Latest news with #Peachtree
Business Times
5 days ago
- Business
- Business Times
Manulife US Reit posts 34.9% lower H1 distributable income per unit of US$0.0084
[SINGAPORE] The manager of Manulife US Real Estate Investment Trust (Reit) on Thursday (Aug 14) reported a distributable income per unit for the first half of FY2025 of US$0.0084, down 34.9 per cent from US$0.0129 a year before. Revenue declined 30.4 per cent to US$60.4 million for the period, from US$86.7 million in H1 FY2024, largely due to the divestment of Capitol Mall in Sacramento in October 2024, 500 Plaza in Secaucus, New Jersey, in February 2025 and Peachtree, a 28-storey Class A office building in Atlanta, Georgia, in May 2025. This is in addition to lower rental and recoveries income as a result of higher portfolio vacancy rate as well as lower recoveries income due to a reduction in current and prior years' property tax. Net property income stood at US$30.2 million for H1, down 29.5 per cent from US$42.8 million in the same year-ago period. Income available for distribution declined 34.7 per cent year on year to US$14.9 million, from US$22.9 million, mainly due to the loss of income from the sale of the three properties. This was partially offset by a decrease in finance expenses due to lower debt balances from repayments in 2024 and 2025 and lower base management fees. Portfolio occupancy was at 68.4 per cent on a same-store basis, and rental reversions were at minus 10 per cent. The manager of the Reit noted, however, that eight of 10 of its leases signed were above market rates. Its portfolio weighted average lease expiry remained at 4.6 years as at Jun 30, 2025. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Aggregate leverage as at Jun 30, 2025 stood at 57.4 per cent, with an interest coverage ratio of 1.6 times. Its weighted average debt maturity was at 2.8 years. The manager of the Reit noted that 'significant progress' has been made in debt repayments, as the Reit now focuses on recovery and growth. John Casasante, chief executive officer and chief investment officer of the manager, said: 'Future asset dispositions will align with our broader growth strategy as we evaluate liquidity across the portfolio to maximise proceeds. We remain disciplined in leasing to improve our income and book value. Our lenders have been supportive, and we continue to have discussions with them to explore strategies to mitigate risks.' The counter closed flat at US$0.065 on Wednesday before the release of its results.
Business Times
5 days ago
- Business
- Business Times
Manulife US Reit posts 34.9% lower H1 distribution per unit of US$0.0084
[SINGAPORE] The manager of Manulife US Real Estate Investment Trust (Reit) on Thursday (Aug 14) reported a distribution per unit for the first half of FY2025 of US$0.0084, down 34.9 per cent from US$0.0129 a year before. Revenue declined 30.4 per cent to US$60.4 million for the period, from US$86.7 million in H1 FY2024, largely due to the divestment of Capitol Mall in Sacramento in October 2024, 500 Plaza in Secaucus, New Jersey, in February 2025 and Peachtree, a 28-storey Class A office building in Atlanta, Georgia, in May 2025. The proceeds from the two 2025 divestments have gone towards repayment of approximately US$160 million of the group's 2026 debts. This is in addition to lower rental and recoveries income as a result of higher portfolio vacancy rate as well as lower recoveries income due to a reduction in current and prior years' property tax. Net property income stood at US$30.2 million for H1, down 29.5 per cent from US$42.8 million in the same year-ago period. Income available for distribution declined 34.7 per cent year on year to US$14.9 million, from US$22.9 million, mainly due to the loss of income from the sale of the three properties. This was partially offset by a decrease in finance expenses due to lower debt balances from repayments in 2024 and 2025 and lower base management fees. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Portfolio occupancy was at 68.4 per cent on a same-store basis, and rental reversions were at minus 10 per cent. The manager of the Reit noted, however, that eight of 10 of its leases signed were above market rates. Its portfolio weighted average lease expiry remained at 4.6 years as at Jun 30, 2025. Aggregate leverage as at Jun 30, 2025 stood at 57.4 per cent, with an interest coverage ratio of 1.6 times. Its weighted average debt maturity was at 2.8 years. The manager of the Reit noted that 'significant progress' has been made in debt repayments, as the Reit now focuses on recovery and growth. It has repaid all its 2025 debts and around 83 per cent of its 2026 debts, following an additional debt repayment of US$25 million in July 2025. Around US$465 million or 45 per cent of the Reit's outstanding debt has been paid down since December 2023, which leaves US$559 million of debt maturing between 2026 and 2029. For 2026, it has US$35.6 million of debt maturing in July that year. The subsequent debt maturity is 20 months away in April 2027. John Casasante, chief executive officer and chief investment officer of the manager, said: 'Future asset dispositions will align with our broader growth strategy as we evaluate liquidity across the portfolio to maximise proceeds. We remain disciplined in leasing to improve our income and book value. Our lenders have been supportive, and we continue to have discussions with them to explore strategies to mitigate risks.' The counter closed flat at US$0.065 on Wednesday before the release of its results.
