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11 Must Reads for the CRE Industry Today (May 28, 2020)

The United States is facing a wave of evictions as government relief payments and legal protections run out for millions of out-of-work Americans, according to the The New York Times. The U.S. division of bakery chain Le Pain Quotidien filed for bankruptcy, reports the Wall Street Journal. These are among today's must reads from around the commercial real estate industry.

  1. The Covid-19 ‘Great Reset’ Scrambles Senior Housing Status Quo “The Covid-19 pandemic has sparked what one analyst is calling a “Great Reset” — and the result has been topsy-turvy for the senior living industry.” (Senior Housing News)
  2. Trump Tower’s 2010 Profits Magically Grew By $3 Million In New Loan Filings “One set of reports listed the tower’s 2010 profits as $13.3 million; a second put them at $16.1 million. That helped the Trump Organization borrow $73 million more than it had before.” (ProPublica)
  3. An ‘Avalanche of Evictions’ Could Be Bearing Down on America’s Renters “The economic downturn is shaping up to be particularly devastating for renters, who are more likely to be lower-income and work hourly jobs cut during the pandemic.” (The New York Times)
  4. Chattanooga-based CBL Sees Impact of Coronavirus on Mall Properties, Rent Collections “Shopping center operator CBL Properties reported Tuesday it received just 27% of billed cash rents for April and its May collection rate likely will be in the 25% to 30% range amid closings during the coronavirus outbreak.” (Chattanooga Times Free Press)
  5. Disney Plans to Reopen Walt Disney World Starting on July 11 “Walt Disney Co (DIS.N) plans to reopen the world’s largest theme park, Walt Disney World, in phases beginning on July 11, if the governor of Florida approves.” (Reuters)
  6. Le Pain Quotidien’s U.S. Restaurants File for Bankruptcy “The U.S. division of bakery chain Le Pain Quotidien filed for bankruptcy protection as pandemic restrictions continue to wreak havoc on fast-casual dining chains.” (Wall Street Journal, subscription required)
  7. San Francisco Plans to Offer Sidewalks, Streets, Public Spaces for Business Activity “San Francisco merchants battered by the coronavirus pandemic will soon be able to apply for free, fast-tracked permits to use portions of outdoor public spaces — sidewalks, streets, parks and plazas — for business activities.” (San Francisco Chronicle, subscription required)
  8. Proposed Bill in California Could Devastate Commercial Landlords “A California bill born out of the COVID-19 pandemic, which would have major impacts on the state’s landlords and tenants, is one step closer to the floor of the Senate.” (Mortgage Professional America)
  9. Tuesday Morning Files for Chapter 11 Bankruptcy, Plans to Close 230 Stores “Tuesday Morning Corp. has filed for Chapter 11 bankruptcy protection. The Dallas-based retailer says the actions are in response to “the immense strain the COVID-19 pandemic and related store closures have put on the business.” (RE Business Online)
  10. The Market For Flexible Rentals Sees Unprecedented Surge “As uncertainty rules in real estate, one segment that has been seeing growth is the market for short-term rentals.” (Forbes)
  11. Coronavirus Isn’t Keeping Florida Crowds From SpaceX Launch “Many beachside hotels along the state’s Space Coast were already at full capacity before Wednesday’s scheduled launch, a local tourism executive said.” (The New York Times)
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