It was toasty at Kasumigaseki Country Club last week during the men’s Olympic tournament, but not like it was on Tuesday for the opening round of the women’s competition. Temperatures climbed to the high 90s with the heat index hitting 110 degrees as players and caddies struggled to stay hydrated.
“It was definitely probably the hottest I've ever been on a golf course and that's saying a lot. I've won in Thailand and I've won in Malaysia,” said Jessica Korda, who shot an opening-round 71 to sit five off the lead. “This is a whole another beast of heat when you feel it radiating inside the cups, you know it's pretty hot out there. So just trying to stay present was the goal today.”
Unfortunately, the weather forecast suggests the conditions won’t let up for the second round on Thursday—97 degrees is the predicted high—with the potential for other problems later in the week. A tropical storm off the coast of Japan is expected to arrive late Friday and produce thunderstorms throughout the day on Saturday—the scheduled final round— and Sunday. The forecast calls for an 85 percent chance of rain on Saturday and 60 percent chance on Sunday.
Due to the pending storms, the tournament committee overseen by the International Golf Federation has sent an advisory to players notifying them that the competition could be reduced to 54 holes. No official decision has been made, as the committee will continue to evaluate the situation during and after the second round.
An alternative the committee explored to keep the tournament at 72 holes was to play more than 18 holes on Thursday and Friday. However, because of the heat issues, medical staffers have advised against that.
The notice is surely important for the field to be aware of as players compete in the second round. In all likelihood, the tournament will be shortened, meaning there’s less time to make up ground if you’re farther down the leader board on Day 1.
HOLMDEL, N.J., Aug. 03, 2021 (GLOBE NEWSWIRE) -- Monmouth Real Estate Investment Corporation (NYSE: MNR, “Monmouth” or “the Company”) today released an investor presentation highlighting the significant value and other benefits of the Company’s pending merger with Equity Commonwealth (NYSE: EQC, “EQC”). The presentation, which is on file with the Securities and Exchange Commission, is available on the investor relations page of Monmouth’s website at https://investors.mreic.reit/corporate-profile/default.aspx.
As outlined in the presentation, the Monmouth Board is confident that the EQC transaction is the best option to maximize long-term value for stockholders. Highlights include:
Robuststrategicreviewprocess. The transaction is the culmination of an extensive strategic review conducted by the Monmouth Board. The Board, working together with its legal and financial advisors, engaged with and solicited proposals from a broad range of investors, contacting over 90 different potential counterparties and evaluating a number of strategic alternatives before determining the merger with EQC to be the best outcome for stockholders.
Compellingvalue forMonmouthstockholders. The transaction represents a 26% valuation premium to Monmouth’s 30-day average unaffected trading price as of December 18, 2020 and an approximate 4.6% cap rate for our high-quality single-tenant industrial portfolio leased primarily to investment grade tenants.
Significantcombinedcompanyupsidepotentialsupported byhighlyfavorableseculartrends. The transaction provides Monmouth stockholders with the opportunity to participate in the success of the combined company as it executes its growth strategy and evolves into a market leading industrial REIT benefitting from strong industrial real estate sector fundamentals driven by the rapidly growing e-commerce industry.
World-classmanagementteam. The merger enables Monmouth stockholders to benefit from the expertise and proven track record of EQC’s executive team, led by Sam Zell as Chairman and David Helfand as CEO.
Acquisitionstrategy tostrengthen anddiversifyindustrialportfolio. The combined company intends to grow through acquisitions utilizing its approximately $5 billion of balance sheet capacity and will seek to diversify the portfolio while expanding its tenant base.
Fully-fundedgrowthstrategy. The stable and recurring cash flows of Monmouth’s portfolio, coupled with EQC’s considerable financial resources, including approximately $2.4 billion in cash following close, will fund the combined company’s growth strategy without having to access the debt or equity capital markets for the foreseeable future.
Lower costsandincreasedliquidity. Stockholders of the combined company will benefit from approximately $34 million per year in savings following the payoff of Monmouth’s Series C Preferred. In addition, the post-merger public equity market capitalization of approximately $5.1 billion is expected to provide increased liquidity for stockholders.
Tax-efficientstocktransaction. This tax-efficient transaction will allow Monmouth common stockholders to defer unrealized gains that would otherwise be realized in a cash sale.
The Monmouth Board of Directors (the “Board”) unanimously recommends that stockholders complete and return the WHITE proxy card to vote their shares “FOR” the merger in advance of the upcoming Special Meeting of Stockholders, which is scheduled to be held on August 24, 2021 at 11:00 a.m. EDT.
The transaction is expected to close in the second half of 2021, subject to customary closing conditions, including approval by the common stockholders of both Equity Commonwealth and Monmouth. The Board of Trustees of Equity Commonwealth and the Board of Directors of Monmouth have each unanimously approved the transaction.
EVERYVOTE IS IMPORTANT! MONMOUTHSTOCKHOLDERS ARE ENCOURAGED TOVOTE “FOR” THEEQCTRANSACTION ON THEWHITEPROXY CARD TODAY!
