{"id":1004131825,"date":"2015-11-18T07:35:32","date_gmt":"2015-11-18T15:35:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004131825"},"modified":"2020-05-18T09:06:08","modified_gmt":"2020-05-18T17:06:08","slug":"two-giants-decide-against-reit-structure","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/two-giants-decide-against-reit-structure\/","title":{"rendered":"Feature: Two Giants Decide Against REIT Structure"},"content":{"rendered":"<p><em>By Keith Loria, Contributing Editor<\/em><\/p>\n<p>Two big-name companies, Macy&#8217;s Inc. and McDonald&#8217;s Corp., recently decided to say &#8220;no&#8221; to the REIT structure.<\/p>\n<p>Macy\u2019s Inc., in its latest quarterly report, announced it would not create a REIT for its stores, while McDonald\u2019s Corp., in its latest investor meeting, announced that it would not spin off its properties into a REIT. The news by both companies was disappointing to some investors, and possibly suggests that some executives considering a REIT structure are taking a longer look than usual.<\/p>\n<p>\u201cEvery retailer considering a REIT should think twice. What might be a good option for one could be a bad idea for another,\u201d Wally Wahlfeldt, <a href=\"https:\/\/www.us.jll.com\/united-states\/en-us\" rel=\"nofollow\" target=\"_blank\">JLL<\/a>\u2019s executive vice president of national retail corporate services, told <em>CPE<\/em>. \u201cRetailers need to evaluate on a case-by-case basis; it\u2019s not a one-size-fits-all solution.\u201d<\/p>\n<p>Thomas Lasky, <a href=\"https:\/\/www.forumgroupllc.com\/\" rel=\"nofollow\" target=\"_blank\">Forum Group LLC<\/a>\u2019s managing member, doesn\u2019t believe these decisions are an indication of an anti-REIT trend.<\/p>\n<p>\u201cIt\u2019s actually bucking a pro-REIT trend recently embraced by Sears and Darden Restaurants. Both McDonald\u2019s and Macy\u2019s had independent reasons to decline to spin their real estate assets into a REIT,\u201d Lasky told <em>CPE<\/em>. \u201cIt\u2019s likely that these companies intend to send a message to the public and prospective investors that the corporation is well positioned and possesses sufficient liquidity, so a REIT is unnecessary. There\u2019s clearly a desire to boost investor confidence by this move.\u201d<\/p>\n<p>In its investor meeting, McDonald\u2019s CEO Steve Easterbrook said that company leaders determined that a REIT was not in the best interest of shareholders, with the potential upside not compelling enough and the risks too great. McDonald\u2019s also cited execution risk related to the current political environment and recent statements made by both the Treasury Department and the IRS regarding REIT conversions.<\/p>\n<div id=\"attachment_1004131826\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Britton-Costa-Fitch.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004131826\" data-attachment-id=\"1004131826\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/two-giants-decide-against-reit-structure\/britton-costa-fitch\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Britton-Costa-Fitch.jpg\" data-orig-size=\"1500,998\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;5.6&quot;,&quot;credit&quot;:&quot;\\u00a9 Stefan Falke&quot;,&quot;camera&quot;:&quot;NIKON D3&quot;,&quot;caption&quot;:&quot;Fitch Ratings Portraits June 5th 2004\\r\\rPhoto \\u00a9 Stefan Falke\\rstefanfalke@mac.com\\rwww.stefanfalke.com&quot;,&quot;created_timestamp&quot;:&quot;1401967947&quot;,&quot;copyright&quot;:&quot;Stefan Falke&quot;,&quot;focal_length&quot;:&quot;140&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.125&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Britton Costa-Fitch\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Britton Costa, Fitch Ratings&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Britton-Costa-Fitch.jpg?w=1024\" class=\"size-medium wp-image-1004131826\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Britton-Costa-Fitch.jpg\" alt=\"Britton Costa, Fitch Ratings\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Britton-Costa-Fitch.jpg 1500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Britton-Costa-Fitch.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Britton-Costa-Fitch.jpg?resize=768,511 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Britton-Costa-Fitch.jpg?resize=1024,681 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004131826\" class=\"wp-caption-text\">Britton Costa, Fitch Ratings<\/p><\/div>\n<p>Macy\u2019s determined that there would not be enough value created, along with the aforementioned operational and tax considerations. Factors included the size of the REIT, how a single-tenant department store REIT would be valued and the impact on the retailer&#8217;s leverage.<\/p>\n<p>\u201cMacy\u2019s appears to be taking a multi-faceted approach to its real estate holdings, including considering joint ventures to redevelop certain flagship assets, while pursuing selected dispositions where the value of the retail business is outweighed by the value of the real estate,\u201d observed Gary Albrecht, co-chairman of <a href=\"https:\/\/www.coleschotz.com\/\" rel=\"nofollow\" target=\"_blank\">Cole Schotz<\/a>\u2019s real estate department.