COVID-19 hasnt slowed progress in one area as Lenoir City and Loudon continue with new projects.

Beth Collins, Lenoir City planner, said the virus hasnt had much of an impact on the construction industry.

This is typically the beginning of our busy season in the spring, she said. Weve not had any kind of slowdown that Ive seen. Weve had kind of an upswing on residential calls, inquiries on remodels. Seems like a lot of people are taking advantage of maybe this extra time to do a project at home fencing, decks, that sort of thing.

Travis Gray, Loudon inspector and codes officer, agreed there is consistency in construction work.

Even through this COVID-19 emergency weve had, weve had consistent people building houses on a consistent basis, he said. Nobodys really quit. We tried our best to get those permits out and keep them moving forward and letting these contractors and homeowners build them a home if thats what they want. There hasnt been any slowing down.

Loudons current projects are all residential, Gray said.

Sweetwater Creek is going into its second phase, he said. We have a new subdivision at the interstate called Cedar Grove and theyre moving right along. I think theyve got maybe 10 or 12 houses started in that subdivision. Thats pretty much the biggest part of our construction right now is in the residential market. We dont have anything commercial or industrial going at the moment.

Lenoir City has both residential and commercial projects in the works, Collins said.

Commercial-wise, weve got Firestone Tire being built over at the market at Town Creek, she said. Of course, the Lenoir City fire hall over on Depot Street is being remodeled with additions. Theres a building called Lenoir City Retail Four located beside Gondolier so its a four-tenant space. Little Caesars is in there Campbells Pool and Spa is going in one of the spaces. Theyre working on it now. Theres a Jimmy Johns going into one of the spaces, and then we dont know who the fourth tenant will be at this time. Theyve not submitted for our fourth tenant.

There are also projects coming down the pipeline, Collins said. Avid Hotel will be going up on U.S. Highway 321 near Bimbos, and GatorStep Marine Decking will be relocating to Lenoir City from Knoxville.

Lenoir City will also have new residential projects.

The Creekwood Villas that were going on, going to be built down on Creekwood Boulevard, that is still proposed, Collins said. They have actually moved the site down one parcel, so were kind of starting over with the process now. Its going to be on our May planning commission agenda for rezoning and site plans. Theres a proposed 274 units. Its one- and two-story apartments. The amenities that are being proposed, theres going to be a clubhouse, a pool, a playground and a dog park. So it looks like a very nice thing.

We also have a project off Williams Ferry thats going to be called Harper Village, and that is the old Tennessee Baptist property, and that is a proposed 200 unit townhome development. Off Ash Avenue where the old Ash Trailer Park used to be, they are proposing a 100 single-family home subdivision.

Read more here:
New construction projects on the horizon | Covid19 - news-herald.net

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Vornado Realty Trust, one of the largest commercial landlords in Manhattan, is feeling the effects of New Yorks economic woes as it collected only 53% of the rent due from its retail tenants in April, according to its first-quarter earnings report late Monday.

Vornado (ticker: VNO) owns a large collection of office buildings in Manhattan, including a cluster around Penn Station. With more than 2.4 million square feet of retail space in Manhattan, it is also the largest owner and manager of street retail in Manhattanwith tenants like Coach, Nike, Sephora, and Victorias Secretand sold about half of what it owned last year into a joint venture.

Vornado said that many tenants are seeking rent relief and that substantially all its retail tenants have closed their stores with the exception of grocery businesses.

While its office buildings remain substantially open, all tenants are working remotely, with occupancy around 5%. New York businesses largely shut down or curtailed their operations in late March.

The companys longtime CEO, Steve Roth, 79, said on a conference call on Tuesday that Vornado had collected 90% of April office rents and 53% of retail rents, for a total of 83% collected. He noted that the monthly unpaid rent was $24 million, with two-thirds coming from what he called creditworthy tenants.

If rent collection rates remain the same for a year and if other disruptions continue, it would cost Vornado about $1 a share, Roth said.

He also reiterated comments from his annual shareholder letter that the company was not interested in buying back its own stock while calling the share-price decline this year of about $25, or $5 billion of market value, a gross exaggeration. The company is now valued at less than $8 billion.

Net asset value accretion from stock buybacks are insignificant compared with development opportunities, he said, adding, Right now, buybacks are not No. 1 on our hit parade.

Roth said the company would re-evaluate its dividend now 66 cents a quarter. The stock yields about 6.6%.

Before the conference call, Stifel Sandler analyst Alexander Goldfarb wrote in a client note that eyes turn to the dividend, which he called materially uncovered this year and in 2021

Covid impact so farHotel Penn closed, almost all retail closed with many seeking rent relief, trade shows at theMART [Chicagos former Merchandise Mart] postponed for FY20, and certain development projects on hold, he wrote. Goldfarb has a Neutral rating on the stock.

In Tuesdays call, Roth highlighted the companys financial strength, saying that it has the ample liquidity to complete the renovations of Penn 1 and Penn 2 buildings as well as develop a large, low-rise building within the Farley Post Office Building across the street from Penn Station.

These projects will be completed with no debt attached to them, giving Vornado holders all the upside, Roth said. New York, he said, is the business capital of the world and has always come back bigger and better.

Roth said that he believes that New York workers want to return to their officeswe dont believe that working from home will become a trend. He also said the social distancing stemming from Covid-19 pandemic means the densification trend of cramming workers into smaller spaces is over.

Vornado Vice Chairman David Greenbaum said in response to a question about when workers will return to their offices that it will be a gradual process with 10% to 20% returning initially. There will be fewer people taking mass transit and more driving, walking or bicycling to work, he said.

