Target has a deal to sell an exclusive version of the first cookbook by celebrity HGTV home remodeling expert Joanna Gaines, with additional recipes that won't be found in other versions of the book. Target's relationship with Gaines began with the launch last fall of the Hearth & Hand home goods line and expanded this month with the rollout of Magnolia Home by Joanna Gaines Paint products.
China will encourage rental housing asset-backed securitizations and improving supervision of these securitizations in a bid to further support its rental housing market. The measures should make it easier for individual investors to buy into these securities.
Boston Properties is acquiring the 1.2 million-square-foot Santa Monica Business Park in Los Angeles from Blackstone Group for $616 million. The deal gives Boston Properties another foothold in the Los Angeles area, which is one of its five key markets.
Andrew Walker, head of research at Rangeley Capital, won the Sohn Investment Idea Contest for his analysis of La Quinta's forthcoming spinoff of CorePoint Lodging. He says CorePoint as a spinoff is "classically undervalued" and that it will be "an attractive consolidation opportunity."
The numerous efforts to get more women on boards around the world are paying off, although not as quickly in the US, as investors and lawmakers pressure companies to make changes. Beth Stewart of Trewstar Corporate Board Services says she has gotten more women on all-male boards in the first quarter of this year than in the entire previous year.
Starwood Capital Group chairman and CEO Barry Sternlicht says US real estate is his favorite asset class currently. He says uncertainty is inhibiting new supply and banks are being disciplined with their lending.
Hawaii is starting to feel the effects of the retail industry's struggle on the mainland, with store closings pushing up vacancy rates. However, the island's retail sector is less affected by online commerce because of the shipping costs, and some developers such as the REIT Alexander & Baldwin are looking to expand.
Concessions from office landlords declined last year in such tech hubs as Boston and the San Francisco Bay Area, while in other cities where traditional office tenants dominate, concessions rose, according to the Savills Studley 2018 Effective Rent Index. In the tech-centric markets, "landlords have the luxury of being able to select between multiple companies bidding on the same space," says Keith DeCoster, Savills Studley's director of US real estate analytics.
Many unanswered questions still surround partnership issues from the tax reform measure, says Kate Courtis, senior vice president for taxation at GGP. Transactions can be treated in many ways, she notes, and it matters whether a REIT is a managing partner or simply an investor in the deal.
Nancy Anderson, vice president of financial reporting and chief financial officer at REALpac, points out that the International Accounting Standards Board may start including non-GAAP measures in financial statements. Some REITs already report net operating income in their financial statements, and she thinks the practice will continue, assuming the IASB project doesn't prohibit the practice.
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