Sports Authority is working with lenders to put together a Chapter 11 bankruptcy reorganization filing, with a plan that could result in the closure of 200 stores, sources said. The company, once the largest sporting goods retailer in the US, has struggled to grow in a changing industry that has brought competition from newer rivals including Lululemon Athletica, Athleta and Amazon.
The three big multifamily REITs, AvalonBay Communities, Equity Residential and UDR, have reported their 2015 results. They delivered strong performance last year, but their outlooks for 2016 are slightly lower.
QIC Global Real Estate has acquired a 51% stake in Forest City Realty Trust's Ridge Hill retail shopping center in Yonkers, N.Y., for $90 million. The two companies have joint ventures at eight other US regional malls.
Related Cos. has acquired a 50% stake in Pocket Living, a UK developer of affordable housing, in what is believed to be the first transaction of its kind.
Forest City Realty Trust President and CEO David LaRue says the company will attract more investors now that it is a REIT. The company has been undervalued, and by converting to a REIT, it will be able to close that gap because it is now "in a place where dollars first get allocated from investors to invest in real estate companies," he says.
Blackstone Group is looking to expand into the public non-listed REIT business, creating and managing REITs to be sold by independent broker-dealers as well as large wirehouses, sources say.
Hospitality Properties Trust's focus -- select-service and extended-stay hotels -- is back in favor among investors due to higher returns and steady cash flows. HPT has invested almost $1 billion in its portfolio over the last five years and is posting strong occupancy and RevPAR numbers as a result. It also maintains competitive management agreements, which officials say will help insulate it in the next downturn.
An ICSC survey of 1,000 consumers has found that retailers should expect to benefit from this year's Super Bowl. Roughly 190 million people are expected to watch the game, featuring the Denver Broncos and the Carolina Panthers, and they will spend an average of $89 apiece on electronics, food and beverages and event-related merchandise, for approximately $17 billion in total sales.
CBL & Associates Properties Inc. said Wednesday that funds from operations for the fourth quarter were higher than Wall Street analysts expected, at 71 cents per share, up 4 cents from the same period a year ago. For 2015, funds from operations grew to $2.32, rising from $2.28 in 2014. Same-center net operating income rose 2% in the final quarter, and gross rent per square foot grew 6.5% at stabilized retail centers.
The Northglenn Urban Renewal Authority (NURA) is working alongside shopping center owners in the Colorado community to improve and revitalize the area. The Huron Center is seeing redevelopment but needs a new anchor, while Hillcrest Shopping Center is seeing exterior renovations. NURA has invested $25.5 million in these types of projects over the past 20 years.
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