I am an Nri - Non Resident Indian, living in Canada. We form a large part of the people here. And we all, let me say, have families, relations, friends in India whom we do miss on each and every chance worth celebrating together. I, because of my involvement with many Indian groups, clubs and communal services here, am often asked 'how can we send gifts to India', 'how can we send flowers to India', etc. As Diwali is coming up, I know there will be a deluge of similar questions such as 'how can we send Diwali gifts to India', 'where can we buy Diwali gifts for friends, families or relatives in India', and so on and so forth. I know there are many Nris who do not know me and who have similar questions, not only in Canada but in Us, Uk, Australia, and many other parts of the world. They are who I am writing this narrative for.
When it comes to send gifts to India on an chance or festival, we all want it to reflect the familiar sentiments. We can buy a lot of gifts from our local stores here but they would not necessarily suite the purpose well. You often want to buy some gifts that suite to the sentiments of the chance and the person both. This is only potential when you buy gifts from India. True! And it is also true that you can buy these Indian gifts articles online and place your order for delivering gifts to India, roughly everywhere in India.
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Yes! There are some beyond doubt good online gift portals from India which supply a galore of options to select from with engaging plans. The first advantage these online gift portals offer is gifts to suite all the Indian festivals, occasions and persons. Second, because they are operated from India, they deliver gifts to India at once no matter where they are ordered from. Third advantage is that you can even send cakes to India, sweets to India and even flowers to India. Because the lesser time they need to deliver gifts to India than that it may take to send gifts from Canada or some other countries, they often deliver all fast and fresh.
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As Diwali is due on 5th of November this year (2010), the online gift portals must be ready with a lot of Diwali Gifts to India, Diwali Sweets to India, and much more that you may want to send to India on Diwali. All you need is to find a reliable online gift portal from India. Google can help you on that.
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Walgreens, Cvs or Rite-Aid: Which Tenant Is Best in 2011?
There are 3 major drugstore chains in the Us: Walgreens, Cvs, and Rite Aid. Below are some key statistics about the 3 major drugstore chains as of July 2010:
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Walgreens
ranks #1 with market cap of .33 Billion, .25 Billion in revenue, and S&P rating of A+. According to Walgreens, 75% Us people lives within 3 miles from its stores. On Oct 1, 2009, Walgreens opened its 7000-th store in Brooklyn, New York. In April 2010, it acquired 258 Duane Reade drug market in New York Metropolitan area.
Cvs
ranks #2 with market cap of .09 Billion, .1 Billion in earnings (Cvs earnings alone is less than Walgreens if earnings from its Caremark group is taken out), and S&P rating of Bbb+. Cvs opened its 7000-th store in diminutive Canada, Minnesota on October 5, 2009 and currently operates 7025 drug stores..
Rite Aid
ranks #3 with market cap of 9 Million, .53 Billion in revenue, 4780 drug market and S&P rating of B-.
Walgreens, Cvs, and Rite Aid - What Re Investors Should Know in 2011
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Investors buy properties occupied by these drugstore chains for the following reasons:
The drugstore firm is very recession-insensitive. people need treatment when they are sick, regardless of the state of the economy. Both rich and poor people in the Us have way to medicine. Some even argue that low-income people use more treatment due to free or low-cost drugs offered by government-assisted programs. So the tenants should do well while tough time and have money to pay rent to landlords.
The drugstore firm has a good anticipation in the Us:
People are living longer and need more treatment to support longevity, e.g. Actonel for osteoporosis, Aricept for Alzheimer's symptoms. Older people tend to use more treatment than younger ones as they often have more healing problems. As the 78 million baby boomers are getting closer to retiring age starting from 2008, the drugstore chains anticipate the request for treatment to growth in next 20 years.
The drug market continues to develop as the Us people will continue to grow. More and more Americans suffer from discrete diseases. The number of Americans suffers from seasonal allergies doubled in the last 15 years to 37 million people per Fortune magazine. They spent .4 Billion in 2009 for allergy drugs. As their waist lines balloon (75% of Americans are forecasted to be either overweight or obese by 2020), more Americans are diagnosed with diabetes, high cholesterol at younger and younger ages. In addition, doctors also recommend treating discrete diseases sooner than later due to best comprehension about the diseases. For example, doctors now designate antiretroviral drugs for patients soon after infected with Hiv virus instead of waiting for the infection to come to be Aids. More doctors integrate insulin with oral medicines to treat type-2 Diabetes instead of just oral medicines alone. All these factors growth the size of the drug market.
Advance in genetic engineering has introduced discrete new genetic Dna testing kits which allow the genetic diagnosis of vulnerabilities to inherited diseases and disorders. Genetic testing is currently the top growth segment in the diagnostics industry. Some of these genetic tests will probably transform into direct-to-consumer testing kits available in drug market in the near future. Upon Fda approval, these new products will potentially bring in additional earnings for drug stores.
The passage of health Care Reform Bill on March 23, 2010 provides guarnatee coverage to an estimated 33 million more American. This is a major present to the drugstore industry.
