Target's more than 350,000 store and warehouse employees will now be given gloves and face masks at the start of their shifts and will be encouraged to wear the protective gear while working, the retailer said. Stores will also start keeping track of the number of shoppers at any given time and set a limit if necessary.
Home Depot has ordered its stores to stop selling N95 masks and said it will donate the protective gear to first responders, hospitals and other health care workers. Rival home improvement retailer Lowe's said last week it was donating its supply of the masks to US medical centers.
Activist investors might seek buying opportunities in the wake of the current market turmoil, and REITs should be prepared to deal with them, says John Haggerty of Goodwin. REITs can take several proactive steps, including forming long-term business plans and keeping the board involved as plans change, Haggerty says.
Many sectors of commercial real estate are facing significant challenges and falling valuations as the widespread social distancing required by the coronavirus pandemic empties office buildings, shops and other businesses. In some cases, property owners, including REITs, are working with tenants on rent relief packages to weather the crisis.
TPG RE Finance Trust is consulting with investment bank Houlihan Lokey to consider potential transactions as it grapples with the coronavirus pandemic, sources say. The REIT delayed its first-quarter dividend last month, pointing to a cash crunch.
A look back at the 2008 global financial crisis (GFC) shows the lead/lag relationship between REITs and unlisted (or private) real estate when market conditions change. Despite the underlying assets being substantially the same, REITs react in real time to market conditions while shocks to private real estate valuations are revealed over time as a result of reporting lags.
Columbia Property Trust has sold a 260,000-square-foot office park in Pasadena, Calif., for $78 million. The REIT bought the property for $116 million in July 2007.
The 8 million individual landlords in the US will have a difficult time staying afloat as tenants are unable to pay the rent due to the coronavirus. The majority don't have access to lines of credit that could assist them, an Avail survey found.
J.C. Penney made its April rent payments for its nearly 850 US stores, the company said, but other retailers are planning to defer or cut payments amid the coronavirus outbreak that has forced stores and malls to close.
A federal program designed to provide relief to small businesses got off to an uneven start, with some banks saying they weren't ready to accept applications. The Paycheck Protection Program is expected to draw interest from millions of small businesses.
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