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Tag: O

  • unsafe tame acceptable

    unsafe tame acceptable

    Now empty dog bed. Had to put down my 14 y.o dog I raised from puppy ’cause of tumor. Decided that it’s better to let go instead of trying surgery that most likely would’ve been fatal anyway ’cause of old age. Now my other dog is searching for his cousin frantically without avail.

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  • Two Taco Tasting Menus Meld Mexican With Japanese Omakase

    Two Taco Tasting Menus Meld Mexican With Japanese Omakase

    There’s a place where laid-back streetside staples get a seat at the high table. A point where Mexican and Japanese culinary traditions meet, creating a journey for diners where the chef is the guide, and each plate is a revelation. Welcome to the taco omakase — a dining experience that speaks to connoisseurs and adventurous eaters alike.

    In an omakase, Japanese for “I’ll leave it up to you,” there is no menu. All you need to do is sit back and allow yourself to be surprised by the chef. Now, take that spirit and wrap it up in a freshly made tortilla.

    If you, like me, find the idea of eating tacos in an impressive succession downright irresistible, you will understand why the buzz around two omakase experiences in Chicago had me at hello. First, we visited Cariño in Uptown, where chef Norman Fenton (Schwa, Brass Heart) offers a tasting menu drawing from Central and South America. This is a late-night offering apart from Cariño’s standard tasting menu. Perhaps this option, which costs less than the standard dinner, is a gateway for diners apprehensive of spending $190 to $210 for a meal; the taco omakase costs $125.

    Before Cariño opened in December, Taqueria Chingón, a Bucktown taqueria known for its creative food and bold flavors, had periodically offered special ticketed taco omakase dinners, with the first being in October 2022. The small restaurant has a patio but doesn’t normally have indoor seating. Oliver Poilevey, whose parents opened famed French restaurant Le Bouchon, unveiled this taco stand to give his cooks — Marcos Ascencio, Angel Guijosa, Antonio Incandela, and Alexander Martinez — the stage. The group also runs Obelix and will open a mariscos restaurant inside Thalia Hall in Pilsen called Mariscos San Pedro.

    Both spots serve up their unique brand of omakase magic: Cariño’s is all about refined, highly personalized service and a balance between planned dishes and masterful improvisation. At the same time, the chefs behind the Chingón-Obelix team work together to deliver tacos that aren’t afraid to punch above their weight.

    Both experiences share a promise: Each visit is a one-way ticket to a taco wonderland.

    While sharing the common thread of personalization and surprise elements inherent to omakase and the obvious love for the kernel shared by both Cariño and Chingón, each experience delivers its unique story. One is like a friend giving you a hug, while the other one feels more like a high five. So, if you find yourself in the intersection of curiosity and craving in the world of taco omakase, every direction is the right one. Whether it’s a love song to Mexico at Cariño or a gutsy guitar riff at Chingón, these taco omakase experiences in Chicago clearly sing praises to the boundless promise of tacos.


    Cariño, 4662 N. Broadway

    Cariño’s late-night taco tasting menu is separate from the fine dining restaurant’s standard menu.
    Cariño/Kelly Sandos Photography

    Stepping into Cariño, a space where fine dining restaurants 42 Grams and Brass Heart resided, is like being whisked away to a hidden hot spot in Mexico City. Low lights, meaningful art, and an intimate setting make you feel as if you’re in for something special. The name captures the spot’s essence: “Cariño,” a term of endearment or a word for love or affection in Spanish. Here, “cariño” isn’t just the name; it’s the vibe. Fenton provides an intimate and personalized dining experience that’s attentive at every turn and thoughtfully put together. You instantly feel welcome and know you are in for a treat. Like that cozy dinner-at-abuela’s feeling, only with mad chef skills and a killer playlist. The art at Cariño is selected with intention. Fenton personally knows the artist behind each work.

    Land one of the seven spots at the counter for a front row seat to the open kitchen where chef Fenton serves a multi-course meal, ranging from eight to 12 dishes. Every movement is part of a dance choreographed to the soundtrack of Mexico’s heart pulsing in the background. Imagine Control Machete’s edgy underground tracks slipping between the aromas and sounds of the star of the show — sizzling masa. Corn takes center stage after the opening acts of a michelada oyster and a remarkable aguachile. Like magic, masa will transform into a variety of capricious permutations: a blue corn tetela with duck confit cured and balanced with the smoky bitterness of a recado negro; a truffle quesadilla with seasonal mushrooms made on a stone comal (a premium supplement worth splurging on); or a delightfully crispy and juicy taco de suadero with a side of jardín, made with slow-cooked brisket and a “garden” of onion and cilantro.

    Fenton explains each course throughout the experience, dishing out tales from his latest trip to Mexico. “You gotta try this,” he said, sliding over a wagyu beef taco. Eager to try it, I had to stop myself to allow for a molcajete gooseberry salsa, so good I could drink it, to be drizzled on. One bite, and it was as if my asada taco had been treated to a luxury vacation.

