Costco will reward shareholders with a $7-per-share special dividend totaling $3.1 billion, after beating analysts' forecast with a 6% same-store sales jump in March. The warehouse retailer's membership model brings a steady source of predictable cash flow that's rare in the industry, said UBS Group analyst Michael Lasser.
President Donald Trump has proposed overhauling federal taxation, with the highest personal tax rate falling to 35% from 39.6% and the rate for corporations and most small businesses declining to 15%. The plan does not specify how business deductions for capital expenses would be treated or how overseas earnings of US companies would be taxed.
Global funds manager TPG and FS Credit Real Estate Income Trust, a newly formed REIT, have filed separately for initial public offerings. TPG primarily originates large, first-mortgage loans in major and select secondary US markets; FS Credit will originate and acquire senior loans secured by commercial property.
Education and awareness are the best defenses against cyberrisk, says Michelle Ngo, senior vice president and treasurer at Kilroy Realty. She says companies in all industries must stay vigilant against the array of existing threats.
Two Financial Accounting Standards Board standards will have a significant impact on REITs: the definition of a business and the derecognition of nonfinancial assets, says Jennifer Hillenmeyer, a partner in national assurance at EY. In particular, the definition of a business standard creates a threshold in which an acquisition that is concentrated in a single asset or group of similar assets is not considered to be a business.
New York City Mayor Bill de Blasio is doubling down on the city's crackdown on illegal short-term rentals, adding $2.9 million to the budget over the next two fiscal years. The Office of Enforcement will hire 16 staffers to add to the team devoted to this issue.
A 6-acre project with an office building, retail space, and a condominium and hotel tower is being planned in San Antonio along the Buffalo Bayou, and renderings of the project have been released. The project is expected to cost more than $500 million.
Denver, Seattle, Portland, Ore., and other major Western cities are exploring the use of tiny houses to combat homelessness. A nonprofit in Portland has begun building 320-square-foot homes, Denver has approved a village of tiny properties, and Berkeley, Calif., is planning stackable micro-apartments.
Blackstone Mortgage Trust and Walker & Dunlop have formed a joint venture to provide multifamily bridge loans, with Blackstone the majority partner with an 85% contribution. The JV is targeting a market estimated to be worth $20 billion.
- Page 1