Latest news with #EastCoast
Yahoo
5 hours ago
- Business
- Yahoo
Invesco Real Estate and Bozzuto Establish Investment Program with $1B Deployment Capacity for East Coast Multifamily Assets
Joint venture closes first acquisition in Orlando's Baldwin Park DALLAS, July 17, 2025 /PRNewswire/ -- Invesco Real Estate, the $85 billion global real estate investment platform of Invesco Ltd., and Bozzuto today announced a $330 million multifamily real estate investment program with an overall investment capacity of ~$1 billion. The new joint venture will pursue investments across key East Coast markets looking to create value by utilizing Invesco Real Estate's data-driven investment process and Bozzuto's operational, construction, and management capabilities. "Performance is our top priority when investing on behalf of our clients and this venture is anticipated to capitalize on recovering market fundamentals focusing on assets possessing multiple value creation levers," said Greg Kraus, Managing Director and Head of U.S. Transactions, Invesco Real Estate. "We're happy to expand our relationship with Bozzuto on this joint venture that will leverage our time-tested investment process and their operational capabilities." The venture recently closed its first acquisition, Enders Place, a 220-apartment home community located in Baldwin Park neighborhood in Orlando, FL, where Bozzuto Management will implement a targeted plan to enhance unit finishes and elevate the resident experience to create added value in a dynamic, high-demand market. "We are pleased to partner with Invesco Real Estate on this program, which positions us to expand purposefully across the East Coast and acquire assets that align with our rigorous investment standards and operational capabilities," said Toby Bozzuto, President and CEO of Bozzuto. "The capital and partnership framework provides the financial flexibility and strategic alignment necessary to navigate evolving market conditions, allowing us to act decisively on opportunities that advance our long-term growth objectives and commitment to investors and the communities we serve." About Invesco Real EstateInvesco Real Estate is a global leader in the real estate investment management business with $85 billion in real estate assets under management, 605 employees and 21 regional offices across the U.S., Europe and Asia Pacific as of December 31, 2024. With over a 40-year history, Invesco Real Estate invests across the risk return spectrum, from core to opportunistic; in equity and debt; listed and direct; locally and globally. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. About Invesco is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in more 20 countries, Invesco managed $1.8 trillion in assets on behalf of clients worldwide as of March 31, 2025. For more information, visit About BozzutoBozzuto is an experience-focused real estate company distinguished by its innovative developments, dedicated customer service, and top-rated workplace culture. With award-winning expertise in homebuilding, multifamily development, construction, and management, Bozzuto is devoted to delivering extraordinary experiences for those they serve. Since its founding in 1988, Bozzuto has developed, acquired, and built more than 62,000 homes and apartments. Celebrating 37 years of creating sanctuary, Bozzuto currently manages 130,000 apartments and 4 million square feet of retail space across the U.S. For more information, visit Contact: Matthew Chisum 212-652-4368 Stokes 212-323-4588 View original content to download multimedia: SOURCE Invesco Ltd. 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
CBS News
5 hours ago
- CBS News
Flight cancellations are surging this summer. These airports have been hit the hardest.