Roth was asked about whether Vornado might consider demolishing the Hotel Pennsylvania, a dingy building that has a large footprint on a full block that would enable construction of a large office building. Roth said Vornado isnt inclined to do that.

Write to Andrew Bary at andrew.bary@barrons.com

Read more:
Vornado Says It Collected Only 53% of Rent From Retail Tenants - Barron's

The glass curtain wall of202 Broome Street has reached the final setback of the 14-story mixed-use building on Manhattans Lower East Side. Designed by CetraRuddy, the property will feature 175,000 square feet of Class A offices with a max of 13-foot-high ceilings, 34,500 square feet of retail space, 83 residential units, and a 9,000-square-foot indoor park and recreation area called Broome Street Gardens.The project is part of the six-acreEssex Crossingcomplex, which is being developed by Delancey Street Associates,BFC Partners, L+M Development Partners,Taconic Investment Partners,The Prusik Group, andGoldman Sachs Urban Investment Group.

Recent photos from Tectonic show the state of progress on the curtain wall. Only four more floors are left to be filled in before the envelope reaches the parapet, where a final mechanical section is housed behind a rectangular enclosure of concrete and cinder block walls.

202 Broome Street. Photo by Tectonic

202 Broome Street. Photo by Tectonic

202 Broome Street. Photo by Tectonic

202 Broome Street. Photo by Tectonic

202 Broome Street. Photo by Tectonic

202 Broome Street. Photo by Tectonic

202 Broome Street is bordered by Delancey Street to the north, Broome Street to the south, Suffolk Street to the east, and Norfolk Street to the west. Triton Construction is the general contractor for the project. The closest subways are the J, F, M, and Z trains at the Delancey Street/Essex Street subway station, while pedestrian and bicycle paths for the Williamsburg Bridge are found along Delancey Street.

Essex Crossing as a whole is expected to cost $1 billion and will bring more than 1,000 new homes, 100,000 square feet of green space, over 350,000 square feet of offices, and 300,000 square feet of retail space to the Lower East Side. These full-block plots of land were used as parking lots and were some of the last few stretches of underutilized properties in the area.

202 Broome Street is expected to be completed by the end of 2020. The Essex Crossing complex is slated to be finished around 2024.

Subscribeto YIMBYs daily e-mailFollowthe YIMBYgram for real-time photo updatesLikeYIMBY on FacebookFollowYIMBYs Twitter for the latest in YIMBYnews

Link:
202 Broome Street's Curtain Wall Reaches Final Tiered Setback, on the Lower East Side - New York YIMBY

At the beginning of the year, they were healthy signs of Eastons hopeful future.

Investments of millions of dollars were being made to bring new workers and residents to the citys Downtown and make use of spaces whose glory was tied to a long-ago era.

Some efforts were nearly complete, others just getting underway and others still simply inspiration on a drawing board.

But combined, they certified a pulsing momentum of a business district on the move.

And then, of course, it all stopped. Nonessential, they were called as COVID-19, the disease caused by the coronavirus, came to define everything and anything.

But Pennsylvania Gov. Tom Wolf set May 1 as the day construction could resume. Even while the disease remains a significant threat, builders on Friday can go back to building. With, of course, reasonable restrictions.

A drive around town on a rainy late Thursday morning showed a city lacking life, projects without people, streets without traffic.

But the clock was ticking. And, for once, not in a bad way.

Townley House could be serving hotel customers by July, its owner saysTony Rhodin | For lehighvalleylive.com

Restauranteur Mick Gjevukaj was well along with his boutique hotel project last time we talked in December. He envisioned a spring opening for the $2 million conversion of the abandoned Townley Building at 130 N. Third St. into Townley House, which he hopes will serve as a resting and reviving spot for out-of-town customers of his three Downtown restaurants -- Oak Steakhouse, River Grille and Ocean.

Reached Thursday night by text, Gjevukaj exuded his eternal effervescence.

Resuming, full speed ahead, May 1st, he wrote. Looks like a July opening, assuming restrictions dont interfere. Stop by next week to check it out.

Easton Mayor Sal Panto Jr. was patient on Thursday as a reporter went project by project and asked, What about this one?

And the mayor, who has defined his more recent terms in office by how the city is achieving a remarkable recovery, had only good news to offer.

Crews were working on site of the Heritage Riverview project for Hearst in Downtown Easton Friday May 1, 2020. By order of Pennsylvania Gov. Tom Wolf, construction projects could resume on May 1 in Easton and other locations across the state. Developers behind the Heritage Riverview project for Hearst received waivers to do some work early, but as of May 1, they no longer needed special permission to work.Saed Hindash | For lehighvalleylive.com

What about the Hearst building -- formally know as Heritage Riverview, which had just gotten its second story facing the 100 block of South Third Street when it fell silent in mid March?

Roofer Jeff Dutt is ready to put a hat on the old bowling alley that was once a Packard dealer back in Eastons surging successes so many years back, Panto said. There was a flooded basement to deal with in recent days and a state waiver allowed for some safety measures and weatherizing to be put into place during the down time, Panto said.

And after the final concrete work finishes where floors will go, and walls and windows are added to the currently most open of open concepts, it could be turned over to the New York City publisher, which is bringing 175 jobs Downtown, to complete the interior space. Hearst had hoped to open mid-summer, but a new date is not yet set.

But that remaining 8,000-plus square feet of space in the 42,000-square-floor business space? Hearst is considering taking that as well making it a solely Hearst community, Panto said.

