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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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.