On April 16th, the award-winning documentary Beethoven in Beijing will debut on PBS. The film, directed by Jennifer Lin, a former China correspondent for the […]
The post <em>Beethoven in Beijing</em> Directors on the Legacy of the Philadelphia Orchestra’s 1973 Tour of China appeared first on Philadelphia Magazine.
Philadelphia Mayor Jim Kenney urged residents to demonstrate peacefully when the verdict in the Derek Chauvin trial is returned. Chauvin, a former Minneapolis police officer, is accused of murdering George Floyd last May. Floyd’s death sparked nationwide demonstrations decrying police brutality and racial injustice.
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Rethinc Real Estate is a commercial real estate br
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Safehold CEO Says Strong Rent Coverage, New Credit Ratings Position REIT for Growth
Sarah Borchers…
Apr. 16 2021
With 100% of its ground lease rents paid in 2020 and newly-received investment grade credit ratings, Safehold Inc. (NYSE: SAFE) Chairman and CEO Jay Sugarman says the REIT is “really well positioned to keep growing.”
Speaking on the REIT Report, Sugarman noted that despite the challenges of 2020, “last year actually proved how strong the business is.” Meanwhile, new ratings from Moody’s Investors Services and Fitch Ratings “will be a pretty major competitive advantage,” he added.
Sugarman noted that when it comes to selecting particular property types, “our mission is to go where the best markets and land is.” Multifamily has been a “great story so far,” and represents about 25% of the portfolio, he said. “I imagine we’ll be in all property types in the top 30 markets in the next year or so.”
Meanwhile, Sugarman said he believes the modern ground lease structure “can do for commercial real estate what net lease did for the corporate world, and that’s about a $1 trillion industry.”
“We think there are big things ahead as more and more people understand that modern ground leases are just a more efficient, lower cost solution, and very similar to what corporations have been doing with net leases for decades…there’s no reason this can’t become a $1 trillion industry as well,” Sugarman said.
As for new entrants in the market, Sugarman said he welcomes the interest: “We want this to be a mainstream product so the more people who are out there educating the market the better.”
The Penn Museum will repatriate or rebury a collection of 1,300 human skulls that were once used to advance white supremacist race science, led by 19th century natural scientist Samuel G. Morton. The collection had been housed at the Philadelphia museum since 1966, when Penn took it from the Drexel Academy of Natural Sciences. Some of the remains came from enslaved individuals, researchers found.
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Fort Washington-based Toll Brothers paid just over $21 million for the 1.5-acre Midtown site in 2019.
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Kimco and Weingarten Realty to Merge, Creating $12 Billion Market Cap REIT
Sarah Borchers…
Apr. 15 2021
Kimco Realty Corp . (NYSE: KIM) said April 15 it will merge with Weingarten Realty Investors (NYSE: WRI) in an approximately $3.9 billion cash and stock deal, creating a major player in the open-air shopping center segment that has held up well during the pandemic.
The merger will create a national operating portfolio of 559 open-air grocery-anchored shopping centers and mixed-use assets, with properties mainly concentrated in the top major metro markets.
The combined company is expected to have a pro forma equity market capitalization of approximately $12 billion and a pro forma total enterprise value of approximately $20.5 billion.
Under the agreement, each Weingarten common share will be converted into 1.408 newly issued Kimco common stock, plus $2.89 in cash. Based on the closing stock price for Kimco on April 14, this represents a total value of approximately $30.32 per Weingarten share. Kimco shareholders are expected to own approximately 71% of the combined company’s equity, with Weingarten shareholders owning approximately 29%.
“This business combination is highly strategic, creating a stronger platform that is even more capable of delivering long-term growth and value creation,” said Conor Flynn, Kimco CEO.
Flynn said the transaction, which is expected to be completed in the second half of this year, reflects a strong conviction in grocery-anchored shopping centers. The category, he said, has performed well throughout the pandemic and provides last-mile locations that are “more valuable than ever due to their hybrid role as both shopping destinations and omnichannel fulfillment epicenters.”
The combined company is expected to benefit from increased scale and density in key Sun Belt markets, enhanced asset quality, tenant diversity, a larger redevelopment pipeline, and a deleveraged balance sheet.
Drew Alexander, chairman, president, and CEO of Weingarten, said the combined company’s increased size and scale, together with its financial strength, “should drive an advantageous cost of capital, allowing the combined company to more readily pursue value creation opportunities.”
Meanwhile, Haendel St. Juste, managing director and senior REITs analyst at Mizuho Securities, described the deal pricing as a “good read-through for the sector…it gives clarity on asset values.”
At the same time, St. Juste does not see the deal as necessarily providing an impetus for further M&A activity. Institutional capital had been buying shopping center assets before the pandemic, he said, but has since pulled back. “There’s some post-COVID euphoria…but there’s also a reality that it’s still a pretty challenged business and do you want to be buying portfolios?”
For some of us, Philly sports have been a much-needed distraction — and a rare source of pleasure — over the past year. But as […]
The post Touch-Free Toilets and No More Cash: What to Expect as Fans Return to Philly Sports appeared first on Philadelphia Magazine.
A husband and wife, both detectives with the New Jersey State Police, were charged Thursday with allegedly lying about what happened when they got into a physical altercation with other patrons at a bar in North Wildwood last year, the state attorney general’s office announced.
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The coalition of financial institutions will not only increase access to capital for minority-owned businesses but also offer technical support as well as scale capacity for local CDFIs.
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