Canadian Real Estate

The latest news from the Canada Real Estate Club Team

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Carried Interest Break Targeted in Senate and House Tax Plans
 
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Street Smart REI   November 17, 2017   20   0   0   0   0   0
By John Voskuhl (Bloomberg) --An 11th-hour amendment added to the Senate tax plan would limit the so-called “carried interest” tax break for investment managers. The provision was contained in a list of changes that Senate Finance Chairman Orrin Hatch offered just before 10 p.m. Thursday in Washington, minutes before the panel approved a proposal for overhauling the U.S. tax code. The change would limit the break to gains on sales of assets held three years or more, mirroring a provision that the full House approved Thursday. Carried interest is the portion of an investment fund’s profit -- typically 20 percent -- that’s paid to investment managers. Under current law, it’s taxed as capital gains, making it eligible for rates as low as 23.8 percent for gains on assets sold after more than a year. The House and Senate proposals would extend the holding requirement to three years. President Donald Trump has made the favorable tax treatment of carried interest an issue. During his campaign he said hedge fund managers were “getting away with murder.” Minutes before Hatch offered the amendment -- one of several he introduced Thursday night -- Senator Claire McCaskill, a Missouri Democrat, had complained that the Senate bill contained no provision for limiting the carried interest break. On Thursday afternoon, the House approved its tax bill. Several hours later, the Senate finance panel approved its own tax plan. While both measures would cut taxes for...
 
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Street Smart REI   November 17, 2017   16   0   0   0   0   0
Gap, Ross Surge as Discount Format Still Luring in Shoppers Nov 17, 2017 10 Must Reads for the CRE Industry Today (November 16, 2017) Nov 16, 2017 10 Must Reads for the CRE Industry Today (November 15, 2017) Nov 15, 2017 10 Must Reads for the CRE Industry Today (November 14, 2017) Nov 14, 2017
 
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Street Smart REI   November 17, 2017   18   0   0   0   0   0
By Lindsey Rupp (Bloomberg)—Gap Inc. and Ross Stores Inc. are showing that growth is possible for apparel retailers. You just have to offer cut-rate prices. Both apparel companies saw their shares spike on Friday after posting comparable sales that exceeded analyst estimates. Gap relied on its budget-minded Old Navy chain for growth. Ross, meanwhile, used its off-price strategy to outperform expectations despite the hurricanes that battered Texas and Florida. The results indicate that Americans are still willing to hit the mall and stock up on apparel, if they feel like they’re getting a deal. While many shoppers increasingly prefer to order their clothes online, Ross and Old Navy show that low prices remain a brick-and-mortar draw -- especially for families and younger shoppers. “Gap Inc. has been able to rely on Old Navy to push up performance,” Neil Saunders, an analyst at GlobalData Retail, said in a note. “The brand remains a popular destination.” Gap shares rose as much as 9.2 percent, the most intraday in over a year, to $30 on Friday, while Ross jumped as much as 13 percent to $73.94 -- the highest level since going public in 1985. The companies have outperformed larger rivals, such as department stores, which have struggled to adjust to the new consumer landscape. Gap’s same-store sales rose 3 percent in the latest quarter, outperforming the 1.3 percent estimate compiled by Consensus Metrix. This was powered by Old Navy, which grew 4 percent by that measure. Even...
 
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Street Smart REI   November 16, 2017   22   0   0   0   0   0
10 Must Reads for the CRE Industry Today (November 15, 2017) Nov 15, 2017 10 Must Reads for the CRE Industry Today (November 14, 2017) Nov 14, 2017 10 Must Reads for the CRE Industry Today (November 13, 2017) Nov 13, 2017 10 Must Reads for the CRE Industry Today (November 10, 2017) Nov 10, 2017
 
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Street Smart REI   November 16, 2017   18   0   0   0   0   0
(Bloomberg)—House Republicans passed their version of legislation to overhaul the U.S. tax code by slashing the corporate tax rate, lowering tax burdens for most individuals and adding an estimated $1.4 trillion to the federal deficit over the next decade. The vote Thursday represents a key milestone in President Donald Trump’s quest to cut taxes for businesses and individuals -- though challenges remain for the GOP’s far-reaching tax plans to fundamentally reshape aspects of the U.S. economy. The Senate is debating its own separate plan, and it isn’t yet clear the chamber will have enough votes to pass it. The Tax Cuts and Jobs Act H.R. 1, passed the House in a 227-205 vote. Thirteen Republicans voted against it; all but one of them represent high-tax states that have the most to lose from provisions that would eliminate individual deductions for state and local income taxes. “We are in a generation defining moment for our country,” House Speaker Paul Ryan said from the House floor before the vote. “What we’re doing here is not just determining the kind of tax code we’re going to have -- what we are doing here is determining the kind of country we’re going to have.” “Under this plan, the average family at every income level gets a tax cut,” Ryan said. Studies have shown that many of the tax bill’s benefits would go to the highest earners -- and some middle-class taxpayers might actually pay more. Republican ‘Nos’ ...
 
