Live Updates: Ukrainian Holdouts in Mariupol Surrender to an Uncertain Fate

BUCHA, Ukraine — A breeze rustles through the cherry blossoms in bloom on almost every block in this small city, the white petals fluttering onto streets where new pavement covers damage left by Russian tanks just weeks ago.

Spring has arrived in Bucha in the six weeks since Russian soldiers withdrew from this bedroom community outside Kyiv, leaving behind mass graves of slaughtered citizens, many of them mutilated, as well as broken streets and destroyed buildings.

A semblance of normal life has returned to the city. Residents have been coming back to Bucha over the past few weeks, and the city has raced to repair the physical damage wrought by the invading Russian troops and their weapons. Now, on the leafy springtime streets of the city, it is hard to imagine the horrors that unfolded here.

On a newly paved street with freshly painted white lines, the rotating brushes of a street cleaning machine whisked away what was left of shattered glass and bits of iron shrapnel. In one of the neighborhoods where many of the roughly 400 bodies of Ukrainian citizens were discovered in April, technicians were laying cable to restore internet service. At one house, a resident was removing pieces of destroyed Russian tanks still littering his garden.

Credit…David Guttenfelder for The New York Times

Sweeping away as many traces as possible of the destruction caused by the Russian occupation was an important step in healing the wounds suffered by Bucha’s residents, said Taras Shapravsky, a City Council official.

Mr. Shapravsky said 4,000 residents had stayed in the city while it was occupied, terrified and many hiding in basements without enough food. Even after the Russian soldiers withdrew, many residents remained traumatized.

“They were in very bad psychological condition,” he said. “Specialists explained to us that the faster we clear away all possible reminders of the war, the faster we will be able to take people out of this condition.”

Mr. Shapravsky said phone reception was restored a few days after the Russians left, and then water and electricity. He said about 10,000 residents had returned so far — roughly a quarter of the prewar population of this small city 20 miles from Kyiv, the capital.

In a sign of life returning to normal, he said the marriage registration office reopened last week and almost every day, couples are applying for marriage licenses.

Bucha was a city where many people moved to for quieter lifestyles, a place where they could raise families away from the bustle of the capital, to which many commuted to work. It was a place where people from Kyiv might drive to on a nice weekend to have lunch.

Six years ago, Sergo Markaryan and his wife opened the Jam Cafe, where they served Italian food, played old jazz and sold jars of jam. He described the cafe as almost like their child, and he has decorated it with an eclectic mix of hundreds of pictures and strings of photos of customers.

Credit…David Guttenfelder for The New York Times

When Russia invaded, Mr. Markaryan, 38, drove his wife and 3-year-old son to the border with Georgia, where he is from. As a Georgian citizen he could have stayed outside the country, but he came back to Ukraine to volunteer, sending food to the front lines.

Two weeks ago, when the electricity was restored, Mr. Markaryan came back on his own to Bucha to see what was left of the cafe and repair the damage caused by the Russian soldiers.

“They stole the knives and forks,” he said, ticking off missing items. He said the soldiers dragged the dining chairs out to use at checkpoints and stole the sound system. And, he said, despite the working toilets, they had defecated on the floor before leaving.

Two days before it was due to reopen last week, the cafe and its outdoor terrace looked spotless and Mr. Markaryan was taste-testing the espresso to see if it was up to par.

“Many people have already returned but some are still afraid,” Mr. Markaryan said. “But we have all definitely become much stronger than we were. We faced things that we never thought could happen.”

Credit…David Guttenfelder for The New York Times

On the other side of town, in a row of closed shops with peaked roofs and boarded-up windows, Mr. B — a former cocktail bar run by Borys Tkachenko has been patched up and turned into a coffee bar.

Mr. Tkachenko, 27, came back to Bucha a month ago, repaired the roof, which like most of the buildings on the street appeared to have been damaged by shrapnel, and found that the espresso machine was still there. He reopened to sell coffee — or in the case of customers who were soldiers or medical workers, give it away.

Mr. Tkachenko, who had worked in clubs in Florida and Canada and studied the hotel business in Switzerland, opened the bar with his savings last December. Russia invaded two months later.

