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11 Must Reads for the CRE Industry Today (May 6, 2021)

In the third large REIT merger announced in the past month, Equity Commonwealth has agreed to buy industrial REIT Monmouth for $3.4 billion. A federal judge has struck down the national eviction moratorium, reports CNBC. These are among today’s must reads from around the commercial real estate industry.

  1. Equity Commonwealth to Buy Industrial REIT Monmouth for $3.4B “Under the terms of the agreement, Monmouth shareholders will receive 0.67 shares of Equity Commonwealth stock for every share of Monmouth stock they own. Based on the closing price for Equity Commonwealth on May 4, 2021, this represents approximately $19.40 per Monmouth share.” (
  2. Federal judge overturns national eviction ban “Federal Judge Dabney Friedrich struck down on Wednesday the national eviction moratorium, potentially leaving millions of Americans at risk of losing their homes two months earlier than expected.” (CNBC)
  3. San Francisco and Los Angeles set to reopen further, after wildly divergent paths “California’s signature cities met infection and vaccine thresholds to allow indoor bars to welcome people again, larger crowds to cheer on Major League Baseball’s Dodgers and Giants, and expanded capacity at restaurants, movie theaters, amusement parks, gyms and other establishments. It’s a remarkable turnaround for LA considering it was ground zero for infections and deaths when California was the nation’s epicenter of the virus outbreak just a few months ago.” (Marketwatch)
  4. CMBS Market Musings: Trophy Asset and Transitional Loan Transactions Thrive “The market seems more concerned with potential for rising inflation, interest rates and taxes, which is perhaps a welcome mental break from global pandemic concerns. The private-label CMBS market remains a mixed bag, showing signs of a K-shaped recovery in the second quarter with delinquency and default numbers trending down now for nine consecutive months.” (Mortgage Bankers Association)
  5. KPMG UK staff to work in office only two days a week after pandemic “Under the new initiative, which the company has called the ‘four-day fortnight’, staff will spend the remaining days working either from home or client sites. In addition, over the summer, staff will also be given an extra 2.5 hours off each week ‘to give people time away from work and to re-energise’. All staff will be given an extra day off on 21 June, the date the government plans to end all social distancing restrictions which many see as marking the end of the pandemic.” (The Guardian)
  6. KFC looks to hire 20,000 workers as restaurant industry faces labor crunch “The labor crunch is felt further up the supply chain as well, putting pressure on ingredients like chickens. Consumers, on the other hand, are returning to eateries, eager to spend their extra cash from government coronavirus stimulus checks as states reopen their economies. KFC, for example, reported 14% U.S. same-store sales growth for the first quarter.” (CNBC)
  7. To Save Penn Station, New York Wants to Build 10 Skyscrapers “At the center, the universally disliked rail station — North America’s busiest train hub — would be brought into the modern age with a sleek, expanded redesign and additional tracks and platforms. Before the coronavirus pandemic the transit hub served 600,000 daily riders on subways, commuter lines and Amtrak trains that crisscross beneath Madison Square Garden.” (The New York Times)
  8. Krispy Kreme eyes new dough with confidential IPO filing “Krispy Kreme said on Tuesday it had confidentially filed with U.S. regulators for an initial public offering, a move that would result in the doughnut chain's return to the stock market five years after it was taken private. The company first went public in 2000, but it had to file for Chapter 11 bankruptcy following financial restatements, investigations into its accounting practices and a plunge in sales at some of its franchisees.” (Reuters)
  9. Five Guys has opened its first ghost kitchen, which only cooks food for delivery, as digital demand continues “Diners can get food from the Garland, Texas, location only if they order takeout on Five Guys' website or app or via a third-party delivery service like DoorDash, Grubhub, or Uber Eats. The location is managed by Encore Restaurants, Five Guys' largest franchisee in the US.” (Insider)
  10. Brookfield gives three malls back to banks “The Bayshore Call in Eureka, Calif., the Florence Mall in Florence, Ky., and the Pierre Bossier Mall in Bossier City, La., are all back in the hands of their lenders. They totaled a combined $175 million of mortgage debt.” (Chain Store Age)
  11. Broadway Is Reopening. But Not Until September. “Why the four-month wait? With as many as eight shows a week to fill, and the tourists who make up an important part of their customer base yet to return, producers need time to advertise and market. They need to reassemble and rehearse casts who have been out of work for more than a year. And they need to sort out and negotiate safety protocols.” (The New York Times)
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