Daily Archives: November 29, 2020

WASHINGTON Employees at one of the most secretive parts of government have been forced to return to their offices, leading to widespread concerns about their exposure to COVID-19.

Tensions inside the National Security Agency which is responsible for eavesdropping and digital espionage bubbled over last week, leading to an all-hands meeting at the agency on Wednesday to address complaints, according to four sources familiar with the matter.

This has been percolating for a while, said one former intelligence officer in touch with current employees. The general sentiment is that NSA has been mishandling things.

The meeting followed employees posting frequently on internal message boards about their frustrations over the pandemic and the agencys handling of it. Some of those frustrations have to do with confusion over unclear standards, such as how employees who have been exposed to a potential infection are allowed to use administrative leave in order to safely quarantine, while employees who get sick need to use sick leave to stay home.

The tensions at NSA reflect a larger division within government as it adapts to the pandemic. While many parts of the federal bureaucracy have allowed their employees to work from home indefinitely, those agencies working on classified issues have less flexibility, and the NSA deals with some of the most highly classified programs in government.

A spokesperson for the NSA referred all questions about intelligence community policy concerning COVID-19 to the Office of the Director of National Intelligence.

ODNI is monitoring the current uptick in COVID-19 positive rates in the Washington, D.C., Metropolitan Area and throughout the country, a spokesperson for the office wrote in an email. We have continued to adjust staff contact levels as previously noted through staggered shifts, flexible schedules and social distancing practices.

The NSA, like the other intelligence agencies, has returned to near full capacity working in the office, using shift work and other safety precautions.

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But some employees are frustrated with a lack of information from leadership on infection rates and whether or not the NSA was following CDC guidelines. There is too much rumor and anecdote, said one former senior intelligence officer, referring to the agencys communication with employees.

Other employees have put in for retirement, if they are eligible, partly due to the risks of the pandemic.

One national security official confirmed the tense environment and the fear over losing talent, but noted that missions are still largely getting done, and there isnt an imminent concern over gaps in intelligence gathering.

Coupled with internal frustrations over the recent appointment Michael Ellis, Trump loyalist and aide to Rep. Devin Nunes, to the position of general counsel, there are concerns over morale.

Over at the FBI, another agency deeply involved in classified intelligence work, employees are struggling with the fact that they are running low on administrative leave after many people used it in the spring. There have been some exposure scares that sent people home as well, which makes them feel vulnerable, said one former intelligence officer who mentioned that everyone from street agents to senior officials have been stressed out.

In late October, Yahoo News reported that other intelligence agencies, including the Defense Intelligence Agency and the Central Intelligence Agency, were going through similar challenges.

Unlike many government offices, intelligence work often needs to be done in special locations, like SCIFs (short for sensitive compartmented information facilities), which are protected from outside eavesdropping.

Some SCIFs can be mobile, and many of the highest-ranking officials have such facilities in their homes or nearby. A few agencies have even succeeded in allowing employees who deal with open source information to work from home more frequently, and there has been some protection provided by shift work and distancing in office buildings.

Yet allowing intelligence employees to work outside secure government offices poses legitimate concerns about the security of home offices for even routine communications among intelligence officers, some of whom may be undercover and hoping to avoid unwanted attention from foreign adversaries who might be keeping tabs.

However, there are also concerns that the intelligence agencies, tasked with staying on top of the latest threats, were not prepared to execute strategies to keep their workforces safe during the pandemic a challenge that will likely resurface in the future.

Bill Evanina, the head of counterintelligence, said during a webinar in May that agencies are looking at new ways to allow federal employees involved in classified issues to work from home.

Were at a precipice right now to immediately find solutions on teleworking, he said.

Cover thumbnail photo illustration: Yahoo News; photos: Jasmin Merdan/Getty Images, AP

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Intelligence employees vent frustrations over being forced to return to the office - Yahoo News

The National Sheep Association (NSA) is calling for visitors to the countryside to show more consideration and respect for the land, people who farm it, and livestock.

