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Here's how your home equity can be used as a financial safety net

  • Here's how your home equity can be used as a financial safety net Here's how your home equity can be used as a financial safety net 2:36
    3 ways to take advantage of record low mortgage rates 3 ways to take advantage of record low mortgage rates 2:55
    How this 38-year-old made it from 'deep poverty' to millionaire How this 38-year-old made it from 'deep poverty' to millionaire 7:33
    Washington Policy in Focus Washington Policy in Focus 10:02
2:46 a.m. Dec. 8, 2021 - By Steve Gelsi
Douglas Elliman to get $200 million in capital in spinoff from Vector GroupDouglas Elliman Inc. late Tuesday filed plans to offer 77.7 million shares for a maximum value of about $237 million at a yet-to-be-determined price for trading under the symbol "DOUG" on the New York Stock Exchange as part of its spin-off from Vector Group Ltd. . Douglas Elliman will own the real estate services and property technology business currently operated by New Valley LLC, a Vector subsidiary. It will be capitalized with approximately $200 million in net cash and cash equivalents. Vector Group announced plans to spin off Douglas Elliman on Nov. 8. The transaction is expected to qualify as a tax-free distribution for U.S. federal income tax purposes for Vector and its stockholders. Douglas Elliman will be based in Miami after the deal closes. Shares of Vector Group are up 34.3% so far in 2021, compared to a rise of 24.8% by the S&P 500.
3:41 a.m. Dec. 7, 2021 - By Tomi Kilgore
Mack-Cali changes name to Veris Residential, will have new stock ticker starting Dec. 10Mack-Cali Realty Corp. said Tuesday it has changed its name to Veris Residential Inc., as the company transitions to a pure-play multifamily real estate investment trust (REIT). The company said it will own, operate and acquire properties that meet the "sustainability-conscious" lifestyle needs of current residents. The company said its stock will continue to trade on the NYSE, but the ticker symbol will change to "VRE" on Dec. 10. "Our new brand, Veris Residential, encapsulates our responsible, transparent, and forward-thinking approach, underpinned by a unified culture grounded in equality and meritocratic empowerment," said Chief Executive Mahbod Nia. The stock, which was still inactive in premarket trading, has rallied 42.9% year to date, while the SPDR Real Estate Select Sector ETF has climbed 32.7% and the S&P 500 has advanced 22.3%.
9:54 a.m. Dec. 6, 2021 - By Tomi Kilgore
Home Depot stock surges toward a record after Oppenheimer's Nagel becomes the Street's most bullish analystShares of Home Depot Inc. hiked up 1.8% toward a record close in afternoon trading Monday, after Oppenheimer analyst Brian Nagel turned bullish on the home improvement retailer, citing less near-term risks for of cyclical pullback of the home improvement sector. Nagel raised his rating to outperform, after being at perform for the past 15 months. He set a $470 price target for the stock, which makes him the most bullish of the 34 analysts surveyed by FactSet. Nagel said after carefully reevaluating near-term prospects for Home Depot, as well as peer Lowe's Companies , he said that while challenges remain, he is now "more confident" that "risks of a significant, transitional-type setback" for home improvement retail have diminished. He also believes underlying demand growth is likely to persist even as COVID-19 pandemic-related tailwinds abate, which should help provide continued "solid, if not outsized" sales and profit growth for both retailers. Home Depot's stock has soared 25.7% over the past three months, while Lowe's shares have climbed 21.9% and the Dow Jones Industrial Average has slipped 0.4%.
9:02 a.m. Dec. 1, 2021 - By Victor Reklaitis
Powerful Democratic Rep. Peter DeFazio won't seek reelectionDemocratic Rep. Peter DeFazio of Oregon, and Infrastructure Committee, on Wednesday said he wouldn't seek re-election in the 2022 race for his seat, after serving 36 years in the U.S. House of Representatives. The congressman's decision comes as Republicans are aiming to take back control of the narrowly held Senate and House in . "It's time for me to pass the baton to the next generation so I can focus on my health and well-being," said DeFazio, 74, . A spokeswoman for the National Republican Congressional Committee said House committee chairs "don't retire unless they know their majority is gone."
