SL Green Realty is expanding the scope of its share repurchase program to a total of $3 billion. "We are moving aggressively to expand our successful share buyback program again to continue taking advantage of the gap between our net asset value and share price," said CEO and Chairman Marc Holliday.
Amazon has signed a new lease for 335,000 square feet in Manhattan's Hudson Yards neighborhood at SL Green Realty's 410 Tenth Ave., a 20-story building that is being redeveloped. The new lease comes less than a year after Amazon shelved plans to build its second headquarters in New York City.
Nonfarm payrolls rose 266,000 in November, well above consensus forecasts and the strongest gain since January. The job market is showing few signs of "late-cycle" risks, says Nareit economist Calvin Schnure, and the outlook for 2020 is favorable for the economy and REITs.
VICI Properties and Century Casinos closed on their $385 million purchase of three properties from Eldorado Resorts. Next year, Eldorado is expected to finalize its $17.3 billion acquisition of Caesars Entertainment.
Duff & Phelps Investment Management is bullish on the US' Southeastern markets, which are seeing technology job growth and are drawing corporations seeking business-friendly environments, says portfolio manager Frank Haggerty Jr. For REIT fundamentals, supply is a key factor, he says, noting that it "is an issue in a number of property types."
Annual transaction volumes for land sales have ranged from $19.3 billion to $25 billion during the past five years, according to Real Capital Analytics, below the pre-recession peak of $31.2 billion. Developers are now "slowly marching with growth and not racing in front of it," said Ashley Bloom of SVN.
Camden Property Trust expects its development platform to climb from $250 million this year to $300 million next year. Camden is "still getting paid a pretty good spread over what we could buy assets for, so we're continuing to expand our development pipeline," says Chairman and CEO Ric Campo.
Ninety percent of high-tech job growth in the US between 2005 and 2017 occurred in the metropolitan areas of Boston, San Francisco, San Diego, Seattle and San Jose, Calif., according to scholars from the Brookings Institution and the Information Technology and Innovation Foundation. This clustering of jobs leads to a concentrated talent pool, and it can also create certain challenges for cities.
Two upper floors spanning nearly 50,000 square feet at Westfield mall in California will be transformed into office space. The move is part of a $75 million renovation that will bring a new facade and three rooftop terraces to the property.
- Page 1