How to Win Her Back – Get Your Girl Back Today
February 21, 2012 | 
Author 
Looking for ways on how to win her back but your girl doesn’t want to hear it? Before you go misty eyed and accept the fact your girl is gone forever I am here to tell you that you can get her back with only a few changes to your approach! Don’t let your girlfriend and love of your life slip out of your life without giving it your all. If you want learn how to win her back then you must read this article.
Winning back an ex girlfriend can feel like a daunting task, one where you have probably tried everything but your ex girlfriend doesn’t want to listen? Take a few deep breathes as this is simple a part of the process on how to win her back.
One of the best things you can do is to flip things on their head and go against all those feelings inside that might be telling you to try more desperate measures to get her back. Try and put aside those irrational thoughts and erratic behavior, losing the love of your life can make it feel like the world has crashed down upon you. You must not let impulsive actions ruin your chances to get her back.
Want to know how to win her back? Accept the break up, yes, it may kill you inside to tell your girl that you understand and respect her decision but this step is an absolute must. Respect and maturity is imperative and you must show her that you are able to go on without her.
Stop contact with her immediately, more often then not ex’s will call and email their ex repeatably in sheer desperation of not wanting them to leave their life completely. If you are guilty of trying to talk her into taking you back you must stop right now.
Time and space is something you will hear about all the time after a break up and for good reason. The time after a break up is where you can get her back fast if you play your cards right. This means you show your ex that you are getting on with her life and allowing her to go on with hers.
Stress less, I know that is easier said then done but right now you have NOTHING to lose and everything to gain. You must not push her and try to manipulate your way back in using guilt or dirty tricks. While these tactics can work you must avoid them at all costs, they will never fix the problems that lead to your girl leaving you.
Women love confidence, positivity and an awesome self esteem with a clear outlook on life. Your ex is no different. Show your ex that you can live without her, that your life does not revolve around the fact that you are with her. This is important to note as a desperate, needy and obsessive partner is the last thing your girl wants now or ever.
Chocolate Fudge Cake Recipe – Homemade Chocolate Fudge Layer Cake
I don’t know about you, but I love chocolate fudge cake. One look at this scrumptious layer cake makes my mouth water. Chocolate lovers will scoop this up pretty quick so make sure you grab a piece before it’s all gone.
2 cups sifted cake flour
2 teaspoons baking powder
1/2 teaspoon baking soda
1/2 teaspoon salt
3 squares unsweetened chocolate
2/3 cup water
1 1/2 cup sugar
1 teaspoon vanilla
2/3 cup butter, softened
3 eggs
1/3 cup buttermilk
Chocolate fudge filling
Preheat oven to 350 degrees.
Grease and flour two 8-inch round cake pans.
Tear off a big sheet of wax paper and set on kitchen counter. Using a sifter, sift the flour baking powder, baking soda onto the wax paper.
In a saucepan or double boiler, combine the chocolate, water and 1/4 cup of sugar; cook over low heat while stirring constantly. When chocolate is thick and smooth, transfer to another bowl. Chill chocolate in a pan of ice water; stir occasionally. Add vanilla to chocolate.
In a large bowl, beat together the butter and sugar until nice and fluffy. Beat in the eggs, one at a time. Blend in the chilled chocolate.
Add in the sifted flour mixture, alternating with the buttermilk – beat batter thoroughly after each addition, until nice and smooth. Pour the cake batter into cake pans.
Bake for 35 minutes, or until center of cake springs back when pressed lightly. Cool on wire rack. When cake is cool, split each round in half and fill with the Chocolate Fudge Filling. Use same filling to frost the whole cake.
Chocolate Fudge Filling
6 squares semisweet chocolate
3 tablespoons butter
7 tablespoons milk
1 teaspoon vanilla
3 cups sifted confectioners’ sugar
In a small saucepan, add the chocolate squares and butter. Cook over low heat until melted.
In a bowl, add the melted chocolate, milk, vanilla and stir until well blended. Add in the confectioners’ sugar and mix until filling is smooth and easily spreadable.
=> Chocolate Fudge Cake Recipe: Chocolate Fudge Sheet Cake
This recipe is a great alternative to a layer cake. This chocolate fudge cake is ready for picnics, potlucks and parties. Better save this recipe because you’ll be asked to make it again and again.
2 cups flour
2 cups sugar
1/2 teaspoon salt
2 sticks butter
1 cup water
3 heaping tablespoons cocoa
2 eggs
1 teaspoon soda
1/2 cup buttermilk
1 teaspoon vanilla
Directions
Preheat oven to 350 degrees.
Grease and flour a 9 x 13-inch baking pan.
Using a sifter, sift the flour into a bowl. Add in the sugar and salt. Resift a second time into the bowl.
In a saucepan, mix together the butter, water and cocoa; bring to a boil. Add warm chocolate mixture to the flour and stir thoroughly.
In a separate bowl, mix together the eggs, baking soda, buttermilk and vanilla. Add to chocolate batter and mix completely until batter is smooth. Pour into cake pan.
Bake for 20 minutes, or until toothpick inserted in middle comes out clean. Frost cake with Chocolate Fudge Frosting.
Chocolate Fudge Frosting
1 stick butter
6 to 8 tablespoons milk
3 tablespoons cocoa
1 box confectioners’ sugar
1 cup chopped pecans or walnuts (optional)
1 teaspoon vanilla
In a saucepan, cook the butter, cocoa and milk over low heat (do not boil). Remove pan from heat and stir in the sugar, nuts and vanilla. Beat with an electric mixer until frosting is smooth.
Pour warm frosting over cake and spread with a knife.
How to Cook Pork Loins, the Best Part of the Pig
Pork loins refer to cuts of meat from above the pig’s rib cage, along both sides of the backbone, and running from the shoulders to the hind legs. This is the tenderest part of the pig, and also the leanest.
When you buy pork loins from the butcher, you will probably need to specify the cut more specifically. “Pork loin” really refers to a wholesale cut; the retail pork loin cuts that a shopper will encounter include pork roasts, pork chops, back ribs, pork rack, pork tenderloin and pork steak, among others.