He said he knew they had to leave when his 14-month-old daughter started running around their apartment, covering her ears and saying “boom, boom, boom” at the sound of explosions.

Credit…David Guttenfelder for The New York Times

Mr. Tkachenko drove his family to the border with Slovakia, where they eventually made their way to Switzerland. He returned to Ukraine to volunteer, helping to send supplies to the front and to displaced civilians.

“We had big plans for this place,” Mr. Tkachenko, who despite everything had a wide smile that matched a tattoo on his arm reading, “Born to be happy,” said of his bar.

He said that when the war ended he would probably join his wife and daughter in Switzerland.

“I don’t see a future here right now,” he said.

While the frenetic activity of city workers and residents has helped clear the city of much of the debris of the Russian occupation, the scars of what happened here run deep.

On one quiet street corner, a bunch of dandelions and lilies of the valley had been laid out on a flowered scarf in a modest sidewalk memorial.

Volodymyr Abramov, 39, said the memorial honored his brother-in-law, Oleh Abramov, who was taken out of his house at gunpoint by Russian soldiers, ordered to kneel and shot. (Oleh Abramov and his wife, Iryna, were the subject of a Times article published this month.)

Credit…Daniel Berehulak for The New York Times

“He was not even interrogated,” he said.

Mr. Abramov’s home was destroyed by Russian soldiers who tossed grenades into his house. But he said that was nothing compared with the suffering of his 48-year-old sister, Iryna Abramova, who lost her husband as well as her house.

“I try to help her and take care of her so she doesn’t kill herself,” he said. “I tell her that her husband is watching her from heaven.”

Mr. Abramov, a glazier, said he was now wondering if he should rebuild his house. “I want to run away from here,” he said.

Outside the city’s morgue, where French and Ukrainian investigators are still working to identify bodies from the massacres by Russian troops, a small group of residents gathered, hoping to find out what happened to family members.

Credit…Daniel Berehulak for The New York Times

Yulia Monastyrska, 29, said she had come to try to get a death certificate for her husband, whose body was among those discovered in April. His hands were bound, he had been shot in the back and the legs, and one of his eyes was burned out, she said.

Ms. Monastyrska said her husband, Ivan, was a crane operator who disappeared while she and her 7-year-old daughter, Oleksandra, hid in the basement of their apartment building.

Oleksandra, wearing glasses and sneakers with princesses on them, leaned against her mother as she listened to details that were clearly now familiar to her.

“As far as I know, everyone wants to come back here, but they are still afraid,” Ms. Monastyrska said. “We were born here, we lived here, a lot of good things happened here.”

Yulia Kozak, 48, accompanied by her daughter Daryna, 23, and Daryna’s 3-year-old son, Yehor, had come to take a DNA test to see if there was a match among the unidentified remains of her missing son, Oleksandr, 29, who had fought in the war against Russia in 2017.

Credit…David Guttenfelder for The New York Times

Prosecutors found his military ID, dirty and moldy, in a basement where the Russians held prisoners.

Sobbing, she said the last time she spoke by phone with her son, in March, he had told her he was being shot at. In his apartment, there is a bullet hole in the window, on which the sign of the cross had been etched.

Ms. Kozak, a cook, said she planned to stay in Bucha until she found her son.

“I am sure he is alive, 100 percent sure,” she said. “I feel that he is somewhere, I just don’t know where.”

Credit…Daniel Berehulak for The New York Times

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Disney, Built on Fairy Tales and Fantasy, Confronts the Real World

Since its founding in 1923, Disney has stood alone in Hollywood in one fundamental way: Its family-friendly movies, television shows and theme park rides, at least in theory, have always been aimed at everybody, with potential political and cultural pitfalls zealously avoided.

The Disney brand is about wishing on stars and finding true love and living happily ever after. In case the fairy tale castles are too subtle, Disney theme parks outright promise an escape from reality with welcome signs that read, “Here you leave today and enter the world of yesterday, tomorrow and fantasy.”

Lately, however, real world ugliness has been creeping into the Magic Kingdom. In this hyperpartisan moment, both sides of the political divide have been pounding on Disney, endangering one of the world’s best-known brands — one that, for many, symbolizes America itself — as it tries to navigate a rapidly changing entertainment industry.