There are new drugs to treat previously untreatable illnesses, and new diseases, e.g. Viagra for men's unhappiness, Zoloft for depression, Avastin for colon cancer, Herceptin for breast cancer, Nicotine patches for smokers to kick the habit, Tamiflu for a possible bird flu pandemic, vaccine for swine (H1N1) flu pandemic, Tekturna/Rasilez for hypertension and discrete new drugs for Aids and concentration Deficit Disorder (Add). The new medicines are very expensive, e.g. A year's supply of Avastin costs about ,000. Eli Lilly has sold about .8 billion of Zyprexa in 2007 for schizophrenia and yet most people have never heard of this medicine.
There are existing drugs now stylish to treat new illnesses and thus growth their sales revenue. For example, Lyrica was originally intended to treat pain caused by nerve damage in people with diabetes. It is now stylish by Fda to treat Fibromyalgia which affects 5.8 million Americans per WebMd.
Big advances in genetics, biology and stem cells study are improbable to produce a new class of drugs to treat diabetes, Parkinson's and discrete rare genetic disorders. For example the new drug Ilaris from Novartis targets genetic causes of an inherited disorder that there are only 7000 known cases worldwide. However, Novartis hopes to gently broaden its drugs to a blockbuster drug to more common disorders caused by similar genetics.
Technology and contemporary life introduce and want new products, e.g. Gravidity test kits, Lamisil for stronger clearer toe nails, Latisse for longer & thicker eyelashes, Premarin for menopausal symptoms, diabetic monitors, electronic toothbrushes, experience lenses, lenses cleaners, diet pills, vitamins, birth-control pills, Iuds, food supplements and Cholesterol-lowering pills (Americans spent nearly B in 2006 on Cholesterol medications alone per Ims Health, a Connecticut-based consulting firm that monitors pharmaceutical sales.) There are also more surgeries: C-sections, Kidney transplants, open-heart triple by-pass, and breast augmentations. More surgeries mean more medicines are needed such as Vicodin for pain management and Warfarin to forestall blood clots in surgeries.
Before the customers can get to the treatment aisles or pharmacy counters, they have to pass by chocolates, sodas, digital cameras, watches, toys, dolls, beers and wines, cosmetics, video games, flowers, fragrances, and greeting cards. Drug market hope you use the one-hour photos services and change your liquid propane tanks there. The market also carry seasonal items, e.g. Halloween costumes, and "As Seen on Tv" merchandise, e.g. Shamwow. As a result, customers buy more than their prescriptions and treatment in these drugstores. Rite Aid sells more 28,000 non-pharmacy items in its market while Walgreens has 22,000 distinct items on store shelves. Cvs reported that non-pharmacy sales represented 30% of the company's total sales in January of 2007. The outline for Walgreens is 34% and 37% for Rite Aid. Many pharmacy locations are in result convenience market especially ones that are in residential or rural areas. And so Walgreens hopes that customers also pick up Wd-44, and screw drivers at its market instead of at Home Depot; Thai Jasmine rice, and fish sauce to avoid a trip to Safeway or Kroger Supermarkets. while the recession, sales of these non-drug items are down as customers buy what they need and not what they want. Walgreens tries to reduce the number of items by 4000. It also introduces its own underground label which has higher behalf margins.
There are more and more generic medications on the market as a number of enormously beloved brand-name blockbusters will lose their 20-year long patents, e.g. Lipitor (best selling drug in the world to lower cholesterol) in 2010, Viagra (you know what it's for) in 2012. Drugstores prefer to sell generic drugs to customers due to higher behalf margins than the brand-name medications.
Some people are addicted to pain killers, e.g. Hydrocodone and consume a large number of medicine, e.g. 30-day dosage in a day to get high. According to testimony from the National found on Drug Abuse, Us retail pharmacies dispensed nearly 180 million prescriptions in 2007 for opiates, e.g. Hydrocodone. A high percentage of these prescriptions are probably not used for any legitimate healing purposes.
This author estimates that at least 10% of the dispensed designate drugs are not used at all and sit idle in the treatment cabinets. They are ultimately expired and thrown away.
These clubs sign very long-term, Nnn leases, guaranteed by their corporate assets. This makes the venture in the underlying asset fairly low risk, especially for Walgreens with an A+ S&P rating. In fact, these properties are sometimes referred to as investment-grade properties. Once the drugstore chains sign the lease, they pay the rent abruptly and timely. This author is not aware of any properties leased by one of these drugstore chains in which the tenants failed to pay rents. Even when the market are terminated due to weak sales (Walgreens terminated 119 market in 2007), these clubs may sublease the properties to other clubs and continue to pay rents on the specialist leases.
A typical Walgreens lease consists of 20-25 year former term plus 8-10 five-year options. while former term and options, there will be no rent increases in most of the leases. This is the main disadvantage of investing in Walgreens drugstores.
A typical Cvs lease consists of 20-25 year former term plus 4-5 five-year options. The rent is ordinarily flat while the former term and then there is a 2.5%-10% rent growth in the in each 5-year option.
A typical Rite Aid lease consists of 20-25 year former term plus 4-8 five-year options. The lease often has a rent growth every 5-10 years.
