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BET Investments pays $12.8M for Ambler office building, parking lot next to SEPTA station

The company, known for its mixed-use developments in the Philadelphia suburbs, paid $12.8 million for the property......»»

Category: topSource: bizjournalsJan 24th, 2023

KRE AND NORTHWESTERN MUTUAL LEASE UP 507-UNIT JERSEY CITY TOWER

Jersey City Mayor Steven Fulop joined principals from Kushner Real Estate (KRE) Group and Northwestern Mutual today to cut a ceremonial ribbon at 351 Marin, marking the completion of a significant addition to the Jersey City residential landscape and one of its most successful developments to date. The new 38-­story tower delivered 507 residences... The post KRE AND NORTHWESTERN MUTUAL LEASE UP 507-UNIT JERSEY CITY TOWER appeared first on Real Estate Weekly. From Left: Jeremy Kaplan, COO, KRE Group; Murray Kushner, Founder, KRE Group; Jeff Persky, Partner, KRE Group; Joyce E. Watterman, Council President, Jersey City; Matt Ascher, Senior Director, Northwestern Mutual Real Estate; Steven Fulop, Mayor, Jersey City; Jonathan Kushner, President, KRE Group; Marc Kushner, Design Director, KRE Group. Jersey City Mayor Steven Fulop joined principals from Kushner Real Estate (KRE) Group and Northwestern Mutual today to cut a ceremonial ribbon at 351 Marin, marking the completion of a significant addition to the Jersey City residential landscape and one of its most successful developments to date. The new 38-­story tower delivered 507 residences to Jersey City’s lively Powerhouse Arts District – all of which leased up in just five months, according to the development partners, which tapped The Marketing Directors to oversee the leasing program. The celebratory event took place in a new 4,500 square foot, landscaped public plaza – created by KRE and Northwestern Mutual – which features a pavilion and fountain display. The community space leads directly into 351 Marin’s welcoming lobby and the newly opened Wattle Café, an Australian-inspired wellness health brand known for crafting food with a healthy spin. “When we took office, we really had a pro-development stance because we recognized that a healthy city is a growing city,” Mayor Fulop said.  “You just need to look around us right here at 351 Marin and there aren’t many cities in the state that can absorb two 50-story buildings going up across the street from each other simultaneously and at the same time, a crane half a block away creating another building of similar size.  It speaks to the vibrancy of Jersey City and the special place it is and that people want to live here and do business here and KRE Group makes it very easy for us to be partners. We see a lot of developers come through with a lot of different proposals.  The difference with KRE is that when they say they are going to do something, they execute on it and that makes it very easy from an administration side.  On behalf of all of us, congratulations and we look forward to more ribbon cuttings in the future.” “351 Marin continues our longstanding commitment to Jersey City through developments that provide first class residences, public amenities and neighborhood retail services near mass transportation,” said Jonathan Kushner, President of KRE Group. “We’re proud to have once again delivered a building that has successfully attracted residents to the area at an historic rate while also building on the unique character and energy Jersey City is known for.” “We are thrilled to be partnered with KRE on another successful residential development in Jersey City. The property is truly breathtaking, and its performance has exceeded all of our expectations,” said Matt Ascher, Senior Director at Northwestern Mutual Real Estate. “Northwestern Mutual has been making both equity and debt investments in Jersey City for over 25 years and we look forward to continuing to invest in additional iconic assets like 351 Marin.” Aptly named after its address at 351 Marin Boulevard, the cutting-edge building is just minutes from the Grove Street PATH station and Hudson Bergen Light Rail system, and near commuter ferries with service to lower and Midtown Manhattan. The new residential offering lies perfectly between Jersey City’s vibrant Hudson River waterfront, the growing theater and gallery scene within the Powerhouse Arts District, and the exciting dining and nightlife lining the Newark Avenue Pedestrian Plaza. Designed by Hollwich Kushner and HLW Architects, 351 Marin features a distinctively angled base that creates a dramatic backdrop to the plaza and a free-standing pavilion. The façade rises to a geometric crown that stands out amongst the Jersey City skyline and harkens to the triangular forms 38 stories below on the public plaza. A mix of studio, one- and two-bedroom apartments boast open layouts loaded with upscale features. Residents enjoy a full suite of modern and thoughtful amenities highlighted by a 37th-floor Sky Lounge with co-working spaces, banquette seating, and a tiered theater. An outdoor, landscaped patio provides spectacular views of the Manhattan and Jersey City skylines. The building’s eighth floor features a 24-hour fitness center, yoga/studio/group fitness area, full entertainment kitchen with sitting area, movie and screening area, game room and children’s playroom. An outdoor, landscaped terrace features a pool deck with a resort-style pool, lounge seating, fire pits, and BBQ grilling stations with prep counters. A community garden and dog run can be found on the seventh floor. 351 Marin’s lobby is notable for its live green walls and abundant seating areas, while 24-hour concierge service caters to resident needs. Onsite parking is also available. For additional information on 351 Marin, please visit www.351MarinJC.com or call 201.588.3510. The post KRE AND NORTHWESTERN MUTUAL LEASE UP 507-UNIT JERSEY CITY TOWER appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMay 14th, 2022

North Carolina Officials Applaud the Start of $35 Million Project by WinnDevelopment to Transform a Historic Mill into Affordable Apartments

WinnCompanies, an award-winning national developer and manager of affordable, mixed-income and market rate apartment communities, today broke ground on its first-everadaptive reuse project in North Carolina, starting construction on a $35 million project that will create 139 affordable apartments in a long-vacant, historic textile mill. Becky S. Smith, the Mayor... The post North Carolina Officials Applaud the Start of $35 Million Project by WinnDevelopment to Transform a Historic Mill into Affordable Apartments appeared first on Real Estate Weekly. WinnCompanies, an award-winning national developer and manager of affordable, mixed-income and market rate apartment communities, today broke ground on its first-everadaptive reuse project in North Carolina, starting construction on a $35 million project that will create 139 affordable apartments in a long-vacant, historic textile mill. Becky S. Smith, the Mayor of Bessemer City, NC, joined WinnCompanies CEO Gilbert Winn and a host of state, county and local officials to celebrate the beginning of work at Osage Mill, located only 30 minutes from Charlotte in the fast-growing region of western Gaston County, where new rental housing for working families is needed to sustain economic growth. “The Osage Mill created hundreds of jobs in Bessemer City 125 years ago and we’re excited to get underway transforming this iconic building into modern homes for those who will drive the area economy in the 21 st century,” said Gilbert Winn. “We value our partnership with North Carolina’s housing and economic leaders on this important effort and looking forward to the project’s completion near the end of 2024.” Led by the WinnDevelopment Vice President Aimee McHale and Senior Project Director Laura Manville, the historic adaptive reuse of the mill will preserve the building’s iconic exterior while creating 12 three-bedroom apartments, 77 two-bedroom units and 50 one-bedroom units for households earning 60 percent of the Area Median Income. “Bessemer City is ready to excel our economic position in the Charlotte Region with the completion of the Osage Mill Renovation Project This project will amplify our community’s position for positive growth, assist with supporting local small businesses, and provide needed housing for our ever-growing workforce with other multi-million-dollar investments taking place, said Mayor Smith. “Bessemer City is growing in a positive way in all directions. This project specifically will act as a catalyst that will transform the community and revive a historic landmark that speaks to the City’s history, culture, and identity. The City is only getting started with revitalization.” Financing for the project is supported by tax-exempt bonds from the North Carolina Housing Finance Agency (NCHFA) and issued by the Gastonia Housing Authority. “The agency is proud to support the future redevelopment of Osage Mill,” said NCHFA Executive Director Scott Farmer. “This development serves as a prime example of how adaptive reuse of existing sites can create safe and affordable homes for families in North Carolina.” Bank of America is providing construction and permanent financing, as well as equity under the federal Low-Income Housing Tax Credit (LIHTC) program, the federal Historic Tax Credit program and North Carolina’s Mill Rehabilitation Tax Credit program. “Bank of America is proud to be the lead financer of this innovative development that repurposes previously vacant space to provide much-needed affordable housing in greater Charlotte,” said Mary Thompson, Senior Vice President of Community Development Banking at Bank of America. “We are pleased to work with WinnCompanies, and our other public and private partners, to help support the communities where we work and live.” The 250,000-square-foot building has been largely vacant since 1995. Built by Bessemer City founder, John Askew Smith, in 1896, it quickly became one of the city’s largest textile mills. “Main Street is economic development within the context of historic preservation,” said Kenny Flowers, North Carolina’s Assistant Secretary for Rural Economic Development. “The Lofts of Osage Mill project is the ultimate reuse of a historic building, preserving a piece of Bessemer City’s history while rehabilitating the property for a new purpose that will benefit the entire community. We commend the local government leaders and private partners for their dedicated work and collaboration which will result in a multi-million-dollar investment, new businesses, and new jobs.” Several elected officials in Gaston County played a key role in moving the project forward. “It has been a pleasure to have made three board of commissioners’ motions in support of this historic project, all receiving unanimous support from the County. John Smith would be proud of this project without doubt,” said Bob Hovis, Vice Chairman of the Gastonia County Commissioners. “I have been pleased to work with the town of Bessemer City in the planning and redevelopment of the Osage Mill. Osage Mill is an iconic landmark built as a textile mill in the late 1800s that now will offer creative opportunities to cultivate entrepreneurial and other local businesses, allowing them to flourish in a retail as well as residential environment,” said State Sen. W. Ted Alexander. “Residents will have the benefit of being within walking distance to some of their favorite establishments. The convenience of eating in your favorite restaurant, after a long day of work, without having to get into a car and drive is priceless. Its rehabilitation is a prime example of how these older historic mills, once considered a liability, can become an economic engine and source of pride for a community like Bessemer City.” “This is a banner day for Bessemer City and all of Gaston County,’ said State Sen. Brad Overcash. “The Historic Osage Cotton Mill Redevelopment Project is a significant economic development victory for the people of Western Gaston County. I wish everyone well and look forward to watching this project move forward.” “I am honored to be included in today’s groundbreaking and proud to show support for the Osage Mill adaptive reuse project,” said State Rep. Kelly Hastings. “The transformation of the vacant mill into workforce housing apartments is vital to our community, bringing life to downtown Bessemer City. I feel confident the work will be completed in a professional and timely manner.” Although this will be WinnDevelopment’s first adaptive reuse project in North Carolina, the company has been responsible for the reuse and rehabilitation of 41 historic structures since 1981, creating nearly 5,000 new apartments in seven states and the District of Columbia. No other residential developer in the United States has won more awards for transforming vacant schools, mills and other historic buildings into multifamily housing. The mill will be renovated to preserve and highlight the historic fabric of the building while providing a host of modern amenities and common areas, including an on-site management office, mail room and package lockers, resident lounge, business center, fitness room, and secured storage for residents. Outdoors on the property, residents will enjoy access to a dog park, a seating and picnic area and children’s playground. Theproperty will offer 244 parking spaces, including 20 spaces for persons with disabilities. “The Gastonia Housing Authority is proud to support the redevelopment of the Historic Osage Mill by actingas the issuer of the multi-family bonds,” said Terri Sanford, Executive Director of the Gastonia Housing Authority. “Not only will this project preserve an important historic structure and revitalize the downtown area of Bessemer City, but it will also provide homes for the elderly, the disabled, and working families in our area. We are grateful to the developers, the City of Bessemer City and the City of Gastonia elected officials and staff, and to all others who have worked tirelessly to bring this project to fruition.” The building’s design conforms to Energy Star guidelines. WinnDevelopment is collaborating with Duke Energy to maximize energy efficiency of the building’s mechanical equipment, appliances, interior and exterior lighting and building envelope. Rehab Builders, of Winston-Salem, is the general contractor for the project, with Tise Kiester Architects of Chapel Hill serving as architect and MacRostie Historic Advisors LLC as historic consultant. Brockmann Law, located in Charlotte, is serving as legal counsel. Osage Mill is located in a mixed-use neighborhood adjacent to Bessemer City’s downtown commercial area and offers easy access to Interstate 85 and strong employment hubs in Charlotte and Spartanburg, SC. Once completed, the community will be operated by WinnResidential, the property management arm of WinnCompanies. The company currently manages 504 apartments at three other North Carolina properties located in Charlotte, Monroe and Raleigh. Its sister company, WinnResidential Military Housing Services, operates 6,183 privatized military homes for members of the U.S. Marines and their families at Camp Lejeune and Cherry Point in Havelock. The post North Carolina Officials Applaud the Start of $35 Million Project by WinnDevelopment to Transform a Historic Mill into Affordable Apartments appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweekly14 hr. 25 min. ago

CBRE Facilitates Office Expansion for CMSPI’s North American HQ in Atlanta

CBRE has arranged an approximately 10,000-sq.-ft. office lease at 55 Allen Plaza in Downtown Atlanta for CMSPI, the leading global advisor in retail payments. Paul Holmes of CBRE represented CMSPI in its most recent office expansion. This is the third time the company has expanded in Atlanta since naming the... The post CBRE Facilitates Office Expansion for CMSPI’s North American HQ in Atlanta appeared first on Real Estate Weekly. CBRE has arranged an approximately 10,000-sq.-ft. office lease at 55 Allen Plaza in Downtown Atlanta for CMSPI, the leading global advisor in retail payments. Paul Holmes of CBRE represented CMSPI in its most recent office expansion. This is the third time the company has expanded in Atlanta since naming the city its U.S. headquarters in 2016. CMSPI has been at 55 Allen Plaza since 2018. “55 Allen has been a flexible partner to foster CMSPI’s growth,” said Mr. Holmes, First Vice President at CBRE in Atlanta. “The nearby MARTA station and vehicle ramps to the downtown connector provide ease of access, a paramount consideration for companies today.” Besides Atlanta, CMSPI also operates offices in Manchester, England; Düsseldorf, Germany; Sydney, Australia; Singapore, and San Diego, California. The company has grown its global headcount by 1,000% since 2016. With its recent expansion, more local hires are expected. “Atlanta has been called ‘transaction alley’ because nearly 70% of all payment card transactions are processed here and more than half of U.S. financial technology firms are based in the area. This is one of the major reasons why we’ve continued to grow our business here in this great city,” said Elley Frost, President of CMSPI. “With our new expansion, CMSPI is seeking innovators to join our vibrant team. We’re excited to continue fostering high-performing talent in a rapidly growing industry.” CMSPI’s most recent expansion will keep the company on the 5 th floor of 55 Allen Plaza. The 14-story, 348,658-sq.-ft. Class A office building is located at 55 Ivan Allen Blvd. NW. The property offers an array of amenities including a 5,000-sq.-ft. fitness center with private lockers and showers, a 100-person conference center, catering kitchen, sundry shop, covered parking and easy access to nearby hotels, museums, restaurants, the Civic Center MARTA station, and Interstate 85. The post CBRE Facilitates Office Expansion for CMSPI’s North American HQ in Atlanta appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJan 26th, 2023

Marcus & Millichap Closes $46 Million Retail and Office Portfolio Sale with Horizon Equities

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of the Ocean County Middle Market Portfolio, a 10-property, 310,023-square-foot retail and office portfolio in the Ocean County, New Jersey townships of Toms River and Brick.... The post Marcus & Millichap Closes $46 Million Retail and Office Portfolio Sale with Horizon Equities appeared first on Real Estate Weekly. Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of the Ocean County Middle Market Portfolio, a 10-property, 310,023-square-foot retail and office portfolio in the Ocean County, New Jersey townships of Toms River and Brick. The portfolio sold for $46 million. “Leased to over 100 tenants, the portfolio is 70% occupied, giving our buyer stable in-place cash flow and significant value-add opportunity through lease up of vacant units, which will immediately boost returns,” said Alan Cafiero, senior managing director investments, Marcus & Millichap. “Part of the portfolio is located in Holiday City, an area of Toms River catering to a large population of senior citizens. The income from this portfolio is diversified by a large number of tenants, which mitigates risk.” Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap, with Brad Nathanson, IPA senior managing director investments, represented the seller, Edele Hovnanian, and procured the buyer, Horizon Equities. “Although Horizon Equities is a national firm, we started in New Jersey and have 82 years of family history here,” said Joe Kotler, founder and managing partner of Horizon. “The people of Central Jersey matter to us and this acquisition reflects our concern. We will continue to invest in local businesses here and work alongside our tenants to upgrade the portfolio for mutual success.” Minutes from Jersey Shore and near major employment centers in Philadelphia and New York City, the properties are accessible from New Jersey Route 37, U.S. Route 9, and the Garden State Parkway. The portfolio benefits from strong local demographics in Toms River, Brick, and Lakewood, densely populated municipalities in Ocean County where average annual household income is nearly $100,000. The properties are in Tom’s River, except Yorktowne Plaza, which is in Brick. There are five multi-tenant retail properties, two medical offices, two single-tenant net-leased properties, and a property for redevelopment. The multi-tenant retail assets are Bellcrest Plaza, a 105,000-square-foot center anchored by RWJBarnabas Health; Holiday City Plaza I, a freestanding 37,902-square-foot enclosed shopping mall; Holiday City Plaza II, a 37,712-square-foot strip center anchored by Provident Bank; Holiday City Plaza III, a 43,440-square-foot strip center anchored by Ivy Rehab; and Yorktowne Plaza, a 41,915-square-foot center 93% occupied by 22 tenants. The medical office properties are Holiday City Medical Center, an 18,000-square-foot office building 85% occupied by 14 tenants, and a 6,470-square-foot, free-standing building occupied by the United States Social Security Administration. The single-tenant, net-leased assets are a 14,564-square-foot Rite-Aid with approximately 6.5 years remaining on a 20-year lease term, and a 2,500-square-foot Wells Fargo with 7.5 years remaining on the lease and two five-year renewal options. The property for redevelopment is a 2,000-square-foot former PNC Bank with a double drive-through and 17 parking spaces. The post Marcus & Millichap Closes $46 Million Retail and Office Portfolio Sale with Horizon Equities appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJan 23rd, 2023