In some cases, Disney has willingly waded into cultural issues. Last summer, to applause from progressives and snarls from the far right, Disney decided to make loudspeaker announcements at its theme parks gender neutral, removing “ladies and gentlemen, boys and girls” in favor of “dreamers of all ages.” But the entertainment giant has also found itself dragged into the fray, as with the recent imbroglio over a new Florida law that among many things restricts classroom instruction through third grade on sexual orientation and gender identity and has been labeled by opponents as “Don’t Say Gay.”

Disney then aggressively denounced the bill — only to find itself in the cross hairs of Fox News hosts and Florida’s governor, Ron DeSantis, who sent a fund-raising email to supporters saying that “Woke Disney” had “lost any moral authority to tell you what to do.” Florida lawmakers began threatening to revoke a 55-year-old law that enables Walt Disney World to essentially function as its own municipal government. (Disney had already been at odds with the governor on pandemic issues like a vaccine mandate for employees.)

In trying to offend no one, Disney had seemingly lost everyone.

Candlelight Processional events, Bible verses and all.

It took the company until 2009 to introduce a Black princess.

But in recent years, there has been a noticeable change. Robert A. Iger, who served as chief executive from 2005 to 2020, pushed the world’s largest entertainment company to emphasize diverse casting and storytelling. As he said at Disney’s 2017 shareholder meeting, referring to inclusion and equality: “We can take those values, which we deem important societally, and actually change people’s behavior — get people to be more accepting of the multiple differences and cultures and races and all other facets of our lives and our people.”

powerful Afrocentric story line. Under his tenure, Disney refocused the “Star Wars” franchise around female characters. A parade of animated movies (“Moana,” “Coco,” “Raya and the Last Dragon,” “Soul,” “Encanto”) showcased a wide variety of races, cultures and ethnicities.

The result, for the most part, has been one hit after another. But a swath of Disney’s audience has pushed back.

review bombed” in the fall because it depicted a gay superhero kissing his husband, with online trolls flooding the Internet Movie Database with hundreds of homophobic one-star reviews. In January, Disney was accused by the actor Peter Dinklage and others of trafficking in stereotypes by moving forward with a live-action “Snow White” movie — until it was revealed that the company planned to replace the seven dwarfs with digitally created “magical creatures,” which, in turn, prompted complaints by others about the “erasure” of people with dwarfism.

Disney executives tend to dismiss such incidents as tempests in teapots: trending today, replaced by a new complaint tomorrow. But even moderate online storms can be a distraction inside the company. Meetings are held about how and whether to respond; fretful talent partners must be reassured.

As Disney prepared to introduce its streaming service in 2019, it began an extensive review of its film library. As part of the initiative, called Stories Matter, Disney added disclaimers to content that the company determined included “negative depictions or mistreatment of people or cultures.” Examples included episodes of “The Muppet Show” from the 1970s and the 1941 version of “Dumbo.”

“These stereotypes were wrong then and are wrong now,” the disclaimers read.

The Stories Matter team privately flagged other characters as potentially problematic, with the findings distributed to senior Disney leaders, according to two current Disney executives, who spoke on the condition of anonymity to discuss confidential information. Ursula, the villainous sea witch from “The Little Mermaid” (1989), was one. Her dark color palette (lavender skin, black legs) could be viewed through a racial lens, the Stories Matter team cautioned; she is also a “queer coded” character, with mannerisms inspired in part by those of a real-life drag queen.

changing of the guard, with Mr. Iger stepping down as executive chairman in December.

Mr. Iger occasionally spoke out on hot-button political issues during his time as chief executive. His successor, Bob Chapek, decided (with backing from the Disney board) to avoid weighing in on state political battles. Disney lobbyists would continue to work behind the scenes, however, as they did with the Florida legislation.

gently explored gender identity. Gonzo donned a gown, defying a directive from Miss Piggy “that the girls come as princesses and the boys come as knights.” Out magazine wrote that the episode “just sent a powerful message of love and acceptance to gender-variant kids everywhere!” And a far-right pundit blasted Disney for “pushing the trans agenda” on children, starting an online brush fire.

