- NMHC Rent Payment Tracker Finds 87.6 Percent of Apartment Households Paid Rent as of July 13 “The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 87.6 percent of apartment households made a full or partial rent payment by July 13 in its survey of 11.4 million units of professionally managed apartment units across the country.” (National Multifamily Housing Council)
- As Virus-Wary Shoppers Opt for Online Purchases, Retailers Pay the Price “Online sales may be a saving grace for pandemic-battered retailers with fewer shoppers in their stores. But many retailers, from department store chain Macy’s Inc to essential retailer Target Corp, are grappling with higher expenses related to e-commerce.” (Reuters)
- CMBS 2.0 Hotel, Retail Loans Spur Rise in Delinquencies “Driven by cash flow disruptions among retail and hotel properties, CMBS delinquencies more than doubled in June to 5.8 percent and could potentially more than double again within two months, according to Moody’s Investors Service.” (Commercial Property Executive)
- J.C. Penney Shares Soar After Announcing 152 Store Closures and 1,000 Job Cuts “Shares of bankrupt department store retailer J.C. Penney Co. Inc. soared 16.6% in Wednesday trading after it announced a company restructuring that includes 152 store closures and a headcount reduction of 1,000 workers across corporate roles, management and internationally.” (MarketWatch)
- Triple Five Faces Big Covid-19 Woes, but Analysts Say Don’t Write It Off “The landlord of Mall of America and American Dream has some advantages in its favor.” (Wall Street Journal, subscription required)
- FSOC to Evaluate Risks Posed by the Secondary Mortgage Market “The Financial Stability Oversight Council said Tuesday that it will begin a review of the secondary mortgage market. The evaluation will determine what risks activities in the secondary mortgage market pose to the stability of the broader financial system.” (MarketWatch)
- AOC Blasts Hospitality REITs for Seeking Federal Aid to Pay Dividend “Congresswoman criticized companies for laying off workers while paying out shareholder dividends” (The Real Deal)
- Simon Property Group Sics the Lawyers on Deadbeat Tenants “On Tuesday, the country’s biggest retail real estate investment trust filed a lawsuit against Eddie Bauer, seeking to recover $6.2 million in missed rent payments.” (The Real Deal)
- Amazon's Upcoming Supermarket Could Be the First Step in an Ambitious Plan to Change the Way We Grocery Shop — Here's What We Know About it So Far “Amazon is making an even bigger leap into the grocery business by opening a new supermarket later this year.” (Business Insider)
- Walmart Becomes Largest Retailer To Require Masks In Its Stores “Walmart will require customers to wear face coverings at all of its namesake and Sam’s Club stores, making it the largest retailer to introduce such a policy that has otherwise proven difficult to enforce without state and federal requirements.” (Talking Points Memo)
- Kushner Won't Divest from Real Estate Tech Startup: Report “Senior White House adviser Jared Kushner has reportedly halted his plans to divest from a tech startup that he co-founded.” (The Hill)
- Chipotle Pushes Hiring as It Adds Drive-Through Lanes for Digital Orders “Chipotle Mexican Grill Inc. said it is adding as many as 10,000 employees as it opens more stores with drive-through lanes for digital orders, another example of how restaurants are adjusting to changes in customer behavior tied to the Covid-19 pandemic.” (Wall Street Journal, subscription required)
- Caltrain Might Have to Shut Down After Supervisors Scuttle Sales Tax Measure “Caltrain, faced with financial ruin as it runs a near-empty commuter rail line along the Peninsula, may have to shut down altogether.” (San Francisco Chronicle, subscription required)
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