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☆ Blackstone deal is a bright spot in gloomy sector
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, June 26 (Reuters Breakingviews) - The U.S. commercial real estate industry is mired in gloom, but some pockets are still sunny. The portfolio includes 14 million square feet of industrial properties in cities like Atlanta, Phoenix and Dallas, and the deal is premised in part on rising rents. According to the two companies, the net operating income generated by the warehouses is 4% of the acquisition price. Meanwhile, listed real estate investment trusts which own industrial warehouses trade at a narrowing discount to net asset value, according to S&P Global Market Intelligence. In a gloomy sector, so-called big boxes are a bright spot.

Persons: Steve Schwarzman, Avison Young, Jennifer Saba, Aston Martin, Peter Thal Larsen, Oliver Taslic Organizations: YORK, Reuters, U.S, P Global Market Intelligence, Twitter, Siemens, Telecom Italia, Vivendi, Thomson Locations: Atlanta, Phoenix, Dallas, Canada

Pros Check mark icon A check mark. Five different account levels to choose from Check mark icon A check mark. GroundfloorA different type of real estate investing platform I found was Groundfloor, which specializes in debt-based real estate. Roofstock matches you with a property manager that helps oversee your investment(s) Check mark icon A check mark. Company offers the option to buy, sell, or bring your own property to the table Check mark icon A check mark.

Persons: —, I'm, Roofstock Organizations: Service, Investments, Forbes, Reading Chevron, Company, Dash, Chevron, Roofstock

☆ Here’s where advisors are hunting for yield and portfolio diversification, Bank of America finds
▼ + stars: | 2023-06-23 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

Investors' demand for alternative investments is cooling, but financial advisors anticipate adding these assets over the long term to boost diversification, a Bank of America survey of financial advisors found. Last week, the firm conducted its quarterly survey of financial advisors and received responses from 159 individuals. In the world of income, just under half of advisors are rotating client deposits into higher-yielding money market funds, while about 34% are raising cash and liquidity due to market uncertainty, Bank of America found. Indeed, retail money market fund assets grew to $1.99 trillion during the week ended June 21, according to the Investment Company Institute . Bank of America predicts that when volatility normalizes, advisors will reduce the amount of cash they're squirreling away for clients, but they will continue to sort into higher-yielding liquid products – like these money market funds.

Persons: Craig Siegenthaler, Siegenthaler, — CNBC's Michael Bloom Organizations: Bank of America, Beta Fund, alts, of America, Investment Company Institute Locations: 5Ys

☆ Allied to sell UDC portfolio to KDDI Corp for C$1.35 bln
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Allied Properties Real Estate Investment Trust (AP_u.TO) on Wednesday said it has entered into an agreement to sell its urban datacenter portfolio to Japanese telecommunications provider KDDI Corporation (9433.T) for C$1.35 billion ($1.02 billion). The portfolio comprises Toronto's 151 Front Street West and 905 King Street West, along with a leasehold interest in 250 Front Street West. Allied will use around C$1 billion of the sale proceeds to retire debt and the balance to fund its upgrade and development activity over the remainder of 2023 and into 2024, the company said. Scotiabank, CBRE and Aird & Berlis LLP are advisers to Allied for the transaction, while BofA Securities, Borden Ladner Gervais LLP and Nishimura & Asahi are acting as advisers to KDDI. ($1 = 1.3222 Canadian dollars)(This story has been corrected to change to Canadian dollar from U.S. dollar throughout and adds conversion)Reporting by Pratyush Thakur in Bengaluru; Editing by Dhanya Ann Thoppil and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Berlis, Borden Ladner Gervais, Pratyush Thakur, Dhanya Ann Thoppil, Pooja Desai Organizations: Real, Investment Trust, KDDI Corporation, King Street, West, Scotiabank, BofA Securities, Borden Ladner Gervais LLP, Nishimura, Asahi, Thomson Locations: CBRE, Bengaluru

☆ AT&T to shut flagship store in downtown San Francisco
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

June 16 (Reuters) - U.S. wireless carrier AT&T (T.N) said on Friday it would close its flagship store in downtown San Francisco, deepening the real estate pain in the once-booming tech hub that has been particularly hard hit by the pandemic. Stores in San Francisco have been closing their doors as they try to cut down on real estate space in the face of declining customer visits, occupancy and sales. Earlier this week, Unibail-Rodamco-Westfield (URW.PA) said it would transfer its Westfield San Francisco shopping mall to lenders. Nordstrom (JWN.N) said last month it was going to give up its downtown store in the mall. Real estate investment trust Park Hotels & Resorts (PK.N) had also said last week it ceased making payments toward a $725 million mortgage linked to its Hilton San Francisco Union Square and Parc 55 hotels.