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Street Smart REI   November 16, 2017   23   0   0   0   0   0
(Bloomberg)—An activist investor in Cedar Realty Trust Inc. is calling for an investigation of sexual harassment claims in a lawsuit filed against the company’s chief executive, Bruce Schanzer, and said any evidence uncovered to back up the allegations should result in his immediate suspension or firing. Snow Park Capital Partners criticized the Port Washington, New York-based company for failing to respond swiftly or strongly to the suit by Nancy Mozzachio, Cedar Realty’s former chief operating officer, in a Nov. 9 letter obtained by Bloomberg News, saying the initial statement “utterly fails to appreciate the severity of the allegations.” "What is very relevant to us is whether there was a pattern of sexual harassment and multiple women that had complained to Bruce in the past," Jeff Pierce, New York-based Snow Park’s managing director said in an interview. "The other question I want an answer to -- and I want it to come from the board, not management -- is whether Cedar funds were used to settle such claims." Mozzachio claimed in her suit, filed Nov. 2, that the chief executive officer “regularly leered” at women working for the firm and spoke inappropriately, calling her “babe” and making other comments. Mozzachio alleged she was also harassed by the company’s chairman, Roger Widmann, and faced retaliation after voicing her concerns to a lawyer. Snow Park also called for Widmann’s actions to be reviewed. Cedar Realty’s independent board members said in a statement that Snow Park’s comments were “misinformed and factually...
 
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Street Smart REI   November 15, 2017   20   0   0   0   0   0
10 Must Reads for the CRE Industry Today (November 14, 2017) Nov 14, 2017 10 Must Reads for the CRE Industry Today (November 13, 2017) Nov 13, 2017 10 Must Reads for the CRE Industry Today (November 10, 2017) Nov 10, 2017 10 Must Reads for the CRE Industry Today (November 9, 2017) Nov 09, 2017
 
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Street Smart REI   November 15, 2017   32   0   0   0   0   0
(Bloomberg View)—Corporate America has been giving way for several decades to uncorporate America -- pass-through entities that don't pay corporate income tax and now account for close to 40 percent of the revenue and more than 60 percent of the net income of U.S. business. The earnings of pass-throughs flow to their owners' individual income tax returns, and the current House and Senate tax plans both include big tax cuts (around $450 billion over 10 years) for those owners. These have usually been pitched as tax breaks for "small business," which isn't entirely wrong but is misleading. More than 95 percent of businesses in the U.S. are pass-throughs, and the vast majority of those are small. But as I've written before, most pass-through revenue flows to a small minority of relatively large entities, and most pass-through earnings flow to people in the top 1 percent of the income distribution. There's another question I've wondered about, especially when I've seen proponents of the pass-through tax cut bring up manufacturing as a likely pass-through endeavor: What do pass-throughs do? That is, what industry sectors are they most likely to be in, and how does that compare with conventional "C corporations." First, a quick taxonomy: The four categories of pass-through are sole proprietorships, partnerships, S corporations and real estate investment trusts. The first two have been around forever, although in recent decades partnerships have taken on new form with the rise of limited partnerships, limited liability partnerships and limited liability companies. The latter two were created by Congress...
 
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Street Smart REI   November 15, 2017   24   0   0   0   0   0
(Bloomberg)—For the past year, Amazon employees have been test driving Amazon Go, an experimental convenience store in downtown Seattle. The idea is to let consumers walk in, pick up items and then pay for them without ever standing in line at a cashier. Amazon is vague on the mechanics, but the store relies on a mobile app and some of the same sensing technology that powers self-driving cars to figure out who is buying what. Employees have tried to fool the technology. One day, three enterprising Amazonians donned bright yellow Pikachu costumes and cruised around grabbing sandwiches, drinks and snacks. The algorithms nailed it, according to a person familiar with the situation, correctly identifying the employees and charging their Amazon accounts, even though they were obscured behind yellow polyester. Amazon Go represents Amazon.com Inc.’s most ambitious effort yet to transform the brick-and-mortar shopping experience by eliminating the checkout line, saving customers time and furthering the company’s reputation for convenience. The push into groceries is a way for the company to get consumers to shop at Amazon more often. In September, the e-commerce giant acquired Whole Foods Market for $13.7 billion and has been cutting prices at the upscale grocery chain to drive traffic. On Wednesday, Whole Foods began offering deep discounts on Thanksgiving merchandise, including antibiotic-free turkeys, and signaled that the markdowns will get more aggressive as it adopts Amazon’s Prime subscription service. Shares at Kroger and Sprouts tumbled after the announcement. Amazon unveiled Amazon Go last December, saying...
 