It’s a matter of subjectivity, but in my opinion, the best tasting pork loin cut is a roast that is cut from the rib end of the pig. It tends to be more marbled than cuts from other locations, and usually juicier and more flavorful.
The main thing to guard against when cooking pork loins is overcooking them. Because they’re relatively lean to begin with, overcooking can dry them out. On the other hand, pork of any kind should always be cooked thoroughly for safety’s sake. There’s a fine balance between too much and too little cooking when you’re dealing with pork!
Fortunately, most of the pork loin recipes that you’ll come across have taken this dilemma into consideration. Usually, if you follow the recipes closely as to cooking time, you will be fine.
Pork loins lend themselves to cooking in so many ways that I can’t begin to cover them all in one article. If you’ve never cooked pork loin before, here’s a basic recipe to get your started on discovering one of the world’s great meat cuts. This is for cooking a pork loin roast, which does require a fairly long cooking time–2 hours.
Aside from the time required, it’s an easy recipe. Don’t let its simplicity fool you; follow the directions carefully and your taste buds will be well pleased.
Ingredients
4 cloves garlic
2 tablespoons dried rosemary
1 teaspoon salt
1 teaspoon coarse-ground black pepper (or more or less, according to taste)
2 pounds boneless pork loin roast
1/3 cup olive oil
2/3 cup cabernet sauvignon or other red wine
Directions
1. Preheat oven to 360 degrees.
2. Mince garlic into a small bowl. Add rosemary, salt and pepper, and mix thoroughly with a fork or a miniature whisk.
3. Use a fork or knife to pierce the pork loin roast in a number of places. Rub the garlic mixture over the meat , being sure to press some of the mixture into the piercings. Brush olive oil over the meat.
4. Place pork loin roast onto a baking dish. Cook for 2 hours, turning at least once during that time. Baste frequently with pan drippings. With about 10 minutes of cooking time left, pour half of the wine over the meat.
5. After the meat is cooked, remove it onto a serving platter.
6. Pour the remaining wine into the baking pan and stir it in with the pan drippings, then pour this liquid over the meat.
How To Make Wine At Home
Making wine at home is not difficult, and it is a very rewarding hobby. In this article, we will go through the equipment needed and all the steps you take to make wine from fruit – grapes, apples, plums, pears, peaches, or whatever fruit you have.
You can also make wine at home from a kit, usually using grape concentrate, but the results are very variable, and it is much more satisfying to make wine from fresh fruit.
You probably thought of home wine making because you have your own fruit, or have been given some, or because fruit is in season in your area and you can get it very cheaply. Making wine is a great way of using fruit when you cannot possibly eat it all, or make all of it into jam, or freeze it all.
I have made wine successfully from many kinds of fruit, including grapes, apples, apricots, plums (many varieties), quinces, pears and peaches. Make sure you discard all rotten or suspect fruit right at the start.
Assuming you have your fruit ready, here are the equipment and supplies you need.
A large food grade plastic tub or stainless steel pot to squeeze or press juice into. Needs to have a lid. An electric juicer (not essential if you can squeeze or press the fruit by hand). A glass fermentation vessel like a jug, carboy or demijohn (also called a ‘jimmyjohn’) with an airlock. These are available at brewing shops. It is usually better to use several smaller vessels (of one gallon capacity) than one large one. A plastic tube for siphoning. Yeast (available in packets at brewing shops and some supermarkets). Sugar.Sterilizing solution or tablets. (Not essential – you can clean equipment with boiling water.)
With this all collected, follow these steps to make your wine.
Get your juice
People starting out with home fruit wine making often wonder how much fruit they actually need. Here is a tip I have found works – you need enough juice to fill the glass fermentation vessel you are using – your carboy or demijohn. Some recipes advocate watering your fruit juice to make up the quantity you need, but never do this. Use pure juice and your wine will be full-flavored and satisfying to drink.
You will either press the fruit, squeeze it by hand or use an electric juicer. If squeezing by hand (soft plums for example) you will need a large stainless steel or plastic container. If you have hard fruit like apples or hard plums, and electric juicer is a good investment if you don’t own one already. You can also cut up the fruit and boil it in a little water to extract the juice, but this degrades the flavor of the final wine. If you have grapes, you can try trampling them with your feet in the traditional manner. Some fruits can be cut up and left to soak for a few days in a little water to extract the flavor and color from the skin.
Some fruit, like apples, throw a tremendous froth after juicing and you will have to siphon the juice out after the froth has risen to the top.
Note that mixed fruit wines are very successful. If you have only a few apricots but a lot of apples, mix the juice to make up your gallon.
Add the sugar
Some fruit juice, like very sweet grape juice, will not need the addition of any sugar. Most other fruit wines will need sugar to be added. I normally add 2 pound of sugar to make up one gallon of fruit juice. If you prefer a drier wine, you can reduce this amount. This is the reason it is better to use several smaller glass vessels when starting with home fruit wine making – you can vary the amount of sugar in each (record this by writing on the carboy with a felt pen); when you eventually come to drink the wines, you will know which style between dry, medium and sweet that you prefer. More sugar also means more food for the yeast, and so more alcoholic wine at the end of the process.
Add the sugar by warming the fruit juice slightly in a stainless steel pan, and stirring in the sugar to dissolve it.
Add the yeast
Sterilize your carboy or demijohn with sterilizing solution, or boiling water. Put the sugared fruit juice into your vessel. Dissolve the powdered yeast in a little warm water and sugar in a cup, and leave it for a few minutes to activate. Then add the yeast to the fruit juice. Put your air lock on the vessel.
Fermentation of the fruit juice should begin soon, and you will see bubbles in the air lock. This means the yeast is converting the sugar to alcohol.
Watch and wait
Put your fermentation vessel in a warm place if possible. Ideally you should leave the wine fermenting for nine months to a year. If you drink it after only a month or two it will taste rough and poor; leaving it for about a year will let it mellow out – this really makes a difference. As fermentation goes on, you will notice a white layer appear at the bottom of the fermentation vessel. This is formed by dead yeast cells. You can ‘rack‘, or siphon the wine into a new vessel, which stops the wine becoming tainted with a yeasty aftertaste. You should do this once a month.
