Ever since Apple unveiled the impressive 16-inch MacBook Pro, weve been waiting for a 14-inch variant that brought similar improvements to the smaller size. Today, Apple (sort of) delivered that updateand although its till a 13-inch computer, it benefits from a lot of important updates under the hood.

The updated 13-inch MacBook Pro come with several key updates, but none more anticipated than the updated keyboard. Now featuring the new and improved Magic Keyboard and a physical escape key, owners no longer have to deal with frustratingly shallow and unfortunately breakable butterfly switches.

Thats it for aesthetic tweaksunlike the 16-inch model, youre not getting smaller bezels and more screen in a nearly identical chassisbut for many people, the keyboard is reason enough to upgrade.

For photographers, the most important updates have nothing to do with the keyboard. Under the hood, Apple is giving us all a LOT more bang for your buck.

The new 13-inch MBP uses quad-core Intel chips across the lineup, and can be configured with 10th-gen CPUs that offer up to 2.3GHz per core and TurboBoost speeds of up to 4.1GHz. Apple is also increasing storage across the lineup by 2xstarting at 256GB on the base model and offering up to 4TB if youre feeling spendyand for the first time ever, you can configure the 13-inch MBP with up to 32GB of 3733MHz RAM.

The display, while not a significant update like we saw in the 16-inch variant, is still one of the best on the market for color-critical work, with 500 nits peak brightness and support for the P3 color gamut.

Finally, that CPU spec comes with one other important caveat for creatives: much-improved Intel Iris Plus Graphics.

You need to step up to the $1,799 model with the 10th-gen chips to take advantagethe first two tiers still use 8th-gen CPUsbut once you do, Apple promises up to an 80% performance boost over the previous generation. For photographers and video editors who want a thin-and-light Mac that is powerful enough to handle their workflow, this is a big step in the right direction.

It also means that the computer can now run a Pro Display XDR at full 6K resolution.

The new and improved 13-inch MacBook Pro is available today, and should begin arriving in customers homes later this week.

The base model costs $1,299 for a 1.4GHz quad-core 8th-gen Intel Core i5 CPU, 8GB or RAM, 256GB of storage, but we would definitely recommend you upgrade that spec at least a little bit. The bump to 16GB of RAM costs just $100 (it used to cost $200) and you can upgrade to a 1.7GHz quad-core Core i7 with a much beefier TurboBoost for $300 more.

If you really want to take advantage of what this laptop can do, youll want to step up to the $1,800 variant, which will get you a 2.0GHz quad-core 10th-gen Intel Core i5 CPU (TurboBoost up to 3.8GHz), 512GB of storage, and 16GB of RAM, with the option to upgrade even further from there.

To learn more about this compute or spec out your own, head over to the Apple website.

See the rest here:
Apple Unveils 13-inch MacBook Pro: New Keyboard, Faster CPUs, and Up to 32GB of RAM - PetaPixel

As the U.S. Air Force (AF) continues to bolster its resilience efforts, the National Renewable Energy Laboratory (NREL) continues to grow its capabilities and expertise in this same area. The NREL's partnership with the AF has led to smarter, stronger, and more flexible base infrastructure, strengthening the AF's ability to execute its missions worldwide.

In 2018, a team from the NREL worked with the AF to identify vulnerabilities at Florida's coastal-located Tyndall Air Force Base and put together a risk mitigation strategy. With its 40-plus years of renewable energy expertise, the NREL presented the AF with a strategy that included the supplementation of traditional energy sources with renewable sources in a variety of ways. The strategy was designed to boost resiliency, but it also uncovered a critical need to consider the interdependency of the energy system and other systems, such as communications, transportation, food, and water. It effectively places a greater importance on the surrounding community, where many of the base personnel have a vested interest.

"Right after we did that assessment, Tyndall was hit with a Category 5 hurricane," saidSherry Stout, NREL engineer. "We were able to validate how close we were. After a hurricane is a vulnerable time to go into any community of people. To have that level of trust in us, to be able to sit down and talk about the base and some of their homes that collaboration taught us a lot about which stakeholders to engage and how to engage them. Tyndall was so collaborative and helped us work through the process."

Hurricane Michael ripped through the Southeast, leaving a torn-up Tyndall Air Force Base in its path, before the AF could implement any of the mitigation strategies. While Tyndall considered the mitigation strategies provided by the NREL for its ongoing rebuilding effort, the AF continued to focus on strengthening the community. As a result, the U.S. Department of Defense (DoD) recognized a growing need to address severe weather and its potential impact on national security.

Mark Jacobson, NREL senior project leader and liaison to the AF, said the relationship between the NREL and the AF is growing. Jacobson said he sees the NREL as more of a strategic partner to the AF in matters of increasing resiliency microgrids being one area of specific interest across all of the DoD.

"We've supported a number of bases in the preliminary design and/or evaluation of microgrids and that number is increasing because of the positive feedback we've received from previous projects," Jacobson said. "We can combine that engineering analysis with providing actual testing facilities where we can test hardware-in-the-loop. Microgrids are becoming ever so important as a solution to resiliency at individual bases and we have our own microgrid at our Flatirons campus. We're not just running a computer model. We actually have physical equipment that can be tested to replicate real work problems on the base. That's just the kind of support the AF is looking for."

The NREL and the AF have been partnering on energy projects for many decades. In the past, these collaborations have been on more of a project-by-project basis, but certain requirements have pushed the NREL into an integral position to the planning stages, as well as execution. One driver, set forth by the Office of the Secretary of Defense, is a requirement for each base to develop an installation energy plan.

"They look at the installations from a high-level perspective and understand the missions the base has and make sure the energy plans support the missions," saidJacobson. "We are starting to provide support for some of the projects resulting from these plans and are looking to increase that level as needed."

The NREL is uniquely positioned to provide the kind of support the AF prefers.

"We've got a reputation of being an honest broker and providing independent analysis that isn't pushing one technology or another or one brand or another," Jacobson said. "We can combine our engineering analysis with actual testing facilities. Marry these strengths to our high-performance computing facilities and dozens of specialty energy labs that make up the Energy Systems Integration Facility, and it gives the NREL a unique set of capabilities to offer not only the AF, but all of the DoD."

The NREL has nearly 900 active partnership agreements spanning industry; academia; and federal, state, and local governments. It can draw on those partnerships as required to pull in even more expertise and address even the most challenging specific requirements the AF can present.

"We have great relationships with the private sector, collaborating on near-term problem solving," Jacobson said. "We may propose certain ideas and outline a particular spec or high-level overview of a design solution, but the final specs and design are determined by iterating with the private sector and listening to their real-world operational and maintenance concerns. We have a lot of relationships with manufacturers, and there is a host of examples where we worked with the top manufacturers and engineering firms across the country to collaborate on a final implementable design solution."

Read theTyndall Air Force Base project case studyhere. For more information on theNREL's partnership with the DoD, visithere.

Visit link:
NREL, U.S. Air Force Collaborate on Growing Portfolio of Resiliency Work - Transmission & Distribution World

Bill Lewis, Special to Nashville Tennessean, USA TODAY NETWORK newsrooms in Tennessee Published 5:00 a.m. CT April 22, 2020

With extended school closures due to Coronavirus outbreak, Williamson County Schools with nonprofits like One Generation Away and Graceworks Ministries are providing various food distribution opportunities around the county. Nashville Tennessean

A home engulfed in flames is usually a frightening sight, but a recent house fire in Brentwood was a welcome event. It enhanced public safety by providing a training opportunity for the citys fire and police departments and set the stage for construction of three new homes.