The Days Inn property in Easton may look like a parking lot longer than expected before it is developed.Tony Rhodin | For lehighvalleylive.com

That would change a couple of things in the Downtown construction landscape, Panto said. Hearst had already taken the remaining space in the parking garage behind city hall on South Third Street and with more employees in the extra space, there will be a need for parking, the mayor said.

Peron Development in recent days put down the $1.1 million to buy the city parking lot which once held the Boyd and Seville theaters on North Third and work should begin by June on the mixed use development there that will bring dozens of apartments and street level retail space, Panto said.

But that puts the city in a bit of a squeeze, because the planned North Fourth Street parking garage is just at the beginning of the approval process, and the historic commission hasnt met in two months because of COVID-19, Panto said. From the day the design gets city commissions okays, it will take 12 months to build the precast concrete pieces for the garage -- although just weeks to put them together once on scene, Panto said. Its similar to how city hall was built.

With construction about to begin on the old Boyd Theatre property on North Third Street in Easton, the site (seen here) of the new garage on North Fourth Street still awaits city approvals.Tony Rhodin | For lehighvalleylive.com

Parkers in the current North Third Street lot are about to get their 30-day notices, the mayor added. They, too, will need somewhere else to go. The Pine Street garage, which is well past its end date, cant come down until these other projects finish, officials have said.

So, where to put the cars? The huge mixed-use project called The Confluence that is planned for the old Days Inn property at South Third Street and Larry Holmes Drive will wait and the space will be used for whatever vehicular overflow results as other projects come online first, Panto said.

The city is working toward formally selling that property to Peron and wont get the $5.9 million it paid when the hotel still stood there, Panto said. But, eventually, the city will do very well collecting property taxes from the developer and income taxes from the residents and workers, Panto said. The city will be whole -- and more -- on this deal far quicker that it would have been with the previously planned aquarium project, which would have eventually paid off through city amusement taxes, Panto said.

It was a good investment, Panto said about buying and demolishing the hotel and then continuing with a community-based plan to choose a developer. While it wont immediately get back what it paid, the city will get more than the appraised value for the property, he said.

The Commodore, which is the old Kaplan's Awnings building on Northampton Street at Larry Holmes Drive in Easton, recently got its final piece of financing, the mayor says.Tony Rhodin | For lehighvalleylive.com

The Commodore, a mixed use project at the old Kaplans Awnings building at Northampton Street and Larry Holmes Drive, has sewed up the last of its financing -- a $3 million state loan, Panto said. The eight-story combination of new construction and rehabilitation is expected to draw many more people to the section of the city near the free bridge, and business people along that block have been looking forward to construction getting underway. Developer Garett Vasel couldnt immediately be reached Thursday afternoon for a timeline.

Developer Borko Milosev didnt have much time to celebrate the success of his North 13th Street condo project, which sold out in just a few days, before his other projects in the city ground to a halt. His efforts in the 500 and 1500 blocks of Northampton Street are set to resume, he said.

Developer Borko Milosev still has a lot of work to do in the 500 block of Northampton Street in Easton, but he's expecting to get back to work soon.Tony Rhodin | For lehighvalleylive.com

It is our plan to restart the projects as soon as we can, he said in a Wednesday text. ... I believe weve cleared" any regulatory barrier. All construction can resume based on guidelines.

And Lafayette College, which has a significant Downtown presence but is doing major construction at the moment on College Hill, got a state waiver and was able to continue dorm construction along McCartney Street ahead of the ban ending, Panto said. Workers on Thursday were adding bricks to the building closet to High Street.

Lafayette College got a state waiver to get back to work on the McCartney Street dorm project in Easton, the mayor says.Tony Rhodin | For lehighvalleylive.com

As for Garrett Benners planned high rise on Ferry Street, thats still in the approval process and Panto had no update.

But, overall, anyone in Downtown Easton over the next few weeks will see a neighborhood attempting to get back to work as Pennsylvania just begins to reopen for business.

Thank you for relying on us to provide the journalism you can trust. Please consider supporting lehighvalleylive.com with a voluntary subscription.

Tony Rhodin may be reached at arhodin@lehighvalleylive.com.

Excerpt from:
Its May 1. Eastons major construction projects have green light to restart. Whos ready? - lehighvalleylive.com

ARLINGTON, Va.--(BUSINESS WIRE)--AvalonBay Communities, Inc. (NYSE: AVB) (the Company) reported today that Net Income Attributable to Common Stockholders for the three months ended March 31, 2020 was $167,971,000. This resulted in a decrease in Earnings per Share diluted (EPS) for the three months ended March 31, 2020 of 3.3% to $1.19 from $1.23 for the prior year period.

Funds from Operations attributable to common stockholders - diluted (FFO) per share for the three months ended March 31, 2020 decreased 1.3% to $2.28 from $2.31 for the prior year period. Core FFO per share (as defined in this release) for the three months ended March 31, 2020 increased 3.9% to $2.39 from $2.30 for the prior year period.

The following table compares the Companys actual results for EPS, FFO per share and Core FFO per share for the three months ended March 31, 2020 to its results for the prior year period:

Q1 2020 Results Compared to Q1 2019

Per Share (1)

EPS

FFO

Core FFO

Q1 2019 per share reported results

$

1.23

$

2.31

$

2.30

Established Community NOI

0.08

0.08

0.08

Development and Other Stabilized Community NOI

0.10

0.10

0.10

Capital markets and transaction activity

(0.12

)

(0.13

)

(0.06

)

Joint venture income

(0.01

)

(0.01

)

(0.01

)

Overhead and other

(0.07

)

(0.07

)

(0.02

)

Gain on sale of real estate and depreciation expense

(0.02

)

Q1 2020 per share reported results

$

1.19

$

2.28

$

2.39

(1) For additional detail on reconciling items between EPS, FFO and Core FFO, see Definitions and Reconciliations, table 3.