Monmouth stockholders have received a joint proxy statement/prospectus prepared by Monmouth and EQC seeking stockholder approval of the merger. Any stockholder who has questions about the voting of shares after receiving and reviewing the joint proxy statement/prospectus may contact Monmouth’s proxy solicitor, Okapi Partners, toll-free, at (888) 785-6668.
J.P. Morgan Securities LLC and CS Capital Advisors, LLC are acting as financial advisors and Stroock & Stroock & Lavan LLP is serving as legal advisor to Monmouth.
About Monmouth
Monmouth Real Estate Investment Corporation, founded in 1968, is one of the oldest public equity REITs in the world. We specialize in single tenant, net-leased industrial properties, subject to long-term leases, primarily to investment-grade tenants. Monmouth Real Estate is a fully integrated and self-managed real estate company, whose property portfolio consists of 121 properties, containing a total of approximately 24.7 million rentable square feet, geographically diversified across 32 states. Our occupancy rate as of this date is 99.7%.
Forward-Looking Statements
Some of the statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding the merger with EQC. Any forward-looking statements contained in this press release are intended to be made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward looking statements by discussions of strategy, plans or intentions. Any forward-looking statements contained in this press release reflect Monmouth’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ significantly from those expressed in any forward-looking statement. For a further discussion of other factors that could cause Monmouth’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in Monmouth’s most recent Annual Report on Form 10-K and in its Quarterly Reports on Form 10-Q. While forward-looking statements reflect Monmouth’s good faith beliefs, they are not guarantees of future performance. Monmouth disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Participants in the Solicitation
Monmouth and certain of its directors and executive officers and other employees may be deemed to be participants in the solicitation of proxies from Monmouth’s stockholders in connection with the proposed merger with EQC under the rules of the SEC. Investors may obtain information regarding the names, affiliations and interests of directors and executive officers of Monmouth in Monmouth’s Annual Report on Form 10-K for Monmouth’s fiscal year ended September 30, 2020, which was filed with the SEC on November 23, 2020, as well as in Monmouth’s other filings with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the proxy statement/prospectus and other relevant proxy materials filed with the SEC in respect of the proposed merger.
No Offer or Solicitation
This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Additional Information and Where to Find It
In connection with the proposed merger between Monmouth and EQC, EQC has filed a registration statement on Form S-4 with the SEC, which became effective on July 23, 2021, to register the common shares of beneficial interest of EQC to be issued pursuant to the merger. The registration statement includes a joint proxy statement/prospectus which has been filed by EQC and Monmouth with the SEC and has been sent to the common shareholders of EQC seeking their approval of the share issuance and to the common shareholders of Monmouth seeking their approval of the merger (the “joint proxy statement/prospectus”). EQC and Monmouth may also file other documents regarding the proposed merger and share issuance with the SEC. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO CAREFULLY READ THE ENTIRE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND SHARE ISSUANCE. Investors and security holders may obtain free copies of the registration statement and joint proxy statement/prospectus and other documents filed with the SEC by EQC or Monmouth through the website maintained by the SEC at www.sec.gov. In addition, investors and security holders may obtain free copies of the registration statement and the joint proxy statement/prospectus and other documents filed with the SEC by EQC on EQC’s website at www.eqcre.com and may obtain free copies of the joint proxy statement/prospectus and other documents filed with the SEC by Monmouth on Monmouth’s website at www.mreic.reit.
With a federal eviction moratorium expiring, and the State’s emergency declaration phasing out, programs to forestall evictions are on their way out – what’s next for Maryland?
Among multiple policy provisions enacted during the COVID-19 pandemic, special accommodations for renters without income to make payments have prevented a major wave of tenant evictions. A federal provision, widely referenced as a “moratorium” but in practice creating substantial process requirements, has expired as of August 1. State provisions, extending these protections, were attached to the statewide declaration of a public health emergency, which will fully phase out by August 15. In essence, signs point to an August 15 return to “normal laws” with respect to landlord/tenant relationships… with some local governments continuing their own programs locally, many employing federal ARPS funds to do so.
Associated Press coverage illustrates the looming effects in some states that, unlike Maryland, did not add extra protections beyond the federal provisions – and the series of evictions filed in their courts:
More than 15 million people live in households that owe as much as $20 billion to their landlords, according to the Aspen Institute. As of July 5, roughly 3.6 million people in the U.S. said they faced eviction in the next two months, according to the U.S. Census Bureau’s Household Pulse Survey.
The Federal Issue
The federal provisions deferring non-payment evictions expired at the end of July, amidst a perplexing flurry of uncertainty over legal authority to act. In the end, the Congress failed to extend these provisions, and the Executive Agencies (such as the CDC) were guided by court holdings that they lacked the authority to do so via rule-making or other purely executive action.
As of this writing, it appears that the federal protections have fully expired – leaving each State as a potential actor to fill in for their absence.
