"It's been a tough year, we experienced many difficulties from event postponement, venue change to relocating exhibitors and reorganizing activities. Some companies delayed their event plan, but we also have welcomed many new participants. As event professionals we must strive to move forward and help exhibitors to meet the challenge. We were proud of ourselves when the Hotel Plus show in August kicked off," said Ms Helen Du, Director of Hotel Plus, "Now 2021 is just around the corner. As the only B2B show in China targeting buyers from hotel and commercial space sector, Hotel Plus will keep its unique advantage in hotel supplies, engineering design and lighting, and continue to expand further into cleaning, smart retail and commercial design to attract a broader spectrum of trade visitors."

Hotel Plus 2021 will gather more than 2,000 suppliers from hotel and commercial space industry under one roof. The booth reservation is growing against the economic downturn. So far, brands who have confirmed to exhibit at the show include Sleemon, Canasin, povodo, xshuai, SSWW, COSO, FANYI Signage, OPPLE, TENNE, youwe, JSHDE, Power Dekor, Golden Sail, Groupe GM, LMZ, Sidefu, Gold Sanitary Ware, Zhongcheng, Dr.OPPEAL, CANWIN, SQ Hotel Linen, SOUTH, GREE, GIMIG, YAGAO, YouMian, KANGCAI, Coburg, Ming Fai, LIERKANG, Kinen, IGE, Qualicer, Zhengyi, BETONBAU, LUONNE, Xiefuchun, PADOM, Guanghao, haicheng-tex, Pengyuan, Guest Supply, GCS, Xin Jie Weaving, Yining, JOBO, Vilai Cosmetics, Shangguo, MSA, LG, Guiheng, Hyundai L&C, BVEI, PENSEN, Nanhai Space Sanitary Ware, Haotai, Hanhe, bittel, Be-Tech, Puietel Technology, JELON, Laffey Electric, Kingint, TCL, QUEENSO, bymiot, GREATSART, Keruide, ITO, SHJR, FSILON, FLOVA, Tetch Electronic, kuaierte, LONYEON, and SOQO.

Apart from products showcasing, Hotel Plus will have a variety of onsite activities during the show dates dedicating itself to working as a social hub for the community. Design Week Shanghai, Hotel Culture Week, Charm of Light, China Mall Show and many more exciting conferences and competitions will gather industry insiders from hotel groups, shopping malls, real estate developers as well as architecture and design circle at Hotel Plus to experience innovative exhibition form and space.

If you're interested in Hotel Plus, please go to https://en.jiagle.com/cs-hotelplus/for more information.

About Hotel Plus

Hotel Plus is China's leading trade show catering to hospitality and commercial space industry. Serving as one-stop sourcing platform for hotels, restaurants, clubs, retail shops, shopping malls and other commercial properties, the mega event is consisted of 8 sub-shows spanning exhibit categories from architectural decoration, engineering design, lighting, intelligent products to hotel amenities, furniture, cleaning, facility management, smart retail and franchise. By presenting the latest products and innovative brands, Hotel Plus is leading the way in construction and operation of hotels and commercial space.

SOURCE Sinoexpo Informa Markets

Excerpt from:
Hotel Plus 2021 Will Open a New Chapter to Gather over 2,000 Exhibitors with The Exhibition Space Of 200,000 sqm - PRNewswire

NEW YORK--(BUSINESS WIRE)--Seritage Growth Properties (NYSE: SRG) (the Company), a national owner of 195 retail and mixed-use properties totaling approximately 30.4 million square feet of gross leasable area (GLA), today reported financial and operating results for the three and nine months ended September 30, 2020, and provided a business update in light of the ongoing COVID-19 pandemic.

Summary Financial Results

For the three months ended September 30, 2020:

For the nine months ended September 30, 2020:

COVID-19 Business Update

As of October 30, 2020:

We continue to benefit from the breadth of our asset base including the diversity of our tenant roster and our geographic diversity. Our tenants are now 95% open, with rent collections in the third quarter of 96%, including 86% collected in cash and 10% addressed per signed deferral agreements. We made strong progress on monetizing assets with proceeds of $113.6 million generated from transactions in the third quarter. Year to date, we have monetized assets totaling $284 million, of which $166.7 million were income producing assets sold at an average cap rate of 5.9%. Since inception, we have reduced the portfolio to a more focused group of 195 assets from 266 assets and raised approximately $985 million in proceeds from asset monetization activity, allowing us to focus our human and capital resources on our top redevelopment opportunities, said Benjamin Schall, President and Chief Executive Officer.

Mr. Schall continued, We continue to be prudent with respect to development capital expenditures, with a prioritization on continuing projects where we can generate near-term income from stronger national tenants. We are also advancing master planning, entitlement and site infrastructure on our multi-family portfolio, having partnered with well-established apartment developers on over 5,500 apartment units. These partners share our view on the significant value creation opportunities to convert our land parcels into differentiated residential communities, with an emphasis on walkability, services, amenities and greenspace. These priorities are consistent with our efforts to work through this period of disruption and uncertainty while preserving the value of our platform and portfolio over the medium and long term.

Portfolio Update (as of September 30, 2020)

Premier and Larger Scale

Includes 34 assets totaling 6.5 million square feet (5.7 million at share) of existing retail space that the Company believes can be expanded and densified by integrating retail, residential, office and other uses. Allowing for the risk and extended timeframes inherent in the entitlement process, the Company believes that the density on these sites could ultimately evolve to include a total of 6,500 to 7,500 residential units and over 5.0 million square feet of mixed-use commercial space.

Suburban Retail

Includes 136 assets totaling 21.2 million square feet (19.5 million at share) of existing space that the Company has redeveloped, or believes can be redeveloped, into first-class, multi-tenant retail centers or repurposed for alternate, non-retail uses.

Smaller Market

Includes 25 assets totaling 2.8 million square feet of existing space that the Company will continue to market for sale, subject to achieving appropriate value relative to any potential redevelopment opportunities.

