A joint venture between retail REITs Simon Property Group and Tanger Factory Outlet Centers is one step closer to coming to fruition.
The JV has closed on the acquisition of a site in southwest Charlotte, where the companies plan to develop a retail outlet that is scheduled to open in 2014. The price tag on the land: $8.7 million.
REIT industry analysts say the hotel sector continues to signs of growing strength, according to the latest edition of Sector Focus on REIT.com.
Through mid-August, hotel REITs’ total returns were up more than 13 percent for the year. Meanwhile, equity REITs were up roughly 1 percent during the same time period.
Analysts pointed to growth in projected funds from operations of more than twice the industry average as one of a handful of reasons for investors’ bullish view on the hotel sector.
Summer is quickly winding down, which means NAREIT’s SFO Workshop is right around the corner.
The SFO Workshop will take place on September 16 and September 17 in New York.
The educational program is designed specifically for REIT officers who manage accounting, financial reporting, capital markets and investor relations.