CBL and Pennsylvania Real Estate Investment Trust were both toast before the Pandemic. The banks are stuck.
“Seated diners” get scarcer again as new Covid cases surge.
Landlords already know this: People are getting more toasted than Wonder Bread.
Something is afoot here. And someone is going to be wrong.
At the time of securitization into CMBS a few years ago, inflated collateral values led to soothingly low loan-to-value ratios. Then trouble hit.
As seen by indicators that have sprung up as a result of the Pandemic.
Depicted by my 13 whiplash-charts.
Efforts to redevelop dying Stonestown Galleria in San Francisco turn into mess. The beating of landlords will continue until mood improves.
Out-of-money-date for Cineworld — owner of Regal, second largest movie theater chain in the US — is in November or December, but it’s hoping for a US taxpayer bailout.
Office Workers Are Again Told to Work from Home, Retailers Don’t Pay Rents, UK Commercial Property Owners Sink Deeper into the Mire.