City Place Master Developer CDC Houston Acquires Four Prime Assets

CDC Houston, a subsidiary of Coventry Development Corporation, New York and the master developer of north Houston’s City Place, has acquired four prime community assets – a majority stake in two select-service hotels and 100% stake in two Class AA office buildings – for an undisclosed price. The portfolio additions, which... The post City Place Master Developer CDC Houston Acquires Four Prime Assets appeared first on Real Estate Weekly. CDC Houston, a subsidiary of Coventry Development Corporation, New York and the master developer of north Houston’s City Place, has acquired four prime community assets – a majority stake in two select-service hotels and 100% stake in two Class AA office buildings – for an undisclosed price. The portfolio additions, which include the Residence Inn by Marriott Houston Springwoods Village and Courtyard by Marriott Houston Springwoods Village hotels, as well as the LEED Silver-certified City Place 1 and City Place 2 office buildings, reflect an ongoing commitment to the long-term, mixed-use vision for fast growing and award-winning City Place, ideally located at the nexus of I-45, the Grand Parkway and Hardy Toll Road. In the case of the hotels, a pair of companies – each managed by CDC Houston – secured the membership interests from USAA Real Estate, reconstituting the two partnerships with Woodbine Development Corporation and InterMountain Management remaining as stakeholders. Similarly, in the case of the two office buildings, a duo of CDC Houston managed companies acquired 100% of the membership interest from the US Office Development Program, a real estate fund co-managed by Patrinely Group and USAA Real Estate. Earlier this year, CDC Houston acquired the full Interest in Hewlett Packard Enterprise’s new global headquarters at City Place. More recently, they’ve announced significant land sales within the community to Harmony Public Schools and Kelsey-Seybold Clinic. “It’s been an exciting ride at City Place sharing these assets with our partners, and we are grateful for their continued support and engagement in various aspects of the community,” said Warren W. Wilson, Executive Vice President of CDC Houston. “In addition to being sound, long-term investments, these acquisitions ensure an adherence to the City Place master plan throughout our evolution and maturation, as well as an ongoing commitment to quality, sustainable development.” The two hotels are located side-by-side, just east of the City Place urban core, and complement the Houston City Place Marriott. The four-story Residence Inn by Marriott was completed in 2015 and occupies a 3.29-acre parcel at 22814 Holzwarth Road. Designed for extended-stay guests, the property features 128 spacious suites with full kitchens and separate living, working and sleeping areas. Amenities range from complimentary offerings including daily breakfast, overnight parking and high-speed Internet to meeting and event space, onsite laundry/dry cleaning and a convenience store. Completed in 2016, the Courtyard by Marriott is situated on just under three acres at 2272 Holzwarth Road and is also four stories. Highlights include 125, thoughtfully-designed guestrooms, a lobby bistro and flexible spaces, meeting and event space, fitness center and outdoor pool. Guests enjoy free high-speed internet and overnight parking in addition to onsite laundry and valet dry cleaning. According to Woodbine Managing Partner and Chief Development Officer King Scovell, “These strategically located hotels are key components of broader amenity package that adds to the appeal of City Place for office tenants, employees, residents and visitors.” Surrounded within the community by major employers, programmed green space, dining and entertainment offerings, the hotels continue to benefit from and expanding ecosystem both on the business and leisure fronts. Completed in 2019, City Place 1 was the first multi-tenant office building to debut in the urban core of City Place. Located at 1700 City Plaza Drive, the five-story structure totals 149,500 square feet. Office tenants include CDC Houston and Arroyo Energy Investors, and at street level, Focus Optical joins first-to-market food and beverage offerings such as Common Bond Bistro & Bakery, Sushi Rebel and Bread Zeppelin. Neighboring City Place 2 at 1701 City Plaza Drive, was unveiled in 2018, and its office space is fully occupied, serving as the global headquarters for the American Bureau of Shipping. The 10-story, 326,800-square-foot building includes 23,700 square feet of ground floor retail space and includes Island Grill as a tenant. CDC Houston continues to partner on other City Place assets – the Houston City Place Marriott with USAA Real Estate and Woodbine Development, as well as a 38,000-square-foot 24 Hour Fitness, plus City Place 1A with Patrinely Group and USAA Real Estate. The multi-use City Place 1A includes a standalone, 1,400-seat Star Cinema Grill incorporating just over 3,300 square feet of retail at 1495 Lake Plaza Drive and an adjacent, two-story mixed-use office building at 1401 Lake Plaza Drive. Coworking operator Common Desk, opening in January 2023, will occupy the entire 26,750-square-foot second floor, which features 14-foot ceilings, and the street level encompasses 25,300 square feet of retail. The post City Place Master Developer CDC Houston Acquires Four Prime Assets appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJan 12th, 2023

$54M Braemar luxury senior residence breaks ground in Montebello, NY

Owner/developers FilBen Group and RSF Partners, general contractor McAlpine Contracting, and designer H2M Architects + Engineers broke ground for Braemar at Montebello, a new 200-resident, 133,675-square foot, four-level luxury assisted living residence located on 6.2 bucolic Lower Hudson Valley acres at 250 Lafayette Avenue in Montebello. The property is close... The post $54M Braemar luxury senior residence breaks ground in Montebello, NY appeared first on Real Estate Weekly. Owner/developers FilBen Group and RSF Partners, general contractor McAlpine Contracting, and designer H2M Architects + Engineers broke ground for Braemar at Montebello, a new 200-resident, 133,675-square foot, four-level luxury assisted living residence located on 6.2 bucolic Lower Hudson Valley acres at 250 Lafayette Avenue in Montebello. The property is close to Harriman State Park in Rockland County and offers breathtaking views of adjacent woods, large private properties, meadows, and rolling hills. The parcel is adjacent to a larger site that includes the Montebello commercial center, which will offer Braemar’s residents access to retail, entertainment, dining, and medical services within close proximity of their home. The Braemar property also neighbors the Good Samaritan Hospital – Suffern in Montebello, a part of Bon Secours Charity Health System (BSCHS), a member of the Westchester Medical Center Health Network (WMC Health). Braemar is a brand of FilBen-owned and operated senior living communities. The first property, the Braemar at Medford in Medford, NY, opened its doors in 2008. The Braemar at Wallkill in Middletown, NY, the second property to open under the brand, welcomed its first residents in 2015. The Montebello community will be the third Braemar-branded residence when it opens in 2024. FilBen plans to begin construction of its fourth property, a 152-bed assisted living community in Carmel, NY, in early 2023. “We expect senior residents of Rockland County, the Lower Hudson Valley, as well as the greater New York area and northern New Jersey, to be drawn to the active lifestyle that this community will offer,” said Jessica Cotellese, Manager of Development for FilBen Group. “This $54 million project will add a beautiful, high quality senior care residence for the Montebello and Rockland County communities,” said McAlpine Vice President John Nolan. “Because of the location of the future building on a sloping site, which will offer breathtaking views to the residents, the project presents several technical and logistical challenges to the construction and design team. For example, construction of foundations and the structural system will proceed in a phased, staggered manner to accelerate theschedule, while addressing access and site engineering complexities,” he added. The total development cost of the project is $54 million, including $36 million in construction cost. The owner/developer is a partnership between FilBen Group and RSF Partners, a private equity firm based in Dallas, TX. M&T Bank provided a $34.8 million construction loan. The Montebello site is long, narrow, and sloped, which created design challenges as well. “The building footprint is elongated and fairly shallow to match the property configuration,” shared Mark McKee, AIA, H2M Senior Architect. “Large areas of glazing will draw natural light into all of the interiors and will offer grander views than are typical available in other senior residences.” H2M designed the Braemer Wallkill property and is currently working with FilBen on the design of the Carmel development. Additional team members include site engineer Booker Engineering, landscape designer Robert G. Torgersen, LA; mechanical/electrical/plumbing (MEP) engineer Fellenzer Engineering LLP; and structural engineer Mulhern+Kulp Residential Structural Engineering. Project design drawn from site and local architectural influences“The property slopes significantly from a high point at the south toward a low point at the north, and the linear building plan will be placed perpendicular to the line of the slope, with three levels above grade to the south and an additional lower level above grade to the north,” explained Nolan. The building plan will have a central section and two symmetrical wings that will bend from that section toward the north. A port cochere and circular vehicular drop off will be centered in the south façade on the main level, on grade with the main parking lot to the south and a staff parking lot and service entrance to the east. Activeoutdoor resident areas will be located at both the north and south building facades, while hiking paths will span the grounds. Victorian-era buildings in the surrounding area provided the design inspiration for the building façade. Simulated wood look horizontal beveled siding in a neutral palette will be combined with stone veneers at the main level facing the outdoor patios and on the upper levels above the entrance. Columns with stone veneer bases will support the pitched roof of the porte-cochère. Windows will be in a traditional double-hung style. The roof will feature pitched mansard sections on the perimeter and reverse gables with decorative trim to invoke a Victorian aesthetic. Proactive construction modifications will expedite project schedule and reduce costsMcAlpine has developed a phased process of excavation, starting at the east and moving west, in order to accelerate the project. A poured concrete foundation will support exterior load bearing concrete masonry unit (CMU) walls, concrete plank floors and roof, and light gauge metal stud interior walls. The slope will need to be excavated in order to place the structure. “The first section will be excavated, and foundations will be poured. As the structure above that foundation section is installed, excavation will continue on the next section, and the process will be repeated down the length of the building footprint,” explained Alan Hajtler, Executive Oversight at McAlpine. By applying this logistical solution, McAlpine expects to shorten project completion by four weeks. “Several façade and structural systems were considered for the project. The McAlpine team worked with H2M to select the most economical solution that would also be impervious to supply chain delays. The joined teams selected bearing concrete masonry unit (CMU) walls and concrete plank floors to meet the budget and to expedite the construction schedule,” shared McAlpine Project Manager Vitrag Shah. Interior spaces are designed for interactive community livingThe building will feature shared public spaces on the main, second, and third levels. A total of 143 residential units – 54 private, one-person studio units of approximately 400-square feet each and 57 two- bedroom semi-private “Friendship” units of approximately 600-square feet each – will be located on these levels, while additional 12 private and 10 Friendship units will be located on the lower level in a memory care section. The private units are studios with kitchenettes and private baths. The Friendship units have two bedrooms that share a kitchenette and bathroom. All kitchenettes and bathrooms are barrier-free and include roll-in showers. The visitor entrance on the main level will lead from the south parking lot into a two-story, 22-foot high cathedral-ceilinged atrium with a stone and wood reception desk, a tiled fireplace, and comfortable seating. Behind the desk, a feature wall in a curved wood pattern will evoke the Braemar logo. Beyond the reception area, a C-shaped grand staircase with metal balusters in a geometric pattern, a wood handrail, decorative trimwork and wall art will extend to the second level. A corridor will lead past the grand stair to the main double loaded corridor that bisects the floor. Two passenger elevators, one service elevator, andtwo additional stairs will provide vertical access and emergency egress to all levels. Administrative offices will be located adjacent to the reception area, but the majority of the remaining spaces in the central section and east wing of the main level will be occupied by common spaces. The primary public space is the 3,500-square foot main dining room that extends out from the north façade to offer stunning 180-degree views of the surrounding vistas. A private dining room will also be available for celebrations and private dinners. Along the south façade, a 1,200 square-foot pub and game room will offer lounge seating, game tables, a fireplace, televisions, and direct access to a billiard room. The pub will open onto the south terrace, where residents will be able to enjoy outdoor seating surrounded by a pergola, gazebo, and raised planting beds; stroll along walking paths; and even play a game of giant chess. Additional shared spaces include a billiard room, café, business lounge, general store, arts and crafts room with a sink and art tables, family loungewith an adjacent kids’ room, beauty salon, and coffee shop. The fitness center will be located adjacent to the wellness center, which will be equipped with a waiting area, exam room, medication room, offices for the director and staff, and a records storage room. The east wing will also include a commercial kitchen and food preparation area that services the entire property, as well as a receiving area for deliveries, a service lobby, and a staff lounge. The west wing will contain eight private and five Friendship rooms for a total of 26 beds. On the second level, common areas will include a 940-square foot parlor that will open onto a 1,000-square foot outdoor terrace with a pedestal paver system, decorative planters and comfortable seating for enjoying the views. The parlor will share a double-sided fireplace with the adjacent 510-square foot library. A 1,080-square foot cinema and a chapel will complete the public spaces. The floor will contain 22 private rooms and 24 Friendship rooms for a total of 70 beds. A large number of common spaces were included in the design to encourage social interaction and provide multiple options for entertainment and engagement. The private dining room, family room and kid’s room will allow residents to include their families in their lifestyle. Lectures and other special events, some of which will be open to outside attendees, will connect Braemar residents to the neighboring community. The third level floor plan is similar to the second, with a lounge and shared laundry room as well as 24 private rooms and 28 Friendship rooms for a total of 80 beds. A portion of the lower terrace level will house the memory care unit. This level will offer views to the natural landscape down the slope and beyond the property, with full exposure to natural light that will permeate the building interior. The level will contain 12 private units and 20 Friendship, two-bedroom units for a total of 33 beds. A dining and activity room will be centered in the footprint directly under the main level dining room above and will be wrapped with glass to provide similar views. Two lounges – one with an exit to the north terrace, the other a quiet space – will provide additional social interaction. Acircular staff desk with an integral medication room will provide oversight of the dining room and corridors. An exam room and therapy room complete the unit. The exterior terrace will be provided with comfortable lounge and dining furniture and will be protected by secure fencing. Maintenance and staff areas, separated from the residential units by dedicated service corridors, will occupy the north side of the lower level. These spaces include men’s and women’s locker rooms, laundry center, housekeeping storage, and medical waste room. Mechanical equipment rooms, maintenance shop, and server room area also located in this area. Interior design mirrors the surrounding landscape H2M designed the interiors in close collaboration with Cotellese, who has an interior design background. According to Cotellese, “The interior design inspiration came from the environment, including the water and proximity to the Hudson River and lush greenery of the various local state parks.” The intent is to create a visual landscape connecting all the elements – the environment, community, and the residents. The wall finishes and flooring in the common areas will include wood-look LVT, commercial grade carpeting, sheet vinyl, wallcovering, and a palette of nature-inspired colors. There will be accents of ceramic tile, and reclaimed wood fireplace mantels. “The materials will provide a soft visual background to layer upon with organic and geometric patterns. This will be seen in the decorative architectural elements, including focal walls and wood screening to furnishings, fabrics, and artwork. The patterns will mimic what one sees in the local landscape, such as river stones, the ripple of water, or a view through the trees,” continued Cotellese. Saturated pops of greens, blues, oranges, and purples will provide accents and offset the neutral paint tones and natural materials. The common area spaces are designed so that residents will have visual connections to theactivities around them, even if they are not personally engaged. Residences are also designed to be bright and welcoming with large windows that will provide natural light and expansive views. Bedrooms will be carpeted in neutral tones to match the soft blues and beiges of the walls. Kitchens will feature LVT flooring, wooden cabinetry, refrigerators, and microwaves. Ceilings will be a combination of drywall and wood plank. Bathrooms will have sheet vinyl flooring with a stone texture and accessible fixtures, including roll-in showers. Furniture will be provided, however residents will beable to either replace or complement the provided fixtures with cherished pieces from their previous homes and install their own window treatments. FilBen GroupFilBen Group is comprised of the Filaski and Benenson families that have worked closely together for more than 40 years to build, own, and operate senior housing and health care facilities in the New York metropolitan area. The FilBen team is expert in New York State senior living regulations and best practices as well as in providing comfortable, joyful, and safe environment to senior residents. To date, the principals of FilBen have built over 5,000 nursing-home beds, of which they owned 1,300 and operated over 800. The firm currently owns and operates 400 assisted living beds with another 352 beds under development. In addition to constructing and operating its own facilities, FilBen offers the full spectrum of development and management services, including site selection, development, construction, and project management as well as healthcare program development and operation to other senior care providers. FilBen principals have worked with numerous large not-for-profit agencies, such as Catholic Charities and Senior Citizen Housing Committee, to create over 1,400 units of independent senior housing. Most recently, the firm has been retained to manage a new assisted living residence owned by the Greek Orthodox Church, which is scheduled to open in Uniondale, NY in 2024. FilBen’s programs are acknowledged to be at the forefront of skilled nursing and sub-acute care, and its facilities include the latest healthcare technologies. This expertise and quality of services is reflected in numerous awards and recognitions. SeniorAdviser.com recognized the Braemar at Wallkill on its 2017 Best Assisted Living list. The Times Herald-Record included the Wallkill community on its 2022 Best of the Best Assisted Living list. RSF PartnersRSF Partners is a boutique private equity firm based in Dallas, TX that invests in niche subsectors of the real estate market. Since the firm’s founding in 1998, RSF has invested over $1 billion in discretionary private equity capital across real estate product types, layers of the capital stack, and regions of the United States. RSF has a particular focus on seniors housing and has made over 150 investments in the industry.   The team is committed to the seniors housing community and serves in leadership positions on various industry boards. RSF prioritizes relationships with operating partners to customize investment partnerships that are tailored to individual operator objectives.  McAlpine ContractingEstablished in 1991, McAlpine Contracting is a leading new construction and interior fit-out general contractor and construction manager operating throughout the greater New York Area, including New York City, Long Island, New Jersey, and Lower Hudson Valley as well as in Vermont. Headquartered in Manhattan, the firm has a portfolio of completed seniors housing, multi-family residential, commercial, and institutional projects totaling in excess of $2 billion in value. McAlpine’s expertise encompasses ground-up multi-family developments, office interiors, commercial building redevelopments, medical and healthcare projects, seniors housing, and educational facilities as well as retail, hospitality, industrial, technology, and public work. McAlpine’s current and most recent projects include the $42 million, eight-story The Clark rental apartment building at 310 Clarkson Avenue and the $70 million The Lois apartment development at 350 Clarkson Avenue, both in Brooklyn, NY; the $20 million Elmsford Apartments complex in Elmsford, NY; the $19 million, four-story Amber Court senior living community in Nesconset, NY; the $18 million, 80,000-square foot Belair Medical Center in Bellmore, NY; and the 9,000-square foot, three story Harmony Early Learning Center in Levittown, NY. The post $54M Braemar luxury senior residence breaks ground in Montebello, NY appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJan 9th, 2023

Newmark to Lead Leasing at Newly Renovated Office Building at 145 Mason Street in Greenwich, Connecticut