Bottle your wine
If the wine has not clarified, and you want it to be fully clear before bottling, leave the vessel in a very cold place for a week or so, and the clarity should improve.
When the fermentation has stopped (no bubbles coming through the air lock) you can bottle the wine and cork the bottle. Remember to sterilize the bottles and corks before you use them. If you will be making a lot of wine, remember to label all the bottles with details of the fruit, the yeast variety used and date of bottling. If you make a superb batch, you can then try to replicate it in following years.
Drink up!
Few people can resist drinking a bottle at this stage. But most fruit wines are at their best up to two years after bottling, so you can put a few bottles aside until you have some friends round, or have something to celebrate. There’s nothing quite like drinking your own wine, made the way you like it!
How To Bake Butter Cookies
How to Make Plain Butter Cookies:
1)1 1/2 sticks (3/4 cup) unsalted, softened butter
2)2 cups all-purpose flour
3)1/2 tsp baking powder
4)1 large egg
5)1 cup sugar
6)1/2 tsp vanilla
7)1/2 tsp salt
Instructions:
Combine the flour, salt and baking powder in a small bowl and mix it thoroughly.
In another (slightly larger bowl) use a mixer to mix together the butter and sugar. The resulting mixture should be fluffy and pale. It needs to be whisked for some time (6 minutes)
Next, the vanilla and the egg extract must be added. Slowly, add flour to the equation and keep stirring gently
Now the dough to prepare the cookies is ready. Shape the dough with the dimensions of 12 inches long and 2 inch thick. Cover the mixture in a polythene and keep it refrigerated for 4 hours.
Before putting the frozen dough, heat the microwave oven upto 375 degrees Fahrenheit.
From the whole mesh of dough, a heavy knife needs to be used to cut them into cookie shape. The ideal width for cookies can be 1/4 inch thick. Next, they need to be placed on ungreased baking paper and one may garnish them as per need.
The cookies need to be baked till they are or look golden, for approximately 15 minutes. They need to be cooled for approximately 3 minutes
The left over cookie dough can be used to make more cookies or can be wrapped in a polythene cover and can be chilled till 5 days
The cookies can be garnished by chocolates by melting some chocolate pieces and then added after cooling the cookies, as garnishing.
How to Make German Butter Cookies
Ingredients:
1)6 cups flour
2)1/4 tsp. Salt
3)1 1/2 tbsp. Ground cinnamon
4)2 1/4 cup sugar
5)1 lb. Butter, softened
6)1/2 cup fruity white wine, such as riesling
7)3 eggs, 1 slightly beaten
Mix the flour, salt and cinnamon together in a large bowl
Whisk the butter thoroughly with an electric mixer, then 2 cups of sugar should be added and beat, until the mixture is light and fluffy. Both the eggs need to be beaten, one at a time, followed by the dry ingredients and wine.
The dough needs to be divided into 5 equal parts which have to be flattened, wrapped in plastic and put in the refrigerator for a night
The oven needs to be preheated till 350 degrees. Next, the dough needs to be rolled out, on about 1/4″ width floured surface. The dough needs to be cut with cookie cutters and transferred to greased cookie sheets
The remaining dough can be brushed with remaining eggs, sprinkled with a little sugar, and baked in batches, until turn golden. The cookies then need to be transferred to a wire rack and cooled completely. The best time for sampling cookies is one week after baking them.
It is fairly easy to make butter cookies if one has an inclination towards culinaries and has enough time to learn something new.
How to Paint Wine Glasses
Painting wine glasses is really quite simple. It is a project that is possible to complete within a few hours from start to finish. So, if you entertain frequently or you are in need of a quick gift, this is a perfect idea.
Choose whatever type of glass you would like to paint. The wine glass seems to be the most popular, but base it on what type of drinks you and your guest will like to drink. I would recommend finding cheap glassware to start off with. You can progress to the pricier versions when you gain more experience. If you make a mistake, remember it washes off and you may start all over again!
First thing you need to do is wash your glass and swab it off with rubbing alcohol. Try to avoid touching it at this point, as much as is possible while you are painting it. It is a great idea to have the design in mind prior to starting. If you are not a freehand painter, you may use carbon paper or similar products available at your local craft store, to transfer the design to the glass.
Once you complete the painting of your glass, you should allow the piece to air dry for at least 1 hour prior to baking it. Please refer to the instructions on your paint to confirm the proper time frame. There are some paints that require 24 hours of drying time prior to baking. It is important to follow these instructions. Bubbling of the paint may take place if baked before the paint has cured the proper length of time. You do not want your piece to be ruined after you have worked so hard on your project.
Always place your glass pieces in to a cold oven and then begin to preheat it. Once your pieces are finished baking, allow them to cool down completely prior to removing from the oven. These steps are very important to avoid breakage.
Typically, you will either be required to preheat your oven to 350 degrees and bake the glassware for 1/2 and hour, or 300 degrees and bake it for 35 minutes. Each type of paint varies and it is important to read the instructions prior to baking your pieces.
Once you have completed these steps you may begin to use your glasses. They are dishwasher safe if placed on the top rack of the dishwasher. It is recommended that they be washed by hand to preserve their design. That is up to you!
Amy
Are You Looking For Aspen Home Furniture?
Aspen home furniture is universally known as one of the best home furniture manufacturers the world over. The company develops high quality wood products and furniture specially built to provide maximum comfort. They create a variety of products classified according to name selection.
One popular line is the Barolo Collection, which features an exquisitely colored collection of fixtures rooted in Celtic styles. The furniture, consisting of bedroom sets, dining tables, entertainment centers, and more, surely offers a complement to any household. The Centennial Collection has a classic European design and embraces the colors and tones of yesteryear. Many consider this one of the more versatile furniture lines. Another option is the Chambord Collection. This line of Aspen home furniture utilizes classic French design, and provides its line of furniture with a warm cherry finish. Inspiration for the Chateau de Vin Collection lies in the French Louis Philippe style, while the Napa Collection owes much to the Napa wine country’s distinctive looks and tones. The Potomac Collection consists of period piece furniture with urban and rural sensibility, while the Seasons Country Cottage Collection is inspired by seaside living. The Weekender Collection is reminiscent of mountain turf and the Young Classics has an unmistakable American flavor.
