Panelists at Nareit's REITworld: 2018 Annual Conference discussed takeaways from the 2018 proxy season for REITs, with Daniel LeBey, partner at Vinson & Elkins, noting that ISS recommended more negative votes against management than it had in previous years. It is important to meet with proxy advisers during the off-season, which is what Prologis does, said Deborah Briones, senior vice president and associate general counsel at Prologis.
Northwestern Mutual and Phillips Edison & Co. have formed two joint ventures that have a total deal value of $414.5 million. The joint ventures, Grocery Retail Partners I and Grocery Retail Partners II, will focus on investing in 20 grocery-anchored shopping centers owned by PECO.
Signs show that the apartment building boom is starting to slow, tempered by rising construction and labor costs. With a supply pipeline that is starting to scale back, rents are expected to rise.
AvalonBay Communities is still investing in its legacy market of Washington, D.C., even as it expands into Southeast Florida and Denver, Colo. The REIT has bought and sold apartments in the area during the third quarter and expects to acquire another before the year's end.
Advocates for rent control are still marshaling their efforts for legislation around the country, even though California's Proposition 10 initiative did not pass. Oregon, Illinois, Colorado and Washington are among the states where rent control advocates are pressing forward.
During the holidays, US retail stocks should do well due to strong consumer confidence, even as Amazon continues to dominate growth in the industry, some analysts report. While bankruptcies and store closures continue to hurt physical store retailers, US retail trades tend to perform well during Black Friday.
Unibail-Rodamco-Westfield is partnering with Blade, a short-distance aviation company, to offer customers a chartered, VIP helicopter ride to several of its retail locations. Individuals can visit Westfield Century City in Los Angeles, Westfield Garden State Plaza in New Jersey or Westfield UTC in San Diego using the service.
Panelists at Nareit's REITworld: 2018 Annual Conference recently discussed the state of capital markets and their effect on REITs, covering topics including valuations, interest rates and the disconnect between stock and asset prices. They also discussed the cycle's eventual end, with Lisa Kaufman, managing director at LaSalle, noting that "the only protection you have from your cloudy crystal ball is diversification."
Liberty Property Trust has sold four office properties in Malvern, Pa., for $173.1 million as part of its shift toward the industrial asset class. Including this deal, the REIT has executed $742.4 million in office sales this year.
Ramco-Gershenson Properties Trust, which will change its name to RPT Realty on Tuesday, has realigned its executive team and is changing its approach to the retail market. The REIT plans to sell off assets in secondary and tertiary markets and focus on revamping its open-air centers, many of which are grocery-anchored.
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