4:12 a.m. Nov. 30, 2021 - By Tomi Kilgore
ViacomCBS to raise $1.85 billion from sale of CBS Studio Center and its operating businessViacomCBS Inc. announced Tuesday an agreement to sell its CBS Studio Center and its operating business for $1.85 billion to a partnership formed by Hackman Capital Partners LLC and Square Mile Capital Management LLC. ViacomCBS shares slipped 0.1% in premarket trading. The deal follows a "widely marketed" sale process, which the media and entertainment company said "attracted interest from a number of buyers." When the deal closes, which is expected to occur in 2021, CBS Broadcasting Inc. will enter into a lease-back of the Broadcast Center, and ViacomCBS will continue to uses stages and produce content on the lot. "This sale is part of an ongoing optimization of ViacomCBS' real estate and operations portfolio and will allow the company to re-deploy capital to strategic growth priorities, including streaming," said ViacomCBS Chief Financial Officer Naveen Chopra. The stock has dropped 19.8% over the past three months through Monday, while the SPDR Communication Services Select Sector ETF has lost 8.8% and the S&P 500 has gained 2.8%.
6:41 a.m. Nov. 18, 2021 - By Victor Reklaitis
Pelosi: House vote on Biden's social-spending bill could occur as soon as todayHouse Speaker Nancy Pelosi on Thursday said her chamber was close to advancing Democrats' social-spending and climate bill, saying a vote "hopefully will take place later this afternoon." House Democrats have been on the nearly $2 trillion Build Back Better Act that President Joe Biden has been promoting, while Republicans have continued to criticize the measure amid the highest inflation in three decades. A small group of moderate Democrats has demanded a Congressional Budget Office analysis of the bill before moving forward, and Pelosi said during a news conference that she expected "final CBO estimates later this afternoon, hopefully by five o'clock."
3:34 a.m. Nov. 17, 2021 - By Jacob Passy
Housing starts slip nearly 1%, falling short of expectations U.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.52 million in October, representing a 0.7% decrease from the previous month, the U.S. Census Bureau reported Wednesday. Compared with October 2020, housing starts were up 0.4%. The pace of permitting for new housing units increased in October, however. Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.65 million, up 4% from September and 3.4% from a year ago. Economists polled by MarketWatch had expected housing starts to occur at a median pace of 1.63 million and building permits to come in at a median pace of 1.58 million.
10:58 a.m. Nov. 10, 2021 - By Robert Schroeder
Biden to sign infrastructure bill on Monday, White House saysPresident Joe Biden will sign the bipartisan infrastructure bill into law on Monday, the White House announced. Biden will be joined by members of Congress who helped to write the bill, as well as supporters including governors and mayors from both parties, and union and business leaders, the White House said. The $1 trillion package , after being approved in the Senate about three months ago. Biden is in Baltimore on Wednesday to talk up the legislation.
1:14 a.m. Nov. 8, 2021 - By Tomi Kilgore
CorePoint's stock tumbles after $1.5 billion buyout deal represents near 12% discount to Friday's closing priceShares of CorePoint Lodging Inc. tumbled 13.8% in premarket trading Monday, after the U.S. lodging real estate investment trust announced an agreement to be acquired in a cash deal valued at $1.5 billion by a joint venture between affiliates of Highgate and Cerberus Capital Management. Under terms of the deal, the per-share price paid is $15.65 a share, or 11.9% below Friday's stock closing price of $17.76 but 42% above the July 13 closing price, which was the last trading day before CorePoint announced its strategic alternatives process. The deal is expected to close in the first quarter of 2022. Separately, Wyndham Hotels & Resorts announced an agreement with CorePoint regarding the termination of all hotel management agreements once the CorpPoint merger is closed. CorePoint's stock has soared 158.1% year to date through Friday, while the SPDR Real Estate Select Sector ETF has rallied 31.9% and the S&P 500 has gained 25.1%.
