Real Estate News

NEW YORK CITY REGIONAL CENTER-MANAGED ENTITY PROVIDES FUNDING FOR CONSTRUCTION OF NEW 155,000 sq. ft. CHARTER SCHOOL IN THE BRONX

Closed transaction marks the sixth charter school it has funded in New York City

New York, NY, May 01, 2023 (GLOBE NEWSWIRE) -- The New York City Regional Center is pleased to announce the closing of $20,000,000 in New Market Tax Credit financing to assist the construction of a new 155,000 square foot charter school in the Bronx.

Realquantum Announces Strategic Alliance with Cushman & Wakefield

Realquantum to provide cloud-based, commercial real estate appraisal tools for Valuation & Advisory practice

OVERLAND PARK, Kan., May 01, 2023 (GLOBE NEWSWIRE) -- Realquantum, the revolutionary web-native commercial real estate appraisal platform company, announced today that real estate industry giant Cushman and Wakefield has selected Realquantum to provide its cloud-based appraisal tools for the firm’s U.S.

Star Equity Fund Announces Nomination of Director Candidates at Gyrodyne, LLC

Believes Significant Board Change is Necessary to Create Shareholder Value

OLD GREENWICH, Conn., April 28, 2023 (GLOBE NEWSWIRE) -- Star Equity Fund, LP (“Star Equity Fund” or “we”), a 5.4% shareholder of Gyrodyne, LLC (Nasdaq: GYRO) (“Gyrodyne” or the “Company”), announced today its nomination of two highly qualified director candidates for election to the Gyrodyne board of directors (the “Board”) at the Company’s 2023 annual meeting of shareholders (the “Annual Meeting”).

KBS Builders Wins $2.2 Million Contract to Manufacture Classrooms for the South Burlington School District in Burlington, Vermont

OLD GREENWICH, Conn., April 28, 2023 (GLOBE NEWSWIRE) -- Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) (“Star Equity” or the “Company”), a diversified holding company, announced today that its KBS Builders, Inc.

Harbor Custom Development, Inc. Contracts to Sell Bridge View Trail Apartment Site in Port Orchard, WA for $11,000,000

Rendering by Ross Deckman & Associates

Gyrodyne Confirms Receipt of Star Equity’s Notice of Intent to Nominate Two Director Candidates at the 2023 Annual Meeting

No Shareholder Action Required at This Time

ST. JAMES, N.Y., April 28, 2023 (GLOBE NEWSWIRE) -- Gyrodyne, LLC (NASDAQ: GYRO) (the “Company”), an owner and manager of a diversified portfolio of real estate properties, today confirmed receipt of a notice (the “Notice”) from Star Equity Fund, LP ( “Star Equity”) of its intent to nominate two individuals to stand for election to the Company’s Board of Directors (the “Board”) at the 2023 annual meeting of shareholders (the “Annual Meeting”).

Park Hotels & Resorts Inc. Reports First Quarter 2023 Results

TYSONS, Va., May 01, 2023 (GLOBE NEWSWIRE) -- Park Hotels & Resorts Inc. (“Park” or the “Company”) (NYSE: PK) today announced results for the first quarter ended March31, 2023 and provided an operational update.

RPT Realty Declares Second Quarter 2023 Common and Preferred Share Dividends

NEW YORK, April 27, 2023 (GLOBE NEWSWIRE) -- RPT Realty (NYSE:RPT) (“RPT” or the “Company”) announced today that its Board of Trustees declared a second quarter 2023 regular cash dividend of $0.14 per common share.

HOK Signals its Investment in Downtown Los Angeles with Studio Relocation to the Arts District

LOS ANGELES, April 27, 2023 (GLOBE NEWSWIRE) -- In a move that reflects its bold, creative and forward-thinking culture, HOK’s Los Angeles studio has chosen to relocate its award-winning Southern California studio to ROW DTLA in the Arts District.

Elme Communities Announces First Quarter 2023 Results

WASHINGTON, April 27, 2023 (GLOBE NEWSWIRE) -- Elme Communities (the “Company”) (NYSE: ELME), a multifamily REIT with properties in the Washington DC metro area and the Sunbelt, reported financial and operating results today for the quarter ended March 31, 2023:

Financial Results

Net loss was $3.6 million, or $0.04 per diluted shareNAREIT FFO was $17.9 million, or $0.20 per diluted shareCore FFO was $21.5 million, or $0.24 per diluted share, up 20% from the prior year period driven by rental rate growth and the full deployment of our commercial sale proceedsNet Operating Income (NOI) was $36.3 million up 18% from the prior year period due primarily to the same factors as Core FFO growth

Operational Highlights

Same-store multifamily NOI increased by 10.7% compared to the prior year periodEffective blended Lease Rate Growth was 4.5% during the quarter for our same-store portfolio, comprised of Effective new Lease Rate Growth of 0.7% and Effective renewal Lease Rate Growth of 8.0%Average Effective Monthly Rent per Home increased 9.7% compared to the prior year periodSame-store retention was 64% while achieving strong renewal lease rate growthSame-store multifamily Average Occupancy was 95.5% during the quarter, up 50 basis points from the prior quarter

Liquidity Position

Available liquidity was more than $670 million as of March 31, 2023, consisting of availability under the Company's revolving credit facility and cash on handAnnualized first quarter net debt to EBITDA was 4.8xThe Company has no maturities until 2025 and no secured debtIn March, the Company executed swaps that will convert the interest rate on its $125 million term loan to a fixed 4.73% rate starting in July 2023 through maturity in January 2025.