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CBRE, Iron Mountain, Store Capital log results; NYC tower getting $1.6B loan

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CBRE, Iron Mountain, Store Capital log results; NYC tower getting $1.6B loan

Commercial real estate

* CBRE Group Inc. reported adjusted net income for the second quarter of $277.1 million, or 81 cents per share, a 9.5% rise on a per-share basis from $252.6 million, or 74 cents per share, in the year-ago period. For the second quarter, GAAP net income decreased year over year on a per-share basis to $224 million, or 66 cents per share, from $229 million, or 67 cents per share.

The S&P Global Market Intelligence consensus normalized EPS and GAAP EPS estimate for the quarter was 76 cents and 71 cents, respectively.

* Iron Mountain Inc.'s adjusted funds from operations fell to $209.6 million from $228.1 million in the comparable period. FFO per share was 54 cents for the quarter, compared with 58 cents in the year-ago period.

The S&P Market Intelligence consensus FFO per share estimate for the second quarter was 50 cents.

* Store Capital Corp. said its second-quarter FFO amounted to 47 cents per share, in line with the S&P Global Market Intelligence consensus FFO per-share estimate.

* Bank of America Corp. is leading a $1.6 billion loan to refinance the One Bryant Park office tower in Midtown Manhattan, N.Y., where it is the biggest tenant, Commercial Observer reported, citing a Kroll Bond Rating Agency report. The financing is slated to close Aug. 21.

The 51-story property, also known as Bank of America Tower, was recently appraised at $3.5 billion.

* The Baltimore Business Journal reported on a $700 million, 650-acre mixed-use project planned in Elkton, Md., that includes a 250-acre industrial park, 1,000 residential units and about 250,000 square feet of commercial and retail space along with a 50-acre sports complex and a possible marina.

The project is led by Stonewall Capital's Ray Jackson, who has a contract to acquire the mostly agricultural land. The industrial park will be developed by Trammel Crow, and a homebuilder and multifamily developer is expected to join the venture, the report noted, citing Jackson.

* KKR & Co. is buying a majority stake in the Salesforce tower in Atlanta's Buckhead neighborhood in a $205 million deal, the Atlanta Business Chronicle reported. KKR will replace Oaktree Capital Management LP as Banyan Street Capital's partner in the 631,000-square-foot tower.

The 950 East Paces Ferry Road property, formerly known as Atlanta Plaza, recently underwent $14 million worth of renovations, and KKR and Banyan are planning a further $5 million in capital improvements, the report noted.

* An unnamed Florida-based real estate investment trust acquired an 11-property multifamily portfolio in Georgia for $202.5 million, GlobeSt.com reported, citing commercial real estate lender Northmarq, which collaborated on debt and equity financing for the deal.

The 1,966-unit portfolio comprises class B and C properties in Savannah, Macon, Canton and Augusta.

* Network Realty Partners and USAA Real Estate jointly paid $181 million for the Union Square office complex in Washington, D.C.'s NoMa neighborhood, the Washington Business Journal reported. The acquired property comprises two nine-story buildings at 899 and 999 N. Capitol St. NE and a development site. The buildings are about 90% leased. An affiliate of CIM Commercial Trust sold the asset.

Network Realty employs a number of former JBG Smith Properties personnel, the report noted. The buyers are planning improvements for the 1969-built property that was previously renovated in 2012.

* Microsoft Corp. is scouting up to 300,000 square feet of office space in Northern Virginia to consolidate two other locations and has enlisted Jones Lang LaSalle Inc. for the search, the Washington Business Journal reported, citing multiple sources familiar with the situation.

According to the publication's sources, Microsoft may have narrowed a wider search net down to sites in Ashburn and Reston.

* Murnick Property Group received $146 million for a seven-property multifamily portfolio in northern New Jersey, The Real Deal reported. The properties total 1,035 units and were sold to an unnamed buyer, the report noted, citing CBRE.

Jeffrey Dunne, CBRE vice chairman, told the publication that class B suburban apartment buildings in New Jersey are attracting New York investors due to recent rent reforms in the New York market.

* Clarion Partners LLC acquired the Artist Walk property in Fremont, Calif., for $110.3 million, IPE Real Assets reported, citing sources familiar with the matter.

The property, comprising 185 apartment units and a 30,000-square-foot retail space, was sold by developer Blake Griggs Properties and JD Capital USA Holdings, the U.S. arm of the Chinese private equity firm JD Capital.

After the bell

* HCP Inc. disclosed diluted Nareit funds from operations applicable to common shares for the second quarter of $199.9 million, or 41 cents per share, an 8.9% decline on a per-share basis from $209.9 million, or 45 cents per share, in the comparable 2018 period.

* Welltower Inc. reported Nareit FFO attributable to common stockholders for the second quarter of $390.0 million, or 96 cents per share, a decrease of 5.9% on a per-share basis from $378.7 million, or $1.02 per share, in the 2018 second quarter.

* AvalonBay Communities Inc. logged FFO attributable to common stockholders for the second quarter of $312.6 million, or $2.24 per share, a 1.4% rise on a per-share basis from $305.8 million, or $2.21 per share, in the corresponding 2018 period.

* Equinix Inc. reported FFO attributable to common shareholders for the second quarter of $353.0 million, or $4.16 per share, compared to $289.5 million, or $3.63 per share, in the 2018 second quarter.

* Hyatt Hotels Corp. disclosed second-quarter net income attributable to the company of $86 million, or 80 cents per share, compared to $77 million, or 66 cents per share, in the second quarter of 2018.

* Duke Realty Corp. reported second-quarter core FFO attributable to common shareholders of $132.5 million, or 36.0 cents per share, a 9.1% increase on a per-share basis from $120.7 million, or 33.0 cents per share, in the 2018 second quarter.

* Mid-America Apartment Communities Inc. disclosed second-quarter FFO attributable to the company of $185.7 million, or $1.57 per share, a rise on a per-share basis from $182.9 million, or $1.55 per share, in the 2018 second quarter.

* VICI Properties Inc. reported FFO for the second quarter of $152.0 million, or 37 cents per share, a decline on a per-share basis from $139.0 million, or 38 cents per share, in the 2018 second quarter.

Housing

* The Wall Street Journal featured a report on Amazon.com Inc.'s recent partnership with Realogy Holdings Corp., noting that Amazon is not exactly getting into real estate like "some hyperbolic declarations" from the press. Instead, the TurnKey program will give Realogy access to Amazon's customer base, and home buyers referred through the program will qualify for up to $5,000 in Amazon home equipment and services.

An Amazon spokesman confirmed that the partnership is not meant to be a move into the real estate industry but rather a means to connect new home buyers with its smart home products and services, the publication reported.

The day ahead

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

In Asia, the Hang Seng was down 0.76% to 27,565.70, and the Nikkei 225 rose 0.09% to 21,540.99.

In Europe, around midday, the FTSE 100 was up 0.10% to 7,594.24, and the Euronext 100 climbed 0.34% to 1,084.77.

On the macro front

The jobless claims report, the PMI Manufacturing index, the ISM manufacturing index, the consumer spending report, the EIA natural gas report, 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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