    At Cariño, diners can expect an ever-changing menu with a few anchors, including an aguachile, a take on a more traditional taco, and a dessert. “The taco omakase is curated based on what we as a concept feel like projecting that night,” says Fenton. “Everything else is subject to change based on ingredients and mood.”

    Cariño´s Taco Omakase experience is available beginning at 9:30 p.m. Wednesday to Saturday. The price is $125 per person, which includes food, beverage, and gratuity.

    Taqueria Chingón, 2234 N. Western Avenue

    A fance taco on an orange plate.

    Taqueria Chingon in Bucktown offers a unique omakase dinner.
    Taqueria Chingon

    A twist on an omakase experience takes place after hours at the popular Taqueria Chingón. In Mexican street talk, the term “chingón” is a badge of honor for anything that stands out remarkably, for example, tacos, setting our expectations right from the start.

    On the night of my visit, the casual eatery was buzzing, so much that it took a few minutes, a few knocks, and a text to open the door. It was all well worth it. Once inside, I noticed that the usual counter area for the trompo al pastor had been transformed into a stage where the taco omakase would take place. Excited, I took one of the eight seats reserved for the lucky few who would huddle underneath the papel picado decorations (left behind by a recent party) to watch the action unfold.

    A tiny restaurant off busy Western Avenue, buzzes with a lively spirit in a casual setting. You are at a fabulous after-party where street food goes VIP. The decor and ambiance speak to a collective, spontaneous spirit seasoned with remnants of parties past, casual art, and other mementos.

    A twist on the classic quesabirria swaggered in to kick off a set of 10 courses. But forget the birria; we are talking lobster and melted Oaxaca cheese tucked inside a freshly made blue tortilla. The consomé was no afterthought — light, flavorful, with a little bit of a kick, and so good you’ll want to chase it until the last drop.

    Then came the tuna and belly loin on a sesame seed tostada with avocado and a pop of mandarin kumquat. I devoured it, making me break my promise not to eat it all to save room for the remaining courses.

    More than one cook in the kitchen? This wasn’t just a good idea; it was a culinary jam session. In that tight space, the chef crew for the night — Ascencio, Guijosa, Martinez, and Poilevey — were like rock stars headlining the stage. Each of them got their moment in the spotlight, sharing stories, presenting dishes, talking about the ingredients in each plate, or basking in the feedback.

    I did not get the pairing at Chingón, which can be purchased for $50. Pairing options include Champagne, wine, mezcal, beer, and an after-dinner cocktail. During the meal, chef Ascencio shared that Chingón will soon include their own beer in the pairings.

    According to Ascencio, the Chingón-Obelix team designs the dynamic menu around the ingredients they want to showcase. Take Ibérico pork, for example, the Rolls-Royce of swine. It’s so good that it deserves its own fan club. The meat comes from the breed pata negra, which is fed a diet of acorns, giving the meat a unique flavor and texture. Guijosa presented a grilled Ibérico pork taco with salsa brava, a masterpiece of simplicity. This taco doesn’t just sit on your plate; it demands your attention — it’s the kind of taco that only the word “chingón” could describe.

    Taqueria Chingón´s Taco Omakase experience is usually offered on Mondays. Follow the restaurant’s social media to get information on upcoming experiences. The price is $135 per person. A pairing option is available for an additional $50.

    Brenda Storch

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  • Another Field Goal Blocked By Cirque Du Soleil Performers Doing Acrobatics On Goal Post

    Another Field Goal Blocked By Cirque Du Soleil Performers Doing Acrobatics On Goal Post


    LAS VEGAS—Noting that the dazzling Super Bowl performances had been fun but largely antithetical to the competition, sources confirmed Sunday that yet another field goal had been blocked by Cirque Du Soleil performers doing acrobatics on a goal post. “It’s great to see so many sparking leotards and death-defying aerial stunts, but they keep knocking the ball straight out of the air whenever a kicker tries to score,” said spectator Carla Jeffries, adding that no matter how many times the referees blew the whistle, the Cirque Du Soleil performers continued to cartwheel, somersault, and backflip across goalposts at each end of the field. “At first it didn’t seem like a big deal, but then the aerial performers descended from the poles, started riding giant bicycles, walking on stilts, and completely blocking the players from even entering in the end zone. Also, we couldn’t hear anything over the speakers blaring ‘All You Need Is Love.’ Overall, it was extremely frustrating.” At press time, the crowd began to boo after David Copperfield appeared on the field in a puff of smoke and made the ball disappear every time Patrick Mahomes or Brock Purdy tried to throw it.



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  • Teacher Retirement System of Texas Trims Stake in Realty Income Co. (NYSE:O)

    Teacher Retirement System of Texas Trims Stake in Realty Income Co. (NYSE:O)

    Teacher Retirement System of Texas decreased its holdings in shares of Realty Income Co. (NYSE:OFree Report) by 4.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 260,347 shares of the real estate investment trust’s stock after selling 12,847 shares during the period. Teacher Retirement System of Texas’ holdings in Realty Income were worth $13,002,000 as of its most recent SEC filing.

    Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in shares of Realty Income by 4.3% during the 2nd quarter. BlackRock Inc. now owns 61,840,542 shares of the real estate investment trust’s stock worth $3,697,446,000 after acquiring an additional 2,523,432 shares during the last quarter. State Street Corp lifted its stake in Realty Income by 5.0% during the second quarter. State Street Corp now owns 51,642,575 shares of the real estate investment trust’s stock worth $3,100,637,000 after purchasing an additional 2,460,053 shares during the last quarter. Cohen & Steers Inc. boosted its holdings in shares of Realty Income by 4.3% in the 2nd quarter. Cohen & Steers Inc. now owns 45,307,933 shares of the real estate investment trust’s stock worth $2,709,100,000 after purchasing an additional 1,861,224 shares in the last quarter. Morgan Stanley increased its position in shares of Realty Income by 13.6% during the 4th quarter. Morgan Stanley now owns 18,951,549 shares of the real estate investment trust’s stock valued at $1,202,097,000 after purchasing an additional 2,273,591 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Realty Income by 8.3% during the 2nd quarter. Geode Capital Management LLC now owns 15,645,964 shares of the real estate investment trust’s stock valued at $933,258,000 after buying an additional 1,204,684 shares in the last quarter. 78.82% of the stock is currently owned by hedge funds and other institutional investors.

    Insider Buying and Selling

    In other Realty Income news, Director A. Larry Chapman sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $56.98, for a total transaction of $199,430.00. Following the completion of the transaction, the director now owns 10,590 shares of the company’s stock, valued at $603,418.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.10% of the stock is currently owned by insiders.

    Realty Income Price Performance

    Shares of NYSE O opened at $56.12 on Friday. Realty Income Co. has a 1 year low of $45.03 and a 1 year high of $68.85. The stock has a market capitalization of $40.63 billion, a P/E ratio of 42.52, a P/E/G ratio of 2.73 and a beta of 0.95. The company’s 50-day moving average is $55.82 and its 200 day moving average is $55.36. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.55 and a quick ratio of 1.55.

    Realty Income (NYSE:OGet Free Report) last posted its quarterly earnings data on Monday, November 6th. The real estate investment trust reported $0.33 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.67). Realty Income had a net margin of 22.64% and a return on equity of 2.90%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $999.01 million. During the same period in the previous year, the firm posted $0.98 earnings per share. The business’s revenue was up 24.1% compared to the same quarter last year. On average, sell-side analysts expect that Realty Income Co. will post 4.02 earnings per share for the current year.

    Realty Income Dividend Announcement

    The firm also recently declared a feb 24 dividend, which will be paid on Thursday, February 15th. Investors of record on Thursday, February 1st will be given a dividend of $0.2565 per share. The ex-dividend date is Wednesday, January 31st. This represents a yield of 5.2%. Realty Income’s dividend payout ratio (DPR) is currently 233.33%.

    Wall Street Analyst Weigh In

    O has been the topic of several recent research reports. Stifel Nicolaus reduced their target price on shares of Realty Income from $69.50 to $67.50 and set a “buy” rating on the stock in a report on Tuesday, November 7th. Scotiabank downgraded Realty Income from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $61.00 to $54.00 in a report on Monday, October 16th. Bank of America cut Realty Income from a “buy” rating to a “neutral” rating and dropped their target price for the company from $67.00 to $52.00 in a report on Tuesday, October 10th. StockNews.com cut Realty Income from a “hold” rating to a “sell” rating in a research note on Saturday, December 30th. Finally, Royal Bank of Canada boosted their price objective on Realty Income from $58.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday, January 11th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Realty Income presently has an average rating of “Hold” and a consensus target price of $61.91.

    Check Out Our Latest Research Report on O

    Realty Income Company Profile

    (Free Report)

    Realty Income, The Monthly Dividend Company, is an S&P 500 company and member of the S&P 500 Dividend Aristocrats index. We invest in people and places to deliver dependable monthly dividends that increase over time. The company is structured as a real estate investment trust (“REIT”), and its monthly dividends are supported by the cash flow from over 13,250 real estate properties primarily owned under long-term net lease agreements with commercial clients.

    Read More

    Want to see what other hedge funds are holding O? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Realty Income Co. (NYSE:OFree Report).

    Institutional Ownership by Quarter for Realty Income (NYSE:O)

    Receive News & Ratings for Realty Income Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Realty Income and related companies with MarketBeat.com’s FREE daily email newsletter.

    ABMN Staff

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  • “The Best Chrismukkah Ever” From ‘The O.C.’ With Alan Sepinwall | Guilty Pleasures

    “The Best Chrismukkah Ever” From ‘The O.C.’ With Alan Sepinwall | Guilty Pleasures

    Jo is joined by Rolling Stone TV critic and coauthor of Welcome to the O.C.: The Oral History Alan Sepinwall to talk about one of the greatest television holiday specials ever, “The Best Chrismukkah Ever,” from the first season of the legendary series The O.C.