Newmark announces the firm has been exclusively retained for the marketing and leasing of 145 Mason Street in downtown Greenwich, Connecticut. The 37,602-square-foot Class A office building is undergoing a full gut renovation and coming to market for the first time in over 30 years. Once complete, the property will provide one... The post Newmark to Lead Leasing at Newly Renovated Office Building at 145 Mason Street in Greenwich, Connecticut appeared first on Real Estate Weekly. Newmark announces the firm has been exclusively retained for the marketing and leasing of 145 Mason Street in downtown Greenwich, Connecticut. The 37,602-square-foot Class A office building is undergoing a full gut renovation and coming to market for the first time in over 30 years. Once complete, the property will provide one of the largest, reimagined work environments in the Greenwich market since the start of the pandemic. The building lends itself to one single tenant occupying the entire building, or two floors, each with 18,801 square feet that can be divisible for smaller tenants.   Newmark’s Executive Vice President and Managing Director James Ritman, Senior Managing Director Allan Murphy and Managing Director Ben Goldstein will represent the landlord Win Properties (Win-Wich Mason, LLC) in the leasing of the asset. “We look forward to advising Win Properties on this reimagined property,” said Ritman. “This highly coveted location, just blocks from Metro North and steps from Greenwich Avenue, offers companies in NYC and Greenwich a highly desirable workplace for employees.” Before its targeted Q2 2023 delivery, 145 Mason will undergo extensive interior and exterior renovations. Studios Architecture, an international design firm, has been selected to spearhead the project, which includes – upgraded exterior finishes and operable windows, an expanded and modernized lobby, improved entry stairs, walkways and elevators, state-of-the-art security features, two levels of upgraded parking including electric car charging stations, tenant exterior building signage and high-load building electrical capacity. Further modernizing the asset’s infrastructure, ownership is implementing a series of sustainable upgrades inclusive of highly energy-efficient building systems, including HVAC, roofing, insulation and Merv 13 air filtration with tenant-controlled VRF heating and cooling systems. Situated in the heart of Greenwich, Connecticut, a global center for the financial services, alternative investment and hedge fund industries, the future tenant of 145 Mason will be joining a community of finance leaders. As the southern and westernmost town in the state, Greenwich is immediately east of the New York State border and Westchester County. 145 Mason offers convenient access to the Metro-North Greenwich train station with express service to Grand Central Station in just 50 minutes, as well as being easily accessible to I-95 and just a few steps away from the iconic Greenwich Avenue, featuring numerous high-end retailers and a bustling restaurant scene. The post Newmark to Lead Leasing at Newly Renovated Office Building at 145 Mason Street in Greenwich, Connecticut appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJan 2nd, 2023

PNC Bank relocates corporate office to amenity-rich Overlook Corporate Center

Theta Holding Company, LP, and JLL announced that they have closed two office leasing transactions totalling 32,015 square feet at the amenity-rich Overlook Corporate Center in Little Falls, NJ. PNC Bank has signed an 11-year lease for 26,117-square-feet of office space across the entire 10th floor of the property in... The post PNC Bank relocates corporate office to amenity-rich Overlook Corporate Center appeared first on Real Estate Weekly. Theta Holding Company, LP, and JLL announced that they have closed two office leasing transactions totalling 32,015 square feet at the amenity-rich Overlook Corporate Center in Little Falls, NJ. PNC Bank has signed an 11-year lease for 26,117-square-feet of office space across the entire 10th floor of the property in a relocation from 1 Garret Mountain. Meanwhile, Milliman, one of the world’s largest independent actuarial and consulting firms, has renewed its commitment to the property for 10 years and reconfigured its space to occupy 5,898 square feet on the eighth floor. A JLL agency team led by executive managing director Frank D. Recine, senior vice president, Derek DeMartino, and associate vice president Nicolas DeCotiis, represented the landlord. PNC was represented by David Simpson, Jeff Schotz and Peter Kasparian of Newmark; Milliman was represented by Brendan McBride, Matt Loughlin and Shaelyn Nuckel of JLL. Ranked among New Jersey’s trophy corporate office properties, Overlook Corporate Center is situated on 18-acres of landscaped grounds at 150 Clove Road in Little Falls. Theta Holding Company completed a multi-million-dollar repositioning of the two connected towers — an 11-story main tower and a three-story convention center – which boast a luxurious lobby, cafeteria, executive conference room, fitness center, exterior terraces, covered parking, Wi-Fi access and onsite ownership and management. The facility has 24-hour gated security and a guard booth monitoring tenant-controlled gated access to parking decks. It also features independent computer monitoring of HVAC, life safety generator, building access and security. Overlook Corporate Center sits at the crossroads of three major thoroughfares, providing rapid access to all points in Northern New Jersey and Manhattan. The Montclair State University train station and other mass transportation options are located within walking distance, and a complimentary shuttle service is offered to tenants for added convenience. “We continue to see powerful leasing momentum at Overlook Corporate Center thanks to hands-on management and the elevated tenant experience that the property provides,” said Recine. “As market bifurcation continues to drive a flight to quality, the property is well positioned to meet ongoing demand for top-quality product at a time when many companies are reassessing their office needs.” Earlier this year, JLL negotiated an 18,529-square-foot lease for law firm Scarinci Hollenbeck, LLC at Overlook Corporate Center. The team is currently marketing availabilities catering to small and mid-size companies ranging from 1,500 square feet to 50,000 square feet. A recent survey by JLL found that more employers are seeking the very best of space for their employees as they negotiate the post-COVID working environment. Over the past year, 65% of New Jersey office leases for space over 50,000 square feet were concentrated in what are considered the “premier” class buildings, such as Overlook Corporate Center. Vacancy has tightened in the sector while it has ticked up in the “regular” Class-A market.  The post PNC Bank relocates corporate office to amenity-rich Overlook Corporate Center appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyDec 16th, 2022

Tricera Capital and LNDMRK Development Close $62 Million Sale of Miami’s Cube Wynwd

Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, and Alex Karakanhian’s LNDMRK Development closed the $62 million sale of the Cube Wynwd office building in Miami’s popular Wynwood neighborhood. The successful disposition is a case study in Tricera’s unparalleled ability to identify off-market acquisition opportunities, rapidly lease up properties with compelling tenant mixes... The post Tricera Capital and LNDMRK Development Close $62 Million Sale of Miami’s Cube Wynwd appeared first on Real Estate Weekly. Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, and Alex Karakanhian’s LNDMRK Development closed the $62 million sale of the Cube Wynwd office building in Miami’s popular Wynwood neighborhood. The successful disposition is a case study in Tricera’s unparalleled ability to identify off-market acquisition opportunities, rapidly lease up properties with compelling tenant mixes and facilitate successful exits at favorable returns. The sale to Brick & Timber Collective closed on Dec. 13. As part of the transaction, Tricera and LNDMRK retained an undisclosed ownership stake in Cube Wynwd. Tricera and LNDMRK originally acquired the 100,000-square-foot office building, which includes ground-floor retail, rooftop space and parking, for $28 million in an April 2021 off-market deal. “We are thrilled with the execution of our business plan for Cube Wynwd, culminating in this significant disposition,” Tricera Chief Financial Officer Christian Ramirez said. “This investment underscores the depth and versatility of Tricera 2.0, as we tapped into our robust acquisitions and asset management divisions, top-tier leasing professionals, team members with development experience and real estate finance experts. We look forward to replicating the model at our many other investments and developments.” Tony Arellano of DWNTWN Realty Advisors represented both buyer and seller in the transaction. Prior to completing the disposition, Tricera finalized a five-year lease with Boston’s Northeastern University to occupy the 10,976-square-foot fifth floor of the 222 NW 24th St. building. Northeastern plans to operate a brand-new graduate degree program tailored to working professionals in Miami’s rapidly growing fintech industry. The Northeastern deal maintains Cube’s 100% leased status, as investment firm Schonfeld Strategic Advisors is set to relocate from Cube to The Dorsey, a Wynwood mixed-use building Tricera and LNDMRK partnered with The Related Group to develop. Schonfeld is expected to move to The Dorsey in early 2023. “Northeastern’s lease at Cube is yet another example of where Wynwood’s office market is headed and reinforces the building’s incredible tenant mix,” Tricera President/Head of Leasing Dustin Ballard said. “It is exciting that local fintech professionals will have an opportunity to pursue a graduate degree from a renowned university. That will help take the fintech sector – and the City of Miami – to build upon the accomplishments and growth of the past few years.” CBRE’s Eric Groffman, Cameron Tallon, Emily Brais and Randy Carballo served as landlord representatives in the Northeastern lease. Colliers International South Florida Stephen Rutchik and Tyler de la Peña and Colliers International Greater Boston’s John Carroll represented the tenant. Additional Cube tenants include Blockchain.com, Ecuadorean fintech firm Kushki, Shaolin Capital Management, Brazilian footwear manufacturer Grendene, office supply and furniture online retailer Poppin, tech firm Transmit, and more. For more information, visit www.triceracap.com. The post Tricera Capital and LNDMRK Development Close $62 Million Sale of Miami’s Cube Wynwd appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyDec 14th, 2022

Governor Hochul Announces Start of Construction on $23M Affordable and Supportive Housing Development in East Buffalo

Governor Kathy Hochul today announced the start of construction on the Apartments at the Lyceum in East Buffalo. The $23 million development will transform a historic former school into 42 affordable and supportive apartments and community service hub in the Broadway-Fillmore neighborhood of East Buffalo. Today’s announcement builds upon Governor... The post Governor Hochul Announces Start of Construction on $23M Affordable and Supportive Housing Development in East Buffalo appeared first on Real Estate Weekly. Governor Kathy Hochul today announced the start of construction on the Apartments at the Lyceum in East Buffalo. The $23 million development will transform a historic former school into 42 affordable and supportive apartments and community service hub in the Broadway-Fillmore neighborhood of East Buffalo. Today’s announcement builds upon Governor Hochul’s historic $50 million of targeted investments earlier this year to address the vital needs of this community. “We are committed to doing right by East Buffalo, making it a better and more affordable place to live and creating new beginnings for the community,” Governor Hochul said. “New York State is not only investing in energy-efficient and modern homes but also creating a community service hub that will provide families with the resources they need to succeed. As a born-and-raised Western New Yorker, I’ve seen first-hand how this community has been left behind in the past – and I’m committed to turning the page as we build a better future.” The Apartments at the Lyceum is part of Governor Hochul’s sweeping plans to make housing more affordable, equitable, and stable. In the FY 2023 State Budget, the Governor introduced and successfully secured a new $25 billion, five-year, comprehensive housing plan that will increase housing supply by creating or preserving 100,000 affordable homes across New York including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. The project involves the renovation of the historic St. John Kanty Lyceum building at 97 Swinburne Street, as well as ten adjacent lots. The school’s classroom and offices will be transformed into 42 affordable apartments, with 12 apartments reserved for households in need of supportive services. These residents will have access to rental subsidies and services funded through the Empire State Supportive Housing Initiative and administered by the New York State Office of Temporary and Disability Assistance. Community Services for Every1 will provide services such as case management, financial counseling, workforce development, and referrals to health, child care, and public benefit services. The existing kitchen, cafeteria, and activity room of the building will be renovated into 7,600 square feet of community space for after school programming, culinary arts and healthy eating education, and independent living and job readiness training services to both future residents and members of the surrounding neighborhood. The St. John Kanty Parish will sublease a portion of the space for parish activities. The project’s design will celebrate many of the building’s distinct architectural designs and finishes. The existing two-story auditorium will maintain its historic vaulted ceiling and additional features will be restored to their original appearances. As part of the building’s modernization and decarbonization efforts, it is also designed to meet the requirements of the New York State Energy Research and Development Authority’s New Construction Housing Program and 2020 Enterprise Green Communities. Energy-efficient elements include Energy Star or equivalent appliances, an EV charging station, low-flow plumbing fixtures, increased insulation, and the installation of new lighting, HVAC systems, windows, and roofs. The building will be highly energy efficient and have no use of fossil fuel use on site. The ten adjacent parcels surrounding the school will be developed into parking, greenspace with an accessible playground, and walking areas. Additional residential amenities will include a community room, laundry room, storage, and free broadband internet service. Community Services for Every1 is also the project’s developer. Edgemere Development is the consulting developer. State financing for the Apartments at the Lyceum includes Federal Low Income Housing Tax Credits that will generate $8 million in equity and $3.9 million in subsidy from New York State Homes and Community Renewal. The New York State Department of Parks, Recreation and Historic Preservation approved Federal and State Historic Tax Credits that will generate $7 million in equity. The New York State Office of Temporary and Disability Assistance is providing $2.1 million from the Homeless Housing Assistance Program and NYSERDA awarded $525,000 through the Clean Energy Initiative. The city of Buffalo awarded $750,000 in HOME funds. Empire State Development is providing $500,000 through the Better Buffalo Fund, a $40 million fund that aims to create vibrant, mixed-use, high-density neighborhoods. It is focused on supporting projects that encourage density and growth along transportation corridors and revitalize neighborhood commercial districts. New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “The Apartments at the Lyceum is an excellent example of Governor Hochul’s comprehensive strategy to address inequities in East Buffalo. Through the collaboration of multiple state agencies and local partners, an underutilized but beautiful historic property will be carefully renovated into 42 affordable and supportive homes. With a sustainable design, free internet, greenspace and an adjacent service center, this development will truly meet the needs of residents and will serve the Broadway-Fillmore neighborhood for decades to come.” New York State Office of Temporary and Disability Assistance Commissioner Daniel W. Tietz said, “The 12 permanent supportive housing apartments included in this development will provide not only a safe and affordable place to live for formerly homeless New Yorkers, but easy access to services to help them achieve stability and thrive. Governor Hochul has made a strong commitment to the development of supportive housing across the state and recognizes its importance in transforming communities and lives.” New York State Office of Parks, Recreation and Historic Preservation Commissioner Erik Kulleseid said, “We are seeing communities across New York State renovating and reinvesting in their historic buildings to help address critical current needs, such as affordable housing. Through federal and state historic tax credit programs, resources like the St. John Kanty Lyceum building can be transformed from an underutilized site into a true neighborhood asset. I applaud Governor Hochul for prioritizing stable, affordable, and equitable housing in Buffalo and throughout New York State and thank the many project partners for recognizing the value of investing in our remarkable historic resources.” Empire State Development President, CEO & Commissioner Hope Knight said, “The start of construction for the $23 million Apartments at Lyceum follows Governor Hochul’s announcement last week of funding for 11 transformative projects through the state’s Downtown Revitalization Initiative in the Broadway-Fillmore neighborhood. The renovations that will convert the historic former school into affordable housing, along with the $10 million DRI award, demonstrate that the unprecedented investments in the Broadway-Fillmore neighborhood by our Governor is spurring new economic opportunities in East Buffalo.” New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “Ensuring that all New Yorkers have equitable access to housing that is clean, resilient and healthy for its occupants is a critical mission that NYSERDA is honored to partner with New York State Homes and Community Renewal on our $100 million Clean Energy Initiative. With the start of construction at the Apartments of Lyceum, we see a new beginning and modernization for this historic structure that will provide increased access to energy efficient affordable housing for East Buffalo residents.” Representative Brian Higgins said, “The United States is facing an affordable housing crisis and Western New York is not immune, especially in Buffalo. This investment in the historic St. John Kanty Lyceum building will provide a safety, stability, and independence for survivors of domestic violence, families, and people with disabilities, while extending support to the surrounding neighborhoods. It builds on efforts to restore our city’s historic architecture, while addressing the urgent need for sustainable and affordable housing.” State Senator Tim Kennedy said, “With this groundbreaking, we are turning one more part of Buffalo’s past into its future and providing safe, affordable, quality housing for residents. Thanks to the vision from Community Services for Every1, the historic St. John Kanty School is earning a new lease on life. Congratulations to everyone whose hard work has made this possible.” Assembly Majority Leader Crystal Peoples-Stokes said, “Congratulations to Community Services for Every1 on breaking ground for the Apartments at the Lyceum. While Broadway-Fillmore can no longer be considered a forgotten neighborhood, it will need to see a prolonged and concentrated effort to make and sustain impactful change through projects like this. Thank you Governor Hochul and NYS Homes and Community Renewal for continuing to invest in Buffalo’s Eastside.” Buffalo Councilmember Mitch Nowakowski said, “I am thrilled to welcome this development to the Fillmore District and the Broadway-Fillmore neighborhood. This development near historic St. John Kanty’s, bringing apartments and mixed-use development is more evidence that Broadway-Fillmore is coming back in a big way.” Community Services for Every1, CEO, Mindy Cervoni said, “These awards address significant unmet needs for affordable and accessible housing in the City of Buffalo. Apartments at the historic St. John Kanty Lyceum will create Erie County’s first permanent supportive housing program explicitly developed for survivors of domestic violence and will allow Community Services to assist them with any factors that contribute to their housing instability. Governor Hochul’s continued support for these projects is addressing the issues of homelessness and domestic violence, while affecting positive and meaningful change in our communities.” Community Services for Every1, Vice President of Program Support and Development, Kelly Kinderman said, “We are excited to help bring this project to fruition with our talented development team. We are extremely grateful for the funding from the State of New York. Community Services has a successful and long-standing commitment to increase the availability of safe, decent, and affordable housing. With the Governor’s support we can continue our efforts in some of our most underserved neighborhoods.” Edgemere Development, Senior Vice President of Real Estate Development, Stephanie Benson said, “Apartments at the Lyceum demonstrates positive community impact and reuse of a significant neighborhood structure through public and private partnerships. We appreciate the partnership with NYS Homes and Community Renewal, the City of Buffalo, NYS Office of Mental Health, NYS Office of Temporary Assistance and Disability, Hudson Capital, M&T Bank and Community Services for Every1. This type of partnership enables us to address State and local needs for affordable workforce housing.” The post Governor Hochul Announces Start of Construction on $23M Affordable and Supportive Housing Development in East Buffalo appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyNov 26th, 2022