3:28 a.m. Nov. 5, 2021 - By Robert Schroeder
House gavels in as Democrats aim to pass social-spending, infrastructure bills The House of Representatives gaveled in early Friday as Democratic leaders were hoping to pass President Joe Biden's $1.75 trillion social-spending and climate package as well as a bipartisan infrastructure bill that previously cleared the Senate. The infrastructure measure would go to Biden for his signature upon House passage, but the social-spending package is likely to be changed in the Senate, where portions of it face opposition from West Virginia Democrat Joe Manchin. House progressives have blocked the infrastructure bill pending changes in the bigger measure, to which Democrats have now added provisions including paid leave.
1:12 a.m. Nov. 5, 2021 - By Tomi Kilgore
Monmouth Real Estate Investment stock surges after $4 billion buyout deal, including debtShares of Monmouth Real Estate Investment Corp. shot up 10.3% in premarket trading Friday, after the New Jersey-based real estate investment trust specializing in single-tenant industrial properties announced an agreement to be bought out in a cash deal valued at $4.0 billion, including debt, by Industrial Logistics Properties Trust (ILPT). Under terms of the deal, Monmouth shareholders will receive $21.00 in cash for each Monmouth share they own, an 11.3% premium to Thursday's stock closing price of $18.86, and representing a market capitalization of about $2.06 billion. The deal is expected to close in the first half of 2022. Monmouth's stock has gained 8.9% year to date through Thursday, while the SPDR Real Estate Select Sector ETF has rallied 31.6% and the S&P 500 has advanced 24.6%.
11:21 a.m. Nov. 4, 2021 - By Ellie Ismailidou
Here's how your home equity can be used as a financial safety netFor most homeowners, the equity in their house represents one of their biggest assets. The challenge is getting access to that equity without having to sell the house. Here's how a home equity line of credit (HELOC) can help.
11:20 a.m. Nov. 4, 2021 - By Ellie Ismailidou
3 ways to take advantage of record low mortgage ratesMortgage rates remain near historic lows as a result of the Fed's efforts to boost the economy amid the COVID-19 pandemic. Here's how hopeful and current homeowners can benefit.
1:15 a.m. Nov. 3, 2021 - By Tomi Kilgore
Lumber Liquidators stock set to fall after profit and sales fall below expectationsShares of Lumber Liquidators Holdings Inc. were indicated down more than 2% in premarket trading Wednesday, after the wood flooring retailer reported third-quarter profit and sales that missed expectations, citing an "increasingly challenging" supply chain and inflationary environment. Net income fell to $8.8 million, or 30 cents a share, from $15.5 million, or 53 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to 29 cents from 67 cents, missing the FactSet EPS consensus of 30 cents. Sales declined 4.6% to $282.2 million, below the FactSet consensus of $289.0 million. Cost of sales slipped 1.3%, lowering gross margin to 37.3% from 39.4%. Same-store sales fell 4.5%, while the range of two estimates from analysts surveyed by FactSet was down 2.0% to down 1.5%. "As anticipated, our sales to DIY customers were down versus last year, reflecting a shift in consumer spending to other product and service categories, as well as tough comparisons to the nesting spending that we saw in the third quarter of 2020," said Chief Executive Charles Tyson. Looking ahead, the company said it expects higher material and transportation costs to weigh on gross margins in the fourth quarter and into 2022, and will look to offset these higher costs through pricing and promotion strategies. The stock has slipped 3.2% over the past three months while the S&P 500 has gained 4.7%.
