Fed's Powell says economy is strong but warns of headwinds | REITs help launch Hawaiian grant campaign for affordable housing | Banks wary of Libor alternatives
November 16, 2018
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Fed's Powell says economy is strong but warns of headwinds
Federal Reserve Chairman Jerome Powell has delivered an upbeat assessment on the health of the US economy, saying it has room for further growth. However, he noted potential headwinds from factors including slowing demand from abroad, protectionism and the effects of the end of fiscal stimulus, which could influence the Fed's longer-term policy on interest rates.
Bloomberg (tiered subscription model) (11/15) 
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REITs help launch Hawaiian grant campaign for affordable housing
A group of more than 12 REITs with assets in Hawaii has provided a $100,000 grant to kick off The REITWay Community Giving Campaign to help nonprofit organizations that develop affordable housing. The grant will go toward the second phase of the Kahauiki Village project in Honolulu, and the campaign is accepting applications for additional grants through mid-December via the website TheREITWayHawaii.com.
The Business Journals (tiered subscription model)/Pacific (11/15) 
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Banks wary of Libor alternatives
Libor is likely to be discontinued, and other benchmarks are available, but Libor alternatives aren't being written into financial contracts. Banks say there is too much uncertainty to reference alternative benchmarks, despite regulators' frustration the process is moving slowly.
Practice Insight (11/15) 
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Opinion: Manufactured housing stocks poised for long-term stability
The stocks of manufactured home communities Sun Communities and Equity LifeStyle Properties posted slight gains in October as the rest of the market crashed. Demographics and other factors suggest this sector is poised to continue to grow and its stocks positioned to act as a hedge in case of a downturn, writes Robert Ross.
MarketWatch (11/15) 
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Real Estate Marketplace
Macerich introduces store concept to digital brands
Macerich is debuting a new concept at Tysons Corner in northern Virginia, in which digital retail brands can open up physical stores using a package of technology and utility services and flexible real estate. Called BrandBox, the service provides for stores that range from 500 square feet to 2,500 square feet and have leases that run six to 12 months.
GlobeSt (11/16) 
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Howard Hughes to replan Landmark Mall
Landmark Mall in northern Virginia is now fully under the control of Howard Hughes Corp., according to Mark Bulmash, senior vice president for development, who says the company will replan the 51-acre site. The ownership change appears to be part of a partnership with Seritage Growth Properties, which owns the Sears store at the mall.
The Business Journals (tiered subscription model)/Washington, D.C. (11/15) 
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David's Bridal unveils restructuring plan
David's Bridal unveils restructuring plan
(Randy Brooke/Getty Images)
David's Bridal has negotiated a restructuring deal with lenders that will cut upward of $400 million in debt through a bankruptcy filing, the retailer said Thursday. Lenders will provide about $40 million in financing, and more than 300 David's Bridal stores will operate as usual during the restructuring, the company said.
The Wall Street Journal (tiered subscription model) (11/15) 
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Hotel development moves to smaller cities
Hotel developers are finding opportunities in smaller cities. "Now more than ever, the interests of travelers -- including those termed 'adventure travelers' -- are piqued by the unknown and unseen. As a result, travel to small, off­-the-beaten­-path towns has grown," said Michael W. Tall, president and CEO of Charlestowne Hotels.
Lodging magazine online (11/14) 
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    Policy & the Economy
    US expands anti-money-laundering program aimed at real estate
    The Treasury Department has expanded an anti-money-laundering program called a geographic targeting order that focuses on all-cash purchases of residential properties through limited liability companies. The changes set the minimum value of property subject to the requirement at $300,000 and expanded the program to 12 areas, up from seven.
    The Wall Street Journal (tiered subscription model) (11/15) 
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    Inflation adjustment reduces effect of Trump tax cut
    An inflation adjustment written into last year's tax law will reduce the benefits of the Trump administration's tax cuts by allowing the IRS to gradually collect more from taxpayers. The standard deduction and tax brackets will rise in response to inflation more slowly, a change that will cost taxpayers $133.5 billion over 10 years, according to Congress's Joint Committee on Taxation.
    MarketWatch (11/15) 
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    Nareit Resources
    How blockchain could transform real estate
    From asset management and investments to operating and managing companies, blockchain could potentially have a profound impact across real estate. Learn how here.
    Nareit (10/24) 
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