The NSA has received an alarming increase in reports of attacks on sheep by dogs over recent weeks, most likely linked to continuing Covid-19 restrictions including several regional and national lockdowns across the UK.

According to the NSA, while the countryside is a great location for people to benefit physically and mentally from time outdoors at this time, this cannot be at a cost to farmers and their livelihoods.

The NSA urges the public to take responsibility for their actions when in the countryside, and especially near livestock and have the following advice for dog owners:

First and foremost, dog owners must keep their animals under control and on a lead when walking near sheep. Not only do dogs pose a threat of injury to sheep, but at this time of year, when most ewes are already or soon to be in lamb, the stress of being chased can lead to the pregnant sheep losing their lambs.

Sheep are a hugely valuable asset to the farmer, and any damage to the flock can have detrimental effects.

Likewise, sheep worrying is also a hugely traumatic experience for the shepherd, with several studies carried out by NSA showing that the risk of a potential attack happening causes significant stress and anxiety to farmers.

Recent cases of sheep worrying have resulted in dogs being shot as a last resort option to halt a serious attack.

This, of course, is never an action carried out by a farmer with ease according to the NSA, but the law states that a farmer is in their rights to shoot an animal if it is found to be in the act of worrying livestock and dog owners should be aware of the potential danger they put their pet dog in if they are not responsible while out walking.

NSA Chief Executive Phil Stocker commented:

It must be stressed to owners who allow their dogs to chase, attack and potentially kill livestock that it is a criminal act and for very good reason.

Few people would understand the stress and anger that a farmer or shepherd goes through by finding a dog attacking and killing sheep and very occasionally this can result in dogs being shot.

We appreciate how distressing this would be for a dog owner but very few farmers would do this out of choice and anyone driven to do this would be highly distressed by the action as well I am certain.

Attacks on dogs often cause huge financial cost for the farmer but for most the initial stress and anxiety is equally impactful.

The only way to avoid incidents like this is for dog owners to take proper responsibility for the dogs know where they are at all times and keep them on leads anywhere in the vicinity of livestock, he concluded.

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Originally posted here:
NSA calls for dog walkers to respect the countryside after recent attacks on sheep - Agriland.co.uk

THE National Sheep Association (NSA) is calling for visitors to the countryside to show more consideration and respect for the land, people who farm it, and livestock.

NSA has received an alarming increase in reports of attacks on sheep by dogs over recent weeks, most likely linked to continuing Covid-19 restrictions, including several regional and national lockdowns across the UK.

While the countryside is a great location for people to benefit physically and mentally from time outdoors at this time, this cannot be at a cost to farmers and their livelihoods.

NSA urges the public to take responsibility for their actions when in the countryside, and especially near livestock.

Dog owners must keep their animals under control and on a lead when walking near sheep. Not only do dogs pose a threat of injury to sheep but, at this time of year, when most ewes are already or soon to be in lamb, the stress of being chased can lead to the pregnant sheep losing their lambs.

Sheep worrying is also a traumatic experience for the farmer, with several studies carried out by NSA showing that the risk of a potential attack happening causes significant stress and anxiety to farmers.

Recent cases of sheep worrying have resulted in dogs being shot as a last resort option to halt a serious attack. This, of course, is never an action carried out by a farmer with ease but the law states that a farmer is in his/her rights to shoot an animal if it is found to be in the act of worrying livestock and dog owners should be aware of the potential danger they put their pet dog in if they are not responsible while out walking.

NSA chief executive Phil Stocker said: It must be stressed to owners who allow their dogs to chase, attack and potentially kill livestock that it is a criminal act and for very good reason. Few people would understand the stress and anger that a farmer or shepherd goes through by finding a dog attacking and killing sheep and very occasionally this can result in dogs being shot.

Attacks on sheep often cause huge financial cost for the farmer but for most the initial stress and anxiety is equally impactful. The only way to avoid incidents like this is for dog owners to take proper responsibility for the dogs know where they are at all times and keep them on leads anywhere in the vicinity of livestock.

