Tenant

Goodness Growth Holdings Amends Lease Agreement in the State of New York

Retrieved on: 
Monday, October 30, 2023

As part of the fifth amendment to the lease in Johnstown, the Company and its landlord have agreed to increase the tenant improvement allowance on the lease by an additional $14.0 million.

Key Points: 
  • As part of the fifth amendment to the lease in Johnstown, the Company and its landlord have agreed to increase the tenant improvement allowance on the lease by an additional $14.0 million.
  • The increase in tenant improvement funds will be utilized to support the completion of the construction of the indoor expansion project that was announced in September 2021.
  • The parties have also agreed to a monthly base rental increase of $210,000 beginning November 2023.
  • Interim Chief Executive Officer Josh Rosen commented, “We believe this lease amendment supports our ongoing divestment process in the State of New York, as it supports the timeline to complete the indoor cultivation facility.”

Climate First Bank Relocates St. Pete HQ

Retrieved on: 
Monday, October 30, 2023

ST. PETERSBURG, Fla., Oct. 30, 2023 (GLOBE NEWSWIRE) -- Climate First Bank , the world’s first FDIC-insured community bank founded to combat the climate crisis, officially relocated its St. Petersburg headquarters to 182 37th Ave. N, near the Northeast Park shopping center.

Key Points: 
  • ST. PETERSBURG, Fla., Oct. 30, 2023 (GLOBE NEWSWIRE) -- Climate First Bank , the world’s first FDIC-insured community bank founded to combat the climate crisis, officially relocated its St. Petersburg headquarters to 182 37th Ave. N, near the Northeast Park shopping center.
  • Tackling the carbon footprint of the bank head-on, rather than building a new building, Climate First Bank has chosen to retrofit the existing structure to reduce the overall carbon footprint of its real estate portfolio.
  • “Our initial location was always meant to be temporary as the historic home was not ideally suited for a bank,” said Ken LaRoe, CEO and Founder of Climate First Bank.
  • For now, the bank will conduct all business and current operations in the leased space until renovations to the bank section are finished.

Hudson Pacific Properties Reports Third Quarter 2023 Financial Results

Retrieved on: 
Wednesday, November 1, 2023

Hudson Pacific Properties, Inc. (NYSE: HPP) (the "Company," "Hudson Pacific," or "HPP"), a unique provider of end-to-end real estate solutions for dynamic tech and media tenants, today announced financial results for the third quarter 2023.

Key Points: 
  • Hudson Pacific Properties, Inc. (NYSE: HPP) (the "Company," "Hudson Pacific," or "HPP"), a unique provider of end-to-end real estate solutions for dynamic tech and media tenants, today announced financial results for the third quarter 2023.
  • We also remain vigilant in controlling expenses and continue to focus on deleveraging and further fortifying our balance sheet while proactively managing our debt maturities.
  • There were no specified items for the third quarter 2023.
  • There can be no assurance that actual results will not differ materially from these estimates.

Innovative Industrial Properties Reports Third Quarter 2023 Results

Retrieved on: 
Wednesday, November 1, 2023

Rent not collected for the quarter totaled approximately $2.2 million, primarily relating to a previously disclosed, defaulted tenant SH Parent, Inc. (Parallel) at one of IIP’s properties in Pennsylvania.

Key Points: 
  • Rent not collected for the quarter totaled approximately $2.2 million, primarily relating to a previously disclosed, defaulted tenant SH Parent, Inc. (Parallel) at one of IIP’s properties in Pennsylvania.
  • Balance Sheet Highlights (at September 30, 2023)
    12% debt to total gross assets, with approximately $2.6 billion in total gross assets.
  • IIP paid a quarterly dividend of $1.80 per common share on October 13, 2023 to stockholders of record as of September 29, 2023.
  • Innovative Industrial Properties, Inc. will conduct a conference call and webcast at 10:00 a.m. Pacific Time (1:00 p.m. Eastern Time) on Thursday, November 2, 2023 to discuss IIP’s financial results and operations for the third quarter ended September 30, 2023.

Empire State Building Wins Big with Three Prestigious Awards for Excellence in Building Management, Sustainability, and Community Contributions

Retrieved on: 
Wednesday, November 1, 2023

Empire State Realty Trust, Inc. (NYSE: ESRT) announced that the world-famous Empire State Building received three prestigious awards which showcase ESRT’s dedication to exemplary tenant experience; modernized, amenity-rich properties; and a world-class brand.

