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    Seven Must Reads for the CRE Industry Today (May 19, 2020)

    The Wall Street Journal looks at malls that reopened last weekend. U.S. banks continue to disclose exposure to the reeling retail industry, reports the S&P Global. These are among today’s must reads from around the commercial real estate industry.
     
    1. Three Malls in Three States: A Weekend Shopping Trip Under Coronavirus “Many U.S. malls were struggling to attract shoppers and keep tenants before the coronavirus pandemic. Most closed in March, deemed nonessential businesses by local governments. Some malls are now reopening, as those regulations are softened, often to smaller crowds and with many stores still shut.” (Wall Street Journal, subscription required)
    2. More US Banks Disclose Exposure to Stressed Retail Industry in Q1 Filings “U.S. banks continued to report exposure to the hard-hit retail industry in first-quarter filings.” (S&P Global)
    3. The Real Estate Industry Pushed for $160 Billion in Tax Breaks in the CARES Act, Disclosure Filings Show “House Democrats passed a largely symbolic bill on May 15 rolling back two controversial tax provisions that had been slipped into the CARES Act, the $2 trillion stimulus law that Congress passed in March with overwhelmingly bipartisan support.” (TIME)
    4. Gov. DeSantis Opens Door to Return of Vacation Rentals “Since late March, Florida hotels have been allowed to operate without state restrictions, while rental properties across the street or even in the same building have gathered dust.” (Florida Trend)
    5. Hotel Revenues Per Room Projected to Fall 58 Percent in 2020 “The sudden disappearance of tourism, conference traffic and nonessential business travel has left hotels reeling.” (Houston Chronicle)
    6. “Can’t Pay May”: Making Rent in New York City During the Pandemic “The coronavirus landed in a city where housing was already a stress point.” (The New Yorker)
    7. REIT Risks Rise As COVID-19 Impacts Senior Housing Occupancy “The decrease in seniors moving into elderly homes because of the novel coronavirus could result in higher leverage expectations over the next 12 to 24 months and rating downgrades in the REIT sector, according to Fitch Ratings.” (GlobeSt.com)