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Hilton Worldwide reports Q3 results; WeWork faces potential $10B lease costs

Commercial real estate

* Hilton Worldwide Holdings Inc. said its third-quarter adjusted EPS rose 13% year over year to $1.05. The S&P Global Market Intelligence consensus EPS estimate for the third quarter was $1.02.

* WeWork Cos. Inc. is facing rising lease costs that could top $10 billion in the next four years, resulting from its "growth-at-any-cost" strategy, The Wall Street Journal reported. The coworking company signed leases of $10.2 billion between mid-2019 and the end of 2023 and may have to spend up to $1 billion in building newly leased offices, the Journal noted, citing documents filed with the Securities and Exchange Commission.

* Retail chain Nordstrom Inc. is opening the seven-story, 320,000-square-foot shopping space, the largest store to open in New York in more than 50 years, at the bottom of Manhattan's Central Park Tower, Bloomberg News reported. The skyscraper is being developed by Extell Development Co. and Shanghai Municipal Investment Group and is the world's tallest residential building at 1,550 feet.

* Duke Realty Corp. tapped Cushman & Wakefield PLC to handle the leasing of its 2.9 million-square-foot industrial portfolio in North Carolina's Triangle region. The portfolio comprises 25 buildings and is over 98% leased.

* Maine Public Employees Retirement System committed $25 million to IPI Data Center Partners' second fund, IPE Real Assets reported. The pension fund also made a $30 million co-investment with one of its unnamed existing infrastructure fund managers.

* Australian pension fund QSuper intends to invest in office and apartment assets in the U.S., Bloomberg News reported, citing Chief Investment Officer Charles Woodhouse. The A$110 billion fund, Australia's second biggest, is shifting its focus from overpriced infrastructure assets amid a fragile global economy. The fund purchased Chase Tower in Texas in August.

* RXR Realty LLC secured over $421 million in financing from Goldman Sachs for the Chelsea building at 620 Avenue of the Americas in Manhattan, comprising $87.1 million of new financing and a $334.4 million refinanced loan, The Real Deal reported, citing property records. The building spans 760,000 square feet and is leased to WeWork, T.J. Maxx, Marshalls and Bed Bath & Beyond, among other tenants.

* Fisher Bros. pre-filed plans for a 240-unit mixed-use development in the Long Island City of New York, The Real Deal reported. The roughly 255,000-square-foot project at 42-50 24th St. in Queens will comprise commercial space as well as hotel space. Property Markets Group and the Hakim Organization paid $69 million for the site in 2015, with plans to build a 74-story tower.

* The City Council of Los Angeles invalidated the eviction notices sent by landlords after the State of California passed a rent control law earlier in October, The Real Deal reported. The council halted all evictions at rental buildings covered under the new law through Dec. 31.

* Marcus Partners Inc. purchased a portfolio of four industrial properties in Massachusetts for about $85.3 million, the Boston Business Journal reported. The properties in Franklin, Wilmington, Peabody and Avon total 899,755 square feet.

* Washington Prime Group Inc. said a FieldhouseUSA indoor sports facility will replace the former Sears store at the 1400 Polaris Parkway mixed-use project in Columbus, Ohio, the Columbus Business First reported.

After the bell

* Equity Residential reported third-quarter funds from operations available to common shares and units of $354.9 million, or 92 cents per share, an increase on a per-share basis from $302.1 million, or 79 cents per share, in the year-ago quarter.

* Carey Watermark Investors Inc. and Carey Watermark Investors 2 Inc. agreed to merge in an all-stock deal to form a $4.6 billion, internally managed nontraded lodging real estate investment trust.

* SoftBank Group Corp. will own approximately 80% of WeWork as part of a $9.5 billion funding package that includes a tender offer and additional investment in the cash-strapped coworking space provider.

The day ahead

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

In Asia, the Hang Seng shed 0.82% to 26,566.73, and the Nikkei 225 rose 0.34% to 22,625.38.

In Europe, around midday, the FTSE 100 increased 0.08% to 7,217.66, and the Euronext 100 fell 0.66% to 1,085.66.

On the macro front

The Federal Housing Finance Agency House Price Index and the U.S. Energy Information Administration Petroleum Status 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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