Investment Risks: Although the pharmacy firm in general is recession-insensitive, there are risks complicated in your investment:
The main downside about investing in pharmacies is there is diminutive or no rent bump for a long time, e.g. 20-50 years, especially for Walgreens. So the rent is effectively reduced after inflation is factored in. This is one of the main reasons these properties do not appeal to younger investors.
The 3 drugstore chains now have a new formidable competitor, Wal-mart. Wal-mart sells designate drugs in more than 4000 Wal-mart, Sam's Club and Neighborhood market market in 49 states. The retail giant is known for launching in 2006 a highly-publicized generic designate drug agenda which now sells 350 generic medications for a 30-day supply. The actual number of medications is less as the medications with distinct strengths are counted as distinct medications. For example, Metformin 500 mg, 850 mg, and 1000 mg are counted as 3 medications. Wal-mart probably makes very diminutive profits on these medications if any. However, the marketing campaign--created by Bill Simon, the President and Ceo of Wal-mart Us, generates a lot of publicity for Wal-mart. Wal-mart hopes to draw customers to its market with other prescriptions where it has higher behalf margins. In an unscientific scrutinize with just one brand-name designate of Lyrica, this author finds the bottom price at Costco, the top price at Walgreens and Wal-mart at the middle. Other drug chains try to counter Wal-mart in distinct ways. Target now offers the same 350 generic medications for for a 30-day supply. Walgreens has a designate drugs club with membership fee which offers 1400 generic medications for as diminutive as /week. Cvs says it will match any offers from its competitors.
Chief firm Correspondent Rick Newman from Us World & News description improbable that Rite Aid might not survive in 2009. While Rite Aid is still around in 2010, dire predictions continue. The study by Audit Integrity gave Rite Aid about a 10.5 percent occasion of filing for bankruptcy in 2010.
Drugs are also sold in thousands of supermarkets, Target stores, and Costco warehouses. However, there are no drive-through windows at these market or Walmart to conveniently drop off the prescriptions and pick up medicines. Customers will not be able to pick up their prescriptions while lunch hour or after 7Pm at Target market or supermarkets. They need to have membership to buy medicines at Costco. Others may not fill their prescriptions at Walmart because they don't want to mingle with typical Walmart customers who are in lower earnings brackets. And some babyboomers don't want their prescriptions filled at Target or Walmart because there are no comfortable chairs for them to sit down to wait for their medicines.
Many leases in areas with hurricanes and tornados are Nnn leases with the irregularity of roof and structure. So if the roof is damaged, you will have to pay for the expenses.
The tenant may move to a new location down the road or across the street when the lease expires. This risk is high when the asset is located in small town where there is low barricade for entry, i.e. Lots of vacant & developable land.
The tenant may ask for rent concession to improve its bottom line. The possibility is higher if the tenant is Rite Aid and if the store has low sales earnings and/or higher than market rent.
More Americans are walking away from their prescriptions, especially the most high-priced brand-name medicines. This may have negative impact on the sales earnings and profits of drug market and consequently may cause drug store closures. According to Wolters Kluwer Pharma Solution, a health-care data company, nearly 1 in 10 new prescriptions for brand-name drugs were abandoned by people with market health plans in 2010. This is up 88% compared to 4 years ago just before the stepping back began. This trend is driven in part by higher and higher co-pays for brand name drugs as employers are shifting more guarnatee costs to their employees.
Among 3 drugstore chains, Walgreens and Cvs pharmacies in general have the best locations-at major intersections while Rite Aid has less than excellent locations. Walgreens tends to hire only the top graduates from pharmacy schools while Rite Aid settles with bottom graduates to save costs. When possible all drugstore chains try to fill the prescriptions with generic medications which have higher behalf margins
Walgreens: the firm was founded in 1901 by Charles Walgreen, Sr. In Chicago. While the firm has existed for more than 100 years, most market are only 5-10 years old. This is the best managed firm among the three drugstore chains and also among the most admired social clubs in the Us. The firm has been run by executives with proven track records and hires the top graduates from universities. Due to its excellent financial strength--S&P A+ rating-- and excellent irreplaceable locations, properties with leases from Walgreens get the top price per quadrilateral foot and/or the bottom cap rate among the 3 drugstore chains. In addition, Walgreens gets flat rent or very low rent growth for 20 to 60 years. The cap rate is often in the low 6% to 7.5% range in 2009. Investors who buy Walgreens tend to be more mature, i.e. Closer to withdrawal age. They are looking for a safe venture where it's more leading to get the rent check than to get appreciation. They often correlate the returns on their Walgreens venture with the lower returns from Us treasury bonds or Certificate of Deposits from banks. Walgreens opened many new market in 2008 and 2009 and thus you see many new Walgreens market for sale. It will slow down this expansion in 2010 and focus on reparation of existing market instead
Cvs: Cvs Corporation was founded in 1963 in Lowell, Ma by Stanley Goldstein, Sidney Goldstein, and Ralph Hoagland. The name Cvs stands for "Consumer Value Stores". As of 2009, Cvs has about 6300 market in the Us, mostly through acquisitions. In 2004, Cvs bought 1,200 Eckerd Drugstores mostly in Texas and Florida. In 2006, Cvs bought 700 Savon and Osco drugstores mostly in Southern California. And in 2008 Cvs acquired 521 Longs Drugs market in California, Hawaii, Nevada and Arizona for .9B dollars. The acquisition of Long Drugs appears to be a good one as it Cvs does not have any market in Northern Ca and Arizona. Besides, the price also included real estate. It is also bought Caremark, the largest pharmaceutical services firm and changed the corporation name to Cvs Caremark. When Cvs bought 1,200 Eckerd stores, it formed a single-entity Llc (Limited Liability Company) to own each Eckerd store. Each Llc signs the lease with the asset owner. In the event of a default, the owner can only legally go after the assets of the Llc and not from any other Cvs-owned assets. Although the owner loses the guaranty safety from Cvs corporate assets, this author is not aware of any incident where Cvs closes a store and does not pay rent.