Airports from Boston to Atlanta have seen a substantial spike in flight cancellations since the summer travel rush began this year compared to the same period in 2024. Nationally, the cancellation rate is up about 29% from 1.4% of flights being canceled in 2024 to 1.8% so far this summer. Historically, airlines see between 1 and 2% of flights canceled on any given day. Using data from flight tracker FlightAware, CBS News looked at May 21, 2025 — the Wednesday before Memorial Day — through July 14, 2025, compared to the same period last year, which is shifted by one day. While there were nearly 256,000 fewer scheduled flights, about an 18% drop compared to summer 2024, the number of canceled flights has been higher by about 1,000 flights. So far this summer, 27.3% of flights have been delayed compared to 25.1% last year. The average delay time has crept up four minutes to 62 minutes. The summer travel troubles vary greatly by airport with many on the East Coast experiencing worse cancellation rates than they did last year, according to data from Cirium, an aviation analytics firm, for the Wednesday before Memorial Day through July 15. Here are the airports with the highest increases in cancellation rates so far this summer compared to the same time period last year: DCA Ronald Reagan Washington National Airport tops the list with a 274% higher cancellation rate so far this summer. Nearly 6% of its flights have been canceled. On-time performance is down more than 10%. The airport was the site of the deadly crash between an American Airlines plane and an Army helicopter in January. ATL While Hartsfield-Jackson Atlanta International Airport's cancellation rate this summer of nearly 1.6% is within historic norms, that is up by 257%, and its on-time arrival is down 9.3%. IAD Washington Dulles International Airport has seen its cancellation rate surge 104% compared to last year, while its on-time performance is off by just over 10%. BOS Boston Logan International Airport's cancellation rate is 68% higher this year, and on-time performance has dropped by 3.7%. LGA LaGuardia Airport has canceled about 5% of flights so far this summer, a 65% increase from last year. Its on-time performance rate is down 6.1% PHL Philadelphia International Airport's cancellation rate is up 63%, while on-time performance is down 2.2%. These airports have decreased cancellation rates the most so far this summer compared to the same time period last year: MIA Miami International Airport has seen a 40% lower cancellation rate this summer with on-time performance up 7.3%. FLL Another Florida airport, Fort Lauderdale-Hollywood International Airport, has a cancellation rate that is 25% lower than last year's. Its on-time performance rate is up 7.7%. SFO San Francisco International Airport's cancellation rate is down 21%, and its on-time performance is up 5.6%. DFW Dallas Fort Worth International Airport has seen its cancellation rate decline 17%, while on-time performance has improved 0.8%. LAX Los Angeles International Airport's cancellation rate has fallen 12% this year. On-time performance is up 2.9%. ORD Chicago O'Hare International Airport has seen its cancellation rate drop by 9%, while on-time performance has edged up 1.6%. Looking at 2025 so far, not just from the start of the summer travel season, the total number of flights in the U.S. grew by about 3% compared to the same time period in 2024. There were 4,842,254 flights departing the U.S. for domestic and international destinations between Jan. 1, 2025, and July 15, 2025, while that period in 2024 saw 4,675,727 flights. Cancellations are up 17% in 2025 with the overall cancellation rate increasing from 1.31% last year to 1.53% this year, according to Cirium's data. On-time departures are up slightly by 0.29%.
Yahoo
9 hours ago
- Business
- Yahoo
CSX, Norfolk Southern Stocks Gain on Report Union Pacific is Looking for a Deal
Key Takeaways Union Pacific is reportedly considering acquiring a rival railroad, sending shares of CSX and Norfolk Southern higher Thursday. Semafor reported Union Pacific has hired Morgan Stanley to explore possible deals. The report noted CEO Jim Vena has discussed creating the country's first transcontinental of railroad operators CSX (CSX) and Norfolk Southern (NSC) climbed Thursday on a report suggesting they might be targets of a takeover bid by bigger rival Union Pacific (UNP). CSX and Norfolk Southern shares added about 3% in recent trading, while Union Pacific shares were down less than 1%. Semafor said Union Pacific has hired Morgan Stanley to look into acquiring another rail carrier. The report noted CEO Jim Vena has discussed creating the country's first transcontinental line, and that it could mean adding an East Coast carrier such as CSX or Norfolk Southern. Semafor added that the Trump administration's push to boost U.S. manufacturing could make a merger of major railroads more palatable to regulators. If it struck a deal, Union Pacific could argue that a coast-to-coast railroad would compete better with the trucking industry, which carries more than 70% of domestic freight, Semafor said. A Union Pacific spokesperson told Investopedia the company 'does not comment on rumor or speculation." Shares of Union Pacific are little changed since the start of the year, while CSX and Norfolk Southern have gained. Read the original article on Investopedia 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
