Grocery-anchored shopping centers : a better retail investment?

Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2011.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.Cataloged from student-submitted PDF version of thesis.Includes bibliographical references (p. 42).A very popular hypothesis of late is that grocery-anchored shopping centers perform better and are less risky than other retail investments. This hypothesis is primarily based on three notions: 1) grocery stores are unique in their ability to attract shoppers on a regular basis, often two to three times a week. This provides a grocery-anchored shopping center with consistent traffic that benefits the in-line tenants; 2) Grocery stores represent a non-cyclical business. People need to eat whether the economy is strong or weak, therefore, grocery-anchored shopping centers can rely on a minimum level of traffic regardless of economic conditions; 3) Many retailers have experienced significant sales leakage to the Internet. This has recently led to the concept of replacing large stores with small showrooms. However, the Internet has not impacted the grocery store business as significantly. Although some grocers have attempted to implement online stores, the model has been difficult to implement and unsuccessful. Therefore, many investors view grocery-anchored shopping centers as a hedge to the threat of online shopping faced by other retailers. These three characteristics have led many core investors to allocate capital to grocery-anchored shopping centers since they are viewed as stable and low-risk investments relative to other real estate alternatives. The purpose of this Thesis is to evaluate the performance of grocery-anchored shopping centers relative to other real estate investments, primarily in terms of asset prices and capitalization rates. This Thesis will attempt to determine whether investors pay more for grocery-anchored shopping centers and whether a potential price premium is warranted based on actual performance. This Thesis will also measure the volatility of grocery-anchored shopping center prices compared to other retail and non-retail investments to help determine the relative risk of these investments.by Adam Schwank.S.M.in Real Estate Developmen

Short‐term macroinvertebrate recruitment and sediment accumulation: A novel field chamber approach

Stream‐deposited sediment is one of the major stressors affecting stream biota. Several methods exist to quantify stream sediment embeddedness, but they are relatively qualitative and operationally defined. The authors developed a short‐term in situ embeddedness chamber method to measure aquatic insect recruitment and associated sediment accumulation in a more quantitative, better replicated manner. With sediment accumulation and aquatic insect recruitment as endpoints, three exposure periods were evaluated (4, 7, and 14 d) on a low‐order stream (Honey Creek, New Carlisle, Ohio, USA) and a medium‐order stream (Stillwater River, Covington, Ohio, USA). Chamber results show significant positive correlations between newly deposited fine sediment and insect recruitment. Embeddedness was also measured using the more conventional techniques of the Burns method and the U.S. Geological Survey National Water Quality Assessment Program method. This in situ chamber method allows for increased experimental options for assessing the stress of embeddedness and siltation on benthic communities and may prove useful for investigating the resilience of benthic communities after disturbances. Environ. Toxicol. Chem. 2012; 31: 1098–1106. © 2012 SETACPeer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/91097/1/1784_ftp.pd

Supraglacial weathering crust dynamics inferred from cryoconite hole hydrology

Water levels in cryoconite holes were monitored at high resolution over a 3-week period on Austre Brøggerbreen (Svalbard). These data were combined with melt and energy balance modelling, providing insights into the evolution of the glacier's near-surface hydrology and confirming that the hydrology of the near-surface, porous ice known as the 'weathering crust' is dynamic and analogous to a shallow-perched aquifer. A positive correlation between radiative forcing of melt and drainage efficiency was found within the weathering crust. This likely resulted from diurnal contraction and dilation of interstitial pore spaces driven by variations in radiative and turbulent fluxes in the surface energy balance, occasionally causing 'sudden drainage events'. A linear decrease in water levels in cryoconite holes was also observed and attributed to cumulative increases in near-surface ice porosity over the measurement period. The transport of particulate matter and microbes between cryoconite holes through the porous weathering crust is shown to be dependent upon weathering crust hydraulics and particle size. Cryoconite holes therefore yield an indication of the hydrological dynamics of the weathering crust and provide long-term storage loci for cryoconite at the glacier surface. This study highlights the importance of the weathering crust as a crucial component of the hydrology, ecology and biogeochemistry of the glacier ecosystem and glacierized regions and demonstrates the utility of cryoconite holes as natural piezometers on glacier surfaces

Effects of burial on leaf litter quality, microbial conditioning and palatability to three shredder taxa