It was a great opportunity for them to hone their skills, said Realtor Lisa Culp Taylor, who leads the LCT Team at Parks.

Williamson County home builder Doug Majors acquired the house and the surrounding 7 acres at 935 Edmondson Pike with plans to construct three new homes on the property. Instead of tearing down the house, an older ranch-style building, and hauling the debris to a landfill, he made it available to the citys first responders for realistic training.

They accepted the offer, but first Majors had to remove any potentially hazardous materials. He took out carpets and other items that might release toxic fumes. He also removed the water heater and anything else that would not burn.

The Brentwood Fire Department and firefighters from Nolensville and other jurisdictions then made plans to burn the structure and practice their firefighting procedures.

Majors credits Taylor, his Realtor, with having the idea of making the house available for police and firefighter training.

It was a good one, Major said of the idea. It seemed like a good opportunity to give back.

GET THE LATEST UPDATES:Download the free Tennessean app on your mobile device

The Brentwood fire department used a home donated by builder Doug Majors for a controlled burn training. The house was prepped first by the builder for safety and health precautions.(Photo: Submitted)

Over several days before the fire, the Brentwood Police Departments SWAT team held training exercises. Later, as smoke and flames rose over the structure, firefighters went into action.

Before the blaze was set, the city issued a statement so the fire wouldnt scare anyone or attract a crowd of curious onlookers.

You will notice smoke in the area from 9 a.m. to around noon when the heaviest of the smoke will occur. We do not encourage the public to try and attend, the statement said.

Even so, a small crowd gathered to watch as the house was burned over several hours.

They would burn a part of the house, put it out and light additional fires, said Majors.

After doing that several times, firefighters ignited the entire house.

Stay up to date on real estate and development news: Sign up forTheTennessean's business newsletterto get updates right in your inbox.

Brentwood Fire & Rescue Training used a home donated by builder Doug Majors for safety training.(Photo: Geinger Hill)

Majors is preparing to begin work on the first new home on the property. The house is being built on spec, but he expects that buyers will seek out the property.

Architect Michael Katsaitis, principal with MK Studio in Brentwood, designed the house to resemble a home that has been in a family for generations.

It looks like it has evolved over the years, with the homeowner adding on, he said.

The site of a Brentwood Fire Department controlled burn is the future location of three new homes being built by Doug Majors, Majors Construction.(Photo: Plat Rendering, LCT Team Parks Realty)

The result will be a home that looks like it has been part of the landscape for years, but inside it will have all of the features of a new home.

The house will have 4,600 square feet of living space, with two bedrooms on the main level and three bedrooms and a playroom upstairs. A stairway will be showcased at the front of the house, but there will also be an elevator. Each bedroom will have a private bath. There will be a powder room on both floors.

The interior will have a modern, open floor plan with 12-foot ceilings on the main level and 10-foot ceilings upstairs, said Katsaitis.

The main-level master bedroom will form its own wing detached from the rest of the house, creating a private retreat, he said.

Majors hopes to pre-sell the other two homes he plans to build on the property. Katsaitis said one will be a rustic cottage and the other will be a more contemporary design. Each house will be on more than 2 acres. The rear of the property is wooded.

The location, which is inside the Williamson County school district and close to offices, shopping and dining, adds to the sites appeal, said Taylor.

There is easy, convenient access to Brentwood. Its a middle point on Concord Road. You could run to Brentwood or its just as close to run to Nolensville. Easy access to Cool Springs for restaurants and dining, she said.

Read or Share this story: https://www.tennessean.com/story/money/real-estate/2020/04/22/brentwood-house-burned-training-exercise/5164719002/

See the rest here:
Brentwood house burned for training exercise, and to make way for new construction - Tennessean

A new AI security camera has come on the scene and this one is a premium, yet affordable, artificial intelligence-enabled internet of things (AIoT) camera who's excited? We're excited!

Being introduced as the worlds first AIoT camera, the Ranger IQ will help to keep your home secure when the world goes back to school, college and work. And, while you're at home, you can use it to keep an eye on the children whilst you're working and stay connected with loved ones.

Keep scrolling to get find this buy on Amazon in the UK and via AliExpress across the USA and Europe, and to find out if this security camera will help to enhance your home security. Head over to our best home security cameras buying guide to see more top buys, too.

Today's best Imou Ranger IQ Indoor Security Camera deals

This AI security camera is packed full of impressive tech spec, so we've pulled out the best bits to help decipher the lingo...

Not only can this AI camera be the first line of defence against intruders but it can also be useful to ensure kids, (and partners and pets) behave and follow homeschooling schedules while you work from a different room at home. It captures footage in a 1080p resolution 24/7, even in low light conditions thanks to the embedded Sony Starlight sensor. And, with Two-Way Talk, you can talk to the children (or your other half), or tell the dog to get off the sofa.

Then there's Ranger IQs advanced AI Human Motion Tracking software which automatically focuses on, and quickly identifies and recognises, humans, as its AI Human Detection feature distinguishes them from animals. This AI tech can also alert you to any usual activity, send alerts to your smart phone and pulsate an alarm loud enough to be audible throughout any size of home.

(Image credit: Amazon)

Even if the Ranger IQ is unplugged it can track, record and save footage online (or onto a microSD), with no corner of the room missed thanks to its ability torotate 355 degrees and tilt 90 degrees.

And if you don't want to use the security camera as a camera, the Ranger IQ also doubles as an Amazon Alexa and/or Google Assistant speaker, so it's mega versatile.

(Image credit: Amazon)

Reviewers on Amazon rave about the image quality, tracking ability and how easy it is to use thanks to the handy app. One reviewer, in particular, uses the camera as intended and echoed the claims; "...it has all the featured I need to keep my my eyes on my pet while I'm working or to use it as a surveillance camera while we are away for holiday." Just a couple of things have been flagged which affect the sound quality and lack of integration capabilities with other tech in the home, such as the Samsung Smart Hub.

We're looking forward to putting this security camera to the test ourselves, but if you're intrigued to try it out then you can buy it on Amazon today (if you're in the UK) or AliExpress (if you live in the US or Europe).

Today's best Imou Ranger IQ Indoor Security Camera deals

Read this article:
There's a new AI security camera on the scene and it's on Amazon, now - Real Homes

Premier Doug Ford criticized management at Anson Place Care Centre for turning down the provinces offer of help from a SWAT team of hospital workers while grappling with one of Ontarios deadliest COVID-19 outbreaks.

The Hagersville long-term care centre has seen 26 residents die in less than a month, with 44 residents and 31 staff members still fighting the disease. The cause of another recent death at the 101-bed facility is still under investigation.

Trish Nelson, communications director with Ontario Health West, said Anson Place executive director Lisa Roth wrote to the province on Friday declining the offer to have a COVID-19 SWAT team come in.

According to Nelson, Roth said management at Anson Place, a private facility owned by Rykka Care Centres, was comfortable that we are currently able to meet the care needs of our residents and do not require additional LHIN-funded services currently.

Nelson said Roth told the ministry that Anson Place would continue to monitor this closely and assess the care needs against our staffing compliment and reach out to the LHIN if additional services are required.

To date, Nelson said the ministry has received no requests from Anson Place for increased support or assistance.

Anyone who makes that judgment call, I wonder why they are even in charge over at that home, Ford said in response to a question about Anson Place at a press conference on Wednesday.

Sometimes pride gets in the way. Well to that person Id say, Swallow your pride and start asking for help.

When you have those many deaths and those many positive cases of COVID-19, why wouldnt you? We need to bring people in.