Yahoo
9 hours ago
- Climate
- Yahoo
Why Flash Flooding Is Getting Worse and How to Stay Safe
A view of flooded streets in Plainfield, New Jersey, on July 15, 2025. Credit - Lokman Vural Elibol—Anadolu Central Texas is still grappling with the aftermath of the floods that devastated the region over the July 4th weekend, leaving over 100 dead and dozens missing. The historic floods saw the state's Guadalupe River climb to near-record levels and quickly became one of the country's deadliest disasters for children in recent decades. For many other states, though, they were also a preview of extreme weather soon to come. New Mexico. North Carolina. New Jersey. New York. Less than two weeks after the death and devastation in Texas, flooding has hit multiple other states. Monday, July 14, saw particularly intense rains, triggering dangerous flash floods along the East Coast that overwhelmed Virginia roads and New York City's subways and led New Jersey Gov. Phil Murphy to declare a state of emergency Flash floods like those that have occurred in recent weeks can be incredibly destructive due to how hard they are to predict. According to the National Oceanic and Atmospheric Administration (NOAA), '[Flash floods] can happen within minutes of the causative rainfall, limiting the time available to warn and protect the public.' And they seem to be getting even more extreme. Here's why flash floods are getting worse, and how you can best stay safe. Why are flash floods getting worse? There is not just one reason why flash floods are getting worse and extreme rain events are leading to more high-risk flash flood situations, according to experts. Jeffrey Schlegelmilch, associate professor of climate at Columbia University, says that climate change has in part escalated 'the opportunity for these storms to be holding more water and to have higher rates of rainfall.' 'Rainfall is getting more intense—getting much more intense—downfalls over short periods of time,' in part due to the warmer atmosphere holding more moisture, says Schlegelmich's colleague, professor of climate with the Columbia Climate School James Smerdon, a professor of climate with the Columbia Climate School, As a result, instead of infrastructure having to deal with two inches of rain over a longer period of time, it could now face two inches in one hour—potentially leading to subway systems getting flooded, drainage systems getting overwhelmed, or rivers overflowing. 'This speaks to two things: one is the increasing hazard, driven in part by climate change, but then the other is the vulnerability … we have all this stuff built up in areas that are prone to hazards,' Schlegelmilch tells TIME. In New York, he says, 'old infrastructure' is renewed in a 'piecemeal way,' making it hard to keep up with the escalation of extreme weather events. In Texas, meanwhile, he says 'we see some of the waivers to the special flood zones and things like that that sort of have allowed more and more things to be built.' James Booth, professor of climate change and weather at the City College of New York, adds that he thinks the most important contributor to the escalation in flash flood risk is 'increase in exposure because there's more people.''For the most part, there's more people in more places across America than there were 50 years ago. So, the increase in exposure [to flash floods]—that's not a tricky physics problem,' Booth says. 'I think we can't discount the possibility that there were flood type events back in 1950 that didn't get recorded because they didn't affect anyone.' While flash floods are on the top of everyone's minds in this moment, Smerdon says, the data 'absolutely shows this has been something that's increasing' over the course of 'decades.' How long do flash floods last? By definition, flash floods occur incredibly fast, and with intense power. According to the National Weather Service (NWS), flash floods occur within 6 hours, and often within 3 hours, of heavy rainfall. Water can also rise very quickly, as it did in Texas on July 4, when the Guadalupe River rose 26 feet in under an hour. Where does flash flooding occur most frequently? Densely populated areas are often at high risk of flash flooding, according to NOAA, because the construction of buildings, infrastructure, and paved roads and parking lots limits the ground's ability to absorb high intensity rainfall and increases runoff potential. Areas along rivers, like those along the Guadalupe River that were most affected by the Texas floods, are also incredibly vulnerable. Schlegelmilch emphasizes that there is also an equity factor to flash-flood risk. 