    Host: Joanna Robinson
    Guest: Alan Sepinwall
    Producer: Sasha Ashall

    Subscribe: Spotify / Apple Podcasts / Stitcher

    Joanna Robinson

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  • I Regret To Inform You

    I Regret To Inform You

    I just panicked and said yes to a brutal logging job that will probably make me want to kill myself again because they offered me lots of money and a truck. It’s been an honor **** posting with you 18 hours a day, I’ll be around, just less. *salutes*

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  • Bears Just Wanna Have Fun, Or: A Tragedy Becomes A Comedy in Cocaine Bear

    Bears Just Wanna Have Fun, Or: A Tragedy Becomes A Comedy in Cocaine Bear

    Elizabeth Banks noted that it might be the movie that could end her career. In contrast, the antics of the eponymous bear in Cocaine Bear have warmed hearts and delighted audiences everywhere. Especially since screenwriter Jimmy Warden was shrewd enough to understand that, with his creative liberties, he could make the fictionalized version of the bear survive the ingestion of roughly seventy-five pounds of cocaine. As Banks phrased it, “This movie could be seen as that bear’s revenge story.” From that angle, there is a certain “humans are assholes” slant to the film, with the unspoken reality being that people are responsible not just for fucking up their own environment, but those of the animal kingdom as well. After all, were it not for the avarice of a man like Andrew C. Thornton II that prompted such motivation to engage in high-risk drug smuggling behavior (particularly in the 80s, when Reagan’s top priority for “protecting” Americans was not AIDS awareness, but the War on Drugs), the black bear in question would have probably lived a long, healthy life.

    The cocaine boom of the 80s wasn’t only a result of Latin American drug cartels (particularly in Pablo Escobar’s Colombia) ramping up production, but rather, a sudden demand for a drug perceived as far more “glamorous” than the likes of hippie-dippy marijuana or LSD. What’s more, coke became a drug deemed worthy of white yuppies like Patrick Bateman who wanted to stay out all night partying (whether or not arbitrary murder was involved was at one’s discretion)/enjoying their overpaid, privileged status. Previously, at its higher cost in the 70s, it was even deemed the “champagne of drugs” by none other than The New York Times Magazine in ’74, laying the groundwork for the surge that was to come in the 80s. By 1985, where Cocaine Bear sets its stage, everyone wanted a piece of that profitable cocaine selling pie. Including the likes of Thornton II, who opens the movie to the tune of Jefferson Starship’s “Jane.” Ostensibly coked out himself, Thornton II (Matthew Rhys) proceeds to toss duffel bag after duffel bag out of a crashing aircraft. He then blows a kiss to the interior of the plane before jumping out of it, only to knock his head against the top of the doorway prior to falling out. In real life, Thornton II was with a partner-in-crime, and dropped the “loads” because it was proving too much weight for the plane to carry. Thornton II also did manage to successfully jump out of the plane without bumping his head, it was just that his parachute failed when he did, instigating a free fall into the driveway of Fred Myers, the eighty-five-year-old man shown in an archival newsclip saying, “You could see that his main chute didn’t open so, I guess his loafers was too much for him.” This refers to Thornton II being found wearing a bulletproof vest and Gucci loafers (a status symbol of the day).

    Before that, Banks shows us the first couple to encounter the resulting effect of Thornton II’s drop, as the coked-up bear attacks. This after Wikipedia is quoted like gospel at the beginning with a title card reads, “Black bears are not motivated by territoriality. They will seldom attack humans in their vicinity.” Black bears on cocaine, of course, are a different story. To further give the audience a sense of what a “menace” coke was to the government’s bid to kibosh its popularity, insertions of PSAs of the day are incorporated after the bear has its first bout of fun (its version of “fun” being not so dissimilar to the aforementioned Bateman’s). This includes the egg in a frying pan one featuring the old chestnut, “This is your brain. This is your brain on drugs” and Paul Reubens a.k.a. Pee-Wee Herman insisting, “It isn’t glamorous or cool or kid stuff” as he holds up a vial for the camera, somehow making it appear all the more seductive. Nancy Reagan adds, “The thrill can kill,” while a rep for the Narcotics Task Force of NYCHA declares, “Smoking crack is like putting a gun in your mouth…and pulling. the. trigger.” No one much heeded any such warnings in the 80s, when nightlife was king, and cocaine its reigning queen. That cocaine’s influence had even managed to infiltrate places like Knoxville, Tennessee and St. Louis, Missouri, the two initial locations the movie points out apart from the Chattahoochee Forest (not a fake name) is a testament to how saturated it had become even in the most “middle-of-the-road” parts of America. Like Chattahoochee, Georgia, where we’re introduced to single mother and nurse Sari (Keri Russell, looking practically the same as her Felicity days) and her preadolescent daughter, Deirdra a.k.a. Dee Dee (Brooklynn Prince, of The Florida Project fame).