A great place to find Aspen home furniture is on the Internet. Key Home Furnishings, headquartered in Oregon, is one of the largest distributors of Aspen products. It offers high-quality customer service, 24-hour service, long warranty coverage, and the lowest prices available online. Most furniture ships free with a purchase of over $999. If you are looking for the best in sofas, sectionals, chairs, or entertainment centers then visit Key Home Furnishings at their official website, KeyHomeFurnishings.com
Keep Firewood Dry With an Easy to Build Firewood Shed
The main reasons to build firewood shed is to protect the wood from the elements of the weather. It gives the wood a chance to dry so it can burn properly. Its best to allow the wood to dry out before stacking but if that is not an option, a firewood shed will help to protect it and let it dry.
Location of the firewood shed is very important. Its best to build it close to the door of your home that you will be using to retrieve the wood. You don’t want to put it far back in the yard, because it will just make it difficult to get to the shed. Trudging through snow or wet grass will just make it not as appealing to have that fire.
When building a firewood shed, you need to have a raised floor to keep the wood from getting damp and wet. It’s very important to have air flow through the stacked wood, to keep it nice and dry. If it gets to wet, the wood will rot and decompose.
When you build a firewood shed, the roof of the shed needs to be slanted, so that the rain or snow flows off the roof away from the wood. The ground around the shed should also have a slant away from the wood, so that the water doesn’t collect on the wood.
Usually, when you build a firewood shed, there are only three sides to the shed. One side is open, to create airflow to the wood, so it can dry properly. When placing the shed, be sure to have the open side not facing where most of the prevailing winds occur. This will keep the wood protected from wind and rain.
When the colder months occur, nothing is more cozy and relaxing to be able to sit by a warm fire. You will be glad you built your firewood shed, when the cold winds are howling outside!
Acid Reflux – What to Drink for It
Some people think ahead, and plan a drink with meals that will help avoid acid reflux. Others Wait, and look for a drink that will relieve acid reflux. Whichever your style, here are a few tips on what to drink for acid reflux.
Acid Reflux – What Not to Drink
There are four beverages you may want to avoid if you have trouble with acid reflux: alcohol, coffee, peppermint tea, and milk.
1. Alcohol: There is some debate about whether or not alcohol causes acid reflux. Some warn against all alcohol, while others caution only against a very dry white wine, which tends to have high acidity. If you have acid reflux on a frequent basis, you may want to experiment as to whether it is worse or better after drinking alcohol.
2. Coffee: There is an ongoing debate as to whether coffee is to blame for acid reflux. People have thought so for many years. In fact, people believed this so strongly that coffee companies finally decided there was a market for a “smoother” coffee that did not cause acid reflux. A relatively recent study by Stanford University researchers, however, found no scientific evidence to support the notion that eliminating coffee gives relief from acid reflux. The study, which appeared in the May 2006 issue of “The Archives of Internal Medicine,” evaluated published medical reports from 1975 to 2004 on heartburn.
3. Peppermint: Many people suggest avoiding products containing peppermint. Peppermint tea, which sounds so soothing, can increase acid reflux. Peppermint appears to permit the passage of acid from stomach to esophagus.
4. Milk: Many doctors agree that drinking milk with meals may cause acid reflux in adults. Non-professionals believe milk neutralizes stomach acid, making it difficult to digest food. The result can be acid reflux.
Acid Reflux – What to Drink
There are a number of drinks you may want to try for acid reflux. Most fall under the category of folk remedy, but many people get relief with them. This information is for educational purposes only, of course. Please seek advice from your physician before drinking any of these.
1. Slippery Elm Bark Tea: Health food stores usually have slippery elm bark tea. Drink the bark tea with your meal to avoid acid reflux. Bark tea coats the esophagus lining, reducing its sensitivity to acid. If you want to make the tea at home, try to purchase the shredded bark. Use the inner part of the bark, and steep it in hot water for your acid reflux tea. This makes a thick beverage, with a consistency similar to runny gelatin. If it is too thick for you, simply add more hot water.
2. Ginger Tea: Ginger tea also is available in health food stores, and is helpful for acid reflux when used either with the meal or immediately following the meal. It is easily made at home. Use 1 teaspoon of freshly grated ginger root, or 1,000 mg of ginger powder. If neither is available, use ground ginger from the spice rack. Steep the ginger in 1 cup boiling water for 5 minutes, and then sip. Ginger is helpful for indigestion and acid reflux, especially if caused by spicy foods.
3. Licorice Tea: Licorice tea is also effective in the battle against acid reflux. Purchase your tea, or make it by placing 1 teaspoon of licorice root in 1 1/4 cups of boiling water. Turn the heat low, and simmer the tea for 10 to 15 minutes in a covered pan. Remove from heat, and stir in 2 teaspoons of dried chamomile. Cover and allow your acid reflux tea to steep for 10 minutes. Strain it before drinking.
CAUTION: NEVER use licorice tea for acid reflux if you have high blood pressure (hypertension).
4. Clove-Ade: If you prefer a cold drink rather than tea, you may get relief from acid reflux by drinking a glass of clove-ade. Simply add a few drops of clove oil to a glass of cold water. Stir, and sip the clove-ade slowly to offset acid reflux.
5. Banana Milk-less Smoothies: Bananas seem to be very effective as an acid reflux fighter. Bananas become a natural antacid in the body. Banana milk-less smoothies are a cool way to use the banana’s ability to fight acid reflux. Start smoothies the night before by placing 1 banana, peeled and cut in pieces, into a freezer container. The next day, put the frozen banana chunks in a blender with 3 cups of soy milk, 1 cup of frozen strawberries, and 1 teaspoon of vanilla extract. Add sugar or other sweetener to taste, and blend until smooth. Sip slowly to relieve acid reflux.
