UK property prices down 0.3% in June, says latest lender index

Halifax | July 05, 2019

Residential property prices fell by 0.3% in June to an average of 237,110 with the market described as stable, according to the latest lender index. The figures from the Halifax also show that prices re 5.7% higher than a year ago but managing director Russell Galley pointed out that this figure needs to be seen against the backdrop of particularly low growth in the corresponding period in 2018 which has had an impact on year on year comparisons.

Spotlight

In this week's video, John Chang discusses 6 different CRE property types and examines their outlook over the 5 year horizon!

Marcus & Millichap's research services division takes great pride in providing industry-leading research, and hope you find value in the insights we share as you shape your commercial real estate investment strategy. As always, please contact our team if we can be of service in providing you with market information, access to inventory, transaction execution and financing.

Spotlight

In this week's video, John Chang discusses 6 different CRE property types and examines their outlook over the 5 year horizon!

Marcus & Millichap's research services division takes great pride in providing industry-leading research, and hope you find value in the insights we share as you shape your commercial real estate investment strategy. As always, please contact our team if we can be of service in providing you with market information, access to inventory, transaction execution and financing.

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REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT

Kimco Realty Corporation Announces Holding Company Reorganization

Kimco Realty | December 19, 2022

Kimco Realty® (NYSE: KIM) (the “Company”) today announced that it intends to complete a holding company reorganization (the “Reorganization”), which would restructure the Company as an Umbrella Partnership Real Estate Investment Trust, or UPREIT. As part of the Reorganization, a new holding company (“New Kimco”) will become the publicly traded parent company by way of an intercompany merger (the “Merger”), assuming the existing name of “Kimco Realty Corporation,” while the current corporation (“Old Kimco”) will convert to a limited liability company called “Kimco Realty OP LLC” (“Kimco OP”) controlled by the publicly traded parent company (the “Conversion”). “We are very excited to announce our reorganization into an UPREIT, which we believe will enhance our ability to compete in the acquisition of real estate assets by enabling us to offer tax-deferred opportunity to sellers, We believe this reorganization will have no material impact on our existing shareholders, debt security holders, lenders or other constituencies, and will represent an enhanced platform for Kimco’s continued growth.” -Conor Flynn, Kimco’s Chief Executive Officer The Reorganization is intended to align the Company’s corporate structure with other publicly traded U.S. real estate investment trusts and provide a platform for the Company to more efficiently acquire properties in a tax-deferred manner. The UPREIT structure will allow owners of appreciated property to contribute such property to an LLC structured as an “operating partnership” in exchange for membership interests therein. Subject to applicable tax requirements, this type of contribution may be done on a tax-deferred basis for the contributors. Following the Conversion, Kimco OP will function as the operating partnership in the UPREIT structure. Membership interests in Kimco OP will generally entitle their holders to receive the same distributions as holders of New Kimco common stock, and the holders of such interests will generally be entitled to exchange the membership interests for cash or common stock, at New Kimco’s option. The Reorganization is not anticipated to have any material impact on the Company’s financial position and is not expected to result in any material changes to the Company’s combined financial statements, outstanding debt securities, material debt facilities, or business operations. All shares of common and preferred stock of Kimco will automatically be converted into identical shares of the new parent holding company as part of the Reorganization, and the Reorganization will not impact the payment of the dividends declared by the Company’s board of directors and payable to stockholders of record in accordance with previously announced dividend payment dates in respect of the Company’s common shares and the Class L preferred stock and Class M preferred stock. The Reorganization does not require shareholder approval under Maryland law and the Merger is expected to qualify as a tax-free reorganization under Section 368(a) of the Internal Revenue Code of 1986, as amended, meaning that Kimco’s shareholders are not expected to recognize a gain or loss for federal income tax purposes as a result of the Merger. The Merger is expected to be effective as of January 1, 2023, and the Conversion is expected to be effective promptly thereafter. When the Reorganization is complete, the holding company will be named “Kimco Realty Corporation,” just as Kimco is today, and its shares of common stock, Class L depositary shares and Class M depositary shares are expected to continue to trade on the NYSE under the symbols “KIM,” “KIMprL” and “KIMprM”, respectively. 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