    Upon entering Sari’s room to remind her she’ll be working that night, the viewer sees that the most 80s thing about the movie, apart from the cocaine, is Dee Dee’s décor, awash with posters of Depeche Mode, Billy Idol, Cyndi Lauper and Madonna. When Dee Dee says she was okay with her mom picking up some extra shifts before she realized that the real reason she wants to is to be around her current boyfriend, “Ray the Pediatrician,” Sari mentions Ray invited them to Nashville for the weekend to see his band play. That offer is a major “no thanks” to Dee Dee, who, in turn, reminds her mom that they were supposed to “paint the waterfall” this weekend. Presumably, that means going into the forest with a canvas and some paints and pulling a Bob Ross in front of the waterfall in question. But the call of dick is far greater to Sari than making good on that promise, assuring they can paint the waterfall some other weekend. But what Sari doesn’t know is that the call of the falls is greater to Dee Dee than meeting the latest piece in her mom’s never-ending boyfriend smorgasbord.

    In the meantime, Daveed (O’Shea Jackson Jr.), a fixer for St. Louis’ premier drug kingpin, Syd White (Ray Liotta, RIP), has been asked by said employer to recoup the many missing kilos of coke that Thornton II dropped into the forest at a known spot where smugglers are supposed to leave the goods in the event of a plane crash. But more than just that, Syd asks Daveed to take his son, Eddie (Alden Ehrenreich), along for the mission to get his mind off his recently deceased wife, Joan, and to, furthermore, entice him back into the “family business” he left because Joan wanted him to. But, as Syd points out, now that she’s dead, no harm, no foul.

    Among all these moving pieces of plotlines is also a cop named Bob (Isiah Whitlock Jr.) and his co-worker, Officer Reba (Ayoola Smart). Bob follows a lead on the missing cocaine to the forest while Reba stays behind to watch his “fancy” newly-acquired dog, Rosette (a running joke throughout the movie). The cast’s robustness is all in keeping with the need to add “meat” to a plot that’s fairly thin in theory, but that has been “bulked up” (or “Hulked out,” for a more 80s reference) for cinematic purposes. Despite the theoretical challenge of such a feat, Banks, having perfected her own acting chops in this type of absurdist comedy with 2001’s Wet Hot American Summer, seems more at home behind the camera than ever. And, of course, it never hurts to have “character actress Margo Martindale” on your side. In the role of Ranger Liz, keeper of the national park and forest, she manages to find herself in one of the most action-packed scenes featuring the bear chasing an ambulance to the soundtrack of Depeche Mode’s “Just Can’t Get Enough”—the theme song of cocaine’s effects, if ever there was one. That Devo’s Mark Mothersbaugh was responsible for curating Cocaine Bear’s musical selection only adds to a sense of 80s authenticity.

    As all of the divergent characters converge on one another in the same forest for varying reasons (most people involved want the cocaine though), the plot becomes increasingly more outlandish, providing the bear with plenty of prey to attack as it keeps feasting on whatever coke it finds. Among the additional characters is a random trio of friends who call themselves the Duchamps and roam the park randomly knifing people. As Ranger Liz puts it to Sari (who links up with her and a wildlife activist named Peter [Jesse Tyler Ferguson]) while in search of Dee Dee), “Watch your back. Pop-art punks pop up out of nowhere.” And so they do—by stabbing Daveed in one of the park’s public bathrooms. It’s Stache (Aaron Holliday) that Daveed and Eddie wake up after Daveed kicks the shit out of all three of them to ask where he got the brick of cocaine they found on him. From then on out, Stache becomes part of a new trio as they amble through the woods toward the alleged gazebo where the Duchamps hid the drugs.

    Finally arriving at that geographical point in act three, the only thing missing from the denouement is an ultimate escalation wherein the bear goes on its greatest rampage yet against a Colombian cartel also in pursuit of the lost bounty. Alas, the budget wasn’t high enough for such things (and was clearly used primarily on making the bear look as realistic as possible). But, considering how Banks and Warden already turned a molehill of a story into a mountain, one can’t begrudge them too much.

    They always say the truth is stranger than fiction, but, in this case, fiction based on the truth is strangest of all. Not to mention most vindicating of all…for the bear anyway. Whose real-life fate turned out to be even more tragic than just unwittingly OD’ing on cocaine through no fault of its own—no, the bear also had to end up taxidermied and displayed at a mall in Lexington, Kentucky and branded with names like Pablo EscoBear and Cokey the Bear. Perhaps a more effective PSA than anything actually broadcast on TV in the 80s.

    Genna Rivieccio

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  • California lawmakers to meet, eye big oil’s high gas prices

    California lawmakers to meet, eye big oil’s high gas prices

    SACRAMENTO, Calif. — Furious about oil companies’ supersized profits after a summer of record-high gas prices, California Gov. Gavin Newsom on Monday will formally start his campaign to punish big producers by asking the Legislature to fine them and give the money back to drivers.

    State lawmakers will briefly return to the state Capitol on Monday to swear in new members and elect leaders for the 2023 legislative session. But this year, Newsom also has called lawmakers into a special session for the purpose of approving a penalty for oil companies when their profits pass a certain threshold.