Heartburn, acid reflux, GERD, or indigestion: people have found relief for all of them by abstaining from drinking certain beverages, making a point of drinking other beverages.
Walgreens, CVS, and Rite Aid – What RE Investors Should Know in 2011
Walgreens, CVS or Rite-Aid: Which Tenant Is Best in 2011?
There are 3 major drugstore chains in the US: Walgreens, CVS, and Rite Aid. Below are some key statistics about the 3 major drugstore chains as of July 2010:
Walgreens
ranks #1 with market cap of $29.33 Billion, $66.25 Billion in revenue, and S&P rating of A+. According to Walgreens, 75% US population lives within 3 miles from its stores. On Oct 1, 2009, Walgreens opened its 7000-th store in Brooklyn, New York. In April 2010, it acquired 258 Duane Reade drug stores in New York Metropolitan area.
CVS
ranks #2 with market cap of $42.09 Billion, $99.1 Billion in revenue (CVS revenue alone is less than Walgreens if revenue from its Caremark group is taken out), and S&P rating of BBB+. CVS opened its 7000-th store in Little Canada, Minnesota on October 5, 2009 and currently operates 7025 drug stores..
Rite Aid
ranks #3 with market cap of $869 Million, $25.53 Billion in revenue, 4780 drug stores and S&P rating of B-.
Investors purchase properties occupied by these drugstore chains for the following reasons:
The drugstore business is very recession-insensitive. People need medicine when they are sick, regardless of the state of the economy. Both rich and poor people in the US have access to medicine. Some even argue that low-income people use more medicine due to free or low-cost drugs offered by government-assisted programs. So the tenants should do well during tough time and have money to pay rent to landlords.
The drugstore business has a good prospect in the US:
People are living longer and need more medicine to sustain longevity, e.g. Actonel for osteoporosis, Aricept for Alzheimer’s symptoms. Older people tend to use more medicine than younger ones as they often have more medical problems. As the 78 million baby boomers are getting closer to retiring age starting from 2008, the drugstore chains anticipate the demand for medicine to increase in next 20 years.
The drug market continues to expand as the US population will continue to grow. More and more Americans suffer from various diseases. The number of Americans suffers from seasonal allergies doubled in the last 15 years to 37 million people per Fortune magazine. They spent $5.4 Billion in 2009 for allergy drugs. As their waist lines balloon (75% of Americans are forecasted to be either overweight or obese by 2020), more Americans are diagnosed with diabetes, high cholesterol at younger and younger ages. In addition, doctors also recommend treating various diseases sooner than later due to better understanding about the diseases. For example, doctors now prescribe antiretroviral drugs for patients soon after infected with HIV virus instead of waiting for the infection to become AIDS. More doctors combine insulin with oral medicines to treat type-2 Diabetes instead of just oral medicines alone. All these factors increase the size of the drug market.
Advance in genetic engineering has introduced various new genetic DNA testing kits which allow the genetic diagnosis of vulnerabilities to inherited diseases and disorders. Genetic testing is currently the highest growth segment in the diagnostics industry. Some of these genetic tests will probably transform into direct-to-consumer testing kits available in drug stores in the near future. Upon FDA approval, these new products will potentially bring in additional revenue for drug stores.
The passage of Health Care Reform Bill on March 23, 2010 provides insurance coverage to an estimated 33 million more American. This is a major present to the drugstore industry.
There are new drugs to treat previously untreatable illnesses, and new diseases, e.g. Viagra for men’s unhappiness, Zoloft for depression, Avastin for colon cancer, Herceptin for breast cancer, Nicotine patches for smokers to kick the habit, Tamiflu for a potential bird flu pandemic, vaccine for swine (H1N1) flu pandemic, Tekturna/Rasilez for hypertension and various new drugs for AIDS and Attention Deficit Disorder (ADD). The new medicines are very expensive, e.g. a year’s supply of Avastin costs about $55,000. Eli Lilly has sold about $4.8 billion of Zyprexa in 2007 for schizophrenia and yet most people have never heard of this medicine.
There are existing drugs now approved to treat new illnesses and thus increase their sales revenue. For example, Lyrica was originally intended to treat pain caused by nerve damage in people with diabetes. It is now approved by FDA to treat Fibromyalgia which affects 5.8 million Americans per WebMD.
Big advances in genetics, biology and stem cells research are expected to produce a new class of drugs to treat diabetes, Parkinson’s and various rare genetic disorders. For example the new drug Ilaris from Novartis targets genetic causes of an inherited disorder that there are only 7000 known cases worldwide. However, Novartis hopes to gradually broaden its drugs to a blockbuster drug to more common disorders caused by similar genetics.
Technology and modern life introduce and require new products, e.g. pregnancy test kits, Lamisil for stronger clearer toe nails, Latisse for longer & thicker eyelashes, Premarin for menopausal symptoms, diabetic monitors, electronic toothbrushes, contact lenses, lenses cleaners, diet pills, vitamins, birth-control pills, IUDs, nutrition supplements and Cholesterol-lowering pills (Americans spent nearly $26B in 2006 on Cholesterol medications alone per IMS Health, a Connecticut-based consulting company that monitors pharmaceutical sales.) There are also more surgeries: C-sections, Kidney transplants, open-heart triple by-pass, and breast augmentations. More surgeries mean more medicines are needed such as Vicodin for pain management and Warfarin to prevent blood clots in surgeries.