Established Communities Operating Results for the Three Months Ended March 31, 2020 Compared to the Prior Year Period

For Established Communities, total revenue increased $16,127,000, or 3.0%, to $547,956,000. Operating expenses for Established Communities increased $4,819,000, or 3.2%, to $156,311,000. NOI for Established Communities increased $11,308,000, or 3.0%, to $391,645,000. Rental revenue for Established Communities increased 3.1% as a result of an increase in Average Rental Rates of 2.7% and Economic Occupancy of 0.4%.

The following table reflects the percentage changes in rental revenue, operating expenses and NOI for Established Communities for the three months ended March 31, 2020 compared to the three months ended March 31, 2019:

Q1 2020 Compared to Q1 2019

RentalRevenue (1)

Opex(2)

NOI

% ofNOI (3)

New England

3.8

%

5.2

Continued here:
AvalonBay Communities, Inc. Announces First Quarter 2020 Operating Results - Business Wire

Retail Smart

The scope of the Report:

The report analyzes the key opportunities, CAGR, and Y-o-Y growth rates to allow readers to understand all the qualitative and quantitative aspects of the Advanced Retail Space Management Applications Software market. A competition analysis is imperative in the Advanced Retail Space Management Applications Software market and the competition landscape serves this objective. A wide company overview, financials, recent developments, and long and short-term strategies adopted are par for the course. Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in the sales of Advanced Retail Space Management Applications Software across the world has been calculated through primary and secondary research. The Advanced Retail Space Management Applications Software Market analysis is provided for the international markets including development trends, competitive landscape analysis, and key regions development status.

By Regions:

* North America (The US, Canada, and Mexico)

* Europe (Germany, France, the UK, and Rest of the World)

* Asia Pacific (China, Japan, India, and Rest of Asia Pacific)

* Latin America (Brazil and Rest of Latin America.)

* Middle East & Africa (Saudi Arabia, the UAE, , South Africa, and Rest of Middle East & Africa)

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Speculations for sales:

The report contains historical revenue and volume that backing information about the market capacity, and it helps to evaluate conjecture numbers for key areas in the Advanced Retail Space Management Applications Software market. Additionally, it includes a share of every segment of the Advanced Retail Space Management Applications Software market, giving methodical information about types and applications of the market.

Key point summary of the Advanced Retail Space Management Applications Software market report:

This report gives a forward-looking prospect of various factors driving or restraining market growth.

It presents an in-depth analysis of changing competition dynamics and puts you ahead of competitors.

It gives a six-year forecast evaluated on the basis of how the market is predicted to grow.

It assists in making informed business decisions by creating a pin-point analysis of market segments and by having complete insights of the Advanced Retail Space Management Applications Software market.

This report helps users in comprehending the key product segments and their future.

Strategic Points Covered in TOC:

Chapter 1: Introduction, market driving force product scope, market risk, market overview, and market opportunities of the global Advanced Retail Space Management Applications Software market

Chapter 2: Evaluating the leading manufacturers of the global Advanced Retail Space Management Applications Software market which consists of its revenue, sales, and price of the products

Chapter 3: Displaying the competitive nature among key manufacturers, with market share, revenue, and sales

Chapter 4: Presenting global Advanced Retail Space Management Applications Software market by regions, market share and with revenue and sales for the projected period

Chapter 5, 6, 7, 8 and 9: To evaluate the market by segments, by countries and by manufacturers with revenue share and sales by key countries in these various regions

Finally, the report global Advanced Retail Space Management Applications Software market describes Advanced Retail Space Management Applications Software industry expansion game plan, the Advanced Retail Space Management Applications Software industry knowledge supply, appendix, analysis findings and the conclusion. It includes a through explanation of the cutting-edging technologies and investments being made to upgrade the existing ones.

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Advanced Retail Space Management Applications Software Market 2020 | Growth Drivers, Challenges, Trends, Market Dynamics and Forecast to 2026 - Cole...

Paris, Wednesday 6 May 2020, 5:45 p.m. CET

BUSINESS ACTIVITY IN Q1 2020

IMPLICATIONS OF THE PUBLIC-HEALTH CRISIS (COVID-19)

OUTLOOK1

Alain Dinin, Nexitys Chairman and CEO, commented:

After a good start to the year in line with the performance achieved in 2019, Nexity like all other companies was impacted by the coronavirus crisis and the dramatic lockdown measures implemented from March onwards.

This unprecedented crisis is first and foremost a human tragedy, and it has hit our Group directly with the loss of Jean-Philippe Ruggieri, Nexitys Chief Executive Officer, who passed away as a result of the coronavirus, on 23 April.

Nexity has been playing a prominent role in the wave of support for victims of this pandemic and caregivers. In addition to the fantastic initiatives carried out by the Nexity Foundation and the support shown by our own employees, I decided in conjunction with the Board of Directors that we should make an exceptional donation of 3 million to the healthcare staff in the Seine-Saint-Denis and Grand-Est regions, in addition to helping homeless people and disadvantaged women. In this context, I also asked for a 25% reduction in my compensation as Chairman of the Board of Directors and will not receive any remuneration for my term of office as Chief Executive Officers, which I have held since 25 April 2020.

Its also a one-of-a-kind economic crisis, which is significantly impacting supply and demand, and the mark that it leaves will run deep. Nexity estimates that a 15-day lockdown represents almost 130 million in lost revenue.