The Bitcoin Revolution & How Fiat Money Ruins Civilization

The Bitcoin Revolution & How Fiat Money Ruins Civilization Authored by Jimmy Song via BitcoinMagazine.com, Fiat money leads to a degradation of incentives, creating a society motivated only by the consumption of resources and zero value production. We want nice things. We want to live in a nice house, eat good food and have fulfilling relationships. We want to travel to exotic places, listen to great music and experience fun. We want to build something that lasts, achieve something great and leave a better world for tomorrow. These are all part of being human, of participating in society and of progressing humanity. Unfortunately, all these things and more get ruined by fiat money. We want nice things, but we can't have them, and the reason is because of fiat money. Governments want the power to decree prosperity, fulfillment and progress into existence. They're like the alchemists of yesteryear, who wanted to turn lead into gold through some formula. Actually — they're worse. They're like a five-year-old that thinks by wishing hard enough, that she can fly. Being the delusional power-drunk politicians that they are, the elites think that by decreeing something to be so, it magically happens. That's indeed where the word "fiat" comes from. The word literally means "Let there be," — in Latin and in English, it's become an adjective to describe creation by decree. This can be most easily seen in Genesis 1:3 in Latin. The phrase there is "fiat lux" which means "let there be light." Of course, creation by decree doesn't quite work like it does in Genesis. If you want a building, you can't just say, "Let there be a building." Someone has to dig, pour a foundation, add framing, etc. Decrees don't really do anything without capital and labor. In the absence of the market forces of supply and demand, decrees require people and resources to be enlisted. In other words, as much as governments would love for reality to be different, a decree by itself doesn't really do anything. By itself, a decree is about as useless as an old man yelling at the sun. There has to be some coercion involved to fulfill the decree. Fiat decrees are a euphemism for using force and violence. For buildings, it's obvious that creation by decree doesn't do anything. Yet for money, decreeing it into existence seems legit, maybe even compassionate. Keynesian economists see fiat money as something that by itself does something. Of course, they're wrong and no amount of calling it "debt we owe to ourselves," changes the fact that it's theft. That's about as honest as Enron's accounting. The deviousness of fiat money is that it makes government violence look like a market process. Fiat money printing steals from the other holders of the currency and pays people to do the government's bidding. That theft is hidden and combined with a good dose of Keynesian propaganda, which makes fiat money seem innocuous, perhaps even benevolent. In a sense, fiat money is less violent than other forms of fiat rule. But that's like saying mobsters that give you a chance to pay them off are less violent than street thugs. Dictators use obvious violence to compel their citizens to fulfill the desires of the dictator. Forced conscription, war and poverty are common in these societies, and theirs is a miserable existence with little human freedom to speak of. Fiat rule is terrible for humanity as can be clearly seen in how backwards the Soviet Union was or how backwards North Korea is now. Progress is very hard in a society built on slave labor. Fiat money, by contrast, at least looks voluntary. Yet in many ways, it's still very harmful to civilization. Fiat money is more like organized crime, which makes everything seem voluntary. FIAT MONEY RUINS INCENTIVES Fiat money ruins many market incentives. The reason is because there's a special buyer in the market that has much less price sensitivity. That buyer, of course, is the fiat money creator. They can and do print money for all sorts of reasons — some benevolent (welfare for the poor), others not (military buildup). They spend like drunken sailors who just found pirate treasure. The problem with a buyer like the government is that someone always sits in the middle. It's not the "government" per se, that actually buys a fighter jet or an office building. There's always someone that acts as an agent of the government that does this buying. The agent works on behalf of the government to procure various goods and services and the government entrusts the agent with the authority to spend on its behalf. Unfortunately, this arrangement is ripe for abuse. The agents are essentially spending other peoples' money for other peoples' gain, so they aren't incentivized to trade very efficiently. Their incentives are as skewed as the Leaning Tower of Pisa. When we are buying and selling in the market with our own money for our own benefit, we do complicated economic analyses to figure out whether we'll benefit enough from the good or service to be willing to part with our money. Thus, we'll be price sensitive and attempt to get the most value for the money we pay. For a government bureaucrat that's in charge of procurement, however, getting value for the money is not their priority. They are incentivized to spend in a way that's for their own benefit and not the governments'. This doesn't have to be in obvious ways as with bribes. They can spend much less time examining the goods and services, or buy from people that they like. The result is generally a bad trade where the agent gets some small benefit at a much larger expense to the government. In a sound money economy, the government would fire such people — but in a fiat money economy, the government doesn't care as much since money is abundant and they're not price-sensitive. You can do that when there's a cookie jar that you can always steal from. So in the final math, the agent benefits at the expense of everyone else. These people are what we call rent seekers. They don't add any benefit but still get paid. And it's not just government bureaucrats. If you are an investment banker that takes extremely leveraged bets, you are a rent seeker, too. Generally, they get to keep the profits when their investments win, but get bailed out when their investments lose. They, too, don't add anything and leech off of society. What's worse, these are supposed to be some of the most talented and driven people in society. Instead of building things that would benefit civilization, they're engaged in grand larceny! Of course, they're not the only ones guilty of rent-seeking theft. Sadly, most jobs in a fiat money society have a huge rent-seeking component. One rule of thumb that we'll get to later in this article about how to tell if something is rent seeking is by seeing how much of the job is political and not value-adding. The more politics involved, the more rent seeking there generally is. Rent-seeking jobs cheat the system and when people have the incentive to cheat, many will. You only need to look at online gaming to know that. Cheating is attractive because it's a lot easier than doing hard work and if the cheating is normalized, as it is today, there's little moral impediment. We've all become that soccer player that pretends to be in pain to influence the referee. Rent seeking is understandable since creating a good or service that the market wants is not only hard, but it's very fickle. What you produce today is an innovation away from becoming obsolete. Rent-seeking positions, even with less compensation, are nevertheless more desirable because of their certainty. Is it any wonder that rent-seeking positions are so sought after? Think about how many people want to become investment bankers, venture capitalists or politicians. They're way more profitable than providing a good or service, require way less effort and have lots more certainty. Fiat money incentives are more broke than Sam Bankman-Fried. FIAT MONEY RUINS MERITOCRACY The existence of so many rent-seeking positions means that a large part of the economy does not run on normal supply-demand market forces. Even the possibility of rent seeking means that goods and services need to account for a tilting of the playing field. Fiat money ruins meritocracy. In a normal market system, the best products win. Not the most politically-connected products. Not the products that employ the most people. The best products win because they satisfy the needs and wants of more people. Fiat money changes the equation by adding politics. When the government can print money, the people that benefit the most are the people that get access to that money first. This is called the Cantillon Effect and it's the reason why rich people get richer without adding much, if anything. So how does the government determine who gets access to the money? As with everything government related, decisions on who gets what money is determined through politics. And when the money printer is political, everything else becomes political. Politics is a cancer that spreads through the entire market. The "haves" in a fiat money economy tend to be the ones that are good political players. They know how to get newly printed money directed toward them and they have a large advantage over those that don't. Politically savvy companies will do better than the non-politically savvy companies that make better products. Thus, surviving companies in a fiat money economy are very politically savvy. It's no wonder so many companies seem to be led by politicians rather than entrepreneurs, especially as these companies age. Thus, politically savvy incumbents have a tremendous advantage in a fiat money economy. They will saddle newcomers with regulatory costs and get subsidized by newly printed money, ossifying their position. The marketplace will be filled with older, worse goods and newer, better goods will never come to market given these unfair advantages. The incumbents get to play CalvinBall and change the rules whenever they're losing. Labor unions, zombie companies and old politicians are all indicators that institutions last way beyond their usefulness to society. They all use political means to make up for their lack in fulfilling market desires. The decrepit and the dying never die to make room for the innovative. Politics stifles entrepreneurialism and creativity. It is a cancer that destroys the good cells that keep the body alive. Merit, in other words, has been overtaken by politics everywhere. FIAT MONEY RUINS PROGRESS The ubiquity of politics over merit means that it's become harder than ever for civilization to improve. Better stuff doesn't necessarily win and markets tilt toward the political. Fiat money protects the existing politically connected players against the newer, more dynamic players from gaining market share. Hence, fiat money ruins progress. Civilization ossifies because the incumbent players have way more power to stop new players. The incumbents often will put up huge regulatory moats, under-price newer competitors through fiat subsidization, hire away the best employees with fiat money or as a last gasp, just buy out the new players altogether. All of these strategies work through access to newly printed money. The zombies survive by eating brains. We should have nuclear powered everything right now, but that technology is completely stifled by regulation. Government can enforce this mandate through fiat money. Oil, natural gas and coal continue to dominate because we don't make scientific progress on other ways to provide better energy. Technologies like wind and solar get government backing because they're politically popular, despite their clear inferiority in variance, energy density and portability. We're going backwards in energy. The Luddites win in a fiat monetary system because fiat money and political considerations essentially force everything to stay the same. It's profoundly conservative in that the old and decrepit are saved at the expense of the new and meritorious. If that sounds familiar, it should. That's the exact math that was used to justify the lockdowns of the past few years. We can see this dynamic in the airline industry. The time to travel from New York to London is worse now than it was 50 years ago. We can also see this dynamic in dishwashers. A dishwasher 50 years ago could clean a full load in under one hour. It now takes more than 3 hours. Regulations protect incumbents and put politics as a priority over merit. The result is that civilization doesn't progress. Instead, fiat money has regressed civilization. The nuclear engineers of yesteryear are working on React.js apps and scammy Web3 products because that's where the money is. The inventors of yesteryear are investment bankers creating high-frequency trading systems. The incentives are broken — merit is no longer a consideration, so is it any wonder we're regressing as a civilization? We peaked as a civilization in 1969 when we landed a man on the moon. Everything since then hasn't pushed humanity forward, but turned it inward. At best, it's preserved what we already have. At worst, it's destroying humanity's progress. What's worse, all this rent seeking has inflamed the entitlement mindset. Having good political connections, these rent seekers think they are entitled to these negative-sum positions. Nothing is more toxic to progress than people whose incentives are to keep things from getting better. Fiat money changes productive people into entitled brats. FIAT MONEY IS PROFOUNDLY CONSERVATIVE Bad incentives are at the core of fiat money. If you can steal instead of work, most people will steal — and they can, through politics. Politics, unfortunately, is a negative-sum game and that means regression for civilization. Like war, politics is about consuming accumulated capital. Fiat money redistributes wealth so that the incumbents can stick around. There's little room for new ideas or new goods or new products because the incumbents have so much political clout. Indeed, we've reached a tipping point where there's more rent seekers than there are productive people creating stuff. How many people work email jobs? How many people even work? Way too many people are happy with an XBox, a mattress and pizza delivery. Do these people benefit society in any way? It's no wonder so many people are so depressed. The politicization and zombification of the economy has had real consequences in how society functions. Building codes make new forms of housing very difficult to build. Airline regulations make new designs completely illegal. Nuclear regulations make different, more efficient forms of energy really expensive. Ancient industries, companies long past their expiration date suck productivity out of the economy. They provide little value, but continue getting subsidized through fiat money. Industries like oil, trains, airlines and cars have all become zombies and are protected from extinction through fiat money. Heck, even some electronics producers, and software companies, which are relatively new to the economy, are zombies at this point. The zombies are winning. And the zombification is accelerating. Facebook probably transitioned from producer to rent seeker much more quickly, than, say, IBM. Sadly, this is the reality of fiat money. The producers at a certain point turn into rent seekers as they politicize. The zombies soon start outnumbering the normal people and everything goes downhill. BITCOIN FIXES THIS The good news is that Bitcoin fixes these incentives. Removing fiat money means the normal market process of supply and demand and prices can work. Politics takes much less of a role and the zombification of the economy reverses. Civilization can progress again. Bitcoin is the antidote and the great hope for reversing the decline. Unfortunately, we have about 100 years of rot to clear out and that's going to take some time. The people most embedded in the current system, the Cantillon winners, such as Ivy League business school graduates, rich old people and bureaucrats of all types, are the least likely to convert to Bitcoin and will fight tooth and nail to preserve their positions. These people are not going away quietly and you can already see that they're making their own bid to further zombify with CBDCs. Thankfully, Bitcoin has the advantage of time on its side. The Cantillon losers, such as young people, citizens of developing countries and actual producers of goods and services will inevitably turn toward the much fairer system in Bitcoin. The zombies will be consuming themselves. Welcome to the revolution. Now go save civilization. Tyler Durden Sun, 11/20/2022 - 11:30.....»»

Category: personnelSource: nytNov 20th, 2022

Take a look inside a 90-year-old London power station turned into a $9 billion "urban village" with shops, restaurants, houses, and Apple"s new UK campus

The 42-acre urban village based around the flagship Battersea Power Station includes a cinema, a theater, homes, and Apple's new London campus. Grace Dean London's Battersea Power Station reopened in October, nearly 40 years after it was decommissioned. The redevelopment – which isn't yet complete – cost around $9 billion. The 42-acre urban village includes stores, restaurants, homes, offices, and leisure space. In October, London unveiled a much-anticipated new urban village that's been described as the UK's most expensive historic redevelopment: Battersea Power Station.Grace Dean/InsiderSource: The Evening StandardThe new venue is a major shopping, entertainment, and leisure hub, featuring restaurants, a cinema, a theater, and dozens of shops. The site's redevelopment had been a long time coming, with the power station falling out of use nearly 40 years ago.Grace DeanThe construction of the power station just south of the Thames started in 1929, though it took around 26 years for both stages of the power station to be complete. At its peak, the coal-fired power plant supplied 20% of London's electricity.Universal History Archive/Universal Images Group via Getty ImagesSource: Battersea Power StationThe building, designed by famed architect Giles Scott, became one of London's leading landmarks, easily identified by its four imposing chimneys. The power station even featured on the cover of Pink Floyd's 1977 album "Animals."30th August 1978: The gothic-style towers of Battersea Power StationThe power station closed and stopped generating electricity in 1983. It passed through multiple hands before being purchased by the current shareholders in 2012, and over the decades plans were discussed to turn it into various ventures including a theme park and a football stadium for Chelsea FC.Ian Tyas/Keystone Features/Getty ImagesSource: Battersea Power StationThe 42-acre site is gradually reopening in phases as a mixed-use development, with the first part, comprised of accommodation, bars, restaurants, and leisure facilities, including a cinema and theatre, opening in 2017.Grace Dean/InsiderSource: Battersea Power StationThe whole development is even served by a new tube station which opened in late 2021.Grace Dean/InsiderThe second stage, the part actually housed in the former power station, ultimately reopened in October 2022.Grace Dean/InsiderThe flagship building is primarily a shopping, leisure, and entertainment venue. It also features 254 homes, with the first residents moving in in 2021.Grace Dean/InsiderSource: The Evening StandardIt is home to stores including Uniqlo, Superdry, Levi, Adidas, Nike, Sweaty Betty, and Lululemon.Grace DeanThere's a broad mix of stores, though, including also a showroom for electric-vehicle maker Polestar and one for electric-motorcycle maker Maeving. Many of the stores are high-end, including Ralph Lauren, Rolex, and Boss. Gordon Ramsay has a restaurant there, too. There are no budget stores in sight, and the site's biggest grocery retailer is Marks & Spencer, a higher-end choice associated with middle-class shoppers.Grace Dean/InsiderI was surprised by how many of the shops were yet to open, though.Grace Dean/InsiderThere was also a store dedicated to local businesses ...Grace Dean/Insider... but compared to the vast size of the site, this area seemed very small.Grace Dean/InsiderThe design of the site honed in on its industrial past.Grace Dean/InsiderThere was a bar called the Control Room ...Grace Dean/Insider... and some pieces of old machinery dotted about. This is a circuit breaker dating from around 1955.Grace Dean/InsiderThere was also an exhibition with information about the site's history and redevelopment.Grace Dean/InsiderIn the future, you'll also be able to get a lift to top of one of the chimneys and enjoy panoramic views of the city.Grace Dean/InsiderOverall, the building is light and airy.Grace Dean/InsiderIt seems to seamlessly mix the old and the new.Grace Dean/InsiderThe power station is a Grade II listed building, with Historic England describing it as being "of outstanding interest on architectural grounds as a monumental example of an inter-war utilities building, designed by a leading architect of his day."Grace Dean/InsiderSource: Historic EnglandOutside of the flagship power station building, the site is split across different levels.Grace Dean/InsiderThis area is known as Electric Boulevard ...Grace Dean/Insider... and features luxury apartments on top of stores including Zara. There's also a parking lot underground.Grace Dean/InsiderThe accommodation doesn't come cheap, though. This two-bed, two-bath apartment which looks down onto the retail stores and courtyard comes in at more than £45,000 a year (more than $50,000). A three-bed, 1,922-square-foot apartment also advertised costs £15,145 ($17,700) a month. The site does also include hundreds of affordable homes, however.Grace Dean/InsiderSource: Battersea Power StationPeople who already own property in the new neighborhood include Sting, Bear Grylls, and Gordon Ramsay, The Evening Standard reported.Grace Dean/InsiderSource: The Evening StandardApple and 1,400 staff are also moving in next year, with the company locating its new 500,000-square-foot London campus across six floors of the old boiler room.Grace Dean/InsiderSource: InsiderBattersea's developers say that by the time the whole project is completed, the 42-acre site will have around 25,000 people living and working there, and it will be one of London's largest office, retail, leisure, and cultural quarters.Grace Dean/InsiderSource: Battersea Power StationBattersea said that more than 250,000 people visited during its opening weekend in mid-October. One bar alone sold more than 7,000 cocktails.Grace Dean/InsiderSource: Battersea Power StationRead the original article on Business Insider.....»»

