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Realty Income to Acquire Properties from CIM Real Estate Finance Trust, Inc. for $894 Million, 7.1% Cash Cap Rate
SAN DIEGO, Dec. 30, 2022 /PRNewswire/ — Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company®, today announced that it has signed a definitive agreement to acquire up to 185 single-tenant retail and industrial properties from subsidiaries of CIM Real Estate Finance Trust, Inc. (CMFT), a non-listed REIT which is sponsored by an affiliate of CIM Group, for approximately $894 million in cash. The portfolio composition may vary based upon the completion of our due diligence and the potential exercise of rights of first refusal related to certain properties. The transaction is expected to close in the first quarter of 2023, subject to customary closing conditions, approvals and completion…
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Housing turnover will drop to lowest rate since the 80s, economist projects
UBS U.S. homebuilders and building products analyst John Lovallo discusses whether housing has entered a recession after home search activity on Google plunged in November on ‘Varney & Co.’ Home sale activity next year may reach the lowest point since the early 1980s as households buying or selling real estate retreat from the market, predicts Redfin deputy chief economist Taylor Marr. Marr projected that only 32 out of 1,000 households will sell their home in 2023. Affordability in the housing market is likely to “remain a pretty strong constraint” next year even if mortgage rates ease, Marr said. “Mortgage interest rates have risen rapidly this year … raising the monthly…
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Home Improvement Doesn’t Have to Raise Your Mortgage Rate
With the increase in home values and interest rates, many homeowners are finding themselves “house rich, cash poor,” meaning they have more equity in the value of their home than in liquid assets. While this isn’t always a bad thing, if you are a homeowner looking to consolidate debt, fund a college education or start a home improvement project, you may feel strapped for cash. However, there are options. Homeowners who are looking to make changes to their home can refinance with the amount for the new loan rolled in, use credit cards or take out personal loans. But considering today’s home values and interest rates, one of the best…