Office vacancies and debt defaults are two signs of the current difficult times for the world’s largest real estate companies. Global2000
Industrial real estate companies are faring better than their counterparts saddled with vacancy-plagued office towers.Office vacancies and debt defaults are two signs of the current difficult times for the world’s largest real estate companies.roubles are afoot in the world of commercial real estate. With fewer people going to the office in large American cities, a record 20% of U.S. office space was vacant as of the first quarter of 2023, according to brokerage JLL.
The top-ranked property company this year is, at No. 220, China Resources Land Limited, the construction and property management arm of a Chinese state-owned conglomerate. It’s known for owning the MixC brand of shopping and leisure complexes in southern China. The highest ranked U.S. company in this category, at No. 447, is American Tower Corporation, a REIT that owns and operates 226,000 cell tower sites in 26 countries and has a market capitalization north of $85 billion. Revenues for 2022 expanded by 14.5% to $10.7 billion, while the company’s net income contracted by one-third from the prior year to $1.7 billion. It’s a highly indebted operation, with $36.6 billion in debt at the end of December 2022–an amount that’s 5.
Some in the real estate industry have acknowledged the difficult environment. Owen Thomas, the CEO of office REIT Boston Properties, said in an earnings call back in February that “commercial real estate markets are currently in a recession.” Boston Properties has been hit by tenants including WeWork reducing their footprints in its buildings. Shares of the company have fallen by nearly 50% in the past year.
Not all property companies are struggling. Firms in certain sectors, such as gaming and industrial real estate, are seeing greater success. At No. 461 Prologis, one of the world’s largest warehouse investment trusts, has about 1.2 billion square feet of space as of March 31, up from about 1 billion square feet a year earlier. Analysts view logistics real estate as a safer bet in the current environment than its office and retail counterparts.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Forbes Global 2000: The World’s Largest Airlines & Aerospace Companies In 202342 airlines, aerospace and defense companies are featured on the Global 2000 list of the world’s largest public companies, up from 31 a year ago, as travelers return to airlines and the war in Ukraine boosts defense.
Read more »
Forbes Global 2000: China’s Ranks Thin As Real Estate Woes PersistChina, including Hong Kong, occupies 346 spots in the 2023 Forbes Global2000 ranking of the world’s top publicly traded companies. Big state-controlled banks led the way for China again this year, grabbing three of the top five spots on the list.
Read more »
Missouri man executed for killing 2 jailers during failed bid to help inmate escape in 2000A Missouri man who killed two jailers in a failed attempt to help an acquaintance escape from a rural jail in 2000 has been executed
Read more »
About 80% of Indians choose to deposit withdrawn 2000-rupee notes, boost bank deposits - bankersAbout three-fourths of Indians are choosing to deposit the recently withdrawn 2000-rupee notes into bank accounts so far rather than exchanging them for smaller denominations, with the trend likely to boost bank deposits, bankers said.
Read more »
From the archive: on this day in 2000 | AutocarOn this day in 2000: We drive the troubling Tata Safari, GM goes mad with innovation, and Audi’s brutal RS4 Avant is launched
Read more »
Missouri man executed for killing 2 jailers during failed bid to help inmate escape in 2000A Missouri man who shot and killed two jailers nearly 23 years ago during a failed bid to help an acquaintance escape from a rural jail was executed Tuesday evening. Michael Tisius, 42, received a lethal injection of pentobarbital at the state prison in Bonne Terre and was pronounced dead at 6:10 p.m., authorities said.
Read more »