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FeaturesMultifamilyStudent Housing

Student Housing Survey: Development Remains Underway Despite Slowdowns Due to COVID-19

by Alex Tostado

The COVID-19 pandemic has had a major impact on all aspects of on- and off-campus student housing. In an attempt to better assess that impact and the sector’s outlook for the future, Student Housing Business, sister publication to REBusinessOnline, conducted a survey of industry professionals over the course of several weeks in May. The survey was separated by industry function for specific elements of the business, allowing SHB to better understand the pandemic’s distinct influence on each segment of the industry. Of the survey’s 569 respondents, 39 defined their company’s role in the industry as that of a developer or contractor. In this segment of the industry, 17 percent of companies let go of or furloughed employees at the corporate level and instituted pay cuts. Student housing development has continued to move forward throughout the pandemic, with 83 percent of respondents indicating that construction is still continuing on their projects. Of those with projects still underway, 63 percent indicated that they had faced slowdowns due to COVID-19.  When asked if any of the companies’ development projects had been halted, 53 percent of respondents indicated that they had not. Of the 37 percent that have had a project halted, most indicated that construction …

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MassachusettsNortheastRestaurantRetail

Breweries, Distilleries, Wineries Included in Phase II of Reopening, Says Massachusetts Gov. Baker

by Alex Patton

BOSTON — Craft brewing companies, liquor distilleries and wineries that also serve food have been included in Phase II of the Massachusetts reopening plan, according to a statement by Gov. Charlie Baker on Monday, June 1. The ruling clarified initial confusion as to whether craft beverage producers would be treated as restaurants, which will reopen in Phase II, or bars, which will reopen in Phase III. The state, particularly the metro Boston area, is known for a robust community of craft breweries, including Boston Beer Co., owner of Samuel Adams Boston Brewery. However, beverage producers that do not also serve food will be treated as bars. Massachusetts began Phase I of its reopening plan, which included the gradual reopening of outdoor services, construction, personal services, curbside retail and office space, on May 18. Gov. Baker is expected to decide if the state will proceed to Phase II, which includes in-store retail, restaurants, lodging and additional personal services, on Monday, June 8. As of June 2, the Centers for Disease Control and Prevention reported more than 100,800 cases of COVID-19 in Massachusetts and more than 7,000 deaths.

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MassachusettsNortheastOffice

Franklin Street Properties Reports 95 Percent Office Rent Collection in April, No Property Damage from Protests

by Alex Patton

WAKEFIELD, MASS. — Franklin Street Properties Corp. (NYSE: FSP), a Wakefield, Mass.-based REIT, has reported that it collected 95 percent of rent payments due for May at its office properties despite revenue concerns amid the COVID-19 outbreak. When the outbreak began in the United States, office users across the country were forced to lay off employees while others were restricted to working from home. Even as states begin to reopen and some employees are returning to their offices, many companies are reconsidering lease signings and expansions. In addition, Franklin reported that none of its properties has sustained significant damage as a result of the ongoing nationwide protests. Franklin owns and operates 35 office properties totaling approximately 9.5 million square feet, primarily located in infill and central business districts in 10 Southeastern and Midwestern states. Some tenants have requested rent relief in the form of deferrals for varying lengths of time, which Franklin has granted in particular instances while seeking extended lease terms. The REIT’s stock price closed at $5.15 per share on June 2, down from $7.52 per share at the same time last year.

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New YorkNortheastRetail

Urban Edge Launches Dedicated Grab-And-Go Services at Retail Properties

by Alex Patton

NEW YORK CITY — Urban Edge Properties, a New York City-based management company, has launched dedicated grab-and-go shopping services at select retail properties in New York and New Jersey. Urban Edge will offer short-term parking spaces located near stores that allow shoppers to pick up items ordered online or briefly enter the store. The spaces are designed to limit the amount of time customers physically spend in stores and to emphasize social distancing as retailers gradually begin to reopen their stores amid the COVID-19 outbreak. Urban Edge has launched the new service at 16 properties, including Bergen Town Center and Hudson Mall in Jersey City and Burnside Commons in New York. Additional properties will launch the program throughout June and July. Restaurant and other essential retailers are already using the parking spots.

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KansasMidwestRetail

AMC Theatres: ‘Substantial Doubt’ Exists Regarding Ability to Stay in Business

by Kristin Harlow

LEAWOOD, KAN. — AMC Entertainment Holdings Inc. (NYSE: AMC) says it has “substantial doubt” for its ability to remain in business after shutdowns due to the coronavirus. If the movie theater chain is not able to recommence operations within its estimated timeline, it will require additional capital. The Leawood, Kan.-based company temporarily suspended operations at all of its theaters through June and is generating no revenue. Even if governmental operating restrictions are lifted in certain jurisdictions, AMC says distributors may delay the release of new films until operating restrictions are eased more broadly both domestically and internationally. AMC today released preliminary results from its first quarter that ended March 31. Total revenues for the three months amounted to $941.5 million, compared with $1.2 billion the same time period last year. Net loss for the first quarter is projected between $2.1 billion and $2.4 billion. Net loss for the same time period in 2019 was $130.2 million. As of April 30, AMC had a cash balance of $718.3 million. Second-quarter results are projected to be worse. AMC operates 1,000 theaters and 11,000 screens across the globe. It closed all 630 U.S. locations in mid-March. AMC’s stock price closed at $5.65 per …