Around the same time, some L.G.B.T.Q. advocates were criticizing Disney over “Loki,” a Disney+ superhero show. In the third episode of “Loki,” the title character briefly acknowledged for the first time onscreen what comic fans had long known: He is bisexual. But the blink-and-you-missed-it handling of the information angered some prominent members of the L.G.B.T.Q. community. “It’s, like, one word,” Russell T. Davies, a British screenwriter (“Queer as Folk”), said during a panel discussion at the time. “It’s a ridiculous, craven, feeble gesture.”

The fighting will undoubtedly continue: The Disney-Pixar film “Lightyear,” set for release in June, depicts a loving lesbian couple, while “Thor: Love and Thunder,” arriving in July, will showcase a major L.G.B.T.Q. character.

Last month, when Disney held its most recent shareholder meeting, Mr. Chapek was put on the spot by shareholders from the political left and right.

One person called Disney to task for contributions to legislators who have championed bills that restrict voting and reproductive rights. Mr. Chapek said that Disney gave money to “both sides of the aisle” and that it was reassessing its donation policies. (He subsequently paused all contributions in Florida.) Another representative for a shareholder advocacy group then took the microphone and noted that “Disney from its very inception has always represented a safe haven for children,” before veering into homophobic and transphobic comments and asking Mr. Chapek to “ditch the politicization and gender ideology.”

In response, Mr. Chapek noted the contrasting shareholder concerns. “I think all the participants on today’s call can see how difficult it is to try to thread the needle between the extreme polarization of political viewpoints,” he said.

“What we want Disney to be is a place where people can come together,” he continued. “My opinion is that, when someone walks down Main Street and comes in the gates of our parks, they put their differences aside and look at what they have as a shared belief — a shared belief of Disney magic, hopes, dreams and imagination.”

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INDUS Announces 2022 First Quarter Earnings Call

NEW YORK–(BUSINESS WIRE)–INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the “Company”), a U.S. based industrial/logistics REIT, announced today that it will release its financial results for the three months ended March 31, 2022 (the “2022 first quarter”) before the market opens on Tuesday, May 10, 2022. The Company will hold a conference call on Tuesday, May 10, 2022, at 11:00 am Eastern Time to discuss its results and provide a business update, followed by a live question and answer session. The Company’s press release and supplemental materials containing additional financial and operating information will be available on INDUS’ website under the Investors section in advance of the call.

INDUS encourages participants to pre-register for the 2022 first quarter conference call using the following link: https://dpregister.com/sreg/10165619/f250140aab.

Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

A listen-only webcast of the call will also be made available at the following link: https://services.choruscall.com/mediaframe/webcast.html?webcastid=XoUFSXsm.

Those without internet access or those unable to pre-register may dial in at 11:00 am Eastern Time on Tuesday, May 10, 2022, by calling:

PARTICIPANT DIAL IN (TOLL FREE): 1-866-777-2509

PARTICIPANT INTERNATIONAL DIAL IN: 1-412-317-5413

An archived recording of the webcast will be available for three months under the Investors section of INDUS’ website at www.indusrt.com.

About INDUS

INDUS is a real estate business principally engaged in developing, acquiring, managing, and leasing industrial/logistics properties. INDUS owns 36 industrial/logistics buildings aggregating approximately 5.4 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina, and Florida.

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Crypto Industry Helps Write, and Pass, Its Own Agenda in State Capitols

In July, the state ordered a dozen A.T.M. providers that sell crypto in exchange for cash — including Cash Cloud, Coin Now and DigiCash — to register as money transmitters, despite appeals from the companies, documents obtained by The Times show.

Last year, Mr. Aloupis introduced the bill to exempt two-party crypto transactions, after lobbying appeals by Mr. Armes and a trade group he leads, the Florida Blockchain Business Association. (Its members include Binance, the large crypto exchange.) The bill failed to win Senate approval, and it was reintroduced for this year’s session.

Russell Weigel, the Florida commissioner of the Office of Financial Regulation, said he endorsed the legislation that Mr. Armes had championed.

“If I go and buy groceries at your food store, that’s a two-party transaction,” Mr. Weigel said. “Do I need a license for that? It seems absurd.”