Operating Results

Transactions

During the three months ended September 30, 2020, the Company monetized six properties and nine outparcels totaling 1.4 million square feet and generated $113.6 million of gross proceeds, including one new joint venture and one sale-leaseback transaction.

Total monetization activity for the nine months ended September 30, 2020 consisted of 19 properties and 12 outparcels totaling 3.1 million square feet and $272.5 million of gross proceeds.

Subsequent to September 30, 2020, the Company sold two properties and one outparcel for aggregate gross proceeds of $11.8 million and, as of October 30, 2020, the Company had assets under contract for sale representing anticipated gross proceeds of $62.5 million, subject to buyer diligence and closing conditions.

Since it began its capital recycling program in July 2017, the Company has raised over $985 million of gross cash proceeds from the sale or joint venture of interests in 86 properties, plus outparcels at several properties.

Leasing

During the three months ended September 30, 2020, the Company signed new leases totaling 51,000 square feet at an average base rent of $17.71 PSF. On a same-space basis, new rents averaged 4.2x prior rents for space formerly occupied by Sears or Kmart, increasing to $20.91 PSF for new tenants compared to $4.93 PSF paid by Sears or Kmart across 19,000 square feet.

The table below provides a summary of the Companys leasing activity, including its proportional share of unconsolidated entities, for the three and nine months ended September 30, 2020 and since the Companys inception in July 2015:

(in thousands, except PSF amounts)

Since

Q3 2020

FY2020

Inception

Leases

6

24

426

Square feet

51,000

272,000

10,699,000

Annual base rent ($000s)

$

903

$

5,461

$

185,229

Annual base rent PSF (1)

$

17.71

$

20.08

$

18.34

Continue reading here:
Seritage Growth Properties Reports Third Quarter 2020 Operating Results - Business Wire

OAK BROOK, Ill., Nov. 2, 2020 /PRNewswire/ -- Retail Properties of America, Inc. (NYSE: RPAI)(the "Company")today reported financial and operating results for the quarter and nine months ended September 30, 2020.

FINANCIAL RESULTSFor the quarter ended September 30, 2020, the Company reported:

For the nine months ended September 30, 2020, the Company reported:

OPERATING RESULTSFor the quarter ended September 30, 2020, the Company's portfolio results were as follows:

For the nine months ended September 30, 2020, the Company's portfolio results were as follows:

"During the quarter, we advanced our platform in significant areas, improving rent collections, progressing on tenant negotiations, publishing our inaugural corporate sustainability report and further strengthening our already robust capital structure position," stated Steve Grimes, chief executive officer. "We look forward to building on this positive internal momentum through year-end and into 2021."

BUSINESS UPDATEThe Company delivered progress across many key aspects of the business during the quarter, including improving rent collection levels. As of October 26, 2020, the Company reported the following cash collection statistics:

Q2 2020 base rent, updated:

73.6%

July 2020 base rent, updated:

80.5%

August 2020 base rent, updated:

83.1%

September 2020 base rent:

88.9%

Q3 2020 base rent:

84.2%

October 2020 base rent:

87.2%

As of October 26, 2020, the Company has collected 73.6% of second quarter 2020 base rent, up from the previously reported 68.4% as of July 27, 2020. Further, the Company has continued to realize sequentially higher base rent collection levels throughout the third quarter of 2020, culminating in a September 2020 base rent collection rate of 88.9% as of October 26, 2020. In addition, the Company has collected 87.2% of October 2020 base rent as of October 26, 2020, which measures ahead of the daily collection pace for September 2020.

The Company's portfolio ABR benefits from a composition of 38% from essential uses and office, including 9% from grocery/warehouse clubs as well as 7% from office tenants generally located in suburban locations above the Company's first floor retail footprint. The Company continues to assist tenants' efforts to operate safely and effectively in the current environment through portfolio-wide initiatives such as the enhancement of curbside pickup offerings, onsite signage, expansion of outdoor dining capacity as well as property-specific endeavors, including outdoor event marketing, digital campaigns and delivery and to-go promotions.

The Company continues to negotiate and sign lease amendments with certain tenants in the wake of the adverse impacts of the COVID-19 pandemic, as shown in the following table, with amounts reported as of October 26, 2020:

Q3 2020

Q2 2020

Billed base rent collected

84.2%

73.6%

Security deposits applied

0.1%

2.7%

Executed lease amendments

7.4%

11.9%

In-process lease amendments (1)

1.6%

5.3%

Total billed base rent addressed

93.3%

93.5%

(1)

TheCompany can make no assurances that the in-process lease amendments will ultimately be executed on the terms negotiated or at all.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITYThe Company engaged in multiple transactions to enhance balance sheet strength and financial flexibility during the quarter. As previously announced, the Company, in underwritten public offerings, issued an additional $100.0 million aggregate principal amount of its 4.00% senior unsecured notes due 2025 in a reopening on July 21, 2020 and $400.0 million aggregate principal amount of its 4.75% senior unsecured notes due 2030 in a new issuance on August 25, 2020.

The Company redeployed the vast majority of the related net proceeds from these public issuances to repay the principal of existing indebtedness as follows:

Following these activities, the Company holds no debt maturities until 2022, a fully undrawn $850.0 million unsecured revolving line of credit and approximately $877.1 million in total available liquidity as of September 30, 2020, up $149.8 million from $727.3 million as of June 30, 2020.

In total, the Company had $1.8 billion of gross consolidated indebtedness with a weighted average contractual interest rate of 4.17% and a weighted average maturity of 6.1 years as of September 30, 2020, up 2.0 years from 4.1 years as of June 30, 2020. The Company continues to benefit from substantial headroom relative to its debt covenants, including a debt service coverage ratio of 3.7x, well in excess of the 1.5x requirement under its debt agreements.

