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As MCR Development LLC broadens its focus in the lodging market, it’s adding landmarks like a former TWA flight terminal at JFK International Airport to its portfolio to go along with the seminary in Manhattan’s Chelsea neighborhood that the company converted to The High Line Hotel in 2013.
Chances are, if you’ve been stuck in traffic or waited for a bus or subway train lately, your eye has been drawn to an advertising display created by OUTFRONT Media Inc. (NYSE: OUT).
Formerly known as CBS Outdoor Americas Inc., OUTFRONT began operating as a REIT in July 2014 following its spin-off from CBS Corp. Today, its portfolio includes approximately 57,000 billboard faces and 316,000 transit displays across the United States. Around 70 percent of the company’s revenues are derived from billboards, and 30 percent come from transit.
Hilton Worldwide said Feb. 26 that it plans to spin off the bulk of its hotel real estate holdings into a publicly traded REIT by the end of the year.
McLean, Virginia-based Hilton Worldwide noted that it received a private letter ruling from the Internal Revenue Service regarding the spin-off. The hotel company intends to file appropriate registration statements with the Securities and Exchange Commission (SEC) during the second quarter.
President Obama on Dec. 18 signed the Protecting Americans From Tax Hikes (PATH) Act of 2015 into law, enacting major reforms to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA).
Ed Fritsch, president and CEO of Highwoods Properties, Inc., and NAREIT’s 2016 chair, joined REIT.com for a video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
Fritsch provided an overview of the current state of the REIT industry.
Community Development Trust (CDT) has launched a new platform that provides long-term, fixed-rate financing for charter schools.
Founded in 1998, New York City-based CDT is a private, hybrid REIT that is active on the debt and equity side of affordable housing projects. CDT’s Charter School Lending Program, launched in September, aims to address the problems traditionally faced by charter schools in obtaining suitable financing, said Shelly Cleary, senior vice president of CDT.
Peter Fass, partner at Proskauer Rose, LLP, joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.
Fass observed that new customer account rules from the Financial Industry Regulatory Association (FINRA) aiming to increase transparency of public non-listed REITs (PNLR) have led to speculation about their impact on a number of fronts.
“There’s a lot of talk about how it’s going to affect sales. Who’s going to make the changes? Will it reduce fees to broker-dealers? We shall see,” he said.
Will Teichman, director of sustainability with retail REIT Kimco Realty Corp. (NYSE: KIM), joined REIT.com for a video interview at NAREIT’s 2015 Leader in the Light Working Forum in Reston, Va.
Kimco issues a corporate sustainability report based on Global Reporting Initiative (GRI) guidelines. Teichman explained the rationale behind using GRI.
President Barack Obama on Jan. 12 signed legislation into law to reauthorize the Terrorism Risk Insurance Act (TRIA) through the end of 2020.
Congress adjourned in December without passing a bill to extend the TRIA program, which stalled in the Senate following the addition of an unrelated provision. The program expired at the end of 2014; however, upon returning to work on Jan. 6, the House of Representatives and Senate quickly went to work on a reauthorization bill.
Capital flows into the REIT sector from domestic and international investors remain robust, according to a panel of industry figures at REITWorld 2014: NAREIT’s Annual Convention for All Things REIT.
The panelists also said the limited supply of real estate assets is pushing valuations higher.
“Capital is chasing a relatively few number of assets,” said Louis Taylor, senior vice president at Paulson & Co., Inc. “Prices are fair to pretty full.”