Latest news with #GlennCohen
Express Tribune
25-03-2025
- Business
- Express Tribune
23andMe users rush to delete data amid bankruptcy as experts warn genetic data not protected by HIPAA
Customers are rushing to delete their personal data from 23andMe after the embattled DNA testing company filed for bankruptcy on March 23, 2025. A wave of concern followed a stark warning from Harvard Law School faculty director I. Glenn Cohen, who confirmed that genetic data stored by the company is not protected under the Health Insurance Portability and Accountability Act (HIPAA). 'When you provide information, including your genetic data, to a direct-to-consumer company like 23andMe, you are not covered by HIPAA,' Cohen explained in a March 20 article. This legal loophole means customers are treated as consumers, not patients, and their data lacks the same federal safeguards. In response, California Attorney General Rob Bonta issued a consumer alert on March 21 advising users to delete their data and destroy any stored genetic samples. 'Given 23andMe's reported financial distress, I remind Californians to consider invoking their rights and directing 23andMe to delete their data,' Bonta said. To delete your data, log in to your 23andMe account, navigate to 'Settings,' click 'View' under the '23andMe Data' section, and select 'Permanently Delete Data.' Confirm the action via a link sent to your email. Users can also delete stored saliva samples and revoke research consent through their account settings. The crisis stems from a 2023 data breach that compromised genetic and personal information of nearly seven million users. The company settled a lawsuit, laid off 40% of its workforce in November 2024, and saw stock prices plunge over 70%. Former CEO Anne Wojcicki has stepped down but will remain on the board, with Joe Selsavage now serving as interim CEO. While 23andMe has pledged to protect user data during its court-supervised restructuring, public trust continues to erode.
Yahoo
08-02-2025
- Business
- Yahoo
Kimco Realty Corp (KIM) Q4 2024 Earnings Call Highlights: Strong Financial Performance Amid ...
FFO (Funds From Operations): $286.9 million or $0.42 per diluted share for Q4 2024, a 7.7% increase from the previous year's Q4. Total Pro Rata NOI: Increased by 17.8% to $403.4 million in Q4 2024. Same-Site NOI Growth: 4.5% for Q4 2024 and 3.5% for the full year 2024. Portfolio Occupancy: 96.3% at year-end 2024, a year-over-year increase of 10 basis points. RPT Realty Acquisition: Contributed $38.1 million to NOI growth. Net Debt to EBITDA: 5.3 times on a consolidated basis at the end of Q4 2024. 2025 FFO Per Share Outlook: $1.70 to $1.72, representing growth of 3% to 4.2%. 2025 Same-Property NOI Growth Outlook: 2%-plus. Cash and Liquidity: $690 million in cash and full availability of a $2 billion revolving credit facility at year-end 2024. Warning! GuruFocus has detected 4 Warning Signs with KIM. Release Date: February 07, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Kimco Realty Corp (NYSE:KIM) achieved significant leasing momentum, driven by favorable supply and demand dynamics with a national vacancy rate at near record lows. The company successfully entitled 12,000 apartment units a year ahead of schedule, enhancing its mixed-use portfolio. Kimco Realty Corp (NYSE:KIM) reported a strong financial performance with a 7.7% increase in FFO per share for Q4 2024 compared to the previous year. The acquisition of RPT Realty exceeded expectations, with improved cost synergies and increased occupancy rates. Kimco Realty Corp (NYSE:KIM) maintains a strong liquidity position with $690 million in cash and full availability of a $2 billion revolving credit facility. Kimco Realty Corp (NYSE:KIM) faces potential challenges from recent tenant bankruptcies, including Party City and Joann's, which could impact credit loss reserves. The company's same-site NOI growth guidance for 2025 is lower than the previous year, reflecting uncertainties in the economic and political environment. There is a potential risk of increased competition for leasing space due to the bankruptcy of several tenants, which may affect rent pricing dynamics. Kimco Realty Corp (NYSE:KIM) has a modest upcoming debt maturity in 2025, which may require strategic refinancing or use of available liquidity. The company's structured investment program, while beneficial, involves variable timelines and requires careful management to ensure consistent returns. Q: Can you discuss the credit loss reserve of 75 to 100 basis points and your visibility on potential troubled tenants for 2025? A: David Jamieson, COO, explained that the watch list includes tenants like Big Lots, Party City, and Joann's, with some already impacting the portfolio. The company is actively managing these through the bankruptcy process and is optimistic about backfilling spaces with strong demand from various retailers. Glenn Cohen, CFO, added that the credit loss reserve is based on a thorough budget review and historical levels, with expected losses between $17 million to $22 million. Q: What is the opportunity set for acquisitions and the sources of funds for these activities? A: Ross Cooper, President and CIO, stated that the company plans to match fund acquisitions with capital recycling initiatives, such as selling ground leases and monetizing development entitlements. The focus is on accretive recycling rather than dilutive dispositions. The structured investment program also provides opportunities with smaller check sizes, allowing for strategic acquisitions. Q: How is the small shop occupancy progressing, and what are the plans to improve it? A: David Jamieson noted that the integration of RPT Realty, which had lower small shop occupancy, impacted overall figures. However, Kimco is focused on increasing small shop leasing, particularly in the 6,000 to 9,000 square feet range, and is incentivizing deal teams to push occupancy beyond the current levels. Q: Can you elaborate on the assumptions for credit loss reserves, particularly concerning Party City and Joann's bankruptcies? A: Glenn Cohen explained that the credit loss reserve accounts for potential outcomes from ongoing bankruptcy proceedings. Rent from these tenants is expected to continue into the second quarter, and the range allows for variability in outcomes, including potential going concern buyers. Q: What is the strategy for development and redevelopment spending in 2025? A: David Jamieson stated that redevelopment is retail-driven, focusing on backfilling existing spaces with minimal investment. The company has exceeded its goal of entitling 12,000 apartment units and is evaluating projects for potential activation, joint ventures, or monetization based on market conditions and capital use. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