DIVIDENDAs previously announced on September 8, 2020, the Company's board of directors declared a third quarter dividend for its outstanding Class A common stock of $0.05 per common share. The Company's board of directors had previously suspended the dividend to preserve and enhance liquidity and capital positioning. The dividend of $0.05 per common share was paid on October 9, 2020, to Class A common stockholders of record on September 25, 2020.

The Company's board of directors will continue to monitor financial performance and declare additional dividend payments to at least cover the Company's minimum taxable distribution requirements, aiming to grow this initial quarterly dividend amount over time as conditions further normalize. Year to date, including dividends paid in January 2020, April 2020, and October 2020, the Company has paid $81.6 million in aggregate dividends.

INVESTMENT ACTIVITYExpansions and RedevelopmentsThe Company continues to make progress on the execution of its active expansion and redevelopment projects.

Active ProjectsOne Loudoun DowntownDuring the quarter, the Company and KETTLER, its joint venture partner for the multi-family component of the mixed-use expansion of Pads G & H at its One Loudoun Downtown multi-tenant retail operating property, advanced exterior skin work, unit drywall installation and unit finishes, including cabinets, tile, and plumbing fixtures for Pad G's multi-family residential units. For Pad G's office component, the Company and KETTLER completed construction of the building structure and roof and advanced the installation of storefronts and windows as well as internal mechanical systems. In addition, the Company and KETTLER advanced wood frame construction, unit mechanical rough-ins and exterior skin work as well as initiated unit drywall installation for the multi-family residential units of Pad H. In the aggregate, this expansion project, located in the Washington, D.C. metropolitan statistical area (MSA), consists of up to 70,000 square feet of retail and office commercial space and 378 one- and two-bedroom multi-family rental units, which will become One Loudoun's first apartment community, Vyne, which is anticipated to open in late spring 2021. The expansion project complements and enhances the Company's approximately 469,000 square foot mixed-use community anchor asset, One Loudoun Downtown.

Circle EastDuring the quarter, the Company signed a lease with an experience-based, growing national salon for in-line space at its 80,000 square foot Circle East mixed-use project located in Towson, MD within the Baltimore MSA. Subsequent to quarter end, the Company signed one additional lease for in-line space, bringing the project to 15% leased. The Company is engaged in lease negotiations or holds letters of intent for an additional 34% of the project'ssquare footage. The Company continues to advance construction for the previously announced Shake Shack and Ethan Allen sites that will anchor Circle East.

Other ProjectsSubsequent to quarter end, the Company delivered space for a grocer anchor tenant at The Shoppes at Quarterfield. Construction continues at the balance of that reconfiguration project as well as the single-tenant pad development at Southlake Town Square.

WEBCAST AND CONFERENCE CALL INFORMATIONThe Company's management team will hold a webcast on Tuesday, November 3, 2020 at 11:00 AM (ET), to discuss its quarterly financial results and operating performance, as well as business highlights and outlook. In addition, the Company may discuss business and financial developments and trends and other matters affecting the Company, some of which may not have been previously disclosed.

A live webcast will be available online on the Company's website at http://www.rpai.com in the INVEST section. A replay of the webcast will be available. To listen to the replay, please go to http://www.rpai.com in the INVEST section of the website and follow the instructions.

The conference call can be accessed by dialing (877) 705-6003 or (201) 493-6725 for international participants. Please dial in at least ten minutes prior to the start of the call to register. A replay of the call will be available from 2:00 PM (ET) on November 3, 2020 until midnight (ET) on November 17, 2020. The replay can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers and entering pin number 13708658.

SUPPLEMENTAL INFORMATIONThe Company has posted supplemental financial and operating information and other data in the INVEST section of its website.

ABOUT RPAIRetail Properties of America, Inc. is a REIT that owns and operates high quality, strategically located open-air shopping centers, including properties with a mixed-use component. As of September 30, 2020, the Company owned 102 retail operating properties in the United States representing 20.0 million square feet. The Company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the Company is available at http://www.rpai.com.

SAFE HARBOR LANGUAGEThe statements and certain other information contained in this press release, which can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "should," "intends," "plans," "estimates" or "anticipates" and variations of such words or similar expressions or the negative of such words, constitute "forward-looking statements" within the meaning of Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby.These forward-looking statements reflect the Company's current views about its plans, intentions, expectations, strategies and prospects, which are based on the information currently available to the Company and on assumptions it has made. Although the Company believes that its plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, the Company can give no assurance that such plans, intentions, expectations or strategies will be attained or achieved. Furthermore, these forward-looking statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment.Such risks and uncertainties could cause actual results to differ materially from those projected.These uncertainties include, but are not limited to, economic, business and financial conditions, and changes in the Company's industry and changes in the real estate markets in particular, economic and other developments in markets where the Company has a high concentration of properties, the Company's business strategy, the Company's projected operating results, rental rates and/or vacancy rates, frequency and magnitude of defaults on, early terminations of or non-renewal of leases by tenants, bankruptcy, insolvency or general downturn in the business of a major tenant or a significant number of smaller tenants, adverse impact of e-commerce developments and shifting consumer retail behavior on tenants, interest rates or operating costs, the discontinuation of London Interbank Offered Rate (LIBOR), real estate and zoning laws and changes in real property tax rates, real estate valuations, the Company's leverage, the Company's ability to generate sufficient cash flows to service outstanding indebtedness and make distributions to shareholders, changes in the dividend policy for the Company's Class A common stock and its ability to resume the payment of dividends at past levels, the Company's ability to obtain necessary outside financing, the availability, terms and deployment of capital, general volatility of the capital and credit markets and the market price of the Company's Class A common stock, risks generally associated with real estate acquisitions and dispositions, including the Company's ability to identify and pursue acquisition and disposition opportunities, risks generally associated with redevelopment, including the impact of construction delays and cost overruns and related impact on the Company's estimated investments in such redevelopment, the Company's ability to lease redeveloped space, the Company's ability to identify and pursue redevelopment opportunities and the risk that it takes longer than expected for development assets to stabilize or that the Company does not achieve its estimated returns on such investments, the Company's ability to enter into new leases or renew leases on favorable terms, pandemics or other public health crises, such as the COVID-19 pandemic, and the related impact on (i) the Company's ability to manage its properties, finance its operations and perform necessary administrative and reporting functions and (ii) the ability of the Company's tenants to operate their businesses, generate sales and meet their financial obligations, including the obligation to pay rent and other charges as specified in their leases, the Company's ability to create long-term shareholder value, regulatory changes and other risk factors, including those detailed in the sections of the Company's most recent Forms 10-K and 10-Q filed with the SEC titled "Risk Factors," which you should interpret as heightened as a result of the numerous and ongoing adverse impacts of COVID-19. The extent to which COVID-19 impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. The Company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