Rite-Aid: Rite Aid was founded by Alex Grass (he just passed away on Aug 27, 2009 at the age of 82) and opened its first store in 1962 as "Thrif D allowance Center" in Scranton, Pennsylvania. It officially incorporated as Rite Aid Corporation and went social in 1968. By the time Alex Grass stepped down as the company's chairman and chief executive officer in 1995, Rite Aid was the nation's largest drugstore chain in terms of total market and No. 2 in terms of revenue. His son, Martin Grass, took over but was ousted in 1999 for overstatement of Rite Aid's earnings in the late 1990s. Rite Aid is now the weakest financially among the 3 drugstore chains. In 2007, Rite-Aid acquired about 1,850 Brooks and Eckerd drugstores, mostly along the East coast to catch up with Walgreens and Cvs. In the process, it added a huge long term debt (currently owes over .69 Billion) and is the most leveraged drugstore chain based on its market value. The integration of Brooks and Eckerd did not seem to go well. earnings from some of these market went down as much as 20% after they turn the sign to Rite Aid. In 2009, Rite-Aid had over 4900 market and over Billion in revenues. The figures went down in 2010 to 4780 market and .53 billion in revenue. On January 21, 2009 Moody's Investor Services downgraded Rite Aid from "Caa1" to "Caa2", eight notches below venture grade. Both ratings are "junk" which indicate very high reputation risk. Rite Aid contacted a number of its landlords in 2009 trying to get rent concession to improve the bottom line. In June 2009, Rite Aid successfully completed refinancing .9 Billion of its debts. However, it continues to struggle in 2010 as same store sales decreased 2.5% in June, 1.7% in May, 1% in April,.1% in March, 3.2% in February, and 2.1% in January..
Things to consider when invested in a pharmacy
If you are concerned in investing in a asset leased by drugstore chains, here are a few things you should consider:
If you want a low risk investment, go with Walgreens. In stable or growing areas, the degree of safety is the same either the asset is in California where you get a 6% cap or Texas where you may get a 7.5% cap. So, there is no principal benefit to spend in properties in California as the asset value is based primarily on the cap rate. In 2010, the offered cap rate for Walgreens seems to come down from 7.5%-8.4% in 2009 to 6.5%-7.5% for new stores.
If you are willing to take more risk, then go with Rite-Aid. Some properties exterior of California may offer up to 10% cap rate in 2010. However, among the 3 drug chains, Rite Aid has 10.5% occasion of going under in 2010. Should it speak bankruptcy, Rite Aid has the choice to pick and pick which locations to keep open and which locations to discontinue the lease. To minimize the risk that the store is shuttered, pick a location with strong sales and low rent to earnings ratio.
Financing should be an leading consideration. While the cap rate is lower for Walgreens than Rite Aid, you will be able to get the best rates and terms for Walgreens. A 7.25% cap Walgreens with 5.25% interest rate on the loan will create more cash flow than a 10% cap Rite Aid with 9% interest rate (if you could find a lender for Rite Aid).
If you are not a conservative investor or risk taker, you may want to consider a Cvs pharmacy. It has Bbb+ S&P reputation rating. Its cap rate is higher than Walgreens but lower than Rite Aid. Some leases may offer best rent bumps. On the other hand, some Cvs leases, especially for properties in hurricane areas, e.g. Florida are not truly Nnn leases where landlords are responsible for the roof and structure. So make sure you adjust the cap rate down accordingly. Some of the Cvs locations have onsite Minuteclinic staffed by registered nurses. Since this clinic idea was introduced recently, it's not clear having a clinic inside Cvs is a plus or minus to the bottom line of the store.
All 3 drugstore chains have similar requirements. They all want very visible, standalone, rectangular asset around 10,000 - 14,500 Sf on a 1.5 - 2 acre lot, preferably at a projection with about 75 - 80 parking spaces in a growing and high traffic location. They all want the asset to have a drive-through. Hence, you should avoid purchasing an inline property, i.e. Not standalone and asset with no drive-through windows. There is a occasion that these drugstores may not want to renew the lease unless the asset is located in a densely-populated area with no vacant land nearby. In addition, if you obtain a asset that does not meet the new requirements, for example a drive-through, you may have a question getting financing as lenders are aware of these requirements.
If the pharmacy is opened 24 hours a day, it is in a best location. Drugstore chains do not open the store 24 hours day unless the location draws customers.