10:09 a.m. Nov. 1, 2021 - By Tomi Kilgore
Zillow is looking to sell off about 7,000 homes, Bloomberg reports, and stock sinksShares of Zillow Group Inc. dropped 6.4% in afternoon trading, after that the real estate services company was looking to sell off about 7,000 homes. Zillow's Class A shares were down 6.3%. The report comes about two weeks after Bloomber reported because of a bloated backlog, which were mostly underwater. In Monday's report, Bloomberg cited people familiar with the matter as saying the company is seeking $2.8 billion for the homes it was looking to sell. Zillow's stock was down 8.7% over the past three months, while the S&P 500 has gained 4.8%.
2:00 a.m. Oct. 28, 2021 - By MarketWatch
How this 38-year-old made it from 'deep poverty' to millionaireAfter a childhood with housing insecurity, Kevin "KAYR" Robinson became a landlord and business owner who remained frugal even as his net worth soared to several million dollars.
5:05 a.m. Oct. 21, 2021 - By Jacob Passy
Existing-home sales improve in September, eating up available inventoryExisting-home sales rose 7% on a monthly basis in September, reaching a seasonally-adjusted, annual rate of 6.29 million, the National Association of Realtors said Thursday. Compared to a year ago, though, sales were down roughly 2%. The increase in sales was the result of improved inventory in recent months, which gave buyers more options to choose from and allowed more people to lock in purchases. However, inventory dropped nearly 1% from the previous month as of the end of September, and was down 13% from a year ago.
3:41 a.m. Oct. 19, 2021 - By Jacob Passy
New-home construction subsides as supply-chain and labor problems persistU.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.56 million in September, representing a 1.6% decrease from the previous month, the U.S. Census Bureau reported Tuesday. Compared with September 2020, housing starts were up 7.4%. The pace of permitting for new housing units also dropped in September. Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.59 million, down 7.7% from August, in line with the rate of permitting from a year ago. Economists polled by MarketWatch had expected housing starts to occur at a pace of 1.61 million and building permits to come in at a pace of 1.67 million. The drop in permits was driven mainly by a decrease in multifamily housing units, though fewer single-family homes were permitted as well. New construction on multifamily buildings also decreased in September, though single-family starts remained flat.
1:09 a.m. Oct. 19, 2021 - By Tomi Kilgore
Walmart picks South Carolina for new distribution center, creating 400 new jobsWalmart Inc. said Tuesday it will create 400 new full-time jobs in South Carolina as it has selected Spartanburg County for a new high-tech grocery distribution center. The discount retail giant's stock rose 1.8% in premarket trading. The new center, with more than 720,000 square feet, will be its largest grocery distribution center, and is set to open in 2024. It will rely on employees, automation technology, robotics and machine learning to process fresh and frozen groceries. "Walmart's high-tech grocery distribution center will include game-changing innovations that are radically disrupting the supply chain, getting products onto shelves for our customers even faster, while saving time for our associates," said David Guggina, senior vice president of automation and innovation at Walmart U.S. The stock has edged up 0.3% over the past three months while the Dow Jones Industrial Average has gained 3.8%.
1:24 a.m. Oct. 18, 2021 - By Ciara Linnane
Zillow to stop purchasing U.S. homes after building big backlog and facing staff shortages: BloombergZillow Group Inc. is pausing the purchase of U.S. homes as it works through a backlog of properties, The real-estate platform acquired more than 3,800 homes in the second quarter, after expanding into the home-flipping business in 2018 through its Zillow Offers unit. That company invites homeowners to request an offer on their house and uses its algorithms to come up with a price. If an owner accepts, it purchases the property, makes some repairs and puts it back on the market. "We are beyond operational capacity in our Zillow Offers business and are not taking on additional contracts to purchase homes at this time," a spokesperson for Zillow told Bloomberg in an email. "We continue to process the purchase of homes from sellers who are already under contract, as quickly as possible." The iBuying process, while powered by algorithms and pools of capital, also requires humans, including inspectors, contractors and decorators. But finding those workers has become challenging during the pandemic, which has see labor shortages across the economy. Zillow shares were down 6% premarket and have fallen 26% in the year to date, while the S&P 500 has gained 19%.
