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AMC Theatres Raises $917M of Investment Capital, Says Bankruptcy is ‘Completely Off Table’

by Kristin Harlow January 25, 2021

LEAWOOD, KAN. — In effort to remain financially afloat amid the COVID-19 pandemic, AMC Entertainment Holdings Inc. (NYSE: AMC) has raised or signed commitment letters to receive $917 million of new equity and debt capital. The Leawood-based movie theater company says the increased liquidity should enable it to survive well into 2021. Of the $917 million, AMC raised $506 million of equity from the issuance of new common shares. Additionally, the company executed commitment letters for $411 million of incremental debt capital from upsizing and refinancing its European revolving credit facility. The $917 million capital infusion is on top of $1 billion of cash that AMC raised between April and November of 2020. “Any talk of an imminent bankruptcy for AMC is completely off the table,” says Adam Aron, CEO and president. AMC says that an increase in cinema attendance is likely given the push to vaccinate the general population. AMC also presumes it will continue to make progress in its ongoing dialogue with theater landlords about the amounts and timing of owed theater lease payments. Following the news, AMC’s stock price jumped from $3.51 per share at Friday’s close to $4.72 per share on Monday’s opening. The stock traded …

January 25, 2021

Company News Florida Retail Southeast

Winn-Dixie Parent Company Moves Forward With Initial Public Offering

by John Nelson January 22, 2021

JACKSONVILLE, FLA. — Southeastern Grocers Inc., the Jacksonville-based parent company of grocery brands Winn-Dixie, BI-LO, Fresco y Mas and Harveys Supermarket, is moving forward with its initial public offering (IPO) that it filed in mid-October. Founded in 1924, Southeastern Grocers operates 638 grocery stores, pharmacies and liquor stores across Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina and South Carolina. According to Market Watch, the company has 36,000 employees and its expected listing date for its shares of common stock is next week under the symbol “SEGR” on the New York Stock Exchange (NYSE). Southeastern Grocers is launching its IPO for 8.9 million shares of its common stock to be sold at an anticipated price between $14 and $16 per share. BofA Securities and Goldman Sachs & Co. LLC are acting as joint lead book-running managers and as representatives of the underwriters for the IPO. Deutsche Bank Securities Inc., BMO Capital Markets and Wells Fargo Securities are acting as book-running managers for the IPO. Truist Securities is acting as co-manager for the offering.

January 22, 2021

Company News Retail Top Stories

American Eagle Outfitters to Close Up to 225 Stores, Bolster Aerie Brand to $2B Revenue

by Katie Sloan January 22, 2021

PITTSBURGH — American Eagle Outfitters, Inc. (NYSE: AEO) has announced plans to close hundreds of its flagship American Eagle stores over the course of the next few years, while seeking to grow the company’s more successful lingerie and active-wear brand, Aerie, into a $2 billion business. The Pittsburgh-based company’s chief financial officer, Michael Mathias, announced plans to close 200 to 225 of the company’s 880 existing American Eagle locations over the next two to three years during a virtual investor meeting held Thursday, Jan. 21. “Our primary focus for the next few years with American Eagle will be to build on our large cashflow base by focusing on inventory efficiency, improving merchandise margins, managing expenses and closing stores to strengthen profit flow-through,” said Mathias. The company’s American Eagle banner anticipates roughly flat growth compared to 2019, with an expected revenue of approximately $3.5 billion. By contrast, Aerie revenue is anticipated to grow at a mid-20 percent compounded annual growth rate. The company hopes to open 60 to 75 brick-and-mortar Aerie locations each of the next several years, with Houston and Los Angeles listed as targeted growth markets. “Plans for the Aerie brand through 2023 include doubling revenue to $2 billion, …

January 22, 2021

Company News New Jersey Northeast

Four Springs Capital Trust Receives $50M Investment From Goldman Sachs to Grow Portfolio

by Taylor Williams January 21, 2021

LAKE COMO, N.J. — Four Springs Capital Trust, a private REIT focused on single-tenant industrial, medical, office and retail assets, has received a $50 million investment from Goldman Sachs (NYSE: GS) in the form of preferred stock. New Jersey-based Four Springs Capital will use the funds to provide liquidity to an existing investor and to grow its portfolio, which currently consists of 101 commercial properties totaling 3.6 million square feet across 28 states. As of Dec. 31, 2020, that portfolio was valued at $510 million. Goldman Sachs made the investment through one of its Vintage Funds, which provide capital to private investors and asset managers worldwide.

January 21, 2021

Acquisitions Florida Mixed-Use Office Restaurant Retail Southeast Top Stories

Midtown Opportunities Acquires Shops at Sunset Place in South Miami for $65.5M

by John Nelson January 18, 2021

SOUTH MIAMI, FLA. — Midtown Opportunities, a real estate investment fund based in Miami, has purchased The Shops at Sunset Place in South Miami for $65.5 million. The open-air lifestyle property features nearly 515,000 square feet of retail and office space leased to tenants such as AMC Theatres and LA Fitness. A partnership between Federal Realty Investment Trust (NYSE: FRT), Grass River Property Co. and Comras Co. sold the mixed-used development after more than five years of ownership. Midtown Opportunities has retained Grass River to manage the asset. Federal Realty, Grass River and Comras sold Sunset Place at a significant loss, according to the Miami Herald. The newspaper reported in 2015 that the buyers purchased a majority interest of the once-popular mall from Simon Property Group for $110 million. The Shops at Sunset Place is located on nearly 10 acres at 5701 Sunset Drive. The development is situated near the South Miami Metrorail Station, South Miami Hospital and the University of Miami. No details were disclosed about Midtown Opportunities’ plans related to Sunset Place. The property was 78 percent leased at the time of sale. Other tenants include Barnes & Noble, Gametime and Splitsville, as well as the Yumbrella Food …

