Sears CEO wants to sell Sears units, real estate | Quarterly reports expected to reflect global tensions | Loyens & Loeff partner: Higher taxes in store for US REITs under BEPS
April 23, 2018
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Sears CEO wants to sell Sears units, real estate
Sears Holdings CEO Edward Lampert is asking the board to sell off the Kenmore appliance brand and spin off the company's home improvement services and parts businesses to his hedge fund, ESL Investments. He also has proposed selling off some of the real estate in a sales lease-back transaction.
The Wall Street Journal (tiered subscription model) (4/23),  USA Today (4/23),  CNBC (4/23) 
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Investment News
Quarterly reports expected to reflect global tensions
Quarterly reports from multinational companies this week may indicate how global tensions have affected the market, though many company officials have already commented. A delicate balance exists between lobbying against tariffs and appearing vulnerable, said Jack Ablin of Cresset Wealth Advisors.
Reuters (4/20) 
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Loyens & Loeff partner: Higher taxes in store for US REITs under BEPS
The Organization for Economic Cooperation and Development's base erosion and profit-shifting framework is likely to mean higher taxes for US REITs with overseas investments, as it will mean fewer interest deduction possibilities on their European tax base and more withholding taxes on payments for the US, says Bartjan Zoetmulder, partner at Loyens & Loeff. "You will need real economic substance in the company that enters Europe," he says.
Nareit (4/18) 
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Real Estate Marketplace
Brookfield buys Bleecker Street retail with eye on experiments
Brookfield Property Partners has acquired four retail properties with seven storefronts on Manhattan's Bleecker Street from New York REIT for about $31.5 million, according to a source. This stretch of Bleecker Street has high vacancies, but Brookfield plans to revitalize it with an incubator to test new concepts and other experiments.
The Wall Street Journal (tiered subscription model) (4/22) 
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Q1 hotel demand climbs to historic mark
The all-time record for US hotel room demand for a first quarter was set this year, according to STR. Revenue per available room rose as well, and both occupancy and average daily rate hit record first-quarter highs.
Travel Weekly (4/20) 
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Kroger completes sale of its convenience stores
Kroger completes sale of its convenience stores
(Scott Olson/Getty Images)
Kroger recently completed the sale of its $2.15 billion convenience-store division to Britain's EG Group, a deal announced in February. Kroger will use $1.2 billion to purchase its own shares in an accelerated buyback.
The Business Journals (tiered subscription model)/Cincinnati (4/20) 
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Iron Mountain: Prepare beforehand for cyberattack
Companies need to have plans and policies already in place before a cyberattack strikes, says Deborah Marson of Iron Mountain. That plan should identify the people who will be dealing with the crisis, she says.
Nareit (4/18) 
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Policy & the Economy
Existing home sales rise 1.1% in March
US existing home sales increased 1.1% to a seasonally adjusted annual rate of 5.6 million units in March, according to the National Association of Realtors. Year over year, existing home sales fell 1.2% for the month.
Reuters (4/23) 
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IMF: Debt, trade tension could derail growth
The International Monetary Fund's main advisory committee says trade tension and record-high global debt of $164 trillion threaten the strongest economic upturn since 2011. The committee says "monetary accommodation should continue where inflation remains weak and be gradually withdrawn where inflation looks set to return to central bank targets," indicating support of Federal Reserve interest-rate increases.
Bloomberg (free registration) (4/21),  The Associated Press (4/22),  Channel NewsAsia (Singapore)/Agence France-Presse (4/21) 
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Nareit Resources
Kimco Realty embraces pop-up shops
The retail REIT recently launched an online database of available pop-up sites within its portfolio. "Retailers' needs are changing, and Kimco needs to be at the forefront of that," said Christina McNelis, director of portfolio management at Kimco. Learn more.
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You can't just ask customers what they want and then try to give that to them. By the time you get it built, they'll want something new.
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