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Seven Must Reads for the CRE Industry Today (April 30, 2021)

Realty Income Corp. is buying net lease REIT VEREIT, reports the Arizona Republic. The CEO of MGM Resorts sees a robust leisure recovery ahead, according to Barron’s. These are among today’s must reads from around the commercial real estate industry.

  1. NYC Will Fully Reopen July 1, Says Mayor Bill de Blasio “Restaurants, gyms, shops, hair salons and arenas will open at full capacity. Smaller theaters could reopen over the summer and Broadway is on track for opening by September. Schools will be back at ‘full strength’ in the fall. New York City has recorded 923,953 coronavirus cases and 32,461 virus-related deaths as of Wednesday.” (CNBC)
  2. Phoenix Real Estate Giant VEREIT to be Acquired, Move Headquarters “Vereit, a Phoenix-based owner of offices, restaurants, stores and other commercial properties, will be acquired by Realty Income Corp. of San Diego, with the companies planning to spin-off nearly all of their office properties. The announcement on Thursday morning means Arizona will lose one of its larger, locally headquartered public corporations as a result, though the combined entity will retain Vereit's current office at 2325 E. Camelback Rd.” (Arizona Republic)
  3. How Biden’s Carried Interest Plan Would Play Out in Net Lease “The net lease sector is bracing itself for the impact of President Biden’s plan to end the tax break for those who earn capital gains of $500,000 or more. ‘The plan, as it stands, would be detrimental to the net lease industry,’ says John Feeney, senior vice president of The Boulder Group. ‘I would say the majority of the exchanges that occur in net lease would fall above that $500,000 limit.’” (
  4. McDonald’s Revenue Tops Pre-Pandemic Levels, Fueled by the Strong U.S. Recovery “McDonald’s on Thursday beat Wall Street’s estimates for its quarterly earnings as net sales topped pre-pandemic levels. On the heels of the strong performance, the fast-food giant raised its outlook for systemwide sales growth. Shares of the company fell less than 1% in premarket trading.” (CNBC)
  5. JPMorgan Chase’s Vincent Toye Talks Changes in the Agency Lending Landscape “Multifamily assets are making a strong new showing in CMBS executions. This was one of the industry trends discussed during “Understanding Agency Lending – How Industry Experts Are Opening New Doors & Expanding Across Key Markets,” an April 8 webinar hosted by Commercial Observer Partner Insights, and presented by JPMorgan Chase.” (Commercial Observer)
  6. MGM Recovery Gains Steam as Loss Narrows. CEO Sees Robust Leisure Demand Ahead. “’In Las Vegas and across our regional properties, our initial recovery has been strong,’ MGM Resorts CEO Bill Hornbuckle told analysts during the company's first-quarter conference call.” (Barron’s)
  7. Atlas Real Estate, DivcoWest Form $1B SFR Joint Venture “Real estate investment firm DivcoWest is investing $250 million in equity in a joint venture with Atlas Real Estate that plans to deploy $1 billion into acquiring and renovating homes for the single-family rental market throughout the Western United States. The JV marks DivcoWest’s entry into the growing SFR market.” (Multi-Housing News)
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