Home Builder Developer - Interior Renovation and Design

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

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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

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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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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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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.

--------------------------------------------------------------------------------

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.

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Dodson going big with $25M mixed-use development in Colonial Beach - RichmondBizSense

One of a kind Jones Built Home! This beautiful home is just under 5000 sqft including 4 bdrms+Bonus Rm/4.5 baths,Finished Walk-Out, 5th bed, 3 car garage-AAA Rockwood Schools! Features include WB Fireplace, 9 ft Ceiling & 6.5" Baseboards on the ML, Faux Wood Wht Blinds, Newer Roof, In-ground Sprinkler, Alarm Syst, ML Laundry (W/D Included)*Spacious 2-story foyer flanked by a formal Dining & In-Home Office w/built-in shelves*Kitchen includes custom cabs w/granite tops, center island w/seating spc, walk-in pantry, Open to a Breakfast Rm w/access to a spacious deck & Family Rm the includes a bay and built-in shelving*Master Suite w/french door entry, walk-in closet w/organizers, vaulted sitting area, & priv full bath!*Three addit'l Bedrms have walk-in closets, one has a private Full Bath & the others share a Jack&Jill*Enjoy the Finished Walk-Out Lower level Rec Rms, possible 5th Bdrm, Full Bath, Patio & Private Level yard, shed & playset included (as-is)*Entertainer's Dream inside & out!

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26 of the Most Expensive Homes for Sale in the Park Hills Area - Daily Journal Online

ecoRidge Hideaway A Unique Lifestyle and Business Opportunity with Large Federation Home and BandB Income

ecoRidge Hideaway is a tree-change seeker's unique opportunity offering country lifestyle with the additional benefit of a Bed and Breakfast business income.

This 50 acres property is set in the heart of the Great Dividing Range amongst serene native bushland. It offers a great sense of seclusion, even though the dynamic centre of Toowoomba is only an easy 13 minute drive away. Shared with abundant wildlife, the place is the ideal spot for amazing animal sightings. The large substantial Federation Style Home and the three fully self-contained chalets are perfectly seated high along the edge of the escarpment with a North-Easterly aspect each enjoying front row seats to magnificent sunrises, cheerful birdsongs, and sweeping panoramic views over the wilderness of the surrounding peaks and valleys below.

The 3 sustainably designed chalets have been successfully run as a Bed and Breakfast since 2009 under the name of ecoRidge Hideaway and provide the optional benefit of an additional income to this outstanding lifestyle property. They are located about 200m from the main residence ensuring both privacy for the homeowner and for the visiting guests.

A Snap Shot of this unique property package offerings include andbull;A large character two storey five bedrooms Federation Style Queenslander andbull;Three individual BandB style fully self-contained Chalets built with reclaimed timberandbull;A 10 x 7.5m three bay colour bond shed, plus a work and garden shed, chook pen, veggie patches, and a small paddock suitable for horses or livestock of your choice.andbull;An Electric Submersible Bore pumping excellent potable water @ approx. 500 GPH.andbull;Large capacity rainwater tanks of 72000 Litres to the home, 54000 Litres across 3 tanks servicing the Chalets, and bore header tank of 22000 Litres.andbull;A 3.7 Kw solar system. Solar Hot Water Systems to the chalets. Gas Hot Water to the home.andbull;50 acres of land, which is comprised of a parklike 5 to 6 acres around the home, sheds, and chalets, and the remaining 44 acres is predominately native bushland with walking tracks.andbull;Just an easy 13 minutes drive to all the conveniences Toowoomba has to offer including Kmart Plaza and Ridge Shopping Centres, University of Southern Queensland, Medical Centres, and Schools.

