A reappraisal analysis found a collective reduction of $9.03 billion in value among 719 commercial properties reappraised since the pandemic, all of which are facing some form of distress.
Brent crude, the international oil benchmark, traded above $100 per barrel Thursday morning. Futures for West Texas Intermediate, the main grade of U.S. crude, topped $96 per barrel late Wednesday, putting them up 28% this year and 52% over the past 12 months, now at its highest level since 2014.
New research shows office reluctance is less about Covid-19 and more about convenience. As of this month, 61% of U.S. workers who telecommute most of the time are doing so by choice. Among this group, more than three-quarters simply said they prefer working from home.
For 2021, extended stay chains ran at an average occupancy of 73%, as other business-oriented hotels recovered much slower averaging less than 60% occupancy.
SoFi is buying banking-software firm Technisys for about $1.1 billion, the latest in a string of deals designed to turn the lender into a one-stop financial shop.
Realty Income Corp. is making the real estate investment trust’s first foray into hotels and gaming with a $1.7 billion sale-leaseback deal for Wynn Resorts’ Encore Boston Harbor Resort Casino.
When the Fed raised interest rates between 2015 and 2018, it did so gradually—and never more than once every quarter. Under the economic outlook they judged most likely last month, most officials last month “suggested that a faster pace of increases…than in the post-2015 period would likely be warranted,” the minutes said.
Blackstone has agreed to buy rental apartment owner Preferred Apartment Communities in a $5.8 billion deal. Atlanta-based Preferred Apartment owns over 40 rental apartment properties with about 12,000 units in states including Georgia, Florida, North Carolina and Tennessee. Preferred Apartment also owns 54 shopping centers anchored by grocery stores. About 70% of the deal’s value is in its rental apartments.
There were 23,204 U.S. properties with foreclosure filings in January, which is up 29% from the month prior, 139% from the same time a year ago and the highest rate since the start of the Covid-19 pandemic.
