THERE HAS NEVER BEEN A BETTER TIME TO NEGOTIATE AN OFFICE LEASE IN CALGARY in the last 20 years, and I doubt we'll see better terms in the next 10 years than we can negotiate now; let's discuss your needs now; please call me at your convenience - Mark Kolke, 403-444-6939 - or send me an email: kolke@markkolke.comto discuss how we can deliver a solid impact on your bottom line. Saving money by reducing costs is sound thinking in any market climate - sometimes a move is in order, sometimes a renegotiation is best. Mark Kolke, Agent, MaxWell South Star Realty
+ lots of companies, in addition to laying off staff, are doing salary reductions at the C-suite and sr. management levels; some say it’s about shareholders, some say it’s sharing the bite with staff – though most industry watchers feel it is ‘setting the stage’ of eligibility for government assistance/relief; or, all of these … tic toc
+ May 14; Reins of Responsibility, Shriners Fez Dome, Calgary; info/registration
QUOTES
+ If you cannot do great things, do small things in a great way. – Napoleon Hill
+ Happiness is not something that you get in life. Happiness is something you bring to life! – Dr. Wayne Dyer
+ July 15-16; Willow Park Golf and County Club Charity Classic in support of Calgary Reads, Calgary; info/registration/waiting list
+ Aug. 10; 2020 Legends for Learners Tournament in support of The Education Partnership Foundation, Valley Ridge Golf Course, Calgary; sponsorship - info/register
+ Alberta-wide; education staff/support workers being laid off until classes resume; group gatherings limited to fifteen (15); public health orders . All non-essential services ordered closed, restaurants allowed to stay open for take-out only
+ Bank of Canada reduced interest rates by 0.25 of 1%; chartered banks followed in tandem with prime lending rate reductions
+ Calfrac Well Services Ltd. reduced its 2020CapEx Budget to $55.0 million; reduced their North American workforce by 40%
+ Calgary’s State of Emergency status continues; all non-essential services directed closed, Calgarians asked to stay home and self-isolate, gatherings to be avoided
+ Canada in crisis mode: tighter border controls, domestic travel restricted/forbidden for anyone with COVID-19 symptoms; $82.0 billion federal aid package passed in parliament after considerable wrangling over spending powers – total supports to date, $107.0 billion so far. The Prime Minister announced a 75% wage subsidy for eligible businesses, not-for-profits, and charities – details to be released today
+ City of Calgary to start laying off staff; part-time employees first
+ COVID-19 virus watch: case growth graphic from December till now – updated daily; temporary hospitals are being set up in the UK (London, Manchester, Cardiff, Northern Ireland), New York City (Central Park, Javits Convention Center, and an army hospital ship). ‘The curve’ has only been blunted so far in China, and South Korea where services and retail are starting to reopen. The U.S. has more cases than any other country.
+ current energy prices; live link to current Bloomberg energy prices / OilPrice.com; crude prices have collapsed globally due to drop in demand, ongoing market-disrupting predatory measures of Saudi Arabia dumping oil into the North American market, and Venezuelan government instability
+ Horizon North Logistics Inc. reduced its 2020CapEx Budget to $8.0 million
+ layoffs hitting every industry, every sector of the economy; hotels, airlines, and retailers all facing bleak circumstances as shutdown/lockdown of the economy continues
+ North Atlantic Refining Ltd./Come by Chance in Newfoundland has idled its 130,000/bbl/d refinery due to drop in demand
+ Telus Convention Centre – to house homeless during pandemic
+ United States congress legislating; US$2.2 trillion economic stimulus measure package to support individuals and businesses impacted by the COVID-19 virus … passed in Senate, in house & signed into law in record time; still, the U.S. is behind most developed countries in its responsiveness with testing, contact tracing, and delivering services; confirmed case rate is higher than any other country and death rate is rising more rapidly than most. President Trump extended social distancing guidelines until Apr. 30; medical advisors expect 100,000 - 200,000 deaths
+ Woodfibre LNG project construction delayed – project leaders applying for one (1) year delay due to COVID-19 relates supply-chain delays
THIS WEEK IN FINANCINGS
- proposed & closed
+ CCO Wireless / Corridor Communications Inc. closed $5.5 million debt financing
+ CruzSur Energy Corp. cl0osed $300,000.0 equity financing by private placement
+ GreenSpace Brands Inc. closed $2.551 million 2nd tranche of an equity financing by private placement
+ Rogers Communications Inc. is on the market to raise $1.5 billion in debt
+ Sustainable Infrastructure Dividend Fund closed $80.0 million equity raise by IPO
+ TorQuest Partners Fund V closed $1.375 billion equity raise
+ WPT Industrial REIT secured $660.0 million increase in its credit facility
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*editor’s note: names companies involved in debt financing transactions we report in this section are ALWAYS the borrower; we report ‘fresh raises’ and do not report secondary offerings …
+ Crestpoint Real Estate Investments acquired 50% interest in 234 Laurier Ave. W, in Ottawa for $92.0 million; 452,000 sq. ft. building is fully leased to Shopify
INTERESTING TRENDS IN RETAIL ...
+ iconic retailer Neiman Marcus Group Inc. in talks with lenders regarding its US$4.3 billion debt load; Neimans did a leveraged buyout in 2013 with Area and CPPIB … tic toc
+ most retailers and restauranteurs have either closed or switched to take-out and delivery; substantial layoffs and wager reductions across the sector
INTERESTING TRENDS IN INDUSTRIAL + LOGISTICS REAL ESTATE
+ WPT Industrial REIT closed its US$730.0 million acquisition of a 26-building portfolio (9.0 million sq. ft. and an 85-acre land parcel) of distribution and logistics properties
+ WPT Industrial REIT closed its US$730.0 million acquisition of a 26-building portfolio (9.0 million sq. ft. and an 85-acre land parcel) of distribution and logistics properties
+ WPT Industrial REIT secured $660.0 million increase in its credit facility
