- Business Leaders Feel Sidelined in New York City’s Recovery “Mr. Rechler was one of more than 160 business leaders who signed an open letter last month warning of deteriorating conditions in the city and growing anxiety over public safety, cleanliness and other quality-of-life issues. They urged the mayor to restore some essential services like garbage pickups and graffiti removal that had been reduced or eliminated from the city’s most recent budget.” (The Wall Street Journal)
- How the Property Industry Can Repay Its Debt to African American Communities “The plain truth is that the property industry is still an unfair and racist institution. Despite the good intentions of so many of us, there are inherent flaws in our systems and our businesses, that are perpetuating an unfair system that is keeping so many people of color marginalized. These lingering economic problems are one of the main reasons that, despite all of the support for the Black Lives Matter movement has been able to create, we are still dealing with so much racial unrest.” (Propmodo.com)
- Regal Cinemas Suspending Operations at All U.S. Locations “Cineworld Group PLC’s Regal Entertainment Group’s decision to suspend operations at its more than 500 locations this coming Thursday follows a cascade of postponements for big-budget Hollywood films, most recently the James Bond title ‘No Time to Die.’” (The Wall Street Journal)
- Ashford Hospitality completes $1.2 billion of forbearance pacts with lenders “Ashford Hospitality is a Dallas-based hotel company that received — then returned — one of the largest loans from a federal coronavirus relief program.” (Dallas Business Journal)
- LIHTCs Are Flush With Cash and on the Mend “Rental income for LIHTCs spiked last year, as it did in 2018, which prompted increased spending on operating expenses, ‘in many cases likely allowing LIHTC properties to catch up on previously deferred expenditures,’ according to a newly released report by Novogradac.” (GlobeSt.com)
- REIT Activism Trends To Expect In The Wake Of COVID-19 “Even before the emergence of the COVID-19 pandemic, shareholder activism had become a mainstay of public company life in the real estate investment trust world. But in the wake of the pandemic, which upended business as usual in a number of REIT sectors, we expect shareholder activism to accelerate as the dust settles.” (Law360.com)
- The Blind Spot in CRE: Seeing It Will Retain Tenants "Here’s what’s at the root of the problem: Asset teams still assume they know what’s best for their buildings. And when they don’t know, they turn to brokers for answers."(CPE)
- Private Equity Could Still Pounce on Skilled Nursing Post-Pandemic — But with a Closer Eye on Operations “The interest of private equity investment in SNFs had come up on earnings calls held by the major health care REITs, with LTC Properties CEO Wendy Simpson noting in the spring of last year that closing transactions in the senior housing and care sector was becoming difficult ‘as private equity continues to pour money into the marketplace at what we believe are unreasonable valuations and risks.’”(Skilled Nursing News)
- CRE Risks Becoming Irrelevant To The Next Generation Of Talented Staff “Not only are available jobs unappealing, but the skills, culture and existing working practices of current CRE employees are outdated, according to a new report by Deloitte. Unless the sector starts to use technology to create modern-day processes fast, young people will pursue a career elsewhere.” (Bisnow)
- REITs on Rollercoaster Following Trump’s COVID Diagnosis, Lackluster Jobs Figures “U.S. equity REITs peaked at a high of 1,358.59 on Feb. 21, before plummeting 44.2 percent to 757.71 by March 23 as a result of COVID-19, according to the MSCI US REIT Index. Over the next few months, it regained its footing, making up more than 50 percent of what was lost by June 8, before leveling out and running relatively stable through Oct. 1. Mortgage REITs have followed a similar trajectory, per information from the MVIS US Mortgage REITs Index.” (Commercial Observer)
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