'There has been a lot of research that…formerly racially segregated neighborhoods actually tend to be more exposed to extreme heat and flooding,' Schlegelmich says. He references a study conducted by Redfin in 2021 that found that across 38 metro areas in the nation, more than $107 billion worth of homes at a high risk for flooding were found in redlined communities—25% more than in non-redlined communities. 'Now, more than ever, especially with the pullback in federal attention on this, there needs to be strong local attention that disasters don't affect people evenly, and they don't recover evenly, and some people are going to need more help than others,' he argues. How to prepare for a flash flood Schlegelmich says that one of the most important aspects of keeping yourself and others safe prior to flash floods occurring—especially since they happen so fast—is understanding whether you are in a risk zone, and how to respond appropriately based on where you are in the risk zone. He explains that those on hills will have to prepare for what it would mean to become an 'island' for a period of time, and those in low ground will need to be able to evacuate safely. 'In virtually any disaster situation, you're either gonna have to stay in one place for a long period of time, you're gonna have to leave very, very quickly,' he says. 'Given your situation, what are you gonna do if you have to stay in one place versus if you have to leave?' He recommends creating a 'go-kit' for either scenario, and also assessing where you will get your warning information from—whether that is a NOAA weather radio, or from other warning systems in the area. He also recommends preparing your property in certain ways, including clearing out storm drains to mitigate damage, and not keeping 'critical documents' in flood-prone basements. What to do if you're stuck in a flash flood The main advice for those who encounter flash flooding: seek higher ground as fast as possible. Schlegelmich also emphasizes relying on local emergency response systems, and understanding 'the messages that they're putting out, the evacuation zones, the safest way to get out.' He also says to beware of water in general at these times, as even minimal amounts can sweep you off your feet: 'If you don't know how deep it is, don't go in.' After the storm passes 'Wait until the water recedes before attempting to hike out,' the U.S. Department of Interior's Bureau of Land Management advises, noting that flood waters can contain dangerous debris. Schlegelmich also says that one of the 'most important factors in disaster survival' and the aftermath is helping neighbors—whether with getting out prior to flash flooding or cleaning up afterward. As with before and during a flash flood, he also recommends listening in the aftermath to public officials who know which areas are safe and which are not, as well as which roads are open or closed. 'Some types of assistance may become available through FEMA or through other agencies, and the local emergency management would have information on that,' Schlegelmich says. Contact us at letters@
Daily Mail
9 hours ago
- Entertainment
- Daily Mail
EXCLUSIVE Inside the mysterious pauper's funeral for the son of a prime minister - as bizarre new details emerge about Julian McMahon's tragic death
Julian McMahon grew up privileged in one of Australia's most exclusive suburbs, befitting the high society family he was born into - making his pauper-like funeral all the more shocking. Daily Mail Australia can reveal new details that indicate the respected actor appears to have had a lonely send-off at a nondescript crematorium on an industrial estate on the US East Coast. The actor, who died of cancer aged 56 in Florida, on July 2, was the son of Prime Minister Sir William McMahon and Sydney society matriarch Lady Sonia McMahon. Julian was raised in a palatial Bellevue Hill mansion, and even when he decamped to the United States to chase his acting dream, he never wanted for money, living in several multi-million-dollar homes in California to rival the grandeur of his upbringing. However, his death certificate painted a terribly sad picture for a man who was a Sydney Grammar boy and one of Australia's finest acting exports. Julian, who starred on Nip/Tuck and Charmed, died at Morton Plant Hospital in Clearwater, a Floridian city overrun with Scientologists. Julian's body was handled by Eternal Cremations - a nondescript, family-run funeral home in the nearby town of Dunedin. The small crematorium sits on a busy main road, sandwiched between a strip mall and a petrol station. After starring in Home and Away, he became one of Australia's acting exports to the US The actor's death certificate, obtained by sheds more light on the mystery A spokesperson for Eternal Cremations said it did not handle funeral arrangements for Julian, and even claimed there was no funeral at all. Instead, Julian's remains were subsequently passed to Palm State Crematory in Clearwater - a business which does not appear to have a website - set in an industrial park on