Lobbyists for Blockchain.com, a cryptocurrency exchange that moved last year from New York to Miami, and Bit5ive, which manufactures crypto mining equipment in the Florida area, joined the effort, contacting dozens of state lawmakers.

“They are very pro crypto,” Robert Collazo, the Bit5ive chief executive, said of Florida lawmakers.

In the future, the company plans to raise money for crypto-friendly legislators in Florida, said Michael Kesti, Bit5ive’s lobbyist. The legislative affairs director of the Florida blockchain association, Jason Holloway, is already running for the State House, with donations — some in cryptocurrency — from Mr. Armes and others.

“I don’t want it to seem like we are paying for the influence,” Mr. Kesti said. “But we do want to support them.”

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INDUS Announces 2022 First Quarter Leasing and Pipeline Updates

NEW YORK–(BUSINESS WIRE)–INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the “Company”), a U.S. based industrial/logistics REIT, announced the following updates on leasing, its acquisition pipeline, development pipeline and dispositions for the three months ended March 31, 2022 (the “2022 first quarter”)1:

Highlights

Leasing Activity3

INDUS reported the following second generation leasing metrics for the 2022 first quarter:

 

 

 

Number of

Leases

 

 

 

Square Feet

Weighted Avg.

Lease Term

in Years

Weighted Avg.

Lease Costs

PSF per Year4

Weighted Avg. Rent Growth5

 

 

Straight-line

Basis

 

 

Cash Basis

New Leases

1

10,000

5.0

$0.49

46.3%

28.6%

Renewals

1

38,846

2.1

$0.13

12.6%

12.1%

Total / Avg.

2

48,846

2.7

$0.62

18.5%

15.0%

In addition to the above leases signed during the period, INDUS also executed a first generation lease with the existing tenant to expand into the balance of the Charleston, South Carolina property acquired in November 2021. This lease totaled approximately 84,000 square feet and is expected to commence in June 2022.

As of March 31, 2022, INDUS’ 36 buildings aggregated approximately 5.4 million square feet. INDUS’ portfolio percentage leased and percentage leased of stabilized properties were as follows:

 

Mar. 31,

2022

Dec. 31,

2021

Sept. 30,

2021

June 30,

2021

Percentage Leased

100.0%

98.4%

95.4%

95.3%

Percentage Leased – Stabilized Properties

100.0%

100.0%

99.4%

99.4%

Acquisition Pipeline

During the 2022 first quarter, INDUS completed the acquisition of a recently constructed, 217,000 square foot building in the Charlotte, North Carolina market (“782 Paragon Way”). 782 Paragon Way is fully leased on a short-term basis through July 2022 with in-place rents that we believe are below current market rates. The Company expects that 782 Paragon Way will be re-leased to stabilize at an approximate 4.7% cash capitalization rate. The Company used cash on hand to pay the $23.6 million purchase price, before transaction costs.

Also during the 2022 first quarter, the Company announced that it entered into a purchase agreement to acquire a to-be-constructed, approximately 280,000 square foot building in the Greenville/Spartanburg, South Carolina market (the “Greenville/Spartanburg Acquisition”), which is being developed on speculation by the seller. The Greenville/Spartanburg Acquisition is expected to be delivered upon completion in the 2023 first quarter and would be the Company’s first entry into this market.

The following is a summary of INDUS’ acquisition pipeline as of March 31, 2022:

 

 

Acquisition

 

 

Market

 

Building Size (SF)

 

 

Type

Purchase Price

(in millions)

 

Expected
Closing

Acquisitions Under Contract

 

 

 

 

 

Nashville Acquisition (two buildings)

Nashville, TN

184,000

Forward (42.9%

pre-leased)

$31.5

Q2 2022

Charleston Forward Acquisition (one building)

Charleston, SC

263,000

Forward

$28.0

Q4 2022

Greenville-Spartanburg Acquisition

(one building)

Greenville-Spartanburg, SC

280,000

Forward

$28.5

Q1 2023

Charlotte Forward Acquisition (one building)

Charlotte, NC

231,000

Forward

$21.2

Q2 2023

Subtotal – Acquisitions Under Contract

958,000

 

$109.2

 

The acquisitions in INDUS’ pipeline are each subject to certain remaining contingencies. There can be no guarantee that these transactions will be completed under their current terms, anticipated timelines, or at all.

