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4:39 a.m. Nov. 30, 2021 - By Steve Gelsi
Harborside issues $77 million in debt, combines with two companies and changes its name to StateHouseHarborside Inc. said Monday it will issue $77 million in debt as part of an effort to combine with two California cannabis companies, Urbn Leaf and Loudpack. The new entity will be known as StateHouse Holdings to trade under the symbol STHZ on the Canadian Securities Exchange. Urbn Leaf CEO Ed Schmults will become CEO of StateHouse. Matthew Hawkins, the current chairman and interim CEO of Harborside, will be chairman of StateHouse. "Management believes that StateHouse...will be the largest and most developed cannabis platform in the state of California with superior retail, brands, processing, manufacturing, distribution and cultivation," the company said. Harborside inked a letter of intent with Pelorus Equity Group to complete $77.3 million of non-dilutive real estate debt financing. The deals are expected to close in the first half of 2022. Combined, the three companies generated $165 million in revenue in the first nine months of 2021.
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%.
2:45 a.m. Nov. 15, 2021 - By Tomi Kilgore
WeWork loss narrows but revenue falls in first quarterly report as a public companyShare of WeWork Inc. edged up 0.2% in premarket trading Monday, after the flexible workspace company reported its first quarterly report through a merger with a special purpose acquisition company (SPAC), with losses narrowing but revenue falling. The company reported a third-quarter net loss of $802.4 million, or $4.54 a share, after a loss of $941.3 million, or $5.51 a share, in the year-ago period. Revenue dropped 18.5% to $661.0 million. The were no analyst expectations compiled by FactSet. The company said its global real estate portfolio included 764 locations in 38 countries, supporting about 932,000 workstations and 546,000 physical memberships. "Q3 saw a continuation of the strong momentum seen in the second quarter of 2021," the company stated. The company said it had 84,000 new desk sales in the quarter, and had 25,000 preliminary new desk sales in October. The stock has tumbled 10.1% so far in November, while the S&P 500 has gained 1.7%.
2:28 a.m. Nov. 15, 2021 - By Tomi Kilgore
CyrusOne stock jumps after KKR, GIP buyout deal valuing CyrusOne at $11.5 billionShares of CyrusOne Inc. climbed 3.6% toward a record in premarket trading Monday, after the data center-focused real estate investment trust announced an agreement to be acquired by KKR & Co. Inc. and Global Infrastructure Partners (GIP) in a deal valued at $15 billion, including debt. Under terms of the deal, KKR and GIP will pay $90.50 in cash for each CryusOne share outstanding, which is 5.9% above Friday's record closing price of $85.45. The buyout price implies a market capitalization for CyrusOne of $11.49 billion. The deal is expected to close in the second-quarter of 2022. "KKR and GIP will provide substantial additional resources and expertise to accelerate our global expansion and help us deliver the timely and reliable solutions at scale that our customers value," said CyrusOne Chief Executive Dave Ferdman. CryusOne's stock has gained 13.2% over the past three months through Friday, while the SPDR Real Estate Select Sector ETF has tacked on 3.1% and the S&P 500 has advanced 4.8%.
2:15 a.m. Nov. 15, 2021 - By Tomi Kilgore
CoreSite's stock rises toward another record after buyout deal with American Tower REIT valued at $10.1 billionShares of CoreSite Realty Corp. rallied 1.2% toward a sixth-straight record in premarket trading Monday, after the data center-focused real estate investment trust agreed to be acquired by American Tower REIT in a deal valued at about $10.1 billion, including debt. Under terms of the deal, American Tower will pay $170 for each CoreSite share outstanding, which represents a 2.0% premium to Friday's closing price of $166.59. The buyout price implies a market capitalization for CoreSite of $7.51 billion. CoreSite's stock had soared 16.9% amid a 10-day win streak through Friday. The deal is expected to close by the end of 2021, "or shortly thereafter." American Tower said said it has obtained financing from J.P. Morgan for the deal, which is expected to "modestly" add to earnings in initially, and be "increasingly accretive" over time. CoreSite's stock has run up 33.0% year to date through Friday, while American Tower shares have climbed 21.2%, the SPDR Real Estate Select Sector ETF has advanced 31.8% and the S&P 500 has gained 24.7%.
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%.
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%.