Persons: Powell, Samrhitha, Krishna Chandra Organizations: AT, Westfield San, Nordstrom, Resorts, Hilton San Francisco, Square, Thomson Locations: San Francisco, Westfield, Westfield San Francisco, Bengaluru

☆ China eyes support for consumer, private sectors as growth falters
▼ + stars: | 2023-06-15 | by ( Kevin Yao | ) www.reuters.com time to read: +5 min

China's cabinet is soliciting proposals from economists and advisers, policy insiders told Reuters, with big changes needing approval from top party leaders, and investors now looking to an expected Politburo meeting in July for clues on policy direction. However, the modest borrowing cost cuts - limited by concerns over banks' profitability and currency stability - will not be enough to boost economic activity, policy insiders said. Authorities are also considering support for the ailing property sector after earlier measures failed to gain traction, including easing credit conditions and home buying curbs in some areas, policy insiders. Economists blame the fading recovery on the "scarring effects" caused by COVID and regulatory curbs on property and tech sectors, which have hit household and private sector spending. Supporting depressed private-sector firms, which account for 60% of economic output and 80% of urban employment, will be essential to lift incomes, jobs and consumption, policy insiders and analysts said.

Persons: Rory Green, Jia Kang, Kevin Yao, Sam Holmes Organizations: quicken, Reuters, People's Bank of China's, TS Lombard, China Academy of New, Economics, Thomson Locations: BEIJING, China, Beijing

☆ These early retirement advocates quit their jobs with plenty of money in the bank. Here are their tips for becoming financially independent
▼ + stars: | 2023-06-15 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Moyo Studio | E+ | Getty ImagesSaving enough money to comfortably retire later in life may seem like a daunting, out-of-reach goal. The FIRE movement — which stands for Financial Independence, Retire Early — is built on the idea that handling your money super efficiently can help you reach financial freedom earlier. Boost your savings rateToday, the average savings rate in the U.S. hovers around 2% to 5%, Sabatier noted. But by saving about 50% of your income, the average person can reach financial independence in 10 years or less, Sabatier said. Reduce your cost of livingTo achieve a high savings rate, you need to reduce your living costs.

Persons: Grant Sabatier, Alex Trias, Sabatier, Trias, It's Organizations: Financial Independence, CNBC's, D.C Locations: Portugal, U.S, Washington

☆ Oracle says it's seeing 'exploding AI demand' and Deutsche Bank touts one stock as a big beneficiary
▼ + stars: | 2023-06-14 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

A surge in demand for artificial intelligence at Oracle should have a positive effect on Digital Realty Trust , Deutsche Bank said. Analyst Matt Niknam pointed to commentary from Oracle CEO Safra Catz around "exploding AI demand" and "unprecedented" demand for the company's cloud services. Niknam has a $112 price target on Digital Realty, which implies shares could rally about 8% from Tuesday's close. As a real estate investment trust, Digital Realty also pays a dividend yield of about 4.6%. Demand is picking up for AI offerings from Digital Realty despite the company not doing much related leasing activity to date, Niknam said.

Persons: Matt Niknam, Safra, Niknam, — CNBC's Michael Bloom Organizations: Oracle, Digital Realty Trust, Deutsche Bank, Safra Catz, Digital Realty Locations: Tuesday's

☆ Elon Musk's decision to not pay rent on Twitter's offices is adding to commercial mortgage headaches at Goldman Sachs
▼ + stars: | 2023-06-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Elon Musk's decision not to pay Twitter's rent is causing pain for Goldman Sach's commercial real estate portfolio, the FT reported. Goldman was part of a group that originated a $1.7 billion loan to Columbia Property, the owner of several of Twitter's offices. That dwarfs the rise of commercial real estate delinquencies seen across the entire US banking industry, with bad commercial real estate loans rising just 30% nationwide, notching $12 billion over the first quarter. But the jump in Goldman Sach's bad commercial property loans appears partly attributable to Twitter, which has not paid rent on its offices since November of last year. It owed $136,260 on its office spaces as of December 2022, Columbia Property said in its suit.