NON-GAAP FINANCIAL MEASURESAs defined by the National Association of Real Estate Investment Trusts (NAREIT), an industry trade group, Funds From Operations (FFO) means net income computed in accordance with generally accepted accounting principles (GAAP), excluding (i) depreciation and amortization related to real estate, (ii) gains from sales of real estate assets, (iii) gains and losses from change in control and (iv) impairment write-downs of real estate assets and investments in entities directly attributable to decreases in the value of real estate held by the entity. The Company has adopted the NAREIT definition in its computation of FFO attributable to common shareholders. The Company believes that, subject to the following limitations, FFO attributable to common shareholders provides a basis for comparing its performance and operations to those of other real estate investment trusts (REITs). The Company believes that FFO attributable to common shareholders, which is a supplemental non-GAAP financial measure, provides an additional and useful means to assess the operating performance of REITs. FFO attributable to common shareholders does not represent an alternative to (i) "Net income" or "Net income attributable to common shareholders" as an indicator of the Company's financial performance, or (ii) "Cash flows from operating activities" in accordance with GAAP as a measure of the Company's capacity to fund cash needs, including the payment of dividends.

The Company also reports Operating FFO attributable to common shareholders, which is defined as FFO attributable to common shareholders excluding the impact of discrete non-operating transactions and other events which the Company does not consider representative of the comparable operating results of its real estate operating portfolio, which is its core business platform. Specific examples of discrete non-operating transactions and other events include, but are not limited to, the impact on earnings from gains or losses associated with the early extinguishment of debt or other liabilities, litigation involving the Company, including gains recognized as a result of settlement and costs to engage outside counsel related to litigation with former tenants, the impact on earnings from executive separation and the excess of redemption value over carrying value of preferred stock redemption, which are not otherwise adjusted in the Company's calculation of FFO attributable to common shareholders. The Company believes that Operating FFO attributable to common shareholders, which is a supplemental non-GAAP financial measure, provides an additional and useful means to assess the operating performance of REITs. Operating FFO attributable to common shareholders does not represent an alternative to (i) "Net income" or "Net income attributable to common shareholders" as an indicator of the Company's financial performance, or (ii) "Cash flows from operating activities" in accordance with GAAP as a measure of the Company's capacity to fund cash needs, including the payment of dividends. Comparison of the Company's presentation of Operating FFO attributable to common shareholders to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in definition and application by such REITs.

The Company also reports Net Operating Income (NOI), which it defines as all revenues other than (i) straight-line rental income (non-cash), (ii) amortization of lease inducements, (iii) amortization of acquired above and below market lease intangibles and (iv) lease termination fee income, less real estate taxes and all operating expenses other than lease termination fee expense and non-cash ground rent expense, which is comprised of amortization of right-of-use lease assets and amortization of lease liabilities. NOI consists of Same Store NOI and NOI from Other Investment Properties. Same Store NOI represents NOI from the Company's same store portfolio consisting of 101 retail operating properties acquired or placed in service and stabilized prior to January1, 2019. NOI from Other Investment Properties represents NOI primarily from (i) properties acquired or placed in service during 2019 and 2020, (ii) the multi-family rental units at Plaza del Lago, a redevelopment project that was placed in service during 2019, (iii) Circle East, which is in active redevelopment, (iv) One Loudoun Downtown Pads G & H, which are in active development, (v) Carillon, a redevelopment project where the Company halted plans for vertical construction during the three months ended March 31, 2020 in response to current macroeconomic conditions due to the impact of the COVID-19 pandemic. As of September 30, 2020, the Company had completed the current scope of site work preparation at the property in anticipation of future vertical development at the site, (vi) The Shoppes at Quarterfield, which is in active redevelopment, (vii) properties that were sold or held for sale during 2019 and 2020, and (viii) the net income from the Company's wholly-owned captive insurance company. The Company believes that NOI, Same Store NOI and NOI from Other Investment Properties, which are supplemental non-GAAP financial measures, provide an additional and useful operating perspective not immediately apparent from "Net income" or "Net income attributable to common shareholders" in accordance with GAAP. The Company uses these measures to evaluate its performance on a property-by-property basis because they allow management to evaluate the impact that factors such as lease structure, lease rates and tenant base have on the Company's operating results. NOI, Same Store NOI and NOI from Other Investment Properties do not represent alternatives to "Net income" or "Net income attributable to common shareholders" in accordance with GAAP as indicators of the Company's financial performance. Comparison of the Company's presentation of NOI, Same Store NOI and NOI from Other Investment Properties to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in definition and application by such REITs.