4:00 a.m. Nov. 3, 2021 - By Steve Gelsi
EQT Partners sells LA terminal Fenix Marine Services EQT Partners AB said Wednesday it agreed to sell its 90% stake in the Fenix Marine Services terminal in Los Angeles to French container transport and shipping company CMA CGM S.A. in a deal that values the infrastructure asset at $2.3 billion. CMA ranks as the third largest global shipping line. It currently owns 10% of Fenix Marine Services. As one of the largest terminals in the Port of Los Angeles, Fenix Marine Services handles about 2.3 million TEUs (unit of cargo capacity) annually and employs more than 145 people. EQT Infrastructure acquired Fenix Marine Services for $875 million in December, 2017. CMA CGM Group chairman and CEO Rodolphe Saadé said Fenix Marine Services "is a key industrial facility which will significantly strengthen our position and support our rapid growth in this market."
3:46 a.m. Nov. 1, 2021 - By Steve Gelsi
Franklin Resources buying private equity investment firm Lexington PartnersFranklin Resources Inc. said Monday it agreed to pay $1.75 billion to acquire Lexington Partners L.P., a manager of secondary private equity and co-investment funds. "This acquisition will bolster Franklin Templeton's alternative asset capabilities, complementing its existing strengths in real estate, private credit, and hedge fund strategies, at a time when investors are increasingly allocating capital across the full spectrum of alternative asset offerings," the company said. Founded in 1994, Lexington has raised more than $55 billion in commitments and invested in more than 4,500 secondary, co-investment and primary interests, with $34 billion of assets under management currently. Franklin Templeton is buying 100% of Lexington from its current owners, for $1 billion at close and $750 million of additional payments over the next three years. Lexington will operate as a specialist investment manager within Franklin Templeton under its current management team. The deal will be immediately accretive to adjusted earnings after it closes as expected in the second fiscal quarter of 2022. Franklin Resources stock is up 3% in pre-market trades.
2:26 a.m. Oct. 18, 2021 - By Ciara Linnane
Blue Owl Capital to acquire Oak Streat Real Estate Capital and investment advisory business for $950 million Blue Owl Capital Inc. said Monday it entered an agreement to acquire Oak Street Real Estate Capital LLC and its investment advisory business for $950 million in cash and stock. The deal is expected to close in the fourth quarter. Blue Owl will fund the deal through cash and up to 39 million common units. Oak Street shareholders will be entitled to up to $650 million in earnouts, payable in cash or Blue Owl common units at future dates. The deal is expected to be 5% to 7% accretive to distributable EPS starting in 2022. Chicago-based Oak Street was founded in 2009 and has more than 35 employees and $10.8 billion of assets under management. The company focuses on structuring sale-leasebacks, including triple net leases, and providing seed and strategic capita. "One of the many key synergies with Oak Street is that the firm provides leading products to the high-net-worth and retail channels, a critical part of Blue Owl's business strategy," said Blue Owl co-founder and co-president Michael Rees in a statement. Once the deal closes, certain members of Oak Street's management team will remain in place and the Chicago office will become an additional Blue Owl office. Blue Owl shares were not active premarket, but have gained 40% 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%.
3:27 a.m. Sept. 27, 2021 - By Steve Gelsi
Blackstone flips Cosmopolitan in Las Vegas for triple the price it paidBlackstone Group Inc. said Monday its Blackstone Real Estate Partners VII LP fund agreed to sell The Cosmopolitan of Las Vegas for $5.65 billion, seven years after it paid $1.7 billion for it. MGM Resorts International will acquire the operations of The Cosmopolitan. MGM will also sign a long-term net lease with a partnership between Cherng Family Trust, Stonepeak Partners and Blackstone Real Estate Income Trust Inc., which will acquire The Cosmopolitan's real estate assets. Blackstone said the casino's performance has been exceeding pre-Covid levels. The deal is expected to close in early 2022. Tyler Henritze, head of acquisitions Americas for Blackstone Real Estate led the deal, along with Cosmopolitan CEO Bill McBeath.