Before the customers can get to the medicine aisles or pharmacy counters, they have to pass by chocolates, sodas, digital cameras, watches, toys, dolls, beers and wines, cosmetics, video games, flowers, fragrances, and greeting cards. Drug stores hope you use the one-hour photos services and exchange your liquid propane tanks there. The stores also carry seasonal items, e.g. Halloween costumes, and “As Seen on TV” merchandise, e.g. Shamwow. As a result, customers buy more than their prescriptions and medicine in these drugstores. Rite Aid sells more 28,000 non-pharmacy items in its stores while Walgreens has 22,000 different items on store shelves. CVS reported that non-pharmacy sales represented 30% of the company’s total sales in January of 2007. The figure for Walgreens is 34% and 37% for Rite Aid. Many pharmacy locations are in effect convenience stores especially ones that are in residential or rural areas. And so Walgreens hopes that customers also pick up WD-44, and screw drivers at its stores instead of at Home Depot; Thai Jasmine rice, and fish sauce to avoid a trip to Safeway or Kroger Supermarkets. During the recession, sales of these non-drug items are down as customers buy what they need and not what they want. Walgreens tries to reduce the number of items by 4000. It also introduces its own private label which has higher profit margins.
There are more and more generic medications on the market as a number of enormously popular brand-name blockbusters will lose their 20-year long patents, e.g. Lipitor (best selling drug in the world to lower cholesterol) in 2010, Viagra (you know what it’s for) in 2012. Drugstores prefer to sell generic drugs to customers due to higher profit margins than the brand-name medications.
Some people are addicted to pain killers, e.g. Hydrocodone and consume a large amount of medicine, e.g. 30-day dosage in a day to get high. According to testimony from the National Institute on Drug Abuse, US retail pharmacies dispensed nearly 180 million prescriptions in 2007 for opiates, e.g. Hydrocodone. A high percentage of these prescriptions are probably not used for any legitimate medical purposes.
This author estimates that at least 10% of the dispensed prescription drugs are not used at all and sit idle in the medicine cabinets. They are eventually expired and thrown away.
These companies sign very long-term, NNN leases, guaranteed by their corporate assets. This makes the investment in the underlying property fairly low risk, especially for Walgreens with an A+ S&P rating. In fact, these properties are sometimes referred to as investment-grade properties. Once the drugstore chains sign the lease, they pay the rent promptly and timely. This author is not aware of any properties leased by one of these drugstore chains in which the tenants failed to pay rents. Even when the stores are closed due to weak sales (Walgreens closed 119 stores in 2007), these companies may sublease the properties to other companies and continue to pay rents on the master leases.
A typical Walgreens lease consists of 20-25 year primary term plus 8-10 five-year options. During primary term and options, there will be no rent increases in most of the leases. This is the main disadvantage of investing in Walgreens drugstores.
A typical CVS lease consists of 20-25 year primary term plus 4-5 five-year options. The rent is normally flat during the primary term and then there is a 2.5%-10% rent increase in the in each 5-year option.
A typical Rite Aid lease consists of 20-25 year primary term plus 4-8 five-year options. The lease often has a rent increase every 5-10 years.
Investment Risks: Although the pharmacy business in general is recession-insensitive, there are risks involved in your investment:
The main downside about investing in pharmacies is there is little or no rent bump for a long time, e.g. 20-50 years, especially for Walgreens. So the rent is effectively reduced after inflation is factored in. This is one of the main reasons these properties do not appeal to younger investors.
The 3 drugstore chains now have a new formidable competitor, Wal-mart. Wal-mart sells prescription drugs in more than 4000 Wal-mart, Sam’s Club and Neighborhood Market stores in 49 states. The retail giant is known for launching in 2006 a highly-publicized $4 generic prescription drug program which now sells 350 generic medications for a 30-day supply. The actual number of medications is less as the medications with different strengths are counted as different medications. For example, Metformin 500 mg, 850 mg, and 1000 mg are counted as 3 medications. Wal-mart probably makes very little profits on these medications if any. However, the marketing campaign–created by Bill Simon, the President and CEO of Wal-mart US, generates a lot of publicity for Wal-mart. Wal-mart hopes to draw customers to its stores with other prescriptions where it has higher profit margins. In an unscientific survey with just one brand-name prescription of Lyrica, this author finds the lowest price at Costco, the highest price at Walgreens and Wal-mart at the middle. Other drug chains try to counter Wal-mart in different ways. Target now offers the same 350 generic medications for $4 for a 30-day supply. Walgreens has a Prescription drugs club with membership fee which offers 1400 generic medications for as little as $1/week. CVS says it will match any offers from its competitors.
Chief Business Correspondent Rick Newman from US World & News Report predicted that Rite Aid might not survive in 2009. While Rite Aid is still around in 2010, dire predictions continue. The study by Audit Integrity gave Rite Aid about a 10.5 percent chance of filing for bankruptcy in 2010.
Drugs are also sold in thousands of supermarkets, Target stores, and Costco warehouses. However, there are no drive-thru windows at these stores or Walmart to conveniently drop off the prescriptions and pick up medicines. Customers will not be able to pick up their prescriptions during lunch hour or after 7PM at Target stores or supermarkets. They need to have membership to buy medicines at Costco. Others may not fill their prescriptions at Walmart because they don’t want to mingle with typical Walmart customers who are in lower income brackets. And some babyboomers don’t want their prescriptions filled at Target or Walmart because there are no comfortable chairs for them to sit down to wait for their medicines.
Many leases in areas with hurricanes and tornados are NNN leases with the exception of roof and structure. So if the roof is damaged, you will have to pay for the expenses.
The tenant may move to a new location down the road or across the street when the lease expires. This risk is high when the property is located in small town where there is low barrier for entry, i.e. lots of vacant & developable land.
The tenant may ask for rent concession to improve its bottom line. The possibility is higher if the tenant is Rite Aid and if the store has low sales revenue and/or higher than market rent.
More Americans are walking away from their prescriptions, especially the most expensive brand-name medicines. This may have negative impact on the sales revenue and profits of drug stores and consequently may cause drug store closures. According to Wolters Kluwer Pharma Solution, a health-care data company, nearly 1 in 10 new prescriptions for brand-name drugs were abandoned by people with commercial health plans in 2010. This is up 88% compared to 4 years ago just before the recession began. This trend is driven in part by higher and higher co-pays for brand name drugs as employers are shifting more insurance costs to their employees.
