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11 Must Reads for Real Estate Investors (Aug. 28, 2023)

Kimco Realty announced it has reached an agreement to purchase RPT Realty in an all-stock deal valued at $2 billion. Wall Street funds that backed WeWork are discussing how to handle the firm’s potential bankruptcy, reports The Wall Street Journal. These are among the must reads from around the real estate investment to kick off the new week.

  1. Kimco to acquire RPT Realty in $2 billion all-stock deal “The acquisition of RPT Realty, whose tenants include TJ Maxx stores, Dollar Tree and Ross Stores, adds to Kimco's portfolio of grocery-anchored shopping centers in the U.S.” (Reuters)
  2. Wall Street Funds Discuss Potential Bankruptcy Plan for WeWork “After WeWork raised doubts about its ability to stay in business a few weeks ago, fund managers including BlackRock, King Street Capital and Brigade Capital are holding preliminary talks about the company’s restructuring options and indicated that they would support a plan for WeWork to file for chapter 11 bankruptcy, the people said.” (The Wall Street Journal)
  3. How the ‘urban doom loop’ could pose the next economic threat “Ever since the pandemic drove a boom in remote work, hubs such as New York and San Francisco have drawn attention for their empty offices in previously bustling skyscrapers. But many economists are even more worried about midsize cities that have fewer ways to offset the blow when a major company slashes office space, the sale price of a building craters, or a downtown turns into a ghost town.” (The Washington Post)
  4. After $9.6B Sale, What’s Next for Subway’s Footprint? “Isner said the CPI for food away from home remains high and Subway has managed to keep its prices at a competitive level and could benefit from value-conscious diners in an uncertain economic climate. But he also noted that much of the QSR sector’s popularity post-COVID has been via drive-thrus.” (Commercial Property Executive)
  5. New Bill Expands REIT Pass-Through Deduction to BDCs “New legislation, the Small Business Investor Tax Parity Act of 2023, expands the 199a deduction available to real estate investment trusts, or REITs, to business development companies.” (Think Advisor)
  6. Blackstone Selling 22% Stake in Bellagio to Cash In on Las Vegas Rebound “The increase in the Bellagio’s value reflects the rebound of Las Vegas since the depths of the pandemic. Last year, visitor volume was 38.8 million, up from 32.2 million in 2021, although still below 42.5 million in 2019, according to the Las Vegas Convention and Visitors Authority.” (The Wall Street Journal)
  7. How Co-Living Is Reshaping Urban Housing “One of the main reasons why the co-living concept is becoming increasingly popular is its affordability. This is particularly significant in expensive city areas where housing costs are skyrocketing.” (Multi-Housing News)
  8. Commercial real estate should not be a deciding factor in return-to-office: Yale’s Joanne Lipman (CNBC)
  9. Quintin Primo says real estate should cough up transfer tax hike “The bulk of Chicago’s real estate community is opposed to Mayor Brandon Johnson’s newly proposed property transfer tax plan, yet one of the city’s biggest players is in favor of the policy, arguing the industry should play a direct role in addressing the issue by paying the charge.” (The Real Deal)
  10. Private Funds Exhale Over SEC Rule Despite Big Compliance Costs “The SEC adopted, by a 3-2 vote Wednesday, regulations aimed at increasing transparency in the multi-trillion-dollar private fund industry. But the agency eased—and in some cases abandoned—some of the most contentious parts of its initial proposal.” (Bloomberg Law)
  11. Can NYC’s Office-to-Multifamily Plan Ease the Affordability Crisis? “The initial response from industry experts, developers and housing advocates has been largely positive, but those stakeholders have also identified hurdles that could derail the initiative’s goals.” (Multi-Housing News)
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