Key Points: 
  • Empire State Realty Trust, Inc. (NYSE: ESRT) announced that the world-famous Empire State Building received three prestigious awards which showcase ESRT’s dedication to exemplary tenant experience; modernized, amenity-rich properties; and a world-class brand.
  • “We are thrilled and honored to receive the prestigious BOMA Grand Pinnacle Award,” said Diane Fields, vice president of property management at the Empire State Building.
  • More information about the Empire State Building, and current available office space, can be found online .
  • More information about the Empire State Building Observatory can be found online .

Paramount Announces Third Quarter 2023 Results

Retrieved on: 
Wednesday, November 1, 2023

Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 today and reported results for the third quarter ended September 30, 2023.

Key Points: 
  • Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 today and reported results for the third quarter ended September 30, 2023.
  • Reported net loss attributable to common stockholders of $8.4 million, or $0.04 per diluted share, for the quarter ended September 30, 2023, compared to $1.5 million, or $0.01 per diluted share, for the quarter ended September 30, 2022.
  • Declared a third quarter cash dividend of $0.035 per common share on September 15, 2023, which was paid on October 13, 2023.
  • Same Store NOI decreased by $10.5 million, or 10.3%, to $91.9 million for the quarter ended September 30, 2023 from $102.4 million for the quarter ended September 30, 2022.

Wise Kicks Off Austin Expansion Plan with Relocation to The Domain Tower II

Retrieved on: 
Wednesday, November 1, 2023

Wise , the global technology company building the best way to move money around the world, today announced that it is relocating its Austin office to The Domain Tower II located on Alterra Parkway.

Key Points: 
  • Wise , the global technology company building the best way to move money around the world, today announced that it is relocating its Austin office to The Domain Tower II located on Alterra Parkway.
  • The move comes as the company also announced plans for further expansion in the market, including increasing its Austin-based headcount by 50% in 2024.
  • The company will be the sole tenant on the 23rd floor of Domain Tower II, occupying 28,000 square feet in its new space.
  • In the US, Wise has a total of more than 700 employees within office locations in Austin, Tampa and New York City.

Urban Edge Properties Reports Third Quarter 2023 Results

Retrieved on: 
Tuesday, October 31, 2023

There can be no assurance that our actual results will not differ from the guidance set forth above.

Key Points: 
  • There can be no assurance that our actual results will not differ from the guidance set forth above.
  • The Company uses certain non-GAAP performance measures, in addition to the primary GAAP presentations, as we believe these measures improve the understanding of the Company's operational results.
  • NOI: The Company uses NOI internally to make investment and capital allocation decisions and to compare the unlevered performance of our properties to our peers.
  • Our website also includes other financial information, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports.

Prolonged Period of Subdued Office Demand at Half to Two-Thirds of Pre-Pandemic Levels Signals Stability for the Foreseeable Future

Retrieved on: 
Wednesday, November 1, 2023

After two years of demand for office space oscillating between half and two-thirds of what it was before the pandemic, it appears office demand is showing signs of stability around these levels for the foreseeable future.

Key Points: 
  • After two years of demand for office space oscillating between half and two-thirds of what it was before the pandemic, it appears office demand is showing signs of stability around these levels for the foreseeable future.
  • “What the office market has experienced over the past two years is likely what we will see for the immediate future.
  • At a VODI of 51, national demand for office space at the end of the third quarter was just half of the pre-pandemic levels.
  • Tenants seeking mid-sized office spaces of 10,000-50,000 square feet were up during the period, preventing an all-out crash in demand.

Acadia Realty Trust Reports Third Quarter Operating Results

Retrieved on: 
Monday, October 30, 2023

Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended September 30, 2023.

Key Points: 
  • Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today reported operating results for the quarter ended September 30, 2023.
  • Kenneth F. Bernstein, President and CEO of Acadia Realty Trust, commented:
    “This quarter marks the eighth of the last ten quarters with our Core same-property NOI growth at 5% or higher with an average of 6.8% over that period.
  • This compares with net loss of $57.9 million, or $0.61 per share for the quarter ended September 30, 2022.
  • Same-property NOI, excluding redevelopments, increased 5.8% for the quarter ended September 30, 2023 and 5.9% during the nine months ended September 30, 2023.