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Outperform the competition with Yardi Voyager™
Commercial, the industry's leading fully integrated office,
industrial and retail management software suite. Attend a Webinar to
find out more, click here.
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ONLINE EXCLUSIVE
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Mall
REITs Stall on Slowdown in Consumer Spending
By Elaine Misonzhnik
Consumer's tightened purse strings constricted
regional mall REIT performance in the first quarter.
With six of the eight regional mall REITs reporting results so far, half
saw a decline in sales per square foot and a drop in occupancy levels.
Still, four firms beat consensus estimates, including Simon Property
Group, Inc., General Growth Properties, Inc., CBL & Associates
Properties, Inc. and Glimcher Realty Trust. Pennsylvania REIT met
expectations and Taubman Centers, Inc. was the only firm to miss,
falling short of Wall Street's consensus by $0.03 per share.
There's another reason for gloom: For the three months ended March 31,
the regional mall sector performed last among all REIT sectors, which
collectively posted their weakest performance in five quarters. Overall,
one-third of the 76 REITs RBC Capital Markets covers missed analyst FFO
estimates.
Read
full story here.
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Regency Centers > Moving quality forward.
Regency Centers, a full-service, retail developer, owner and operator of
grocery-anchored and community shopping centers with 21 local offices,
combines its unrivalled experience, market expertise and expansive
resources to create high-quality developments – yielding the results
you want, when you want them. Click here for more
information.
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BEST OF THE BLOG
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Credit
Worries at Lightstone?
By David Bodamer
The New York Times has a piece today raising some
alarms about Lightstone Group (which owns Prime Retail, among other
assets.) Last June, the firm acquired Extended Stay hotels for $8.1
billion, which may now be causing the firm some credit headaches. It's
also tried to refinance loans on some of its retail assets. To date it
hasn't missed any payments. Overall, David Lichtenstein expects the firm
to weather the storm.
Lightstone is also trying to renegotiate the terms of its
loans with a total balance of $139.7 million for the Burlington Square
Mall in Burlington, N.C., and the Macon Mall in Macon, Ga. Both malls
have fierce competition from shopping centers, Mr. Lichtenstein said.
Delinquencies among loans in commercial mortgage-backed securities have
been inching up, but the rate so far remains low. Realpoint Research, a
division of Capmark that tracks commercial mortgage-backed securities,
singled out the Lightstone mall loans in a recent report as among only
three with an unpaid balance exceeding $100 million that have been
transferred to loan officers known as “special servicers” because
they were in danger of default.
Read
full story here.
Check out other blog entries from the past week:
» Malls
Take Hold in Turkey
» Nike-Finish
Line Co-Brand Stores
» International
Retailers Target Florida
» Lenders
Remain Stingy
» Retail
Real Estate News and Notes
» Retail
News and Notes
» What
to Make of Home Depot?
[Full
article
list] [Blog
home] [Subscribe]
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With more than 80 years of real estate industry experience,
CASTO's portfolio includes 80+ shopping and lifestyle centers, 21
million SF of retail space and 5 million SF in development through the
Midwestern and southeastern United States. For more information, visit
www.castoinfo.com
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IN PRINT
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Retailers
Shadow Shifts in the Gulf Coast's Population
By Hortense Leon
Since the devasting 2005 hurricanes Katrina and
Rita, the retail landscape in Louisiana and Mississippi has transformed.
With so much infrastructure destroyed, adaptive reuse has become the
buzzword.
For example, in New Orleans' famed Garden District, the former House of
Bultman Funeral Home is being resurrected as a Borders bookstore. The
24,000-square-foot location will be the first in the city for the chain.
Last fall, Covington, La.-based Stirling Properties said it would spend
$9 million to redevelop the site on historic St. Charles Avenue.
The House of Bultman Funeral Home is designated as a historic landmark,
as the site of funerals for the rich and famous, and where Tennessee
Williams wrote the play, Suddenly Last Summer. When the Borders is
completed in Fall 2008, it will boast the funeral home's original
facade, which evokes George Washington's famed Mount Vernon plantation
outside Washington, D.C.
Read
full story here.
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Receive national acclaim for your retail store, shopping
center or retail design.
Act now to enter the 19th Annual Superior Achievement in Design &
Imaging (SADI) Awards competition, presented by Retail Traffic
magazine. Winners will be showcased in our September issue. Don't miss
this opportunity to be acknowledged as a leader in retail design and
architecture and to receive national recognition for your firm and your
client.
ENTRY DEADLINE: May 30, 2008. Awards announced September 2008.
Questions? Contact Amie Leibovitz at 312.840.8438 or email amie.leibovitz@penton.com.
Deadline: May 30th. For more information, visit http://retailtrafficmag.com/sadi_entries/
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Mark
of Distinction
By David Bodamer
The top 100 owners of retail real estate in the U.S.
hold more than two billion square feet of real estate, according to the
results of Retail Traffic's annual Top Owners and Managers Survey. The
top 100 managers, meanwhile, control even more than that — a combined
2.3 billion square feet.
To put that in perspective, 2 billion square feet is roughly the
equivalent a thousand shopping centers the size of Tysons Corner Center
in McLean, Va.
But in both the ownership and management lists, the top 10 command the
lion's share of those amounts. The top 10 owners hold 1.16 billion
square feet in their portfolios — more than half the overall total.
That's a 5 percent jump from last year stemming from three big deals —
Simon Property Group's acquisition of Mills Corp., Developer Diversified
Realty's absorption of a major portfolio of centers from the Inland Real
Estate Group of Companies and Centro Property Group's digestion of New
Plan. Simon Property Group alone has as much space in its portfolio as
the bottom 58 companies on the list combined.
Read
full story here.
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The Midwest Lodging Investors Summit 2008
July 14-16, 2008
Chicago, IL
Attention real estate investors and those considering the lodging sector
as their next opportunity...Attend the Midwest Lodging Investors Summit
and discuss topics critical to your success: Hotel Development and
Construction; Hotel Operations; Hotel Financing; Hotel Segment updates
and the rapidly expanding Mixed-use Development Segment. Click here for the
full conference agenda, current sponsors, speaker information, the
advisory board and more.
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