In the U.S.:
- In addition, there is heightened scrutiny over the postal service as there is the appearance that the White House may be trying to undermine the election by draining post office resources.
- Gasoline and food services quite strong at +6.2% and +5%; motor vehicles disappointed at -1.2.
- The drop below 1M claimants was the first after 20 consecutive weeks above the mark.
Apple Hospitality REIT (APLE) announced the opening and acquisition of the new 105-room Hyatt House and 154-room Hyatt Place in Tempe, Arizona, for a gross purchase price of approximately $64.6M. Following this acquisition, the Apple Hospitality portfolio includes 235 hotels with more than 30,000 guest rooms geographically diversified throughout 34 states.
- Most product categories registered growth in July with cars and smartphones posting strong gains.
- Officials say the new policy is gaining urgency as Chinese companies, including Huawei and Bytedance, face increasing resistance in foreign markets.
- The slowing decline was driven by stronger demand for products as lockdowns were lifted.
Mitsui Fudosan, through its subsidiary, Mitsui Fudosan America is expanding its presence in Los Angeles with the planned construction of a 42 story apartment/retail complex in the financial district. Mitsui began clearing the site at 8th and Figueroa, which it has owned since the 80s, and is expected to complete construction in 2023.
- The pickup in momentum was welcomed after Q2 GDP data showed the UK experienced the worst performance in Europe and across the developed world.
- especially with new case numbers picking up. Cases in the UK, Germany, France, and Spain have been alarmingly rising over the past week.
- Under the economic stabilization fund, companies would have to either meet some rigorous requirements or be deemed critical to Germany’s infrastructure in order to qualify.
- However, other countries and scientists remained skeptical that the vaccine has gone through the proper trials to understand efficacy and side effects.
London office specialist Derwent London reported its 1H20 results this week with EPRA EPS of 48.9 pence/sh, a decline of 4.8% YOY. Like-for-like Net Rental Income declined (which includes bad debts written off and impairments) declined 7.3%, but were flat ex-COVID related costs. Despite this Derwent remained confident enough to raise the interim dividend for the year by 4.8% to 22.0 pence/sh from 21.0 pence/sh last year. Portfolio values for the half year declined 0.9% on a like-for-like basis with office valuations remaining relatively flat, while values declined for the retail and hospitality portions of the portfolio (less than 10% of the portfolio). EPRA vacancy at period end was 1.1%, up 30 bps from 12/31/19, but well ahead of the Central London office vacancy rate of 5.3% at period end versus 3.9% at 12/31/19. EPRA NTA was 3,900 pence/sh at period end, a decline of 1.4% from 12/31/19. Derwent remains in a strong financial position with a LTV of only 17.3% at period end. During the period Derwent also brought forward its goal for the portfolio to be Net Zero Carbon by 2030 (previously targeted by 2050) and published its plan to get there with its Net Zero Carbon Pathway to 2030 Report.
The views expressed in this update are as of the date of this blog entry. These views and any portfolio holdings discussed in the update are subject to change at any time based on market or other conditions. The adviser disclaims any duty to update these views, which may not be relied upon as investment advice. In addition, references to specific companies’ securities should not be regarded as investment recommendations or indicative of the Adelante products, strategies, or portfolios.