Mall Crisis Continues As Trade Association Drops Shopping Centers From Its Name forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
After five months without offering syringe exchange services, the Humboldt Area Center for Harm Reduction (HACHR) a local nonprofit finally has its mobile exchange up and running in Eureka, something that new executive director Jasmine Guerra says has been a huge relief.
Dive Brief:
Brookfield Property Partners released one of its last statements as a publicly traded REIT Friday, reporting that first quarter funds from all operations fell nearly 60% year over year to $125 million. Overall the company was in the black in the quarter, reaching net income of $731 million, up from its $373 million loss a year ago.
Its core retail business fed the decline, as funds from those operations fell 45% to $108 million, per a company press release. Brookfield trimmed the portfolio recently, handing over the keys to three malls (Florence Mall in Kentucky, Bayshore Mall in California and Pierre Bossier Mall in Louisiana), and walking away from what were delinquent commercial mortgage-backed securities loans, according to a KBRA Credit Profile report.
Press release content from Business Wire. The AP news staff was not involved in its creation.
KBRA Credit Profile Releases Research – Brookfield Property Partners Walks Away From CMBS Malls Ahead of Acquisition
April 30, 2021 GMT
NEW YORK (BUSINESS WIRE) Apr 30, 2021
KBRA Credit Profile (KCP), a division of KBRA Analytics, releases a special report on mall loans sponsored by Brookfield Property Partners (BPY) and the pending acquisition of BPY by Canada-based Brookfield Asset Management (BAM). KCP examined its $725 billion coverage universe of over 1,100 CMBS transactions and identified 77 malls collateralizing 73 loans $14.65 billion by allocated loan amount (ALA) across 106 transactions with exposure to BPY sponsorship. Twenty ($2.16 billion) of the 73 loans were in special servicing as of the April 2021 remittance, including three ($174.6 million) wherein BPY has stipulated to friendly foreclosure: Florence Mall ($90 million), Bayshore Mall ($43.6 million) and Pierre Bossie