Business Wire
6 days ago
- Business
- Business Wire
Peachtree Group Receives USCIS Approval for EB-5 Funded Madison Bradenton Multifamily Development
ATLANTA--(BUSINESS WIRE)--Peachtree Group ('Peachtree') has received I-956F approval from U.S. Citizenship and Immigration Services (USCIS), the federal agency that oversees the EB-5 Immigrant Investor Program, for the development of Madison Bradenton, a 240-unit multifamily community in Bradenton, Fla. Peachtree Group received I-956F approval from USCIS for the development of Madison Bradenton, a 240-unit multifamily community in Bradenton, Fla. Share The approval marks another major step forward for Peachtree's EB-5 program, which drives economic growth and job creation through foreign investment in U.S. projects. 'Madison Bradenton reflects the strong demand for high-quality multifamily housing in growing markets,' said Adam Greene, executive vice president of EB-5 at Peachtree. 'This project underscores our ability to pair EB-5 financing with secured lending, delivering attractive opportunities for investors while meeting critical housing needs.' This marks Peachtree's fourth I-956F approved development. Previous projects include Home2 Suites by Hilton in Boone, N.C., SpringHill Suites by Marriott in Bryce Canyon, Utah and TownePlace Suites by Marriott in Palmdale, Calif. Peachtree launched its EB-5 program in 2023 and remains committed to delivering high-quality, job-creating projects nationwide. Peachtree originated $47 million in floating-rate construction financing with a four-year term for the development. The project will include five four-story, elevator-serviced apartment buildings and one two-story carriage-style building, along with a clubhouse and several garage structures. The 10.7-acre site at 303 301 Boulevard West sits in Manatee County, one of Florida's fastest-growing areas. The location offers access to major employers, top healthcare centers and leisure destinations, including Siesta Key Beach, ranked among the nation's best. The community will feature 120 one-bedroom, 100 two-bedroom and 20 three-bedroom residences, averaging 1,027 square feet. Units will include stainless steel appliances, walk-in closets, granite countertops, kitchen backsplashes, ceiling fans, full-size washer-dryers and private patios or balconies. Bradenton and the North Port–Sarasota–Bradenton metropolitan area continue to benefit from strong population growth, economic expansion and an appealing coastal lifestyle. With 81 percent of area jobs accessible within a 30-minute drive and leading employers in healthcare, government and retail, the market outlook remains highly favorable. The EB-5 visa program allows foreign investors to obtain a green card in exchange for making a qualifying investment in a U.S. project that creates or preserves at least 10 full-time jobs. The minimum investment is $800,000. Peachtree Group is a vertically integrated investment management firm specializing in identifying and capitalizing on opportunities in dislocated markets, anchored by commercial real estate. Today, the company manages billions in capital across acquisitions, development and lending, augmented by services designed to protect, support and grow its investments. For more information, visit
Yahoo
23-07-2025
- Business
- Yahoo
Peachtree launches $250M fund to jump on hotel market dislocation
This story was originally published on Hotel Dive. To receive daily news and insights, subscribe to our free daily Hotel Dive newsletter. Dive Brief: Peachtree Group launched a $250 million fund designed to capitalize on hotel market dislocation, the Atlanta-based commercial real estate investment firm announced Monday. The Peachtree Special Situations Fund was created for 'high-quality' hotel and other commercial real estate assets, some of which are mispriced 'due to today's capital market illiquidity rather than underlying fundamentals,' the company shared. Peachtree Managing Principal and CEO Greg Friedman said the investment firm believes the next 12 to 18 months 'offer some of the most compelling risk-adjusted opportunities we've seen since the global financial crisis.' Dive Insight: Nearly $1 trillion in commercial real estate loans will mature this year, and hotels will bear some of the largest refinancing and capital expenditure burdens, according to Peachtree. But as rates remain elevated, and liquidity tightens, the Peachtree Special Situations Fund is designed to 'step in where traditional capital has pulled back,' per the company. Last year, JLL projected that more hotel owners would sell than refinance as their loan maturity neared. 'This fund is about capitalizing on dislocation, not chaos,' Friedman said in a statement. 'We're targeting high-quality assets not distressed by systematic factors but by capital structure.' The fund will seek off-market acquisitions, such as underperforming hotels; preferred and hybrid equity, such as providing flexible capital to sponsors that need liquidity for acquisitions; and distressed purchases from lenders, often at discounts to outstanding loan balances. Peachtree said it will tap into its longstanding relationships with community and regional banks to source opportunities before they reach the broader market. The fund is seeking opportunities nationwide, though Peachtree noted that it expects 'significant' deal flow in markets with strong demand fundamentals and recent pricing resets such as Texas, Florida and California. As of last October, Peachtree's hotel credit transactions were up 176% year over year. As part of last year's Lodging Conference, Friedman said the hospitality industry could expect to see markets where regulatory challenges aren't present thrive over the next several years. Recommended Reading Certares acquires Hilton Boston Back Bay hotel for $171M Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
