Sales volume and equity financing conditions have improved significantly compared to the last quarter, according to the latest survey by NMHC

The construction of the 201,000-square-foot facility adjacent to Chandler Municipal Airport is set to begin in less than three months.

The assets are located across the Moreno Valley, San Bernardino and Rialto submarkets.

The newly built $55 million facility uses vertical integration, machine learning and robotics to process online customers’ orders, pick the products and pack them for delivery.

Kimco and Weingarten Realty to Merge, Creating $12 Billion Market Cap REIT Sarah Borchers… Apr. 15 2021 Teaser

Merger underscores conviction in open-air shopping center segment.

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Kimco Realty Corp . (NYSE: KIM) said April 15 it will merge with Weingarten Realty Investors (NYSE: WRI) in an approximately $3.9 billion cash and stock deal, creating a major player in the open-air shopping center segment that has held up well during the pandemic.

The merger will create a national operating portfolio of 559 open-air grocery-anchored shopping centers and mixed-use assets, with properties mainly concentrated in the top major metro markets.

The combined company is expected to have a pro forma equity market capitalization of approximately $12 billion and a pro forma total enterprise value of approximately $20.5 billion.

Under the agreement, each Weingarten common share will be converted into 1.408 newly issued Kimco common stock, plus $2.89 in cash. Based on the closing stock price for Kimco on April 14, this represents a total value of approximately $30.32 per Weingarten share. Kimco shareholders are expected to own approximately 71% of the combined company’s equity, with Weingarten shareholders owning approximately 29%.

“This business combination is highly strategic, creating a stronger platform that is even more capable of delivering long-term growth and value creation,” said Conor Flynn, Kimco CEO.

Flynn said the transaction, which is expected to be completed in the second half of this year, reflects a strong conviction in grocery-anchored shopping centers. The category, he said, 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.”

The combined company is expected to benefit from increased scale and density in key Sun Belt markets, enhanced asset quality, tenant diversity, a larger redevelopment pipeline, and a deleveraged balance sheet.

Drew Alexander, chairman, president, and CEO of Weingarten, said the combined company’s increased size and scale, together with its financial strength, “should drive an advantageous cost of capital, allowing the combined company to more readily pursue value creation opportunities.”

Meanwhile, Haendel St. Juste, managing director and senior REITs analyst at Mizuho Securities, described the deal pricing as a “good read-through for the sector…it gives clarity on asset values.”

At the same time, St. Juste does not see the deal as necessarily providing an impetus for further M&A activity. Institutional capital had been buying shopping center assets before the pandemic, he said, but has since pulled back. “There’s some post-COVID euphoria…but there’s also a reality that it’s still a pretty challenged business and do you want to be buying portfolios?”

Article Author(s) Sarah Borchersen-Keto Featured Image Companies Kimco Realty Corporation Weingarten Realty Investors

According to Yardi Matrix data, year-to-date deliveries amounted to 6,300 units as of March, with the first two markets accounting for 67 percent of total completions.

REITs Named as EPA 2021 ENERGY STAR Award Winners Sarah Borchers… Apr. 15 2021 Teaser

Seven REITs received the ENERGY STAR sustained excellence award, the highest honor.

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Thirteen REITs have been named as 2021 Environmental Protection Agency (EPA) ENERGY STAR Partner of the Year Award winners, with seven of the 13 receiving a Sustained Excellence Award—the highest honor among ENERGY STAR Awards.

Each year, EPA honors a group of businesses and organizations that have made outstanding contributions to protecting the environment through superior energy efficiency achievements.

EPA presents the Sustained Excellence Award to businesses or organizations that have already received ENERGY STAR Partner of the Year recognition for a minimum of two consecutive years and have gone above and beyond the criteria needed to qualify for recognition.

REITs that received the Sustained Excellence Award include:

Kilroy Realty Corp . (NYSE: KRC), its sixth consecutive Sustained Excellence win

Vornado Realty Trust (NYSE: VNO), its sixth consecutive Sustained Excellence win

SL Green Realty Corp . (NYSE: SLG), its fourth consecutive Sustained Excellence win

Office Properties Income Trust (Nasdaq: OPI), its second consecutive Sustained Excellence win

Boston Properties, Inc . (NYSE: BXP), its first Sustained Excellence win

Hudson Pacific Properties, Inc . (NYSE: HPP), its first Sustained Excellence win

Welltower Inc . (NYSE: WELL), its first Sustained Excellence win

In addition, The RMR Group LLC, which manages all properties owned by Office Properties Income Trust, had its first Sustained Excellence win.

REITs that were named as a Partner of the Year award winner include:

Columbia Property Trust, Inc, (NYSE: CXP); Digital Realty Trust, Inc. (NYSE: DLR); Empire State Realty Trust, Inc. (NYSE: ESRT); Physicians Realty Trust (NYSE: DOC); Piedmont Office Realty Trust, Inc. (NYSE: PDM); and, Ventas, Inc. (NYSE: VTR).

Article Author(s) Sarah Borchersen-Keto Featured Image Companies Kilroy Realty Corporation Vornado Realty Trust SL Green Realty Corp. Office Properties Income Trust Boston Properties, Inc. Hudson Pacific Properties, Inc. Welltower Inc. Columbia Property Trust Inc. Digital Realty Empire State Realty Trust Physicians Realty Trust Piedmont Office Realty Trust, Inc. Ventas, Inc.

The sale of the value-add property in Gresham, Ore., marks one of the only medical office deals to close in the market this year.

The facility will be the first U.S. location to implement the company's proprietary earthquake protection system.

The speculative office project is nearly 30 percent preleased.

The client for the last-mile logistics facility is unnamed, but Seefried is a longtime development partner of Amazon.

The company is building the second phase of a complex expected to total 1.9 million square feet in Fort Myers, Fla.

Binswanger-Gateway Partnership executive Stephen Rigl now leads the Realtors affiliate, which represents thousands of professionals in South Florida.

The 2.4 million-square-foot Golden Triangle Industrial Park sold for the first time in 20 years, fetching nearly $140 per square foot.

According to the latest Assurant survey, many renters either became roommates or moved into more affordable units due to COVID-19.

A sales and marketing firm will occupy the recently expanded warehouse near Interstate 15.

The automaker's financing arm will increase its footprint at the property to nearly 100,000 square feet.

The transaction includes a collection of 88 facilities in five key markets of the Mid-Atlantic and Southeast.

Investors have begun focusing on more office acquisition opportunities in growth markets across the country, says Jim Dunbar, senior managing director at Värde Partners.

The property comprises three buildings and 23 acres of neighboring land in Rockland County, N.Y.