The IRS recently threw a big, wet towel on a long list of REIT spinouts that are being evaluated, and putting a number of high-profile IPOs in jeopardy.
Separating real estate assets has become a popular move over the past few years among retailers, restaurant chains, casino operators and telecommunications companies. These moves are often precipitated by activist investors who have seized on the approach, launching over 20 campaigns aimed at pressing companies to separate their real estate.
High-profile transactions by Macy's, Darden Restaurants and McDonald's are potentially in limbo. No wonder the IRS is hitting the pause button. These transactions are generally tax-free, subject to just a few IRS rules.
Time will tell how this will play out, but if the Spin Co trend slows down or grinds to a halt, there will notably fewer newly minted companies in REIT Land, dampening the emergence of new executive and board director opportunities. Stay tuned.
LMI CAPITAL
Senior Financial Analyst/Senior Associate
(HOUSTON, TX) Position includes analyzing commercial real estate investments, conducting due diligence, processing transactions, coordinating closings, and supporting marketing efforts.
RPAI
Analyst, Capital Markets
(OAK BROOK, IL) Duties include: ownership of the corporate model; developing procedures for keeping model current with real-time information, tracking all changes and analyzing the effects of changes on forecasted performance; and assisting in all aspects of debt covenant compliance, including preparation and review of debt compliance and fair value calculations.
GRAMERCY PROPERTY TRUST, INC.
Corporate Accountant
(JENKINTOWN, PA) Responsibilities include: preparing monthly work papers and variance reports for corporate clients; translating foreign entities for consolidation purposes according to the accounting standards; preparing monthly work papers for collateralized debt obligations; and assisting with quarterly and annual audits.
EMPIRE STATE REALTY TRUST
Manager of Engineering
(NEW YORK, NY) Reporting to the Director of Operations, the Manager of Engineering will be responsible for all maintenance, operations and supervision of approximately 30 skilled persons in the engineering, plumbing, carpentry, painting and electrical fields. Responsibilities include maintaining the safety and compliance of all applicable federal, state and city building codes/laws, and analyzing cost savings measures.
VCA INC.
Senior Director, Real Estate
(LOS ANGELES, CA) Senior Director of Real Estate will be responsible for supervising all real estate staff and executing leasing transactions and renewals in a timely manner, identifying opportunities and promoting growth through successful negotiations, maintaining positive relationships with property owners, and providing real estate advisory services to field management and support office staff.
TRAMMELL CROW RESIDENTIAL
Development Associate
(MILL VALLEY, CA) Associate will assume responsibility for leading project management initiatives for residential and mixed-use projects in San Francisco and the Bay Area including investment analysis, design, construction, budgeting, market analysis, pricing, sales & marketing, legal and asset management.
CUSHMAN & WAKEFIELD
Financial Analyst, Capital Markets
(BALTIMORE, MD) Position will analyst and evaluate rent rolls and operating statements of properties being considered for sale to determine feasibility and valuation; and prepare pro forma statements and projections which accurately reflect past history of properties, as well as current and projected future market conditions.
DAKOTA COUNTY CDA
Executive Director
(EAGAN, MN) CDA owns and manages over 2,700 units of affordable rental housing for individuals, families and seniors, in addition to, serving over 2,300 households through state and federal rental assistance programs. Position will be a motivator and visionary who can anticipate issues and move strategically to solve them. They will be community oriented with a desire to involve all stakeholders of the CDA, building a culture of engagement.
BENTALL KENNEDY
VP, Asset Management
(BETHESDA, MD) Position entails overseeing and directing operational, leasing, development and financing aspects of an assigned portfolio of assets including office and industrial buildings to achieve stated investment performance objectives; and formulating short-term and long-term asset management strategies for assets within the assigned portfolio.
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