Persons: Elon, Goldman, —, Goldman Sachs, Musk Organizations: Columbia Property, Columbia, Twitter, Service, Privacy, Federal Deposit Insurance Corporation, The Financial Times, Columbia Property Trust

☆ Third Point Real Estate's managing partner said it's 'a foolish debate' to say the office market will fail
▼ + stars: | 2023-06-11 | by ( Al Yoon | ) www.businessinsider.com time to read: +9 min

Frank Scavone, managing partner of Third Point Real Estate Strategies, said offices aren't dead. Frank Scavone, the managing partner of Third Point Real Estate Strategies, told Insider he's up for the challenge. But are there opportunities now for investors like Third Point Real Estate Strategies? What's going to happen with all the commercial real estate debt coming due in this higher interest rate environment? And let's not forget about the more than $300 billion in dry powder aimed at North American commercial real estate investment.

Persons: Frank Scavone, Scavone, Daniel Loeb's, —, Trepp, CBRE, That's, San Francisco — Organizations: Service, Third Point, Hedge, CBRE, downtown, Employers, North Locations: San Francisco, downtown San Francisco, Marin County, York, multifamily, New York City

☆ JPMorgan bond chief Bob Michele sees worrying echoes of 2008 in market calm
▼ + stars: | 2023-06-09 | by ( Hugh Son | ) www.cnbc.com time to read: +6 min

"This does remind me an awful lot of that March-to-June period in 2008," said Michele, rattling off the parallels. Last month, JPMorgan bought failed regional player First Republic; in March 2008, JPMorgan took over the investment bank Bear Stearns. Michele oversees more than $700 billion in assets for JPMorgan and is also global head of fixed income for the bank's asset management arm. The cycle coincides with the central bank's steps to rein in market liquidity through a process known as quantitative tightening. Brown | AFP | Getty Images"There are a lot of things that resonate with 2008" including overvalued real estate, he said.

Persons: Bob Michele, JPMorgan Chase, Michele, Jamie Dimon, Rick Rieder, Goldman Sachs, Jan Hatzius, Frederic J, Brown, Ribbing Organizations: & Commodities, JPMorgan, CNBC, First, Bear Stearns, Wall Street, Fed, AFP, Getty Locations: York, BlackRock, Downtown, Los Angeles , California, refinance

☆ These oversold stocks are a buy here, Citi says
▼ + stars: | 2023-06-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Amazon and Charles Schwab are among several stocks that have been oversold and are attractive right now, according to Citi. As part of its systemic oversold strategy, Citi identifies names it rates as buy and have been oversold. Here are some of the stocks Citi rates as buy and says are oversold. Amazon may have rallied nearly 46% this year, but it is still oversold, according to Citi. Alexandria Real Estate Equities , down nearly 17% year to date, is among those Citi rates as buy.

Persons: Charles Schwab, Stocks, Hong Li, Janus Henderson, Greg Kuhl, CNBC's Michael Bloom Organizations: Citi, Wall, Amazon, Bloomberg, Silicon Valley Bank, Alexandria Real Locations: Silicon, Real, Alexandria

☆ Hotelier Writes Off San Francisco, Citing ‘Major Challenges’
▼ + stars: | 2023-06-06 | by ( Lauren Hirsch | ) www.nytimes.com time to read: +1 min

Park Hotels & Resorts, the operator of two of the most prominent hotels in San Francisco, is handing in the keys on the properties — and, in essence, giving up on a city that has fallen on hard times. Park Hotel stopped making payments on a $725 million loan tied to the Hilton Union Square and Parc 55, the real estate investment trust said on Monday. A slowing economy and a remote-work thunderclap have emptied offices across the country, with some warning of a ticking bomb in the commercial real estate market. Slammed by a wave of layoffs in the tech industry and a steep slowdown in Moscone’s conference calendar, downtown San Francisco has been hit hard. “Now more than ever, we believe San Francisco’s path to recovery remains clouded and elongated by major challenges” that will reduce demand for business and leisure travel, said Thomas J. Baltimore Jr., the chief executive of Park Hotels & Resorts.