    It’s bound to be a popular proposal with voters, who have been paying more than $6 per gallon of gasoline for much of the year. But the big question is how the measure will be received by California lawmakers, especially since the oil industry is one of the state’s top lobbyists and campaign donors.

    Adding to the uncertainty is an unusually high number of new members who will take seats in the Legislature for the first time. More than a quarter of the Legislature’s 120 members could be new, depending on the outcome of a few close races where county officials are still counting votes.

    “It’s kind of like the first day of school and you get this big ethics test about a job that you’ve never had,” said Jamie Court, president of Consumer Watchdog, an advocacy group that has partnered with the Newsom administration to back the gas proposal.

    Among the state Senate’s new members is Angelique Ashby, a Democrat who narrowly won her seat following an intense campaign. The oil industry spent hundreds of thousands of dollars on radio and TV ads supporting Ashby’s campaign, a trend noticed by critics who tried to use it against her.

    In an interview, Ashby said she hasn’t been approached lobbyists or others from the oil industry asking how she would vote on a potential penalty for oil companies. She noted the oil industry spent the money as “independent expenditures,” meaning she had no control over that spending during the campaign.

    “Campaigns are not legislation, and the campaign slogans and strategies of my opponent are a thing of the past,” said Ashby, whose district includes Sacramento. “I’m fixated on the people of Senate District 8 and I will make my decision based on what is in their best interest.”

    As of Sunday night, Newsom had not yet revealed his legislation and legislative leaders said they likely won’t begin deliberations on any proposal until January.

    But the battle has already begun. Last week, the California Energy Commission held a public hearing about why the state’s gas prices are so high. California prices spiked over the summer, but so did the rest of the country — mostly in response to a crude oil price surge after Russia’s invasion of Ukraine.

    California’s prices spiked again in October, even while the price of crude oil dropped. In the first week of October, the average price of a gallon of gas in California was $2.61 higher than the national average — the biggest gap ever. Since then, oil companies reported billions of dollars in profits.

    Regulators had hoped to question the state’s five big oil refineries: Marathon, Valero, Phillips 66, PBF Energy and Chevron. But no company officials attended the hearing, with most saying that sharing information could violate anti-trust laws.

    Newsom sought to shame those companies publicly, posting a video to his Twitter account of their empty seats during Thursday’s hearing.

    “Big oil is ripping Californians off, and the deafening silence from the industry (at the public hearing) is the latest proof that a price gouging penalty is needed to hold them accountable for profiteering at the expense of California families,” Newsom said in a news release announcing the special session.

    Catherine Reheis-Boyd, president of the Western States Petroleum Association, said the oil industry is volatile, pointing to billions of dollars in losses during the pandemic when demand for gasoline dropped sharply as many people worked from home and canceled travel plans.

    During Thursday’s hearing, she blamed the state’s taxes and regulations for driving up gas prices.

    “The governor and the Legislature should focus efforts on removing policy hurdles being imposed on the energy industry so we can focus on providing affordable, reliable and lower carbon energy to all Californians,” Reheis-Boyd said.

    Severin Borenstein, a University of California-Berkeley professor, said the problem isn’t at the oil refinery level, but at the retail level where gasoline is sold to drivers.

    California’s gasoline market is dominated by name-brand gasoline, which is more expensive, and the state’s gas prices have been consistently higher than the rest of the country since 2015, Borenstein said.

    “We just don’t have the competition and discipline from those off-brand stations,” he said.

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  • 20 dividend stocks with high yields that have become more attractive right now

    20 dividend stocks with high yields that have become more attractive right now

    Income-seeking investors are looking at an opportunity to scoop up shares of real estate investment trusts. Stocks in that asset class have become more attractive as prices have fallen and cash flow is improving.

    Below is a broad screen of REITs that have high dividend yields and are also expected to generate enough excess cash in 2023 to enable increases in dividend payouts.

    REIT prices may turn a corner in 2023

    REITs distribute most of their income to shareholders to maintain their tax-advantaged status. But the group is cyclical, with pressure on share prices when interest rates rise, as they have this year at an unprecedented scale. A slowing growth rate for the group may have also placed a drag on the stocks.

    And now, with talk that the Federal Reserve may begin to temper its cycle of interest-rate increases, we may be nearing the time when REIT prices rise in anticipation of an eventual decline in interest rates. The market always looks ahead, which means long-term investors who have been waiting on the sidelines to buy higher-yielding income-oriented investments may have to make a move soon.

    During an interview on Nov 28, James Bullard, president of the Federal Reserve Bank of St. Louis and a member of the Federal Open Market Committee, discussed the central bank’s cycle of interest-rate increases meant to reduce inflation.

    When asked about the potential timing of the Fed’s “terminal rate” (the peak federal funds rate for this cycle), Bullard said: “Generally speaking, I have advocated that sooner is better, that you do want to get to the right level of the policy rate for the current data and the current situation.”