Further information available for dog owners and others on how to be responsible walking in the countryside can be found on the NSA website at http://www.nationalsheep.org.uk/dog-owners.

Link:
NSA calls for visitors to rural areas to be more responsible - Darlington and Stockton Times

The self-storage REIT sector has been fairly resilient throughout this pandemic, with stable occupancy rates. While the larger names, such as Public Storage (PSA) and Extra Space Storage (EXR) get most of the attention, Im focused on the smaller name, National Storage Affiliates (NSA), which follows a somewhat differentiated strategy from that of its peers. In this article, I evaluate what makes NSA a continued sound investment for long-term investors, so lets get started.

(Source: Company website)

National Storage Affiliates is a fast-growing Self-Storage REIT that is focused on growing through the integration of strong regional operators. It is the sixth largest self-storage operator in the U.S. Its portfolio consists of 788 properties covering 49.5M rentable square feet in 35 states plus Puerto Rico. Of the 788 properties, 611 are wholly-owned, and 177 are 25% owned through a joint venture. Since Q215, the property count has more than tripled in size, from around 250 properties at that time.

What differentiates NSA from its peers is that it provides opportunities for private owners to retain their roles as property managers. This, in turn, allows NSA to maintain regional-focused branding on many of its properties while also being able to leverage local market expertise. The companys strategy is to own properties in the top 100 MSAs, which have attractive growth dynamics and population densification.

NSA continues to demonstrate strength during this pandemic with 10% YoY FFO/share growth, to $0.44, in the latest quarter. Occupancy also remains strong, at 91.9%, which equates to a 260 basis points increase from September 30, 2019. What I find impressive is that occupancy continued to increase post-Q3, driven by move-in volume outpacing move-outs. As a result, occupancy at the end of October rose even further, to 92.4%, equating to a 420 bps increase compared to October of last year. This represents an all-time high occupancy for NSAs same-store portfolio.

For the full-year 2020, management has guided for core FFO/share of $1.67 at the midpoint, which would represent 8.4% YoY growth compared to 2019. This represents a continuation of NSAs strong track record of growth. As seen below, for the period Q215- Q320, NSAs annual same-store NOI growth of 6.8% has outpaced its peers. This, combined with external growth, has resulted in 13.4% annual core FFO/share growth over the same period, and this also outpaces that of its peers.

(Source: November Investor Presentation)

NSA attributes this outperformance to its PRO structure, which covers 60% of its wholly-owned portfolio, gives it key advantages, as PROs are the first to absorb any downside. As seen below, PROs absorb 50% of NOI declines until the 6% preferred allocation to SP (subordinated performance) equity is reached, then 100% of the NOI declines until the 6% preferred allocation to SP equity is completely eroded. For reference, SP refers to subordinated performance units, which are linked to property-specific portfolios.

(Source: November Investor Presentation)

I see the PRO structure as being very beneficial for NSAs shareholders, as it offers both downside protection and helps to align the interest of PROs. In addition, this structure acts as a buffer to protect the dividend from portfolio NOI declines, and has the same effect as reduced financial leverage.

Looking forward, I see no signs of NSA slowing down, as it currently has a pipeline of about $300M of properties under contract or letter of intent. Management expects to close nearly half of these by the end of the year. I see a long growth runway for NSA, as it continues to consolidate this fragmented sector of mostly mom-and-pop style businesses. The self-storage industries is comprised of 48K properties with over 30K operators, generating over $34B in annual revenue. Publicly-traded operators currently own just 28% of the market, with the remaining 72% being owned by mostly small private operators.

One of the risks to investing in the self-storage industry is oversupply, as this property type is relatively easy to build. Therefore, its hard for any one operator to establish a moat in order to fend off competition. While this remains a long-term risk, I see this risk as being mitigated, as management has signaled recent weakness on the supply front, as noted during the recent conference call:

On the supply front, we've seen completions trending down on a year-over-year basis, while an increase in abandoned project is reducing the forward pipeline. We already forecast that total deliveries will steadily decline through 2024. However, we think well continue to face headwinds from new supplies in Portland, Phoenix, certain submarkets in Dallas and West Florida. Fortunately, though, the current boost in demand is alleviating some of that pressure, especially in Portland.