3:16 a.m. Sept. 16, 2021 - By Tomi Kilgore
Home prices keep rising, but sales fall for the first time in 15 monthsThe median sale price for a home in August rose year-over-year by more than double-digit percentages for the 13th-straight month, but sales fell for the first time in 15 months, according to real estate services company Redfin Corp. The median home-sale price was $380,271 in August, down 1.0% from July but up 16.2% from the same period a year ago, with prices increasing in 83 of the 85 largest metro areas tracked by Redfin. The largest price increases were 36% in Austin, Texas and 25% in Phoenix, Arizona, while the two areas of declines were Milwaukee, Wisconsin (down 1.6%) and Bridgeport, Connecticut (down 1.1%). "When it comes to home prices in this market, what goes up stays up," said Redfin Chief Economist Daryl Fairweather. Meanwhile, seasonally-adjusted home sales fell 1.4% from July and 6.0% from a year ago, with sales declining in 44 of the 85 largest metro areas. The biggest sales declines were 23% in New Orleans, Louisiana and 16% in Salt Lake City, Utah, while the biggest gains were 65% in New York, New York and 47% in Honolulu, Hawaii. Redfin's stock has tumbled 29.4% year to date, while the iShares U.S. Home Construction ETF has run up 24.8% and the S&P 500 has rallied 19.3%.
2:07 a.m. Sept. 8, 2021 - By Ciara Linnane
TopBuild to acquire Distribution International for $1 billion in cashTopBuild Corp. , an installer and distributor of insulation and building material products to the U.S. construction industry, said Wednesday it has entered an agreement to acquire Distribution International (DI) for $1.0 billion in cash. The deal "is highly strategic for TopBuild," Chief Executive Robert Buck said in a statement. "DI provides us with a direct entry and immediate leadership position in the $5 billion mechanical insulation market which is a highly attractive and complementary new growth platform for TopBuild." The deal is expected to close in the fourth quarter and to boost GAAP per-share earnings in the first full year after close. TopBuild is expecting $35 million to $40 million of run-rate cost synergies. DI had pro forma revenue of about $747 million in the 12 months through June 30. TopBuild shares were not yet active premarket, but have gained 18% in the year to date, while the S&P 500 has gained 20.3%.
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%.
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%.
3:03 a.m. Aug. 25, 2021 - By Tomi Kilgore
Norwest leads venture round for ICON, maker of 3-D printed homesICON Technologies Inc., which uses jumbo-sized 3-D printers to build homes, said Wednesday it closed a $207 million series B round of investment led by Norwest Venture Partners, which is backed by Wells Fargo & Co. . Other investors included Citigroup Inc. , 8VC, BIG-Bjarke Ingels Group, Bond, Crosstimbers, Ensemble, Fifth Wall, LENx, Moderne Ventures and Oakhouse Partners. The Austin, Texas company has delivered more than 24 3D-printed homes and structures in the U.S. and Mexico and is working on social housing, disaster relief housing and mainstream housing, as well as working with NASA on infrastructure and habitats for potential use on the moon and Mars. Norwest Venture Partners managing partner Jeff Crowe is joining the board of ICON as part of the firm's Series B round, which brings its total funding to $266 million in about three years. ICON CEO and co-founder Jason Ballard continues to lead the company. (This item was written by Steve Gelsi)
6:07 a.m. Aug. 17, 2021 - By Tomi Kilgore
David Tepper's Appaloosa trims equity holdings, sells off Disney, PayPal stakes while adding Uber, Pulte betsDavid Tepper's Appaloosa LP disclosed late Monday that it reduced its investment in nearly all of its holdings during the second quarter, as the value of equities held by the hedge fund declined by about 31%. The value of Appaloosa's equity holdings as of June 30 was $4.83 billion, down from $6.96 billion as of March 31, even as the S&P 500 rose 8.2% during that period. Among the fund's largest holdings, the Micron Technology Inc. stake was reduced to 5.65 million shares from 7.28 million shares, the Amazon.com Inc. stake was cut to 125,000 shares from 186,000 shares and the Facebook Inc. stake was lowered to 1.21 million shares from 1.82 million shares. Among some other moves during the quarter, the fund sold off its 145,000-share stake in Adobe Inc. , its 475,000-share stake in Discovery Inc. , the 345,000-share stake in Walt Disney Co. and it's 175,000-share stake in PayPal Holdings Inc. , while adding a new 2.04 million-share stake in Uber Technologies Inc. and a new 1.51 million-share stake in PulteGroup Inc. .