The Federation Queenslander was designed by the renowned Federation Style architect Robin Dods, and has been maintained in exceptionally good condition. It is a beautiful double story home providing the potential for dual living with spacious open plan living and bedrooms situated on both levels. The home boasts features such as 3.2 metre high ceilings, polished timber floors, a classic white contemporary well-appointed kitchen which opens to a huge open plan dining and living room with a slow combustion wood heater - all of which enjoys the outlook to the views as does the sunroom, entertaining deck, and master bedroom. This large home has a very versatile floor plan providing you with up to six bedrooms if you need. Downstairs offers great potential with a flexible floor plan incorporating a reception area, office, bedrooms, large open plan rumpus/living room and a single garage.

The three-bay powered 10 x 7.5 metre colour bond garage is complete with storage shelves and a workbench. The park like gardens provide fruit trees, an olive grove, and native garden.

The Fully Self-Contained Chalets are a quality addition to the property. They have been operated as an award-winning Bed and Breakfast for the past 10 years and listed in the Lonely Planet guide since 2014. They all are in excellent condition and feature a generous open plan living area that opens onto a private balcony via a large 6 metre glass sliding door. Each is equipped with full kitchen, fans, fireplace, BBQ and carport. One features a spa bath, and another has a separate bedroom. The Chalets are situated conveniently near tourist attractions such as Preston Peak Winery and Wedding Reception, Preston Village Chapel and Manor, and the Garden City of Toowoomba.

This property will suit anyone who loves nature, tranquillity and space and can be continued as a successful BandB, changed into the business adventure of your choice such as yoga/healing/artist retreat, organic gardening, health food caf, wildlife sanctuary, nature photography, or the chalets might simply be used as an extension to the main residence for family and friends. This is a special package that must be inspected to be fully appreciated. Don't hesitate to call Murray to arrange your private inspection.

Other features of the property include:andbull;a 10 person sand filteration waste water treatment system with garden subirrigation at the main residenceandbull;Ecofriendly Biolytix Waste water treatment for the 3 chalets (using worms to break down the waste)andbull;There is Mail Delivery, Wheelie Bin Collection, and School Bus pick up just 300metres away.

Rates: $1889:32 per half year.

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ecoRidge Hideaway A Unique Lifestyle and Business Opportunity with Large Federation Home and BandB Income | Buy | Kingaroy, South West Qld, Toowoomba...

No room is quite as multifunctional as the kitchen. The hub of the home, this space has evolved from a strictly utilitarian unit into a versatile room to prepare food, entertain guests and share meals. If youre looking to do a kitchen remodel, keep in mind that a successful kitchen design needs to blend functionality with personal prerequisites. Find thousands of kitchen ideas to help you come up with the perfect design for your space.

When discovering kitchen ideas, there are several aspects to consider and keep in mind as you browse kitchen photos. First and foremost, you should carefully consider your layout and where to place large appliances. Next, you should focus on storage; kitchens contain a lot of utensils, pots, pans and gadgets, and you need to have enough space to store all of your favorites within easy reach. Lastly, your room should reflect your personality with its decor and vibe. The ultimate goal of all kitchens should be to create the most functional yet beautiful space possible to meet your eating and entertaining needs.

Another essential kitchen remodel essential to consider is the work triangle, which is a 70-year-old concept that is still highly utilized within the design world today. A simple idea that can save both time and energy, the work triangle connects the three main work areas: the sink, the stove and the refrigerator. As a general guideline, the distance between these areas should be no less than 4 feet and no larger than 9 feet. The sum of all three sides of the triangle should be between 13 feet and 26 feet. Given how highly effective this utilitarian design is, definitely take it into account when considering kitchen designs.

Find out more about the cost to remodel a kitchen

Whether you want inspiration for planning a kitchen renovation or are building a designer kitchen from scratch, Houzz has 3,031,481 images from the best designers, decorators, and architects in the country, including Ferguson Bath, Kitchen & Lighting Gallery and Innovative Construction Inc.. Look through kitchen pictures in different colors and styles and when you find a kitchen design that inspires you, save it to an Ideabook or contact the Pro who made it happen to see what kind of design ideas they have for your home. Explore the beautiful kitchen photo gallery and find out exactly why Houzz is the best experience for home renovation and design.