On Friday, the same day she is alleged to have refused the offer of the SWAT team, Roth put out a call for new staff to help with residents daily needs, such as meals, laundry services, exercise and personal hygiene.

In an email Wednesday evening, Roth claimed that her memo to the ministry on Friday referred only to the retirement floor at Anson Place and not the long-term care floor.

To be clear, at the moment we are able to meet the care needs of our retirement residence with our current staff, Roth said. We are however in need of additional staff in our long-term care residence. We are meeting the care needs of our residents, but additional staff would help us shore up our care and services in these challenging times.

Roth said Fridays call for new employees had to do with meeting the need in long-term care, adding that she updated Ontario Health West to that effect on Wednesday.

To date, 23 residents in long-term care have died, along with four from the retirement residence.

SEIU Healthcare president Sharleen Stewart said she was dismayed but not shocked by the news that Anson Place had rejected outside help.

Thats the kind of management thats going on at these places. I cant explain that, she said. That just solidifies our argument that this government has got to take over these homes.

Merrilee Fullerton, the minister in charge of long-term care, rejected the unions recent call for the government to take charge of three privately run care homes in crisis, including Anson Place.

Fullerton told reporters last week that the province does not run long-term care facilities.

Ford announced Wednesday that the province will formally ask the Public Health Agency of Canada and Canadian Forces to send medical personnel and other support staff into five priority homes to bolster staffing ranks.

The army has been similarly deployed in Quebec to help contain the pandemic at long-term care homes in that province.

Never miss the latest news from the Spec. Sign up for our email newsletters to get the day's top stories, your favourite columnists, and much more in your email inbox.

Ford didnt name the facilities included in the provinces request, but Stewart hopes Anson Place is on the list.

If thats the governments way of taking over and supplying support, then good, she said. But how longs it going to take, and why did it take him so long to ask for it?

Understaffed homes like Anson Place are in desperate need of reinforcements, Stewart added.

Absolutely, we need more staff, she said. But right now, because (the government) has waited so long to take care of this, people are afraid to go in these homes.

She said workers at Anson Place and elsewhere are pushed to the brink, logging extra hours to fill in for infected colleagues and struggling to cope with the emotional toll of managing the pandemic.

Theyre afraid, terrified, exhausted now. The majority of them have lost confidence in their employers and the government, Stewart said.

They keep going in there to protect the people they love, which are the residents. (But) the workload now is becoming unbearable. These people are going to collapse soon.

In a statement, Responsive Group Inc., the management company that oversees Rykka Care Centres, pledged to better support its employees working in long-term care.

It is difficult to hear that some of our staff feel that we have not done everything possible to protect them throughout this crisis. We need to do better, the statement read.

There have been no new COVID-19 cases at Anson Place since Saturday, when Roth reported the 71st resident to become infected.

Dr. Shanker Nesathurai, Haldimand-Norfolks chief medical officer of health, said on Monday that he expected to see more deaths at Anson Place as residents who were infected up to two weeks ago started to show symptoms of the respiratory disease.

But he cited the slowdown in new cases as a hopeful sign that containment measures put in place at the facility are working.

J.P. Antonaccis reporting is funded by the Canadian government through its Local Journalism Initiative. The funding allows him to report on stories about the regions of Haldimand and Norfolk.

Read this article:
Anson Place turned down help from medical 'SWAT team,' province says - TheSpec.com

We regret to inform you ...

I am sad to report ...

Messages conveying loss continue to be delivered to the community, in the wake of more victims of COVID-19 at Hamilton-area long-term care homes.

Three more residents died over the weekend: a 92-year old man succumbed to the virus at Heritage Green Nursing Home on Saturday the fourth death at that facility since March 24.

Heritage Green sent a message to families who have loved ones living in the home, expressing regret over his death, and adding: Thank you for your ongoing love and support and remember us in your prayers.

The message also said that families should be assured that we are continuing to follow strict infection control measures and that the health and well being of our residents, your loved ones, remains our primary focus.

And on Sunday, the executive director of Anson Place Care Centre in Hagersville, Lisa Roth, emailed the Spectator to say she was sad to report that the total number of deaths at the facility had hit 24.

The total had increased by two since Friday.

Anson Place has 71 residents who have so far tested positive for the virus.

This is an especially difficult time for our families and for our staff who continue to prioritize the health and safety of our residents, added Roth.

The latest deaths once again underscore the danger of COVID-19 to patients in long term care environments, and who have existing respiratory health ailments.

As of Sunday, Hamilton has had 14 total COVID-19 deaths.

Eight of those deaths have been residents at long term care facilities Heritage Green and Cardinal Retirement residence and four have died in hospital who were ages 89, 88, 62, and 74-years old.

In Ontario, of the provinces 553 total COVID-19 deaths reported as of Sunday, 365 patients have been over 80 years-old and 521 have been 60 and over.

Meanwhile, a graph posted on the City of Hamiltons COVID-19 website suggests that the overall increase in cases has been levelling-off.

The graph shows cases spiking in March when they increased from 37 to 104 cases in one week, and then 104 to 223 in two weeks but more recently have climbed from 280 to just over 300 cases. (Hamilton has 328 confirmed cases as of Sunday.)

Never miss the latest news from the Spec. Sign up for our email newsletters to get the day's top stories, your favourite columnists, and much more in your email inbox.

The graph also shows that there have been 606 cases of Influenza A this flu season in Hamilton, and 253 cases of Influenza B.

The graph can be found at hamilton.ca/coronavirus/status-cases

See more here:
Three more Hamilton-area long term care COVID-19 deaths over weekend - TheSpec.com

Sgt. Albert Hardy with the 601st Engineer Support Company out of Buckhannon cuts a piece of Gore-Tex fabric for use in a face mask. -- Steven Allen Adams

KINGWOOD The riggers of the 2/19th Special Forces Group at Camp Dawson in Preston County have trained to repair and pack parachutes for jumping out of airplanes.

Now, theyre cutting up those parachutes and operating Singer sewing machines to make prototype protective masks to fight their new enemy: the coronavirus.

Its just one of the hundreds of coronavirus support missions taking place across the state by members of the West Virginia National Guard.

Some are full-time guardsmen, some have taken leave from their civilian jobs to serve and some have even come from out of state to lend a hand to West Virginia, a state with a population most at risk from coronavirus spread and death. Its not a mission for which guardsmen have trained, but they have been trained to adapt to new missions. That is exactly what has allowed hardened warriors to become seamsters and seamstresses.

BEHIND THE MASK

Spec. Nick Heuring works a Singer sewing machine to create pleats in a face mask. -- Steven Allen Adams

Its not just the 2/19th Special Forces Group making masks at Camp Dawson. Members of the 601st Engineer Support Company out of Buckhannon also are in the rigging shop cutting material, making the straps for the ears and sewing pleats to allow the mask to securely fit over the mouth and nose. Even former guardsmen and staff of the Mountaineer ChalleNGe Academy at-risk youth program are lending a hand to the effort.

Guardsmen are cutting 9-foot strips of Gore-Tex, a breathable waterproof fabric, then cutting those strips into 9-inch squares. While the front of the mask is Gore-Tex, the inside is made of cotton sewed into the inside. While the mask doesnt offer the same protection of the N-95 surgical mask, testing by West Virginia University found the mask does provide better protection than a basic face mask or cloth mask.

The guardsmen can make about 75 masks per day and have made more than 400, which are washed, dried, and sealed in plastic. For right now, the masks are being stockpiled should stockpiles of medical-grade surgical masks run low.