<\/p>\n<p>Reasons for both McDonald\u2019s and Macy\u2019s also included operational considerations.<\/p>\n<p>\u201cMcDonald\u2019s, for example, derives approximately a third of its revenues from its franchisees (which includes royalties, rent on both owned and leased properties, and fees),\u201d explained Britton Costa, director in <a href=\"https:\/\/www.fitchratings.com\/\" rel=\"nofollow\" target=\"_blank\">Fitch Ratings<\/a>&#8216; U.S. REITs group. \u201cMeanwhile, Macy\u2019s plans to close\/reposition a number of stores would be complicated should they have been subject to a master lease. Owned real estate provides more flexibility for issuers amid change such as the department store industry.\u201d<\/p>\n<p>Emery Matthews, co-founder &amp; principal with <a href=\"https:\/\/re-interests.com\/#!about_us\/crrl\" rel=\"nofollow\" target=\"_blank\">Real Estate Interests LLC<\/a>, noted that both companies&#8217; decisions are neither anomaly nor representative of a fundamental shift.<\/p>\n<p>\u201cIn fact, their decisions have little to do with REITs or the REIT structure itself. REITs remain the most tax efficient means of owning large portfolios of similarly situated assets,\u201d he said. &#8220;Instead, the Macy\u2019s\/McDonald\u2019s debate is much more about capital structure and finance than the appeal (or lack thereof) of REITs.\u201d<\/p>\n<p>Macy\u2019s and McDonald\u2019s, as well as similar retailers, control significant real estate portfolios that make attractive sell-off targets, and in many cases, Matthews added, it makes sense to try to further monetize these assets.<\/p>\n<p>\u201cThere are very valid, strategic reasons why McDonald\u2019s and Macy\u2019s would still not want to use a REIT \u2014 and in some cases those reasons are very similar to the reasons for not wanting to mortgage real estate through a bank,\u201d he said. \u201cSpecifically, relinquishing ownership of real estate could have a negative impact on operations, rising interest rates (or the threat thereof) could greatly diminish the value of the real estate placed in a REIT, and the operating company\u2019s credit rating could be negatively affected, which could raise the cost of capital going forward.\u201d<\/p>\n<p>According to Lasky, the retail sector (particularly soft goods) generally had a disappointing third quarter 2015. He forecast lower fourth-quarter sales going into the holiday season, making continued significant REIT activity likely to increase corporate liquidity and provide shareholder dividends.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Will the decision by Macy&#8217;s and McDonald&#8217;s to say &#8220;no&#8221; to the REIT structure make other execs think twice?<\/p>\n","protected":false},"author":451,"featured_media":1004131826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,23891,21742,21749],"tags":[],"class_list":["post-1004131825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-national","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Feature: Two Giants Decide Against REIT Structure - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/two-giants-decide-against-reit-structure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Feature: Two Giants Decide Against REIT Structure\" \/>\n<meta property=\"og:description\" content=\"Will the decision by Macy&#039;s and McDonald&#039;s to say &quot;no&quot; to the REIT structure make other execs think twice?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/two-giants-decide-against-reit-structure\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-11-18T15:35:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-18T17:06:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Britton-Costa-Fitch.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"998\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/two-giants-decide-against-reit-structure\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/two-giants-decide-against-reit-structure\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Feature: Two Giants Decide Against REIT Structure\",\"datePublished\":\"2015-11-18T15:35:32+00:00\",\"dateModified\":\"2020-05-18T17:06:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/two-giants-decide-against-reit-structure\\\/\"},\"wordCount\":760,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/two-giants-decide-against-reit-structure\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/11\\\/Britton-Costa-Fitch.jpg\",\"articleSection\":[\"Featured\",\"National\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/two-giants-decide-against-reit-structure\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/two-giants-decide-against-reit-structure\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/two-giants-decide-against-reit-structure\\\/\",\"name\":\"Feature: Two Giants Decide Against REIT Structure - 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