Persons: ”, Thomas J Organizations: Resorts, Hilton Union Square, Moscone Center, Baltimore Jr, Park Hotels Locations: San Francisco

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Persons: I've, —, Read, I'm, i'm Organizations: Service, Federal Reserve, Bask, Bask Bank, FDIC, Chevron, Texas Capital Bank, Reading Chevron

☆ Blackstone will help prevent an office market 'catastrophe', says JPMorgan's commercial real estate chief
▼ + stars: | 2023-06-05 | by ( Al Yoon | ) www.businessinsider.com time to read: +4 min

Reports on the death of offices are "just wrong," JPMorgan's commercial real estate chief said. Office buildings are losing value as more people opt to work from home and companies need less space. No 'catastrophe' for the office market"You get the headline written that the office market is a catastrophe," Brooks said during a JPMorgan outlook webinar on June 1. In April, Blackstone announced the final close of its Blackstone Real Estate Partners X, the largest real estate fund ever raised, with $30.4 billion in capital commitments. Through its real estate investment trust, Blackstone has maintained some exposure to office buildings.

Persons: Blackstone, delinquencies, Alfred Brooks, Brooks, JLL, Manus Clancy, JPMorgan —, hasn't, They're Organizations: JPMorgan, Blackstone, Blackstone Real Estate Partners Locations: Brookfield, Blackstone, Los Angeles

☆ JPMorgan's commercial real estate chief lays out how Blackstone will help prevent an office market 'catastrophe'
▼ + stars: | 2023-06-05 | by ( Al Yoon | ) www.businessinsider.com time to read: +4 min

☆ Here are 3 themes to invest in now as artificial intelligence and technological innovation transform the global food system — and 14 key players leading the evolution, according to PGIM's director of
▼ + stars: | 2023-05-30 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +8 min

Antia shared 3 major themes to invest in — and 14 key players driving this evolution. And according to Antia, right now there's no secular trend more exciting than the transformation of the world's food system. On the food supply side, Antia listed climate change and technological innovation as two additional drivers for the evolution of the global food system. This two-way impact between food production and the environment has revealed the necessity for greater sustainability in the world's food system, Antia explained. As global demand for local products increases, so does the demand for refrigerated frozen storage facilities and transportation.

☆ Stephen Schwarzman says Blackstone has dumped office investments. Another corner of the firm kept lending billions.
▼ + stars: | 2023-05-30 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +8 min

Blackstone Mortgage Trust's $8.2 billion portfolio of office loans leaves it exposed to the sector. The Blackstone-managed firm issued about $3.3 billion of US office loans since the pandemic began. Even as clouds began to gather, Blackstone Mortgage Trust continued to lend to the office sector. In addition to managing the mortgage trust, Blackstone is among its largest shareholders. A Washington office complex shows how far values have fallenThere are ongoing issues, however, in Blackstone Mortgage Trust's portfolio.

☆ These financial stocks were most loved—and hated—by hedge funds during the banking crisis
▼ + stars: | 2023-05-24 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The banking crisis wreaked havoc in the industry in recent months, and hedge funds have been picking winners and losers among financial stocks, according to Goldman Sachs. Goldman then identified financial and real estate stocks with the largest recent changes in ownership among hedge funds. As for financial and real estate stocks that hedge funds sold the most in the first quarter, Welltower topped the list with 26 funds dumping the name. A number of hedge funds also decreased their exposure to Visa and CME Group . East West Bancorp , Aon , First Interstate BancSystem and Discover Financial Services were other names that hedge funds hated last quarter amid the banking chaos.

Persons: Goldman Sachs, Goldman, Charles Schwab, Welltower, Warren Buffett, Berkshire Hathaway Organizations: Focus Financial Partners, Investors, Valley Bank, First, Fidelity National, SLM Corp, Everest, Visa, CME Group, U.S . Bancorp, East West Bancorp, Aon, Discover Financial Services Locations: BlackRock, First Republic, U.S, Omaha

☆ Ron DeSantis lines up business leaders to raise money for 2024 presidential run
▼ + stars: | 2023-05-23 | by ( Brian Schwartz | ) www.cnbc.com time to read: +3 min

They'll receive briefings from campaign staff and call around to raise money for the campaign, NBC News reported. Ron DeSantis has assembled a team of wealthy business leaders to help raise money for his presidential campaign, according to a partial list of fundraisers provided by a senior political official with the Florida Republican. Lambert served on Trump's Inaugural Committee and was a national finance chair for Trump's successful 2016 campaign for president, according to his website. Records show that Lambert has also donated to the Friends of Ron DeSantis PAC and Trump's campaign. Jay Zeidman, a managing partner at health care investment firm Altitude Ventures, is also listed as a DeSantis campaign fundraiser.