Its important to keep a level head as we deal with this crisis: while our development activities are severely affected in the short term (as worksites have been brought to a virtual standstill and a return to normal conditions is expected to take several months), we are not worried about getting back to a satisfactory level of activity after the crisis. The demand for residential housing, which is driven by demographic factors and a structural supply deficit, will not disappear: it will be pushed back. And even if some of our individual clients may no longer have a sufficient level of solvency, I am confident that institutional investors will pick up the baton. The resilience of our service businesses also confirms the pertinence of our business model.

At Nexity, we are lucky to be in a business that meets the basic needs of the population. Our business model and our financial position mean that we can be more resilient than many other companies. Nexitys strategy is simple: manage the crisis our number one priority being the health of our employees, customers and residents, and all of our stakeholders and minimize the negative impact on our results; actively organise ourselves for the upturn; prepare to make the most of opportunities that may arise in the future, even if the future is uncertain and subject to change. To get through this difficult period, the Board of Directors decided to entrust me once again with the role of the Companys Chairman and Chief Executive Officer. While I am particularly affected by the circumstances that led to this change, I take on this role with a complete sense of commitment and determination to implement this strategy with the support of the executive management team.

***

.

IMPLICATIONS OF THE PUBLIC-HEALTH CRISIS (COVID-19)

Following strong business momentum at the start of 2020, in line with that of the previous year, since 16 March 2020, Nexity has seen a strong negative impact on business activity due to the government-imposed lockdown measures currently in effect in France, with various specific developments for each business line, as presented below.

Business activity

Residential Real Estate

Since 16 March 2020, business has slowed sharply due to lockdown measures limiting the possibility of clients to reserve new homes and sign notarial deeds of sale; however, after a few weeks at a virtual standstill, construction projects are gradually getting underway again. At 30 April 2020, just over 50% of Nexitys 556 residential construction sites had been reopened and all of them should restart by the beginning of June. However, these construction sites are operating at reduced capacity (around half of their capacity) given the constraints linked to the lockdown and additional health precautions.

Regarding the renewal of the offering, the situation is mixed. For the 30,000 municipalities that elected their mayors in the first round of the elections, new administrative authorisations continue but at a reduced pace in view of the lockdown period. For the other municipalities, the postponement of the second round of local elections will delay building permits as well as the commercial launch of new projects. In addition, due to the public-health emergency, deadlines for appeals have been extended, thereby delaying the allocation of definitive permits.

During the lockdown period, Nexity maintained many customer contacts with its individual customers, albeit to a lesser extent than under normal circumstances, which in turn led to a net positive balance of reservations for April (reservations for the period net of cancellations). In addition, announcements published by institutional investors (CDC Habitat and inli) regarding the launch of a massive housing acquisition programme (50,000 units) will boost business activity. In this context, Nexity and CDC Habitat signed a firm commitment at end-April for the sale of 7,450 units representing 1,234 million excluding VAT. Half of these social, intermediate and conventional housing units located all over France are expected to be sold before end-December 2020.

Real Estate Services to Individuals

Property Management for Individuals

The public-health crisis has not had a significant impact on Property Management for Individuals, which is very resilient: the ordinances passed on 25 March 2020 have made it possible to postpone annual meetings of condominium property owners until after the lockdown, thus ensuring continuity and guaranteeing the proper management of condominiums.

Brokerage activities (lettings and sales by Nexity agencies and Century 21 franchises) have been affected by the lockdown measures and have virtually been at a standstill since 16 March 2020.

Serviced residences

Student residences (Studa) saw a number of students leave their residences at the beginning of the lockdown period. However, the impact on revenue is gradual, given the notice period. The occupancy rate should start recovering this summer, as students courses will restart on 1 September 2020.

For senior independent living facilities, Domitys has implemented stringent health precautions since 15 March to protect its residents and employees, resulting in a very limited Covid-19 infection rate at this stage, given the circumstances, and ensuring robust continuity of operations. The occupancy rate of residences that have been open for more than 2 years was only slightly affected. Residences that have been open for less than 2 years will have their occupancy period extended. A number of new residences initially planned to open in 2020 have been postponed to financial year 2021.

Distribution activities

Distribution activities have been affected, with a significantly lower volume of reservations since the start of the governments lockdown measures.

Commercial Real Estate

Commercial Real Estate business has slowed significantly since the start of the public-health crisis due to the extension of deadlines for obtaining building permits and the halting of construction work. Despite this context, projects are continuing, such as the sale of the Influence 2.0 building in Saint-Ouen (Seine-Saint-Denis) on 16 April, occupied by the Rgion le-de-France for over 200 million (acquired by BNPP Reim), achieved with the conditions and within the timetable set before the crisis. In addition, lockdown measures do not threaten the prospects of obtaining administrative authorizations for the operation of the eco-business park in La Garenne-Colombes (Hauts-de-Seine) this year, which has been under option since the fourth quarter of 2019, and is still expected to be sold at the end of 2020.

Real Estate Services to Companies

The coworking business, which was forced to close all its workspaces since 16 March 2020, has been affected with activity virtually at a standstill since 16 March 2020. Leases remain in effect and are subject to discussions regarding payment procedures.

. Conversely, the Property Management for Companies business was only slightly affected.

Financial aspects

Sensitivity of the income statement

The impact of the lockdown mainly results in revenue being pushed back to subsequent periods.

Given the cost structure of the Groups business activities, this revenue postponement has a differentiated impact on the Groups EBITDA.

In development and distribution activities, the lack of technical and commercial progress during the lockdown period will result in a significant decrease in revenue. However, in these businesses, costs are largely variable and fixed charges represent less than 10% of the cost price of operations; the decrease in revenue will have a limited impact on EBITDA (although an additional negative impact can be anticipated from losses on overhead expenses not included in inventories during the shutdown period, and from an increase in construction costs due to the additional costs of restarting work).

