10 Must Reads for the CRE Industry Today (December 8, 2014)

10 Must Reads for the CRE Industry Today (December 8, 2014)

 

  1. REITs to Depart the Financial Sector “Real estate investment trusts are leaving the financial sector in 2016. And they will be taking a chunk of the sector’s dividend yield with them. In order to qualify as a REIT, a company must earn at least 75% of its income from real estate properties through rents or interest paid on mortgages. REITs have a hearty yield, because they are required to pay at least 90% of their taxable income in dividends each year.” (Barron’s)
  2. Stonehenge Merges with SL Green “Stonehenge Partners has merged with SL Green Realty Corp. Referring to the move as a ‘strategic transition,’ SL Green will acquire the interests in the Stonehenge portfolio held through entities affiliated with Joel Seiden. In addition, Ofer Yardeni, chairman and CEO of Stonehenge, has agreed to acquire all of Joel Seiden’s interest in the Stonehenge management platform as Seiden has decided to step down as co-chairman.” (GlobeSt.com)
  3. Hudson Pacific to buy California properties in $3.5 bln deal “Hudson Pacific Properties Inc will buy a portfolio of office buildings in California from Blackstone Group LP in a $3.5 billion stock-and-cash deal that is larger than Hudson's market value. The deal will more than double Hudson's portfolio to 53 properties totaling 14.6 million square feet across northern and southern California and the Pacific Northwest.” (Reuters)
  4. McDonald’s Sales Tanking Everywhere “Monday morning announced same-store sales for November, and it is hard to figure how the news could be worse. U.S. sales were down 4.6% year-over-year for the month, European sales were down 2.0% and Asia/Pacific, Middle East and Africa (APMEA) sales were down 4.0%. Worldwide same-store sales were down 2.2%.” (247WallSt.com)
  5. Wanda Commercial Draws $2 Billion Cornerstone Investments in IPO “Dalian Wanda Commercial Properties Co., the Chinese developer controlled by billionaire Wang Jianlin, drew $1.99 billion of commitments for its initial public offering from cornerstone investors including Kuwait’s sovereign wealth fund and Och-Ziff Capital Management Group LLC. Kuwait Investment Authority and China Life Insurance Co. each pledged to invest $300 million in the IPO, while Och-Ziff will buy $250 million of stock, according to terms for the deal obtained by Bloomberg News. Cornerstone investors will account for at least 52 percent of Wanda Commercial’s offering, which could raise as much as $3.84 billion.” (Bloomberg)
  6. Sears posts $548 million loss, plans to close 235 stores “Sears Holdings is racking up big numbers — when it comes to losses, store closings and receding business, that is. The cash-strapped owner of Sears and Kmart said it is now aiming to close a total of 235 stores this year, up from an earlier target of 130, as it scrambles to stem a growing cash bleed.” (The New York Post)
  7. Arcadia Realty Trust acquires street retail flagship on Chicago’s Mag Mile “Acadia Realty Trust announced the core-portfolio acquisition of an 88.4% interest in 840 N Michigan Ave, an 87,000 square foot, four-story street-retail property located in Chicago, Illinois, for $144.3 million.” (REJournals.com)
  8. "No Justice, No Christmas": Protesters Disrupt Holiday Shopping “Protesters took to the streets of NYC yesterday for the fifth straight night since a Staten Island grand jury declined to indict NYPD officer Daniel Pantaleo for the death of Eric Garner, provoking widespread outrage across the nation. The turnout was smaller than last week's demonstrations, but the tighter group of 300 protesters seemed better suited for last night's objective: disrupting holiday shopping at midtown department stores.” (Gothamist)
  9. Now, at last, the Old Main Post Office might find a real savior “Reality finally caught up with Bill Davies—and that's a good thing. As my colleague Ryan Ori reported yesterday, the eccentric British developer is looking to sell Chicago's Old Main Post Office, a vacant 2.7 million-square-foot structure straddling the Eisenhower Expressway at the western edge of downtown. Davies acquired the mammoth building in 2009 for $24 million.” (Crain’s Chicago Business)
  10. Ho, ho, go! Aeropostale closing 75 stores during holiday season “Aeropostale is picking up its pace of store closings, just in time for the holiday shopping season. The troubled clothing retailer announced late Wednesday that it plans to close 75 of its store in its fiscal fourth quarter, which runs from November through January. Even stores slated for January closings are likely to go through store closing sales with limited inventories rather than the typical holiday promotions before Christmas.” (CNN Money)
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