Many properties may have a percentage lease, i.e. The landlord can get additional rent when the store's each year earnings exceeds a clear figure, e.g. M. However, the earnings used to compute percentage rent often excludes a page-long list of items, e.g. Wine and sodas, tobacco products, items sold after 10 Pm, drugs paid by governmental programs. The excluded sales earnings could account for as much as 70% of store's gross revenue. As a result, this author has seen only 2 market in which the landlord is able to obtain additional percentage rent. The store with a percentage rent is required to description its monthly sales to the landlord. As an investors, you want to spend in a store with strong gross sales, e.g. Over 0 per quadrilateral foot a year. In addition, you also want to check the rent to earnings ratio. If the outline is in the 2-4% range, the store is likely to be very profitable so the occasion the store is shut down is low.
It does not matter how good the tenants are, avoid investing in declining and/or low-income areas or small towns with less than 30,000 residents within 5 miles ring. In a small town, it may be the only drug store in town and captures most of the market share. However, if a competitor opens a new location in the area, earnings may be severely affected. These properties are easy to buy now and hard to sell later. In 2009 where the reputation market is tight, you may have problems looking a lender to finance these properties.
Many properties have an existing loan that the buyer must assume. If you have a 1031 exchange, think twice about buying this property. You should clearly understand loan assumption requirements of the lenders before thoughprovoking forward. Should you fail to assume the existing loan (assuming an existing loan is a lot more difficult than getting a new loan), you may run out of time for a 1031 change and may be liable to pay capital gain.
With few exceptions, drugstore chains do not own the market they occupy for some reasons. Here are just a integrate of them:
They know the pharmacy firm but don't know real estate. Stock investors also don't want Walgreens to come to be a real estate venture company.
Owning the real estate will want them to carry lots of long term debts which is not a great idea for a publicly-traded company.
About 10% of the drugstore properties for sale and typically Cvs pharmacies want very small number of equity to acquire, e.g. 10% of the buy price. However, you are required to assume an existing fully-amortized loan with zero cash flow. That is, all of the rent paid by the tenant must be used to pay down the loan. The cap rate may be in the 7% range, and the interest rate on the loan could be thoughprovoking in the 5.5% to 6% range. Hence, the investor pays off the loan in 10 to 20 years. However, the investor has no clear cash flow. This requires you to come up with exterior cash to pay earnings tax on the rental profits (the contrast in the middle of the rent and mortgage interest). The longer you own the property, the more exterior cash you will need to pay earnings taxes as the mortgage interest will get less and less toward the end. So who would buy this kind of property?
The investors who have mountainous losses from other properties. By acquiring this zero cash flow property, they may offset the earnings from the drugstore tenant against the losses from other venture properties. For example, a asset has 5,000 of rental profits a year, and the investor also has losses of 0,000 from other venture properties. As a result, the combined dutible profits are only ,000.
The uninformed investors who fail to consider that they have to raise additional cash to pay earnings taxes.
Out of the Box mental If you put too much weigh on the S&P rating of the tenants, you may end up either taking a lot of risks or passing up good opportunities.
Good location should be the key in your decision on which drug store to spend in. It's often said a lousy firm should do well at a great location while the best tenant will fail at a lousy location. A Walgreens store that is terminated down later on (yes, Walgreens terminated 119 market in 2007) is still a bad venture even though Walgreens continues paying rent on time. So you don't want to blindly spend in a drug store plainly because it hasa Walgreens sign on the building.
No firm is crazy sufficient to close a profitable location. It does not take a rocket scientist to understand that a financially-weak firm like Rite Aid will make every attempt to keep a profitable location open. On the other hand, a financially-strong Walgreens will need justifications to keep an unprofitable location open. So how do you settle if a drug store location is profitable or not if the tenant is not required to disclose its behalf & loss statement? The write back is you cannot. However, you can make an educated guess based on store's each year gross earnings is often reported to the landlord as required by the percentage clause in the lease. With the gross revenue, you can settle the rent to earnings ratio. The lower the ratio, the more likely the store is profitable. For example, if the each year base rent is 0,000 while the store's gross earnings is M then the rent to earnings ratio is 5%. As a rule of thumb, it's hard to make a behalf if this ratio is more than 8%. So if you see a Rite Aid with 3% rent to earnings ratio then you know it's likely a very profitable location. In the event Rite Aid declares bankruptcy, it will keep this location open and continue paying rent. If you see a Rite Aid drug store with 3% rent to earnings ratio offering 11% cap, chances are it's a low risk venture with good returns. The infirmity of corporate guaranty from Rite Aid is probably not as principal and the risk of having Rite Aid as a tenant is not authentically that significant.
Drug market with new 25 years leases tend to sell at lower cap, e.g. 7-7.5% cap on new market versus 8.0-8.5% cap on established locations with 8-10 years remaining on the lease. This is because investors are afraid that the tenants may not renew the leases. Unfortunately, lenders also have the same fear! As a result many lenders will not finance drug market with 2-3 years left on the leases. The fact that drugstores with new leases have a excellent on the price means they have possible of 10% depreciation (buying new at 7.3% cap and selling at 8.3% cap when the leases have 10 year left). Some investors will not consider investing in drug market with 5-10 years left on the lease. They might plainly ignore the fact that the established market may be at irreplaceable locations with very strong sales. Tenants plainly have no other choices other than renewing the lease.