9:18 a.m. Oct. 11, 2021 - By Tomi Kilgore
Healthcare Trust responds to activist investor's urging to put itself up for saleHealthcare Trust of America Inc. said Monday that it regularly reviews its strategic plan and opportunities to enhance shareholder value. "We are open minded and committed to delivering superior returns for all HTA shareholders," the real estate investment trust that owns and operates medical office buildings said in a statement. The statement was in response to activist investor Elliott Investment Management L.P.'s letter to the HTA's board , given the "long-term underperformance" relative to its peers, the broader REIT sector and stock market. "After we were first contacted by Elliott, members of HTA's management team and board held several discussions with representatives of Elliott to better understand their views, and those views were immediately shared with the full HTA board," the company said. The stock rose 2.1% in afternoon trading. It has rallied 17.6% year to date, while the SPDR Real Estate Select Sector ETF has run up 22.3% and the S&P 500 has advanced 16.8%.
4:10 a.m. Oct. 11, 2021 - By Tomi Kilgore
Healthcare Trust stock surges after activist investor urged REIT to explore a buyout dealShares of Healthcare Trust of America Inc. surged 2.5% toward a 19-month high in premarket trading Monday, after activist investor Elliott Investment Management L.P. urged the real estate investment trust that owns and operates medical office buildings to explore a sale. In a letter to Healthcare Trust's board, Elliott said given the company's "long-term underperformance" relative to its peers, broader REIT sector and the broader stock market, the "status quo is untenable" as the company's cost of capital makes it uncompetitive. Elliott said it was "confident that highly credible buyers will present compelling offers to acquire the company at a substantial premium to the current trading price," and prices seen since the . The stock, on track to open at the highest price seen during regular-session hours since March 2020, has rallied 21.5% over the past 12 months, while the SPDR Real Estate Select Sector ETF has climbed 20.8% and the S&P 500 has advanced 26.3%.
11:46 a.m. Oct. 5, 2021 - By Claudia Assis
Hovnanian lowers fiscal 2021, Q4 guidance on supply-chain delays Shares of Hovnanian Enterprises Inc. fell 3% in the extended session Tuesday after the home builder lowered its guidance for the full-year 2021 and the fourth quarter ending Oct. 31, saying it was "not immune to the same supply-chain delays that our peers have mentioned recently." Those snags "have been even more pronounced" in the month since its September fiscal third-quarter call, Chief Executive Ara K. Hovnanian said in a statement. Fourth-quarter revenues are seen in a range between $780 million and $830 million, and adjusted EBITDA expected to be between $85 million and $100 million. Hovnanian called for revenues between $2.75 billion and $2.80 billion for fiscal 2021, and an adjusted EBITDA between $330 million and $345 million. A "healthy" contract pace, with higher home prices and margins, along with an increase in community count, "should lead to further growth in both total revenues and adjusted pretax income in fiscal 2022," the company said. The company had guided fourth-quarter revenues between $830 million and $880 million, and adjusted EBITDA between $100 million and $115 million. For fiscal 2021, the guidance in early September called for revenues between $2.80 billion and $2.85 billion, and adjusted EBITDA between $345 million and $360 million. Hovnanian shares ended the regular trading day up 1.5%.
9:38 a.m. Oct. 1, 2021 - By Victor Reklaitis
Biden to meet Friday with House Democrats on Capitol Hill following delay for infrastructure billPresident Joe Biden is slated to travel to Capitol Hill on Friday to meet with Democratic House lawmakers around 3:30 p.m. Eastern, the White House said. His visit comes after Speaker Nancy Pelosi late Thursday on a $1 trillion bipartisan infrastructure bill, a key part of Biden's agenda, as Democratic lawmakers remained unable to agree on their spending proposals.