Development Pipeline

The following is a summary of INDUS’ development pipeline as of March 31, 2022:

 

Name

 

Market

Building Size (SF)

 

Type

Expected Delivery

Owned Land

 

 

 

 

Chapmans Road (one building)

Lehigh Valley, PA

103,000

66% Pre-leased

Q2 2022

110 Tradeport Drive (one building)

Hartford, CT

234,000

67% Pre-leased

Q3 2022

Landstar Logistics (two buildings)

Orlando, FL

195,000

Speculative

Q3 2022

American Parkway (one building)

Lehigh Valley, PA

206,000

Speculative

Q2 2023

 

 

 

 

 

Land Under Purchase & Sale Agreement

Lehigh Valley Land parcel (one building)

Lehigh Valley, PA

90,000

Speculative

Q3 2023

Total Development Pipeline

 

828,000

 

 

INDUS expects that the total development and stabilization costs of developments in its pipeline will total approximately $96.0 million (including all amounts previously spent). The Company estimates that the underwritten weighted average stabilized Cash NOI yield on its development pipeline is between 6.0% – 6.5%.6 Actual initial full year stabilized Cash NOI yields may vary from INDUS’ estimated underwritten stabilized Cash NOI yield range based on the actual total cost to complete a project or acquire a property and its actual initial full year stabilized Cash NOI.

Closing on the purchase of the Lehigh Valley Land parcel and the completion and stabilization of the projects in the development pipeline are each subject to a number of contingencies. There can be no guarantee that these transactions and developments will be completed under their current terms, anticipated timelines, at the Company’s estimated underwritten yields, or at all.

Disposition Pipeline

During the 2022 first quarter, INDUS commenced the sale process to fully exit its legacy investment in its remaining office/flex properties (“Office/Flex Portfolio”). The Office/Flex Portfolio is comprised of seven buildings totaling approximately 175,000 square feet located in Windsor and Bloomfield, Connecticut. Additionally, INDUS intends to sell an approximate 18,000 square foot storage building that is located within the same business park. Following the sale of the Office/Flex Portfolio, INDUS is expected to be a pure-play industrial/logistics REIT.

About INDUS

INDUS is a real estate business principally engaged in developing, acquiring, managing, and leasing industrial/logistics properties. INDUS owns 36 buildings aggregating approximately 5.4 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina, and Florida.

Forward-Looking Statements:

This Press Release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include INDUS’ beliefs and expectations regarding future events or conditions including, without limitation, statements regarding the completion of acquisitions under agreements, pre-leasing agreements, construction and development plans and timelines, expected total development and stabilization costs of developments in INDUS’ pipeline, the estimated underwritten stabilized Cash NOI yield of the Company’s development pipeline, the Company’s intention to exit its office/flex portfolio, and expected capital availability and liquidity. Although INDUS believes that its plans, intentions and expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such plans, intentions or expectations will be achieved. The projected information disclosed herein is based on assumptions and estimates that, while considered reasonable by INDUS as of the date hereof, are inherently subject to significant business, economic, competitive and regulatory uncertainties and contingencies, many of which are beyond the control of INDUS, and which could cause actual results and events to differ materially from those expressed or implied in the forward-looking statements. Other important factors that could affect the outcome of the events set forth in these statements are described in INDUS’ Securities and Exchange Commission filings, including the “Business,” “Risk Factors” and “Forward-Looking Statements” sections in INDUS’ Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on March 11, 2022, as updated by other filings with the Securities and Exchange Commission. INDUS disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release except as required by law.

1 Portfolio information and statistics are comprised solely of the Company’s industrial/logistics buildings and excludes the Company’s office/flex portfolio and other properties held for sale.

2 Stabilized properties reflect buildings that have reached 90% leased or have been in service for at least one year since development completion or acquisition date, whichever is earlier.

3 Leasing metrics exclude new and renewal leases which have an initial term of twelve months or less, as well as leases for first generation space on properties acquired or developed by INDUS. Leasing metrics also exclude leases tied to properties undergoing redevelopment or repositioning. During the 2022 first quarter, INDUS commenced the repositioning of 52,000 square feet in Connecticut from principally office use to an industrial/logistics use. During the 2022 first quarter, the Company entered into a 7-year lease with a new industrial/logistics tenant to occupy that space upon the completion of its repositioning. The existing tenant in that space will pay an early termination fee of approximately $7.40 per square foot upon completion of the work related to the repositioning.