the outskirts of town. Phone calls to the crematorium went unanswered, and it is not known if Julian's third wife Kelly, an American former model, was in attendance, nor where his ashes are. It is not known if Julian's 25-year-old daughter Madison - whom he shares with Baywatch actress Brooke Burns - attended his cremation. Julian's successful 36-year career in his native country and in the United States from the early 1990s makes the lack of entertainment industry peers paying their respects even more puzzling. While his father Sir William and mother Sonia have long passed away, his sisters Melinda, 58, and Debbie, 52, were reported to be devastated by his death. The latest revelations have done little to quell speculation about why he was in Clearwater, including online rumours he may have been a Scientologist. A search of US public records indicated he and Kelly sold an idyllic avocado farm in Ventura, California, in 2023. The death certificate listed a business building in Los Angeles' Encino neighbourhood as both Julian and Kelly's address. His lonely death at a nondescript Clearwater hospital, followed by a cremation at a rundown industrial estate, could not stand in starker contrast to his early life in Sydney. Julian, Melinda and Debbie were raised in a stunning mansion on Drumalbyn Road, Bellevue Hill, with views across Sydney Harbour. Lady McMahon bought it for $123,000 in 1968 - the year Julian, her eldest, was born. After her 2010 death, her estate sold the property in 2011 for $9 million. Before her death, Lady McMahon lived at a similarly stylish home on Victoria Road. She was left a widow in 1988, when her husband, whom she married in 1965 (when she was 33 and he was 57), died in his sleep at 80. According to public documents, the McMahon family still makes a significant mark on Bellevue Hill. Their parents' home was ideal for entertaining, and featured harbour views Melinda and Debbie reside there, and live extremely quiet lives. Insiders say Melinda has not been present at her stunning townhome for several weeks, with one insider speculating she may have travelled to Florida to be by her brother's side in his final days. Debbie, who lives in an apartment building nearby, did not answer the door when a reporter visited on Thursday. It is understood that despite their late parents' colourful social lives, the sisters 'keep their circle extremely tight'. A cache of public documents about Julian's life in the United States since the 1990s, reviewed by Daily Mail Australia, provides little insight into why he ultimately ended up in Clearwater. Records showed he gained his social security identification in New York, but by 1997 he began living in the Hollywood Hills of Los Angeles. His home, directly beneath the Hollywood Sign, was sold in 2015 for $3.3 million. He also owned a home in Malibu, which he shared with Kelly, and sold in 2017 for $5.41 million. It appeared the couple then moved to their ranch in the farming community of Somis, Ventura County. The hacienda-style home featured 1.8 hectares of Hass avocado trees and 4.4 acres of lemons. The 2,700-square-foot, three-bedroom, two-bathroom residence was listed for sale by the couple in 2016 before being removed from the market in 2017. It was relisted on July 19, 2023 - curiously, the advertisement suggested it could be purchased fully furnished - and sold on October 5, 2023. Since 2023, the McMahons had no further listed residences, save for the business address linked to an accountant specialising in celebrity finances that appeared on his death certificate. However, the couple then seemingly headed to Florida. Julian's daughter Madison - from his previous marriage to American actress Brooke Burns - is listed at an address in Charleston, South Carolina, where it is thought she attended university. However, Madison teaches yoga classes in Miami. Offering a further clue, of the 20 accounts Julian followed on Instagram, one was Mari's Kitchen Italian Market - a restaurant in Hollywood, Florida, just north of Miami. A spokesperson for the restaurant revealed: 'Yes, he is very missed here. One of our good friends'. They would not confirm if Julian had lived in the area. When Kelly, 47, revealed her husband had died in Clearwater after 'a valiant effort to overcome cancer', it immediately prompted speculation online as to whether he was a Scientologist. 'I live in Clearwater... close to a house [Scientologist] John Travolta owns, because we're about a mile from the Scientology centre in downtown Clearwater,' one local wrote on Instagram. 'I was wondering if Julian McMahon was a Scientologist since [Kelly's statement] said he died in Clearwater, because why else would he live the last few months of his life there? The only celebrities that do are usually Scientologists. Surprised, that's for certain!' Another person posted on X: 'Why was Julian McMahon in Clearwater when he died? Like, that's Scientology city.' Clearwater, which has a population of 116,000, is notorious for being overrun by the Church of Scientology.