As for property management for individuals, serviced residences and shared office space activities, which have higher fixed costs, the negative impact on EBITDA resulting from the decrease in revenue will be far more significant. However, the resilience of property management for individuals has significantly limited the drop in revenue (around 70% of the property management for individuals business is unaffected by the lockdown). However, activity is impacted by the absence of transactions, finding tenants and fees paid on construction works which cannot be approved without convening a co-owners meeting.Measures taken to furlough staff and plans to cut operating expenses should also help limit this impact by more effectively controlling fixed costs.

Financial position

The Groups cash position remains very strong, with 722 million in total cash at 30 April 2020, plus 555million in confirmed credit lines not drawn down.

As a precautionary measure, and in anticipation of the impact of the public-health crisis on its EBITDA, Nexity has secured exemption from its requirement to abide by a limit on the leverage ratio until the closing of the financial statements for the 2021 financial year. A written consultation with Euro PP bondholders is underway to obtain the same exemption from the limit on the leverage ratio.

Outlook

At this stage, it remains very difficult to evaluate the effects of the Covid-19 crisis and the lockdown measures imposed by the Government on 16March2020 and currently extended until 11May2020. There continues to be great uncertainty as to how economic activity will resume in France.

The Group is confident in the resilience of its main business lines. The current public-health crisis will nevertheless have a marked impact on its activities, revenue and results, an impact that cannot yet be determined at this stage.

Nexitys civic engagement

France is facing a public-health crisis of unprecedented scale and complexity, with many uncertainties surrounding the path to economic recovery. In this unique context, the Board of Directors, the management team and all of the Groups employees have implemented a number of measures reaffirming Nexitys commitment to society, among which:

BUSINESS ACTIVITY IN Q1 2020

INDIVIDUAL CLIENTS

Residential Real Estate

At end-March 2020, net new home reservations in France totalled 3,657 units for 792 million including VAT, down 6% by volume and up 2% by value with respect to end-March 2019. After including subdivisions (360 units), international sales (165 reservations), business activity for Residential Real Estate (4,182 units reserved, for 847 million including VAT) remained stable in volume and grew 6% by value. The Covid-19 related health-crisis had a limited impact on Q1 2020 reservations.

The average level of pre-selling booked at the start of construction work was very high (90% at end-March 2020). The supply of homes for sale dropped back 12% from its end-December 2019 level to stand at 7,799 units at end-March 2020, due to a particularly swift average take-up period of 4.3 months3 (compared with 4.9 months in Q1 2019) and few new sales launches. Unsold completed stock (78 units) as a proportion of the total supply for sale remained very low.

At end-March 2020, the business potential for new homes4 rose 2% from end-2019 to 56,251 units, i.e. 2.6 years of development operations. This represented potential revenue of 10.9 billion excluding VAT. Including subdivisions and international operations, the business potential of Residential Real Estate represents 12.3 billion in potential revenue excluding VAT. This strong potential means that the Nexity has the capacity to recover when economic conditions improve.

Real Estate Services to Individuals

Property Management for Individuals

In Property Management for Individuals, excluding Franchises (condominium management, rental management, lettings and brokerage), the portfolio of units under management totalled over 885,000 units at 31 March 2020, stable relative to end-December 20195.

Serviced residences

Nexity Studa had 124 student residences under management at 31 March 2020, totalling more than 15,000 units. The rolling 12-month occupancy rate was 95% at end-March 2020 (stable relative to end-December 2019).

The Domitys-branded senior independent living facilities business posted growth. 4 new residences have been opened since the beginning of the year, increasing its portfolio of serviced residences to 104, corresponding to over 12,000 residential units (of which 72 residences opened more than two years ago). At end-March 2020, the rolling 12-month occupancy rate was 84% (stable relative to end-December 2019). Residences opened more than two years ago posted a 95% occupancy rate at end-March 2020.

Distribution activities

iSelection and PERL recorded 1,022 reservations in the first quarter of 2020 (up 3% compared with Q1 2019). More than half of these reservations were homes distributed on behalf of third-party developers or through the division of ownership of existing property, with the rest made up of homes produced by the Group.

COMMERCIAL CLIENTS NEXITY ENTERPRISE SOLUTIONS

Commercial Real Estate

Business activity was not significant in the first quarter of 2020 (3 million excluding VAT in new orders) but exceeded 200 million at 30 April 2020 with the sale of the Saint-Ouen Htel de Rgion (regional council premises, Seine-Saint-Denis)6.

Business potential in Commercial Real Estate7 totalled nearly 3.0 billion at end-March 2020 (remaining stable since end-2019). This includes the La Garenne-Colombes project, which is expected to be signed by the end of 2020.

Real Estate Services to Companies

The volume of floor area under management totalled 19.4 million sq.m at end-March 2020.

At end-March 2020, Morning Coworking a leading player in the Paris coworking space market operated 21 coworking spaces totalling more than 50,000 sq.m and corresponding to around 6,000 workstations. During the first quarter, a lease was signed for the repurposing of the Htel de la Marine on Place de la Concorde in Paris (645 workstations).

BACKLOG AND BUSINESS POTENTIAL AT 31 MARCH 2020

The Groups backlog at end-March 2020 stood at 5,194 million (4,796 million for Residential Real Estate and 398 million for Commercial Real Estate), equivalent to 19 months revenue from Nexitys development activities (revenue on a rolling 12-month basis). The backlog increased by 2% since 31 December 2019.