Category: smallbizSource: nytNov 16th, 2022

H&R REIT Reports Strong Third Quarter 2022 Results and Announces 9% Distribution Increase Commencing in January 2023

TORONTO, Nov. 14, 2022 /CNW/ - H&R Real Estate Investment Trust ("H&R" or "the REIT") (TSX:HR) announces its financial results for the three and nine months ended September 30, 2022. HIGHLIGHTS:  11.5% growth in Same-Property net operating income (cash basis)(1) compared to Q3 2021; Net operating income per the REIT's Financial Statements decreased by 18.6% compared to Q3 2021 primarily due to the spin-off of Primaris REIT and property dispositions during the 21‐month period ended September 30, 2022; $455.4 million in property dispositions at the REIT's proportionate share(1) comprised of: 15 properties totalling $406.1 million sold during the nine months ended September 30, 2022; and Three properties totalling $49.3 million sold in October 2022; 22.9 million Units of the REIT ("Units") have been repurchased since January 1, 2022 for a total cost of $297.1 million, at a weighted average price of $12.99 per Unit, representing an approximate 42.5% discount to Net Asset Value ("NAV") per Unit(3); 3.0 million Units were repurchased during the quarter for a total cost of $38.3 million, at a weighted average price of $12.91 per Unit, representing an approximate 42.8% discount to NAV per Unit(3). $22.58 NAV per Unit(3) at September 30, 2022, an increase of $0.44 from June 30, 2022; primarily due to the stronger U.S. dollar and the repurchase of Units offset by $307.2 million unfavourable fair value adjustments; $21.53 unitholders' equity per Unit at September 30, 2022, an increase of $0.59 from June 30, 2022; 34.1% Debt to total assets per the REIT's Financial Statements(2); 43.6% Debt to total assets at the REIT's proportionate share(2)(3); $5.0 billion of unencumbered properties; $712.1 million in liquidity comprised of $65.8 million in cash or cash equivalents and $646.3 million available to be drawn under the REIT's credit facilities; A special cash distribution of $0.40 per Unit payable in Units ($0.35 per Unit) and cash ($0.05 per Unit) to Unitholders of record as at December 30, 2022; and 9.1% increase in distributions to commence in January 2023. "H&R's third quarter results highlight the quality of our properties and the embedded growth that we are surfacing as a result of the increasing focus on higher growth assets," said Tom Hofstedter, H&R's Chief Executive Officer. "The distribution increase is supported by our strong year to date performance and outlook for the future. Organic growth coupled with our Unit buybacks are creating value for our Unitholders, with dispositions announced to date furthering our portfolio simplification strategy." (1) These are non-GAAP measures. Refer to the "Non-GAAP Measures" section of this news release. (2) Debt includes mortgages payable, debentures payable, unsecured term loans and lines of credit. (3) These are non-GAAP ratios. Refer to the "Non-GAAP Measures" section of this news release. Philippe Lapointe, H&R's President added "The strong results that we are announcing today are a direct result of the repositioning plan that we put in place over a year ago. As evidenced by our recent results, there is significant growth within our portfolio. Recognizing that there is still important work ahead of us, we are well on our way to creating a simplified, growth-oriented company that will produce significant value for our unitholders." FINANCIAL HIGHLIGHTS  September 30   December 31   2022 2021 Total assets (in thousands) $11,708,119 $10,501,141 Debt to total assets per the REIT's Financial Statements(1) 34.1 % 37.1 % Debt to total assets at the REIT's proportionate share(1)(2) 43.6 % 46.6 % Unitholders' equity (in thousands) 5,725,118 4,773,833 Units outstanding (in thousands) 265,885 288,440 Exchangeable units outstanding (in thousands) 17,974 13,344 Unitholders' equity per Unit $21.53 $16.55 NAV per Unit(2) $22.58 $17.70   3 months ended September 30   9 months ended September 30   2022 2021 2022 2021 Rentals from investment properties (in millions) $213.7 $268.8 $617.8 $799.6 Net operating income (in millions) $148.4 $182.2 $386.8 $491.7 Same-Property net operating income (cash basis) (in millions)(3) $121.2 $108.7 $358.1 $307.1 Net income (loss) from equity accounted investments (in millions) ($60.1) $23.5 ($6.3) $36.4 Fair value adjustment on real estate assets (in millions) ($235.2) ($46.2) $770.6 $26.0 Net income (loss) (in millions) ($121.5) $135.3 $961.0 $389.7  FFO (in millions)(3) $85.9 $121.4 $253.3 $356.8 Adjusted funds from operations ("AFFO") (in millions)(3) $72.7 $102.2 $224.9 $289.6 Weighted average number of Units and exchangeable units for FFO (in 000's) 284,734 301,775 293,115 301,770 FFO per basic Unit(2) $0.302 $0.402 $0.864 $1.182 AFFO per basic Unit(2) $0.255 $0.338 $0.767 $0.960 Cash Distributions per Unit $0.137 $0.173 $0.402 $0.518 Payout ratio as a % of FFO(2) 45.4 % 43.0 % 46.5 % 43.8 % Payout ratio as a % of AFFO(2) 53.7 % 51.2 % 52.4 % 54.0 %   (1) Debt includes mortgages payable, debentures payable, unsecured term loans and lines of credit. (2) These are non-GAAP ratios. Refer to the "Non-GAAP Measures" section in this news release. (3) These are non-GAAP measures. Refer to the "Non-GAAP Measures" section in this news release.   Primaris Spin-Off H&R's 2022 financial results were significantly impacted due to the 27 properties transferred by H&R to Primaris REIT on December 31, 2021 (the "Primaris Spin-Off"). The impact of the Primaris Spin-Off on certain of H&R's financial results is shown in the table below: 3 months ended September 30 9 months ended September 30 2022 2021 2022 2021 Rentals from investment properties (in millions) $— $63.3 $— $186.7 Net operating income (in millions) $— $35.2 $— $99.5 Net income (in millions) $— $208.9 $— $341.8 FFO (in millions)(1) $— $30.8 $— $86.2 AFFO (in millions)(1) $— $23.9 $— $67.4 FFO per basic Unit(2) $— $0.102 $— $0.286 AFFO per basic Unit(2) $— $0.079 $— $0.223   (1) These are non-GAAP measures.  Refer to the "Non-GAAP Measures" section of this news release. (2) These are non-GAAP ratios.  Refer to the "Non-GAAP Measures" section in this news release.   SUMMARY OF SIGNIFICANT Q3 2022 ACTIVITY The following tables show the larger income statement items split between the various operating segments. For further commentary on these tables, please see the REIT's Management Discussion and Analysis for the three and nine months ended September 30, 2022 available at www.hr‐reit.com. 2022 Net Operating Income Three months ended September 30 Nine months ended September 30 (in thousands of Canadian dollars) 2022 2021 % Change 2022 2021 % Change Operating Segment: Same-Property net operating income (cash basis) - Residential(1) $29,888 $21,895 36.5 % $91,189 $66,485 37.2 % Same-Property net operating income (cash basis) - Industrial(1) 14,638 13,692 6.9 % 42,824 40,567 5.6 % Same-Property net operating income (cash basis) - Office(1) 52,668 50,082 5.2 % 154,220 131,420 17.3 % Same-Property net operating income (cash basis) - Retail(1) 24,043 23,070 4.2 % 69,895 68,628 1.8 % Same-Property net operating income (cash basis)(1) 121,237 108,739 11.5 % 358,128 307,100 16.6 % Adjusted for: Net operating income (cash basis) from Transactions at the REIT's proportionate share(1)(2) 33,897 75,667 (55.2) % 102,095 222,352 (54.1) % Realty taxes in accordance with IFRIC 21 at the REIT's proportionate share(1) 12,056 11,777 2.4 % (12,600) (12,192) (3.3) % Straight-lining of contractual rent at the REIT's proportionate share(1) 3,388 2,139 58.4 % 3,302 22,607 (85.4) % Net operating income from equity accounted investments(1) (22,211) (16,154) (37.5) % (64,088) (48,126) (33.2) % Net operating income per the REIT's Financial Statements $148,367 $182,168 (18.6) % $386,837 $491,741 (21.3) %   (1) These are non-GAAP measures.  Refer to the "Non-GAAP Measures" section of this news release. (2) Transactions include properties acquired, or sold, or transferred to or from properties under development, during the 21‐month period ended September 30, 2022.   Fair Value Adjustment on Real Estate Assets and September 30, 2022 Capitalization Rates Operating Segment Q3 2022Fair Value Adjustment(in thousands)  Capitalization Rate as atSeptember 30, 2022 Residential ($71,394) 4.06 % Industrial (14,442) 5.12 % Office (195,720) 6.17 % Retail (25,612) 6.28 % Fair value adjustment on real estate assets per the REIT's proportionate share(1) (307,168) 5.24 % Less: equity accounted investments 71,976 Fair value adjustments on real estate assets per the REIT's Financial Statements ($235,192)   (1) This is a non-GAAP measure.  Refer to the "Non-GAAP Measures" section of this news release.   Property Dispositions 2022 property sales to date at the REIT's proportionate share total $455.4 million, including 100 Wynford Drive in Toronto, ON ("100 Wynford"). On August 31, 2022, H&R completed the sale of two Canadian office properties including 100 Wynford, and two Canadian retail properties for gross proceeds of $167.8 million at a weighted average capitalization rate of 6.9%. H&R has the option to repurchase 100 Wynford for approximately $159.7 million in 2036 or earlier under certain circumstances. Due to the repurchase option in favour of H&R, the transaction did not meet the criteria of a transfer of control under International Financial Reporting Standards ("IFRS") 15 Revenue from Contracts with Customers ("IFRS 15"). As such, 100 Wynford will continue to be recorded as an income producing property in the statements of financial position, with proceeds received from the sale recorded as deferred revenue and amortized over the term of the lease with Bell Canada. In Q3 2021, H&R submitted an Employment Conversion Request to the City of Toronto for 100 Wynford. Given the property's proximity to two future transit lines (the Eglinton LRT and the Ontario Line), H&R believes there is an opportunity for future redevelopment of the existing parking lot into a multi-phased project that introduces residential uses. H&R envisions a land use conversion from the existing Employment Land designation to Mixed Use designation, similar to the process undertaken at a nearby property at the intersection of Don Mills Road and Eglinton Avenue East formerly owned by Celestica Inc. Subsequent to September 30, 2022, H&R sold two automotive-tenanted retail properties in Arizona totaling 25,309 square feet for U.S. $17.0 million at a weighted average capitalization rate of 5.8%. In addition, H&R sold a 123,000 square foot single tenanted office property in Burlington, ON for $26.0 million. Prior to the sale, H&R received a $2.3 million lease termination fee in Q3 2022 and the property was vacant as at September 30, 2022. H&R chose to sell this property to an end user given the size of the building and its unique usage for flex-office space in a suburban market Leasing H&R has leased approximately 76.7% of the office space at River Landing Commercial in Miami, FL. The two major tenants are: (i) the Office of the State Attorney, Eleventh Judicial Circuit of Miami-Dade County, whose lease commenced in October 2022 and is occupying 49,379 square feet; and (ii) Public Health Trust of Miami-Dade County, whose lease is expected to commence in Q1 2023 and will occupy ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 14th, 2022

SmartCentres Real Estate Investment Trust Releases Third Quarter Results for 2022