CONTACT INFORMATIONMichael GaidenVice President Capital Markets and Investor RelationsRetail Properties of America, Inc. (630) 634-4233

Retail Properties of America, Inc.Condensed Consolidated Balance Sheets(amounts in thousands, except par value amounts)(unaudited)

September 30,2020

December 31,2019

Assets

Investment properties:

Land

$

1,075,037

$

1,021,829

Building and other improvements

3,576,289

3,544,582

Developments in progress

168,365

113,353

4,819,691

4,679,764

Less: accumulated depreciation

(1,482,583)

(1,383,274)

Net investment properties (includes $59,678 and $12,445 from consolidatedvariable interest entities, respectively)

3,337,108

3,296,490

Cash and cash equivalents

27,371

9,989

Accounts and notes receivable, net

86,589

73,832

Acquired lease intangible assets, net

70,837

79,832

Right-of-use lease assets

43,234

50,241

Other assets, net (includes $336 and $164 from consolidated

variable interest entities, respectively)

69,678

Read this article:
Retail Properties of America, Inc. Reports Third Quarter And Year To Date 2020 Results - PRNewswire

A property at 155 Washington Street, first built as a parking garage during the 1920s, was sold by Rutgers University to L+M Development Partners. Photo by Jared Kofsky/Jersey Digs.

A developer that has been hard at work renovating a high-rise along the border of Downtown and University Heights has announced a partnership that will bring an expanding living concept to Newark.

Back in April last year, we were the first outlet to break the news about the revitalization of an 18-story tower at 155 Washington Street. The property, first built as a parking garage during the 1920s, was sold by Rutgers University to L+M Development Partners for just over $9 million.

Newarks planning board approved a final design this July to adaptively reuse the longstanding structure into a 250-unit residential building sporting 6,250-square feet of retail space. The $91 million project, drawn up by Inglese Architecture + Engineering, calls for a new four-story building connected along Washington Street that will be home to institutional space for Rutgers University-Newark.

L+M Development Partners recently announced a partnership with Dave Barry, formerly of Ironstate Development, to bring the next Urby venture to the property. The communities embrace a design approach that emphasizes common spaces to facilitate interaction between tenants via amenities like coffee shops integrated into the lobbies and communal kitchens.

The thriving, cultural hub of Newark is a perfect match for Urby as we focus on bringing community and fresh perspectives to retail and residential development, said Barry, CEO of Urby. Newark Urby will celebrate the design history of the city with this renovated tower and connect the building to the energy of Rutgers University and the movement within New Jersey and to NYC via convenient public transit.

Newarks spin on Urby, expected to be wrap construction in the spring of 2022, will include a rooftop deck, ground floor courtyard, gym, lounge areas and a music room. It will be the brands third outpost in New Jersey following 2017s opening of a 69-story Urby tower in Downtown Jersey City, with the company also operating a 409-unit building in Harrison.

In terms of the Garden State, a 25-story Urby concept in Jersey Citys Journal Square was approved last year and had been set to break ground before the COVID-19 pandemic struck. Another 466-unit Urby has been pitched for land near Hudson County Community College.

Urby has two other completed developments on Staten Island and in Stamford, Connecticut. The brand has recently set its sights on expanding throughout the country, as planning is underway to bring their developments to several cities including Dallas, Texas and Washington, D.C.

See more here:
Newark Will Be Getting Its First 250-Unit Urby Development - Jersey Digs

The following discussion should be read in conjunction with the ConsolidatedFinancial Statements of Mack-Cali Realty Corporation and Mack-Cali Realty, L.P.and the notes thereto (collectively, the "Financial Statements"). Certaindefined terms used herein have the meaning ascribed to them in the FinancialStatements. Executive OverviewMack-Cali Realty Corporation, together with its subsidiaries, (collectively, the"General Partner"), including Mack-Cali Realty, L.P. (the "OperatingPartnership"), has been involved in all aspects of commercial real estatedevelopment, management and ownership for over 60 years and the General Partnerhas been a publicly traded real estate investment trust ("REIT") since 1994.The Operating Partnership conducts the business of providing leasing,management, acquisition, development, construction and tenant-related servicesfor its General Partner. The Operating Partnership, through its operatingdivisions and subsidiaries, including the Mack-Cali property-owning partnershipsand limited liability companies, is the entity through which all of the GeneralPartner's operations are conducted. Unless stated otherwise or the contextrequires, the "Company" refers to the General Partner and its subsidiaries,including the Operating Partnership and its subsidiaries.As of September 30, 2020, the Company owned or had interests in 59 properties(collectively, the "Properties"), consisting of 29 office properties, totalingapproximately 8.7 million square feet leased to approximately 225 commercialtenants, 22 multi-family rental properties containing 6,850 apartment units,four parking/retail properties, totaling approximately 108,000 square feet,three hotels containing 723 rooms and a parcel of land leased to a third party.The Properties are located in the Northeast, some with adjacent,Company-controlled developable land sites able to accommodate up toapproximately 2.0 million square feet of additional commercial space andapproximately 9,500 apartment units.The Company's historical strategy has been to focus its operations, acquisitionand development of office and multi-family rental properties inhigh-barrier-to-entry markets and sub-markets where it believes it is, or canbecome, a significant and preferred owner and operator. In September 2015, theCompany announced an initiative to transform into a more concentrated owner ofNew Jersey Hudson 65

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STRATEGIC DIRECTION

?the general economic climate;

?the occupancy rates of the Properties;

?rental rates on new or renewed leases;

?tenant improvement and leasing costs incurred to obtain and retain tenants;

?the extent of early lease terminations;

?the value of our office properties and the cash flow from the sale of suchproperties;

?operating expenses;

?anticipated acquisition and development costs for office and multi-familyrental properties and the revenues and earnings from these properties;

?cost of capital; and

?the extent of acquisitions, development and sales of real estate, including theexecution of the Company's current strategic initiative.

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Table of Contents

The remaining portion of this Management's Discussion and Analysis of FinancialCondition and Results of Operations should help the reader understand our:

?recent transactions;

?critical accounting policies and estimates;

?results from operations for the three and nine months ended September 30, 2020,as compared to the three and nine months ended September 30, 2019, and

?liquidity and capital resources.

Properties Commencing Initial Operations

The following property commenced initial operations during the nine months endedSeptember 30, 2020 (dollars in thousands):

Development

(a)The Emery at Overlook Ridge property consists of a total of 326 multi-familyunits. Of this amount, the remaining 55 multi-family units were placed inservice in October 2020.

