HUD seeks to end public housing aid for undocumented immigrants

Department of Housing and Urban Development | April 18, 2019

The Department of Housing and Urban Development proposed a rule to Wednesday that would end public housing aid for undocumented immigrants. An administration official told The New York Times that the rule would ensure that only American citizens receive housing assistance from HUD, putting an end to a loophole that did not require some aid recipients to prove citizenship. While the move is one of several the Trump administration has taken to crack down on undocumented immigration, the official told the Times that the department was prompted to act by the long waiting list for public housing.

Spotlight

Sustainable by Design: Increasing Water Efficiency and Reducing Cost in Affordable Housing is a case study drawing upon lessons learned from the Chicago Water-Efficiency Pilot. Enterprise Community Partners and Elevate Energy is working to develop solutions that will help affordable housing providers mitigate the impact of increased water rates.

Spotlight

Sustainable by Design: Increasing Water Efficiency and Reducing Cost in Affordable Housing is a case study drawing upon lessons learned from the Chicago Water-Efficiency Pilot. Enterprise Community Partners and Elevate Energy is working to develop solutions that will help affordable housing providers mitigate the impact of increased water rates.

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REAL ESTATE INVESTMENT

CIP Real Estate Acquires Industrial Complex in North Atlanta Metro

CIP Real Estate LLC | November 17, 2022

CIP Real Estate has acquired Kennesaw Mountain Business Park, an industrial property in the north Atlanta metro area, for $22.6 million. The 10-acre parcel features two buildings totaling 144,130 square feet. The business park comprises 18 shallow bay industrial units ranging in size from 3,920 to 18,000 square feet, and the majority of the suites are between 6,000 and 12,000 square feet. The project is currently over 96% occupied. Due to strong demand and limited supply of small and mid-bay industrial units in the upscale Marietta area, a suburb of Atlanta, CIP expects significant rental increases in the next five years, which will be supported by upgrades to the facility, including improvements to the parking lot and landscaping, along with painting and HVAC upgrades. “We’re seeing unprecedented industrial demand in the Atlanta metro area, driving low inventory and supporting higher rental rates, Kennesaw Mountain Business Park is a strategic addition to our Atlanta metro portfolio, in a highly desirable location with premier accessibility and demographics.” -Eric Smyth, CEO of CIP The Kennesaw project is the newest acquisition in CIP’s growing Atlanta metro portfolio. Just 17 miles away, in Alpharetta, is Mansell Commons, a 223,000-square-foot industrial and flex project. CIP invested nearly $750,000 in capital improvements on Mansell Commons this year. To the east, additional CIP assets include Gwinnett Commons, Brook Hollow Center, Pleasantdale Industrial Park and Perimeter Place Business Park. CIP’s purchase of Kennesaw Mountain Business Park was funded with $14.69 million in takeback financing from the seller. About CIP Real Estate LLC CIP Real Estate LLC is a full-service real estate investment company focused on the acquisition, repositioning, re-branding, and management of industrial assets throughout West Coast, Southeast, and Texas markets. Founded in 1995 and based in Irvine, CA, the company owns and manages approximately 9.5 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, Atlanta and Dallas.

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REAL ESTATE INVESTMENT

Kimco Realty® Expands Presence in New York Market with Acquisition of Long Island Open-Air Grocery Anchored Portfolio