Furthermore, the development business potential at end-March 2020 totalled over 15 billion in revenue (12 billion for Residential Real Estate and 3 billion for Commercial Real Estate) providing the Group with high visibility on its future business levels.

REVENUE8

Revenue for the first quarter of 2020 was 787 million, down 94 million or 11% compared to Q1 2019. The negative impact related to the slowdown of activities observed since 16 March 2020 is estimated at around 130 million, representing the equivalent of 14% of the revenue recorded for the previous year, most of which will be carried forward to the following quarters. Excluding the negative impact of the public-health crisis, revenue would have risen by 4%.

* Revenue generated by Residential Real Estate and Commercial Real Estate from VEFA off-plan sales and CPI development contracts is recognised using the percentage-of-completion method, i.e. on the basis of notarised sales and pro-rated to reflect the progress of inventoriable costs.

The Residential Real Estate division recorded a decrease in revenue of 62 million, representing a decrease of 11% relative to Q1 2019. Excluding the negative impact of the public-health crisis (approximately 110 million of business activity carried over from the last 15 days of March 2020 to the following quarters), Residential Real Estate revenue would have risen by 8%.

Real Estate Services to Individuals posted revenue of 211 million for the quarter ended 31 March 2020.

Revenue from Property Management for Individuals and franchises was down 6% relative to Q1 2019. This change mainly resulted from the sale of Guy Hoquet lImmobilier in Q2 2019 and from the impact of the public-health crisis.

Revenue from Distribution activities was down 9% relative to Q1 2019. Excluding the negative impact of the public-health crisis (approximately 14 million), revenue would have risen by 20%.

Revenue from Serviced residences grew by 17% in Q1 2020 and reflects the growth in managed residences.

The decrease in revenue from Commercial Real Estate (down 42%) is the result of a high comparison base and volatility effects that are standard in this business, given the advanced stages of the various projects. The negative impact of the public-health crisis is estimated at around 6 million.

Revenue from Real Estate Services to Companies amounted to 27 million (up 6.5 million), mainly driven by the increase in revenue from Morning Coworking (up 5 million), which is double the revenue recorded in Q1 2019.

Revenue under IFRS

In IFRS terms, revenue in the first quarter of 2020 totalled 723 million, down 13% relative to Q1 2019. This figure excludes revenue from joint ventures, in accordance with IFRS 11, which requires joint ventures proportionately consolidated in the Groups operational reporting to be accounted for using the equity method.

FINANCIAL CALENDAR & PRACTICAL INFORMATION

(remote participation only)

A conference call on Q1 2020 revenue and business activity will be held in English today at 6:30 p.m. CET, which may be joined using access code 6089145 by calling one of the following numbers:

The presentation accompanying this conference will be available on the Groups website from 6:15 p.m. CET and may be viewed at the following address: https://orange.webcasts.com/starthere.jsp?ei=1310111&tp_key=01ec69a57b

The conference call will be available on replay at https://www.nexity.fr/en/group/finance from the following day.

Disclaimer

AT NEXITY, WE AIM TO SERVE ALL OUR CLIENTS AS THEIR REAL ESTATE NEEDS EVOLVENexity offers the widest range of advice and expertise, products, services and solutions for individuals, companies and local authorities, so as to best meet the needs of our clients and respond to their concerns.Our business lines real estate brokerage, management, design, development, planning, advisory and related services are now optimally organised to serve and support our clients. As the benchmark operator in our sector, we are resolutely committed to all of our clients, but also to the environment and society as a whole.

Read the original:
Nexity: Q1 2020 business activity and revenue - Implications of the public-health crisis (Covid-19) - GlobeNewswire

SALT LAKE CITY Commercial real estate, which is not immune to the economic challenges stemming from the new coronavirus, is seeing some of its segments experience dramatic declines in development and occupancy while others are primed for growth in the aftermath of the crisis.

If you look at some (general economy) numbers, there are projections (from economists) that (gross domestic product) will drop as much as 40-plus percent, said Lloyd Allen, managing director for the Salt Lake City office of commercial real estate firm CBRE.

Commercial real estate activity will track (closely with) the overall (economic) market and then youll see a reduction in overall leasing activity or reduction in sales activity that will correspond and in some ways, even exceed the market because our industry is one that tracks at a level but then lags at a level, also.

He said this year new commercial real estate transaction activity such as sales and leasing could decrease between 40% and 42%, but one segment of the commercial market that should prosper in the long run is the industrial sector.

Youll find in industrial leasing well have a 12 or so month lag, but itll kick back and even be a sector that benefits in some aspects because youll see a stronger growth in e-commerce, he explained. We expect an acceleration to products that are ordered online and delivered to your house. And that will drive industrial warehouse logistics at a base level.

Grid View

We also expect retailers to be more aggressive with respect to inventory control that drives industrial and warehouse (development and leasing). Although youre going to see a bit of a lag in the industrial sector, it will be the quickest to rebound and probably even benefit at some level from the changes to the market.

Allen said last year the industrial market had over 7 million square feet of new construction more than double the 3 million square feet from 2018. Even with the added square footage, the vacancy rate was approximately 3.4% below the 5% level that is considered statistically full vacancy.

If all this space doesnt end up leasing for a six- to 12-month period, were still going to be sub-4% vacancy in the industrial market for spec construction, he said.

Spec construction is a speculative venture for a builder or developer who has built a project with the intention of selling it for profit, either as is, or with minimal changes necessary for sale. Other market segments will likely have a harder time recovering, he said namely retail and office.

Retail is going to be the hardest hit sector out of this. I dont think thats a surprise to anybody, Allen said. The number of stores that are closing, the request for rent deferral, and even some rent abatement, is going to by far be the strongest.