Were doing this seven days a week, said 1st Sgt. Walter Dess, a supervisor at the Parachute Maintenance Facility. Its actually a great training experience opportunity because we dont do as much parachute repair. Were more into the packing and jumping portion of it, so this is great practice for the guys. After a month of this, theyre going to be pretty good on the machines.

One of the men on the machines was Spec. Nick Heuring, who has been with the 2/19th Special Forces Group for three years, moving to Kingwood in October to join Echo Company. Heuring said the work theyre doing is both a great training exercise and a way to help the public.

Sgt. Adam Kerns, foreground, and Sgt. Brendan Hughes, background, work with fellow guardsmen on missions for Task Force CRE. -- Steven Allen Adams

Being relatively new compared to these guys to the section, I havent gotten much hands on work doing the sewing, so its a great help to improve my skill for that, Heuring said. And of course, joining the guard I knew wed be in situations where we have to help with the community, so its just a great opportunity to get to do that.

Heuring said preparing to slow the spread of the coronavirus isnt much different than any other combat situation. Soldiers must learn to adapt and pivot as the situations of a battle change. He said his training has allowed him to handle this new situation.

You always see different things, Heuring said. You learn to adapt and learn with new equipment, especially when theres new procedures or we get new equipment. Were learning on the fly, adapting, and then coming up with a way that we can mass produce the masks quickly and efficiently.

And its not just Gore-Tex masks. The National Guard is working with WVU and state community and technical colleges to churn out 3D printed masks. Nearly 400 printers working eight hours a day can make a mask every two hours, with more capacity coming on every day. The National Guard and the West Virginia Hospital Association also have created a process using hydrogen peroxide vapor to clean and sanitize N-95 masks for multiple uses.

Between all of these efforts, the Guard estimates they can produce 2,500 masks per day, with the goal of producing enough for every West Virginian.

A NEW BATTLEFIELD

As of the end of the week, the National Guard has conducted more than 414 missions with 619 guardsmen on active duty across the state. Thats not counting the 900 guardsmen stationed around the world on military deployments. The National Guard has been working on coronavirus preparations since Gov. Jim Justice issued the state of preparedness order at the beginning of March.

Since then, guardsmen have helped deliver thousands of meals to seniors and those in need, have manned phones for the coronavirus hotline, have delivered personal protective equipment to healthcare workers and first-responders, have assisted epidemiologists with the Bureau of Public Health conduct tests and complete case investigations, have helped process unemployment compensation applications for Workforce West Virginia, have worked to support broadband expansion for telehealth services, and have helped set up St. Francis Hospital in Charleston in case of a surge of new cases.

The first coronavirus-related mission was on March 10 when members of the National Guards Chemical, Biological, Radiological, Nuclear and High Yield Explosive Battalion, 35th Civil Support Team, and the 35th CBRN Enhanced Response Force Package helped train staff at Cabell Huntington Hospital for use of personal protection equipment in anticipation of coronavirus cases. At the time, the state still had no positive cases.

Since then, those three National Guard groups combined to form Task Force CRE. These guardsmen have trained nearly 400 first-responders, hospital staff, and retailers. These essential workers are learning how to properly use personal protective gear, how to take masks and gloves on and off, how to unload supply trucks safely to avoid contamination.

Sgt. Adam Kerns is a former volunteer firefighter from Williamstown. Now he works full-time with Task Force CRE at the West Virginia National Guard Armory in Fairmont helping train retail workers how to stay safe and avoid contamination while making sure the public has the food and supplies it needs.

Were just trying to get as many people as we can out just to help, Kerns said. Were just here to help advise people and say hey, this is how you take care yourself. And then by taking care of yourself, you can take care of everyone else.

With nursing homes in Monongalia, Kanawha, and Wayne counties becoming coronavirus hotspots, Kerns and other members of the task force are heading into these facilities to help test patients and staff. Thats where Sgt. Brendan Hughes, the senior medic, comes in. His job is to make sure guardsmen returning from missions where they might be exposed to the coronavirus are medically capable of going out on the next mission.

Our mission here as med support is not only first off to take care of all of the troops and make sure that they are mission-capable and capable of doing anything and everything that we need of them, but its also to make sure that theyre medically safe and prepared for any mission that they come up to, said Hughes, who is a police officer in Maryland. When it comes down to it, were also helping along with the chemical and biological experts in here as well to make sure that they are medically able to go out and be safe.

Part of Hughes mission also is to coordinate with doctors and hospitals and help train staff who normally dont deal with infectious diseases so they can train others.

That way, we can cross train and educate between both civilian and military components so that everybody out there is being as safe as possible, trying to reduce the amount of spread, and to continue our mission and also to assist the civilian populace in any way possible, Hughes said.

For both Hughes and Kerns, its important to be where they are and doing the things theyre doing. Service in the National Guard is something they wanted to do and whether theyre helping during a natural disaster, deployed overseas in a war zone or now combating a virus, theyre committed to their missions.

Everybody here is in a voluntary status, Hughes said. No one has been ultimately ordered to be here. So, every soldier that you see thats walking around, they every one of them have raised their own self to say, Yes, I will voluntarily come in here and do this on my own.'

This is why I get paid, Kerns said. Our work is being received better and better each day. As we head out to these clerks and stores, we get asked to come in to other stores. The more were out there and the more were in the public eye and theyre seeing what were doing, the more supportive they become.

(Adams can be contacted at sadams@newsandsentinel.com)

Today's breaking news and more in your inbox

View post:
Minutemen: How the West Virginia National Guard is adapting to face the coronavirus - The Daily Times

Theyre not as inevitably lucrativenor as evilas people think. And with some changes, they can be a win-win for everyone.

Not long ago, I paid a visit to Brooks, a 1,308-acre, mixed-use community in San Antonio, Texas. Brooks used to be the Brooks Air Force Base, the home of the first airplane hangars ever built in the U.S. (One of the originals from 1918, Hangar 9, still exists, carefully preserved.) For decades, Brooks was the place where the Air Force conducted astronaut evaluation and testing.

But in the 1990s, it became clear that the Air Force was, sooner or later, going to close the base, and in 2011, it did. The closure meant the end of 2,000 jobs, mostly in the sciencesjobs that paid well. So the state government created the Brooks Development Authority, a public authority charged with transitioning Brooks to economic self-sufficiency. There was a larger mission as well: Brooks is adjacent to San Antonios zip code 78223, a largely Hispanic area that is one of the poorest neighborhoods in the country. Its poverty rate hovers around 20 percent, and only about 12 percent of its adults over age 25 have a college degree. So creating economic development for its disadvantaged neighbors was a central part of Brooks raison detre. We purposefully pursue employers at both ends of the [skills] spectrum, Leo Gomez, the president and CEO of the authority since 2013, told me. We are trying to create jobs at various levels.

Gomez is having some success. Brooks is now divided into three parcelsone each for mixed-use, office and light industrial development. Where once there were 163 single-family homes and barracks, there are now apartment communities, parks, restaurants and hotels. The light industrial area has several significant factories, including Nissei Plastic Industrial Co., which makes equipment that makes plastic automobile parts, and Cuisine Solutions, a French company that uses sous vide cooking to make food, mostly for retail. You know those Starbucks egg bites? Theyre cooked by a French company at a former military base in San Antonio.