Among 3 drugstore chains, Walgreens and CVS pharmacies in general have the best locations-at major intersections while Rite Aid has less than premium locations. Walgreens tends to hire only the top graduates from pharmacy schools while Rite Aid settles with bottom graduates to save costs. When possible all drugstore chains try to fill the prescriptions with generic medications which have higher profit margins
Walgreens: the company was founded in 1901 by Charles Walgreen, Sr. in Chicago. While the company has existed for more than 100 years, most stores are only 5-10 years old. This is the best managed company among the three drugstore chains and also among the most admired public companies in the US. The company has been run by executives with proven track records and hires the top graduates from universities. Due to its superior financial strength–S&P A+ rating– and premium irreplaceable locations, properties with leases from Walgreens get the highest price per square foot and/or the lowest cap rate among the 3 drugstore chains. In addition, Walgreens gets flat rent or very low rent increase for 20 to 60 years. The cap rate is often in the low 6% to 7.5% range in 2009. Investors who buy Walgreens tend to be more mature, i.e. closer to retirement age. They are looking for a safe investment where it’s more important to get the rent check than to get appreciation. They often compare the returns on their Walgreens investment with the lower returns from US treasury bonds or Certificate of Deposits from banks. Walgreens opened many new stores in 2008 and 2009 and thus you see many new Walgreens stores for sale. It will slow down this expansion in 2010 and focus on renovation of existing stores instead
CVS: CVS Corporation was founded in 1963 in Lowell, MA by Stanley Goldstein, Sidney Goldstein, and Ralph Hoagland. The name CVS stands for “Consumer Value Stores”. As of 2009, CVS has about 6300 stores in the US, mostly through acquisitions. In 2004, CVS bought 1,200 Eckerd Drugstores mostly in Texas and Florida. In 2006, CVS bought 700 Savon and Osco drugstores mostly in Southern California. And in 2008 CVS acquired 521 Longs Drugs stores in California, Hawaii, Nevada and Arizona for $2.9B dollars. The acquisition of Long Drugs appears to be a good one as it CVS does not have any stores in Northern CA and Arizona. Besides, the price also included real estate. It is also bought Caremark, the largest pharmaceutical services company and changed the corporation name to CVS Caremark. When CVS bought 1,200 Eckerd stores, it formed a single-entity LLC (Limited Liability Company) to own each Eckerd store. Each LLC signs the lease with the property owner. In the event of a default, the owner can only legally go after the assets of the LLC and not from any other CVS-owned assets. Although the owner loses the guaranty security from CVS corporate assets, this author is not aware of any incident where CVS closes a store and does not pay rent.
Rite-Aid: Rite Aid was founded by Alex Grass (he just passed away on Aug 27, 2009 at the age of 82) and opened its first store in 1962 as “Thrif D Discount Center” in Scranton, Pennsylvania. It officially incorporated as Rite Aid Corporation and went public in 1968. By the time Alex Grass stepped down as the company’s chairman and chief executive officer in 1995, Rite Aid was the nation’s largest drugstore chain in terms of total stores and No. 2 in terms of revenue. His son, Martin Grass, took over but was ousted in 1999 for overstatement of Rite Aid’s earnings in the late 1990s. Rite Aid is now the weakest financially among the 3 drugstore chains. In 2007, Rite-Aid acquired about 1,850 Brooks and Eckerd drugstores, mostly along the East coast to catch up with Walgreens and CVS. In the process, it added a huge long term debt (currently owes over $5.69 Billion) and is the most leveraged drugstore chain based on its market value. The integration of Brooks and Eckerd did not seem to go well. Revenue from some of these stores went down as much as 20% after they change the sign to Rite Aid. In 2009, Rite-Aid had over 4900 stores and over $26 Billion in revenues. The figures went down in 2010 to 4780 stores and $25.53 billion in revenue. On January 21, 2009 Moody’s Investor Services downgraded Rite Aid from “Caa1″ to “Caa2″, eight notches below investment grade. Both ratings are “junk” which indicate very high credit risk. Rite Aid contacted a number of its landlords in 2009 trying to get rent concession to improve the bottom line. In June 2009, Rite Aid successfully completed refinancing $1.9 Billion of its debts. However, it continues to struggle in 2010 as same store sales decreased 2.5% in June, 1.7% in May, 1% in April,.1% in March, 3.2% in February, and 2.1% in January..
Things to consider when invested in a pharmacy
If you are interested in investing in a property leased by drugstore chains, here are a few things you should consider:
If you want a low risk investment, go with Walgreens. In stable or growing areas, the degree of safety is the same whether the property is in California where you get a 6% cap or Texas where you may get a 7.5% cap. So, there is no significant advantage to invest in properties in California as the property value is based primarily on the cap rate. In 2010, the offered cap rate for Walgreens seems to come down from 7.5%-8.4% in 2009 to 6.5%-7.5% for new stores.
If you are willing to take more risk, then go with Rite-Aid. Some properties outside of California may offer up to 10% cap rate in 2010. However, among the 3 drug chains, Rite Aid has 10.5% chance of going under in 2010. Should it declare bankruptcy, Rite Aid has the option to pick and choose which locations to keep open and which locations to terminate the lease. To minimize the risk that the store is shuttered, choose a location with strong sales and low rent to revenue ratio.
Financing should be an important consideration. While the cap rate is lower for Walgreens than Rite Aid, you will be able to get the best rates and terms for Walgreens. A 7.25% cap Walgreens with 5.25% interest rate on the loan will generate more cash flow than a 10% cap Rite Aid with 9% interest rate (if you could find a lender for Rite Aid).
If you are not a conservative investor or risk taker, you may want to consider a CVS pharmacy. It has BBB+ S&P credit rating. Its cap rate is higher than Walgreens but lower than Rite Aid. Some leases may offer better rent bumps. On the other hand, some CVS leases, especially for properties in hurricane areas, e.g. Florida are not truly NNN leases where landlords are responsible for the roof and structure. So make sure you adjust the cap rate down accordingly. Some of the CVS locations have onsite Minuteclinic staffed by registered nurses. Since this clinic idea was introduced recently, it’s not clear having a clinic inside CVS is a plus or minus to the bottom line of the store.