    Fed’s Bullard says in MarketWatch interview that markets are underpricing the chance of still-higher rates

    In August we published this guide to investing in REITs for income. Since the data for that article was pulled on Aug. 24, the S&P 500
    SPX,
    -0.29%

    has declined 4% (despite a 10% rally from its 2022 closing low on Oct. 12), but the benchmark index’s real estate sector has declined 13%.

    REITs can be placed broadly into two categories. Mortgage REITs lend money to commercial or residential borrowers and/or invest in mortgage-backed securities, while equity REITs own property and lease it out.

    The pressure on share prices can be greater for mortgage REITs, because the mortgage-lending business slows as interest rates rise. In this article we are focusing on equity REITs.

    Industry numbers

    The National Association of Real Estate Investment Trusts (Nareit) reported that third-quarter funds from operations (FFO) for U.S.-listed equity REITs were up 14% from a year earlier. To put that number in context, the year-over-year growth rate of quarterly FFO has been slowing — it was 35% a year ago. And the third-quarter FFO increase compares to a 23% increase in earnings per share for the S&P 500 from a year earlier, according to FactSet.

    The NAREIT report breaks out numbers for 12 categories of equity REITs, and there is great variance in the growth numbers, as you can see here.

    FFO is a non-GAAP measure that is commonly used to gauge REITs’ capacity for paying dividends. It adds amortization and depreciation (noncash items) back to earnings, while excluding gains on the sale of property. Adjusted funds from operations (AFFO) goes further, netting out expected capital expenditures to maintain the quality of property investments.

    The slowing FFO growth numbers point to the importance of looking at REITs individually, to see if expected cash flow is sufficient to cover dividend payments.

    Screen of high-yielding equity REITs

    For 2022 through Nov. 28, the S&P 500 has declined 17%, while the real estate sector has fallen 27%, excluding dividends.

    Over the very long term, through interest-rate cycles and the liquidity-driven bull market that ended this year, equity REITs have fared well, with an average annual return of 9.3% for 20 years, compared to an average return of 9.6% for the S&P 500, both with dividends reinvested, according to FactSet.

    This performance might surprise some investors, when considering the REITs’ income focus and the S&P 500’s heavy weighting for rapidly growing technology companies.

    For a broad screen of equity REITs, we began with the Russell 3000 Index
    RUA,
    -0.04%
    ,
    which represents 98% of U.S. companies by market capitalization.

    We then narrowed the list to 119 equity REITs that are followed by at least five analysts covered by FactSet for which AFFO estimates are available.

    If we divide the expected 2023 AFFO by the current share price, we have an estimated AFFO yield, which can be compared with the current dividend yield to see if there is expected “headroom” for dividend increases.

    For example, if we look at Vornado Realty Trust
    VNO,
    +1.03%
    ,
    the current dividend yield is 8.56%. Based on the consensus 2023 AFFO estimate among analysts polled by FactSet, the expected AFFO yield is only 7.25%. This doesn’t mean that Vornado will cut its dividend and it doesn’t even mean the company won’t raise its payout next year. But it might make it less likely to do so.

    Among the 119 equity REITs, 104 have expected 2023 AFFO headroom of at least 1.00%.

    Here are the 20 equity REITs from our screen with the highest current dividend yields that have at least 1% expected AFFO headroom:

    Company

    Ticker

    Dividend yield

    Estimated 2023 AFFO yield

    Estimated “headroom”

    Market cap. ($mil)

    Main concentration

    Brandywine Realty Trust

    BDN,
    +2.12%
    11.52%

    12.82%

    1.30%

    $1,132

    Offices

    Sabra Health Care REIT Inc.

    SBRA,
    +2.41%
    9.70%

    12.04%

    2.34%

    $2,857

    Health care

    Medical Properties Trust Inc.

    MPW,
    +2.53%
    9.18%

    11.46%

    2.29%

    $7,559

    Health care

    SL Green Realty Corp.

    SLG,
    +2.25%
    9.16%

    10.43%

    1.28%

    $2,619

    Offices

    Hudson Pacific Properties Inc.

    HPP,
    +1.41%
    9.12%

    12.69%

    3.57%

    $1,546

    Offices

    Omega Healthcare Investors Inc.

    OHI,
    +1.23%
    9.05%

    10.13%

    1.08%

    $6,936

    Health care

    Global Medical REIT Inc.

    GMRE,
    +2.55%
    8.75%

    10.59%

    1.84%

    $629

    Health care

    Uniti Group Inc.

    UNIT,
    +0.55%
    8.30%

    25.00%

    16.70%

    $1,715

    Communications infrastructure

    EPR Properties

    EPR,
    +0.86%
    8.19%

    12.24%

    4.05%

    $3,023

    Leisure properties

    CTO Realty Growth Inc.

    CTO,
    +2.22%
    7.51%

    9.34%

    1.83%

    $381

    Retail

    Highwoods Properties Inc.

    HIW,
    +0.99%
    6.95%

    8.82%

    1.86%

    $3,025

    Offices

    National Health Investors Inc.