January 18, 2021

California Company News Retail Western

Petco Ends First Day of Trading 63 Percent Higher than IPO Price

by Alex Tostado January 15, 2021

SAN DIEGO — Petco ended its first day of trading on Nasdaq on Thursday at $29.40 per share, 63 percent higher than its initial public offering (IPO). The San Diego-based pet care retailer is trading under the stock symbol WOOF. Petco priced its IPO at $18 per share, and the stock price opened at $26 per share Thursday. Petco operates more than 1,500 stores in the United States, Puerto Rico and Mexico and sells food, toys and healthcare needs for a variety of pets. Additionally, more than 100 Petco locations offer in-store veterinary services.

January 15, 2021

California Development Leasing Activity Office Top Stories Western

Beyond Meat to Open 300,000 SF Headquarters Near Los Angeles

by Katie Sloan January 15, 2021

EL SEGUNDO, CALIF. — Beyond Meat Inc. (NASDAQ: BYND), a producer of plant-based meat replacement products, has signed a 12-year lease for a 300,000-square-foot corporate headquarters less than one mile south of Los Angeles International Airport at 888. N. Douglas St. in El Segundo. The headquarters will be located within a four-building, 550,000-square-foot creative office and industrial campus currently under development by Hackman Capital Partners, which is scheduled for completion this spring. Beyond Meat’s offices are set to open in fall of this year and will include advanced research labs and incubator spaces for the development of new technologies and more innovative products. The company’s headquarters is designed for LEED and Fitwel certification in alignment with Beyond Meat’s mission and commitment to sustainability and workplace wellbeing. “Our new campus and state-of-the-art research facilities will house cutting-edge fundamental and applied research alongside globalized product development teams, all in service to a single goal — creating meat from plants that is indistinguishable from its animal protein equivalent,” says Ethan Brown, founder and CEO of Beyond Meat. The JLL team of Gary Horwitz, Blake Searles, Connor Hall and Kamil Agha represented Beyond Meat in the leasing transaction. The company also tapped DPPM Project Management …

January 15, 2021

Content Partner Features Multifamily Walker & Dunlop

Multifamily Market Offers Resilience in the Face of Economic Pressures

by Sarah Daniels January 14, 2021

A Tale of Two Cities “It was the best of times, it was the worst of times…” More than 150 years later, the iconic Dickens quote still strikes a chord. While every recession is different, the pandemic-induced shelter-in-place rules quickly sent the U.S. economy into the deepest recession on record in the second quarter. Fortunately, economic recovery, at least thus far, is proving to be just as swift — in certain areas. While unemployment rates dropped quickly from 14.7 percent in April to 6.7 percent in December, a more detailed look shows widening inequality that has yet to be resolved. For those with a bachelor’s degree or higher, unemployment peaked at only 8.4 percent in April and has since fallen to 3.8 percent — a rate that was once thought to be near the point of equilibrium for the economy. Unemployment rates for those with less than a high school education peaked at 21.2 percent and for those with a high school education, at 17.7 percent. To add to the current volatile environment, the contentious U.S. presidential election kept investors on edge, assessing political as well as economic uncertainty, at least in the near-term. Volatility indices remain somewhat elevated, although …

January 14, 2021

Midwest Minnesota Retail

Target Reports Same-Store Sales Growth of 17.2 Percent Over Holidays

by Kristin Harlow January 13, 2021

MINNEAPOLIS — For the November and December holiday season, Target’s comparable sales rose 17.2 percent over the same period last year. Store-originated sales grew 4.2 percent and digital sales grew 102 percent. Store traffic increased 4.3 percent and the average ticket grew by 12.3 percent. The Minneapolis-based retailer also reported that its same-day services, such as order pick-up and drive-up, rose 193 percent. “The momentum in our business continued in the holiday season with notable market share gains across our entire product portfolio,” said Brian Cornell, chairman and CEO, in a news release. The merchandise category with the strongest growth was home goods. Target operates nearly 1,900 stores in the U.S. The company’s stock price closed at $199 per share Tuesday, Jan. 12, up from $123.87 per share one year ago.

January 13, 2021

Company News Northeast Pennsylvania Retail

Urban Outfitters Reports 8.4 Decrease in Net Sales to Close 2020, Announces Leadership Changes

by Taylor Williams January 13, 2021

PHILADELPHIA — Urban Outfitters (NASDAQ: URBN) reported an 8.4 percent sales decrease for the two months that ended on Dec. 31, 2020 compared with the same period a year earlier. The Philadelphia-based apparel retailer said that lower sales within its brick-and-mortar stores were partially offset by double-digit sales growth across the digital platforms of its family of brands, which includes Free People and Anthropologie Group. For the fiscal year 2020, the company’s net sales declined by 14.3 percent year-over-year, although the retailer did open 18 new stores over the last 12 months. In addition, Urban Outfitters has announced that current CEO Trish Donnelly will be stepping down on Jan. 31, 2021 after a seven-year stint with the company and will be replaced by Sheila Harrington. Urban Outfitters’ stock price opened at $27.90 per share on Wednesday, Jan. 13, up from $26.47 per share a year ago.

January 13, 2021

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