malach hamovess

Mack-Cali Late to the (Follow-On) Party

CLI's wait of a few weeks after the others sold additional equity was quite fortuitous. It sold at a much more favorable price with either a greater amount of proceeds or far less dilution than had it sold 2-3 weeks ago.

Now we know where all that money "sitting on the sidelines" is going; it's recapitalizing the REITs.

The Great REIT Unravelling Begins? Simon Property Group Defaults on Loan

The Source was a uniquely poorly laid out, poorly positioned, poorly tenanted piece of drek in an area overstuffed with shopping.

If Simon is walking away from the property by defaulting on a non-recourse loan, it's to their ultimate credit.

Sooner or later, the idiot who made the loan will be fired, and the holder of the loan will take a lot less than its face for the property.

Real estate investing includes dropping properties; real estate lending includes underwriting for good and bad times - a skill that has long since been forgotten.