Persons: They'll, DeSantis, Donald Trump's, David Horowitz, Horowitz, Elon Musk, Ron DeSantis, Trump's, Hal Lambert, Lambert, Trump, Jay Zeidman, Zeidman, Jeb Bush's, Bush's, George P, Bush, Frank Mermoud, Orpheus, Mermoud Organizations: NBC News, GOP, Horowitz Group, CNBC, Florida Republican, White, Republican National Committee, MAGA, Ron DeSantis PAC, Ventures, Florida Gov, New York Times, Records Locations: Miami, California, Florida

☆ Investors still pouring into cash, but pace slows - BofA
▼ + stars: | 2023-05-19 | by ( Lucy Raitano | ) www.reuters.com time to read: +2 min

LONDON, May 19 (Reuters) - Investors pumped $25.1 billion into cash in the week to Wednesday, but the flow into cash funds has slowed recently, reflecting a greater degree of investor confidence, according to a report from BofA Global Research on Friday. Meanwhile, investors bought $5.6 billion of bonds and pulled $7.7 billion from equity funds in the week to May 17. The report also showed U.S. Treasuries clocking up 14 straight weeks of inflows, with investors buying $4.3 billion in the week to May 17. A total of $1.1 billion went into tech stocks, marking a fifth week of inflows, as investors chose growth names over value. Investors took $700 million out of financial funds, while real estate investment trusts saw their largest outflows since November 2022, totaling $600 million.

☆ Billionaire real estate investor Sam Zell dies at 81
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: 1 min

May 18 (Reuters) - Billionaire real estate investor Sam Zell has died at the age of 81, according to a statement from Equity Residential (EQR.N), the real estate investment trust (REIT) he chaired. Known for his bet on distressed assets and for popularizing the REIT structure in the 1990s, Zell founded the company that was a precursor to Equity Residential and took it public in 1993. He also invested in manufacturing, travel, retail, healthcare and energy businesses, Equity Residential said. He had a net worth of $5.2 billion, according to Forbes. Reporting by Niket Nishant in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ A real-estate investor who started with 2 single-family houses and leveraged their debt to scale to over 2,400 rental units shares 4 tips he and his partner used to maximize cash-out refinances to pur
▼ + stars: | 2023-05-18 | by ( Laila Maidan | ) www.businessinsider.com time to read: +9 min

The cash was then used to purchase then next set of investment properties. Whitmore and his now business partner, Joel Thompson, saw a newspaper ad for two run-down single-family houses in Tulsa, Oklahoma. Whitmore scraped the cash from two tax refunds, buying and selling used watches, and an $8,000 loan from his parents. The rental income is used to pay back the loan or mortgage, while the cash is put towards purchasing the next property. But for a $50,000 house, Whitmore says you can spot structural issues just by looking for cracks in the interior walls or in the exterior brick.

☆ Sam Zell, billionaire real estate investor, dies
▼ + stars: | 2023-05-18 | by ( ) www.cnbc.com time to read: +4 min

He had a golden touch with real estate, and got his start managing apartment buildings as a college student. His father was a wholesale jeweler who dabbled successfully in real estate investment and the stock market. His first successes in real estate came while he was a student at the University of Michigan. After the savings and loan crisis of the 1980s, Zell went on a buying spree of real estate properties. He also encouraged institutional investors to pool their money for commercial real estate in the early '90s when it was on the outs.

☆ Sam Zell, billionaire real estate investor, dies at 81
▼ + stars: | 2023-05-18 | by ( Niket Nishant | ) www.reuters.com time to read: +2 min

[1/3] Sam Zell, Chairman of Equity Group Investments, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. Born in 1941 to Polish parents who escaped to the United States during the German invasion of Poland, Zell took a deep interest in real estate very early on. Besides real estate, his firm also invested in manufacturing, travel, retail, healthcare and energy businesses. Zell played a key role in popularizing the structure of real estate investment trusts (REITs) that involved leasing and collecting rent on properties and distributing profit to investors as dividend in the 1990s. It was later sold to asset management giant Blackstone Inc (BX.N) for $39 billion in one of the largest real estate deals ever.

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