President Donald Trump (left) shakes hands with Sen. Tim Scott (R-SC) during a signing event of an executive order to establish the White House Opportunity and Revitalization Council. Photo by Alex Wong / Getty Images

Still, theres no easy win for Brooks. Economic development is intensely competitive, and Brooks has several hundred acres left to develop. Good news came in 2017, when Congress passed President Trumps tax cut, the Tax Cuts and Jobs Act. That bill also created opportunity zones, economically disadvantaged areas with a special tax break: Investors who used capital gains to invest in an opportunity zone could avoid paying taxes on those gains for seven years. If you kept your money in the opportunity zone investment for a decade, you wouldnt have to pay any taxes on those gains at all. Advocated by New Jersey Senator Cory Booker, a Democrat, and Republican Senator Tim Scott of North Carolina, the idea was to incentivize investors to put money in disadvantaged neighborhoods, thus creating economic opportunityjobs, basicallyfor lower-income people. Investors would do well, and so would folks in neighborhoods that were not traditionally targets of investment dollars. It was a bipartisan program that both rich people and poor people could support.

In 2018, Texas Governor Greg Abbot designated Brooks an opportunity zoneone of 8,800 opportunity zones approved by the White House that yearand in January 2019 Brooks announced its first opportunity zone investment: the sale of 9.4 acres of land, on which would be built a state of the art, climate-controlled, self-storage facility, to a private investor. Gomez admits that self-storage is not exactly an employment dynamo. Does a storage facility create jobs? he asks. Not really. But that investor wouldnt have done this if it werent an opportunity zone. And storage, he adds hopefully, is a meaningful amenity for the companies and people who now call Brooks their home, so if it makes Brooks a more attractive place for people to live and invest, well, then, thats a good thing.

Gomez has another opportunity zone project in the works, 350,000 square feet of light industrial spec space. Traditional banking has not invested in this part of town, but private investors can do it, he says. Opportunity zone investors are going to be a big part of our success for the next five or more years, until development is complete.

If Leo Gomez sounded a bit defensive, its because opportunity zones have gotten a bad rap in the past few months. Critics have charged that the program gives wealthy investors an enormous tax break with little oversight of where their money is going. All too often, skeptics say, its going into projects that do little to nothing for the people opportunity zones are supposed to help. Last August, reporters Jesse Drucker and Eric Lipton wrote in the New York Times that the Trump administrations signature plan to lift [American cities]has fueled a wave of developments by and built for the wealthiest Americans. Drucker and Lipton characterized opportunity zones as a federal tax break program that was supposed to revitalize impoverished communities but instead enriched the wealthy and politically connected. It didnt help that wealthy, high-profile figures like Anthony Scaramucci, Chris Christie and Jared Kushner were among the first investors. Now opportunity zones have become a political football; Bernie Sanders has promised that, if elected, hell end the program.

Complicating the situation further, the Wall Street Journal reported in October that investors themselves actually seemed to be having their doubts about opportunity zones. Opportunity zone funds had, to date, raised just about 15 percent of their goals. According to reporters Ruth Simon and Peter Grant, The slow start is raising fresh questions about investor appetite for the program and what impact it will have on distressed communities.

After talking with people involved in the opportunity zone spaceand after the December release of final IRS regulations regarding the programI think theres a middle-ground forward. Opportunity zones are a good idea. But they need the right regulations, and probably a different administration to enforce them.

Whats missing right now in a lot of discussions is the bigger picture, Matt McGuire, a senior advisor at CapZone Impact Investments, told me. CapZone is launching an opportunity zone fund, and McGuire comes at the issue from a long record of engagement; hes previously worked at the World Bank, the Commerce Department and the Treasury, and hes an expert in affordable housingnot exactly the type of hedge fund fat cat some associate with the space. If you go back 10 or 15 years in philanthropy, there was a whole push around comprehensive community initiatives, he explains. The big difference with opportunity zones is that instead of directing a grant or using a subsidy or tax credit, youre turning to the private sector and saying, Well make your equity investment more attractive. Go figure out, where are the best places to invest your time and capital?

The question, McGuire says, is not so much whether rich people are benefitting from opportunity zone investments. Its whether theyre benefiting in a way that also helps communities and individualsas opposed to, say, building projects that promote gentrification and displace longtime residents.

John Halpern, founder of real estate investment firm Halpern Real Estate Ventures (HREV), argues that the opportunity zone tax break is particularly important now, some 12 years after the Great Recession. Halperns firm, which opened in 2011, invests in whats known as infill developmentbasically, filling in the blank spots in otherwise developed urban areasin places like southern Manhattan, Brooklyn and Jersey City. HREVs investment premise, Halpern says, was all about coming out of the last recession and focusing on emerging neighborhoodsplaying around the connectivity and the development of that urban core. Which really is very much of the opportunity were seeing in opportunity zones today. The investments were making in opportunity zones are very similar to the type of markets and developments weve been doing over the last 10 years.

Which begs the question: If HREV has been making such investments without the opportunity zone tax breaks, why does it need them now? Halpern argues that, more than a decade after the financial crisis, investing in emerging neighborhoods is getting more difficult to justifyunless theres a tax break. The timing [of the 2017 tax bill] was in our view perfect, because what was happening was, we were getting to the end of the [investment] cycle. It was becoming harder to rationalize the investments that we were making at the beginning of the recovery cycle, when you were able to look at quite a long runway of growth. Its hard to argue now that youre going to have many more years in this growth cycle.

Traditionally, Halpern says, the capital that was available for investors like ourselves was typically five to seven-year money. So youre investing at a point in the cycle where you believe you have five to seven years left in the cycle. You can develop a project and exit it and still be in a strong and favorable market.

A rendering of the Brooks Transit Center, which opened in September 2019. Courtesy of LiveBrooks.com

But, Halpern argues, after a decade-plus of economic growth, that five to seven-year time span isnt looking like such a sure bethe thinks well likely see at least one recession during that time. So opportunity zones help. Investors are now incentivized to hold the investment much longer term11, 12, 13 years. It allows us to look through the cycles with more patient capital. Opportunity zones, Halper concludes, are a really important incentive to keep the momentum going. In other words, as Leo Gomez suggested, opportunity zones are that shot in the arm that can lead investors to say yes when they might not otherwise.

HREV now has three significant opportunity zone projects for which it is providing catalyst capital. One project is on a former manufacturing site in Jersey City, where HREV plans to build some 300 units of multi-family housing. Another is in the RiNo neighborhood of Denver, an up-and-coming neighborhood which, in late 2018, was dubbed Americas most improbably cool neighborhood by GQ magazine. HREV is building office, retail, residential and possibly a hotel at the site, which happens to be near a rail yard. Were going to be creating exactly what the community was looking to achieve, Halpern says, so we think thats a great example at the opportunity zone incentive, at work achieving neighborhood goals.

I asked Halpern if he thought that these projects would create a risk of gentrification, and he pointed out that both those projects were on formerly industrial land. But would office, retail and multi-family housing really help the economically disadvantaged? Helping disadvantaged people is one of the goals [of the opportunity zone program], Halpern replied, but I think the more primary goal is to create economic development in these neighborhoods. That, Halpern says, benefits everyone.

Truth is, the opportunity zone situation is a mixed bag. Some of the projects involved clearly hew more closely to the spirit of the concept than others; but, on the other hand, not all opportunity zones are a windfall for the moneybagged rich at the expense of the disempowered poor.

In any event, if a Democrat takes office in November, the opportunity zone landscape is almost sure to change. The program will probably get greater oversight and transparency, which may help reduce criticism from both sides of the political spectrum. It doesnt help that the current head of the Trump administrations opportunity zone working group is Ben Carson, the lackluster Housing and Urban Development secretary, who recently responded to criticism of opportunity zones by saying, News flashrich people are going to get richer, anyway. Carson, Matt McGuire says diplomatically, is not particularly effective.

