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.
Real Estate News
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.
DALLAS, April 29, 2021 (GLOBE NEWSWIRE) -- Lincoln Property Company has been named the second largest multifamily manager for the seventh consecutive year according to the 2021 National Multifamily Housing Council’s 50 rankings.
Turnkey Co-Living Spaces in the Heart of Silicon Valley’s Startup Community go for $1 per month, all utilities and property taxes included
SAN FRANCISCO, April 29, 2021 (GLOBE NEWSWIRE) -- (via Blockchain Wire) ––20Mission (http://www.20mission.com/), a pioneering startup community and co-living space for creatives, technology and entrepreneurship in San Francisco, will launch a first-of-its-kind auction of spaces in this historic building, minted as NFTs on May 5th.
Gig Harbor, Washington , April 29, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,” or the “Company”), (NASDAQ:HCDI), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced that it has contracted to acquire 31 acres of commercial property for $4,750,000 in West Horseshoe Bay, Texas, located approximately 53 miles from Austin.
IRVING, Texas, April 28, 2021 (GLOBE NEWSWIRE) -- CorePoint Lodging Inc. (NYSE: CPLG) (“CorePoint” or the “Company”) today announced that the Company plans to report financial results for the first quarter of 2021 after the market closes on Thursday, May 6, 2021.
One of the Fastest-growing Global Real Estate Companies Extends its Footprint In Latin America with the Opening of eXp Colombia
eXp Global
Newly Renovated Property to Serve Surging Event Venue Demand
SAN DIEGO, CALIFORNIA, April 27, 2021 (GLOBE NEWSWIRE) -- International Land Alliance, Inc. (OTCQB:ILAL), (“ILA” or the “Company”), an international land investment and development firm, has reopened its newly renovated event center at its Emerald Grove Estates property in Southern California.