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75 Beautiful Kitchen Pictures & Ideas - November, 2020 | Houzz

Remodelingyour home is one of the most effective ways to spruce up your currentspace without having to worry about changing your house. The factthat you can perform the homeremodel onearea at a time also ensures that you dont have to move out of thehouse at all. Marwood Construction is a Houston based company thathas been performing home remodeling for over a decade now. Theexperience of the general contractorand the number of successful projects seen by the professional overthe years makes it one of the most sought-after companies in theentirety of Houston. The experts specialize in luxury kitchen andbathroom remodeling along with commercial and historical homerenovation as well. Should you want to know more about homeremodel orspeak to experts regarding the topic, send an emailto info@marwoodconstruction.com.

visit: https://www.marwoodconstruction.com/home-remodeling/

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Local Housing: Why Should Experts Take Care of the Home Remodel? - Patch.com

The middle of a pandemic doesnt seem like the ideal time to open up a restaurant, but dont tell that to Seasa Hofman. The Jamaica Plain resident by way of Thailand has decades of restaurant experience under his belt thanks to his aunt, who ran the Montien Thai restaurant in Chinatown for 35 years before selling it earlier this year.

Eager to trade in the spacious downtown eatery for more intimate digs of his own, Hofman jumped at the chance this summer when a retail space opened up on Dorchester Avenue in Fields Corner.

We were lucky to get the spot, admitted Hofman. But we hope to stay and be here a long time.

The space, which up until recently housed the Magic Wok restaurant, is now home to Just Thai Kitchen, where patrons can find authentic Bangkok-style street food like stir-fry noodles, fried rice, and spicy curry dishes.

Since opening at the end of September, the eatery has received a warm welcome from the neighborhood, said Hofman.

Everybody has been coming in and telling us Welcome to Dorchester. People have been really friendly, and it seems like they are happy we are here.

The restaurant stands out as one of few Thai establishments in the area, which is home to a robust Vietnamese culinary scene. Hofman thinks his spot stands to benefit by offering something different.

Vietnam and Thailand are neighbors, but the foods a bit different, he explained. We want to give people an idea of what authentic Thai food is like, and I think here in Boston people always like to try something new.

The interior of the restaurant has been refreshed with a sharp remodeling job and a dash of bright paint, as well as a painting gifted by a friend with a collage of Thai landmarks and cultural icons. On an opposing wall, a TV screen rolls footage of a show exploring Thai street food.

In encouraging neighbors to sample Thai food, Hofman and his chef, a fellow Thai-born Massachusetts resident named Pong, are also hoping to promote Thai culture.

A lot of Thai food is about balancing, said Pong, describing the cuisine as an organic type of fusion. Were in between India and China, so we kind of take a bit from stir fry and curry and make it our own. But Thai food is also pretty healthy. We use coconut milk instead of dairy, so its light. We also care about our vegan and vegetarian customers, and have a lot of options for them, as well.

The chef has also infused some personality into the menu with a Just Authentic Thai section featuring dishes like Khao Kapow and Khao Katiem that he says are just as spicy as what one would buy from a street vendor in Thailand.

A current special spotlights one of Pongs personal favorites crispy ginger JTK wings and with colder weather incoming, hes also preparing for seasonal specials like Massaman curry and Tom Yum, a hot and sour soup.

As the small Dot Ave. space can only accommodate a few patrons at a time, and with a foreboding pandemic forecast on the horizon, take-out and delivery through services like Uber Eats and Doordash will likely make up the bulk of Just Thai orders.

But, Hofman said, the warm reception from his new neighbors and a fairly steady stream of customers has him feeling optimistic. In the last few weeks I think weve sold out of everything on the menu, he said, which is good. We want people to get the full, real experience.

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A touch of Bangkok on Dorchester Ave.: Just Thai Kitchen in Fields Corner - Dorchester Reporter