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Kimco logs Q3 results; plans filed for 29-story tower in Brooklyn, NY

Commercial real estate

* Kimco Realty Corp.'s third-quarter Nareit funds from operations came to $146.9 million, or 35 cents per share, compared to $140.2 million, or 33 cents per share in the year-ago period.

Nareit is the U.S.-based trade association for real estate investment trusts and publicly traded real estate companies.

* TF Cornerstone Inc. filed permits for a 29-story mixed-use building totaling 925,851 square feet at 595 Dean St. in the Prospect Heights neighborhood of Brooklyn, N.Y., New York Yimby reported. The project will have 650,966 square feet of residential space and 8,397 square feet of commercial space.

The developer purchased the adjacent 595 and 615 Dean St. sites for $143 million earlier in 2019 and is leasing the land from the Empire State Development Corp. The lease will convert to ownership once construction is complete. The building is expected to have 798 residential units.

* Luxury-rental company Blueground raised $50 million of equity financing in its series B funding round, led by WestCap Group, which also backs Airbnb Inc., and European private equity firm Prime Ventures, bringing its total equity funding to $78 million, The Real Deal reported. The company's business model revolves around signing agreements with landlords to furnish luxury apartments and then leasing them out for at least one month at a time.

* Pebb Capital purchased 6.7 acres of land, housing five properties, for close to $40 million to build a mixed-use project in a federally designated opportunity zone in Delray Beach, Fla., The Real Deal reported. Marshall Florida Holdings sold the properties. The Sundy Village project will cost over $100 million and will include nearly 50,000 square feet of retail and restaurant space, with about 70,000 square feet of office space. Construction is expected to start within a year.

* Brookdale Group purchased four office buildings totaling about 349,000 square feet at Sawgrass International Corporate Park in Sunrise, Fla., for about $80.3 million after having sold the same portfolio to M-M Properties for $75 million in 2015, The Real Deal reported. The buildings include Corporate Centers I and III, International Place I and Sawgrass Plaza.

* Five Point Holdings received approval for its amended plans for the 272-acre Candlestick Point property in San Francisco, where it is cutting retail space to about 302,000 square feet from the originally approved 1 million square feet, the San Francisco Business Times reported. The move aims to increase the office space component of the project, which will be increased more than four times to 750,000 square feet. Residential space will also be increased to nearly 3,000 units.

The plans changed after the company's partnership with Macerich Co. ended in February.

* Fairbourne Properties purchased The Promenade and The Village at Sacramento Gateway retail properties in Natomas in Sacramento, Calif., in separate deals, for a total of about $58.4 million, the Sacramento Business Journal reported. The assets were sold by Clarion Partners via CLPF Promenade LP.

After the bell

* Coworking giant WeWork Cos. Inc. aims to slash up to 4,000 jobs, representing almost 30% of its global workforce, and refocus on three primary markets, namely the U.S., Europe and Japan, the Financial Times reported, citing people with direct knowledge of the company's plans.

* Essex Property Trust Inc. disclosed third-quarter FFO attributable to common stockholders and unit holders of $238.8 million, or $3.50 per share, a rise of 8.7% on a per-share basis from $220.1 million, or $3.22 per share, in the corresponding 2018 period.

* Sun Communities Inc. reported FFO attributable to the company's common stockholders and dilutive convertible securities for the third quarter of $119.5 million, or $1.27 per share, a 5.9% decrease on a per-share basis from $117.0 million, or $1.35 per share, in the third quarter of 2018.

* Kilroy Realty Corp. disclosed FFO for the third quarter of $109.2 million, or $1.01 per share, a rise of 12.2% on a per-share basis from $94.2 million, or 90 cents per share, in the third quarter of 2018.

* Consolidated-Tomoka Land Co. disclosed the formation of an independent single-tenant net-lease REIT, as well as a planned shift in the company's investment strategy and its rebranding as CTO Realty Growth Inc.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng jumped 0.87% to 26,797.95, while the Nikkei 225 was up 0.55% to 22,750.60.

In Europe, around midday, the FTSE 100 increased 0.69% to 1,099.00, and the Euronext 100 increased 0.68% to 1,098.98.

On the macro front

The durable goods orders report, the jobless claims report, the PMI composite FLASH report, the new home sales report, the EIA natural gas report, the Kansas City Fed manufacturing index, the Fed balance sheet and the money supply report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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