All 3 drugstore chains have similar requirements. They all want highly visible, standalone, rectangular property around 10,000 – 14,500 SF on a 1.5 – 2 acre lot, preferably at a corner with about 75 – 80 parking spaces in a growing and high traffic location. They all require the property to have a drive-thru. Hence, you should avoid purchasing an inline property, i.e. not standalone and property with no drive-thru windows. There is a chance that these drugstores may not want to renew the lease unless the property is located in a densely-populated area with no vacant land nearby. In addition, if you acquire a property that does not meet the new requirements, for example a drive-thru, you may have a problem getting financing as lenders are aware of these requirements.
If the pharmacy is opened 24 hours a day, it is in a better location. Drugstore chains do not open the store 24 hours day unless the location draws customers.
Many properties may have a percentage lease, i.e. the landlord can get additional rent when the store’s annual revenue exceeds a certain figure, e.g. $5M. However, the revenue used to compute percentage rent often excludes a page-long list of items, e.g. wine and sodas, tobacco products, items sold after 10 PM, drugs paid by governmental programs. The excluded sales revenue could account for as much as 70% of store’s gross revenue. As a result, this author has seen only 2 stores in which the landlord is able to collect additional percentage rent. The store with a percentage rent is required to report its monthly sales to the landlord. As an investors, you want to invest in a store with strong gross sales, e.g. over $500 per square foot a year. In addition, you also want to check the rent to revenue ratio. If the figure is in the 2-4% range, the store is likely to be very profitable so the chance the store is shut down is low.
It does not matter how good the tenants are, avoid investing in declining and/or low-income areas or small towns with less than 30,000 residents within 5 miles ring. In a small town, it may be the only drug store in town and captures most of the market share. However, if a competitor opens a new location in the area, revenue may be severely affected. These properties are easy to buy now and hard to sell later. In 2009 where the credit market is tight, you may have problems finding a lender to finance these properties.
Many properties have an existing loan that the buyer must assume. If you have a 1031 exchange, think twice about buying this property. You should clearly understand loan assumption requirements of the lenders before moving forward. Should you fail to assume the existing loan (assuming an existing loan is a lot more difficult than getting a new loan), you may run out of time for a 1031 exchange and may be liable to pay capital gain.
With few exceptions, drugstore chains do not own the stores they occupy for several reasons. Here are just a couple of them:
They know the pharmacy business but don’t know real estate. Stock investors also don’t want Walgreens to become a real estate investment company.
Owning the real estate will require them to carry lots of long term debts which is not a brilliant idea for a publicly-traded company.
About 10% of the drugstore properties for sale and typically CVS pharmacies require very small amount of equity to acquire, e.g. 10% of the purchase price. However, you are required to assume an existing fully-amortized loan with zero cash flow. That is, all of the rent paid by the tenant must be used to pay down the loan. The cap rate may be in the 7% range, and the interest rate on the loan could be attractive in the 5.5% to 6% range. Hence, the investor pays off the loan in 10 to 20 years. However, the investor has no positive cash flow. This requires you to come up with outside cash to pay income tax on the rental profits (the difference between the rent and mortgage interest). The longer you own the property, the more outside cash you will need to pay income taxes as the mortgage interest will get less and less toward the end. So who would buy this kind of property?
The investors who have substantial losses from other properties. By acquiring this zero cash flow property, they may offset the income from the drugstore tenant against the losses from other investment properties. For example, a property has $105,000 of rental profits a year, and the investor also has losses of $100,000 from other investment properties. As a result, the combined taxable profits are only $5,000.
The uninformed investors who fail to consider that they have to raise additional cash to pay income taxes.
Out of the Box Thinking If you put too much weigh on the S&P rating of the tenants, you may end up either taking a lot of risks or passing up good opportunities.
Good location should be the key in your decision on which drug store to invest in. It’s often said a lousy business should do well at a great location while the best tenant will fail at a lousy location. A Walgreens store that is closed down later on (yes, Walgreens closed 119 stores in 2007) is still a bad investment even though Walgreens continues paying rent on time. So you don’t want to blindly invest in a drug store simply because it hasa Walgreens sign on the building.
No company is crazy enough to close a profitable location. It does not take a rocket scientist to understand that a financially-weak company like Rite Aid will make every effort to keep a profitable location open. On the other hand, a financially-strong Walgreens will need justifications to keep an unprofitable location open. So how do you determine if a drug store location is profitable or not if the tenant is not required to disclose its profit & loss statement? The answer is you cannot. However, you can make an educated guess based on store’s annual gross revenue is often reported to the landlord as required by the percentage clause in the lease. With the gross revenue, you can determine the rent to income ratio. The lower the ratio, the more likely the store is profitable. For example, if the annual base rent is $250,000 while the store’s gross revenue is $5M then the rent to income ratio is 5%. As a rule of thumb, it’s hard to make a profit if this ratio is more than 8%. So if you see a Rite Aid with 3% rent to income ratio then you know it’s likely a very profitable location. In the event Rite Aid declares bankruptcy, it will keep this location open and continue paying rent. If you see a Rite Aid drug store with 3% rent to income ratio offering 11% cap, chances are it’s a low risk investment with good returns. The weakness of corporate guaranty from Rite Aid is probably not as critical and the risk of having Rite Aid as a tenant is not really that significant.
Drug stores with new 25 years leases tend to sell at lower cap, e.g. 7-7.5% cap on new stores versus 8.0-8.5% cap on established locations with 8-10 years remaining on the lease. This is because investors are afraid that the tenants may not renew the leases. Unfortunately, lenders also have the same fear! As a result many lenders will not finance drug stores with 2-3 years left on the leases. The fact that drugstores with new leases have a premium on the price means they have potential of 10% depreciation (buying new at 7.3% cap and selling at 8.3% cap when the leases have 10 year left). Some investors will not consider investing in drug stores with 5-10 years left on the lease. They might simply ignore the fact that the established stores may be at irreplaceable locations with very strong sales. Tenants simply have no other choices other than renewing the lease.
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