Walgreens, Cvs, and Rite Aid - What Re Investors Should Know in 2011CCP's Final Madness Video Clips. Duration : 2.98 Mins.
Follow us on TWITTER: twitter.com Like us on FACEBOOK: www.facebook.com With the flame of Jasmine Revolution still burning in the Middle East and North Africa, the Chinese Communist Party (CCP) began arresting pro-democracy movement suspects in China. A young man, Qiang Wei was sent to labor camp reeducation for taking pictures of a Jasmine rally. During the Cheng Ming Festival, CCP arrested 700 petitioners who went to Babaoshan. Media reports said: The communist China would "rather arrest wrong people than miss one suspect." CCP's madness highlights its fear toward its end. In the past two months, the CCP monitored, house-arrested and arrested many suspected pro-democracy activists. However, according to Associated Press, China's Jasmine Revolution was launched at home and abroad by highly educated young people. There are about 20 people behind the scene in France, Japan, Canada and South Korea. They met online and only know their online names. China Human Rights Watch Chairman, Qing Yongmin said: "The external factors are conditions of transformation; the internal factors are the basis of change. The fundamental reason of issues in China lies in the Chinese society and people's life, not because of what happens in other countries." Associated Press reported that those who behind the scene claimed that Ai Weiwei did not involved with the Jasmine Movement. Overseas Human Rights activist Wang Jintao told Radio Free Asia that he has met with those young people and provided ...
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48-page soft-cover student guide explores tips and techniques for creating hand-shaped flowers, borders and accents
For use as a stand-alone or accompanied by Wilton's in-store Gum Paste and Fondant course
Step-by-step instructions and photography for creating hand-shaped flowers, beautiful borders and bold accents using these easy-to-shape icings
Great for birthdays, holidays, and other occasions
Measures approximately 8-2/5 by 11 by 1/5 inches
Wilton Gum Paste and Fondant Lesson Plan Overview
Lesson Plan for Wilton's Gum Paste & Fondant course. In this course, you will create amazing hand-shaped flowers, beautiful borders and bold accents using these easy-to-shape icings. Learn the foolproof ways to roll, cut and tint gum paste and fondant. You'll apply basic shaping techniques to create a breathtaking array of flowers such as Mums, Carnations, Roses and Daisies.
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*** Product Information and Prices Stored: Jan 22, 2012 17:24:17
Healthy Body = Functional Body. Hollywood Look Side Effect: Healthy Function Video Clips. Duration : 2.78 Mins.
My Grandparents chose to love each other when they met as teenagers, and then, they chose to love each other every part of every day, through the Great Depression, through absence during war, child rearing, work, illnesses... Life. Finding TRUE love? They met... And That was it. Again, the true love part was a daily choice whether either was as attractive or as exciting as the day they met. True love depends on each person, not just the one you find or the one that finds you. In other words, Love is a Choice, because we are not 110% lovable 24 hours a day. True love is when each person sees that real life is not like a romance movie script True love is accepting the fact of real life, which brings creative challenges that, with the choice to love, can increase attraction. Popular novels, songs, shows, movies... Each have scripts that are no doubt, inspired. The talented people that write and act, the hundreds or thousands of people that are the list of credits at the end of a movie - from the accountants to the doctors to the musicians and screenwriters - They work on projects that, as finished masterpieces, may often have coincidental similarities to your definition of romance and the most often undefined and over-used phrase... "true love" Again, the credits behind movies, books, shows and songs... include a lot of people. Why, because such productions are intentionally crafted to touch our deepest self. So, they are edited for perfection, music and effects and colors ...
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1800FLORALS.COM GET FREE SHIPPING TODAY! OFFICIAL REVIEW PROMO HERE! Tube. Duration : 0.85 Mins.
VISIT 1800FLORALS.COM URL - www.tkqlhce.com CLICK THE LINK ABOVE TO ACTIVATE THE ONLINE DISCOUNT INSTANTLY! FULL REVIEW LINK - BusinessReviewers.com Send Flowers Online! National & International Florist Delivery. Secure Ordering. Satisfaction Guaranteed. Since 1923. a natural...
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Seo Go Eun (Song Yoon Ah thủ vai) là một nhà thiết kế váy cưới. Bất chấp mọi sự phản đối của gia đình, cô đã kết hôn với người mình yêu. Nhưng thật không may khi chồng Go Eun qua đời sớm, để lại một mình cô và con gái So Ra (Kim Hyang Gi thủ vai). Do công việc bận rộn, Go Eun thường xuyên phải gửi con gái cho chị dâu chăm sóc. Tuy không có thời gian ở bên con nhưng với Go Eun, con gái So Ra là tất cả. Vì thế khi biết tin mình mắc bệnh nan y không còn sống được bao lâu nữa, Go Eun đã tự tay thiết kế một bộ váy cưới làm quà cho con gái mình. Từ một người mẹ suốt ngày chỉ biết chúi đầu vào công việc, không biết nấu cơm, không biết con gái mình ở trường quan hệ với bạn bè thế nào. Từ một người mẹ vụng về, tính khí có chút con nít bỗng chốc trở nên quan tâm tới con hơn, mua cho con món quà mà con thích, tự tay cuộn cơm và đưa con đi dã ngoại .... Từ một đứa bé ngang bướng với chứng sạch sẽ thái quá bỗng chốc trở nên nghe lời hơn, sẵn sàng vì mẹ mình mà làm hòa với bạn bè... Điều gì đã làm thay đổi người mẹ trẻ và đứa con chín tuổi này? Hãy xem "Áo Cưới" để biết trân trọng hơn những gì bạn đang có với gia đình mình.
