UAE Share Sales Regain Momentum While Saudi Faces Valuation Test
Planned deals in the UAE are building on May's successful debut of a residential real estate investment trust, which helped revive sentiment after several muted listings late last year. Dubai's ALEC Engineering & Contracting LLC has been holding investor meetings ahead of a potential listing after the summer, according to people familiar with the matter.
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Yahoo
23 minutes ago
- Yahoo
Has The U.S. Been Firing AGM-158C Long-Range Anti-Ship Missiles In The Middle East?
A Pentagon budget document states that the U.S. military has been firing AGM-158C Long Range Anti-Ship Missiles (LRASM) in the course of recent operations in or around the Middle East. If confirmed, it would be the first time these missiles have been employed in combat. Currently, U.S. Navy F/A-18E/F Super Hornets and U.S. Air Force B-1B bombers are the only aircraft known to be cleared to employ AGM-158Cs operationally. Efforts are underway to integrate LRASM onto the B and C variants, at least, of the F-35 Joint Strike Fighter, as well as Air Force F-15E Strike Eagles, F-15EX Eagle IIs, and F-16C/D Vipers. Navy P-8 Poseidon maritime patrol planes are also in line to be able to employ the missiles in the future. 'Funds are required for the replacement of Long Range Anti-Ship Missile (LRASM) C-3 All Up Rounds (AURS) expended in support of the DOD response to the situation in Israel,' according to a reprogramming document dated May 22, 2025, but that was only posted online recently. 'This action does not change the purpose for which the funds were originally appropriated. This is a congressional special interest item. This is an emergency budget requirement.' By law, the U.S. military must formally seek approval from Congress to reallocate funding from one part of its budget to another. This particular reprogramming action also asks to shift money around to purchase AIM-120 Advanced Medium-Range Air-to-Air Missiles (AMRAAM), AIM-9 Sidewinder air-to-air missiles, Standard Missile 3 (SM-3) Block IB anti-ballistic missile interceptors, GBU-53/B StormBreaker precision-guided glide bombs (also known as Small Diameter Bomb IIs, or SDB IIs), and 5-inch naval gun rounds. It supports a number of other ancillary funding requirements, as well. In total, 'this reprogramming action transfers $783.296 million from Operation and Maintenance, Defense-Wide, 24/25 appropriation, made available by division A of Public Law 118-50, the Israel Security Supplemental Appropriations Act, 2024, to the specific appropriations necessary to execute funding provided for U.S. operations conducted in response to the situation in Israel,' the document explains. 'This reprogramming addresses the increased, unfunded costs incurred by DoD within the U.S. Central Command (USCENTCOM) region in responding to the situation in Israel or to hostile actions in the region as a direct result of the situation in Israel. This reprogramming action specifically excludes requirements related to actions taken in defense of Israel during attacks by Iran in coordination with and at the request of Israel, in order to defend against attacks on Israeli territory, personnel, or vital assets.' Based on the stipulations above, the expenditures noted in the reprogramming action would have come, at least in part, in the course of U.S. operations against Iranian-backed Houthi militants in Yemen. On-and-off since October 2023, the Houthis have been targeting foreign warships and commercial vessels in and around the Red Sea, as well as launching attacks at Israel, ostensibly in response to that country's intervention into the Gaza Strip. The U.S. government and the Houthis agreed to a ceasefire in May. U.S. forces are known to have employed AIM-120s, AIM-9s, GBU-53/Bs, and 5-inch naval guns against incoming Houthi missiles and drones. American warships have also fired SM-3 Block IBs in the broader context of defending Israel in the past year, including against Iranian threats. In addition, Navy Super Hornets launched from carriers in the region have been particularly active in the course of the operations. The U.S. military aircraft and warships have also used a slate of other munitions in combat operations in the Middle East since October 2023. However, the May reprogramming document is the first indication that AGM-158Cs have been expended. Restoring freedom of navigation#HouthisAreTerrorists — U.S. Central Command (@CENTCOM) March 23, 2025 'To preserve operational security, we have intentionally limited disclosing details of the use and application of specific weapons platforms in past, present or future operations,' a U.S. defense official told TWZ when asked for more information about the apparent use of LRASMs. 'We are very deliberate in our operational approach but will not reveal specifics about what we've done in past operations.' TWZ also reached out to the U.S. Navy, the service that manages the LRASM program, which redirected us to CENTCOM. What targets LRASMs would have even been employed against in recent U.S. operations in the Middle East is not clear. The Houthis operate only small watercraft, and Iran has not acknowledged any losses of major naval vessels. Other Iranian-backed proxy groups and terrorist organizations in the region that American forces could have targeted do not have maritime assets to speak of. In March, Saudi Arabian outlet Al Hadath did report, and later retracted, claims that U.S. forces had sunk the Iranian spy ship Zagros. U.S. and Iranian officials subsequently denied that report, and no evidence to the contrary has emerged since then. A U.S. defense official denied social