There are also two pieces of legislation, sponsored by Democratic congressmen Ron Wyden and James Clyburn, that would reduce the number of opportunity zones and eliminate certain types of projects from qualifying for tax benefits. Clyburns Opportunity Zone Reform Act would prohibit certain kinds of development, including parking lots, stadiums, residential property that doesnt have at least 50 percent affordable housingand self-storage units.

An indispensable guide to finance, investing and entrepreneurship.

Frequency: Weekly

See the article here:
The Truth About Opportunity Zones - Worth

When it comes to Tarek El Moussas relationship with Heather Rae Young, not only are they great as a couple, but theyre a dream team at work, too!The Flip or Flop star exclusively tells Life & Style it was awesome having his lady make an appearance on his show.

Since the first day we met, we talked about the fact that hey maybe one day we can film together, and, you know, about six months later the opportunity came up and we filmed together, and shes just amazing on camera, the 38-year-old says. It was super cute, and I just really enjoyed it!

Though nothing is set in stone, Tarek is definitely open to filming more with the 32-year-old Selling Sunset star. You know, well see where things go. At this point in time, Flip or Flopis running the way its been running for a very long time, he adds.

In fact, their chemistry seems to be so good on camera, Tarek wouldnt be surprised if they end up having their own show together down the line. I definitely see me and Heather doing shows together in the future, he divulges. So actually, a show that I would want to do with her that sounds fun would be developing and building super high-end spec homes in the Los Angeles area and having her sell them. I think that would be a fun show. But thats, you know just a lot of different things.

It helps that Tarek and Heather have a unique bond. The two announced they were dating in August 2019, and theyve been going strong since then. She understands what I go through on a daily basis, she helps bring my stress down, she talks through things with me and shes just my best friend! Tarek previously told Life & Style.

Tareks new series Flipping 101w/Tarek El Moussawill premiere on Thursday, March 5th at 9/8c on HGTV and hell be appearing on an upcomingExtreme Makeover: Home Editionepisode on Sunday, March 15th at 9 ET/PT.

Reporting by Diana Cooper.

Read the original here:
Tarek El Moussa Gushes Over GF Heather Rae Young on 'Flip or Flop' - Life&Style Weekly

Aliso Viejo Mar 5, 2020 (Thomson StreetEvents) -- Edited Transcript of New Home Company Inc earnings conference call or presentation Thursday, February 13, 2020 at 10:00:00pm GMT

* Drew P. Mackintosh

The New Home Company Inc. - Founder & Managing Partner, Mackintosh IR

* H. Lawrence Webb

The New Home Company Inc. - Executive Chairman

* John M. Stephens

The New Home Company Inc. - CFO & Executive VP

* Leonard S. Miller

The New Home Company Inc. - President & CEO

* Alan S. Ratner

Greetings. Welcome to the New Home Company Fourth Quarter 2019 Results Conference Call. (Operator Instructions) Please note that this conference is being recorded. I will now turn the conference over to your host, Drew Mackintosh, Investor Relations. Mr. Mackintosh, you may begin.

Drew P. Mackintosh, The New Home Company Inc. - Founder & Managing Partner, Mackintosh IR [2]

Good afternoon. Welcome to The New Home Company's earnings conference call. Earlier today, the company released its financial results for the fourth quarter of 2019. Documents detailing these results are available in the Investor Relations section of the company's website at nwhm.com.

Before the call begins, I would like to remind everyone that certain statements made in the course of this call, which are not historical facts are forward-looking statements that involve risks and uncertainties. A discussion of such risks and uncertainties and other important factors that could cause actual operating results to differ materially from those in the forward-looking statements are detailed in the company's filings made with the SEC, including in its most recent annual report on Form 10-K and in its quarterly reports on Form 10-Q. The company undertakes no duty to update these forward-looking statements that are made during the course of this call.

Additionally, non-GAAP financial measures may be discussed on this conference call. Reconciliations of these non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP can be accessed through The New Home Company's website and in its filings with the SEC.

Hosting the call today is Larry Webb, Executive Chairman; Leonard Miller, President and Chief Executive Officer; and John Stephens, Chief Financial Officer. With that, I will now turn the call over to Larry.

H. Lawrence Webb, The New Home Company Inc. - Executive Chairman [3]

Thanks, Drew, and good afternoon to everyone joining us on the call today as we go over our results for the fourth quarter and full year 2019, discuss current homebuilding market trends and provide some color on the future of The New Home Company. The fourth quarter of 2019 capped a year of retrenchment for our company, which was marked by strong cash flow generation and cost curtailment as we made further strides towards our goal of lowering our leverage ratios and streamlining our cost structure, all while moving our product offerings to the more affordable segment of the market. We generated $63 million of cash flow from operations in the fourth quarter through a combination of accelerated backlog conversion, strategic land sales and prudent reinvestment in our business. This brought our total cash flow from operations for the year to $121 million, a considerable sum given the size of our company. It also lowered our net debt-to-capital ratio to 49.2%, a 980 basis point reduction as compared to the end of 2018 and a 1,090 basis point improvement from the first quarter of 2019.

On the cost front, we kept our SG&A expense below 10% for the fourth quarter, thanks to our efforts to reduce personnel expenses and employing more efficient marketing and advertising methods. Our SG&A ratio, excluding severance charges for the full year came in at 11.3%, 100 basis points lower than it was in 2018. The success we had in 2019 reducing our leverage and improving our cost structure relative to 2018 has put our company on a much more solid foundation as we begin 2020.

We also entered the new year as a company rapidly transforming itself into a more diverse and affordably priced homebuilder. Average selling prices in the fourth quarter of 2019 declined 13% year-over-year, a downward trend that should continue into 2020 and beyond as we close out of our more higher-priced legacy communities and open more affordably priced ones. In fact, 15 of our next 18 community openings over the next 24 months will be priced below conforming loan limits, and 13 will have base pricing below FHA limits. These communities will shift our company away from the coastal areas of California and into the more inland parts of the state as well as the very strong Phoenix market. Based upon our current projections, entry-level deliveries will jump from 25% of closings in 2019 to just under half in 2020, then move closer to 3/4 of our closings by 2021. Based on our view of the long-term housing dynamics in our markets and the sales trends we've witnessed at the more affordably priced communities we've already rolled out, we believe this product repositioning will lead to better order activity and higher profit margins over time.

Supplementing the encouraging outlook of our company is the continued favorable fundamental backdrop of our industry, which is characterized by low levels of new and existing home inventory, consumer confidence near historical highs and an encouraging interest rate environment. Last month, the National Association of REALTORS indicated that existing home inventory hit the lowest level since they began tracking the figure in 1999. This is especially true in California. The need to replenish the housing stock of our nation is real and will not be resolved anytime soon. These macro tailwinds give us great momentum as we enter the spring selling season and have created a sense of urgency on behalf of homebuyers that typically bodes well for our industry.

We have a lot to be excited about, both from an industry- and company-specific standpoint, and I'm optimistic for what this future holds. Additionally, I'd like to note that our recent leadership transition has gone extremely smoothly. With that, I'd like to turn the call over to Leonard, who will provide more color on our operations this quarter.

