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Starwood reports Q2 earnings; MGM National Harbor faces lawsuit from competitor

Commercial real estate

*Starwood Hotels & ResortsWorldwide Inc. a net loss of $263 millionduring the second quarter, compared to income of $136 million in the year-agoperiod.

EPScame to a loss of $1.56 per share, compared to a gain of 79 cents per share inthe prior-year quarter.

Starwood said it expects its merger with to closein the coming weeks.

*Westfield Corp.'sWestfield World Trade Center mall in Manhattan, N.Y., could have a number ofempty spaces at its planned mid-August opening,according to a reportfrom The Real Deal. At least fourretailers' leases have been terminated as the tenants refused to takepossession of their space, while another will not make the grand openingaccording to unconfirmed reports, the news outlet said.

*Facebook Inc. isconsidering leasing "hundreds of thousands of square feet" of officespace in San Francisco, the San FranciscoBusiness Times reported,citing three unnamed real estate sources. The sources said that the plans arepreliminary and could be dropped in favor of additional growth in Menlo Park inthe San Francisco Bay Area, where the company plans at least 962,000 squarefeet of office development, according to the report.

*Olayan America, which recently bought the former in Manhattan in a dealvalued at up to $1.5 billion, has hired a CBRE team to lease out the officespace at the 37-story building, The RealDeal reported,citing unnamed sources. The 850,000 square feet of office space at 550 MadisonAve. is coming on the market for the first time since 1992, the report noted.

*Bloomberg News featured a reporton the increasing amount of mall space that is being leased by healthcare providers,as landlords seek to fill up space left by retailers that were unable tosurvive online competition.

*Average apartment rents in the Dallas area hit a record in June, climbing 5.5%year over year, while those in the Fort Worth area were up 6.9% year over year,The Dallas Morning News reported,citing Axiometrics.

After the bell

*AvalonBay Communities Inc.reported ayear-over-year decrease in FFO and an increase in core FFO in the secondquarter.

FFOattributable to common stockholders fell to $273.6 million for the secondquarter, or $1.99 per share, from $290.5 million, or $2.18 per share, in theyear-ago quarter.

*Las Vegas Sands Corp.'sMacau operations continued to drag on the company's performance in the secondquarter.

Forthe period, the company logged$328.0 million in net income attributable to the company, down 30.1% from$469.2 million in the 2015 quarter. Nonrecurring legal costs also contributedto the year-over-year earnings drop.


*Maryland Live casino has filed a suit against 's upcomingMGM National Harbor, The Baltimore Sun reported.The suit alleges that three former Maryland Live hosts who then were hired byMGM National Harbor had "misappropriated" the client informationdatabase of their former employer to benefit MGM's rival development, thereport said.


*Home sales in the seven-county metro Chicago area increased7% year over year to reach 55,996 in the first half, the highest figure sincethe first half of 2006, according to RE/MAX.

Themedian sale price also increased 7% year over year to reach $225,000, thehighest first-half price since 2008.

The day ahead

Early morning futures indicators pointed to a mixed openingfor the U.S. market.

In Asia, the Hang Seng rose 0.62% to 22,129.73, and theNikkei 225 was down 1.43% to 16,383.04.

In Europe as of midday, the FTSE 100 was up 0.34% to6,730.98, and the Euronext 100 fell 0.26% to 868.22.

On the macro front

Redbook, S&P Case-Shiller HPI, new home sales report,the consumer confidence report, Richmond Fed Manufacturing Index and StateStreet Investor Confidence Index are due out today. The Federal Open MarketCommittee meeting is also scheduled to begin today.

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: The Democratic Party's 2016 platform, unlike itsRepublican counterpart, explicitly mentions the for-profit prison industry andsays the party plans to fight it.

: Thisroundup of recent guidance from real estate companies includes updates fromAvalonBay, American Campus Communities and Brixmor.

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