The State Decision
Maryland, as part of its statewide public health emergency, had reinforced and extended eviction prevention rules. During the 2021 legisaltive session, MACo supported legislation designed to clarify and extend these provisions, but that legislation ultimately failed. See Conduit Street coverage: County Leaders: State Needs To Prevent Eviction Wave
More recently, Governor Hogan reinforced that the State’s decision to rescind the public health emergency was unchanged, meaning statewide provisions affecting the courts and landlord/tenant matters would expire on August 15, following the 45-day phase-out period.
The Local Landscape
Multiple counties have created programs either to assist landlords maintain income (potentially with a condition that they not pursue evictions) or to augment tenant payments, in efforts to stave off evictions brought about by the pandemic and its economic disruptions. See prior Conduit Street coverage: New Tenant Protections Take Effect in Baltimore
Maryland Legislative Briefing
The House of Delegates held a briefing covering these matters, including a number of local governments, on July 27. The video of the meeting is available on the General Assembly’s YouTube site.
Chief Judge Morrisey of the Maryland District Courts expressed his opinion that “I don’t agree there will be a tsunami of [eviction] cases” as part of his introductory comments during the Committee’s discussion, following a review of multiple measures taken by the courts, and a number of dismissed cases already.
Nazareth District Court on Tuesday ruled in a dramatic decision to free convicted murderer Roman Zadorov to house arrest pending a retrial for in the 2006 murder of eighth-grader Tair Rada at her school in Katzerin on the Golan Heights.Zadarov will likely remain in jail pending an expected appeal by the state, although the prosecution said it would take time to consider its next steps.
If Zadarov is released, he will have to wear an electronic tag and will be closely monitored by court-approved minders. He will be allowed out of his home only if a court gives its specific approval.
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The surprise decision is the first sign that this round – there have already been a number of additional hearings in the case following the original conviction all of which confirmed it – might lead to Zadorov eventually obtaining an acquittal and regaining his freedom after years behind bars.
New evidence emerged earlier this year that led the Supreme Court to order a retrial but that does not mean that an acquittal is inevitable. In 2016, the Supreme Court rejected one of Zadorov's appeals after ordering a different retrial but Justice Yoram Danziger wrote a dissenting minority ruling against the conviction. Others expressed skepticism about the state's case.
Rada was found stabbed to death in a toilet at the Nofei Golan school in Katzrin in 2006 and Zadorov, the school custodian, was arrested less than a week later and was found guilty of 13-year-old’s murder in September 2010.
The case has captivated Israeli media and the public – a tragic small-town murder case that from the outset was dogged by rumors, including that local teenagers had killed Rada and the town, or teachers, had covered this up and allowed Zadorov, an immigrant from the former Soviet Union who spoke poor Hebrew, to become an easy fall guy. While the prosecution doubled down and said there was no basis to release Zadorov, since there was no way he would be acquitted in the retrial but the court implied the prosecution is in denial regarding a case which is cratering. It added that without reaching a verdict on the trial evidence and because Zadorov has been in prison for 15 years, he should be allowing to be released to house arrest until a new verdict is handed down.
After several proceedings and delays in the past several years, a Solano County Superior Court trial date still remains pending for a Vallejo gang member accused, with two others, of fatally shooting a man more than three years ago, one of several killings by four other gang members between 2017 and 2018 in Vallejo.
Desean Lamar Johnson, 25, was scheduled to appear Monday in Solano County Superior Court for a trial setting, but court records show that Judge William J. Pendergast rescheduled the proceedings for 8:30 a.m. Sept. 2 in Department 11 in the Justice Center in Fairfield. Johnson is represented by criminal defense attorney Tim A. Pori.
Vallejo police investigators believe Johnson, Nickolas James Howland, 23, and Steven Tezel Sanderson, 20, shot and killed Coy Lacy Jr., 30, in January 2018.
Howland, a rapper, and Sanderson are also charged with fatally shooting DeMario Williams in September 2017. They each will face two murder charges at trial. Howland is represented by criminal defense attorney Curtis Boyd, Sanderson by defense attorney John Coffer.
A third man linked to Williams’ death, Tiquon Ramon Hicks Jr., 24, was sentenced on March 5, 2020, to more than 27 years in state prison for the second-degree murder.
A fifth reputed member of the 200 Westwood gang, which gets its name from a Vallejo neighborhood street, Damaria Tijaraye Haskins, 23, was indicted in November 2018 by a Solano County grand jury for the 2017 fatal shooting of Erik Green and the attempted murder of his brother, Eian. Haskins returns to Department 11 at 8:30 a.m. Aug. 24 for a trial setting. He is represented by criminal defense attorney Carol Long.
Pendergast also has ordered Howland and Sanderson to return for some pretrial matters, including a trial readiness conference at 8:30 a.m. Sept. 27 and a trial management conference at 8:30 a.m. Oct. 28. Their jury trial is scheduled to being at 9:30 a.m. Nov. 1.
When Howland returns for the trial, Boyd will ask Pendergast to “sever” the trial, or, in other words, order one for Howland, another for Sanderson.
In December 2019, Pendergast agreed to sever all but one of the remaining pending trials, Howland and Sanderson’s.
Deputy District Attorney Eric Charm led the prosecution in the Hicks case and is the lead prosecutor in the pending murder trials.