4 Lease cost per square foot per year reflects total lease costs (tenant improvements, leasing commissions and legal costs) per square foot per year of the lease term.

5 Weighted average rent growth reflects the percentage change of annualized rental rates between the previous leases and the current leases. The rental rate change on a straight-line basis represents average annual base rental payments on a straight-line basis for the term of each lease including free rent periods. Cash basis rent growth represents the change in starting rental rates per the lease agreement on new and renewed leases signed during the period, as compared to the previous ending rental rates for that same space. The cash rent growth calculation excludes free rent periods.

6 As a part of INDUS’ standard development and acquisition underwriting process, INDUS analyzes the targeted initial full year stabilized Cash NOI yield for each development project and acquisition target and establishes a range of initial full year stabilized Cash NOI yields, which it refers to as “underwritten stabilized Cash NOI yields.” Underwritten stabilized Cash NOI yields are calculated as a development project’s or acquisition’s initial full year stabilized Cash NOI as a percentage of its estimated total investment, including costs to stabilize the buildings to 95% occupancy (other than in connection with build-to-suit development projects and single tenant properties). INDUS calculates initial full year stabilized Cash NOI for a development project or acquisition by subtracting its estimate of the development project’s or acquisition’s initial full year stabilized operating expenses, real estate taxes and non-cash rental revenue, including straight-line rents (before interest, income taxes, if any, and depreciation and amortization), from its estimate of its initial full year stabilized rental revenue.

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EXCLUSIVE Uber revamps driver pay algorithm in large U.S. pilot to attract drivers, article with image

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The Uber Hub is seen in Redondo Beach, California, U.S., March 25, 2019. REUTERS/Lucy Nicholson/File Photo

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Feb 25 (Reuters) – Uber Technologies Inc (UBER.N) is testing a new driver earnings algorithm in 24 U.S. cities that allows drivers to see pay and destinations before accepting a trip and raises the incentives for drivers to take short rides in an effort to attract more drivers.

The changes, which are currently in pilot programs, mark the most wide-ranging updates to Uber’s driver pay algorithm in years and come at a time when the company is still trying to win back drivers who left at the start of the pandemic. Fares paid by consumers are not affected.

Drivers have long demanded the ability to see the fare and destination before accepting a trip, but Uber has resisted, saying it could open the door to drivers cherry-picking trips or discriminating against riders in disadvantaged neighborhoods.

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Uber already has a similar program in California, launched in the wake of a 2020 state battle over gig worker rights to prove its drivers are independent contractors.

But the company said its latest fare pilot in the United States was not related to gig worker regulation. The test has been rolled out in cities across Texas, Florida and the Midwest where gig worker reforms are not on the agenda.

“Gig work is very competitive, not just with Lyft (LYFT.O) but other platforms, and we think this feature really enhances our platform’s competitiveness versus others,” said Dennis Cinelli, Uber’s head of mobility in the United States and Canada.

Cinelli said the pay changes at this point would not impact consumer prices, adding the changes “aren’t financial features.”

Uber declined to comment on the financial impact of the changes for the company, which could mean it has to incur higher costs for short trips.

Cinelli said the company had not seen any discrimination by drivers in California since the policy launched there in 2020.

“Otherwise, we wouldn’t have rolled it out at this time,” he said, adding that Uber had the ability to deactivate drivers who repeatedly declined trips based on race or low-income areas.

Providing drivers with upfront pay details meant the company also had to reduce earnings for longer trips to prevent drivers from avoiding short rides, Cinelli said.

Uber said data from some cities with upfront pay have shown a 22% average increase in driver earnings for trips in which the distance to the pickup location is longer than the trip itself.

Driver responses were mixed on some online groups. Some complained the new algorithm seemed arbitrary and no longer allowed them to calculate pay based on a per-mile (per-km) basis.

“My earnings are already destroyed by the high prices for gas and now Uber is taking even more money away from me on long trips,” said Kevin Hernandez, a Houston driver.

