Eight Must Reads for the CRE Industry (July 19, 2021)

#Lifestyle Wealth

  1. Kite Realty Group Trust and Retail Properties of America, Inc. Announce $7.5 Billion Strategic Merger “RPAI would merge into a subsidiary of KRG, with KRG continuing as the surviving public company. The strategic transaction joins together two high-quality portfolios with complementary geographic footprints creating a top five shopping center REIT by enterprise value. The combined company is expected to have an equity market capitalization of approximately $4.6 billion and a total enterprise value of approximately $7.5 billion upon the closing of the transaction.” (Via press release)
  2. Trump’s Business Hauled In $2.4 Billion During Four Years He Served As President “An analysis of documents, some of which only became public in recent weeks, shows just how much Trump’s businesses raked in while he was in office. Dig through everything—including property records, ethics disclosures, debt documents and securities filings—and you’ll find about $2.4 billion of revenue from January 2017 to December 2020.” (Forbes)
  3. Institutions Shift Billions Into New Real Estate Sectors From Uncertain Office Market “Multifamily and industrial have been two of the hottest targets, as the property types have performed well during the pandemic, but as those sectors become flush with cash, investors are looking toward alternative sectors such as life sciences, medical office and data centers.” (Bisnow)
  4. The Delta Variant is on the Move So How Confident Is CRE Now in the Recovery? “Despite this progress, the new Delta variant is speeding across the country and even leaving dead some who were supposedly protected. That raises the question of whether the assumptions earlier this year of an economic rebound—some even predicted a super bounce—were premature.” (GlobeSt.com)
  5. The We That Didn’t Work at WeWork “The high profile immolation of the country’s most valuable startup was caused by an array of factors including loose corporate governance, loose money and a financial sector thirsty for founders promising vision and innovation. But playing a starring role in WeWork’s rise and fall was the relationship between the two entrepreneurs, Mr. Son and Mr. Neumann. The pair often relied on erratic decision making as they made highly consequential decisions with billions of dollars—decisions that ultimately paved the way for WeWork’s implosion.” (The Wall Street Journal)
  6. NYC Retail Market Warms Up, But Available Space Hits Record High “Available space jumped from 275 spaces in the first quarter to 290 in the second quarter throughout the 16 prime retail corridors tracked by CBRE. The average retail asking rent for those corridors dropped less than one percent since the first quarter, to $615 per square foot — the 15th quarter in a row it dropped.” (Commercial Observer)
  7. I went to American Dream, the behemoth New Jersey mall with 2 theme parks and ski slope, and saw the devastating effects of the pandemic on retail “But it wasn't that the mall was empty. American Dream is so massive that it just seemed empty by comparison. There are around 100 stores and retailers at present, around a third of the mall's capacity.” (Insider)
  8. The Pain of the Never-Ending Work Check-In “In an April survey from meeting scheduling tool Doodle, 69% of 1,000 full-time remote workers said their meetings had increased since the pandemic started, with 56% reporting that their swamped calendars were hurting their job performance.” (The Wall Street Journal)



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