--------------------------------------------------------------------------------

Leonard S. Miller, The New Home Company Inc. - President & CEO [4]

--------------------------------------------------------------------------------

Thanks, Larry, and good afternoon to everyone on the call. As Larry mentioned, we continue to execute on our goals of cash flow generation, cost containment and product repositioning in the fourth quarter, putting us in a much better position today than we were 1 year ago. Our team members did an excellent job adjusting their operational focus to meet these goals. This meant more -- being more aggressive on the sales front, turning through slower selling communities to converting cash and making tough decisions with respect to our headcount and our land portfolio. In some cases, these efforts came at the expense of profitability as evidenced by our weaker gross margin performance in 2019. However, now that we are in a better place strategically, financially and structurally, we believe that we can start to make improvements to our gross margins as we move through higher-priced legacy assets and selectively raise prices where demand has improved. We've increased prices across a number of our communities to start 2020 and continue to see year-over-year order growth for the month of January.

In terms of the overall industry dynamics, I concur with Larry that the market feels considerably better today than it was last year. We finished 2019 with 5 consecutive months of year-over-year order improvement and have experienced solid traffic quality to start the year, a great sign that homebuyers are looking to get a head start on purchasing a home ahead of the spring. With respect to our input costs, land and labor continue to move higher in most markets, while material costs have flattened.

In terms of the local market color, stronger order activity at more affordable price points has been a consistent theme in all of our markets. However, we did see some stabilization and improvement at higher price points during the fourth quarter. The coastal areas of Northern and Southern California have shown signs of life recently, but it came at the expense of pricing across the market. We continue to believe that these markets will be impacted by affordability and in the case of Southern California, the decline of the foreign buyer segment.

Demand trends are much more stable in the inland parts of the state where higher order rates have led to a reduction in incentive activity and moderate price increases. Phoenix continues to be one of the best housing markets in the country and will finally start to be a material contributor to our results with 7 new communities coming online this year, 5 with base prices within FHA loan limits. We are excited about these community rollouts as well as our other affordable communities slated to open over the coming quarters. We believe that we have found a compelling niche for our company at lower price points in each of our markets with a continued emphasis on unique design and desirable locations that sets ourselves apart from the competition.

Now I'd like to turn it over to John for more detail on our financial results for this quarter.

--------------------------------------------------------------------------------

John M. Stephens, The New Home Company Inc. - CFO & Executive VP [5]

--------------------------------------------------------------------------------

Thank you, Leonard, and good afternoon. For the 2019 fourth quarter, we generated a $7 million pretax loss as compared to a $22.4 million pretax loss in the year-ago period. The current quarter pretax loss included a $6.6 million inventory impairment charge related to 1 luxury condominium community in Phoenix and a $3.5 million impairment charge related to a land development joint venture in Southern California. Including these impairments, we generated a net after-tax loss of $3 million or $0.15 per diluted share for the quarter compared to a net after-tax loss of $16.2 million or $0.80 per diluted share in the prior year fourth quarter. In addition, the 2019 fourth quarter included a net $1.2 million tax benefit related to the extension of the federal energy tax credit for 2018 and 2019 deliveries.

Excluding impairments, adjusted net income for the 2019 fourth quarter was $3.1 million or $0.15 per diluted share. Our home sales revenue for the fourth quarter exceeded the high end of our quarterly guidance by 9% or $14 million, coming in at $174 million due to the increased sales demand experienced during the quarter and our ability to sell and close more spec homes. 29% of our Q4 deliveries were homes sold during the quarter. Deliveries were up 7% year-over-year, while our average selling price was down 13%, coming in at $870,000 per delivery for the quarter.

The decrease in our average selling price was consistent with our continued transition to a more affordable product, including more deliveries from our Sacramento operations and in the Inland Empire of Southern California. Based on the homes in backlog and spec homes available for first quarter delivery, we are estimating first quarter home sales revenue of between $75 million and $90 million and our average selling price for the first quarter to be approximately $875,000.

Our backlog conversion rate for the quarter was 97% as compared to 61% in the year-ago period. The improvement in our fourth quarter backlog conversion rate was the result of a higher population of specs that completed during the quarter that we were able to sell and deliver. For the first quarter, we estimate our backlog conversion rate will return to the mid-60% range.

Our net new orders for the 2019 fourth quarter were up 106% over the prior year and up 15% sequentially from the 2019 third quarter. The year-over-year and sequential order improvement was largely driven by an 83% increase in our fourth quarter monthly sales absorption rate due to stronger homebuyer demand in California. As a result of the higher fourth quarter backlog conversion rate and the lower beginning backlog to start the fourth quarter, the number of homes in our backlog was down 22% from the prior year but was an improvement from the 33% decline in backlog units at the end of the 2019 third quarter due to stronger fourth quarter order activity. The dollar value of our backlog stood at $126 million as of the end of the year.

Our gross margin for the 2019 fourth quarter, including impairments, was 7.8% versus 8.1% in the prior year period. The 2019 fourth quarter included a $6.6 million inventory impairment charge related to 1 luxury condominium community in Scottsdale that had a slower absorption and required more incentives than originally anticipated, while the 2018 fourth quarter included $10 million in inventory impairments. Excluding impairments, our gross margins from home sales was 11.6% for the quarter versus 13.5% in the prior year period. The 190 basis point reduction in gross margin before impairments was primarily related to higher incentives and interest costs. The lower gross margins relative to our quarterly guidance was largely due to a mix shift in delivering more homes at one higher-priced legacy community in Southern California, where higher incentives were needed to sell nearly completed spec homes. Excluding impairments and interest and cost of sales, our gross margin from home sales for the 2019 fourth quarter was 16.8% as compared to 17.7% in the year-ago period. For the 2020 first quarter, we are projecting home sales gross margin of between 11.8% and 12.1%.

Our SG&A rate as a percentage of home sales revenue for the fourth quarter was 9.9%, flat with the prior year despite a 7% decrease in home sales revenue and was approximately 100 basis points lower than the -- our quarterly guidance. Our overall G&A spend for the fourth quarter was approximately $650,000 less than the prior year period due largely to lower personnel expenses, and that was after allocating about $700,000 less in G&A costs to the fee business during the 2019 fourth quarter as compared to the prior year period.

For the 2020 first quarter, we are projecting our SG&A rate to be in the low 16% range. The higher anticipated first quarter SG&A rate is the result of lower anticipated Q1 revenues due to seasonality and timing of deliveries. As is typical, we expect our SG&A rate to drop sequentially as we move through the balance of the year and increase our revenues.

Our share of joint venture activity for the 2019 fourth quarter resulted in a pretax loss of $3.8 million and included a $3.5 million impairment at our Southern California land development joint venture in Corona. The balance of the loss allocated to us was largely due to the write-off of certain capitalized selling and marketing expenses at 2 homebuilding joint ventures in connection with the adoption of the new revenue recognition accounting standard at the joint ventures. For the 2020 first quarter, we are anticipating about a breakeven to a slight loss from our joint ventures.

Our fee building revenue for the fourth quarter was $31 million as compared to $42 million in the year-ago period. The lower fee revenue for the quarter was due primarily to less construction activity at our Irvine fee building communities. For the 2020 first quarter, we are estimating fee building revenue of between $20 million and $30 million.

Our effective tax rate for the fourth quarter was a 56.9% benefit as compared to a 27.8% benefit in the year-ago period. The higher benefit rate for the 2019 fourth quarter was primarily due to the extension of the federal energy credits during December 2019 for homes that closed during 2018 and 2019. We estimate an effective income tax rate, including discrete items, of approximately 15% for the first quarter.

We ended the year with 21 active communities, up slightly from the 2018 fourth quarter. We expect our first quarter 2020 ending community count to be up 1 community on a sequential basis, and for the full year, we plan to open approximately 12 new communities, 7 of which are located in Phoenix. However, on a net basis, we expect our year-end community count to remain relatively flat from where we ended 2019. As a result of the strong operating cash flow that we generated during the quarter, we ended the year with $79 million in cash after paying down the balance outstanding under our revolving credit facility and repurchasing $5 million of our senior notes due 2022.