21-07-2025
- Business
- Business Wire
Peachtree Group Launches $250 Million Special Situations Fund to Capitalize on Hotel Market Dislocation
ATLANTA--(BUSINESS WIRE)--Peachtree Group ('Peachtree'), a leading vertically integrated commercial real estate investment platform, today announced the launch of its Peachtree Special Situations Fund, a $250 million fund designed to unlock value in mispriced, high-quality hotel and other commercial real estate assets due to today's capital market illiquidity rather than underlying fundamentals. Peachtree Group announced the launch of its $250 million Peachtree Special Situations Fund. 'We believe the next 12 to 18 months offer some of the most compelling risk-adjusted opportunities we've seen since the global financial crisis,' said Greg Friedman, managing principal and CEO of Peachtree. 'As balance sheet stress and refinancing hurdles intensify in the hotel space and other commercial real estate sectors, Peachtree is uniquely positioned to deploy capital where it's needed most, delivering attractive returns while providing real solutions for sponsors and lenders alike.' With nearly $1 trillion in commercial real estate loans maturing in 2025 and hotels carrying some of the largest refinancing and capital expenditure burdens, Peachtree's Special Situations Fund is positioned to step in where traditional capital has pulled back. Many hotel and commercial real estate owners who financed properties in the zero-interest-rate era now face gaps in their capital stacks as rates remain elevated and liquidity tightens. Peachtree's strategy bridges this gap by providing creative downside-protected capital solutions to reposition assets and unlock embedded value. 'This fund is about capitalizing on dislocation, not chaos,' Friedman said. 'We're targeting high-quality assets not distressed by systematic factors but by capital structure, and we're doing it with the speed, creativity and certainty of execution that have defined Peachtree's reputation for more than a decade.' The Special Situations Fund targets investments that sit between value-add and opportunistic, combining attractive upside potential with meaningful downside protection. Core strategies include: Off-market acquisitions: Securing underperforming or mispriced hotels as well as select multifamily, student housing, self-storage and other commercial real estate sectors for repositioning and stabilization. Preferred and hybrid equity solutions: Providing flexible capital to sponsors needing liquidity for acquisitions, development or refinancing with structures designed to protect basis and enhance current yields. Distressed purchases from lenders: Acquiring assets directly from banks through deed-in-lieu or post-foreclosure transactions, often at discounts to outstanding loan balances and well below replacement cost. Peachtree's fully integrated platform spans direct lending, CPACE financing, development, acquisitions and capital markets and provides a unique lens into shifting market dynamics. Longstanding relationships with community and regional banks and other stakeholders enable Peachtree to source high-value opportunities early before they reach the broader market. 'We're the first call when a sponsor or lender needs a fast, reliable solution,' Friedman said. 'Speed and surety of close are critical in this environment, especially when dealing with complex capital stacks and distressed notes.' The fund's geographic focus is nationwide, with significant deal flow expected in markets with strong demand fundamentals and recent pricing resets, including Texas, Florida and California. Peachtree expects to hold its first close within the next 60 to 90 days and complete the final close within its targeted 18 months following the initial close. About Peachtree Group Peachtree Group is a vertically integrated investment management firm specializing in identifying and capitalizing on opportunities in dislocated markets, anchored by commercial real estate. Today, the company manages billions in capital across acquisitions, development and lending, augmented by services designed to protect, support and grow its investments. For more information, visit THIS IS NOT AN OFFER OR SOLICITATION TO PURCHASE ANY SECURITY. AN OFFERING IS MADE ONLY BY THE PRIVATE PLACEMENT MEMORANDUM. SECURITIES OFFERED THROUGH PEACHTREE PC INVESTORS, LLC MEMBER FINRA/SIPC.
