- Simon Property Group acquired the partner’s interest in Brickell City Centre for $512 million, making it wholly owned.
- The purchase was made at a cap rate higher than open-air strip assets but below its replacement cost.
- Management emphasized the asset’s high quality, international customer base, and growth prospects due to Miami’s traffic, tourism, and development around Brickell.
- The acquisition is accretive and management plans to enhance leasing and operational efficiencies to grow NOI.
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- Acquired five shopping centers in South Orange County for $357 million, 97% leased, over 600,000 sq ft.
- Transaction was off-market, driven by seller’s preference for Regency’s UPREIT structure, quality operations, and future development potential.
- Strategic fit includes supply-constrained market, high-quality tenants, and future development opportunities.
- Ancillary revenues contributed 150 basis points to NOI growth, including a revised parking agreement at Point Orlando.
- Balance sheet strong with $1.4 billion liquidity, no debt maturities until June 2026, and debt-to-EBITDA at 5.5x.
- Base rent growth contributed 360 basis points to same-property NOI growth, outpacing the drag from short-term occupancy decline.
- NAREIT FFO was $0.56 per share in Q2, driven by same-property NOI growth of 3.8% despite a 260 basis point drag from tenant disruption.
- Net expense reimbursements detracted 110 basis points due to prior year tax assessment benefits.
- Signed new ABR reached a record $21 million in the quarter, with a 450 basis point spread between leased and build occupancy.
- Updated same-property NOI growth guidance to 3.9%-4.3% and increased FFO guidance to $2.22-$2.25 for 2025.
- 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.
- Macerich acquired Crabtree Mall in June 2025 for approximately $290 million, adding 1.3 million square feet in Raleigh-Durham, NC.
- The acquisition is expected to be accretive to the 2028 FFO targets and enhances the company's presence in a high-growth, market-dominant region.
- Management plans to reinvigorate leasing momentum, increase occupancy from 74% to near 90%, and unlock embedded NOI growth upside.
- Crabtree's NOI is projected to increase from $32 million to over $40 million pro forma, driven by leasing and capital improvements.
- The company sees significant potential in remerchandising and capitalizing on the mall's strategic location, with early leasing momentum already strong.
- This move reflects a strategic shift towards active repositioning and value creation in core markets.
- Acquired for $218 million at $747 per square foot, representing a discount to replacement cost.
- 94% leased with a 9.3-year weighted average lease term.
- Immediate accretive to earnings with a 6.7% cash yield and 8.3% GAAP yield.
- Located in a high-demand submarket with a walk score of 94, near Goldman Sachs campus.
- Strong lease-up history and high-quality tenant profile, including professional service firms.
- Sale of Hyatt Centric Fisherman's Wharf for $80 million at 64x 2024 EBITDA, demonstrating strong real estate value support.
- Active engagement in discussions for additional noncore asset sales aiming for $300-$400 million in total dispositions by year-end.
- Decision to close the Embassy Suites Kansas City, DoubleTree Seattle Airport, and DoubleTree Sonoma to improve portfolio quality, increasing core portfolio RevPAR by over $5 and margins by nearly 70 basis points.
- Focus on reducing noncore hotels from 18 to approximately 3 by end of 2024, enhancing long-term growth and portfolio quality.
- 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.
- Whitestone has sold 12 properties and purchased 6 properties since Q4 2022, totaling $153 million in acquisitions and $126 million in dispositions.
- The company plans to continue capital recycling with an estimated $40 million of acquisitions and dispositions each through the end of 2025.
- The portfolio review aims to upgrade properties to higher growth potential and support long-term cash flow durability, with a focus on neighborhoods with strong demographic and infrastructure growth.
- 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