3:12 a.m. Aug. 17, 2021 - By Tomi Kilgore
KKR to sell an industrial real estate portfolio for $2.2 billionKKR & Co. announced Tuesday a deal to sell an industrial real estate portfolio for $2.2 billion to Oxford Properties. The 14.5 million square foot portfolio includes 149 distribution buildings in 12 U.S. markets, including Dallas, Atlanta, Chicago, Houston and San Diego. KKR said after the deal closes, which is expected to occur "in the coming months," it will still own more than 20 million square feet of industrial property. "Four years ago, we set out to create a large stabilized portfolio that would benefit from secular changes in the logistics sector largely driven by e-commerce and consumer preference changes," said Roger Morales, KKR's head of real estate acquisitions. "Today's transaction not only demonstrates how this strategy is performing for our investors, but also reflects the tremendous market opportunity we continue to see in industrial real estate." KKR's stock, which was little change in premarket trading, has rallied 61.5% year to date, while the SPDR Real Estate Select Sector ETF has run up 28.0% and the S&P 500 has gained 19.3%.
3:50 a.m. Aug. 13, 2021 - By Tomi Kilgore
WeWork's Q2 net loss widens from a year ago but is less than half that of Q1 as recovery acceleratesWeWork reported Friday a second-quarter net loss that widened slightly from a year ago, but was less than half that of the first-quarter, as the flexible-office-space company said recovery trends that started earlier this year accelerated. by way of a merger with special purpose acquisition company (SPAC) BowX Acquisition Corp. WeWork reported a net loss of $888.85 million for the quarter ended June 30, compared with a loss of $863.83 million in the year-ago period but down from . Revenue fell 32.7% from a year ago to $593.48 million, and was down slightly from $598 million in the first quarter, but the company said revenue increased sequentially each month in the second quarter. The company expects third-quarter revenue to improve to $650 million to $700 million. "Regardless of how companies are thinking about the future of work, access to a space to collaborate, innovate, mentor and build culture remains critical," said Chief Executive Sandeep Mathrani. "The demand from businesses of all sizes accelerated through the quarter and steadily continued into July, delivering strong sales momentum that will drive occupancy and revenue growth." BowX Acquisition's stock edged up 0.1% in premarket trading.
2:27 a.m. Aug. 4, 2021 - By Tomi Kilgore
MGM Growth Properties stock rallies after VICI Properties buyout deal, valued at $17.2 billion including debtShares of MGM Growth Properties LLC shot up 7.4% in premarket trading Wednesday, after the real estate investment trust announced an agreement to be acquired by VICI Properties Inc. in a deal valued at $17.2 billion, including the assumption of $5.7 billion of debt. VICI shares edged up 0.3% and MGM Resorts International's stock gained 3.8% ahead of the open. Under terms of the deal, MGM Growth shareholders will receive 1.366 shares of newly issued VICI stock for each MGM Growth share they own, which based on Tuesday's stock closing prices represents an 11.4% premium. MGM Resorts will receive $4.4 billion in cash for the majority of its MGP Operating Partnership units that it holds, and will retain about 12 million units in the newly formed operating partnership of VICI Properties. After the deal closes, which is expected to occur in the first half of 2022, VICI Properties will enter into a master lease with MGM Resorts, with an initial total annual rent of $860.0 million. "Through this transformative strategic acquisition, we are merging MGP's best-in-class portfolio into VICI's best-in-class management and governance platform, creating the premier gaming, entertainment and leisure REIT in America," said VICI Chief Executive Ed Pitoniak. MGM Growth shares have rallied 18.5% year to date through Tuesday, while the S&P 500 has gained 17.8%.
9:52 a.m. July 23, 2021 - By Tomi Kilgore
PropertyGuru to go public through merger with SPAC, with the valuing company at $1.35 billionPropertyGuru Pte. Ltd. announced an agreement that will take the Southeast Asia property technology company public, through a merger with special purpose acquisition company (SPAC) Bridgetown 2 Holdings Ltd. that will value the combined company at $1.35 billion. Bridgetown 2's stock rose 1.0% in afternoon trading. The deal is expected to provide $431 million of gross proceeds. After the deal closes, which is expected to occur by the end of July 2021 to mid-August 2021, the combined company will be listed on the NYSE. Bridgetown 2 was formed by Pacific Century Group and Thiel Capital LLC. "This process of becoming a public company will provide us with greater financial resources to do what we do best - helping people find, finance and own their homes in an efficient and transparent manner," said PropertyGuru Chief Executive Hari Krishnan. Bridgetown 2's stock, which started trading on Jan. 26, has slipped 1.3% over the past three months while the Renaissance IPO ETF has eased 1.7% and the S&P 500 has gained 5.5%.