4:00 a.m. Sept. 30, 2021 - By Steve Gelsi
Built Technologies valued at $1.5 billion in venture roundBuilt Technologies said Thursday it secured $125 million in Series D financing in a deal that values the Nashville-based construction finance technology company at $1.5 billion. TCV led the round, along with Brookfield Technology Partners, 9Yards Capital, XYZ Venture Capital and HighSage Ventures. Built Technologies CEO Chase Gilbert said the company drew strong interest from investors. Woody Marshall, lead investor at TCV and a new board member at Built Technologies, said the company "has achieved broad market penetration in the notoriously tough construction finance space." At last check, the company has financed more than $135 billion in construction value since it launched in 2015. Existing investors Addition, Index Ventures, Canapi Ventures, GreenPoint Partners, Nine Four Ventures, Fifth Wall, Goldman Sachs and Nyca Partners also took part in the latest investment round.
3:47 a.m. Sept. 27, 2021 - By Greg Robb
Fed's Rosengren, under scrutiny for 2020 trading activity, to retire on Sept. 30Boston Fed President Eric Rosengren announced Monday he will retire on Sept 30. In a statement, Rosengren said he moved up his long-planned retirement by nine months because of health concerns. Rosengren would have had to retire next June under Fed rules. Rosengren has been criticized for actively trading in real-estate investment trusts in 2020 while the Fed was taking extraordinary steps to keep financial markets stable during the pandemic. Reformers, like the group Better Markets, had called for Rosengren to resign.
3:00 a.m. Sept. 27, 2021 - Barrons.com
Washington Policy in FocusCharlie Vogt, CEO of DZS, a global telecom provider, discusses the $65 billion currently earmarked within the $1T infrastructure bill for expanded broadband access across the U.S. Plus, Liz Young, head of investment strategy for SoFi, on when the Fed should begin tapering and real estate agent James Harris on today's hottest property deals.
5:03 a.m. Sept. 24, 2021 - By Jacob Passy
New home sales jump in August despite record pricesU.S. new-home sales increased 1.5% to an annual rate of 740,000, the government said Friday. The figure equates to how many homes would be sold over a yearlong period of time if the same number were bought in each month based on the rate of sales in July. Compared to a year ago, sales were down 24%.The median forecast of economists polled by MarketWatch was that new home sales would come in at an annual rate of 720,000 for August. The median sales price of new houses sold in August was $390,900, rising slightly from the previous month to reach a new record high.
5:03 a.m. Sept. 22, 2021 - By Jacob Passy
Existing-home sales retreat in August as buyers wait for better pricesExisting-home sales dropped 2% to a seasonally-adjusted, annual rate of 5.88 million in August, the National Association of Realtors said Wednesday. Compared with August 2020, home sales were down 1.5%. Economists polled by MarketWatch had projected existing-home sales to come in at 5.87 million. The median sales price of an existing home was up nearly 15% year-over-year at $356,700.
10:02 a.m. Sept. 21, 2021 - By Tim Rostan
Guinness to open brewery in Chicago's Fulton Market: reportThe centuries-old Irish brewer Guinness, a unit of Diageo , is set to open a brewery in the Fulton Market district west of Chicago's Loop business district, Crain's Chicago Business , citing a developer operating in the fast-evolving area. Formerly home mainly to meatpacking plants, the district has in recent decades been largely overtaken by destination restaurants, boutique hotels, residential conversions and in-fill developments, and most recently corporate flagship office locations, such as those of McDonald's and Google . The brewery and beerhall would likely utilize a disused Pennsylvania Railroad Terminal structure, Crain's reported. According to , the brewer operates five breweries in five countries around the world while Guinness "is brewed in 49 countries around the world," including licensed locations. A Baltimore brewery makes Guinness beers other than the trademark Guinness Extra Stout. Crain's reported that details concerning the planned Chicago site were unknown and that a Guinness representative had declined to comment.
