Additional monetary and targeted fiscal support will likely be necessary to keep the economy on track, says Federal Reserve Governor Michelle Bowman. "Even with this support, however, I anticipate that the path toward full recovery will be bumpy, and that our progress will likely be uneven," she says, noting that asset prices could suffer if the pandemic were to get worse.
Mack-Cali is suspending shareholder dividends for the remainder of 2020, and interim CEO MaryAnne Gilmartin notes that the company is "acting decisively to execute our strategy and fortify our balance sheet given the uncertainty of the ongoing pandemic."
Commercial mortgage debt and multifamily mortgage debt both rose in the second quarter, reaching $3.76 trillion and $1.6 trillion respectively, according to the Mortgage Bankers Association. However, new originations dropped during the period.
Rent collections for strip shopping center REITs are drawing closer to 90% and will keep improving through the rest of 2020, according to BTIG. Essential retailers, such as grocery stores, have helped to drive rent collections and stabilize properties.
Columbia Threadneedle Investments is relocating its Boston headquarters to Boston Properties' Atlantic Wharf, where it will lease about 82,000 square feet over two floors. Columbia is downsizing from the 156,000 square feet it currently leases elsewhere.
Farmland offers investors long-term protection against inflation as a result of its high correlation with the consumer price index and the producer price index, writes investor W.J. Mencarow. The asset also offers other advantages, including strong average annual returns, Mencarow writes.
New legislation signed by Gov. Gavin Newsom calls for publicly traded businesses based in the state to have at least one director from an underrepresented group on their boards by next year. More than 35% of public-company boards in the state do not meet that benchmark, according to Equilar.
The IFRS Foundation is assessing the demand the market has for international sustainability reporting standards and considering how it could contribute to the development of these standards. It has issued a consultation paper suggesting that one possibility would be the creation of a Sustainability Standards Board.
In this interview, Nareit's Calvin Schnure discusses the impact of the pandemic and political uncertainty on investor sentiment and the economy. He discusses the "two-track" nature of the economy, in which some sectors have fared relatively well while others are having more trouble.
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