Consolidations

On March 12, 2020, the Company, acquired its equity partner's 80 percentinterest in Port Imperial North Retail L.L.C. a ground floor

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Table of Contents

4,305

8,912

1,503

313

15,033

(a) In-place and below market lease values are being amortized over aweighted-average term of 7.5 years.

Real Estate Held for Sale/Discontinued Operations/Dispositions

The Company disposed of the following office properties during the nine monthsended September 30, 2020 (dollars in thousands):

Type Proceeds Value Losses, net Losses, net03/17/20One Bridge PlazaFort Lee, New Jersey 1 200,000

07/22/20 3 Giralda Farms (a) Madison, New Jersey 1 141,000

09/15/20Morris portfolio (b) Madison, New Jersey 10 1,448,420

(a) The Company recorded valuation allowances of $2.0 million on the held for sale

property during the nine months ended September 30, 2020 and of $16.7 million

during the year ended December 31, 2019.(b) The Company recorded valuation allowances of $21.6 million on the held for

sale properties during the nine months ended September 30, 2020 and of

$32.5 million during the year ended December 31, 2019.(c) The Company recorded a valuation allowance of $3.5 million on this property

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The Company disposed of the following developable land holdings during the ninemonths ended September 30, 2020 (dollars in thousands):

01/03/20Mile RoadMiddletown, New Jersey$ 7,018$ 2,969$ 4,049

Impairments on Properties Held and Used

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financial results. Judgments and uncertainties affecting the application ofthese policies and estimates may result in materially different amounts beingreported under different conditions and circumstances.

Rental Property

Properties are depreciated using the straight-line method over the estimateduseful lives of the assets. The estimated useful lives are as follows:

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Real Estate Held for Sale and Discontinued Operations

Investments in Unconsolidated Joint Ventures

If the venture subsequently makes distributions and the Company does not have animplied or actual commitment to support the operations of the venture, theCompany will not record a basis less than zero, rather such amounts will berecorded as equity in earnings of unconsolidated joint ventures.

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Revenue Recognition

Parking income is comprised of income from parking spaces leased to tenants andothers.

Hotel income includes all revenue generated from hotel properties.

Other income includes income from tenants for additional services arranged forby the Company and income from tenants for early lease terminations.

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Redeemable Noncontrolling Interests

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Change

Total revenues from rental operations 74,774 83,979 (9,205)

(15.5)

130.3

(98.4)

1,315.0

-

100.0

129.1

256.8

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Parking income. Parking income for the Same-Store Properties decreased$1.8 million, or 30.7 percent, for 2020 as compared to 2019, due primarily to adecrease in usage at commercial properties, due to the COVID-19 pandemic in2020.

Utilities. Utilities for the Same-Store Properties decreased $0.2 million, or4.5 percent, for 2020 as compared to 2019, due primarily to decreasedelectricity rates in 2020 as compared to 2019.

Real estate services revenue. Real estate services revenue (primarilyreimbursement of property personnel costs) decreased $0.5 million, or 15.7percent, for 2020 as compared to 2019, due primarily to decreased third partydevelopment and management activity in multi-family services in 2020, ascompared to 2019.

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compared to 2019.

Property impairments. In 2020, the Company recorded impairment charges of$36.6 million on its hotel properties in Weehawken, New Jersey.

Land and other impairments. In 2020, the Company recorded $1.3 million ofimpairments of developable land parcels. In 2019, the Company incurred avaluation impairment charge of $2.6 million on a developable land parcel. SeeNote 12: Disclosure of Fair Value of Assets and Liabilities.

Interest expense. Interest expense decreased $1.9 million, or 8.4 percent, for2020 as compared to 2019. This decrease was primarily the result of loweraverage interest rates in 2020 as compared to 2019.

Interest and other investment income. Interest and other investment incomedecreased $0.2 million, or 98.4 percent for 2020 as compared to 2019, dueprimarily to lower average notes receivable balances outstanding in 2020 ascompared to 2019.

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Total revenues from rental operations 223,733 253,478 (29,745)

(16.8)

44.7

(97.2)

68.1

(100.0)

(103.4)

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MACK CALI REALTY : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q) - marketscreener.com

A rendering of the beach-front townhomes and commercial space planned for Colonial Beach. (Courtesy of Dodson Development)

Two years ago, the town of Colonial Beach decided it wanted to start marketing itself as a tourist destination for Richmonders, Washingtonians and others around the Commonwealth.

The town, with its seasonal population of about 3,500 split between full- and part-time residents, is geographically positioned to do so, sitting on the Northern Neck and with beachfront land facing the Potomac River.

Last week, the town announced another step toward drawing in visitors with the help of Richmond developer Duke Dodson.

His Dodson Development bought 5 acres for $2.7 million, on which it is planning a multi-phase, mixed-use project thatll add townhomes, a hotel, office and retail space adjacent to Colonial Beachs Town Hall at 100 Wilder Ave. and 301 Douglas Ave.

While the four-phase project wont reach full completion until mid-2024, Dodson, who is president of the firm, said the project came together relatively quickly after he got word of it in mid-March.

It just got me really excited. I was looking at it for me and my family because we were looking for a river or lake destination. In Richmond, you have a couple of river or lake options but none stands out as obvious, Dodson said.

Colonial Beach is close to Richmond, D.C. and Fredericksburg, but it has a historic downtown and its a golf cart town. Based on a lot of factors, I feel like the times right for it.

The projects first phase would add 35 townhomes. (Courtesy of Dodson Development)

The projects first phase includes building 35 townhomes to start in the mid-$300,000s. The second phase calls for the renovation of three existing commercial spaces in Colonial Beachs downtown. Those will be followed by 36 waterfront condos along with 10,000 square feet of retail space. A boutique hotel will round out the project.

Dodson said he expects the total project cost to surpass $25 million. He said his family will personally own one of the townhomes and his Dodson Property Management will lease one of the office spaces thats being renovated.

