Brookfield Property Partners (BPY) propped up its first
quarter earnings by selling its stake in retailer Forever 21 for $63 million.
The publicly traded REIT – which parent Brookfield Asset
Management plans to take private later this year – reported that its first
quarter funds from operations fell nearly 60 percent year over year to $125
million.
Overall, the company’s net income was $731 million, up from its $373 million loss a year ago.
BRIAN KINGSTON
“While we continue to experience challenges in certain of
our operations and markets due to the ongoing consequences of the pandemic and
global economic slowdown, we remain encouraged by a recovery in activity in
Authentic Brands and Simon Buy Eddie Bauer
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Authentic Brands Group LLC and the largest U.S. mall operator agreed to buy outdoor clothing and gear merchant
Eddie Bauer, adding another well-known brand to a portfolio of retail names.
Shoppers hold Eddie Bauer bags.
Authentic and
SPARC Group LLC are acquiring Eddie Bauer, including its 300 stores and e-commerce business, from a unit of
Golden Gate Capital, according to a statement. SPARC is a joint venture between Authentic and
Simon Property Group. Terms weren’t disclosed.
The purchase is the latest in a series of retail deals for Simon and Authentic, which once restricted itself to buying just brands rather than brick and mortar presence. They teamed up last year to purchase
Brookfield Property: Q1 Earnings Snapshot
May 7, 2021
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HAMILTON, Bermuda (AP) Brookfield Property Partners LP (BPY) on Friday reported first-quarter net income of $266 million, after reporting a loss in the same period a year earlier.
The Hamilton, Bermuda-based company said it had profit of 25 cents per share.
The real estate company posted revenue of $1.1 billion in the period.
Brookfield Property shares have risen 24% since the beginning of the year. The stock has more than doubled in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BPY at https://www.zacks.com/ap/BPY
Anderson s firm, Focus, and the owner of the malls, Dallas-based Centennial Real Estate, aim to replicate the symbiosis that exists in cities and in some suburban downtowns. They re betting the apartments will support retail and restaurants, and vice versa.
At Hawthorn, on the site of a former Sears store, they re creating an integrated package with 311 apartments above 52,000 square feet of ground-floor retail space opening out onto new sidewalks and streets. Focus isn t just plopping an apartment building down on a nearby parking lot.
If it works, the apartments will attract both suburban empty nesters and aging millennials who want to leave the city but maybe not completely.
Jennifer McCool as Chief Operating Officer (COO). McCool previously spent over 13 years with Related Companies, where she served in various leadership roles, most recently as executive vice president and chief legal officer where she was involved in numerous large-scale transformative developments and transactions and helped launch new strategic business platforms. Prior to Related, she spent over six years at Schulte Roth and Zabel, LLP, one of New York’s most respected law firms.
••• Tishman Speyer has hired Joseph F. Ritchie to serve as Managing Director of Business Development and Head of Diversity & Inclusion. Ritchie has served in a variety of executive positions in real estate, government and economic development, including as founding CEO of the City of Newark’s economic development corporation under Mayor Cory Booker.