Operational Shopping centre leasing activity continues to improve with occupancy levels, inclusive of committed deals, increasing to 98.1% in Q3 2022, representing a 50 basis point increase from Q2 2022 Same Properties NOI inclusive of ECL(1) increased by $3.9 million or 3.1% in Q3 2022 as compared to the same period in 2021. Same Properties NOI excluding ECL(1) increased by $3.0 million or 2.3% in Q3 2022 as compared to the same period in 2021 Net rental income and other increased by $3.6 million or 2.9% for the three months ended September 30, 2022 as compared to the same period in 2021 Mixed-use Development In excess of three million square feet of construction activity is currently underway, principally on high rise residential projects in Toronto, Montreal, and Ottawa Construction progressing on time and on budget on 241,000 square feet of industrial space for the 16-acre Phase 1 development in Pickering, of which 53% has already been pre-leased to a leading Canadian furniture retailer Construction of Transit City 4 & 5 condominium towers is in the final stages of completion with closings scheduled to commence in Q1 2023. All 1,026 units have been pre-sold Construction of the Millway, a 454-unit purpose-built rental apartment building, is also in the final stages of completion, with initial tenants expected to begin occupancy in Q1 2023 Financial FFO with adjustments and excluding impact of ECL, TRS, condominium and townhome closings, and SmartVMC West acquisition(1) was $93.8 million for the three months ended September 30, 2022, which remained virtually unchanged as compared to $93.9 million for the same period in 2021 Net income and comprehensive income was $3.5 million for the three months ended September 30, 2022, as compared to $178.1 million for the same period in 2021, representing a decrease of $174.6 million, which was primarily attributed to a $177.7 million decrease in fair value adjustments on revaluation of investment properties TORONTO, Nov. 11, 2022 (GLOBE NEWSWIRE) -- SmartCentres Real Estate Investment Trust ("SmartCentres", the "Trust" or the "REIT") (TSX:SRU) is pleased to report its financial and operating results for the quarter ended September 30, 2022. "Customer traffic to our Walmart-anchored shopping centre portfolio continues to gain post-pandemic momentum which, in turn, is generating steadily increasing levels of leasing activity that began earlier in 2022," said Mitchell Goldhar, Executive Chairman and CEO of SmartCentres. "We anticipate that this trend will continue into 2023 and will have a positive impact on both our occupancy and earnings levels. We are pleased with the noticeable increase in leasing activity in the third quarter and the associated improvement in cash collections. Our development business is progressing well, with over 735,000 square feet (approximate) of municipal approvals received for residential and mixed-uses in this quarter alone. This brings 6,000,000 square feet of potential on-site growth so far this year. Current projects under construction include over 400,000 square feet of self-storage space across three properties, more than 1,000 condominium units and a further 174 townhomes, over 900 residential rental suites in three separate projects, and a further 413 seniors housing units. Construction has also commenced on a 241,000 square foot industrial project. We expect each of these projects to begin contributing to FFO(1) during 2023 or 2024. In the immediate term, the next two 45-storey and 50-storey condominium towers at Transit City are sold out and construction is progressing on time and on budget. Closings are expected to commence early in 2023. In addition, The Millway, a 454-unit, 36-storey rental tower, is also proceeding on time and on budget with initial occupancy and rent commencement expected to begin early in 2023. Also, the first phase of our Artwalk condominium project is sold out and construction is expected to commence by spring 2023. We are also pleased to confirm that we expect to publish our inaugural ESG report in the coming weeks. With respect to the changing economic conditions, we plan on applying discipline when assessing new opportunities for growth. Our focus remains on the long term, including the development of mixed-use projects on our strategically located shopping centre sites which will extract deeply embedded value wherever possible for many years to come," added Mr. Goldhar. (1)   Represents a non-GAAP measure. The Trust's method of calculating non-GAAP measures may differ from other reporting issuers' methods and, accordingly, may not be comparable. For additional information, please see "Non-GAAP Measures" in this Press Release.Key Business Development, Financial and Operational Highlights for the Three Months Ended September 30, 2022 Mixed-Use Development and Intensification at SmartVMC Park Place condo pre-development is underway on the 53.0 acre SmartVMC West lands strategically acquired in December 2021. Pre-sales for this development have commenced. The Trust's acquisition in December 2021 of a two-thirds interest in the SmartVMC West lands more than doubled the Trust's holdings in the 105 acre SmartVMC city centre development. Construction continues on budget on the 100% pre-sold Transit City 4 (45 storeys) and 5 (50 storeys) 1,026-suite condo towers. Concrete and formwork have been completed for both towers, with building envelope and interior finishes ongoing. Closings are expected to commence in early 2023. Construction of the purpose-built rental project, the Millway (36 storeys), continues at SmartVMC. Both formwork and concrete have been completed. Building envelope is ongoing with interior finishes underway. Initial occupancy and rent commencement are expected in spring 2023. ArtWalk condominium sales of 320 released units in Phase 1 are sold out (construction expected to begin early in 2023). Other Business Development The Trust completed the purchase of approximately 38 acres of industrial lands in Pickering, adjacent to Hwy 407, on which the Trust received approval to build 241,000 square feet of industrial space for the 16 acre Phase 1 development, of which 53% has already been pre-leased to a leading Canadian furniture retailer, with completion currently scheduled for 2023. Leasing continues on the completed first phase of the two-phase, purpose-built residential rental project in Laval, Quebec, with more than 99% of the 171 units rented. Construction continues on the next phase that commenced in October 2021, with a target completion date of Q2 2023. Initial occupancy and rent commencement in the two purpose-built residential rental towers (238 units) in Mascouche, Quebec began in July 2022. More than 130 units have been leased and current lease-up activity is in line with initial expectations. All of the five developed and operating self-storage facilities (Toronto (Leaside), Vaughan NW, Brampton, Oshawa South and Scarborough East) have been well-received by their local communities; current occupancy levels are ahead of expectations. Three self-storage facilities in Markham, Brampton (Kingspoint) and Aurora are currently under construction and on budget, with the latter two facilities expected to be completed in late 2022. Additional self-storage facilities have been approved by the Board of Trustees and the Trust is in the process of obtaining municipal approvals in Whitby, Stoney Creek and two locations in Toronto (Gilbert Ave. and Jane St.). In addition, the municipal approval process is underway in New Westminster and on a newly acquired property in Burnaby, British Columbia. Construction continues on a new retirement residence and a seniors' apartment project, totalling 402 units, at the Trust's Laurentian Place in Ottawa, with completion expected in Q1 2024. The Trust intends to commence the redevelopment of a portion of its 73 acre Cambridge retail property (which is subject to a leasehold interest with Penguin) which is now zoned for 12.0 million square feet of residential and commercial uses. Over the coming years, this high profile property will transform into a vibrant urban city center away from the GTA, but strategically within its orbit. The Trust, together with its partner, Penguin, have also commenced preliminary siteworks for the 215,000 square feet retail project on Laird Drive in Toronto, that is expected to feature a flagship 190,000 square foot Canadian Tire store together with 25,000 square feet of additional retail space. Canadian Tire is expected to take possession in 2024. Financial Net income and comprehensive income(1) was $3.5 million as compared to $178.1 million for the same period in 2021, representing a decrease of $174.6 million. This decrease was primarily attributed to: i) $177.7 million decrease in fair value adjustment on revaluation of investment properties; ii) $4.3 million increase in interest expense; iii) $2.3 million decrease in net operating income; iv) $2.2 million increase in general and administrative expenses (net); v) $0.6 million net income decrease relating to other items; and was partially offset by vi) $9.9 million increase in fair value adjustments on financial instruments; and vii) $2.7 million increase in interest income. The Trust increased its unsecured/secured debt ratio(2)(3) to 77%/23% (December 31, 2021 – 71%/29%). The Trust continues to add to its unencumbered pool of high-quality assets. As at September 30, 2022, this unencumbered portfolio consisted of investment properties valued at $8.4 billion (September 30, 2021 – $6.0 billion). The Trust's fixed rate/variable rate debt ratio(2)(3) was 83%/17% as at September 30, 2022 (December 31, 2021 – 89%/11%). FFO with adjustments excluding impact of ECL, TRS, condominium and townhome closings, and SmartVMC West acquisition(2) was $93.8 million as compared to $93.9 million in the same period last year. During the quarter, 941,990 additional notional Units were added at a weighted average price of $27.42 per Unit to the Total Return Swap. Net income and comprehensive income per Unit(1) decreased by $1.01 or 98% to $0.02 as compared to the same period in 2021, primarily resulting from fair value adjustments on revaluation of investment properties in amount of $177.7 million or $0.99 per Unit. FFO with adjustments excluding impact of ECL, TRS, condominium and townhome closings, and SmartVMC West acquisition per Unit(2) was $0.54, which remained the same as compared to the same period in 2021. Cash flows provided by operating activities(1) increased by $0.7 million or 0.7% to $97.0 million as compared to the same period in 2021. Surplus of cash flows provided by operating activities(1) over distributions declared amounted to $14.6 million (three months ended September 30, 2021 – surplus of $16.6 million). The Payout Ratio relating to cash flows provided by operating activities for the rolling 12 months ended September 30, 2022 was 86.6%, as compared to 96.8% for the same period ended September 30, 2021. The Payout Ratio relating to cash flows provided by operating activities for the rolling 24 months ended September 30, 2022 was 91.3%, as compared to 95.8% for the same period ended September 30, 2021. For the three months ended September 30, 2022, ACFO(2) decreased by $9.3 million or 10.3% to $81.1 million as compared to the same period in 2021. For the three months ended September 30, 2022, there was a shortfall of ACFO(2) over distributions declared of $1.3 million (three months ended September 30, 2021 – surplus of $10.7 million). The Payout Ratio to ACFO(2) for the rolling 12 months ended September 30, 2022 was 98.9%, as compared to 90.1% for the same period ended September 30, 2021. Excluding SmartVMC West LP Class D distributions, the Payout Ratio to ACFO(2) for the rolling 12 months ended September 30, 2022 was 96.7%, as compared to 90.1% for the same period ended September 30, 2021. The Payout Ratio to ACFO(2) for the rolling 24 months ended September 30, 2022 was 94.4%, as compared to 91.0% for the same period ended September 30, 2021. Excluding SmartVMC West LP Class D distributions, the Payout Ratio to ACFO(2) for the rolling 24 months ended September 30, 2022 was 93.3%, as compared to 91.0% for the same period ended September 30, 2021. Operational Rentals from investment properties and other(1) was $196.7 million, as compared to $195.2 million for the same period in 2021, representing an increase of $1.5 million or 0.8%, primarily due to the acquisition of an additional interest in investment properties in Q1 2022, higher rental income from Premium Outlets locations in both Toronto and Montreal, additional self-storage facility and parking rental revenue, and higher miscellaneous revenue. In-place and committed occupancy rates were 97.6% and 98.1%, respectively, as at September 30, 2022 (June 30, 2022 – 97.2% and 97.6%, respectively). Same Properties NOI inclusive of ECL(2) increased by $3.9 million or 3.1% as compared to the same period in 2021. Same Properties NOI excluding ECL(2) increased by $3.0 million or 2.3% as compared to the same period in 2021. Subsequent Event Subsequent to September 30, 2022, certain mortgages receivable with Penguin in the amount of $101.4 million were repaid in cash and the proceeds were primarily used to repay a portion of the balance outstanding on the Trust's revolving operating facility. (1)   Represents a GAAP measure(2)   Represents a non-GAAP measure. The Trust's method of calculating non-GAAP measures may differ from other reporting issuers' methods and, accordingly, may not be comparable. For additional information, please see "Non-GAAP Measures" in this Press Release.(3)   Net of cash-on-hand of $150.0 million as at September 30, 2022 for the purposes of calculating the applicable ratios. Selected Consolidated Operational, Mixed-Use Development and Financial Information Key consolidated operational, mixed-use development and financial information shown in the table below includes the Trust's proportionate share of equity accounted investments: (in thousands of dollars, except per Unit and other non-financial data) September 30, 2022   December 31, 2021   September 30, 2021   Portfolio Information             Number of retail properties 155   155   156   Number of office properties 4   4   4   Number of self-storage properties 6   6   5   Number of residential properties 1   1   1   Number of properties under development 19   17   15   Total number of properties with an ownership interest 185   183   181   Leasing and Operational Information(1)             Gross leasable retail and office area (in thousands of sq. ft.) 34,685   34,119   34,225   Occupied retail and office area (in thousands of sq. ft.) 33,843   33,219   33,312   Vacant retail and office area (in thousands of sq. ft.) 842   900   913   In-place occupancy rate (%) 97.6   97.4   97.3   Committed occupancy rate (%) 98.1   97.6   97.6   Average lease term to maturity (in years) 4.3   4.4   4.5   Net annualized retail rental rate (per occupied sq. ft.) ($) 15.52   15.44   15.40   Net annualized retail rental rate excluding Anchors (per occupied sq. ft.) ($) 22.40   22.07   21.91   Mixed-Use Development Information             Trust's share of future development area (in thousands of sq. ft.) 39,500   40,600   32,200   Trust's share of estimated costs of future projects currently under construction, or for which construction is expected to commence within the next five years (in millions of dollars) 9,800   9,800   7,700   Total number of residential rental projects 107   104   97   Total number of seniors' housing projects 25   27   39   Total number of self-storage projects 35   36   46   Total number of office building projects 8   8   7   Total number of hotel projects 3   3   4   Total number of condominium developments 89   95   73   Total number of townhome developments 8   10   15   Total number of estimated future projects currently in development planning stage 275   283   281   (in thousands of dollars, except per Unit and other non-financial data) September 30, 2022   December 31, 2021   September 30, 2021   Financial Information             Total assets – GAAP(2) 11,862,633   11,293,248   10,191,592   Total assets – non-GAAP(3)(4) 12,219,429   11,494,377   10,382,086   Investment properties – GAAP(2) 10,211,384   9,847,078   8,892,656   Investment properties – non-GAAP(3)(4) 11,135,415   10,684,529   9,623,548   Total unencumbered assets(3) 8,383,900   6,640,600   6,002,800   Debt – GAAP(2) 5,159,860   4,854,527   4,539,594   Debt – non-GAAP(3)(4) 5,410,319   4,983,078   4,647,648   Debt to Aggregate Assets (%)(3)(4)(5) 43.7   42.9   44.5   Debt to Gross Book Value (%)(3)(4)(5) 52.1   50.8   50.4   Unsecured to Secured Debt Ratio(3)(4)(5) 77%/23%   71%/29%   70%/30%   Unencumbered assets to unsecured debt(3)(4)(5) 2.1X   1.9X   1.9X   Weighted average interest rate (%)(3)(4) 3.67   3.11   3.25   Weighted average term of debt (in years) 4.2   4.8   5   Interest coverage ratio(3)(4)(5) 3.3X   3.4X   3.3X   Adjusted Debt to Adjusted EBITDA (net of cash)(3)(4)(5) 10.0X   9.2X   8.5X   Adjusted Debt to Adjusted EBITDA (net of cash and TRS)(3)(4)(5) 9.8X   9.1X   8.5X   Fixed Rate to Variable Rate Debt Ratio(3)(4)(5) 83%/17%    89%/11%   94%/6%   Equity (book value)(2) 6,141,317   5,841,315   5,268,176   Weighted average number of units outstanding – diluted 179,644,083   173,748,819   173,535,843   (1)   Excluding residential and self-storage area.(2)   Represents a GAAP measure.(3)   Represents a non-GAAP measure. The Trust's method of calculating non-GAAP measures may differ from other reporting issuers' methods and, accordingly, may not be comparable. For additional information, please see "Non-GAAP Measures" in this Press Release. (4)   Includes the Trust's proportionate share of equity accounted investments. (5)   As at September 30, 2022, cash-on-hand of $150.0 million was excluded for the purposes of calculating the applicable ratios (December 31, 2021 – $80.0 million, September 30, 2021 – $50.0 million). Quarterly Comparison to Prior Year The following table presents key financial, per Unit, and payout ratio information for the three months ended September 30, 2022 and September 30, 2021: (in thousands of dollars, except per Unit information) September 30, 2022   September 30, 2021   Variance     (A)   (B)   (A–B)   Financial Information             Rentals from investment properties and other(1) 196,678   195,171   1,507   Net base rent(1) 127,576   125,125   2,451   Total recoveries(1) 59,391   60,565   (1,174 ) Miscellaneous revenue(1) 4,683   4,573   110   Service and other revenues(1) 5,028   4,908   120   Net income and comprehensive income(1) 3,548   178,051   (174,503 ) Net income and comprehensive income excluding fair value adjustments(2)(3) 83,927   90,691   (6,764 ) Cash flows provided by operating activities(1) 97,011   96,298   713   Net rental income and other(1) 127,197   123,617   3,580   NOI from condominium and townhome closings and other adjustments(2) (244 ) 6,444   (6,688 ) NOI(2) 130,986   133,333   (2,347 ) Change in net rental income and other(2) 2.9 % 9.2 % (6.3 )% Change in SPNOI(2) 3.1 % 6.6 % (3.5 )% Change in SPNOI excluding ECL(2) 2.3 % (1.0 )% 3.3 %         FFO(2)(3)(4)(5) 88,403   97,887   (9,484 ) Other adjustments 669   1,706   (1,037 ) FFO with adjustments(2)(3)(4) 89,072   99,593   (10,521 ) Adjusted for:       ECL (271 ) 670   (941 ) Loss (gain) on derivative – TRS 4,900   (392 ) 5,292   FFO sourced from condominium and townhome closings 216   (5,922 ) 6,138   FFO sourced from SmartVMC West acquisition (154 ) —   (154 ) FFO with adjustments excluding impact of ECL, TRS, condominium and townhome closings, and SmartVMC West acquisition(2)(3)(4) 93,763   93,949   (186 )         ACFO(2)(3)(4)(5) 81,060   90,342   (9,282 ) Other adjustments 669   1,706   (1,037 ) ACFO with adjustments(2)(3)(4) 81,729   92,048   (10,319 ) Adjusted for:       Loss (gain) on derivative – TRS 4,900   (392 ) 5,292   ACFO sourced from condominium and townhome closings 244   (6,444 ) 6,688   ACFO sourced from SmartVMC West acquisition (154 ) —   (154 ) ACFO with adjustments excluding impact of TRS, condominium and townhome closings, and SmartVMC West acquisition(2)(3)(4) 86,719   85,212   1,507           Distributions declared 82,382   79,683   2,699   Surplus of cash provided by operating activities over distributions declared(2) 14,629   16,615   (1,986 ) (Shortfall) surplus of ACFO over distributions declared(2) (1,322 ) 10,659   (11,981 ) Surplus of ACFO with adjustments excluding impact of TRS, condominium and townhome closings, and SmartVMC West acquisition over distributions declared(2) 4,337   5,529   (1,192 ) Units outstanding(6) 178,126,285   172,287,950   5,838,335   Weighted average – basic 178,123,918   172,285,503   5,838,415   Weighted average – diluted(7) 179,678,009   173,644,091   6,033,918   (in thousands of dollars, except per Unit information) September 30, 2022   September 30, 2021   Variance     (A)   (B)   (A–B)                 Per Unit Information (Basic/Diluted)             Net income and comprehensive income(1) $0.02/$0.02   $1.03/$1.03   $-1.01/$-1.01   Net income and comprehensive income excluding fair value adjustments(2)(3) $0.47/$0.47   $0.53/$0.52   $-0.06/$-0.05                 FFO(2)(3)(4)(5) $0.50/$0.49   $0.57/$0.56   $-0.07/$-0.07   Other adjustments $0.00/$0.01   $0.01/$0.01   $-0.01/$0.00   FFO with adjustments(2)(3)(4) $0.50/$0.50   $0.58/$0.57   $-0.08/$-0.07   Adjusted for:             ECL(8) $0.00/$0.00   $0.00/$0.00   $0.00/$0.00   Loss (gain) on derivative – TRS $0.03/$0.03   $0.00/$0.00   $0.03/$0.03   FFO sourced from condominium and townhome closings $0.00/$0.00   $-0.03/$-0.03   $0.03/$0.03   FFO units impact from SmartVMC West LP Class D Units $0.01/$0.01   $0.00/$0.00   $0.01/$0.01   FFO with adjustments excluding impact of ECL, TRS, condominium and townhome closings, and SmartVMC West acquisition(2)(3)(4) $0.54/$0.54   $0.55/$0.54   $-0.01/$0.00                 Distributions declared $0.463   $0.463   $—                 Payout Ratio Information             Payout Ratio to cash flows provided by operating activities 84.9 % 82.7 % 2.2 % Payout Ratio to ACFO(2)(3)(4)(5) 101.6 % 88.2 % 13.4 % Payout Ratio to ACFO with adjustments(2)(3)(4) 100.8 % 86.6 % 14.2 % Payout Ratio to ACFO with adjustments excluding impact of TRS, condominium and townhome sales, and SmartVMC West acquisition(2)(3)(4) 91.9 % 93.5 % (1.6 )%               (1)   Represents a GAAP measure.(2)   Represents a non-GAAP measure. The Trust's method of calculating non-GAAP measures may differ from other reporting issuers' methods and, accordingly, may not be comparable. For additional information, please see "Non-GAAP Measures" in this Press Release. (3)   Includes the Trust's proportionate share of equity accounted investments. (4)   See "Non-GAAP Measures" in this Press Release for a reconciliation of these measures to the nearest consolidated financial statement measure. (5)   The calculation of the Trust's FFO and ACFO and related payout ratios, including comparative amounts, are financial metrics that were determined based on the REALpac White Paper on FFO issued in January 2022 and REALpac White Paper on ACFO issued in February 2019, respectively. Comparison with other reporting issuers may not be appropriate. The payout ratio to FFO and the payout ratio to ACFO are calculated as declared distributions divided by FFO and ACFO, respectively. (6)   Total Units outstanding include Trust Units and LP Units, including Units classified as liabilities. LP Units classified as equity in the consolidated financial statements are presented as non-controlling interests. (7)   The diluted weighted average includes the vested portion of the deferred units issued pursuant to the deferred unit plan.   (8)   The impact of ECL on FFO per Unit is less than $0.01 and therefore it is shown as $0.00 in the table above for the three months ended September 30, 2022. Year-to-Date Comparison to Prior Year The following table presents key financial, per Unit, and payout ratio information for the nine months ended September 30, 2022 and September 30, 2021: (in thousands of dollars, except per Unit information) September 30, 2022   September 30, 2021   Variance     (A)   (B)   (A–B)   Financial Information             Rentals from investment properties and other(1) 597,497   587,946   9,551   Net base rent(1) 380,082   369,955   10,127   Total recoveries(1) 196,896   196,342   554   Miscellaneous revenue(1) 10,414   10,412   2   Service and other revenues(1) 10,105   11,237   (1,132 ) Net income and comprehensive income(1) 535,655   335,595   200,060   Net income and comprehensive income excluding fair value adjustments(2)(3) 253,910   260,400   (6,490 ) Cash flows provided by operating activities(1) 243,800   237,950   5,850   Net rental income and other(1) 372,575   358,886   13,689   NOI from condominium and townhome closings and other adjustments(2) 496   20,538   (20,042 ) NOI(2) 384,888   388,405   (3,517 ) Change in net rental income and other(2) 3.8 % 4.7 % (0.9 )% Change in SPNOI(2) 3.3 % 3.4 % (0.1 )% Change in SPNOI excluding ECL(2) 5.5 % (2.1 )% 7.6 %         FFO(2)(3)(4)(5) 269,102   282,620   (13,518 ) Other adjustments 2,566   2,566   —   FFO with adjustments(2)(3)(4) 271,668   285,186   (13,518 ) Adjusted for:       ECL (2,547 ) 5,251   (7,798 ) Loss (gain) on derivative – TRS 11,138   (1,462 ) 12,600   FFO sourced from condominium and townhome closings (860 ) (18,813 ) 17,953   FFO sourced from SmartVMC West acquisition (613 ) —   (613 ) FFO with adjustments excluding impact of ECL, TRS, condominium and townhome closings, and SmartVMC West acquisition(2)(3)(4) 278,786   270,162   8,624           FFO with adjustments and Transactional FFO(2)(3)(4) 271,668   286,773   (15,105 )         ACFO(2)(3)(4)(5) 247,085   269,743   (22,658 ) Other adjustments 2,566   2,566   —   ACFO with adjustments(2)(3)(4) 249,651   272,309   (22,658 ) Adjusted for:       Loss (gain) on derivative – TRS 11,138   (1,462 ) 12,600   ACFO sourced from condominium and townhome closings (496 ) (20,538 ) 20,042   ACFO sourced from SmartVMC West acquisition (613 ) —   (613 ) ACFO with adjustments excluding impact of TRS, condominium and townhome closings, and SmartVMC West acquisition(2)(3)(4) 259,680   250,309   9,371           Distributions declared 247,145   239,028   8,117   Shortfall of cash flows provided by operating activities over distributions declared(2) (3,345 ) (1,078 ) (2,267 ) (Shortfall) surplus of ACFO over distributions declared(2) (60 ) 30,715   (30,775 ) Surplus of ACFO with adjustments excluding impact of TRS, condominium and townhome closings, and SmartVMC West acquisition over distributions declared(2) 12,535   11,281   1,254   Units outstanding(6) 178,126,285   172,287,950   5,838,335   Weighted average – basic 178,118,504   172,266,602   5,851,902   Weighted average – diluted(7) 179,644,083   173,535,843   6,108,240   (in thousands of dollars, except per Unit information) September 30, 2022   September 30, 2021   Variance     (A)   (B)   (A–B)                 Per Unit Information (Basic/Diluted)             Net income and comprehensive income(1) $3.01/$2.98   $1.95/$1.93   $1.06/$1.05   Net income and comprehensive income excluding fair value adjustments(2)(3) $1.43/$1.41   $1.51/$1.50   $-0.08/$-0.09                 FFO(2)(3)(4)(5) $1.51/$1.50   $1.64/$1.63   $-0.13/$-0.13   Other adjustments $0.02/$0.01   $0.02/$0.01   $0.00/$0.00   FFO with adjustments(2)(3)(4) $1.53/$1.51   $1.66/$1.64   $-0.13/$-0.13   Adjusted for:             ECL $-0.01/$-0.01   $0.03/$0.03   $-0.04/$-0.04   Loss (gain) on derivative – TRS $0.06/$0.06   $-0.01/$-0.01   $0.07/$0.07   FFO sourced from condominium and townhome closings $0.00/$0.00   $-0.11/$-0.10   $0.11/$0.10   FFO units impact from SmartVMC West LP Class D Units $0.04/$0.04   $0.00/$0.00   $0.04/$0.04   FFO with adjustments excluding impact of ECL, TRS, condominium and townhome closings, and SmartVMC West acquisition(2)(3)(4) $1.62/$1.60   $1.57/$1.56   $0.05/$0.04                 FFO with adjustments and Transactional FFO(2)(3)(4) $1.53/$1.51   $1.66/$1.65   $-0.13/$-0.14   Distributions declared $1.39   $1.39   $—                 Payout Ratio Information             Payout Ratio to cash flows provided by operating activities 101.4 % 100.5 % 0.9 % Payout Ratio to ACFO(2)(3)(4)(5) 100.0 % 88.6 % 11.4 % Payout Ratio to ACFO with adjustments(2)(3)(4) 99.0 % 87.8 % 11.2 % Payout Ratio to ACFO with adjustments excluding impact of TRS, condominium and townhome sales, and SmartVMC West acquisition(2)(3)(4) 92.1 % 95.5 % (3.4 )%               (1)   Represents a GAAP measure.(2)   Represents a non-GAAP measure. The Trust's method of calculating non-GAAP measures may differ from other reporting issuers' methods and, accordingly, may not be comparable. For additional information, please see "Non-GAAP Measures" in this Press Release. (3)   Includes the Trust's proportionate share of equity accounted investments. (4)   See "Non-GAAP Measures" in this Press Release for a reconciliation of these measures to the nearest consolidated financial statement measure. (5)   The calculation of the Trust's FFO and ACFO and related payout ratios, including comparative amounts, are financial metrics that were determined based on the REALpac White Paper on FFO issued in January 2022 and REALpac White Paper on ACFO issued in February 2019, respectively. Comparison with other reporting issuers may not be appropriate. The payout ratio to FFO and the payout ratio to ACFO are calculated as declared distributions divided by FFO and ACFO, respectively. (6)   Total Units outstanding include Trust Units and LP Units, including Units classified as liabilities. LP Units classified as equity in the consolidated financial statements are presented as non-controlling interests. (7)   The diluted weighted average includes the vested portion of the deferred units issued pursuant to the deferred unit plan.    Operational Highlights For the three months ended September 30, 2022, net income and comprehensive income decreased by $174.5 million as compared to the same period in 2021. This decrease was primarily attributed to the following: $177.7 million decrease in fair value adjustments on revaluation of investment properties (see details in the "Investment Property" section in the Trust's MD&A); $4.3 million increase in interest expense (see further details in the "Interest Income and Interest Expense" subsection in the Trust's MD&A); $2.3 million decrease in NOI (see further details in the "Net Operating Income" subsection in the Trust's MD&A); $2.2 million increase in general and administrative expenses (net) (see further details in the "General and Administrative Expense" section in the Trust's MD&A); $0.5 million higher loss on sale of investment properties; and $0.1 million increase in supplemental costs; Partially offset by the following: $9.9 million increase in fair value adjustment on financial instruments primarily due to: i) $12.8 million higher fair value gains on those Units classified as liabilities due to fluctuation in the Trust's Unit price, ii) $3.9 million higher fair value gains relating to unit-based incentive programs due to fluctuation in the Trust's Unit price, and partially offset by: iii) $5.3 million higher fair value loss of TRS due to fluctuation in the Trust's Unit price, and iv) $1.5 million decrease in fair value adjustments of interest rate swap agreements (see further details in the "Debt" subsection in the Trust's MD&A); and $2.7 million increase in interest income mainly due to higher interest rates. For the nine months ended September 30, 2022, net income and comprehensive income increased by $200.1 million as compared to the same period in 2021. This increase was primarily attributed to the following: $114.6 million increase in fair value adjustment on financial instruments primarily due to: i) $63.1 million higher fair value gains on those Units classified as liabilities due to fluctuation in the Trust's Unit price, ii) $40.6 million increase in fair value adjustments pertaining to interest rate swap agreements (see further details in the "Debt" subsection in the Trust's MD&A), iii) $23.5 million higher fair value gains relating to unit-based incentive programs also due to fluctuation in the Trust's Unit price, and partially offset by: iv) $12.6 million higher fair value loss on the TRS due to fluctuation in the Trust's Unit price; $92.0 million increase in fair value adjustments on revaluation of investment properties, of which: i) $237.7 million increase relates to the fair value adjustment associated with certain properties under development, ii) $251.2 million decrease relates to cap rate changes, iii) $14.2 million increase relates to gain from acquisition, and iv) $91.3 million increase relates to the revaluation of investment properties, principally driven by leasing and assumption updates (see details in the "Investment Property" section in the Trust's MD&A); $1.9 million increase in interest income mainly due to higher interest rates; and $0.7 million decrease in interest expense (see further details in the "Interest Income and Interest Expense" section in the Trust's MD&A); Partially offset by the following: $3.5 million decrease in NOI (see further details in the "Net Operating Income" subsection in the Trust's MD&A); $2.4 million increase in supplemental costs; $2.3 million increase in general and administrative expenses (net) (see further details in the "General and Administrative Expense" section in the Trust's MD&A); $0.5 million higher loss on sale of investment properties; and $0.3 million increase in acquisition-related costs. Development and Intensification SummaryThe following table summarizes the 275 identified mixed-use, recurring rental income and development income initiatives, which are included in the Trust's large development pipeline:   Underway   Active   Future       Description (Construction underway or expected to commence within next 2 years)   (Construction expected to commence within next 3–5 years)   (Construction expected to commence after 5 years)   Total   Number of projects in which the Trust has an ownership interest                 Residential Rental 29   20   58   107   Seniors' Housing 4   8   13   25   Self-storage 12   7   16   35   Office Buildings —   1   7   8   Hotels —   —   3   3   Subtotal – Recurring rental income initiatives 45   36   97   178   Condominium developments 23   20   46   89   Townhome developments 2   1   5   8   Subtotal – Development income initiatives 25   21   51   97   Total 70   57   148   275   Trust's share of project area (in thousands of sq. ft.)                 Recurring rental income initiatives 5,600   3,900.....»»