Kimco Realty | November 14, 2022

Kimco Realty® (NYSE: KIM), North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, and a growing portfolio of mixed-use assets, today announced it acquired a private, multi-generationally-owned portfolio of eight Long Island, NY shopping centers for $375.8 million. The acquisition was funded by the issuance of a combination of cash and redeemable units and the assumption of $88.8 million of 4.1% mortgage debt with a remaining term of approximately six years. As of September 30, 2022, the company had $123.5 million in cash and cash equivalents on its balance sheet and subsequently received approximately $301.1 million of proceeds from the sale of 11.5 million shares of its Albertsons common shares. These eight high-quality centers are located in one of the most desirable markets in the United States and within a drive time of approximately 15 minutes from Kimco’s corporate headquarters in Jericho, NY. The ultra-infill markets of Long Island are high barrier to entry and offer a highly captive consumer base boasting some of the best demographic profiles in the country. The portfolio, which boasts a three-mile estimated population and average household income of 95,000 and $187,000, respectively, is 94.4% leased with significant mark-to-market and merchandising enhancement opportunities. The portfolio, which includes The Gardens at Great Neck, Woodbury Common, The Market Place, Stop & Shop Shopping Center, Southgate Shopping Center, Green Cove Plaza and Syosset Corners in Nassau County, and Sequams Shopping Center in Suffolk County, features five grocery anchored centers and a strong collection of necessity-based tenants and retailers offering everyday goods and services. Tenants include TJMaxx, GoHealth Urgent Care, Rite Aid, Starbucks, Dunkin’ Donuts, and Chipotle. “This acquisition was a rare chance to expand our presence in one of Kimco’s most highly desired markets, with a portfolio of irreplaceable real estate located in one of the most heavily trafficked, densely populated, suburbs that offers high barriers to entry and affluent communities, The strength of our balance sheet, ample liquidity and ability to provide a tax efficient transaction for the seller put us in a prime position to be opportunistic when this multi-generational portfolio emerged. The acquisition also brings us closer to our target of 85% of the company’s annual base rent coming from grocery anchored centers.” -Conor Flynn, Kimco’s Chief Executive Officer At the end of September 2022, Kimco Realty owned 28 centers totaling 3.0 million square feet with an average occupancy rate of 97.8% in the dominant Long Island market. The addition of this eight-property portfolio, which comprises 540,000 square feet of retail space, will further Kimco’s position as one of Long Island’s largest owners of grocery-anchored shopping centers with 36 assets totaling over 3.5 million square feet. About Kimco Realty® Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, including mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of September 30, 2022, the company owned interests in 526 U.S. shopping centers and mixed-use assets comprising 91 million square feet of gross leasable space.

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MARKET OUTLOOK, REAL ESTATE TECHNOLOGY

BXP Earns Top ESG Rating in 2022 GRESB Assessment

BXP | October 18, 2022

BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, today announced that it has earned a top ESG rating in the 2022 GRESB® assessment. BXP earned an eleventh consecutive “Green Star” recognition and the highest GRESB 5-star Rating, as well as an “A” disclosure score. BXP also achieved the highest scores in several categories, including Data Monitoring & Review, Targets, Policies, Reporting, and Leadership. “Real estate companies, as stewards of the built environment, play an essential role in addressing the climate crisis, I am proud of this recognition and of BXP’s leadership in strategic climate action. BXP’s focus on sustainability is an important component of our premier workplace strategy and is valued by our clients, partners, employees, and communities.” -Owen Thomas, CEO of BXP BXP actively works to promote its growth and operations in a sustainable and responsible manner and is a recognized leader in green building. BXP has certified 29.4 million square feet of its current in-service portfolio at the highest LEED certification levels of Gold and Platinum. BXP has publicly announced sustainability goals and has implemented energy conservation projects and other measures in actively managed properties that have reduced greenhouse gas emissions intensity by 80% and site energy use intensity by 41% since 2008. BXP has aligned its emissions reduction targets with climate science and became the first North American office REIT to establish an emissions reduction target ambition in line with a 1.5°C trajectory, the most ambitious designation available at the time of submission under the Science Based Targets initiative. BXP remains on track to achieve carbon-neutral operations by 2025. BXP’s commitment to ESG performance management and transparency is key to our ESG program, Our focus on measurable impacts guides our decision making and investments, creating a more resilient, purposeful company,said Ben Myers, Vice President of Sustainability, BXP. The GRESB Real Estate Assessment is the investor-driven global ESG benchmark and reporting framework for real estate. The Assessment is shaped by what investors and the industry consider to be material issues in the sustainability performance of real estate investments. The methodology is consistent across different regions, investment vehicles, and property types, and aligns with international reporting frameworks. The data is self-reported by Assessment participants and subjected to a multi-layer validation process after which it is scored and benchmarked. The result is high-quality data that investors and participants can use in their investment, engagement, and decision-making processes. About BXP ESG BXP’s commitment to ESG leadership has been recognized by numerous industry groups and rankings, including BXP’s inclusion as #4 on the 2021 Forbes Green Growth 50 list and #3 on Barron’s 10 Most Sustainable U.S. REITs list. BXP was named to Newsweek’s America’s Most Responsible Companies 2022 list, ranking first in its industry with an increased ranking of 31st overall out of the 499 companies included on list. In 2022, BXP was again named an ENERGY STAR Partner of the Year – Sustained Excellence Award Winner and a Best in Building Health winner by the Center for Active Design. BXP was recently recognized as an inaugural Platinum level Green Lease Leader by the Institute for Market Transformation and the U.S. Department of Energy. About BXP BXP (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT), with more than 50 years of experience developing, owning, managing, and acquiring exceptional properties in dynamic gateway markets. As of June 30, 2022, including properties owned by unconsolidated joint ventures, BXP’s portfolio totaled 53.7 million square feet and 193 properties, including 12 properties under construction/redevelopment.

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