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This double whammy of decreasing rental rates and increased "going in" cap rates accelerate the decline in property value.
Institutional players accounted for 23% of volume in the past two years.
Morningstar reports that 15.2 percent of the CMBS malls delinquent or REO, compared to 10.5 percent across all retail loans.
The deal gives the Four Seasons a $10 billion enterprise value.
The vast majority of Americans would rather own a home than rent.
However, more data center, education and warehouse projects moved into planning in August from the levels in July.
The portfolio includes more than 300 facilities across senior housing, skilled nursing, medical office buildings and hospitals.
Vornado is also selling some retail properties at a loss.
"No one is debating the need for [impact fees], but how do we bring them into line and keep them reasonable so that they no longer represent 25% of the cost of a home?" said KT Catlin, executive officer of the Gold Coast Builders Association.
Rents are now up more than 13% this year, more than doubling the overall rate of inflation.