- US strip mall owners paid less than half of April rent “Commercial property researchers at Green Street Advisors told clients this weekend that strip mall landlords have been paid only between 30 per cent and 50 per cent of April rent, highlighting the scale of the disruption to real estate caused by the coronavirus shutdown. The tenants’ unwillingness to pay up puts the owners of the more than 30,000 strip malls across the US on track for far bigger declines in annual income than they endured during the global financial crisis.” (Financial Times)
- Coronavirus Updates: Ilhan Omar Proposes Rent, Mortgage Cancellation Act “Those numbers are sparking action from lawmakers like Minnesota Congresswoman Ilhan Omar, whose proposing a nationwide Rent and Mortgage Cancellation Act. It would cancel rent for people affected by the COVID-19 outbreak. The bill would constitute a full payment forgiveness, with no accumulation of debt for renters or homeowners and no negative impact on their credit rating or rental history. And the federal government would cover those rent payments, so the lenders would still get their money.” (CBS Minnesota)
- Shake Shack says it will return $10M PPP loan “In the open letter, Randy Garutti, CEO of Shake Shack, and Danny Meyer, concept founder and chairman and CEO of Union Square Hospitality Group, said the New York City-based burger brand would be returning the loan through the program that was launched on April 3 after Congress approved a $2 trillion Coronavirus Aid, Relief and Economic Security, or CARES Act.” (Nation’s Restaurant News)
- NMHC Multifamily Construction Survey shows significant delays in apartment construction “The percent of apartment developers reporting construction delays remained essentially the same in the second iteration of the National Multifamily Housing Council’s (NMHC) Construction Survey--56% compared to 55% in the April 3 survey… Of those reporting construction delays, fully 70% reported experiencing delays in starts, up 11 percentage points from the end of last month.” (Building Design + Construction)
- Covid-19 Bulletin: Welltower Senior Housing Occupancy Down to 84.2%; Frontline Caregivers Report Extreme Hardships At Work, Home “Occupancy has been hardest hit in states with the most Covid-19 cases, such as New York, New Jersey, Massachusetts and Washington. The REIT anticipates further occupancy declines as ‘comprehensive move-in restrictions’ are put in place in other markets.” (Senior Housing News)
- Macy’s Explores Rescue Financing Deal to Shore Up Liquidity “Macy’s Inc. is exploring ways to use its real estate to secure fresh cash and ride out the coronavirus pandemic. The department store would issue new bonds backed by certain property and other assets to bolster its liquidity, according to people with knowledge of the situation. The Herald Square property wouldn’t be included.” (Bloomberg)
- A Cheaper Roof Over Your Head During the Pandemic? “Instead of just lending people money to buy homes, companies are now co-investing with them — in other words, taking an ownership stake in the home. This can take on many different forms, including offering down payment assistance or providing a substitute for home equity loans.” (The New York Times)
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