3:37 a.m. Sept. 21, 2021 - By Jacob Passy
New-home construction improves in August, driven by increase in multifamily buildingU.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.62 million in August, representing a 3.9% increase from the previous month, the U.S. Census Bureau reported Tuesday. Compared with August 2020, housing starts were up 17.4%. The pace of permitting for new housing units also increased in August. Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.73 million, up 6% from July and 13.5% from a year ago. With both housing starts and building permits, the gains recorded in August were driven by an uptick in multifamily construction activity. Economists polled by MarketWatch had expected housing starts to occur at a pace of 1.55 million and building permits to come in at a pace of 1.62 million.
8:19 a.m. Sept. 20, 2021 - By Victor Reklaitis
Biden launches effort to reduce homelessnessThe Biden administration is launching an initiative called "House America" in an effort to reduce homelessness, White House press secretary Jen Psaki said on Monday. The initiative will "engage state and local leaders to set and achieve ambitious goals for reducing homelessness in America," she told reporters.
2:45 a.m. Sept. 14, 2021 - By Tomi Kilgore
Opendoor's stock drops after secondary share offering pricedShares of Opendoor Technologies Inc. slumped 5.5% in premarket trading, after the online home buying, selling and trading-in company said its secondary offering of shares has priced. The company said late Monday that a selling stockholder was offering 28.0 million shares to the public, and has granted the underwriters of the offering options to buy up to an additional 4.2 million shares to cover over-allotments. The company did in its press release Tuesday that the offering had priced, but did not say what that price was. Based on Monday's stock closing price of $17.76, the offering could be valued at $497.3 million, or at $571.9 million if underwriters exercise all options to buy additional shares. The offering, excluding the options for additional shares, represents about 4.6% of the total shares outstanding. Opendoor's stock has dropped 21.9% year to date through Monday, while the S&P 500 has gained 19.0%.
4:07 a.m. Sept. 13, 2021 - By MarketWatch
This woman plans to retire by age 42 and live virtually tax-freeSeattle attorney Sylvia Hall worked off six figures in student debt on her path to financial independence. Now, she plans to use real estate to pay almost no taxes in her early retirement.
5:41 a.m. Sept. 8, 2021 - By Victor Reklaitis
Schumer rejects Manchin's call for 'pause' on $3.5 trillion spending packageSenate Majority Leader Chuck Schumer on Wednesday pushed back on a fellow Democratic senator's recent call for a " " on their party's effort to . "We're moving full speed ahead," Schumer told reporters, when asked about the suggestion last week from Democratic Sen. Joe Manchin of West Virginia.
2:44 a.m. Sept. 8, 2021 - By Tomi Kilgore
PulteGroup stock falls after deliveries outlook cut as supply chain disruptions increasedShares of PulteGroup Inc. fell 0.6% in premarket trading Wednesday, after the home builder cut its third-quarter deliveries outlook, as increased supply chain disruptions and shortages of building products continue to hurt the pace of operations. The company now expects third-quarter closings to be up 8% from a year ago to 7,000 homes, but that's below the deliveries guidance range provided on July 27 of 7,300 to 7,600. "We continue to work closely with our suppliers, but shortages for a variety of building products, combined with increased production volumes across the homebuilding industry, are directly impacting our ability to get homes closed to our level of quality over the remainder of 2021," said Chief Executive Ryan Marshall. "In light of these challenges, we are providing routine updates on build schedules to our backlog of homebuyers, who remain committed to close on their new homes." The stock has shed 7.4% over the past three months through Tuesday, while the iShares U.S. Home Construction ETF has gained 2.2% and the S&P 500 has climbed 6.9%.