2:03 a.m. July 19, 2021 - By Tomi Kilgore
Retail Properties stock surges after merger with Kite Realty values REIT at about $2.8 billionShares of Retail Properties of America Inc. surged 4.3% in premarket trading Monday, after the shopping center real estate investment trust and fellow REIT Kite Realty Group Trust announced a merger agreement which values Retail Properties shares at a 12.6% premium, and implies a market capitalization for Retail Properties of about $2.8 billion. Kite Realty's stock was still inactive in premarket trading. Under terms of the deal, each Retail Properties share will be converted into 0.6230 newly issued Kite Realty shares. Based on Friday's stock closing prices, that values Retail Properties shares at about $12.98 each. "The financial benefits of the transaction include immediate earnings accretion, while maintaining a strong balance sheet," said Kite Realty Chief Executive John Kite. "This merger further demonstrates our conviction in open-air retail centers as essential shopping destinations and last mile fulfillment centers." The deal is expected to close during the fourth quarter of 2021. The combined company will have an portfolio of 185 open-air shopping centers, and will have an enterprise value of $7.5 billion. Shares of Retail Properties have run up 34.6% year to date and of Kite Realty have climbed 39.2%, while the SPDR Real Estate Select Sector ETF has rallied 26.5% and the S&P 500 has advanced 15.2%.
1:55 a.m. July 19, 2021 - By Ciara Linnane
Carlisle Cos. to acquire Henry Company for $1.575 billion in cashCarlisle Cos. said Monday it is acquiring Henry Company, a provider of building envelope systems, from units of private-equity firm American Securities LLC for $1.575 billion in cash. Building envelope systems control the flow of air, water and energy in a building, keeping weather out and conditioned air in. The price is equal to 10.5 times Henry's adjusted EBITDA for the 12 months through May 31. Henry had revenue of $511 million in the period and adjusted EBITDA of $119 million. The deal is expected to generate pretax synergies of about $30 million by 2025 and to boost adjusted per-share earnings by $1.25 plus in the first full fiscal year after close. The deal is expected to close in the third quarter. "The acquisition is consistent with Carlisle's Vision 2025 to simplify our portfolio and strategically build scale with synergistic acquisitions in order to achieve $15 of earnings per share," Carlisle said in a statement. Shares were not yet active premarket, but have gained 24% in the year to date, while the S&P 500 has gained 15%.
1:41 a.m. July 13, 2021 - By Tomi Kilgore
Altus Power to go public through $1.6 billion merger deal with SPAC CBRE AcquisitionAltus Power Inc., the Connecticut-based clean electrification ecosystem company, is going public through a merger announced Tuesday with special purpose acquisition company (SPAC) CBRE Acquisition Holdings Inc. , a deal that values the combined company at $1.58 billion. The deal, which is expected to close in the fourth quarter of 2021, is expected to generate $678 million of gross proceeds. The combined company, named Altus Power, is expected to list on the NYSE under the ticker symbol "AMPS." "We are very excited about the opportunity to supply real estate investors and occupiers - many of whom will come to us through our relationship with CBRE -- with clean energy savings and sustainability benefits using a data-driven approach to design and build onsite solar generation facilities, energy storage, and EV-charging for vehicles and fleets - while preparing for a networked future that will have these systems work in tandem and across multiple buildings to produce value for commercial, industrial, municipal and community solar customers," said Altus Chief Executive Lars Norell. CBRE shares, which were still inactive in premarket trading, have slipped 1.2% over the past three months while the S&P 500 has gained 5.9%.
3:10 a.m. June 22, 2021 - By Ciara Linnane
Blackstone Real Estate Income Trust to acquire Home Partners of America in $6 billion dealBlackstone Real Estate Income Trust Inc., a real estate investing platform managed by a unit of private-equity firm Blackstone Group Inc. , said Tuesday it is acquiring Home Partners of America in a deal valuing the company at $6 billion. The investment will be supported by Blackstone's perpetual capital and it will work to provide access to high-quality housing for lower-income households, Blackstone said in a statement. Home Partners has a portfolio of more than 17,000 homes across the U.S. that it acquires on behalf of residents who are not yet ready to purchase their home. The company is launching a program called Choice Lease, aimed at addressing housing affordability challenges. "The fundamental premise of the HPA platform is to provide residents with the opportunity to live in their chosen home with the option to purchase it--we intend to build on that goal and expand access to homes across the U.S.," Jacob Werner, BREIT senior managing director said in a statement. The deal is expected to close in the third quarter. Blackstone shares were up 1.1% premarket.