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Koolshop Cath Kidston iPhone 4 4g 4th generation Back Case Boxset - Spray Flowers Best
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Koolshop Cath Kidston iPhone 4 4g 4th generation Back Case Boxset - Spray Flowers Overview
Item is ship from Hong Kong to Worldwide. It takes 5 business days to ship to Asia zone, 7 to 16 business days to ship to USA and about 21 business days to ship to Europe zone. Buyers who do not agree this delivery time frame, please do not buy from us. Thank you!
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*** Product Information and Prices Stored: Jan 16, 2012 15:03:31
Stained Glass Windows, Gower Street United Church Video Clips. Duration : 2.58 Mins.
A series of photo of stained glass windows in gower Street United Church, St. John's, Newfoundland and Labrador. Photographs from www.lanephotography.com 1024 x 768 Version Available info@lanephotography.com
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Jaan Hatheli Pe Video Clips. Duration : 160.15 Mins.
Hindi Action Movie Jaan Hatheli Pe (1987) Synopsis: JAAN HATHELI PE is the story of an honest man's journey into the web of crime which turned his life into one living hell. Soni (Dharmendra) was an honest man who loved Mona (Hema malini). Circumstance led him to join Mr. Chinoy (Kulbhubhushan Kharbanda), the Chief of Cosmos, and an organization of smugglers that worked under the cover of Shipping Corporation. Years passed by and Soni became the chief of Cosmos and the MD of the Shipping Corporation, but all through he kept his wife, Mona in the dark about his business. But, when Soni decided to give up his ways, he was asked by the syndicate to complete the assignment on hand, a difficult task that only he could do. For the first time in his life, Soni was nabbed and the diamonds were found in his house. Soni found out that Ram (Jeetendra) was the only eyewitness. He tried to buy Ram and threatened him of dire consequences if he gave evidence against him. But Ram was not for sale. Both Soni and Mona were arrested. Soni came out on bail, but Mona refused to bail herself out. Infuriated with this, Soni vent his anger on Ram who he thought was the root cause of all his unhappiness. He got Ram s garment factory blasted, attempts were made on Ram s life till he was forced to leave the city with his family. Soni s men pursued them, made another gruesome attempt on Ram s life and killed his father. Ram swore on his father s dead body that he would not run any more; he would ...
Distilled water with essential oils of the orange blossom
Adds citrus scent flavor to dishes, desserts and fruits
Seville oranges, strong and rich aroma
Determine the amount to be added
Orange Blossom Water (Cortas) 10fl oz Overview
Orange blossom water is distilled water that contains the essential oils of the orange blossom. It adds a hint of a citrus scent to foods and compliments the flavor. Orange blossom water is used in many lamb dishes, desserts, and is perfect for fruit. A little goes a long way, so add it a few drops at a time to determine how much you like. The blossoms of Seville oranges are believed to produce one of the finest orange blossom waters, since they have a very strong, rich aroma. Other oranges can be used as a source of orange blossom water, of course, but they may not yield the desired high essential oil content.
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*** Product Information and Prices Stored: Jan 12, 2012 03:02:03
Runescape High/Max Hits With Range Video Clips. Duration : 3.07 Mins.
www.sosolid2k.co.uk Free Online Games - http Decided to make a range version of Max Hit video, Range FTW :D Thanks to everyone who helped with the vid :D Sorry if i missed you in credits =( And to those who don't know - The castle wars bracelet gives a 20% damage bonus against the flag holder in castle wars, it is BETTER than void's 10%. Also i'm in a german server so that we could do the maxing without getting interrupted by people who were trying to play castle wars (scoring etc, stealing the flag we were trying to use). You can play Runescape at www.runescape.com
Have you ever received a gift of folded money? If you have then you have received origami money. Also known as "dollar bill origami", this fun form of the craft is something that everyone can start out doing because it is pretty easy to do.
Instead of using customary paper to make your origami creations money is used instead. Most people who practice this form of origami use it to give as gifts or to display. The United States has adapted this craft seemingly because of how low the denomination of money is, for example, the Us dollar is the bottom paper denomination where as in Canada, there bottom denomination of paper money is worth .
Flowers Online Canada
Since the denomination is so low, many people feel like they can give their creations away, usually as a gift. Speaking of gifts, how cool would it be if man who practiced the art of 1,000 wedding cranes (an origami wedding tradition where people make 1,000 cranes to show their love to the new couple) using money? This would be the most thoughtful and creative gift for the new couple.