    NHI,
    +2.59%
    6.75%

    8.32%

    1.57%

    $2,313

    Senior housing

    Douglas Emmett Inc.

    DEI,
    +0.87%
    6.74%

    10.30%

    3.55%

    $2,920

    Offices

    Outfront Media Inc.

    OUT,
    +0.89%
    6.68%

    11.74%

    5.06%

    $2,950

    Billboards

    Spirit Realty Capital Inc.

    SRC,
    +1.15%
    6.62%

    9.07%

    2.45%

    $5,595

    Retail

    Broadstone Net Lease Inc.

    BNL,
    -0.30%
    6.61%

    8.70%

    2.08%

    $2,879

    Industial

    Armada Hoffler Properties Inc.

    AHH,
    +0.00%
    6.38%

    7.78%

    1.41%

    $807

    Offices

    Innovative Industrial Properties Inc.

    IIPR,
    +1.42%
    6.24%

    7.53%

    1.29%

    $3,226

    Health care

    Simon Property Group Inc.

    SPG,
    +1.03%
    6.22%

    9.55%

    3.33%

    $37,847

    Retail

    LTC Properties Inc.

    LTC,
    +1.42%
    5.99%

    7.60%

    1.60%

    $1,541

    Senior housing

    Source: FactSet

    Click on the tickers for more about each company. You should read Tomi Kilgore’s detailed guide to the wealth of information for free on the MarketWatch quote page.

    The list includes each REIT’s main property investment type. However, many REITs are highly diversified. The simplified categories on the table may not cover all of their investment properties.

    Knowing what a REIT invests in is part of the research you should do on your own before buying any individual stock. For arbitrary examples, some investors may wish to steer clear of exposure to certain areas of retail or hotels, or they may favor health-care properties.

    Largest REITs

    Several of the REITs that passed the screen have relatively small market capitalizations. You might be curious to see how the most widely held REITs fared in the screen. So here’s another list of the 20 largest U.S. REITs among the 119 that passed the first cut, sorted by market cap as of Nov. 28:

    Company

    Ticker

    Dividend yield

    Estimated 2023 AFFO yield

    Estimated “headroom”

    Market cap. ($mil)

    Main concentration

    Prologis Inc.

    PLD,
    +1.63%
    2.84%

    4.36%

    1.52%

    $102,886

    Warehouses and logistics

    American Tower Corp.

    AMT,
    +0.75%
    2.66%

    4.82%

    2.16%

    $99,593

    Communications infrastructure

    Equinix Inc.

    EQIX,
    +0.80%
    1.87%

    4.79%

    2.91%

    $61,317

    Data centers

    Crown Castle Inc.

    CCI,
    +0.93%
    4.55%

    5.42%

    0.86%

    $59,553

    Wireless Infrastructure

    Public Storage

    PSA,
    +0.19%
    2.77%

    5.35%

    2.57%

    $50,680

    Self-storage

    Realty Income Corp.

    O,
    +0.72%
    4.82%

    6.46%

    1.64%

    $38,720

    Retail

    Simon Property Group Inc.

    SPG,
    +1.03%
    6.22%

    9.55%

    3.33%

    $37,847

    Retail

    VICI Properties Inc.

    VICI,
    +0.81%
    4.69%

    6.21%

    1.52%

    $32,013

    Leisure properties

    SBA Communications Corp. Class A

    SBAC,
    +0.27%
    0.97%

    4.33%

    3.36%

    $31,662

    Communications infrastructure

    Welltower Inc.

    WELL,
    +3.06%
    3.66%

    4.76%

    1.10%

    $31,489

    Health care

    Digital Realty Trust Inc.

    DLR,
    +0.63%
    4.54%

    6.18%

    1.64%

    $30,903

    Data centers

    Alexandria Real Estate Equities Inc.

    ARE,
    +1.49%
    3.17%

    4.87%

    1.70%

    $24,451

    Offices

    AvalonBay Communities Inc.

    AVB,
    +0.98%
    3.78%

    5.69%

    1.90%

    $23,513

    Multifamily residential

    Equity Residential

    EQR,
    +1.46%
    4.02%

    5.36%

    1.34%

    $23,503

    Multifamily residential

    Extra Space Storage Inc.

    EXR,
    +0.31%
    3.93%

    5.83%

    1.90%

    $20,430

    Self-storage

    Invitation Homes Inc.

    INVH,
    +2.15%
    2.84%

    5.12%

    2.28%

    $18,948

    Single-family residental

    Mid-America Apartment Communities Inc.

    MAA,
    +1.83%
    3.16%

    5.18%

    2.02%

    $18,260

    Multifamily residential

    Ventas Inc.

    VTR,
    +2.22%
    4.07%

    5.95%

    1.88%

    $17,660

    Senior housing

    Sun Communities Inc.

    SUI,
    +2.12%
    2.51%

    4.81%

    2.30%

    $17,346

    Multifamily residential

    Source: FactSet

    Simon Property Group Inc.
    SPG,
    +1.03%

    is the only REIT to make both lists.

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