New York's vaccination mandate, Invitation Homes puts green toward green, new heights in scaffolding as art, an mREIT merger, and Simon Property Group sees mall sales recover.
Today on Millionacres
What NYC's Vaccination Mandates Mean for Real Estate
Restaurants, fitness centers, and entertainment venues in New York City will now be required to demand proof of vaccination to enter one of these facilities. How will this impact real estate there and elsewhere? Our Maurie Backman shares some thoughts here on just that.
The Millionacres takeaway: Mayor Bill de Blasio said he hopes this will be a model for the nation. That seems unlikely, given what's happening elsewhere. For instance, in South Carolina, the state's flagship university announced a mask mandate and quickly reversed course when the state's attorney general objected. And in Florida, the governor says he'll withhold funding from school districts that try to do that. Meantime, cases there are exploding. Only time will tell, and perhaps soon, how much this will affect travel and tourism in the Sunshine State -- and business of all kinds everywhere.
Invitation Homes Goes Green: Investing in Fifth Wall's Green Technology Fund
Invitation Homes (NYSE: INVH), the largest single-family rental real estate investment trust (REIT) in the business, with over 80,000 homes under management or ownership, recently announced its investment in Fifth Wall's Climate Technology Fund, with an eye toward improving Invitation's operations by reducing its carbon footprint and energy use.
The Millionacres takeaway: Our Liz Brumer says continued investments and strategic partnerships, such as this one with Fifth Wall and those with other big companies like PulteGroup, should continue to propel the company forward over the coming years.
This NYC Scaffolding Display Could Pioneer New Opportunities for Developers
Brookfield Properties (NYSE: BPYPO) sprung for a high-end attractions builder to make magic out of a huge construction shed -- that tunnel that shields pedestrians on sidewalks at urban projects. Our Laura Agadoni provides a quick look at Citrovia and the go-go scaffolding industry.
The Millionacres takeaway: Developers of all sizes might want to consider the concept of making something out of nothing, to both be good neighbors and maybe call some positive attention to what they're building or rebuilding.
Benefit Street Partners Realty Trust and Capstead Mortgage Corporation Merging
Add one more to the fast-growing list of REIT mergers and acquisitions: Benefit Street Partners Realty Trust (BSPRT), a non-listed REIT, is taking over Capstead Mortgage Corp. (NYSE: CMO), a residential mortgage REIT, and moving the latter's investments away from residential and into commercial while remaining a publicly traded entity.
The Millionacres takeaway: Our Deidre Woollard explains that while BSPRT's current portfolio has a strong emphasis on multifamily properties that's likely good news, it does have some exposure to riskier sectors, such as office and hospitality, which could be affected by the potential impact of the delta variant.
Also in Today's News
Simon Property Says Its Mall June Sales Were at Pre-Pandemic Levels
Simon Property Group (NYSE: SPG) saw sales at its shopping malls and outlet centers bounce back to pre-pandemic levels in its latest fiscal quarter, as Americans shopped for clothes, shoes, and other items, CNBC reports today.
The Millionacres takeaway: The nation's largest mall owner hopes the trend will encourage new leases. That would be good news for this retail REIT and a good sign for real estate investors in general.