Dollar Bill Origami
Hirt's Super Dwarf Patio Banana Plant - Musa - Great House Plant Best
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Hirt's Super Dwarf Patio Banana Plant - Musa - Great House Plant Feature
Homegrown by Hirt's Gardens
Has a very symmetrical and compact appearance: 2'-4' in height (at maturity)
Full Sun/Part Shade. This unique super dwarf allows for growing inside the home, on the porch, or close confines of a patio
It has an attractive mahogany colored trunk and will produce a small edible fruit even in a container
Size Shipped: 4" pot
Hirt's Super Dwarf Patio Banana Plant - Musa - Great House Plant Overview
MUSA ACUMINATA SUPER DWARF CAVENDISH BANANA: Forget about huge banana plants that need a lot of room. This unique super dwarf allows for growing inside the home, on the porch, or close confines of a patio. Has a very symmetrical and compact appearance: 2'-4' in height. Can produce tasty fruit inside or out. Has been used as ground cover around base of palms which provide strong vertical elements. Easy to grow in containers down to 8" in diameter. Because of its size, our most versatile banana. Hardy in Zone 8 and higher. Comments: This dwarf variety makes a great potted plant for any patio. It has an attractive mahogany colored trunk and will produce a small edible fruit even in a container. Light: Full Sun/Part Shade Bloom Season: All Year
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*** Product Information and Prices Stored: Jan 09, 2012 16:51:24
You could also generate money origami to give to children as gifts in the form of animals or boats and airplanes. Dream the joy on their faces seeing that. One thing for sure, it will right on give your old cash gift a wee pizzazz.
You can find varied designs online and in publications for creating money origami designs. Just be right when practicing, you easily can't afford to tear this kind of paper. The best way to practice without the fear of tearing the money is to cut a accepted piece of paper into the same dimensions as a bill and practice with that until you are good sufficient for the real thing.
Dollar Bill Origami#33 Heather de Kok SEPTEMBER FLOWER ARRANGEMENT Video Clips. Duration : 9.77 Mins.
Flower design by Heather de Kok AAF CFD AIFD PFCI. These are video seminars on how to do expert floral designs in your home or in your flower shop. Visit Heather's online shop at www.canadafloraldelivery.com This is another one of Heathers September arrangements from her Calendar collection.
Top Gifts for Mother's Day for Canada Tube. Duration : 6.07 Mins.
Colin Campbell, founder of Vancouver-based online gift boutique Lavish & Lime, walks you through a selection of our slightly unique and always stylish gifts for Mom at www.lavishandlime.com This year, skip the usual brunch or flowers and treat her to something special!
Nelson Bach USA - Rescue Remedy Spray, 20 Milliliter spray Best
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Nelson Bach USA - Rescue Remedy Spray, 20 Milliliter spray Feature
Serving Size - 2 sprays
Does Not Contain: Artificial additives.
Nelson Bach USA - Rescue Remedy Spray, 20 Milliliter spray Overview
Dr. Bach's most famous flower essence formula, Rescue Remedy ®, is now available in a convenient spray. It's made from five of the Doctor's original 38 flower essences: Cherry Plum, Clematis, Impatiens, Rock Rose and Star of Bethlehem.
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*** Product Information and Prices Stored: Jan 07, 2012 14:55:43
Dapoxetine Online Video Clips. Duration : 0.50 Mins.
Dapoxetine Online - link to online store ultrarx.org Kamagra (Sildenafil) 100 mg Sildenafil Citrate is used to treat erectile dysfunction. It works by helping to increase blood flow into the penis during sexual stimulation, and helps you to achieve and maintain an erection. Genuine quality of Sildenafil - Kamagra
Kitchen Design Ideas: How To Choose a Kitchen Style Video Clips. Duration : 2.18 Mins.
bit.ly ► Nadia's tips on choosing a kitchen style ○ Base decisions on kitchen styles that blend with your home Have hints of your homes exterior on the inside. If your home is a Cape Cod, but you aren't necessarily into that style for your decor, you can give it a nod by adding a subtle texture. For example, adding beadboard to an island with a more modern countertop will help you whole home feel more put together. ○ Consider the decor throughout your home Take a good look at the items throughout your home. Do you tend to choose more traditional furniture and accessories? Your kitchen style should blend with the rest of your house. ○ Get ideas from your happiest memories Think of kitchens where you were really, really happy and try to recall the details of those kitchens. Was it a traditional '50s kitchen? Did it have ornate details like crown molding on all of the cabinetry? Write down these details and then review magazines and put sticky notes in the pages that give you a similar sense and feel. ○ Take note of color and design details everywhere Look for cues all around from items that catch your eye such as china, wallpaper or flowers that stand out. ○ Visualize your kitchen design ideas and experiment Use 3d home design software, such as Homestyler, to layout your current kitchen and then try different kitchen styles and mixing and matching floors, appliances, countertops and even wall paint colors. Seeing your style ideas with a model of your current kitchen ...
Tags: kitchen, design, designs, kitchen design, kitchen design ideas, new, remodeling, style, styles, how, to, homestyler, howdini, Guru
Epic Mickey E3 Gameplay Property of Disney Property of Junction Point (Warren Spector) Property of Nintendo Property of Gametrailers.com Property of Comcast Entertainment Group (I do not own this)