1. Heterotrophic microorganisms are crucial for mineralising leaf litter and rendering it more palatable to leaf-shredding invertebrates. A substantial part of leaf litter entering running waters may be buried in the streambed and thus be exposed to the constraining conditions prevailing in the hyporheic zone. The fate of this buried organic matter and particularly the role of microbial conditioning in this habitat remain largely unexplored. 2. The aim of this study was to determine how the location of leaf litter within the streambed (i.e. at the surface or buried), as well as the leaf litter burial history, may affect the leaf-associated aquatic hyphomycete communities and therefore leaf consumption by invertebrate detritivores. We tested the hypotheses that (i) burial of leaf litter would result in lower decomposition rates associated with changes in microbial assemblages compared with leaf litter at the surface and (ii) altered microbial conditioning of buried leaf litter would lead to decreased quality and palatability to their consumers, translating into lower growth rates of detritivores. 3. These hypotheses were tested experimentally in a second-order stream where leaf-associated microbial communities, as well as leaf litter decomposition rates, elemental composition and toughness, were compared across controlled treatments differing by their location within the streambed. We examined the effects of the diverse conditioning treatments on decaying leaf palatability to consumers through feeding trials on three shredder taxa including a freshwater amphipod, of which we also determined the growth rate. 4. Microbial leaf litter decomposition, fungal biomass and sporulation rates were reduced when leaf litter was buried in the hyporheic zone. While the total species richness of fungal assemblages was similar among treatments, the composition of fungal assemblages was affected by leaf litter burial in sediment. 5. Leaf litter burial markedly affected the food quality (especially P content) of leaf material, probably due to the changes in microbial conditioning. Leaf litter palatability to shredders was highest for leaves exposed at the sediment surface and tended to be negatively related to leaf litter toughness and C⁄P ratio. In addition, burial of leaf litter led to lower amphipod growth rates, which were positively correlated with leaf litter P content. 6. These results emphasise the importance of leaf colonisation by aquatic fungi in the hyporheic zone of headwater streams, where fungal conditioning of leaf litter appears particularly critical for nutrient and energy transfer to higher trophic levels

The curious case of Skokholm: equilibrium, non-equilibrium and a phase shift in an island landbird assemblage

Previous work has indicated that the landbirds of Skokholm island (Wales) are not in equilibrium as defined in MacArthur–Wilson's classic theory of island biogeography. This study takes a new dataset with over six decades of data and investigates equilibrium on Skokholm using cluster analysis to identify periods of turnover stability. The attributes of the identified periods were investigated in relation to the MacArthur–Wilson model using analyses of change in numbers of species, S, from one year to the next and measures of variability in S quantified for each of the periods identified together with a consideration of the dynamics in the numbers of species by habitat groupings. Cluster analysis identified four main periods of which two middle periods appeared to be in equilibrium but with a phase shift in-between. The first and last periods showed non-equilibrium dynamics but plots of species by habitat groupings suggested that this was due to habitat changes going on at those times. This decadal long dataset indicates that the landbirds of Skokholm exhibit periods of both equilibrium and non-equilibrium with the latter attributable to habitat change. The apparent phase shift in the equilibrium number of species was unexpected within the framework of island biogeographic theory and not easily explained using the current MacArthur–Wilson framework. There is a need to integrate the theory of island biogeography with more recent work on alternative stable states, tipping points, and phase (or regime) shifts, together with equilibrium and non-equilibrium dynamics, into a single framework

Plant genotype influences aquatic-terrestrial ecosystem linkages through timing and composition of insect emergence

Terrestrial leaf litter provides aquatic insects with an energy source and habitat structure,and species differences in litter can influence aquatic insect emergence. Emerging insects also provide energy to riparian predators. We hypothesized that plant genetics would influence the composition and timing of emerging insect communities among individual genotypes of Populus angustifolia varying in litter traits. We also compared the composition and timing of emerging insect communities on litter from mixed genotypes of three cross types of a hybridizing cottonwood complex: P. angustifolia, P. fremontii, and their F1 hybrids. Using litter harvested from an experimental common garden, we measured emerging insect community composition, abundance, and production for 12 weeks in large litter packs affixed with emergence traps. Five major findings emerged. (1) In support of the genetic similarity hypothesis, we found that, among P. angustifolia tree genotypes, litter from more closely related genotypes had more similar litter thickness, nitrogen concentrations, decomposition rates, and emerging insect communities. (2) Genetic similarity was not correlated with other litter traits, although the litter fungal community was a strong predictor of emerging insect communities. (3) Litter decomposition rate, which was the strongest predictor of emerging aquatic insect communities, was influenced by litter thickness, litter N, and the litter fungal community. (4) In contrast to strong community composition differences among P. angustifolia genotypes, differences in community composition between P. fremontii and P. angustifolia were only marginally significant, and communities on F1 hybrids were indistinguishable from P. angustifolia despite genetic and litter trait differences. (5) Mixed litter packs muted the genetic effects observed in litter packs con- sisting of single genotypes. These results demonstrate that the genetic structure of riparian forests can affect the composition and timing of aquatic insect emergence. Because many riparian trees are clonal, including P. angustifolia, large clone size is likely to result in patches of genetically structured leaf litter that may influence the timing and composition of insect emergence within watersheds. Riparian restoration efforts incorporating different tree genotypes could also influence the biodiversity of emerging aquatic insects. Our work illustrates the importance of plant genes for community and ecosystem processes in riparian corridors