3:10 a.m. June 7, 2021 - By Tomi Kilgore
QTS Realty stock soars toward a record after Blackstone buyout deal valued at $10 billionShares of QTS Realty Trust Inc. soared 21.0% into record territory in premarket trading Monday, after the data center provider announced and agreement to be acquired by Blackstone Group Inc. in a deal valued at $10 billion. Blackstone's stock rose 1.0% ahead of the open. Under terms of the deal, QTS Realty shareholders will receive $78.00 for each QTS share they own, which represents a 20.9% premium to Friday's stock closing price of $64.49, and is 7.5% above the Aug. 5, 2020 record close of $72.56. The buyout deal includes a 40-day "go shop" period, which allows QTS to actively look for alternative proposals. The deal is currently expected to close in the second half of 2021. QTS shares have edged up 4.2% year to date through Friday, while the S&P 500 has rallied 12.6%.
2:13 a.m. June 7, 2021 - By Tomi Kilgore
U.S. Concrete stock surges after Vulcan Materials buyout deal valued at $1.29 billionShares of U.S. Concrete Inc. surged 13.1% in premarket trading Monday, after the aggregates and concrete supplier announced an agreement to be acquired by Vulcan Materials Co. in a deal valued at $1.29 billion. Vulcan's stock was still inactive. Under terms of the deal, U.S. Concrete shareholders will receive $74 in cash for each U.S. Concrete share they own, which is 29.5% above Friday's closing price of $57.14, and implies a market capitalization of $1.26 billion. U.S. Concrete's stock had not closed at $74 or higher since February 2018. Vulcan expects the deal to add to earnings per share in the first full year after closing, which is expected to occur in the second half of 2021. "U.S. Concrete is an important Vulcan customer in a number of key areas, and this transaction is a logical and exciting step in our growth strategy as we further bolster our geographic footprint," said Vulcan Chief Executive Tom Hill. Shares of U.S. Concrete have run up 43.0% year to date through Friday and Vulcan Materials have climbed 21.1%, while the S&P 500 has advanced 12.6%.
3:12 a.m. May 17, 2021 - By Ciara Linnane
Curaleaf to acquire Los Sueños Farms for $67 million in stock and cashCuraleaf Holdings Inc. said Monday it has reached a deal to acquire Los Sueños Farms, the biggest outdoor cannabis grow in Colorado, for $67 million in cash, stock and assumed debt. The company will pay $49 million for the Los Sueños operating companies and $18 million for the real estate and farm assets. The price will be paid 61% in Curaleaf subordinate voting shares, 29% in cash at closing and 10% in assumed debt maturing in five years. An additional consideration of $8 million in stock will be paid based on operating cash flow-based targets for 2022. "This will significantly expand Curaleaf's Colorado presence, vertically integrating in the state with large-scale outdoor cannabis cultivation," said Curaleaf, which is based in Wakefield, Massachusetts. The deal involves three outdoor grow facilities covering 66 acres of cultivation capacity, an 1,800 plant indoor grow and two retail cannabis dispensary locations offering adult-use recreational cannabis. Curaleaf shares were slightly higher premarket and have gained 20% in the year to date, while the AdvisorShares Pure US Cannabis ETF has gained 11%, matching the S&P 500's gain.
1:58 a.m. May 11, 2021 - By Ciara Linnane
Startup mortgage lender Better to go public via merger with SPAC Aurora Acquisition in $7 billion dealStartup mortgage lender Better HoldCo is going public via a merger with special purpose acquisition corporation (SPAC) Auroa Acquisition Corp. in a deal with an equity value of about $6.9 billion and a post-money equity value of about $7.7 billion, the companies said in a joint statement Tuesday. Softbank will invest another $1.5 billion via a PIPE, or private investment in public equity, once the deal closes. Better, a digital platform that was founded in 2016, will have $778 million of primary proceeds to fund growth, said the statement. The company has more than $24.2 billion in loan volume, has placed $7.7 billion in title insurance, $1.4 billion in homeowners insurance and $691 million in real estate transaction volume. The deal is expected to close in the fourth quarter.
