- Blackstone Says It Won’t Force Asset Sales from BREIT “News that New York City–based Blackstone was limiting withdrawals from its $69 billion Blackstone Real Estate Income Trust, also known as BREIT, flooded the financial press last week and led many multifamily executives and analysts to wonder if some of the apartment units that the private REIT collected over the past couple of years might come back on the market.” (Multifamily Dive)
- Non-Traded REIT Math and Unclear Valuations Are Still Bedeveling “The math behind nontraded real estate investment trusts has always been vexing. That’s why this product needs to be regarded with the utmost caution by financial advisers and their clients. The trickiness of the math comes right from the REITs themselves, nowhere else. Confusing fee structures, high commissions and unclear valuations have all troubled nontraded REITs in the past. With the arrival of relative newcomers backed by Wall Street powerhouses, the $70 billion Blackstone Real Estate Income Trust Inc. and the $14.6 billion Starwood Real Estate Income Trust Inc., that bad math was supposed to be a thing of the past.” (Investment News)
- WeWork’s Market Cap Is Now Smaller Than its Much More Straight-Laced Rival as the Market Adjusts to Reality “WeWork had once touted itself as the future of real estate. Now WeWork faces cash crunch as it struggles with dwindling users and expensive long-term leases, watching as its market cap plunged from $2.3B at the start of December to $1.35 billion at the end of trading on Wednesday. WeWork's problems stand in sharp contrast to another company that offered flexible workspaces for decades before WeWork entered the market: Regus.” (Insider)
- 2022 U.S. Seaports Outlook Report “Seaports are a vital economic engine for the U.S., as they help deliver goods to consumers, ship exports overseas and support millions of jobs, thus supporting economic growth. As a result, the volume of goods that pass through each port directly correlates to industrial real estate demand. The major seaports across the country all posted strong results in 2021, despite the challenges posed by moderated demand, rising interest rates, ongoing supply chain issues, and normalized freight markets.” (Colliers)
- Digital Realty Fires CEO Bill Stein and Appoints Andy Power to Replace Him “Mr. Stein’s termination is just one in a years-long trend of firings or abrupt resignations among data center company leadership. Two notable and recent terminations or abrupt resignations include: Steve Smith, CEO of Equinix for 11 years until the mishandling of an employee matter caused his abrupt resignation in January of 2018. Gary Wojtaszek, one-time CEO of CyrusOne, resigned in January of 2020 leading to a spate of changes in C-suite leadership for the firm.” (Data Center Knowledge)
- N.Y.C. Community Boards Usually Oppose New Housing. Not This One. “Few obstacles to new housing loom as large as powerful neighbors who dislike the idea of new construction. And few residents can be quite as loud or influential as New York City’s community boards, which have a reputation for giving priority to a neighborhood’s character and pushing back on new development. With the city confronting a staggering housing crisis, however, one community board is pursuing an unusual path: calling for the development of nearly 23,000 new homes, including roughly 1,400 affordable to lower-income New Yorkers, in its Manhattan neighborhoods.” (The New York Times)
- Fifth Wall SPAC Taking Garage Owner Public “The SPAC boom might have gone bust, but the back door to the stock market is still open, and an owner of dozens of parking real estate assets is using it to go public. Mobile Infrastructure Corp., which changed its name from The Parking REIT last year, has agreed to merge with one of proptech venture capital firm Fifth Wall's special-purpose acquisition companies, the companies announced Wednesday.” (Bisnow)
- 627 Days, Just for the Permit: This Data Shows the Staggering Timeline to Build Homes in S.F. “The typical applicant waits more than 600 days to obtain a building permit.” (San Francisco Chronicle)
- Denver Building Owners Brace for New Recycling, Compost Rules “A new initiative in Denver requires building owners to provide recycling and composting for their tenants, offering residents of the eco-conscious city an easier path to disposing of their waste, but causing headaches for landlords that have to incorporate new processes into their properties. Initiated Ordinance 306, also called the Waste No More Initiative, represents a shift for the city and county of Denver. What might sound like a simple change on the surface is actually quite complicated, local CRE experts say, especially for owners of older buildings or those located in tight quarters downtown, and implementation will be complex.” (Bisnow)
- Malls Welcomed Dogs. But the Results Have Been Ruff. “Weston’s human staff carried on with their shopping after his accident. The family posed for a photo with Santa and then lingered as shoppers came over to pet the 80-pound animal. ‘If anyone’s nervous, he’ll win them over,’ Mr. Marshall predicted. ‘He’s a very social dog. He’s thinking, ‘I want to introduce myself to all these people.’ That’s what is going through his doggie brain.’ Pacific Retail Capital Partners, which operates 22 malls in 12 states, has six pet-friendly centers and plans for another next year, said Najla Kayyem, its executive vice president of marketing.” (The Wall Street Journal)
0 comments
Hide comments
