Tanger Factory Outlet Centers posted $14.2 million in net income for the first quarter. Its funds from operations, a key metric for REITs, rose 4.5% year-over-year and its revenues rose by 16%. It also signed 259 leases across its portfolio during the period.
The Securities and Exchange Commission unexpectedly announced it would hold a vote on proposed crowdfunding rules today. Although mandated under the Jumpstart Our Business Startups Act, the SEC's move was unusual in that only one day's notice was given for the vote.
Companies in commercial real estate are concerned about the impact on tenant behavior that could result from a recently proposed lease-accounting standard. Fitch Ratings says the proposal could increase short-term leases. The Real Estate Roundtable and 13 members of Congress have written to Financial Accounting Standards Board Chairwoman Leslie Seidman asking for the release of a cost-benefit analysis to ensure there are no "unintended consequences" for property markets.
Once relegated to the margins of society, high-cost borrowing in the form of payday, car-title or pawnshop loans has become part of everyday life, according to a study by the National Bureau of Economic Research. Approximately 1 in 4 Americans has used this form of financing, once seen as fringe behavior by a small part of the population, the study found.
Caterpillar's absorption of mining conglomerate Bucyrus International has gone smoothly for the equipment manufacturer. Rebranding of Bucyrus products made Caterpillar the largest mining-equipment company in the world. Sales in the resource-sector group increased 80%, to $5.26 billion, in Caterpillar's latest financial quarter.