GRAPEVINE, Texas, April 29, 2021 (GLOBE NEWSWIRE) -- United Development Funding IV (“UDF IV” or the “Trust”) announced today that District Judge David L.
Real Estate News
SAN CLEMENTE, Calif., April 30, 2021 (GLOBE NEWSWIRE) -- CareTrust REIT, Inc. (NASDAQ:CTRE) announced today that it plans to release its first quarter 2021 financial results after the U.S.
JACKSONVILLE, Fla., April 30, 2021 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ: FRPH) anticipates issuing its first-quarter earnings results on Monday, May 3, 2021.
SAN DIEGO, CALIFORNIA, April 30, 2021 (GLOBE NEWSWIRE) -- International Land Alliance, Inc. (OTCQB: ILAL), (“ILA” or the “Company”), an international land investment and development firm, has commenced the planned expansion of its vineyard at Valle Divino, an eco-friendly development in Ensenada, Baja California, to a total of 2 acres with 14 grape varieties.
MIAMI, May 03, 2021 (GLOBE NEWSWIRE) -- Crosswind Renewable Energy Corp. dba Community Redevelopment (OTC Pink: CWNR) ("the Company"), a community oriented real estate redeveloper targeting economic growth and opportunity zones in secondary and tertiary markets, announced today that it has engaged Myron M.
Company Also Announces Quarterly Cash Dividend on Preferred Stock
VIRGINIA BEACH, Va., May 03, 2021 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE: AHH) today announced that its Board of Directors declared a cash dividend of $0.16 per common share for the second quarter of 2021.
INDIANAPOLIS, April 29, 2021 (GLOBE NEWSWIRE) -- Kite Realty Group Trust (NYSE: KRG) reported today its operating results for the first quarter ended March 31, 2021.
DAYTONA BEACH, Fla., April 29, 2021 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced its operating results and earnings for the quarter ended March 31, 2021.
$16.3 million development will serve as a catalyst for revitalization in the neighborhood and helps address Central Florida’s affordable housing crisis
ORLANDO, Fla., April 29, 2021 (GLOBE NEWSWIRE) -- Wendover Housing Partners, one of the Southeast’s premier multi-family housing developers, today held a ground breaking event for Monroe Landings, a new multi-family affordable community in Sanford, Florida.
WASHINGTON, April 28, 2021 (GLOBE NEWSWIRE) -- Washington Real Estate Investment Trust (“WashREIT” or the “Company”) (NYSE: WRE), a leading owner and operator of multifamily and commercial properties in the Washington, DC area, reported financial and operating results today for the quarter ended March 31, 2021:
Financial Results
Net loss was $1.1 million, or $0.02 per diluted shareNAREIT FFO(1) was $28.5 million, or $0.34 per diluted shareCore FFO was $0.34 per diluted shareFirst Quarter Operational Highlights
Net Operating Income (NOI)(2) was $42.9 millionSame-store(3) NOI declined 6.5% and cash NOI declined 6.0% compared to the first quarter of 2020, due to decreases in office and multifamily revenues of 7.8% and 3.8%, respectively, primarily due to the negative impact of COVID-19, as well as higher multifamily operating expenses and lower lease termination fees, partially offset by lower commercial operating expensesCollected over 98% of cash rent from multifamily residents and commercial tenantsMultifamily net applications at urban properties increased 49% year-over-yearMultifamily lease rates(4) declined 4.8% and 7.4%, on a gross blended and effective blended basis, respectivelySigned 154,000 square feet of commercial leases during the quarterOffice touring and proposal activity increased in March to the highest level since the onset of the pandemic in March 2020Current Operational Highlights
Multifamily new lease rates improved by over 5% thus far in April from March on an effective basis, and new lease executions with May move-ins indicate continued improvementCurrent Multifamily occupancy, excluding the two rent-controlled properties and Trove, increased 80 basis points from year-end to 95.8%Our two rent-controlled urban properties have experienced recent renewed strength, which has driven the 30-day occupancy trend for these properties above 94%, a 440-basis point improvement from 30 days agoMultifamily leasing concessions at urban properties continue to ease heading into the spring leasing seasonTrove is currently 51% leased and remains on track to reach expected stabilization in the second quarter of 2022New office lease negotiations are on the rise and more tenants are returning to their office spaces; the total number of office spaces actively being utilized by tenants increased to over 60%Signed approximately 75,000 square feet of commercial leases thus far in AprilCommercial tenant credit performance remains strong and stable year-to-dateLiquidity Position
Available liquidity of approximately $670 million as of March 31, 2021 consisting of the remaining capacity under the Company's $700 million revolving credit facility and cash on handThe Company has no secured debt and no debt scheduled to mature until the fourth quarter of 2022Cash Collections
Multifamily
Collected over 98% of cash and contractual rent due during the first quarterNet deferred rent(5) associated with multifamily residents was $20,000Commercial
Collected 99% of cash and contractual rent due from office tenants during the first quarterNet deferred rent associated with office tenants was $0.7 millionCollected 96% of cash rent and 97% of contractual rent due from retail tenants during the first quarterNet deferred rent associated with retail tenants was $0.9 million"We are pleased with the early signs of recovery that we are seeing across our multifamily and commercial portfolios," said Paul T.