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Street Smart REI   November 07, 2017   193   0   0   0   0   0
(Bloomberg)—Hotels used to be gauged by the campaign strategy that won the presidency for Bill Clinton: it’s the economy, stupid. Nowadays, politics may determine their future. The latest upheaval came with the arrest over the weekend of billionaire Saudi Prince Alwaleed bin Talal, whose Kingdom Holding Co. is co-owner of Four Seasons Hotels Ltd. and New York’s Plaza Hotel. Here are some hotel companies caught up in shifting political winds globally: Four Seasons Prince Alwaleed, a prolific and longtime investor in luxury hotels and management companies, was detained on Saturday, one of several family members caught up in  moves by Saudi Arabia’s King Salman to clear any remaining obstacles to his son, Crown Prince  Mohammed bin Salman, ascending to the throne. Alwaleed and Bill Gates’s Cascade Investment LLC teamed up a decade ago to take Four Seasons private for about $3.8 billion. Kingdom Holding and Cascade each own 47.5 percent, and a holding company for Four Seasons founder Isadore Sharp owns 5 percent. Four Seasons said the Saudi matter doesn’t affect the company’s day-to-day operations. “It is business as usual,” it said in a statement. Kingdom Holding shares have fallen more than 21 percent this week. Hilton Five months ago, another high-profile arrest, in China, of Anbang Insurance Group Co. Chairman Wu Xiaohui, raised doubts about whether Anbang would proceed with its plan to convert Manhattan’s landmark Waldorf Astoria hotel into luxury condominiums. The renovation is set to begin later this...
 
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Street Smart REI   November 07, 2017   163   0   0   0   0   0
(Bloomberg)—Brookfield Asset Management Inc. has held preliminary discussions with GGP Inc. about acquiring the stake in the mall owner that it doesn’t already own and taking the company private, according to a person familiar with the matter. The companies have discussed a premium of about 10 percent to 15 percent above GGP’s share price as of the start of this week, the person said, asking not to be identified as the details are private. Talks are at an early stage, the pricing may change and there’s no guarantee a deal will happen, the person said. Shares of GGP rose as much as 16 percent, the most in six years, to $22.10 on Tuesday. The stock had increased by less earlier in the day after websites including TradeTheNews.com said Brookfield is close to a bid. Shares traded up 13 percent to $21.48 as of 3:09 p.m. New York time, valuing the company at more than $20 billion. In the third quarter, Toronto-based Brookfield’s real estate unit exercised all of its outstanding warrants in GGP, bringing its ownership stake to 34 percent from 29 percent, the company said in a statement last week. The 68 million shares were purchased for $462 million. Brookfield took a stake in GGP as part of an agreement to take the company out of bankruptcy in 2010. It acquired additional GGP warrants in January 2013 and agreed to not increase its stake beyond 45 percent for the next four years. A representative for Chicago-based...
 
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Street Smart REI   November 07, 2017   53   0   0   0   0   0
The new tax reform proposal unveiled by the House of Representatives appears to bode well for the commercial real estate sector. The legislation, which still must work its way through Congress and could change, maintains many of the existing provisions that benefit the commercial real estate industry. For example, the bill continues to allow the deduction of interest expenses. While businesses currently can deduct interest expenses on commercial loans, the House bill seeks to cap this amount for some industries—except for commercial real estate, according to The New York Times[1]. It preserves IRS Section 1031 like-kind exchanges[2], one of the main areas of concern for industry experts prior to the bill’s release. It also slashes the maximum tax rate for pass-through entities[3]—private businesses organized as sole proprietorships, partnerships (including limited liability companies) and S corporations—to 25.0 percent from 39.6 percent. Many commercial real estate investors, including the Trump family, turn to LLCs and partnerships[4] to conduct their business. Some real estate economists have previously predicted that a dramatic cut in the taxation rate for pass-through entities would vastly increase their popularity in the industry[5]. It would especially serve as a boon for private equity real estate firms and real estate fund managers[6]. “We’re encouraged to see that the tax bill released preserves the current tax treatment for commercial real estate finance,” said Lisa Pendergast, executive director of the CRE Financial Council, an industry advocacy group, in a statement. “We look forward to working with Congress as it debates tax reform to ensure it...
 
