Lowe's CEO Marvin Ellison grew up the son of sharecroppers and is now one of just four Black Fortune 500 CEOs, and his firsthand experience of racism has driven his commitment to create more diversity in corporate America, he said during a virtual conversation hosted by NRF. He has increased the number of Black executives at Lowe's, and urges other CEOs and companies to "talk less and do more" to fight racism and increase diversity.
The 30+ day delinquency rate on mortgages in CMBS pools rose 317 basis points in June, to 10.32%, according to Trepp. An additional 4.1% of loans missed their June payment but are less than 30 days delinquent, suggesting there will be a further increase next month. Delinquencies are highly concentrated among mortgages on lodging and retail properties, according to Nareit economist Calvin Schnure, with little or no rise among office, multifamily, or industrial loans.
Essex Property Trust has sold two residential properties in San Jose, Calif., one for $175 million and the other for $57 million. Affiliates of Lakevision Capital West acquired the two downtown properties.
An affiliate of Prologis has sold a 1.1 million-square-foot fulfillment center and a neighboring 500,000-square-foot facility for a total of $176 million. An affiliate of Kohlberg Kravis Roberts & Co. bought both properties.
The Macy's stores that have reopened are generating smaller sales than they did a year ago, company data shows. Last month, Macy's raised $4.5 billion in credit facilities, largely backed by real estate holdings in big cities, and the company's chief financial officer says the company has additional assets that it could use to do another deal.
American Infrastructure Funds is reportedly working with a financial adviser that is contacting potential buyers for Landmark Dividend LLC, which focuses on projects such as data centers and solar power. A deal for Landmark Dividend could be worth between $400 million and $500 million, the sources say.
The pandemic is causing some patients to visit off-campus facilities for treatment rather than hospitals, according to a survey commissioned by Physicians Realty Trust. The report notes that 76.5% of respondents would rather receive care from facilities that are not connected to hospitals, and 22.6% say they would not visit emergency rooms.
Brookfield Asset Management and Unibail-Rodamco-Westfield are among the companies participating in a nonprofit program called Project Destined, which helps minority youths learn about finance through real estate principles. The coronavirus led to the cancellation of a large number of paid internships in New York City, and Project Destined is now trying to replace some of those lost internships.
The House of Representatives passed a measure that would push back the deadline to apply for Paycheck Protection Program loans to Aug. 8. The Senate had already approved an extension.
There were 1.427 million initial jobless claims last week, according to the Labor Department. This was slightly more than the 1.38 million that economists polled by Dow Jones had expected.
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