Meanwhile, Im encouraged to see that NSA has improved its debt profile on a QoQ sequential basis. Since Q2, NSAs net debt-to-adjusted EBITDA has improved from 6.3x to 6.0x. Its interest coverage has also improved sequentially, from 4.4x to 4.7x. The effective interest rate is 3.5%, and NSA has no debt maturities until 2023.

(Source: November Investor Presentation)

Plus, NSA has a BBB credit rating, which helps it to obtain financing at attractive rates. This is supported by recent senior unsecured notes that were issued in October, at what I see as attractive interest rates between 2.99% and 3.09%, which sits below NSAs average effective interest rate.

Lastly, dividend growth is one of the best ways for management to express confidence in the business. While the recent 2.9% dividend increase is not too impressive. This is far better than the dividend cuts and freezes that companies in other REIT sectors have done. The payout ratio is sound, at 80% (based on Q3 FFO/share of $0.44). NSA currently yields 4.0%, which I find to be attractive in this low-rate environment.

National Storage Affiliates is a well-run enterprise, whose business continues to perform well in the current economic environment. Occupancy is currently at a record high, and the company saw strong FFO/share growth in the latest quarter. NSA has a strong track record of outperforming its peers, and I credit this to its differentiated strategy of utilizing the PRO structure. This strategy also has the benefit of de-risking NSAs business, as it ensures that its partners have sufficient skin in the game.

Looking forward, I see no signs of NSA slowing down, as it continues to consolidate the fragmented self-storage sector. Im also encouraged by the sequential improvement in NSAs debt profile.

At the current price of $34.73, with a forward P/FFO of 20.9, Ill be the first to admit that the shares arent cheap. However, I find it to be reasonable, given NSAs strong track record, and its growth opportunities ahead. This is a case in which Im reminded of the following Warren Buffett quote: its far better to buy a wonderful company at a fair price than to buy a fair company at a wonderful price. Buy for income and growth.

Thanks for reading! If you enjoyed this piece, then please click "Follow" next to my name at the top to receive my future articles. All the best.

Disclosure: I am/we are long NSA. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: This article is for informational purposes and does not constitute as financial advice. Readers are encouraged and expected to perform due diligence and draw their own conclusions prior to making any investment decisions.

Here is the original post:
National Storage Affiliates: Store Your Capital With This Fast-Growing REIT - Seeking Alpha

27 November 2020

Milbank LLP

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"The Only Truly Secure System Is One That IsPowered Off" Cybersecurity In A Digital Age-Podcast episode with Milbank partners Allan Marks and DaraPanahy with former NSA General Counsel Glenn S. Gerstell

There are two perspectives from which to examine cybersecurity.Big picture: Are we safe as a nation? Up close: What should mycompany or institution be doing now to manage cyber risks? In thisspecial, extended episode, Allan Marks joins Former NSA General CounselGlenn Gerstell and Milbank partner Dara Panahyto explore in depth the neededtools and current trends in cybersecurity, national security,governance and technology. Can we become more resilient whilebecoming ever more interconnected?

Click here to browse more topics in the Law, Policy& Markets: Milbank Conversations series.

About the speakers:

Glenn S. Gerstellserved as the general counsel of theNational Security Agency (NSA) and Central Security Service (CSS)from 2015 to 2020. He has written and spoken widely about theintersections of technology and national security and privacy.Prior to joining the NSA, Mr. Gerstell practiced law for almost 40years at the international law firm of Milbank LLP, where hefocused on the global telecommunications industry and served as themanaging partner of the firm's Washington, DC, Singapore, andHong Kong offices. Mr. Gerstell served on the President'sNational Infrastructure Advisory Council, which reports to thepresident and the secretary of homeland security on securitythreats to the nation's infrastructure, as well as on theDistrict of Columbia Homeland Security Commission. Earlier in hiscareer, he was an adjunct law professor at the GeorgetownUniversity Law Center and New York Law School. He is a recipient ofthe National Intelligence Distinguished Service Medal, theSecretary of Defense Medal for Exceptional Civilian Service and theNSA Distinguished Civilian Service Medal.