Other drivers in online groups said the upfront fare information allowed them to select only higher-paying rides, with several drivers sharing screenshots of increased earnings since the altered algorithm was launched.

Expansion will depend on drivers. “If we’re not seeing it attract and retain drivers we wouldn’t roll it out further,” Cinelli said.

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Reporting by Tina Bellon; Editing by Peter Henderson and Sandra Maler

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Ukraine Live Updates: Putin and Xi Pledge ‘No Limits’ to Russia-China Ties

Credit…Brendan Hoffman for The New York Times

YAVORIV, Ukraine — With television cameras rolling, a Ukrainian soldier heaved an America-made missile launcher onto his shoulder and pressed a red button. The missile streaked out and blew a target — a pile of tires — to smithereens.

For the more than two months after Russia began its military buildup near Ukraine last fall, the United States was quiet about its military aid to Kyiv, merely acknowledging sending arms that had been scheduled for delivery long ago.

That has changed now. American cargo planes bringing weaponry and ammunition are arriving openly at Kyiv’s Borispol airport. And the Ukrainian army is making a point of showing media these newly delivered weapons at a military training area.

In the last two weeks, seven U.S. cargo planes carrying a total of about 585 tons of military assistance have landed in Kyiv. After the latest plane arrived, on Thursday, Ukraine’s defense minister, Oleksiy Reznikov, posted on Twitter, “this is not the end! To be continued!”

Along with ammunition for small arms, the planes also delivered a significant number of missiles to Ukraine. These include Javelin anti-tank missiles, which the United States has been providing to Ukraine since 2018.

It also included a type of American-made, shoulder-launched missile that can blow up sandbagged fortifications and destroy partially buried bunkers. On Friday, Ukrainian soldiers fired 10 of the so-called “bunker busters” for international media, including a Japanese television crew.

To critics of the policy of arming Ukraine, this weapon seems provocative. Within Ukraine, nearly half the respondents to an opinion poll published on Wednesday said they believed Western weaponry will deter Russia, but a third said they thought it would do the opposite — provoke an attack. The Russian government has objected to the weapons transfers, and Germany is staunchly opposed to them.

“I do not think it’s realistic to believe such weapons exports could turn around the military imbalance,” Annalena Baerbock, Germany’s foreign minister, said on a visit to Kyiv on Monday.

Ukraine’s policy of publicly displaying the new weaponry adds to their value as a deterrent, said Maria Zolkina, a political analyst at Democratic Initiatives Foundation. The media events, she said, will help “destroy the myth that an unprotected Ukraine as an easy catch for Russia.”

Ukraine’s foreign minister, Dmytro Kuleba, has said the weapons airlifts strengthen Ukraine’s hand in dealing with Russia.

“The stronger Ukraine is the lower are the risks of further Russian aggression,” he said in a video conference with journalists this week. “The more defensive weapons we get today the less likely we will need to use them.”

The United States is not the only country that has been arming Ukraine in the airlifts that began last month. The United Kingdom sent about 2,000 light anti-tank missiles. With approval from the United States, the Baltic countries of Latvia, Lithuania and Estonia said they would transfer Stinger antiaircraft missiles, filling gaps in Ukraine’s weak air defenses. Poland has also said it will send antiaircraft missiles.

At the demonstration firing of the American bunker busters, only Ukrainian soldiers handled the weapon. They had been through a three-day course taught by instructors from the 53d Infantry Brigade of the Florida National Guard. The Americans stood aside, declining to appear on camera.

The launching tube and missile weigh about 15 pounds and look like a small, green log. When a missile was fired, the whooshing noise rattled dishes on a picnic table set up to provide snacks for the visiting journalists. Ukrainian soldiers cheered when missiles hit the targets of tires and exploded in a red flash.

“It’s very simple, just a gadget,” said Ivan, a 25-year-old Ukrainian senior sergeant, now trained in firing the new missile, who declined to give his last name for security reasons. The soldiers also covered their faces with balaclavas to protect their identities.

But the training itself was simple, Ivan said. “A boy or a girl of any age can fire it. It’s like an iPhone.”

Andrew E. Kramer contributed reporting in Kyiv.

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