As for retail, Dodson hopes to bring in what he describes as boardwalk-friendly tenants.

Well be marketing to places like coffee shops, ice cream shops, he said, noting that one of the commercial spaces being renovated is an old bank building that hes already shown to some breweries.

Richmond-based Fultz & Singh Architects is the projects architect, and local general contracting firms Vertical Builders and UrbanCore Construction will handle the build for different phases.

Itll be among Dodsons largest projects to date, and his first outside of Richmond, where hes developed a Gather-anchored project in the Arts District, and the former ARC building in Scotts Addition thats now home to Gelati Celesti, Potbelly Sandwich Shop and High Point Barbershop.

Ive never developed outside of Richmond because Ive always said I want to develop stuff that I can walk and see, Dodson said. Its pretty exciting. Well spend a lot of time out there in the summers in the coming years. It doesnt feel like a foreign market and Im getting more and more comfortable with it by the day.

Go here to read the rest:
Dodson going big with $25M mixed-use development in Colonial Beach - RichmondBizSense

The TOPHOTELPROJECTS construction database shows that 2,126 new hotels will open across North, Central and South America, plus the Caribbean, in the coming years.

A total of 2,126 properties with 441,919 rooms are scheduled to go live throughout the Americas, according to our research, of which the lions share will be in the US. We find out more about whats coming up in this huge region.

The remainder of 2020 will see 377 hotels open in the Americas, bringing 72,271 extra rooms into play. 204 of these properties are already in the preopening phase.

In 2021, things will get especially busy with 808 openings slated to add 152,428 rooms to the market. Another 386 hotels with 87,378 rooms are due for completion in 2022, and 122 properties with 30,433 keys will open in 2023. For 2024 and beyond, 433 projects with 99,411 rooms are already in the pipeline.

Of these 2,126 openings, 1,519 will be first-class properties, while 607 will be in the luxury segment.

With 1,876 hotels in the pipeline, North America gets the lions share of the 2,126 properties logged by our researchers Latin America will see just 250 establishments open their doors.

In terms of countries, the US takes the lead with 1,526 hotels and 296,596 keys under development. Mexico comes in a distant second place with 132 projects and 32,829 keys in its pipeline, while Brazil completes the top three with 72 properties and 15,492 rooms.

Canada will grow its offering by 67 hotels with 10,671 rooms, followed by Argentina with 45 projects and 4,692 keys. Colombia isnt far behind with 35 planned launches set to bring 6,100 new rooms.

Despite having only 30 hotels in its pipeline, meanwhile, the Dominican Republic will see an impressive 21,928 new rooms hit the market soon. Chile comes next with 26 hotels and 4,173 keys, and Cuba and Peru conclude the list with 22 projects each and 5,525 and 3,584 keys respectively.

Unsurprisingly, all the cities that make our top ten are in the US. New York takes first place with 67 projects and 17,463 rooms under development, LA comes second with 51 hotels and 10,662 keys underway, and Atlanta completes the top three with 47 properties and 9,961 rooms.

Miami and Nashville are next in line with 36 and 33 projects each, followed by San Francisco and its 23 new hotels. Further down the list, Austin and Chicago have 22 and 21 properties in their respective pipelines, while Orlando, Denver and Indianapolis will all grow their hotel offering by 20 properties.

Hilton brands dominate the top of this list. Hampton by Hilton leads the pack with 66 projects and 8,189 rooms in its pipeline, whereas Home2 Suites by Hilton will expand its portfolio by 57 properties and 6,757 rooms. This growth shows that Hilton is placing bets on extended-stay properties gaining more traction over the coming years.

Hilton Garden Inn and Cambria Hotels will both open 43 properties, closely followed by Aloft, which will add 40 hotels to its network. Elsewhere, AC Hotels by Marriott has 38 projects in its pipeline, and Marriott Hotels & Resorts is right on its heels with 35 properties but nearly twice as many rooms.

Courtyard by Marriott, Hyatt Place and Fairfield Inn & Suites by Marriott will each open 34 new hotels.

In Las Vegas, Hilton is working on a triple-branded property that will provide a spectacular home for its Conrad, Hilton Hotels & Resorts and LXR flags. They will go live by mid-2021 and offer a total of 3,500 rooms, making it one of the largest hotels in the world with all the lifestyle and entertainment features guests expect from a hotel in Vegas. Facilities will include a 5,000-capacity state-of-the-art theatre, 32,500 sq m of meeting and convention space, a 20,000 sq m pool complex with seven unique pool experiences, a spa and fitness centre, and an extensive collection of casual and fine-dining F&B concepts.

Omni also has two noteworthy projects in the works. Omni Boston Hotel at the Seaport will have 1,055 rooms and suites and open by early 2021. And over in Fort Lauderdale, a new Omni property will feature 800 rooms when it opens by Q2 2023. Both properties will boast expansive meeting and convention facilities decked out with the latest technology to offer organisers maximum flexibility in creating memorable events.

Finally, the 17-storey Grand Hyatt Miami Beach will open by Q3 2023 and offer 800 rooms with splendid views of Miami Beach. Other facilities will include two floors of meeting spaces and ballrooms that will complement the convention centre next door, a resort-style pool deck with panoramic views and retail spaces. In addition, an eye-catching elevated skybridge will allow event attendees to move freely between the hotel and the convention centre in a climate-controlled, art-filled corridor.

Excerpt from:
Region overview: Over 2,000 new hotels to go live in the Americas [Construction Report] - TOPHOTELNEWS

There is not a firm completion date for the Hampton Inn Hotel on Harrison Avenue in Green Township.(Photo: Segann March/ Cincinnati Enquirer)

Noticedexcavatorson Harrison Avenue in Green Township?

It's site construction activities for both Buffalo Wild Wings andHampton Inn Hotel have begun. Both projects were tagged as "projects to watch" by the township for 2020.

Adam Goetzman, assistant Green Township administrator, said there are no firm completion dates for either project; however, they are expected to fall in the same timeline.

