Developers of the long-delayed Fontainebleau resort and casino have obtained $2.2 billion in construction financing. The 67-story resort is under construction on 25 acres on the northern end of the Strip near the Las Vegas Convention Center. Plans include 3,700 hotel rooms, 550,000 square feet of convention and meeting space, and several gambling, dining and retail venues.
IPO Volume
IPOs in the U.S., excluding offerings by special-purpose acquisition companies, raised $8.6 billion in 2022, far below the roughly $56 billion annual average over the past decade
Office REIT Performance
Shares in office real-estate investment trusts are down 45%, including dividends, since February 2020. That's compared with about a 5% decline for the equity real-estate investment trust index.
Apartment Adds
Nearly half a million new apartment units—the most of any year since 1986—are expected to complete construction by the end of 2023. That will come after more than 400,000 units were completed during 2022.
UC BREIT
University of California will invest $4 Billion in Blackstone’s BREIT real-estate vehicle. UC Investments will put its BREIT shares into a strategic venture to which Blackstone will contribute $1 billion of BREIT shares that it already owns. The venture will have an 11.25% hurdle rate, meaning that if BREIT’s net annualized return exceeds that rate, Blackstone will get an extra 5% incentive fee. If the vehicle’s performance falls short of the 11.25% rate, Blackstone will make up the difference.
Company Dividends
Companies in the S&P 500 allocated an estimated $561 billion toward dividends in 2022, up from $511.2 billion in 2021 and the highest amount on record.
Bitcoin
Bitcoin is on track for its worst year since 2018—the last so-called crypto winter when prices tanked—having shed nearly two-thirds of its value.
Work From Home
Nearly 80 million American employees are still working from home at least one day a week, saving 200 million hours and 6 billion miles commuting to offices per week, which they value at roughly an 8% pay increase.
Wall Street Banking
Fees from advising on deals, stock offerings and bond sales are down more than 40% from this time last year, wiping out more than $50 billion in revenue. That is the biggest year-over-year dollar decline on record, worse even than in the financial crisis.
Retirement Savings
Households headed by people ages 65 to 74 have an average retirement-account savings of $426,000.