1:27 a.m. Sept. 7, 2021 - By Tomi Kilgore
Columbia Property Trust's stock soars after $3.9 billion buyout dealShares of Columbia Property Trust Inc. soared 15.2% in premarket trading Tuesday, after the real estate investment trust announced an agreement to be acquired by funds managed by Pacific Investment Management Co. LLC (PIMCO) in a deal valued at $3.9 billion. Under terms of the deal, PIMCO will pay $19.30 for each Columbia Property share outstanding, a 16.7% premium to Friday's closing price of $16.54. Columbia Property Chairman Constance Moore said he deal, which is expected to close as early as the end of 2020, provides shareholders with "immediate and certain cash value at a significant premium to the Company's public market valuation, and we are confident it represents the best outcome for all Columbia shareholders." PIMCO's John Murray, global head of private commercial real estate, said: "We continue to believe that high-quality office buildings in major U.S. cities offer long-term value for our clients and Columbia has assembled a modernized, well-located portfolio of assets that we expect will perform well in the years ahead." Columbia Property's stock has dropped 11.9% over the past three months while the S&P 500 has gained 7.3%.
2:00 a.m. Sept. 3, 2021 - By Tomi Kilgore
Invitation Homes receives FTC request for information on how it conducts business during COVID-19 pandemicShares of Invitation Homes Inc. were indicated down more than 1% in premarket trading, after the single-family home leasing company disclosed that it received a letter from the Federal Trade Commission requesting information. The company said the FTC is looking into how it conducts its business generally, and specifically during the COVID-19 pandemic. Invitation Homes said it is cooperating with the FTC's request. Separately, the company said the August rental growth rate for renewals was 8.0%, after growth of 7.0% in July and 3.3% in the same month a year ago, while new leases increased 18.9% in August after growing 17.5% in July and rising 5.6% a year ago. Average occupancy was 98.1% in August, up from 97.8% a year ago. The company said it plans to continue to provide residents experiencing financial hardship with information on how to apply for government assistance programs. Shares of the company, which had a market capitalization of $24.48 billion at Thursday's closing prices, have run up 47.4% over the past 12 months, while the S&P 500 has advanced 31.3%.
11:38 a.m. Sept. 2, 2021 - By Victor Reklaitis
Manchin tells fellow Democrats to 'hit a strategic pause' on $3.5 trillion packageDemocratic Sen. Joe Manchin of West Virginia on Thursday again voiced opposition to his party's efforts to pass a $3.5 trillion spending package, saying in a that Congress "should hit a strategic pause" on legislation related to it. "I, for one, won't support a $3.5 trillion bill, or anywhere near that level of additional spending, without greater clarity about why Congress chooses to ignore the serious effects inflation and debt have on existing government programs," Manchin wrote. "This is even more important now as the that these life-saving programs will be insolvent and benefits could start to be reduced as soon as 2026 for Medicare and 2033, a year earlier than previously projected, for Social Security." The moderate Democrat, whose vote is key given the Senate's 50-50 split, made similar points three weeks ago, as he warned of " " if Democrats pass the $3.5 trillion package.
3:29 a.m. Sept. 1, 2021 - By Tomi Kilgore
Medical Properties Trust raised earnings outlook, announces deal to sell an interest in 8 hospitals for a premiumShares of Medical Properties Trust Inc. rose 0.6% in premarket trading Wednesday, after the real estate investment trust announced a deal to sell an interest in acute care hospitals it owns and raised its earnings outlook. The REIT (MPT) said it reached an agreement with Macquarie Infrastructure Partners V (MIP V) to form a partnership in which an MIP V subsidiary buys a 50% stake in eight Massachusetts-based hospitals currently owned by MPT and operated by Steward Health Care System, in a deal that values the portfolio at $1.78 billion. "This transaction's portfolio valuation is a 48% increase over our original investment in these hospitals made in 2016, and the compelling value creation reflects the strength of MPT's underwriting process, which allows our team to identify operators and strategies that are likely to result in long-term and sustained improvement in operating results," said Medical Properties Trust Chief Executive Edward Aldag. Separately, MPT said based on year-to-date transactions, it raised its guidance for annual net income to $1.81 to $1.85 per share for normalized funds from operations, from $1.72 to $1.76. MPT's stock has lost 6.0% year to date through Tuesday, while the SPDR Real Estate Select Sector ETF has soared 30.4% and the S&P 500 has advanced 20.4%.
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