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Street Smart REI   November 07, 2017   36   0   0   0   0   0
When apartment developers hunt for good markets to build in[1], they often start looking at metro areas that have few vacant apartments. Unfortunately, often a lot of other developers have already had the same idea. Here’s how development opportunities look in the metro areas with the lowest current apartment vacancy rates, according to market analysts and economists from property management software provider RealPage, data firm Yardi Matrix and brokerage firm Marcus & Millichap. The hottest submarkets in many of these cities are already overbuilt, while the rents may be too low in some of the more affordable neighborhoods[2] to justify new construction. Developers keep returning to these areas, however, looking for opportunities others have overlooked.   References ^ hunt for good markets to build in (www.nreionline.com) ^ the rents may be too low in some of the more affordable neighborhoods (www.nreionline.com)
 
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Street Smart REI   November 06, 2017   99   0   0   0   0   0
(Bloomberg)—U.S. agency mortgage bond supply could shrink by $30 billion under the proposed House Republican tax bill, which cuts into consumers’ deductions of interest for housing loans and could raise the cost of home buying, according to JPMorgan Chase & Co. analysts. The bill released last week caps the mortgage interest deduction at $500,000 and eliminates the deduction for second homes. It almost doubles the standard deduction while eliminating most of the state and local tax deduction, aside from $10,000 for property taxes. That should be “a slight negative” for home prices, analysts led by Matthew Jozoff wrote in a note Friday. Under the proposed changes, the median household would find it cheaper to buy a home rather than rent in 42 percent of metropolitan areas, compared with about 52 percent now, according to the analysts. An increase in renters could lead to a “potentially significant” decline in new home sales and bond issuance. While a $30 billion decline in issuance is possible, a $15 billion decrease may be more likely, the analysts said. That’s because families often choose to buy homes to avoid moving or to build equity, not just to save money relative to renting. Households could also take out smaller home loans to reduce the effects of the loss of the mortgage interest deduction, and the larger standard deduction may give them more purchasing power. Even though investor interest is high, it’s too early to position for expected tax changes because it’s not certain that the...
 
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Street Smart REI   November 06, 2017   110   0   0   0   0   0
(Bloomberg Gadfly)—Bed Bath & Beyond Inc.'s perpetual discounts, in coupon form, are so well-known that they regularly make it into comedy bits. But few investors are laughing -- the retailer's shares recently fell to their lowest level since 2000, hurt partly by all this price-cutting. At just $2.8 billion in market value, or less than $20 per share, Bed Bath & Beyond is now noticeably cheap. With an enterprise value of a little less than 4 times forward Ebitda (including existing debt totaling just 1.5 times Ebitda), the company makes an appealing buyout target. While GOP tax proposals may roil the returns and popularity of leveraged buyouts, that won't be a roadblock to the small portion of such deals featuring low borrowing levels. A potential take-private of Bed Bath & Beyond would fit in this category. For deals with leverage of 5 times a borrower's Ebitda or less, the lost tax shield from the GOP's proposed cap on interest deductibility would be more than offset by a cut in the corporate tax rate to 20 percent, according to Goldman Sachs analysts. Such deals only comprised 19 percent of U.S. leveraged buyouts this year through Oct 31, according to data from LCD, an arm of S&P Global Market Intelligence. To be sure, any suitor would need conviction that Bed Bath & Beyond has a viable future in the changing retail landscape. And the chain's future looks bleak. For one, declining traffic to its stores has offset its growth in e-commerce....
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ComFree Survey 5000 Canadian Homeowners - Would They Use A Realtor To Sell Their Home?
ComFree, part of the largest For Sale By Owner...
 
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Calgary company defrauded investors of millions: Alberta Securities Commission.
A Calgary company raised millions from investors...
 
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Stable outlook for Canada’s housing market in 2012
House prices and sales will remain stable through 2012,...
 
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Real Estate Investment in Volatile Times
The lurching ups and down of global stock markets...
 
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Four officials of...
 
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Alberta housing sales growth forecast to lead country   9.5% hike in transactions
CALGARY - Resale housing market activity has...
 
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Stelmach sees another boom for Alberta ( Really?)
It’s official – another boom is coming...
 
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See which Toronto neighbourhood is the toniest in Canada
If you’re in M4N, let’s just assume you’ve got...
 
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Real Trends, a Colorado based research company, is currently...
 
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