ZestyAI Enters into a Significant Agreement with Black Knight

ZestyAI | January 13, 2023

ZestyAI, a pioneer in AI-powered solutions for climate and property risk assessments, announced a partnership on January 12, 2023, with a renowned software, data, and analytics company Black Knight, Inc. The market leader will offer its mortgage, real estate, and capital markets clients access to ZestyAI's property risk analytics platform, Z-PROPERTYTM, in order to deliver fast property-condition reports and risk insights. ZestyAI's Z-PROPERTY technology extracts insights from aerial and satellite photos for over 150 million residential and commercial properties using computer vision and machine learning. ZestyAI maintains a digital twin of every property in North America that is continuously updated as changes in property condition, upkeep, and renovations affect each property's fluctuating worth and risk. Black Knight clients benefit significantly from Z-PROPERTY data when assessing property conditions. ZestyAI's technology examines features from each particular property, such as roof condition, to provide property-specific insights that will provide Black Knight's clients with an easy and cost-effective solution to improve their evaluation of property worth and risk throughout the mortgage life cycle. Julian Grey, Executive Vice President, Mortgage & Capital Markets Product Management at Black Knight Data & Analytics, said, "We're always looking to deliver even more powerful data and insights for our customers, and ZestyAI's property analytics platform immediately stood out." She added, "Investors and creditors will now have instant access to detailed property condition data much earlier in the origination cycle. Offering ZestyAI's roof condition assessment and other insights is a huge win for our customers." (Source - PR Newswire) In line with this, Attila Toth, Founder and CEO of ZestyAI, said, "Black Knight is the leading provider of rich data and analytics for the mortgage and real estate industries where real-time data and decisions are the new normal." "We're proud to provide Black Knight's clients with our unique property insights to further improve speed and accuracy during every step of the home acquisition and financing process," he concluded. (Source - PR Newswire) About ZestyAI ZestyAI provides insurers and real estate firms with comprehensive intelligence on every property in North America. The company employs artificial intelligence, including computer vision, to deliver a continually updated database of 200 billion property insights, which account for every aspect that can affect a property's value and associated hazards, including the possible impact of natural disasters.

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REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT

Leading Nationwide Property Management Company Launches Property Investment Tool

Real Property Management | December 13, 2022

For intentional property investors, the right property management company can take the guesswork out of generating the best return on investment (ROI). Real Property Management, a Neighborly company, has been offering residential property management services throughout North America for more than 30 years, and recently launched the Wealth Optimizer Tool designed to support property investors looking to optimize their rental property's ROI. Smart property investors use a variety of metrics to analyze real estate investments. These metrics allow for comparing and tracking performance, but with the metrics, there is a balance of understanding real-world variables. Real Property Management's Wealth Optimizer Tool is available to anyone and can help investors determine if a property is a good investment. The free property investment tool provides expert data on a rental property's performance, future capital expenses, helps them analyze the potential of a future purchase and can help analyze the potential of a future purchase. "Our franchise owners have been offering this type of hands-on assistance for analyzing the potential of a rental property for single and multi-property owners for the past five years. We wanted to build an online, user-friendly calculator that allowed rental-property investors to make their own custom adjustments on parameters, With access to advanced reporting in this tool, our streamlined processes and one-on-one intel help investors analyze current and future properties to maximize their rental income while minimizing expenses and inefficiencies." -Jeff Pepperney, president of Real Property Management The interactive report pulls available data on property valuation based on users' specified investment parameters. The tool allows users to view revenue, expenses, equity changes, cap rate, cash flow, gross yield, annualized return, and cash-on-cash return, in addition to some advanced reporting features. A key feature of the Wealth Optimizer Tool is the option to compare up to three properties when considering adding properties to their portfolio. We're always looking to improve our value-add to property owners and provide comprehensive property management with superior service. This includes preserving investors' assets and optimizing their ROI, This tool is one more proof point of our brand promise, offering greater visibility into the performance of rental property portfolios,said Pepperney. Along with helping intentional property investors realize rental property potential through wealth optimization, Real Property Management provides full-service leasing, move-in, and move-out property inspections, property maintenance, management of tenant requests and emergencies, advertising and marketing, tenant screening, accounting, rent collection, legal evictions, and online reporting portals. About Real Property Management®: Real Property Management, a Neighborly® company, is the largest property management franchise in North America, with more than 30 years of industry expertise providing full-service residential property management for thousands of investors and rental homeowners from more than 400 independently owned and operated locations worldwide. Acquired in 2018, Real Property Management is part of Neighborly®, the world's largest home services company with more than 30 brands and 5,000 franchises collectively serving 12 million+ customers in six countries, focused on repairing, maintaining and enhancing homes and businesses.

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