus trip. A daily MATA FastPass can be purchased for $2.75, with seven-day FastPasses going for $13 and 31-day FastPasses going for $40.

To receive a discounted fare, students are required to present a MATA identification card when boarding MATA buses. The passes may be obtained at MATA’s customer service center inside the William Hudson Transit Center, 444 N. Main St.

Students will need to provide two forms of identification and a $3 processing fee. Forms of identification include state and school identification cards, birth certificates, insurance cards, Social Security cards and report cards. Students accompanied by a parent or guardian only need to provide one form of identification.

MATA will produce identification cards Monday through Friday between 9 a.m. and 5:30 p.m. and Saturday from 9 a.m. to 3:30 p.m. until Sept. 30. After that, MATA will produce identification cards Monday through Friday from 1 p.m. to 5 p.m. and 9 a.m. on Saturday.

MATA also provides reduced bus fares to other students enrolled in any private, public or parochial school who provides proof of enrollment.

– Madeline Faber

List: Red Door Among Fastest-Growing Firms

Memphis-based financial firm Red Door Wealth Management has been named one of the fastest-growing firms by Financial Advisor Magazine. The firm came in at No. 7 on the Top 50 list.

Red Door is the only Tennessee firm on the list of the fastest-growing registered investment advisor firms. The firm recorded asset growth of a little more than 85 percent to 2015, with more than $230 million in assets under management.

Firms considered for the magazine’s list must have at least $200 million in assets under management.

– Andy Meek

EdR Reports $17.6M Net Income for Q2

Memphis-based EdR saw a dramatic increase in its second-quarter net income, reaching $17.6 million, or 26 cents per share, in the quarter ended June 30. That compares with net income of $2.9 million, or 6 cents per share, a year ago, the company said when it reported earnings Monday, Aug. 1.

EdR, a real estate investment trust that is among the nation’s largest developers, owners and managers of collegiate housing communities, attributed the increase to several factors, including the sale of two communities, which resulted in a $12.1 million gain for the quarter, and an increase in net operating income across its portfolio, resulting in a $4.7 million increase.

Second-quarter operating income also increased, reaching $9.5 million in Q2 2016 compared with $8.9 million a year ago.

Overall, EdR’s portfolio, which totals 32,222 beds, was 93.6 percent preleased for the fall as of July 29.

The company said its same-community portfolio – referring to properties that have been open at least a year – is 95.1 percent preleased for the fall, down 1.2 percent from a year ago, which it attributed mainly to lower leasing at two properties. Meanwhile, its new communities, which added 4,685 beds to its portfolio for the upcoming school year, are 85.4 percent preleased.

During the quarter, EdR closed on its acquisition of a 1,036-bed community serving the University of Wisconsin. It’s expecting to close on three more acquisitions in the third quarter: a 311-bed community at the University of Arizona, and two properties totaling 194 beds at Colorado State. EdR reaffirmed its projections for full-year 2016 earnings ranging between 76 cents and 82 cents per share.

– Daily News staff

Tigers’ Kicker Jake Elliott On National Watch Lists

University of Memphis senior place kicker Jake Elliott was named to a pair of awards lists. He is one of 165 nominees on the Allstate AFCA Good Works Team and was also named one of 88 players on the Wuerffel Trophy Watch List, an award that honors academic and athletic achievement and community service.

Elliott, also a member of the Lou Groza Watch List this preseason, enters his final season as a Tiger as the two-time defending American Athletic Conference Special Teams Player of the Year and a three-time first team, all-conference honoree. He needs just 10 field goals and 45 points to tie the Memphis career record in both categories currently held by New England Patriots kicker Stephen Gostkowski. Elliott was one of three finalists for the Lou Groza award last season, attending the awards ceremony in Florida, then the Home Depot College Football Awards ceremony in Atlanta.

Last year, Elliott set a school record for most point-after kicks, converting all 63 attempts to improve to 144-for-144 for his career. He finished tied for eighth in the NCAA in scoring with 10.2 points per game. Elliott also was named a preseason Athlon All-American, earning third team honors. Last year, he was a Walter Camp Football Foundation second team all-America honoree.

– Don Wade

Santorum to Campaign With Kelsey in West Tenn.

One-time Republican presidential contender and Pennsylvania Sen. Rick Santorum is in West Tennessee Tuesday, Aug. 2, to campaign with Republican 8th Congressional District primary contender Brian Kelsey.

Santorum’s stop in Jackson, Tenn., with Kelsey comes two days before election day in the congressional primary.

Santorum carried Shelby County and took Tennessee in the 2012 Tennessee presidential primaries.

Former Republican presidential contender and former Arkansas Gov. Mike Huckabee campaigned in the district last month in behalf of rival Republican contender David Kustoff. Huckabee carried Shelby County and took Tennessee in the 2008 Tennessee presidential primary.

– Bill Dries

PROPERTY SALES 207 263 9,865
MORTGAGES 197 246 10,862
BUILDING PERMITS 138 686 21,643
BANKRUPTCIES 0 256 6,219