media chatter about the targeting of Iran's Zagros ship. The official told the @dcexaminer, "it is pier side in Bandar Abbas, [Iran]." — Mike Brest (@MikeBrestDC) March 18, 2025 Update: The airstrikes in Gaza have continued overnight. At least 5 senior Hamas officials were eliminated. The IDF has sent warnings to evacuate fighting zones. Hamas is reporting hundreds of Iran, no confirmation on Zagros ship story and bizarre that even… — Emily Schrader – אמילי שריידר امیلی شریدر (@emilykschrader) March 18, 2025 AGM-158Cs may also have been employed against targets along the shore. We know Houthi air defenses presented risks to U.S. aircraft, which appeared to prompt an increased use of standoff munitions and stealthy platforms during a surge in operations earlier this year. LRASM would have offered a particularly capable standoff weapon. However, the extent of the AGM-158C's land-attack capabilities is unclear. The missile is designed to use a GPS-assisted inertial navigation system (INS) guidance package to get to a target area before switching over to a passive infrared seeker. The seeker then searches for targets and autonomously categorizes them using pre-programmed parameters that are stored in its built-in maritime-centric threat database. The upgraded C-3 variant of the missile was originally set to feature an explicit land-attack capability, but those plans were said to have been axed in 2023. The new version will have roughly double the range of the current standard C-1 type (around 600 miles versus 200-300 miles based on available information) and other improvements. The specific mention of the C-3 variant in the reprogramming action is itself curious since that version has not been expected to enter operational service until next year at the earliest. There have been no other indications of an early fielding. It is possible that text of the reprogramming document is in error in one or more ways. For one, the mention of the C-3 version rather than the current standard C-1 could be incorrect. In addition, reallocated funding for the purchase of any variant of the LRASM could be intended to backfill the expenditure of other older munitions. This is something that has been seen in other reprogramming actions in the past, including ones intended to help replenish stockpiles following transfers of materiel to Ukraine. 'Funds are required for the procurement of Long-Range Anti-Ship Missiles as one of the current Air Force replacements for High-Speed Anti-Radiation Missiles transferred to Ukraine in support of the international effort to counter Russian aggression,' a separate reprogramming action dated August 13, 2024, says, as one example. 'This action does not change the purpose for which the funds were originally appropriated. This is a congressional special interest item. This is an emergency budget requirement.' With this in mind, notably absent from the May reprogramming document is any talk of making up for Navy expenditures of AGM-84H Standoff Land Attack Missile-Expanded Response (SLAM-ER) cruise missiles. SLAM-ERs were employed against the Houthis earlier this year, but the U.S. military does not appear to have procured any new stocks of these munitions for its own use in years. LRASMs might be one option for replacing those missiles going forward. 1/ Aside from the launch of F/A-18E/Fs armed with JSOW C/C-1s, the video also shows F/A-18Es armed with SLAM-ER ATAs parked on the fligh deck. — Guy Plopsky (@GuyPlopsky) March 16, 2025 The AGM-158C entry in the programming document could also just be completely inaccurate and be meant to refer to something else entirely. The LRASM is notably derived from the AGM-158 Joint Air-To-Surface Standoff Missile (JASSM), a land attack cruise missile that has been employed in past combat operations in the Middle East. At the same time, if there was an error, especially a major one, in the language of the reprogramming action, one would imagine that it would be possible to say so, even if more specific details could not be provided for operational security reasons. For now, it remains an open question about whether or not U.S. forces have fired LRASMs in the course of recent operations in the Middle East. Howard Altman contributed to this story. Contact the author: joe@
Fast Company
an hour ago
- Fast Company
A focus on sustainability's return on investment
For the past year, I've had the opportunity to apply my experience in sector diversified financial services, sustainability, and operational leadership at RE Tech Advisors. I oversee a suite of solutions and services allowing real estate portfolio managers/owners a pathway to integrate and communicate their sustainability efforts. What I've seen in this sector aligns with many other sectors I've worked with. ROI is the predominant motivation for action—short-term ROI via operational cost efficiencies and revenue attraction, and long-term ROI setting up operational resilience in a changing environment. The ROI focus applies to both traditional initiative and sustainability initiative decisions. The line begins to blur when key sustainability initiatives are considered as key operational efforts, the same way as traditional ROI. This is how RE Tech Advisors helps real estate owners find key ROI initiatives with strategic action plans to manage risks and optimize performance. Reduce greenhouse gas emissions (GHGs) Whether you are creating an action plan to reduce your GHG footprint to comply with building performance standards policies, or you're developing a proactive decarbonization action plan to reduce a building's carbon footprint, these can significantly reduce costs: Reduce energy consumption costs: Implementing high efficiency