Lumber prices have risen sharply amid demand from Americans staying at home during the pandemic, with futures for September delivery reaching $585.80 per thousand board feet as of Friday. Boosting supply further can be difficult, with Michael Covey, CEO at PotlatchDeltic, noting, "It's challenging in a COVID environment to run overtime and to add more shifts or more people."
Kawa has bought a $273 million portfolio of ground leases underneath 3.9 million square feet of property from an undisclosed seller. Brandywine Realty Trust leases and operates the portfolio, which is spread across New Jersey, Pennsylvania, Virginia and North Carolina.
Department store business Lord & Taylor has filed for Chapter 11 bankruptcy protection in the latest sign of the impact of the pandemic. The chain's owner, the clothing-rental company Le Tote, has also sought protection.
Tailored Brands, which owns Men's Wearhouse and JoS. A. Bank, is seeking bankruptcy protection. The Chapter 11 filing comes after last month's announcement that it planned to close up to 500 stores.
Brookfield has offered concessions to lenders as part of the renegotiation of a $6.4 billion credit facility. The concessions include restrictions on dividends for Brookfield Property REIT.
Fannie Mae and Freddie Mac have both reported higher second-quarter earnings compared to the first quarter. Fannie also lowered its forbearance projections for single-family borrowers.
Cell tower REITs are viewed as a good way to invest in the rollout of 5G networks. Stocks in this sector have outperformed in 2020, but second-quarter earnings reports from American Tower and Crown Castle suggest that investment might be coming later in the year than previously expected, writes Nicholas Jasinski.
Laboratory tenants of Alexandria Real Estate Equities have continued to operate as essential businesses during the pandemic. In many ways, labs are well-suited to the current situation, as they already have a lot of spacing and often bring in completely fresh air many times per hour, says Joel Marcus, executive chairman and founder.
Blackstone Group is considering options for a new headquarters in New York City and is seeking proposals for locations in Midtown and the Far West Side. Sites reportedly under consideration include 3 Hudson Boulevard, which is being developed by Boston Properties and the Moinian Group, and a Park Avenue location proposed by Vornado Realty Trust and Rudin Management.
Water shortages around the world will affect 60% of REIT properties by 2030, double from today's number, according to BlackRock. Some regions will be more affected than others, with properties in countries such as Australia, Japan and Malaysia feeling the impact. In the US, the Southwest will be particularly affected.