- Fannie, Freddie May Soon Buy Home Loans in Forbearance to Help Mortgage Firms “A top U.S. regulator is considering taking steps to ease strains on mortgage companies facing a cash crunch as millions of Americans struggling with fallout from the coronavirus suspend their monthly payments, according to people familiar with the matter. The Federal Housing Finance Agency is weighing whether to allow Fannie Mae and Freddie Mac, the government-controlled mortgage-finance giants, to buy home loans that recently entered forbearance, meaning borrowers have stopped making payments, the people said.” (Wall Street Journal, subscription required)
- Pandemic’s Costs Stagger the Nursing Home Industry “Even before they became deadly petri dishes for the worst pandemic in generations, many nursing homes were struggling to stay afloat and provide quality care. But since the start of the coronavirus outbreak, nursing home operators have had to spend more money on protective equipment for staff and technology to connect residents with relatives who are no longer allowed to visit.” (The New York Times)
- Blackstone and Starwood Capital Check In to Extended Stay America “Extended Stay said it hasn’t closed any of its properties during the pandemic. This resilience attracted Blackstone Group’s interest in mid-March, when it purchased a 4.9% stake in the company at an average price of $6.50 a share, according to people familiar with the matter. The purchases came during a recent period when Blackstone spent more than $1 billion acquiring shares of publicly traded real estate-related companies, these people said.” (Wall Street Journal, subscription required)
- Trump (the Company) Asks Trump (the Administration) for Rent Relief “President Trump’s signature hotel in the nation’s capital wants a break on its rent. The landlord determining the fate of the request is Mr. Trump’s own administration. Trump International Hotel, just a few blocks from the White House, had been a favored gathering place for lobbyists, foreign dignitaries and others hoping to score points with the president. But like most hotels, it is now nearly empty and looking to cut costs because of the coronavirus pandemic.” (The New York Times)
- Standalone ERs Could Get Money During COVID-19 Crisis, But the Neediest Patients Are Less Likely to Benefit “Freestanding emergency centers in Texas could soon get federal taxpayer dollars to care for patients during the coronavirus pandemic as part of an effort to bring more medical care to rural, low-income and other underserved communities, The Dallas Morning News has learned. But most of these residents are unlikely to benefit because few of the facilities are located in their neighborhoods, a News analysis found.” (Dallas Morning News)
- An Oregon Man Said His Property Manager Illegally Searched an IRS System to See If His Tenants Received Stimulus Checks “A man in Forest Grove, Oregon said his property manager used an Internal Revenue System (IRS) system to determine whether he and other tenants had received their government stimulus checks. The messages between Goodrich and who he described as his property manager went viral on Twitter when they were shared on by Joshua Browder, the CEO of DoNotPay, a company that offers a chatbot to virtually offer legal assistance through an app.” (Business Insider)
- Vornado’s CEO to Take 50% of Base Salary Cut for Rest of 2020; Base Salary Was 7.7% of 2019’s Total Compensation “Vornado Realty Trust, the real estate investment trust that owns office, retail and merchandise properties, disclosed Monday that Chief Executive Steven Roth has waved 50% of his ‘annual base salary,’ effective April 1 through the end of 2020, in response to the impact on its business from the COVID-19 pandemic. To put that pay cut in context, the company said in its 2019 Proxy Statement, that was filed to the Securities and Exchange Commission on April 3, that Roth's base salary in 2019 was $880,003, and represented 7.7% of his total compensation of $11.47 million.” (MarketWatch)
- CRE Lenders Might Not Like How Bankruptcy Courts Treat Them During the Coronavirus “With a host of commercial real estate owners likely to declare chapter 11 bankruptcy as a result of the coronavirus pandemic, organizations that lend to these companies should keep one thing in mind: bankruptcy court judges are aware of the unprecedented economic damage of COVID-19—and they handle cases as such. In good times and bad, there are many ways a commercial real estate owner might end up in bankruptcy—loss of a major tenant, inability to lease a property in the time period originally projected, construction delays, construction cost overruns, etc.” (GlobeSt.com)
- Falling Oil Prices Could Squeeze Top Energy Markets “Following last month’s crash, the price of U.S. oil plummeted to a historic low on Monday, dipping into negative numbers for the first time ever and threatening to cause a big shakeup in office markets like Houston, where oil and gas occupiers account for nearly half of all office leasing activity. Prices plummeted to $-37.63 late Monday afternoon, caused in part by the lack of demand for oil from consumers, airline travel and manufacturing as a result of the novel coronavirus pandemic.” (Commercial Property Executive)
- Mall of America to Celebrate 50th Earth Day Digitally “The nation’s largest mall had planned to celebrate the 50th Earth Day on April 22 with a schedule of events at the 6 million-sq.-ft. property. Instead, it will connect with folks—especially kids—digitally. Mall of American has partnered with a Minnesota nonprofit called Spark-Y to provide slate of educational programs concerned with environmental problems and solutions.” (Chain Store Age)
- A Wave of ‘Dark Stores’ Could Open Across the U.S. as Governments Lift Restrictions on Non-Essential Businesses “As US officials weigh lifting social distancing measures, some governments are easing restrictions by allowing nonessential businesses to reopen as ‘dark’ stores that provide service only through drive-thrus, curbside pickup, or delivery. This means florists, clothing stores, furniture outlets, and other nonessential businesses can reopen as long as they don't allow customers inside their stores. Shoppers must instead order items online for curbside pickup or delivery.” (Business Insider)
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