Category: earningsSource: benzingaNov 11th, 2022

EAH Housing Breaks Ground On Imperial Village, An Affordable Housing Community in Imperial County

EAH Housing, one of the largest and most respected nonprofit housing development and management organizations in the Western United States, today announced it has broken ground on Imperial Village, a 69-unit affordable housing community for seniors in downtown Imperial. “This community has been designed to meet the needs of low-income... The post EAH Housing Breaks Ground On Imperial Village, An Affordable Housing Community in Imperial County appeared first on Real Estate Weekly. EAH Housing, one of the largest and most respected nonprofit housing development and management organizations in the Western United States, today announced it has broken ground on Imperial Village, a 69-unit affordable housing community for seniors in downtown Imperial. “This community has been designed to meet the needs of low-income seniors in our small desert community, and will fit gracefully within Imperial’s downtown area,” said Othon Mora, Community Development Director for the City of Imperial. “The affordable housing crisis is acute in all of California, and this also holds true in our community. We’re thrilled to be able to have a hand in addressing it.” Located at 307 & 321 North Imperial Avenue, the three-story building will comprise 68 one-bedroom apartment homes reserved for seniors, one two-bedroom apartment set aside for the building manager, a common area with fitness room, a specially-designated common room to play card games and other activities, and an area set aside for use as a civic space for the City of Imperial. A laundry room will be located on each floor. On-site parking will comprise 29 spaces. A solar photovoltaic installation on the roof of the parking structure will supplement the community’s electricity usage. Units at Imperial Village will be reserved for seniors making 30%-60% of the area median income (AMI). In fact, Imperial Village is designed to take full advantage of the desert sun. In addition to the photovoltaic system in place to lower utility costs in both common areas and private apartment homes, building efficiency will be enhanced through the GreenPoint system. “Our organization is committed to leveraging our expertise and relationships to fill the growing gap for affordable housing in California. Projects like Imperial Village are perfect examples of what that means in practice,” said Laura Hall, President and CEO of EAH Housing. “Every unit we add to the City’s housing inventory helps and we want to celebrate that here today.” Designed by architect NOAA Group in close collaboration with the City of Imperial to have a traditional character, the building’s exterior will be accented by arched openings, classic columns and large shade overhangs. A courtyard and community garden with raised planter beds will be a focus point for outdoor activities.  Neighborhood amenities and transit located within walking distance to Imperial Village include a bus stop, Eager Park, a grocery store, pharmacy, library, legal and community services, municipal government offices, a post office, and restaurants and retail.  “HCD is proud to be a major funder of the Imperial Village community, which will provide adults 62 and older an affordable place to call home,” said Gustavo Velasquez, Director of the California Department of Housing and Community Development. “As the state continues to make investments to meet our statewide goal of 2.5 million new units by 2035, Imperial Village demonstrates the power of collaboration from the local level to the state to meet the housing needs of all Californians.” Construction of Imperial Village is scheduled for completion mid 2024. The post EAH Housing Breaks Ground On Imperial Village, An Affordable Housing Community in Imperial County appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyNov 9th, 2022

The Estate Companies Obtains Unanimous Site Plan Approval for Two More Luxury Rental Communities in Hollywood, FL

The Estate Companies (EIG), a leading developer of luxury multifamily projects throughout South Florida, has obtained site plan approval for Soleste Hollywood Village North at 2001 Van Buren St. and Soleste Hollywood Village South across the street at 2000 Van Buren St. The City of Hollywood Planning & Development Board voted unanimously in... The post The Estate Companies Obtains Unanimous Site Plan Approval for Two More Luxury Rental Communities in Hollywood, FL appeared first on Real Estate Weekly. The Estate Companies (EIG), a leading developer of luxury multifamily projects throughout South Florida, has obtained site plan approval for Soleste Hollywood Village North at 2001 Van Buren St. and Soleste Hollywood Village South across the street at 2000 Van Buren St. The City of Hollywood Planning & Development Board voted unanimously in favor of the projects on Oct. 11th. The firm is planning to break ground on the projects in Q4 2022. “We wish to thank both the City of Hollywood’s Staff and the Planning and Development Board for providing us with the opportunity to bring two transformative projects to the great City of Hollywood’s Downtown,” stated Nicholas Diaz-Silveira, senior development associate, The Estate Companies. Rising 12 stories and totaling 206,985 square feet, Soleste Hollywood Village North will deliver 300 luxury apartment rental units, eight live/work units on the ground level, a fifth-floor amenity deck, and 384 parking spaces. Soleste Hollywood Village South comprises eight stories and 160,250 square feet, with 203 luxury apartment rental units, five live/work units on the ground level, a fourth-floor amenity deck, and 273 parking spaces. Both buildings will offer studio apartments, one-bedroom units, one-bedroom units with dens, and two-bedroom units ranging in size from 418 to 945 square feet. Units will feature sleek and spacious modern kitchens with gourmet stainless steel appliances, elegant Quartz countertops and European style cabinetry. Spacious walk-in closets, a 24/7 package concierge system, and keyless entry add to the daily conveniences. Like all projects within the Soleste Living brand portfolio, Soleste Hollywood Village North and South will be highly amenitized developments with a vast collection of health and wellness offerings, social and pet-friendly components. Each building will feature a resort-style pool, spacious sundeck with cabanas, state-of-the-art fitness center, yoga, spin and aerobics room with on-demand fitness, social and gaming lounge, al-fresco kitchen, cyber lobby with co-working spaces, dog park and pet washing station, dry cleaning and laundry services, and electric car charging stations. Soleste Hollywood Village North and Soleste Hollywood Village South are located just south of Hollywood Boulevard and two blocks west of Young Circle. The site is within walking distance to an abundance of boutiques, dining and cultural establishments in Downtown Hollywood and a quick bike ride to the Hollywood Beach Broadwalk. Soleste Hollywood Village North and Soleste Hollywood Village South represent The Estate Companies’ second and third major investments in Hollywood. Located at 2001 Hollywood Blvd. in Downtown’s opportunity zone, the firm recently began construction on Soleste Hollywood Boulevard, an eight-story mixed-use luxury apartment rental community with 324 apartment units and approximately 30,000 square feet of commercial space.   The Estate Companies is one of Florida’s largest and most active multifamily development firms with more than 4,000 rental units and 153,000 square feet of commercial space in the pipeline throughout the tri-county region. The firm recently completed and sold Miami’s first large-scale, ground-up opportunity zone development, Soleste Grand Central in Downtown Miami. The firm has numerous projects in various stages of development, including two in North Miami Beach, three in Hollywood, Dania Beach, Lauderhill, Pompano Beach, Riviera Beach, West Palm Beach. Development is nearing completion on Alture Westland, a hotel conversion in Hialeah, and Soleste Spring Gardens in Miami’s historic health district. For information on The Estate Companies, please visit www.eigfl.com or www.solesteliving.com. The post The Estate Companies Obtains Unanimous Site Plan Approval for Two More Luxury Rental Communities in Hollywood, FL appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyOct 13th, 2022

How much do Big Tech companies pay their employees?

Insider analyzed data to figure out how much Big Tech firms like Google, Disney, and Hulu pay their staff. Look at you go! You're halfway through the week. Writing to you from New York, I'm Jordan Parker Erb. Have you ever wondered how much you'd get paid if you were working at a Big Tech firm like, say, Google?Well, we took the guesswork out of it for you by analyzing some data to determine just how much different companies pay their employees. And in many cases, it's a lot. From engineers to execs, we've got tons of salaries to share with you. Let's get started. If this was forwarded to you, sign up here. Download Insider's app here.Brandon Wade/Reuters1. How much are Big Tech companies paying talent? By combing through data, Insider got a sense of how companies like Google, Hulu, and Disney pay their employees. The data excludes stock grants and other ways the companies may compensate staff, but offers a valuable guide to salaries for a variety of positions across firms. At Google, where salaries for engineers, developers, and other employees often stretch into the six-digit range, the highest-paid employee in the data set was its chief people officer, who is paid a $1 million base salary. See how much Google pays its employees.At Disney, the salaries Insider analyzed ranged from $99,288 to $180,000 per year, and included jobs in its streaming tech, consumer products, parks, studio, and other divisions. Get a look at Disney's salaries here.Similarly, Hulu has offered between $93,150 and $242,000 per year to some candidates. Positions we looked at included data scientists, data engineers, senior analysts, and more — see how their salaries stack up.Finally, take a look at Insider's Big Tech salary database to see how much Apple, Microsoft, Intel, Facebook, and other companies pay their workers.In other news:Pareto; Keith Rabois; Fuel Venture Capital; Harlem Capital Partners; Anna Kim/Insider2. Meet the 26 most important VCs in Miami. Over the past two years, Miami's tech-startup scene has heated up as investors flock to the city. We asked venture capitalists and other prominent tech figures to identify the most esteemed startup backers in the area. Here are their picks for the VCs that every founder in Miami should know.3. Some Uber drivers are worried they're being used as "drug mules." According to NBC News, some drivers are worried they're unknowingly delivering drugs via Uber Connect, the company's courier service. Here's what the drivers said. 4. Looking for a job at Netflix? You may be in luck. As subscriptions fall off, Netflix is looking to hire a slew of engineers and developers to bolster its year-old push into gaming. In the past month alone, the streamer has posted 33 jobs to help build out its mobile games business. A look at what we know so far.5. An animal rights group is seeking the release of photos of monkeys that died during experiments for Elon Musk's Neuralink. The group claims UC Davis has photos of experiments that were performed on the monkeys — including cutting holes into their skulls to implant electrodes into their brains — as well as photos related to the animals' autopsies. More on that here.6. A nonprofit is helping Ukrainian women in tech rebuild their lives and careers. Wtech, a nonprofit with a community of more than 5,000 Ukrainian women, has been helping female tech workers flee the country, stay safe, and readjust to their new lives abroad. Inside the nonprofit.7. Apple is opening an office inside a decommissioned coal-fired power station in London. In 2023, the company expects to move more than 1,000 employees into the iconic building, located on the bank of the River Thames. Take a look inside the new office.8. A leaked memo shows what Twitch's president told staff as the platform changed the way it pays top creators. Twitch's update to its creator monetization terms — which could result in pay cuts for some streamers — ignited a firestorm on social media last week. Read the president's note to employees here.Odds and ends:An illustration of the DART spacecraft firing its NEXT–C ion engine.NASA/Johns Hopkins APL9. ICYMI: NASA deliberately crashed a spacecraft into an asteroid. It was part of a test to deflect dangerous asteroids headed toward Earth in the future (though that's not an immediate threat to civilization right now). Watch the footage here. 10. With iOS 16, you can easily remove an image from its background. For years, if you wanted to remove the background of a photo to isolate the subject, you needed to meticulously edit the photo in Photoshop. Now, you can do it with just a tap on your iPhone. We explain how to remove the background from an image.What we're watching today:Amazon is scheduled to unveil new devices, features, and services at an invite-only event today."Blonde," starring Ana de Armas as Marilyn Monroe, premieres on Netflix.The Bloomberg Technology Summit starts today in London.Keep updated with the latest tech news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.Curated by Jordan Parker Erb in New York. (Feedback or tips? Email jerb@insider.com or tweet @jordanparkererb.) Edited by Hallam Bullock (tweet @hallam_bullock) in London.Read the original article on Business Insider.....»»