The inverse of that is youre seeing home improvement stores and even stores like Michaels and Hobby Lobby those things that you do on a Saturday afternoon are doing a good business, he added. Were seeing some expanded requests for the Dollar Store sector. That said, where industrial it could be 12 months in getting back to where it was, retail is certainly going to be longer. It may be twice as long.

In the local office sector, projects may be insulated from some of the major challenges because of prudent forecasting and building planning that prevented overbuilding, Allen said. But in the new paradigm of social distancing, how companies will use office space going forward may shift the upper hand in lease negotiations from the landlords to renters, he added.

The market over the last couple or three years at least has been more of an owner or an investor market, Allen said. Itll probably turn more to a tenant market with tenants being in a little bit more control of what their destiny is going to be.

Nationally, analysts are watching closely at how firms choose to ease their way back into the workplace or maintain some of the policies that have been implemented in the wake of the COVID-19 crisis.

Much of America is planning its return to the workplace. While that is a welcome turn of events, we also need to acknowledge and embrace that companies will return slowly to a changed workplace with new procedures, said Spencer Levy, CBRE chairman of Americas Research and senior economic adviser. Office users likely will practice social distancing by rotating employee groups allowed into the office on certain days. Restaurants, stores and hotels will need time to reassemble their workforces and restock supplies while limiting in-person patronage. It is likely that society and business wont fully return to normal until we have a vaccine.

He noted as commercial real estate copes with ramifications of COVID-19, collections of April rent for office, industrial and multifamily came in at around 90%. However, April collections were below expectations for retail at between 20% and 40% on average depending on asset type. The industry is watching May collections even more closely as an indicator of the health of commercial real estate in the short term, he said.

Despite the tremendous economic challenges in front of us, pent-up demand from consumers and office users will provide a spark for spending and office use shortly after movement restrictions are loosened, Levy said.

See the article here:
Utah commercial real estate feeling the impact of the COVID crisis - Deseret News

DeveloperRockport Grouphas resubmitted a proposal to the City of Toronto seekingrezoning and an Official Plan Amendment to permit a mid-rise development at2100 Yonge Street, located on its northwest corner with Manor Road West, between Davisville and Eglinton. Updated plans include sweeping changes to the original proposal from 2018, with a refined design from retained architectsRAW Designthat incorporates a height increase from 11 to 12 storeys.

Looking northwest to 2100 Yonge, image via submission to City of Toronto

Key statistical changes include a new height of 42.08 metres, a slight increase from the previous plan's 40.3-metre height. The proposed overall gross floor area (GFA) has decreased from 7,711mto 7,456 m. This is now broken down as 7,174 m of residential space, or 96.2% of the GFA, and 282 m of retail space at 3.8% of the total GFA.

Looking northeast to 2100 Yonge, image via submission to City of Toronto

Initial plans from June, 2018 included a lone rendering of the design concept accompanied by a series of massing diagrams, with exterior expression left absent. Nearly two years since the plan was first tabled, the revised plan has evolved with articulated rear terraces that sharply contrast against the more rigid volumes of the under constructionUovo Boutique Residencesnow coming to the site immediately north of 2100 Yonge.

Looking west to 2100 Yonge, image via submission to City of Toronto

The building is now set to include seven residential rental units and 91 condominium units, representing an increase of 20 condo units over the previous proposal's 71. The mix is now proposed at 48 one-bedrooms, 28 two-bedrooms, and 15 three-bedrooms.Two parking levels would house 22 long-term spaces for residents, and 82 long-term bicycle locker spaces.

Looking north to 2100 Yonge, image via submission to City of Toronto

You can learn more from our Database file for the project, linked below. If you'd like to, you can join in on the conversation in the associated Project Forum thread, or leave a comment in the space provided on this page.

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UrbanToronto has a new way you can track projects through the planning process on a daily basis. Sign up for afree trial of our New Development Insiderhere.

Link:
Revised Plan Submitted for Mid-Rise Condo on Yonge in Midtown - Urban Toronto

Claire Khawaja of Designer Sofa Interiors has applied to demolish her existing building at 7 Peter Street and replace it with nine one-bedroom apartments and a new ground-floor retail unit.

The site of the proposed development is metres away from the recently demolished former offices of Kleinwort Benson, where Dandara are currently building 48 one- and two-bedroom apartments.

According to a design statement accompanying the Peter Street application, the existing building is of poor quality and offers little to the streetscape.

The existing walls are of masonry construction but appear to have no insulation, so we would argue the building is not suitable for modern commercial premises, the statement said.

No disabled access is achieved to the commercial premises and it should be noted the site has no parking either.

It adds that to the rear of the building which has an asbestos roof there are multiple ramschackle structures.

In conclusion, we feel the proposals set out in the application for this site meet all the Planning Departments requirements and should be approved, the statement said.

The redevelopment will retain ground-floor retail space which is important for town and the Island economy, whilst the space above will be used to help add dwellings to the Islands housing stock.

Across the street, Dandara were forced to alter their planning application to include 12 parking spaces after it was initially refused for not having any.

And, in the Peter Street application, no provision for parking has been made.

We appreciate the scheme does not have parking for the accommodation proposed but feel we have addressed this in this application. Essentially, there is no way to provide parking and maintain a proper ground-floor retail space with suitable shopfront which we feel is far more important, the statement said.

The building to be demolished is in a poor condition and its replacement will be a benefit to the town in our opinion. By adding residential accommodation above we feel the scheme maximises a site in the built-up area to its full extent and should be supported.

More here:
Plans for more apartments in the West's Centre area? - Jersey Evening Post