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New YorkNortheast

Two New York Regions Expected to Begin Phase II of Reopening This Week

by Alex Patton

ALBANY, N.Y. — Two regions in the state of New York are expected to begin Phase II of the state’s reopening plan this week following improved conditions amid the COVID-19 health and economic crisis, according to a statement issued by New York Gov. Andrew Cuomo on Monday. The regions in question are Western New York and the Capital Region, which includes the state capital of Albany. Phase II includes the reopening of office-based jobs, real estate construction and services, barbershops, salons and expanded retail services. Five regions in Upstate New York — the Finger Lakes, North Country, Mohawk Valley, Central New York and Southern Tier regions — were permitted to begin Phase II on Friday. New York City is expected to enter Phase 1 on June 8. The requirements to reopen a region include a 14-day decline in hospitalizations and hospitalized deaths, fewer than two new hospitalizations per 100,000 residents, as well as several other requirements related to hospital capacity and testing availability. As of June 1, the Center for Disease Control and Prevention reported more than 370,000 cases of the COVID-19 in New York and nearly 29,000 deaths.

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Company NewsFloridaRetailSoutheast

Regency Centers Collects 58 Percent of May Rent Checks, Down from 68 Percent in April

by Alex Tostado

JACKSONVILLE, FLA. — Regency Centers Corp. reported that it collected 58 percent of base rent from its tenants in May. The Jacksonville-based company released the data during its June 2020 presentation, which also reported that Regency collected 68 percent of base rent in April. The presentation broke its tenants down by category. Of the essential retailers, which includes grocers, drugstores, mass merchandisers, banks, pet stores, office supplies and medical tenants, 92 percent were able to pay May rent. Essential, quick-service restaurants paid rent at a 48 percent clip, while 31 percent of essential, full-service restaurants paid May rent. Additionally, other tenants in Regency’s portfolio, including soft goods, personal service providers and fitness centers, paid at a 28 percent rate. In April, every rent rate by category was higher than May. Regency said that as of May 31, approximately 75 percent of its tenants were open for business across the 408-property portfolio.

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ColoradoCompany NewsWestern

Baceline Investments Offers Resources, Individual Guidance for Small Business Tenants

by Amy Works

DENVER — As retailers continue to face uncertain times during the COVID-19 pandemic, Denver-based Baceline Investments has shifted its focus to providing support and creating tools, resources and personal guidance for the small businesses of its 73 neighborhood shopping centers under management nationwide. The boutique private equity real estate investment and management company’s national portfolio currently includes 900 small business tenants. “We’ve taken an all-hands-on-deck approach to supporting our small business partners,” says Todd Laurie, partner and executive vice president of fund services for Baceline. “We’ve mobilized our company into task-force teams and support teams, and we immediately reached out to every small business tenant to offer guidance and assistance with securing government assistance loans.” Through guides and an online resource center, the company is providing tools and resources that include information on state-by-state, stay-at-home orders, financial relief and loan resources, social distancing and sanitation measures, marketing templates and initiatives to support businesses as they reopen. Additionally, Baceline is offering information regarding protection against coronavirus phishing attempts, tenant stipends to assist in purchasing barrier and PPE supplies, including sources for exclusively discounted sneeze and cough shields, as well as five industry-specific reopening handbooks for fitness centers, salons and spas, retail, …

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MichiganMidwestRetail

Michigan Governor Rescinds Stay-Home Order, Enables Restaurants to Reopen June 8

by Kristin Harlow

MICHIGAN — Michigan Gov. Gretchen Whitmer has signed a new executive order rescinding her stay-home order and moving the entire state to Phase IV of the “MI Safe Start Plan” in response to COVID-19. The governor’s order will enable retailers to reopen June 4 and restaurants to reopen June 8 at 50 percent capacity. Day camps for children will be permitted to open June 8. Effective immediately, groups of 100 or less will be allowed to gather outdoors with social distancing. Office work and housecleaning services can resume. Gyms and fitness centers may conduct outdoor classes, practices and games with social distancing. Michiganders must continue to wear face coverings when in enclosed public spaces and should continue to work from home whenever possible.

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FeaturesOffice

How Office Spaces Will be Designed Differently in a Post-COVID-19 World

by Alex Tostado

With several states reopening in the midst of the COVID-19 outbreak, JBG Smith has released its “Healthy Workplace Blueprint,” a new design for the company’s offices as tenants return to work. The Healthy Workplace Blueprint focuses on health and safety measures related to cleaning and sanitation, indoor air quality, social distancing and tenant communications. JBG Smith, which owns and operates several properties in and around Washington, D.C., has been working with federal, state and local health authorities to design this blueprint. Upon arrival at a JBG Smith-owned office building, employees can expect to see doors for entrances and exits clearly marked, a two-person maximum for elevator cabs, decals on the floors of the elevators for where they should stand, staircases labeled whether they are for ascending or descending, and signage throughout the lobby reminding people to stay six feet apart. “The health and well-being of our tenants, employees, vendors and building visitors has been one of JBG Smith’s top priorities,” says Matt Kelly, CEO of JBG Smith. “Our goal in producing and publishing Healthy Workplace Blueprint is to create an even safer environment, ensure that all stakeholders are informed about what we are doing from an operational standpoint, and educate …

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