| Extra Space Storage: your attic away from home
From time to time, many of us discover that we have accumulated more stuff than we can store. Should parting with assorted treasures not be an option, there is a firm in Salt Lake City that has the answer. Extra Space Storage (NYSE:EXR) is a fully integrated, self-administered and self-managed real estate investment trust that owns or operates 641 self-storage properties in 32 states and Washington, D.C. The company's properties consist of more than 430,000 units and 46 million square feet, rented by over 300,000 individual tenants. In addition to on-site management and storage supplies, many of the firm's storage facilities feature monitored video surveillance and alarm-equipped units. Extra Space Storage is the second largest operator of self storage in the United States. The firm pleased investors about a month ago, when it announced Q4 funds from operations of $0.26 per share and revenues of $52.2 million.
MIT Conference is Bullish on Solar Power
Rhone Resch stood at the microphone in a conference room in Cambridge, Mass., and asked for a show of hands. “How many people here,“ he demanded, “have a solar system on the roof of their house or their business?" Not more than a dozen people responded. “Now, how many people want to have a solar system on the roof of your house or your business?" This time every hand went up, accompanied by some sheepish chuckling. “People want to have solar," explained Resch, the president of the Solar Energy Industries Association, based in Washington, D.C. “There's an incredible untapped demand here." To judge by the discussion at MIT's Energy 2.0 Conference, held in early March, the public could well get its way. The conference brought entrepreneurs and inventors together with financiers to discuss not just advances in renewable fuels but in unconventional oil, hybrid cars, and climate change policy.
Passco Enters Self-Storage Market
Irvine, Calif.-based Passco Companies Development has formed a joint venture with an existing company to enter the self-storage market. The new enterprise, Patriot Self-Storage Management, expects to develop up to $90 million in facilities nationwide. Patriot will initially invest $70 million to $90 million to build 25 or more self-storage properties in secondary and tertiary markets in Albama, Arizona, Florida, Georgia, Minnesota, North Carolina, South Carolina and Texas, among other states. The joint venture is gearing up for two land acquistions and subsequent development projects in Florida. The company's president and CEO, Hal Perdew, heads JV partner Perdew Development. He was previously regional vice president for Public Storage Pickup and Delivery, a subsidiary of Glendale, Calif.-based Public Storage, the world's largest self-storage real estate investment trust.
Passco, Perdew to Invest Up to $90M in Self-Storage
Passco Companies Development, LLC is breaking into self-storage -- in a good way. Looking to tap into the lucrative market for specialized real estate, Irvine-based Passco has formed a joint venture with a self-storage expert to launch a company that expects to develop up to $90 million in the facilities across the nation. Patriot Self-Storage Management LLC, headed by President and CEO Hal Perdew, will focus on the development, management and leasing of self-storage facilities nationwide, said Passco Cos. President William H. Winn. Patriot Self-Storage will initially invest $70 million to $90 million to build 25 or more self-storage facilities in secondary and tertiary markets in Florida, Georgia, South Carolina, North Carolina, Arizona, Minnesota, Texas and Alabama, among other states. The JV is gearing up for two land acquisitions and subsequent development projects in Florida.
Private refinery is not feasible now in Nigeria until the Niger ...
Mr. Zira Maigadi is the Managing Director of African Petroleum. Though part of the last management he took over the mantle of leadership in the premier oil marketing company a year ago. At the time AP was on the verge of collapse due to the ban placed on it by the NNPC on product lifting. But today the company is in a very strong position that in a matter of three months it share price has moved from N47 to N65. In this interview with Omoh Gabriel and Dayo Benson, Mr. Maigadi explains why many investors are now interested in AP and why it is difficult to have private refinery in Nigeria. We want to ask you first of all about your background? Thank you very much. I am just a simple Nigeria from Vi-Michika in Michika Local government Area of Adamawa state.
Didn't win the $2.7 million violin? Try these luxury gadgets for size
If you're not the lucky person who snapped up the Stradivari violin for $2.7 million, but were in the running, I bet you're sitting there right about now with a big chunk of money burning a hole in your pocket. But worry not, oh loaded one, there are many other things to chuck your money at willynilly. Here are a few of my favourite demonstrations of excess, all waiting for you and your credit card. Nothing says glamour like having a big snake wrapped round your neck - just ask any West Coast rapper (like I know the difference between East Coast and West Coast..). It's the new 'having a goldfish bowl in the heel of your shoe', donchaknow. So, if you're feeling the bling, you can't go far wrong with this Cobra phone from Vertu. It sports a pear-shaped diamond, three emeralds, and 439 artfully arranged rubies.
Fraud leader had a lot of help
TAMPA -- With Matthew B. Cox ready to plead guilty in Atlanta today to a five-year rampage of forgery, identity theft and mortgage fraud, federal prosecutors have filed charges in Tampa and Nashville that reveal the depth and breadth of his crimes. In Tampa, according to the newly filed charges, Cox committed $8.6-million in fraud on transactions involving 77 properties in the Tampa Heights and Ybor City areas. In Nashville, Cox committed $2.35-million in fraud on 22 properties, according to the new charges. Cox was helped by 22 unnamed co-conspirators in Tampa and Nashville, the new charges reveal. A one-time University of South Florida art student and Tampa mortgage broker, Cox had fine-tuned his fraud by the time he set up shop in Tennessee.
Contrarian Financiers: How to invest like they do
In recent months, we're seeing some of the most respected titans of finance making investments in industries that most individual investors wouldn't touch. While these investments might seem boring, the track records of these investors indicate that the returns could be anything but. Take a look: On April 5th, I wrote about Carl Icahn's bid for WCI Communities, a real estate developer with interests in Florida, a state that has seen a lot of carnage in the real estate market of late. Mr. Icahn explained the investment like this: "My investment philosophy, generally, with exceptions, is to buy something when no one wants it. We made a fairly large investment and took control of several energy companies seven or eight years ago when they were way down. Housing is somewhat analogous." Just as Icahn buys stuff when no one wants, Warren Buffett says that the secret to good investing is to be "greedy when others are fearful and fearful when others are greedy." A willingness to go against the commonly-held investment wisdom is at the core of the philosophies of both of these investors.
Webzen: Undervalued Asian Name?
Eric Wolff submits: For whatever reason, the majority of the value I've been finding recently is amidst several Asian companies with businesses in transition, that are trading near cash value. Though I am hesitant on the prospects of China to keep up its tepid growth, value is value, and cash is cash. Thesis Webzen (WZEN) is a South Korean based game developer that is in the process of building a series of high profile releases from proceeds received in IPO about 2.5 years ago. They are currently trading near book value, with limited value being assigned to their attractive game porfolio going forward. Though I am excited about the prospects of the company, I can see this trading down even further, more near something approaching cash value, and would be looking to add the name on weakness before several of their big releases later this year.
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