Buffalo Wild Wings will be located next to the Kroger Marketplace on Harrison Avenue.(Photo: Segann March/ Cincinnati Enquirer)

An office or retail space will be attached to BW3, according to the proposal. The proposal also includesan outdoor seating area, a 263-space parking lot, and a permanent greet space with a retention pond.

BW3 is located next to the Kroger Marketplace on Harrison Avenue.

The Hampton Inn Hotel will be located at 6336 Harrison Avenue. The 96-room hotel includes a 6,200 square foot, one-story commercial building and lot.

Green Township Trustee Tony Rosiello told The Enquirer last year that finding the right location was a challenge for developers, but the location they selected is centrally located and near the township's otherhotel, the Holiday Inn Express on Rybolt Road.

He said the hotel can help residents house out-of-town guests for holidays, serve medical and corporate visitors as well as host people in town for weddings or other events.

Rosiello said the hotel could also generate additionalrestaurants and retail developmentalong the Harrison Road corridor.

Read or Share this story: https://www.cincinnati.com/story/news/2020/10/22/work-underway-green-township-anticipated-westside-developments-harrison-avenue/5994015002/

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Work on two anticipated Westside developments finally gets moving - The Cincinnati Enquirer

Town planners have approved a new workforce housing development that will bring nearly 240 condominiums to Bedford.

Sebbins Brook Crossing was unanimously approved by the Bedford Planning Board last week. The project includes three four-story buildings across from Iron Horse Drive on a 25-acre parcel abutting South River Road. A separate clubhouse with pool also will be constructed.

This is a site that we believe will be attractive to the people that would be the buyers of these condominium units, said Mark Woglom of Opechee Corp., the design and construction management firm representing the applicants, Circle Drive Associates.

The first phase of the development includes two four-story workforce housing apartment buildings with 71 units each, as well as one four-story senior housing building with 96 units for ages 55 and up. The apartment buildings will operate under a condominium association form of ownership.

It does achieve workforce housing in a desirable location, which is an important component, Woglom said. We have really worked hard to come up with buildings that minimize the impact on the site.

Although local zoning restricts workforce housing to no more than 12 units per building in the performance zone where this parcel sits, waivers were granted by the planning board to permit the Sebbins Brook Crossing project.

According to Becky Hebert, Bedfords planning director, 25% of the units will be workforce housing units and the rest will be market rate. Unlike other residential projects the planning board has considered in recent years, this one received little opposition from local residents.

No one spoke out against the project last week when it was reviewed by the planning board, which granted several waivers to allow the multifamily residential buildings along South River Road.

Last month, the planning board denied a separate project for 200 luxury apartments and a movie theater at the Market and Main complex along South River Road. In that case, the planning board rejected a waiver seeking multifamily residential use within the towns performance zone.

The Market and Main project involved proposed rental units above retail space and did not include any workforce housing component.

Our goal is to sell these, Woglom said of the condominium units at Sebbins Brook Crossing. A second phase of the development, which has not yet been introduced to town planners, includes a proposed commercial aspect for the Sebbins Brook Crossing complex.

What makes you think that commercial is going to be successful in the front of the property? asked Stephen Clough, planning board member.

The commercial component will be considered on a much smaller scale, according to Woglom, who said a small office building or medical building could be ideal for the few acres of land left for development there.

The land represents one of the largest remaining undeveloped parcels in Bedfords performance zone, according to town planners. The site was previously approved for various projects, including a funeral home, retail development and warehouse and manufacturing building. None of those plans came to fruition.

Previously, a citizen petition opposing the construction of any additional apartments in Bedford was created. Also, several zoning changes were approved at the polls last year, including granting permission for workforce housing developments in the performance zone but prohibiting workforce housing in the commercial and office districts in Bedford.

The new condominiums will be energy-efficient and offer electric doors at all entrances and exits, as well as radio frequency identification sensors at the elevators so that residents do not have to touch any door handles or buttons in light of COVID-19 concerns, Woglom said earlier.

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240-unit condo complex approved in Bedford | Homes & Garden - The Union Leader

Developers of Friscos $1 billion Gate mixed-use project are starting work on its next phase.

The 49-acre Gate development is on the Dallas North Tollway just north of the Dallas Cowboys' Star development in Frisco. The Gate is a project of Dubai-based Invest Group Overseas.

The next phase of the development is The Shops at The Gate, a two-building retail center on the west side of the tollway. The shopping center will have more than 16,000 square feet of restaurant and retail space.

Despite the unkind economic conditions in the market due to the COVID-19-related challenges, we at Invest Group Overseas believe the situation will get better sooner than anticipated, which has enabled us to adapt to changing market conditions to drive results, managing partner and CEO Anas Kozbari said in an email. "The economy is recuperating, and Frisco, Texas, is the hub of this economic recovery.

This is the driving force behind our decision to move forward with the development and construction of The Shops at The Gate, which is a commercial shopping center that shall serve the Gate community as well as the neighboring areas.

Conduit Architecture + Design is the architect for the project, and MSF Contracting Group LLC is the contractor.

The developer said a luxury Colombian seafood restaurant has already signed a lease for a corner spot in one of the buildings.

Invest Group Overseas announced The Gate in 2014 with plans for over 2.3 million square feet of construction.

The project is part of what Frisco used to call its $5 billion mile of developments.

I want to assure our partners that we are working diligently for the completion of the Gate project, Kozbari said. It is not a secret to say that we have new additional construction at The Gate soon and the construction shall be completed by the end of May 2021.

San Antonio-based developer Embrey Partners and Irving-based apartment builder JPI have developed rental communities in The Gate.

Dallas-based JMJ Development has announced plans for a 28-story tower in The Gate that will include 225 luxury hotel rooms and 150 condo units at the corner of Hickman Parkway and the tollway.

The Gate also has sites for office development.

See more here:
Shopping center on the way at $1 billion Gate project in Frisco - The Dallas Morning News