As leader of Milbank's Transportation and Space Group inWashington, DC and head of the firm's Global Risk &National Security practice,Dara Panahyrepresentssatellite operators, aerospace manufacturers, launch servicesproviders, communications companies, banks, private equity firmsand hedge funds in debt and equity offerings, project, structuredand vendor financings, mergers & acquisitions, financialrestructurings and in negotiating commercial contracts. He alsoadvises on regulatory, sanctions, anti-corruption, nationalsecurity and export control matters.

Allan Marks is one of theworld's leading project finance lawyers, with special expertisein the power and renewable energy, transportation and airports, oiland gas, water, and telecommunications sectors. He advisesdevelopers, investors, lenders, and underwriters around the worldin the development and financing of complex infrastructureprojects, as well as related acquisitions, restructurings andcapital markets transactions. He has provided strategic guidance tocorporate boards and senior executives with respect to riskmanagement and cybersecurity compliance in the energy and digitalinfrastructure areas. Mr. Marks also serves as an Adjunct Lecturerat the University of California, Berkeley at both the Law Schooland the Haas School of Business.

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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As we previously described and as reflected in the rapidly increasing number of cyber-attacks since its start, the COVID-19 pandemic has triggered a shift in working practices that hackers and...

Originally posted here:
Cybersecurity In A Digital Age "The Only Truly Secure System Is One That Is Powered Off" - Technology - United States - Mondaq News Alerts

Incumbent US President Donald Trump, on November 25(local time), granted full pardonto his former national security advisor Michael Flynn. In a tweet made ahead of Thanksgiving, the Republican leader mentioned that it was his honour to pardon Flynn and congratulated the lieutenant General and his family. Flynn had, in 2017, testified about lying to FBI during a probe into Russian meddling in 2016 Presidential elections.

Later, Flynn, who was a part of trump administration for 22 days, took to Twitter to thank the American president. In a Twitter statement, the Flynn family said thatthey believein the constitution of the United States and that justice in this remarkable Republic must prevail for all citizens-equally andalways". In addendum, they also asserted that they were grateful to President Trump for "answering their prayers".

Read:Ex-Trump National Security Adviser Lt. Gen. H.R. McMaster On Biden Challenges

In 2017, Flynn had admitted lying to the FBI about his contact with the former Russian ambassador to the US and became a cooperating witness in Robert Muellers investigation into Russian interference in 2016 president election. However, White House in a statement saidFlynn should "never have been prosecuted" in the first place reiterating that he was innocent.

Read:Trump Hails Administration, Public As Dow Jones Index Crosses Historic 30,000 Point Level

"General Flynn should not require a pardon. He is an innocent man. Even the FBI agents who interviewed General Flynn did not think he was lying. Multiple investigations have produced evidence establishing that General Flynn was the victim of partisan government officials engaged in a coordinated attempt to subvert the election of 2016", a White House statement read.

"While todays action sets right an injustice against an innocent man and an American hero, it should also serve as a reminder to all of us that we must remain vigilant over those in whom we place our trust and confidence. The people who sit atop our intelligence and law enforcement agencies have tremendous power to affect the lives of their fellow citizens. The American people must always take care to scrutinize their actions, to hold them accountable, and to ensure that they use their immense power to uphold the rule of law rather than to harass, persecute, and jail their political opponents in pursuit of partisan political agendas," it added.

Read:Donald Trump Plans To Pardon Former National Adviser Michael Flynn: Reports

Read:Man Pleads Guilty In Plot To Attack White House, Trump Tower

Continued here:
Great honour: Donald Trump pardons former NSA Michael Flynn ahead of Thanksgiving - Republic World