For the full year 2019, we reduced our total debt by approximately $83 million, and we ended the year with a debt balance of $305 million. We spent $25 million on land during the fourth quarter, and $91 million for the full year. For 2020, we are budgeting land spend of between $100 million to $125 million.

I will now turn the call back to Larry for his concluding remarks.

--------------------------------------------------------------------------------

H. Lawrence Webb, The New Home Company Inc. - Executive Chairman [6]

--------------------------------------------------------------------------------

Thanks, John. In conclusion, we made great strides in the fourth quarter to improve our balance sheet, rightsize our cost structure and reposition our company to take greater advantage of the healthy demand trends we've witnessed at more affordable price points in our markets. 2019 was a year of retrenchment for our company, and we look forward to reaping the benefits of these efforts in the years to come.

Finally, I'd like to thank all of our team members for their hard work in 2019 to get us where we needed to be from a strategic and financial standpoint. Your ability to execute on a number of fronts and continually adjust to the ever-changing landscape of our industry gives me great confidence in the future of The New Home Company. I'm also proud of our recent recognition as Professional Builder magazine's 2019 Builder of the Year, a great honor for our entire team.

That concludes our prepared remarks, and now we'll be happy to take your questions.

================================================================================

Questions and Answers

--------------------------------------------------------------------------------

Operator [1]

--------------------------------------------------------------------------------

(Operator Instructions) Our first question is from Alan Ratner, Zelman & Associates.

--------------------------------------------------------------------------------

Alan S. Ratner, Zelman & Associates LLC - MD [2]

--------------------------------------------------------------------------------

So first off, congrats on the progress in the quarter. I know, obviously, it was a little bit of a push and pull there between the focus on cash generation, debt reduction and obviously trying to drive that margin higher. But I agree with you, certainly much stronger starting point heading into 2020 than this time a year ago. My first question on the gross margin. Totally understand kind of the moving pieces there and as you try to move through some of those legacy projects, the drag that's having. Was curious if you might be able to frame for us the more recent community openings that you've had targeted more at the entry-level price point. How do the margins look on those versus kind of the current company reported averages?

--------------------------------------------------------------------------------

Leonard S. Miller, The New Home Company Inc. - President & CEO [3]

--------------------------------------------------------------------------------

Alan, it's Leonard. Thanks for the question and good to talk to you. All those new communities that we've opened up and really targeting lower price points, what I would say is that both the absorption rate and the gross margin is well above the company's average on the gross margin standpoint. Specifically to your question, it's about 300 to 400 basis points higher.

--------------------------------------------------------------------------------

Alan S. Ratner, Zelman & Associates LLC - MD [4]

--------------------------------------------------------------------------------

Got it. That's very helpful. Second question, I think there's a lot of mixed signals coming out of California right now. Definitely, the data has improved quite a bit. We were even starting to hear a little bit of kind of anecdotal commentary that perhaps the foreign buyer was starting to come back a little bit as some of the Chinese trade talk rhetoric toned down a little bit. On the other hand, I know there's a lot of concerns over the coronavirus now going on even here and some people talking about that having a potential impact on the spring. So was curious if you could just talk a little bit about what you're seeing. I know the foreign buyers in a small piece of the market in general, and I know you're kind of moving away from those coastal projects. But can you give us any insight into what the current climate's like?

--------------------------------------------------------------------------------

H. Lawrence Webb, The New Home Company Inc. - Executive Chairman [5]

--------------------------------------------------------------------------------

Alan, this is Larry. It's interesting because I anticipated you'd ask a coronavirus question, and I feel like I'm the only person who's qualified to answer that, who's not in Wuhan right now. I can tell you, anecdotally, we made a strategic plan to exit, in particular, the upper end of the Orange County market a couple of years ago. And so as we sit here today, our -- the majority of our communities are in South Orange County that was never very influenced by the Asian market to begin with. But on an anecdotal basis, I've been in pretty close contact with the 3 large landholders in Southern California, and they've all said that they're seeing an uptick in the Asian buyer. And it -- so far at least, we haven't seen any negative impact outside of -- on the coronavirus. It just hasn't impacted us because we weren't really selling to the Chinese buyer in a very significant way anyways. But I haven't heard any stories or any comments from any other builder or any master plan developer that they've seen any hit at all at this point.

--------------------------------------------------------------------------------

Operator [6]

--------------------------------------------------------------------------------

Our next question is from Sean Monaghan, Symphony Asset Management.

--------------------------------------------------------------------------------

Sean Monaghan;Symphony Asset Management;Analyst, [7]

--------------------------------------------------------------------------------

Just, obviously, you've seen a lot of refinancing come out of the homebuilding space in the last month, 1.5 months. I was just wondering if you guys could kind of give any update on what you guys think about your debt levels and potential refinancings down the road. That's it.

--------------------------------------------------------------------------------

John M. Stephens, The New Home Company Inc. - CFO & Executive VP [8]

--------------------------------------------------------------------------------

Yes. I mean, obviously, the bond -- high-yield market's been very strong of late since the beginning of the year, and clearly, many homebuilders have gone to market, which has been very, very positive. We've also seen our bonds sort of trade up here in the last couple of months. We've got a little more than just over 2 years left until maturity. Obviously, it's something that we will continue to evaluate, and at some point, we will look to refinance those. But we'll continue to evaluate sort of what is the price to do that relative to what we're trading that now. And again, it's something that we have our eye on, but there's a lot of considerations that go into that.

--------------------------------------------------------------------------------

H. Lawrence Webb, The New Home Company Inc. - Executive Chairman [9]

--------------------------------------------------------------------------------

Sean, this is Larry. I think it's safe to say that, a year ago, we were in a much more difficult position financially than we were -- we are today. But it was our primary goal to lower our leverage, and John and Leonard and their teams have done a really great job getting under 50% in 1 year -- really less than 1 year. And it's our goal to keep improving the financial position of the company so that when the right opportunity occurs, we're going to be able to take advantage of that. But as we sit here today, we're primarily focused on maintaining our leverage at 50% or so and improving our margins.

--------------------------------------------------------------------------------

Operator [10]

--------------------------------------------------------------------------------

There are no further questions at this time, and I would now like to pass the call back over to Larry Webb for closing remarks.

--------------------------------------------------------------------------------

H. Lawrence Webb, The New Home Company Inc. - Executive Chairman [11]

--------------------------------------------------------------------------------

Thanks a lot. Big picture, the last year has not been easy. We set some pretty specific goals of reducing costs, both building materials as well as G&A. We also wanted to lower our leverage significantly. We want -- we were in the middle of a pivot towards more affordable housing, and we wanted to continue that. And along the way, we wanted to never compromise on the quality of our homes, our customer service or how we treat our staff. We have gone through the last year and basically been pretty darn successful in all those areas, and we are -- we really feel like we've laid the foundation for the company now to take the extra cash that we brought into to look for opportunities and over the next 2 to 4 years, be improving everything that we do.

And along the way, we transitioned Leonard into being CEO. Leonard and John have done a fantastic job, and I would say, without a doubt, the company is in significantly better shape than it was 12 months ago. And we appreciate everything that both the bond and the equity holders have done for us with their confidence, and we look forward to continuing to improve. Thank you.

Read the rest here:
Edited Transcript of NWHM earnings conference call or presentation 13-Feb-20 10:00pm GMT - Yahoo Finance