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May 1, 2024

Interest Rates Widen Piedmont Office REIT's Losses Despite Improved Leasing

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One of Atlanta's largest office owners took a more than $27M loss in the first quarter and expects to nearly double that loss by the end of the year, as higher interest rates put pressure on its balance sheet. 

Interest Rates Widen Piedmont Office REIT's Losses Despite Improved Leasing

Piedmont Office Realty Trust posted a net loss of $27.7M in the first three months of the year, a substantial jump from the $1.4M loss it posted a year prior. Piedmont’s core funds from operation also dwindled in the first quarter, shrinking from $56.3M to $47.7M year-over-year. In Piedmont’s guidance for…

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Insurance Company Relocating Its Atlanta Headquarters

Insurance Company Relocating Its Atlanta Headquarters

Atlanta-based AssuranceAmerica Corp. is on the move to a bigger headquarters.The insurance provider has signed a 25K SF, full-floor lease at Galleria 100, Piedmont Office Realty Trust Chief Operating Officer George Wells announced during the firm's earnings call Wednesday.The insurance firm signed a 10-year lease to move its headquarters from RiverEdge…

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Yardi To Operate WeWork As Separate, Arm's-Length Entity

After it was revealed in court Monday that Yardi Systems will be the majority owner of WeWork as it emerges from bankruptcy, the California-based real estate software management firm has issued its first public statements about its investment in and plans for the embattled coworking company.

Yardi To Operate WeWork As Separate, Arm's-Length Entity

Yardi Systems' investment arm, Cupar Grimmond, is contributing $337M of the $450M WeWork needs to exit bankruptcy. It said in a statement to Bisnow Tuesday that the company's executives believe “a hybrid workplace is the model of the future” and that…

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One Year On, Little Has Changed In Real Estate’s Decarbonization Efforts

 

2023 smashed global records as the hottest year ever recorded. But the heat did little to prompt the world’s largest real estate owners to cut their carbon emissions. 

In April 2023, Bisnow published an in-depth investigation into which of the world’s 75 largest real estate owners had a plan to reduce the carbon output of their portfolios. The research found that of the institutional investors, REITs and investment managers analyzed, 42% had no plan in place to cut emissions. 

One year later, the proportion of those same investors that don’t have a plan had dropped only slightly to 38% — small progress in the face of a planetwide challenge.

“Timelines are being pushed back,” Urban Land Institute Europe CEO Lisette van Doorn said. “You’re seeing a lot of internal work being done, people working out how much they might need to spend to improve assets. But we’re not seeing a lot of action.”

Experts Bisnow interviewed identified myriad reasons for the lack of action by big real estate firms: sustainability slipping down the agenda in the wake of a market downturn, a lack of any immediate financial imperative, and regulation creating increased burdens that actually hinder rather than help the push for decarbonization. 

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