Category: dealsSource: nytSep 28th, 2022

How Amazon Became the Largest Buyer of Renewable Energy in the World

Amazon is now the largest buyer of renewable energy as it races to reach net zero and helps drive an energy boom When Richard and Carson Harkrader first heard that 696 acres of North Carolina farmland had come up for sale, in 2016, one feature of the rolling landscape particularly caught their attention: the power lines that sliced across it as though someone had dog-eared its map. Hard up against the Virginia border, it was a pretty spot—pretty enough that a home builder would eventually take a quarter of the acres for a lakefront subdivision. But for the Harkraders, father-and-daughter operators of Carolina Solar Energy, an independent developer of solar-energy projects, the prettiest thing of all were those heavy-duty transmission lines that arced to the northwest, lacing into the PJM Interconnection, the giant electric grid that dominates the mid-Atlantic. [time-brightcove not-tgx=”true”] “It was kind of a gold rush,” the elder Harkrader says one morning this summer, standing amid the hundreds of thousands of glistening black panels, now known as Hawtree Creek Solar Farm, that follow the curve of the hills and tower over our heads. By midmorning the panels are sending 34 megawatts out to the grid, about the same as 10,000 backyard generators buzzing at once. By noon, it’s 65 megawatts—the maximum the grid will take. “I still think it’s magic,” Harkrader says. “Take sunlight and … boom!” Except the only noise is the occasional creaking of their steel frames, as small motors tilt the panels to follow the arc of the sun across the Carolina sky. About 200 miles north, in Virginia, are the eager buyers of that electric gold: the mega-technology companies, like Amazon, Microsoft, and Google, that operate giant data centers essential to our daily lives, whether we’re ordering on Prime or backing up family photos. Under pressure from customers, employees, and shareholders—and, arguably, out of their own eagerness to reduce emissions—they have been increasingly determined to run these data centers on renewable energy. Once the Harkraders had secured the new solar farm’s preliminary permits and permissions—making a plan to accommodate local deer and joining the crowded “interconnection queue” to plug into the grid—they leased the land to Engie, a French energy giant that builds and operates more than 4,500 megawatts of solar power around the world. And then, before the panels had even arrived on site for installation, Engie in turn struck a deal to sell all the site’s power to a single company: Amazon. That financial and legal arrangement, known as a PPA (power purchase agreement), has been a crucial force in the U.S.’s transition to clean energy. Of the approximately 235 gigawatts of wind and solar capacity now installed on the nation’s grid, nearly one quarter (more than 52 gigawatts) has been contracted by corporations, mostly over the past decade. That vigorous—and notably voluntary—corporate action has boosted a web of wind and solar manufacturers, developers, and operators. It has made renewables cost-competitive and helped grid operators learn to manage systems with more variability. As the modern mortgage made the suburbs, the PPA has made the renewables industry. It bridges the economic needs of renewable–energy developers with the climate goals of corporate executives and shareholders. Solar panels and wind turbines are expensive to build but cheap to operate, given that their fuel—sunlight and fresh air—are free. By guaranteeing the electricity will be sold long before it’s been generated, a PPA gives banks confidence to front the money for construction—especially when there’s a giant corporation guaranteeing the deal. In the way that power grids work, all that electricity isn’t wired directly to these companies’ facilities, but adds more juice to each region as a whole. But the way that PPAs work means the companies can legitimately argue that these giant renewable projects wouldn’t have happened without them. PPAs stitch together developers like the Harkraders, energy operators like Engie, electric grids like PJM, and—above all—the large companies hungry for power from renewable sources. ROGER KISBY—REDUXAmazon delivery trucks line up to enter the Amazon DAX3 delivery station on Jan. 12, 2022 in Chatsworth, California. They also set up the biggest corporate power purchase of all: Amazon has leveraged that ecosystem to go on the largest ever solar and wind shopping spree, buying 15.7 gigawatts globally over the past three years, nearly equal to the prodigious energy demands of the $1.4-trillion company. Like an early shopper on Black Friday, Amazon’s fervor has been felt across the industry—while also giving a glimpse of the incredible growth still to come, with the arrival of $369 billion in federal funds provided by the Inflation Reduction Act (IRA). Understanding this key driver of the past decade of solar and wind development helps us see what is likely to happen next: an unprecedented boom in renewable energy that could form a significant wedge in the broader effort to reduce carbon emissions and limit the warming of the atmosphere. “If it was a market that only waited till something was built—and then you went out and tried to sell the -electricity—these projects wouldn’t get done,” says Harkrader. “People like Amazon, or Microsoft, Walmart, Target—on and on—are standing up and making this market possible. And it’s exploding.” These days, Amazon is the hungriest of all. The behemoth was not the first to buy renewable power for its operations, but it is now buying the most. The plans it has announced, globally, amount to the equivalent of around 250 more Hawtree Creeks, and more or less equal to all the solar generation built in the U.S. last year. The buying spree is part of Amazon’s broader effort to reach “net-zero carbon” by 2040—meaning it will eliminate or offset the carbon emissions from all its operations, including trucks, planes, and manufacturing. That won’t be easy. An estimated two-thirds of American households are Amazon Prime members; it is almost impossible to use the internet without accessing an Amazon data center. Since it announced its climate goal in 2019, Amazon’s emissions have grown 40%—as its sales have grown more than 50%. “The path to achieving some of our goals will be long and complex,” acknowledges Kara Hurst, who leads Amazon’s sustainability efforts. But clean electricity is Amazon’s climate bright spot. With today’s technology—and a fat checkbook—the company has nearly eliminated its use of dirty energy, prioritizing the hard realities of glass and steel over tree planting or tricky accounting, building at a scale that rivals that of many countries. Amazon has catapulted itself to the front ranks of corporate buyers, contracting last year for more than double its nearest competitor, Microsoft. Read More: The Future Is Being Written By Climate Devastation and Green Investment For the past decade, in the absence of major climate legislation and in the face of a complex patchwork of regulations that limited the ability of utility companies to build renewable power, PPAs have done the job. But the IRA—the most substantial piece of climate-focused legislation the U.S. has seen—takes that progress and adds billions of dollars in federal incentives. “It supercharges both the role and the potential for customers to drive even more of this,” says Brynn Baker, senior director at the Clean Energy Buyers Association. The latest predictions are gargantuan. Solar developers expect to install more than 215 gigawatts of capacity over the next five years—40% more than was expected before the IRA, according to a report from the Solar Energy Industries Association and Wood Mackenzie. But electricity is only one segment of carbon emissions, meaning that alone will not be enough to meet the climate goals set by the Paris Agreement. The hope is that the paths established by renewable energy can be applied to harder-to-decarbonize segments, like electric vehicles and manufacturing. Amazon, for example, has announced plans for 100,000 electric delivery vehicles by 2030. “I think we could see even faster progress on transportation than we’ve seen with clean energy on the grid,” says Bill Weihl, executive director of Climate Voice and a former director of sustainability at Facebook. In corporate renewable power purchasing, we can see the narrow path that will need to be expanded into a highway over the next decade. For the Harkraders, Hawtree Creek required years of close attention to bring to fruition: attending county planning meetings, mapping wetlands, and exploring an old cemetery that, in the end, couldn’t be moved (the solar panels wrap around it). But for Charlie Daitch, who spearheads Amazon’s renewable-power purchasing, Hawtree was one row on a very tall spreadsheet. “I have a pretty good map in my head of the portfolio—where are we distributed, maybe not each individual project,” Daitch says from the passenger seat of a rented SUV, barreling across North Carolina, on his first visit to the site. “It’s gotten bigger than that.” JAMIE KELTER DAVIS—BLOOMBERG/GETTY IMAGESAmazon delivery electric vans (EV), built by Rivian Automotive, at charging stations parked outside the Amazon Logistics warehouse in Chicago, Illinois on Thursday, July 21, 2022. Amazon Inc. is starting delivery of packages to US customers using the first of as many as 100,000 electric vans built by Rivian Automotive Inc., which aims to hand over thousands of the vehicles this year. When Amazon announced the “Climate Pledge” in 2019, it set its own target for reaching net-zero carbon emissions by 2040, 10 years ahead of the Paris Agreement. Included in that was an earlier goal: to use 100% renewable energy by 2030. For a company like Amazon, which has a sprawling -infrastructure for moving goods around the world, eliminating emissions is a challenge that stretches across the business. Sustainable aviation fuel and heavy-duty electric trucks are still years, if not decades, away from broad adoption. But wind and solar power are ready now. “Renewables is a place we identified where we could go fast to decarbonize our electricity stack,” adds Daitch, a mechanical engineer by training. Compared with its competitors, Amazon came late to that realization. Walmart announced the first-ever “utility scale” PPA in 2008, with a 153-megawatt wind farm in Texas. At the time, it was a controversial move. “Those early companies that made these commitments did not do so because customers were asking for it,” says Miranda Ballentine, who led Walmart’s sustainability efforts at the time and is now CEO of the Clean Energy Buyers Association. The corporate winds shifted in 2010. That March, Greenpeace called out the technology companies for their energy use. Their report was perfectly timed, coming just days before the first iPad was released—a device that self-evidently depended on the internet behind it. The tech companies went on the defensive. “There is no such thing as a coal-powered data center,” insisted Facebook in a statement. “Every data center plugs into the grid offered by their utility or power provider.” Dirty energy, in other words, wasn’t their problem—it was the grid’s problem. That half-shrug emoji of an argument didn’t last long. The next year, in a joint statement with Greenpeace, Facebook announced a new “preference” for “clean and renewable” energy. Over the next several years, the other tech giants lined up to follow suit. Putting solar panels on the roof or wind turbines in the parking lot was never going to be enough; data centers require too much energy for that, often hundreds of megawatts each. Power purchase agreements give large corporations a way to use renewable energy without having to wait for utilities. “Large off-site power purchase agreements remain the tool that allows you to move more quickly,” says Erin Decker, a consultant at Schneider Electric, one of the leading clean-energy advisers. Big Tech firms are happy to make long-term deals—especially if they can send out a press release. According to the logic of corporate climate action, if a solar farm is built in the desert, it needs to make a sound. “When we think about our renewable-energy strategy, we’re like, ‘Well, how can we tell the most credible story to our customers about what we’re doing?’” says Amazon’s Nat Sahlstrom. “We don’t want to be greenwashing. We don’t want to be chasing investments that aren’t really having an impact.” Most of Amazon’s competitors have already completed the deals that lock them into a decade or more of renewable power. Facebook, now known as Meta, long ago “unfriended coal” and has 7.5 gigawatts of renewables under contract. Google reached 100% renewable electricity in 2017, with over 7 gigawatts procured; its next effort is ensuring its data centers run “24/7” carbon-free, meaning all of its energy all the time comes from renewable sources, rather than, for example, buying excess solar during the day to make up for coal power it needs at night. Apple announced that it had sourced 100% renewable energy for its operations in 2018, with 87% of that in the form of PPAs; the next, far more challenging step is helping its suppliers and manufacturers do the same—a goal it has set for 2030. And Microsoft has nearly 8 gigawatts, 5.8 of which it bought in 2021. Outside of tech, large companies have more catching up to do. “It’s not just Big Tech companies,” says Tyler Espinoza at 3Degrees, a climate-action consultancy. “You have a broad swath of massive corporations that are willing to put their money behind it.” In 2021, Pfizer announced a 15-year contract for 310 megawatts of electricity from a Texas wind farm, enough to power 100% of its North American operations—a gigantic leap from the mere 6% of its global usage previously met by renewables. In August, Ford announced an agreement with a Michigan-based utility for 650 megawatts of solar. But small and medium-sized businesses struggle with the level of complexity, and commitment, that PPAs require. “The power purchase agreement is a wonderful tool for large, fairly sophisticated, high–creditworthy companies to be able to procure clean energy,” says Ballentine, of the Clean Energy Buyers Association. “It is not as easy of a tool for smaller companies.” As long as there are still large corporations eager to sweep up the available inventory of projects, that hasn’t been a great concern. In the first half of 2022, corporations contracted for 9.8 gigawatts of renewable power in the U.S.—a third of which was Amazon’s. But across the board, the challenge is coming to terms with how significant the impact of this renewable-energy purchasing can be on the broader effort to counter climate change. Ballentine, who was in the trenches for Walmart’s early actions, sees a single-mindedness in these corporate actions. “The big ‘why’ is very simple,” she says. “It’s about solving the climate crisis. There is no other reason that a company would set a voluntary zero-carbon energy procurement goal or renewable-energy goal.” Even on a global scale, Amazon’s efforts stand out. The company’s initial Climate Pledge called for 100% renewable energy by 2030. But early in the pandemic, that pace shifted, when Daitch and his colleagues realized they could move much faster than they already were. Yet other aspects of Amazon’s business—like all those trucks and planes—were not going to decarbonize anytime soon. Will Warasila for TIMESolar panels on the 526 acre plot at Hawtree Creek in North Carolina. At the time Amazon had about 1 gigawatt of renewable energy procured. Daitch, who got his start at a traditional energy utility in the Pacific Northwest, working on distribution planning, increased the intensity of his team’s search. Their criteria varied. Wind might work better in Kansas, while solar was preferable in Ohio. Some regions relied heavily on coal power, heightening the impact of any new renewables. But others had crowded—or dysfunctional—processes for connecting new projects to the grid. Generally, Hawtree Creek is emblematic of how the process often works: a local developer who really knows the geography of the state, its electric-transmission network, and the local politics of its counties might respond to Amazon’s solicitation. But once things are under way, they hand the project off to a large energy operator, like Engie. At the end of 2021, Amazon announced a blockbuster purchase: 18 new projects around the world, bringing its total to 12 gigawatts and making Amazon the largest corporate buyer of renewable energy in the world. In April, it added 3.5 more gigawatts. Amazon’s projects dot the map. In Kansas, two wind farms, both finished in 2021, produce more than 500 megawatts of power. In Halifax County, Virginia, 65 miles west of Hawtree Creek, are four more similarly sized solar farms, totaling 261 megawatts of additional energy. In Ohio, more than 2,000 megawatts have been completed or are coming soon—and on, across 134 utility-scale projects in 15 countries. “There’s a flywheel,” says Daitch. “Our commitment, and signal to the market that we are moving at scale, then gets developers ramped up developing more projects. It gets solar manufacturers investing in more plants and production. So there’s that feedback loop.” The past year has tested that presumption as the renewables industry struggled with rising prices and constrained supplies. Making matters worse, in April 2022 solar development ground to nearly a complete halt when the Commerce Department announced an investigation into Chinese companies violating tariffs—raising the threat of retroactive import taxes on even the modules that were already in the U.S. Then in June, the situation reversed, when the Biden Administration invoked the Defense Production Act to increase solar production. By the time industry analysts finished calculating the impact of the investment introduced by the IRA, a sense of giddiness settled in among climate activists. According to analysts at Wood Mackenzie, total investment in renewable energy will reach $1.2 trillion by 2035. In a look at the manufacturing of solar polysilicon, the key component in new panels, Bloomberg-NEF found that by 2025 global capacity will be enough to manufacture 940 gigawatts of panels annually—almost as much as the total 971 gigawatts of solar currently installed around the world. For both corporations and individuals, all this comes back to the broadest goal of reducing emissions sufficiently to counter the effects of climate change. According to an analysis by the International Energy Agency, that means—at least—reaching global net-zero emissions by 2050, on a path that is “narrow but still achievable.” For the past decade, that has looked, frankly, improbable—at least at the pace corporations were going. With the IRA, the U.S. now has a chance. Blum is the author of Tubes and The Weather Machine.....»»

Category: topSource: timeSep 16th, 2022

Lightstone Capital Provides $27M to Mainstreet Capital Partners to Finance Atlanta-Area Office Building

Lightstone Capital, Lightstone’s real estate debt platform, has provided a $27 million senior loan to the owners of a 12-story office building in the Atlanta, GA area. The loan to Mainstreet Capital Partners will refinance its debt and provide future funding for leasing costs for the 240,000-square-foot property, located at... The post Lightstone Capital Provides $27M to Mainstreet Capital Partners to Finance Atlanta-Area Office Building appeared first on Real Estate Weekly. Lightstone Capital, Lightstone’s real estate debt platform, has provided a $27 million senior loan to the owners of a 12-story office building in the Atlanta, GA area. The loan to Mainstreet Capital Partners will refinance its debt and provide future funding for leasing costs for the 240,000-square-foot property, located at 2000 Riveredge Parkway in the Cumberland/Galleria submarket of Atlanta. Lightstone Capital provides sponsors with flexible, creative, and immediate financing solutions. Loans range in size from $5 million up to $100 million and are secured by real estate assets located in gateway markets.  Lightstone Capital focuses primarily on senior bridge loans, mezzanine loans, and preferred equity investments throughout the top 50 MSA’s in the U.S. The property, which is about 50 percent occupied, currently houses 20 tenants with diverse businesses including financial services, insurance, legal, construction, and healthcare companies.  Major tenants include Aetna, Atlas Roofing, VITAS Healthcare, and Diamond Crystal Brands. “We are pleased that our first transaction in Atlanta is in its Cumberland/Galleria submarket on a high-quality property offering a very attractive office product at an affordable price point.” said Eugene Rozovsky, Senior Managing Director of Lightstone Capital. “This is part of our growth strategy, which has seen Lightstone Capital expand into the Southwest, Southeast, and Midwest regions of the country, in addition to our strong East Coast and West Coast presence, and enabled us to nearly double our portfolio in the past year.” Mainstreet Capital Partners, based in Florida, is a real estate investment and management firm focused on office and industrial properties, as well as multi-family development, across the southeastern and southwestern United States.  JLL’s Capital Markets team led by Senior Managing Director Ed Coco and Managing Director Matt Casey facilitated the transaction on behalf of Mainstreet. “Lightstone was able to provide great advice and a quick turnaround for the loan,” said Partner and CFO Joe DiMario. “We are pleased to have the opportunity to work with Lightstone; this financing will allow us to execute our business plan of further improving and leasing up the asset.” The building has high-level 24/7 security, a recently added fitness center with showers and lockers, conferencing facilities, a fully renovated deli, private balconies, attached structured deck parking and a tenant lounge. Improvements will include upgrading the parking deck terrace, completing several spec suites, updating restrooms, and minor mechanical updates. The property sits on a hilltop overlooking Downtown Atlanta and the Chattahoochee River Valley with nearby access to the Chattahoochee Nature Center, which has walking paths and picnic areas. The post Lightstone Capital Provides $27M to Mainstreet Capital Partners to Finance Atlanta-Area Office Building appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklySep 15th, 2022

The Swig Company Expands Southern California Presence with Value-Add Office Purchase in Santa Monica

The Swig Company announced the purchase of 3130 Wilshire, a six story, approximately 96,000 square foot creative office building in Santa Monica. It is the company’s first purchase in Santa Monica but further expands its presence in greater Los Angeles where it already owns four major commercial office buildings totaling... The post The Swig Company Expands Southern California Presence with Value-Add Office Purchase in Santa Monica appeared first on Real Estate Weekly. The Swig Company announced the purchase of 3130 Wilshire, a six story, approximately 96,000 square foot creative office building in Santa Monica. It is the company’s first purchase in Santa Monica but further expands its presence in greater Los Angeles where it already owns four major commercial office buildings totaling almost a million square feet. “We’re delighted to expand our footprint in Los Angeles through this purchase,” said Mei Chou, Asset Manager, The Swig Company. “The building is in a great location with an amazing tenant base and our plan is to invest further capital in the building in order to make it a desirable and convenient workplace for our tenants,” she added. Planned investments into the building include a seismic retrofit and modernization of building infrastructure systems as well as cosmetic improvements and upgrades including the addition of on-site tenant amenities. 3130 Wilshire is currently LEED Silver certified with FitWel, WELL Health-Safety and EnergyStar ratings. The building has five levels of attached, secured parking and sits within easy reach of the I-405 (San Diego) and 10 Freeways. It is surrounded by numerous café and restaurant walkable amenities and there are three high-end grocery stores nearby including Bristol Farms and Erewhon Market. The post The Swig Company Expands Southern California Presence with Value-Add Office Purchase in Santa Monica appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklySep 5th, 2022