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Homebuilders are feeling the heat from tariffs, BrightSpire reports a net loss in Q4, a Mexican industrial REIT a 25% YoY increase in FFO, retail rent growth is slowing in L.A. and NYC but still strong in the sunbelt, and Barings to acquire Artemis

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No, it's not Nvidia... It's Mode Mobile, 2023’s fastest-growing software company according to Deloitte.

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*Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.
*The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.
*Please read the offering circular and related risks at invest.modemobile.com.

Capital Markets

Headlines

• Homebuilders Feel Impact Of Tariffs In February

  The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) fell by five points to 42 in January, the lowest level in five months. Tariff proposals lowered homebuilder optimism in February with sales expectations for the next six months falling 13 points to their lowest levels since December 2023

• BrightSpire Capital Reports Loss In Q4

  The mortgage REIT reported a net loss of $0.16 per share and adjusted earnings of $0.18 per share, both decreasing month-over-month. The REIT also reported a decrease in its net book value from $8.39 per share to $8.08 per share. As of Tuesday afternoon it was trading at a ~26% discount to book value. The company will host its earnings call today at 10am ET

• Mexican REIT Vesta Reports 25% YoY Increase in FFO

  Vesta, a Mexican industrial REIT (also known as a FIBRA), reported an annual increase in FFO from $128mm USD in 2023 to $160mm USD in 2024. Adj. NOI also increased from $201mm USD to $232mm USD. The portfolio covers 43mm SF across manufacturing and logistics facilities in Mexico with companies such as Nestle, Foxconn, Nissan, and EATON included in their Top 10 tenants by GLA and rent

• Retail Rent Growth Slowing Down

  San Francisco, Los Angeles, Boston, and New York, all saw negative or near zero rent growth in 2024, while markets in the sunbelt saw 2% - 6.7% rent growth. Phoenix lead the charge with 6.7% annual rent growth

• Barings To Acquire Artemis Real Estate Partners

  Barings, an investment manager with ~$421bn in AUM, announced it entered into a definitive agreement to acquire Artemis Real Estate Partners, an ~$11bn real estate investment firm. The transaction is expected to close in the Q1 of 2025. Terms of the deal were not disclosed. Berkshire Global Advisors served as financial advisor to Artemis

Deals Deals Deals

Sales

• Multifamily: Sherman Residential acquires a 237-unit multifamily property in Phoenix, AZ for $72mm from Pacific Development

• Multifamily: Knightvest Capital acquired SKYE of Turtle Creek, 331-unit multifamily high-rise in Dallas, TX

• Retail: CBL Properties finalized the sale of Imperial Valley Mall, a 761K SF mall in El Central, CA, for $38mm in an all-cash deal

Debt

• Office: Blackstone secures a 3-year loan extension for Willis Tower’s (Formerly Sear’s Tower) $1.3bn CMBS loan from Deutsche Bank and Barclays. The 4.5mm SF office building is the tallest in Chicago, IL

• Diversified: Sila Realty Trust secures a new $600mm revolving credit facility with Bank of America as Administrative Agent. Facility borrowings can be at SOFR + 1.25%-1.90% or Base Rate + 0.25%-0.90%

• Industrial: Alterra IOS secures a $189mm in financing from Blackstone Mortgage Trust for 49 outdoor storage sites across the U.S. totaling 235 usable acres

• Multifamily: SK Development and CB Developers secured $158mm of construction financing for a 83-unit condominium development in New York City’s Turtle Bay neighborhood from Tyko Capital. The project is expected to deliver in fall 2027 

• Hospitality: Staypineapple secured a $30mm refi for The Maxwell Hotel, a 139-key boutique hotel in Seattle, WA’s Queen Anne neighborhood. The 10-year, fixed-rate loan was provided by a regional credit union

Developments

• Data Centers: Amazon seeking to build 11 two-story data centers in Caroline County, VA across 1,143 acres

• Data Centers: Vantage Data Centers is seeking to rezone 618 acres of farmland for a data center development consisting of 3 facilities totaling 400MW in Pittsboro, IN

• Multifamily: Dominion Realty Partners submitted plans to develop a 545-unit multifamily mid-rise in Raleigh, NC

• Multifamily: Thompson Thrift announced it will develop Stack at Wheat Ridge, a 255-unit multifamily community in Wheat Ridge, CO

• Multifamily: Wood Partners proposed a new 6 acre retail and residential mixed-use development in Old Town Scottsdale, AZ. The proposed development would have 232 residential units and 32K SF of retail

• Retail: Konover South broke ground on a Coconut Crossing retail center in Palm Beach Gardens, FL after securing a $27mm construction loan from City National Bank of Florida. The development will consist of 83K SF owned retail and 7 outparcels

Leasing

• Office: Jane Street Capital increases its footprint to nearly 1mm SF at Brookfield’s Brookfield Place in New York, NY

Meme Summary

Reminder that the Sears Tower is actually taller than One World Trader Center (antenna excluded)

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