3:11 a.m. May 5, 2021 - By Tomi Kilgore
Jones Lang LaSalle profit rises to more than triple expectations, as estimates of real estate investments increasedJones Lang LaSalle Inc. reported Wednesday a first-quarter profit that was more than triple what was expected, boosted by a $34.7 million increase in the estimated value of investments in proptech companies. Shares of the real estate and investment management company were still inactive in premarket trading. Net income rose to $109.7 million, or $1.97 a share, from $25.8 million, or 10 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to $2.10 from 49 cents, beating the FactSet consensus of 66 cents. Revenue slipped 1% to $4.04 billion, while revenue before reimbursements declined 5% to $2.13 billion, but topped the FactSet consensus of $1.85 billion. Fee revenue was down 4% to $1.44 billion but beat expectations of $1.34 billion, and leasing revenue fell 9% to $49.5 million. The stock has run up 28.8% year to date, while the S&P 500 has advanced 10.9%.
2:16 a.m. May 4, 2021 - By Ciara Linnane
Global Payments to acquire property management software provider Zego for $925 million in cashGlobal Payments Inc. said Tuesday it has agreed to acquire Zego, a provider of resident experience management software for property managers, in an all-cash deal valued at $925 million, including a tax asset. The purchase price is $830 million, net of the tax asset. The deal is expected to close by the end of the second quarter and will be financed using an existing credit facility and cash on hand. "The transaction extends Global Payments' leadership in software into the real estate vertical, a $6.5 billion target addressable market with a strong payments nexus and significant secular tailwinds," Global Payments said in a statement. Zego serves more than 7,000 property management customers in the U.S. representing more than 11 million residential units, and facilitates about $30 billion in payments a year. Global Payments shares rose 1.2% premarket, but are down 1.4% in the year through Monday, while the S&P 500 has gained 11.6%.
1:50 a.m. April 15, 2021 - By Tomi Kilgore
Kimco Realty, Weingarten Realty to merge in a deal valuing Weingarten at nearly $4 billionKimco Realty Corp. announced Thursday an agreement to buy Weingarten Realty Investors in a cash and stock deal that values the owner of grocery-anchored shopping centers at about $3.9 billion. Kimco's stock was up 0.2% in premarket trading and Weingarten shares are still inactive. Under terms of the deal, each Weingarten share will be exchanged for 1.408 new Kimco shares and $2.89 in cash. Based on Wednesday's closing prices, that values Weingarten's stock at $30.31 each, a 10.9% premium. After closing, which is expected to occur during the second half of 2021, Kimco shareholders are expected to own 71% of the combined company. "This combination reflects our conviction in the grocery-anchored shopping center category, which has performed well throughout the pandemic and provides last mile locations that are more valuable than ever due to their hybrid role as both shopping destinations and omnichannel fulfillment epicenters," said Kimco Chief Executive Conor Flynn. Year to date, Kimco's stock has run up 29.8% and Weingarten's stock has climbed 26.2%, while the SPDR Real Estate Select Sector ETF has advanced 11.0% and the S&P 500 has gained 9.8%.
2:29 a.m. April 14, 2021 - By Ciara Linnane
New Residential Investment to acquire Caliber Home Loans for $1.675 billion in cashNew Residential Investment Corp. said Wednesday it has entered an agreement with units of Lone Star Funds to acquire Caliber Home Loans Inc. for $1.675 billion in cash. The deal will combine New Residential's wholly owned mortgage originator and servicer NewRez LLC with Caliber's platform and is expected to close in the third quarter. "With this acquisition, we have significantly strengthened our capabilities to perform across interest rate environments," New Residential Chief Executive Michael Nierenberg said in a statement. The deal is expected to boost 2022 return on equity and to be accretive to earnings in the first full calendar year after closing. Caliber had pre-tax income of $891 million in 2020 and its return on equity came to 53%. New Residential will fund the deal using a mixture of existing cash and available liquidity as well as equity and the sale of certain investment securities. Shares rose 0.3% premarket, and are up 10% in the year to date, while the S&P 500 has gained 10%.
