2 retail landlords eye densification; US REITs appoint more women to boards

S&P Global Market Intelligence offers our top picks of real estate news stories published throughout the week.

Retail real estate investment trusts Simon Property Group Inc. and Kimco Realty Corp. are looking at opportunities for densification, or adding alternative uses to properties to maximize their value, according to research notes from Stifel analyst Simon Yarmak.

Simon Property, which owns regional malls, noted opportunities to include hotel and multifamily properties at its existing assets. This could result in additional projects in the REIT's development pipeline later in 2022, Yarmak said.

The company has announced it is adding two hotels as part of the fifth expansion phase at its Woodbury Common Premium Outlets in the Hudson Valley town of Woodbury, north of New York City.

Shopping center landlord Kimco is also looking at development, redevelopment and densification opportunities, as it focuses on unlocking value from its portfolio following the close of its merger with Weingarten in 2021. The company reportedly plans to bring multifamily housing to rejuvenate The Marketplace at Dr. Phillips shopping center in Orlando, Fla., according to GrowthSpotter, which cited Peter Flint, Kimco's vice president of development.

CHART OF THE WEEK: Women gain ground at US REIT boards

⮞ Women comprised 27.7% of total REIT board members in May, up from 10.7% at the end of 2014, according to a recent analysis by S&P Global Market Intelligence.

⮞ CareTrust REIT Inc.'s board had the highest women representation at 60%.

⮞ As of May, there were only five U.S. REITs without any women on their boards.

Portfolio deals

* Mirae Asset Global Investments Co. Ltd. acquired an eight-building industrial portfolio across California and Utah from a family office for $520 million. The portfolio spans 1.16 million square feet and is 100% triple net leased to Amazon.com Inc.

* Calamar agreed to sell a 25-property seniors apartment portfolio to Welltower Inc. for $502 million. The transaction will bring Welltower's total wellness housing platform to nearly 10,000 units.

New York assets trade

* A joint venture between Blackstone Inc. and RXR Realty LLC is selling the 1330 Avenue of the Americas office tower in New York City for more than $350 million, Commercial Observer reported June 3, citing a source with knowledge of the deal. An RXR-led group bought the 40-story building in 2010 for roughly $400 million.

* SL Green Realty Corp. is selling a vacant office condominium at 609 Fifth Ave. in Manhattan, N.Y., to a domestic investor for $100.5 million.

Hotel performance drops in early Q1 on omicron variant but rebounds in March

REIT Replay: US REITs log share-price decline during week ended June 3