Sun Communities is merging with Safe Harbor Marinas, which operates 101 marinas in the US, in a cash-and-stock transaction with a $2.11 billion valuation. Gary Shiffman, CEO of Sun Communities, referred to the deal as a "a major strategic decision."
New York City Comptroller Scott Stringer reports that 34 major US companies -- including names such as Wells Fargo, Goldman Sachs and Target -- will publicly disclose their government diversity reports by March of next year. Stringer began a campaign this summer to encourage companies to disclose their demographic data.
Brookfield Asset Management has filed the necessary paperwork with a regulator in India to launch a REIT offering for its rental assets, according to sources. Brookfield could launch the offering by the end of this year or early in 2021, a source says.
Land & Buildings Investment Management's Jonathan Litt has filed with regulators for a special meeting to allow shareholders to weigh in on a plan by Apartment Investment & Management Co. to divide the company into a REIT and a development company. Aimco says it considered multiple options and "remains committed to completing the transaction."
With retailers seeking more flexible lease arrangements amid the pandemic, some landlords want online sales to be included in the calculations. Retailers may be reluctant to make that move, although data from the International Council of Shopping Centres suggests that opening a brick-and-mortar location can boost e-commerce activity.
Unibail-Rodamco-Westfield has filed a federal lawsuit over Los Angeles County's shutdown of indoor malls. The REIT, which is seeking class-action status, noted that malls are open elsewhere across the state and argued that the county was "perverse" for pursuing this course "without offering a single valid, science, or health-based reason for their actions."
Several REITs have taken steps to prioritize diversity and inclusion, and 11 REITs are currently part of the Morningstar Minority Empowerment Index. This article offers a look at actions taken by Duke Realty, JBG SMITH, Prologis and other entities.
Speaking during a panel at Nareit's REITworks: 2020 Virtual Conference, Dana Schneider of Empire State Realty Trust discussed the importance of setting environmental targets and noted that there is "more focus now than ever on indoor environmental quality." Representatives from Equinix, Equity Residential and The Macerich Co. also discussed their experiences.
The real estate sector was already focused on sustainability before the onset of the coronavirus, and the pandemic has intensified this focus as companies seek to create spaces that promote the health and well-being of their tenants. "Being 'green' in capital initiatives equates to a 'green' cash return via cost savings over time," notes Ryan Yetzer, capital projects manager at Physicians Realty Trust.
There were 18 retailers that filed for Chapter 11 protection in the first half of 2020, according to BDO, and another 11 filed in the period from July through the middle of August. Filings have already surpassed the 22 recorded last year, and BDO predicts high rates of store closures to continue.
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