3:08 a.m. April 13, 2021 - By Ciara Linnane
Public Storage acquires ezStorage for $1.8 billionPublic Storage , a real estate investment trust, said Tuesday it is acquiring ezStorage for $1.8 billion, adding a portfolio of 48 properties in areas with strong demand and high barriers for new property development across Washington DC, Virginia, and Maryland. The company expects to fund the deal using unsecured debt. It expects the deal to close in May and to immediately boost funds from operations, or FFO, a key real estate metric that measures cash flows. The deal is the latest by Public Storage, which has expanded its business by adding about 21 million net rentable square feet through $4.1 billion of acquisitions, development, and redevelopment, including properties under contract since 2019. The company's shares were not active premarket, but have gained 13% in the year to date, while the S&P 500 has gained 9.9%.
1:23 a.m. March 26, 2021 - By Tomi Kilgore
WeWork to go public through merger with BowX Acquisition: WSJWeWork will be going public after the flexible office space company has agreed to merge with special purpose acquisition company BowX Acquisition Corp. in a deal valuing WeWork at $9 billion, including debt, according to . BowX shares rallied 4.8% in premarket trading. WeWork would raise $1.3 billion in the deal, including $800 million in private investment in public equity (PIPE) from Insight Partners, funds managed by Starwood Capital Group, Fidelity Management and others, the WSJ report said. In 2019, an investment from Japan-based technology investor Softbank Group Corp. had valued WeWork at $47 billion, the report said. An through a more traditional public offering had failed, as Adam Neueman resigned as chairman and chief executive and as WeWork closed locations and slashed its workforce as the COVID-19 pandemic sapped demand for office space. The WSJ had that WeWork was in talks with a SPAC associated with Bow Capital. BowX's stock, which went public in October 2020, has lost 5.1% year to date through Thursday, while the Renaissance IPO ETF has shed 6.4% and the S&P 500 has gained 4.1%.
3:12 a.m. March 15, 2021 - By Tomi Kilgore
Extended Stay confirms Blackstone, Starwood buyout deal for 12% premiumExtended Stay America Inc. confirmed Monday an agreement to be acquired by Blackstone Group Inc. and Starwood Capital Group in an all-cash deal valued at about $6 billion. Under terms of the deal, Extended Stay shareholders will receive $19.50 for each Extended Stay share they own, a 12.2% premium to Friday's closing price of $16.94. The Wall Street Journal had , but didn't have per-share details. "After a thorough review of the Company's business plan, the Boards concluded that the immediate cash premium offered by this transaction is compelling for stockholders," said Extended Stay Chairman Doug Geoga. The company is being acquired by a 50/50 joint venture between funds managed by Blackstone's Blackstone Real Estate Partners and Starwood Capital. Extended Stay said it does not expect to pay a dividend while the deal is in the works, except for previously announced payout of 9 cents a share on March 26. The deal is expected to close in the second quarter of 2021. Extended Stay's stock has gained 19.3% over the past three months through Friday, while the S&P 500 has advanced 6.7%.
4:24 a.m. March 8, 2021 - By Tomi Kilgore
Kilroy to sell The Exchange property in San Francisco for $1.1 billionKilroy Realty Corp. announced Monday an agreement to sell The Exchange of 16(th) office property in San Francisco for $1.08 billion. At $1,440 per square foot, the real estate investment trust said brokers have reported that the sales price per-square foot is the highest for a major property in San Francisco's commercial real estate market. Kilroy started development of The Exchange in 2015, with a total cost of $585 million, or $780 per square foot. In 2017, Dropbox Inc. signed a 15-year lease for the entire office component of the property. Kilroy's stock, which was still inactive in premarket trading, has gained 4.9% over the past three months, while the SPDR Real Estate Select Sector ETF has edged up 0.1% and the S&P 500 has tacked on 3.8%.
5:02 a.m. March 3, 2021 - By Tomi Kilgore
Rocket Cos. stock tumbles, after more than doubling over the past 3 daysShares of Rocket Companies Inc. tumbled 23.9% in morning trading, to pull back after more than doubling over the past three sessions. The stock had on record volume of 376.6 million shares, and ran up 109.0% amid a three-day win streak, after the real estate services company reported better-than-expected fourth-quarter results and announced . The company is presenting Wednesday at the Morgan Stanley Technology, Media and Telecom Conference. S3 Partners said Tuesday that the stock's recent rally and short-selling activity, in which short interest increased during the rally, was "reminiscent of another recent highflying 'meme' stock -- GameStop Inc." . Rocket's stock has advanced 55.9% over the past three months through Tuesday, while the S&P 500 has gained 5.0%.
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