- Proceeding with full vertical construction for late 2029 delivery, with site prep and foundation work underway since October 2024.
- Executed a letter of intent with a prestigious investment-grade financial institution for approximately 30% of the building.
- Plan to buy out the 45% joint venture partner for about $44 million, citing partner’s shift in investment focus.
- Projected stabilized cash yield of 7.5% to 8%, with potential for high single-digit IRR on levered basis, depending on exit cap and sale timing.
- Estimated total development cost of just under $2 billion, with strong pre-leasing activity and high demand for premier office space in Midtown Manhattan.
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- Hertz lease at LAX is set to expire in March 2026, with plans to develop a 400,000 sq ft facility.
- This development is a strategic move to replace the lease and create a unique market offering.
- Management is confident in delivering this project, which is expected to significantly enhance long-term value.
- Completed repurchase of $1 billion of preferred stock held by MassMutual, strengthening balance sheet.
- MassMutual's plan to invest $150 million into Invesco Dynamic Credit Opportunity Fund, supporting private credit strategies.
- Partnership with Barings focusing on U.S. wealth channel, with MassMutual supporting with $650 million of capital.
- Emphasis on leveraging private markets growth, evolving wealth management offerings, and expanding private market manager partnerships.
- Company highlights a substantial improvement in cost of capital, supported by strong equity valuation appreciation.
- This improvement enables a shift from a measured to a more aggressive growth posture, with increased pipeline and larger deal potential.
- Over $100 million committed to experiential development and redevelopment projects, with plans to accelerate future investment spending.
- Sale of Fairmont Dallas for $111 million, generating an unlevered IRR of 11.3% over 14 years, deemed a superior capital decision.
- Dispositions are considered selectively, with no major plans for aggressive acquisitions due to current valuation levels.
- Focus remains on optimizing existing assets, with potential land monetization and minor upgrades rather than large-scale renovations.
- NewPoint acquisition closed on July 1, 2025, expanding the company's multifamily lending platform.
- Expected agency FHA volume of $4-5 billion in 2025, with $1.9 billion already closed year-to-date.
- Integration of NewPoint's mortgage servicing platform is underway, with full migration expected by Q1 2026.
- Anticipated earnings contribution from NewPoint to grow significantly, with GAAP net income of $23-27 million and distributable earnings of $13-17 million in 2025.
- Long-term ROE for NewPoint projected to reach low teens, with immediate benefits including cost savings and increased deal flow.
- Entered into a new $200 million 5-year revolving credit facility with JPMorgan Chase, Raymond James, RBC, and Synovus, with potential to increase by an additional $200 million.
- Improved credit spread by 15 basis points compared to previous facility, with a maturity date of June 30, 2028.
- Significant reduction in interest rate risk through a new SOFR swap at a fixed rate of 3.489%.
- Management highlighted ongoing discussions with private investors for recapitalizing joint ventures, aiming to lower leverage and return capital.
- Plans include selling or converting properties to joint ventures, with 1-2 projects targeted for recapitalization in 2025.
- Recapitalizations are expected to reduce overall leverage, improve credit metrics, and facilitate return to investment-grade status.
- NYMT completed the full acquisition of Constructive on July 15, marking a milestone in expanding into residential business purpose loans.
- Constructive's origination of over $5.2 billion in loans across 48 states, with a focus on high-quality, diversified portfolio including 93% rental loans and 7% bridge loans.
- The acquisition is expected to be immediately accretive to EAD and will enhance recurring earnings and gain on sale income.
- Management emphasized the long-term growth potential of the platform, with plans to scale origination volume and expand geographic footprint, aiming for a 15% annual equity return.
- Full control of 10 anchor spaces vacated by Party City and JOANN's as of Q2 2025.
- Six of the 10 anchor spaces leased with new tenants including Burlington, Boot Barns, Bassett Furniture, Slick City Action Park, and Bob's Discount Furniture.
- Targeting a 40% to 60% positive cash leasing spread on these anchor spaces.
- Overall leasing pipeline of $4.6 million, representing 4.6% of in-place cash rents, supporting earnings growth into 2026.
- The company signed a definitive agreement to sell the 369-room Marriott Seattle Waterfront for $145 million, representing an 8.1% cap rate on trailing 12-month net operating income.
- The sale aligns with the strategic objective to deleverage the portfolio and sharpen focus on the luxury hotel sector.
- Closing is expected in the next few weeks, subject to customary conditions.
Dafinchi