What I’m Reading
Tangled Web: As malls continue to struggle, their financing structures – which have only grown more complex over time – are making restructuring particularly challenging. This is perhaps the biggest downside of using CMBS, especially when layered with other forms of financing. When you borrow from a bank or fund, there is a live person that you can talk to when things go bad. When your debt is CMBS, you are dealing with special servicers who represent multiple bond holders, who may not all be on the same page. The result is often an impasse. Bloomberg
Starving: The New York City restaurant rent crisis is not letting up with nearly 90% of eateries in the city unable to pay full rent in October according to a survey from the NYC Hospitality Alliance. Eater
Cold Comfort: When Pfizer announced their 90% effective COVID vaccine last week, they also announced that the doses will need to be stored and transported at over minus 100°F. This will be a major challenge for the logistics industry that will be charged with distribution in mass quantities, especially considering that dry ice – the favored refrigerant for those sort of temperatures – allows for limited air freight options since it is classified a a ‘dangerous good’ JOC.com
Auto Pilot: Walmart is officially kicking off a live test of self driving vehicle delivery in Arizona. Globe Street
Port in the Storm: While sectors most exposed to the pandemic struggle, last-mile industrial assets that hit the market are often triggering bidding wars as investors chase stability. NREI
Chart of the Day
Source: @SoberLook
WTF
Bearing It All: A stripper who goes by the name ‘Strawberry’ was arrested after allegations of fighting other dancers who she thought stole her money by swinging a broom at them because Florida. TC Palm
Gotta Catch ‘Em All: A firefighter was accused of stealing $165 worth of Pokémon cards from Walmart because Florida. ClickOrlando
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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