Jonathan Litt's Land & Buildings investment management has substantially increased its stake in Mack-Cali Realty Corp., and sources say Litt will probably advocate for changes that may include selling some or all of the REIT. Mack-Cali estimates that its holdings' net asset value is $35.93 a share.
Sources say a sale may be possible for healthcare REIT MedEquities Realty Trust, which is talking to an adviser about its options. The sources say it also may opt to stay independent.
A private investment firm has debuted Inception REIT, which plans to provide capital solutions to the adult-use and medicinal cannabis industry. The REIT hopes to raise up to $50 million during its initial offering.
Retailers intend to shutter 111 million square feet this year, surpassing last year's record of 105 million square feet, CoStar says. However, more than half of the space is concentrated among five retailers -- including Toys R Us, Bon-Ton and Sports Authority, all which filed for bankruptcy.
The student housing business has evolved into a major industry, as the pending $3.2 billion acquisition of Education Realty Trust by Greystar Real Estate Partners shows. With some markets becoming oversupplied and demographics shifting, investors and developers are trying to predict the segment's direction.
The five fundamental pillars that support the life sciences real estate industry are trending in a positive direction, says Dean Shigenaga, co-president and chief financial officer of Alexandria Real Estate Equities. These pillars include healthy bipartisan support for funding for the National Institutes of Health, strong investment in commercial research and development, and a positive regulatory environment at the Food and Drug Administration.
In terms of transactions, 2018 has been a light year for National Health Investors, which closed $95 million in deals for the first six months, says Eric Mendelsohn, president and CEO. Market turbulence at times has affected the cost of capital, but the REIT is planning to focus on acquisitions in the Midwest and West.
A warmer-than-expected start to the summer gave Home Depot a second-quarter boost, with same-store sales and earnings that beat forecasts. The home-improvement retailer is benefiting from a strong housing market, and it is investing to build out its delivery platform and expand its business serving professional home builders.
HCP confirmed this month that Apollo Global Management is the investor acquiring its 22-asset portfolio managed by Brookdale Senior Living. A source says that Apollo plans to invest further in this asset class and that it plans to bring in a new operator or operators.
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