HVAC, better insulation, and smart system integrations such as smart lighting, can reduce energy cost estimates by 30% to 50% in new and existing buildings. Identify operational inefficiencies: Through real-time data analysis and continuous performance monitoring, building managers can adjust or replace systems to improve efficiency based on actual usage energy and water usage patterns. Reduce maintenance costs: Increase energy efficiency and conduct proactive maintenance to realize cost savings through reduced emergency repairs and extending building components' lifespans. Avoid noncompliance fines: Fine amounts varies by jurisdiction, but penalties for policy noncompliance can be a significant expense, based on location and building size. Tax incentives and green financing: Decarbonization roadmaps can unlock millions in funding from programs such as NYSERDA and Fannie Mae and Freddie Mac's Green Financing program. Physical risk management Physical risk management plans help mitigate potential physical building damage from sporadic weather events such as floods, hurricanes, and tsunamis, plus increasing temperature severity and climate pattern changes. Action plans can include installing flood barriers, storm shutters, upgraded drainage systems, impact-resistant windows, reinforced roofs, and elevated foundations. These investments can lead to short-term cost savings, better resilience, and longer-term ROI. Recognized benefits include: Lower insurance premiums: Most insurance companies now integrate physical climate risk scenarios in stress test modelling to calculate premiums accounting for potential risk of future loss. This increasingly influences insurance premiums. Lower costs from severe weather damage: According to from 2020-2024, the cost of climate-related damage in the U.S. was $746.7 billion; the annual average exceeded $149 billion. This financial impact is more than double the annual average of $64.8 billion from 1980 to 2024. Build to higher standards: A study by the U.S. Chamber of Commerce showed that for every $1 invested in disaster preparation, communities save $13 in economic costs, damages, and cleanup. One example showed, '$83 million of investments in resilience and preparedness for a serious tornado hitting Nashville would save more than 5,300 jobs. The amount of production and income saved would be more than $683 million and $464 million, respectively.' An S&P Global Sustainable1 report found that companies could face physical climate costs of up to 28% of the asset value annually without mitigation efforts. Supply chain risk mitigation: Building more resilient supply chain operations and avoiding disruptions from physical building damage and labor interruptions can lead to longer-term ROI. These risks pertain to both U.S. and off-shored supply chain facilities. Transition risk management Climate change and its associated risks continue leading to longer term economic changes. These bring transitionary risks that are important to consider to avoid higher resource and material costs. Through transition risk management, real estate owners can position themselves for: Less exposure to energy supply volatility pricing: Through decreased energy consumption or using alternative sources. Resource scarcity: Can lead to increasing costs and lack of availability of land, water, timber, and steel. Improved capital and lending rates: Rates may consider transition climate risks in risk analysis, or provide green financing with lower rates. Stranded assets: Avoid real estate assets that can be devalued by not appropriately mitigating transition risks. These stranded assets may not be aligned with building energy performance standards such as New York's Local Law 97. Noncompliant buildings could see value reductions of 10–20% due to penalties and retrofit costs. Furthermore, a First Street study suggests that a $1.4 trillion devaluation will occur across real estate assets over 30 years if they fail to meet decarbonization pathways. Communication is key In creating strategies for cost efficiencies and resilience, the owner's ultimate desire is to create a portfolio of attractive assets that are optimal operationally to gain short-term and long-term ROI. It is vitally important to communicate how the company is pursuing these cost saving and resilience initiatives to appropriate stakeholders including investors, banks, employees, operators/tenants, and communities, to help each stakeholder understand the assets' value. Key ways to drive this communication include: Green building certifications: These include LEED, BREEAM, and IREM certifications, which provide stakeholders with independent validation of key energy and carbon management initiatives. Investor reporting frameworks: GRESB and UNPRI provide investors a detailed look at initiatives being pursued, along with gaps, allowing them to benchmark and compare them to peers. Corporate social responsibility reports: These tell stakeholders, such as employees and tenants, about the sustainability efforts being addressed, offering better transparency. Last thoughts Many are pursing the ultimate goal of creating an environment that allows us and future generations to prosper and thrive. Looking at initiatives under the return on investment lens offers a sustainable pathway to meet people where they're at, speak a language they can connect to, and invite them to join the journey leading to a more sustainable economy and world. I look forward to continuing the discourse on how sustainability initiatives can best help drive for cost efficiencies and resilience so that these initiatives move from being an overlay to being deeply integrated into operational excellence.