Early stages of leaf decomposition are mediated by aquatic fungi in the hyporheic zone of woodland streams

1. Leaf litter constitutes the major source of organic matter and energy in woodland stream ecosystems. A substantial part of leaf litter entering running waters may be buried in the streambed as a consequence of flooding and sediment movement. While decomposition of leaf litter in surface waters is relatively well understood, its fate when incorporated into river sediments, as well as the involvement of invertebrate and fungal decomposers in such conditions, remain poorly documented. 2. We tested experimentally the hypotheses that the small interstices of the sediment restrict the access of the largest shredders to buried organic matter without compromising that of aquatic hyphomycetes and that fungal decomposers in the hyporheic zone, at least partly, compensate for the role of invertebrate detritivores in the benthic zone. 3. Alder leaves were introduced in a stream either buried in the sediment (hyporheic), buried after 2 weeks of exposure at the sediment surface (benthic-hyporheic), or exposed at the sediment surface for the entire experiment (benthic). Leaf decomposition was markedly faster on the streambed surface than in the two other treatments (2.1- and 2.8-fold faster than in the benthic-hyporheic and hyporheic treatments, respectively). 4. Fungal assemblages were generally less diverse in the hyporheic habitat with a few species tending to be relatively favoured by such conditions. Both fungal biomass and sporulation rates were reduced in the hyporheic treatment, with the leaves subject to the benthic-hyporheic treatment exhibiting an intermediate pattern. The initial 2-week stage in the benthic habitat shaped the fungal assemblages, even for leaves later subjected to the hyporheic conditions. 5. The abundance and biomass of shredders drastically decreased with burial, except for Leuctra spp., which increased and was by far the most common leaf-associated taxon in the hyporheic zone. Leuctra spp. was one of the rare shredder taxa displaying morphological characteristics that increased performance within the limited space of sediment interstices. 6. The carbon budgets indicated that the relative contributions of the two main decomposers, shredders and fungi, varied considerably depending on the location within the streambed. While the shredder biomass represented almost 50% of the initial carbon transformed after 80 days in the benthic treatment, its contribution was <0.3% in the hyporheic one and 2.0% in the combined benthic-hyporheic treatment. In contrast, mycelial and conidial production in the permanently hyporheic environment accounted for 12% of leaf mass loss, i.e. 2–3 times more than in the two other conditions. These results suggest that the role of fungi is particularly important in the hyporheic zone. 7. Our findings indicate that burial within the substratum reduces the litter breakdown rate by limiting the access of both invertebrate and fungal decomposers to leaves. As a consequence, the hyporheic zone may be an important region of organic matter storage in woodland streams and serve as a fungal inoculum reservoir contributing to further dispersal. Through the temporary retention of litter by burial, the hyporheic zone must play a significant role in the carbon metabolism and overall functioning of headwater stream ecosystems

Differences in the macrozoobenthic fauna colonising empty bivalve shells before and after invasion by Corbicula fluminea

Bivalve shells can potentially alter the structure of aquatic benthic communities. However, little is known about the effect that different shell morphologies have on their associated fauna. This study aimed to understand how empty shells, from four different freshwater bivalve species, affect macrozoobenthic communities, using the River Minho (Iberian Peninsula) as a study area. Three native (Anodonta anatina, Potomida littoralis, Unio delphinus) and one non-indigenous (Corbicula fluminea) species were used for this research. Comparisons among species and between scenarios (i.e. before and after invasion by C. fluminea) were performed. Our results suggest that macrozoobenthic community structure did not vary among treatments, with the exception of species richness, which was higher on shells of native species. Furthermore, little difference was detected when comparing scenarios with and without C. fluminea shells, despite dissimilarities in size and morphology between species. The empty shells of C. fluminea partially (in terms of density and biomass, but not in species richness) replaced the role of empty shells of native species as a physical substratum for the associated macrozoobenthic community.Martina Ilarri is supported by a Post-doc grant (SFRH/BPD/90088/2012) from the Portuguese Foundation for Science and Technology – FCT through POPH/FSE funds. This study was conducted within the scope of the project ECO-IAS: Ecosystem-level impacts of an invasive alien species, supported by FCT and COMPETE funds (contract: PTDC/AAC-AMB/116685/2010) and was also partially supported by the European Regional Development Fund (ERDF) through COMPETE funds (PEst-C/MAR/LA0015/2011) and by FCT/MEC through Portuguese funds (PIDDAC – PEst-OE/BIA/UI4050/2014).info:eu-repo/semantics/publishedVersio