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H&R pares distributions, writes down $1.3B in asset value
H&R pares distributions, writes down $1.3B in asset value
After cutting its distribution in half, and paring the value of its assets by $1.3 billion, H&R REIT (HR-UN-T) CEO Tom Hofstedter believes it is positioned for almost any eventuality created by the COVID-19 pandemic and the crash in energy prices.
Asset management: Pandemic forces major changes
Shutdowns imposed to curtail the spread of COVID-19 have changed the way real estate assets have been managed over the past two months, a trend which will continue as more people return to work.
Office workers should brace for changes: CF
• Financial Post • RENX
Elevator queues, mandatory masks and staggered start times may await Toronto’s office workers when they start venturing back to North America’s second-largest financial centre, according to Cadillac Fairview‘s executive vice-president of operations Sal Iacono.
Northcrest, Canada Lands study Downsview lands future
Northcrest Developments, a wholly owned subsidiary of the Public Sector Pension Investment Board, and Federal Crown corporation Canada Lands Company are coming together to plan the future of over 500 acres of property at Downsview.
RioCan alters eight-tower proposal at Eglinton, Laird
Revised rezoning materials have been submitted to reflect a settlement reached between the City of Toronto and RioCan Holdings, which first proposed a multi-tower, mixed-use development at the southeast corner of Laird Drive and Eglinton Avenue East in 2016.
45-storey tower proposed for Hamilton waterfront
• CBC
Hamilton city council has until early 2021 to decide if it wants a 45-storey “signature” tower — presumably the last round in a 20-year battle. Architect Bruce Kuwabara of KPMB is the designer of the upcoming Waterfront Shores development.
COVID-19 could reshape federal public service
OPINION: The COVID-19 pandemic has handed the public service a grand-scale opportunity to experiment with new ways of operating, including rethinking the need for massive office buildings in Ottawa-Gatineau and embracing digital government more fully.
Goldhar buys $4M-plus worth of SmartCentres units
• Globe and Mail (Sub. required) • RENX
Between May 13 and May 15, SmartCentres REIT (SRU-UN-T) executive chairman of the board Mitchell Goldhar bought a total of 222,700 units for SC Financial Investments Inc. at an average price per unit of roughly $18.35. The cost of these purchases exceeded $4 million.
Lululemon hits record high
Lululemon Athletica Inc. (LULU-Q) notched an all-time high Thursday after shares climbed 92 per cent from a low in March as Wall Street bet that those working from home would purchase more athleisure wear.
Canadian retail saw record drop in March
• Financial Post • Globe and Mail • Globe and Mail
The desperate situation for Canadian retailers came into clearer focus on Friday as Statistics Canada released a report showing record-breaking declines of billions of dollars in sector-wide sales during the early days of the coronavirus pandemic.
Stokes to permanently close 40 Canadian stores
Stokes, a Montreal-based tableware, kitchenware, and home décor retailer with 147 stores across Canada, intends to permanently close about 40 of its locations after it sought protection recently under the Bankruptcy and Insolvency Act.
HBC accused of ‘corporate shell game’ in U.S. lawsuit
• Globe and Mail (Sub. required)
U.S. lenders are alleging Hudson’s Bay Co. (HBC-T) has spirited its assets to a new company in Bermuda in a lawsuit that accuses the retailer of engaging in a “clandestine corporate shell game.”
$32B worth of U.S. CRE loans seeking rent relief
There is now $32 billion worth of commercial property loans in “special servicing” as of May, or more than double the late-February tally when the coronavirus deepened its hold on the U.S., according to a new Moody’s Investors Service report.
Hertz files for U.S. bankruptcy protection
• Reuters
102-year-old car rental firm Hertz Global Holdings Inc. (HTZ-N) filed for bankruptcy protection on Friday after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much-needed relief.
Pennsylvania REIT says it may not survive
• Bisnow • Philadelphia Inquirer
A REIT that owns more than 20 U.S. shopping malls is at risk of going out of business. Pennsylvania REIT (PEI-N) said in its Q1 earnings report its financial challenges have created “substantial doubt about the company’s ability to continue.”
Pandemic puts downward pressure on rents
• Globe and Mail (Sub. required) • Toronto Star
As COVID-19 dampens tenant demand, there are mounting signs residential rent inflation is slowing, particularly in urban markets that have been racked by affordability concerns. The asking price for rentals in Toronto and Vancouver has either fallen or remained stable.
Sidewalk’s downfall began long before COVID-19
• Globe and Mail (Sub. required)
When the Quayside project got scuttled earlier this month, it was the final blow in a years-long conflict among urban designers, their Silicon Valley bosses and multiple levels of government. Insiders tell the story of how it all went wrong.
U.S. and Canadian housing starts
The story of the recent deterioration in U.S. and Canadian housing starts can best be told through a series of graphs. Both nations began this year with relatively high levels of residential groundbreakings.
U.S. mortgage delinquencies set April record
• Business Insider • NMHC
Delinquencies on U.S. home loans jumped by a record amount in April as the coronavirus pandemic led to massive job losses and government programs began offering payment delays without penalties.
Industry Events
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Canada Real Estate Auctions
Dec 01 2024
to Dec 31 2024
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Global Property Market
Dec 03 2024
Metro Toronto Convention Centre, South Building
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Toronto Real Estate Forum
Dec 04 2024
to Dec 05 2024
Metro Toronto Convention Centre, South Building
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Quebec Apartment Investment Conference
Feb 19 2025
Palais des congrès de Montréal
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RealCapital
Feb 25 2025
Metro Toronto Convention Centre, North Building
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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