Yahoo
2 hours ago
- Yahoo
Blue Door AM I Announces Launch of $64.8 Million DST Offering
LADERA RANCH, Calif., July 15, 2025--(BUSINESS WIRE)--Blue Door AM I, LLC, an indirect subsidiary of Strategic Storage Growth Trust III, Inc. ("SSGT III"), and an affiliate of SmartStop Self Storage REIT, Inc. ("SmartStop"), is pleased to announce the launch of Blue Door Property II, DST ("Blue Door II"), a new Delaware Statutory Trust (DST) investment program. Blue Door II offers accredited investors the opportunity to participate in the self-storage sector through a diversified portfolio of three debt-free institutional-quality properties located in Orlando, Florida and Pasadena and Corinth, Texas. The Orlando property consists of approximately 680 units and 97,300 net rentable square feet, the Pasadena location features approximately 840 units and 106,600 net rentable square feet, and the Corinth property includes approximately 770 units and 97,100 net rentable square feet. The program seeks to raise approximately $64.8 million from accredited investors and is designed to target high-growth markets across the United States, providing investors with access to a historically resilient real estate asset class. Blue Door's DST structure gives accredited investors, including those completing a 1031 exchange, the opportunity to defer taxes and reinvest into professionally managed self-storage properties. "Launching the Blue Door II DST program reflects our continued commitment to delivering professionally managed, institutional-grade self-storage properties to retail investors," said H. Michael Schwartz, CEO of SSGT III. "SmartStop's growing footprint across North America is a reflection of our operational expertise and the strength of our brand, which continue to resonate with both customers and investors." About Strategic Storage Growth Trust III, Inc. (SSGT III): SSGT III is a Maryland corporation that elected to qualify as a REIT for federal income tax purposes. SSGT III's primary investment strategy is to invest in growth-oriented self-storage facilities and related self-storage real estate investments in the United States and Canada. As of July 15, 2025, SSGT III has a portfolio of 10 operating properties in the United States, comprising approximately 8,020 units and 880,575 net rentable square feet; five operating properties in Canada, comprising approximately 3,180 units and 326,190 net rentable square feet; and joint venture interests in three developments in two Canadian provinces (Québec and British Columbia). In addition, Blue Door AM I, a subsidiary of SSGT III, serves as the sponsor of two Delaware Statutory Trusts, which currently own five operating properties in the United States comprising approximately 3,420 units and 472,100 net rentable square feet. About SmartStop Self Storage REIT, Inc. (SmartStop): SmartStop Self Storage REIT, Inc. ("SmartStop") (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of more than 600 self-storage professionals focused on growing the SmartStop Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of July 15, 2025, SmartStop has an owned or managed portfolio of 229 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 164,300 units and 18.4 million rentable square feet. SmartStop and its affiliates own or manage 43 operating self-storage properties in Canada, which total approximately 36,400 units and 3.7 million rentable square feet. Additional information regarding SmartStop is available at This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum of Blue Door II (the "Memorandum") to accredited investors only pursuant to an exemption from registration under the Securities Act of 1933 in accordance with Rule 506(c) of Regulation D. Please read the entire Memorandum paying special attention to the risk factors section prior to investing. Internal Revenue Code Section 1031 is a complex tax code; therefore you should consult your tax or legal professional for details regarding your situation. This material is not intended as tax or legal advice. There are material risks associated with investing in real estate, DST properties and real estate securities, including illiquidity, tenant occupancies, general market conditions and competition, lack of operating history, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and self storage properties, the DST and master lease structure, offering fees and expenses, potential adverse tax consequences, general economic risks and long hold periods. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appreciation are not guaranteed. For an investor to qualify for any type of investment, there are both financial requirements and suitability requirements that must match specific objectives, goals and risk tolerances. Securities offered through Orchard Securities, LLC, member FINRA, SIPC. View source version on Contacts David Corak Senior VP of Corporate Finance and StrategySmartStop Self Storage REIT, Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
