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EV+, a provider of electric vehicle (EV) charging infrastructure, has partnered with CBRE to install charging stations at 10,000 U.S. commercial properties over the next five years. The focus is on multifamily complexes, hotels, and healthcare facilities. These turnkey charging solutions require no ongoing responsibilities from property owners, enhancing convenience for EV drivers. CBRE will assist with site acquisition, grant and incentives work, project management, and ongoing maintenance. This collaboration aims to drive EV adoption and offer property owners a valuable amenity.
MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE: MEGI) announced a monthly distribution of $0.1250 per common share for May 2024. The annualized distribution rate is 11.38% based on the closing price of $13.18 on May 10, 2024, and 9.91% based on the closing NAV of $15.13.
The distribution is set by the Fund's Board and reviewed quarterly to align with net investment income and realized gains. For May, the entire distribution is a return of capital. The Fund's fiscal year-to-date cumulative distributions include 60% net investment income, 2% short-term capital gains, 12% long-term capital gains, and 26% return of capital.
Performance data as of 4/30/2024 shows a -6.50% average annual total return and a -5.27% cumulative total return. The Fund's current annualized distribution rate is 10.78% of the month-end NAV. Past performance does not guarantee future results, and returns of capital are included in distributions.
The growing adoption of electric vehicles (EVs) is increasing the demand for workplace charging stations. In 2023, workplace charging sessions grew twice as fast as new installations, highlighting a gap between demand and supply. The rise in hybrid work schedules has shifted commuting patterns, concentrating EV charging from Tuesdays to Thursdays.
Workplace EV chargers contribute to environmental, social, and governance (ESG) goals, making them a strategic asset for attracting employees and tenants. The U.S. saw a 50% increase in EV sales last year, representing 9.2% of new light-duty vehicle sales. Projections indicate U.S. EV registrations will grow at an average rate of 40% annually over the next five years. Despite this, a revised forecast suggests a near-term slowdown with a 31% sales growth expected in 2024.
ChargePoint's data shows a surge in workplace charging activity, with a 64% increase in sessions and 57% more unique drivers year-over-year. However, the availability of charging ports hasn’t kept up with demand. The pandemic has changed commuting behaviors, with vehicle traffic returning to pre-pandemic levels but public transport usage at 71% of pre-pandemic levels.
CBRE's survey indicates that 30% of companies prefer offices with EV chargers, rising to 40% among large companies. While not sufficient alone to bring workers back to the office, EV charging stations can incentivize more frequent and longer office visits.
The press release highlights the surging electricity demand across UK cities and the investment potential in rooftop solar energy generation. With electricity demand predicted to double by 2050, there is a clear opportunity for renewable energy investments. The use of real estate, specifically commercial rooftop solar, can play a vital role in meeting this demand. The analysis of ESO data reveals significant increases in electricity demand across cities, with Edinburgh and Glasgow showing the highest rise. Investing in rooftop solar in UK cities is suggested as a strategy to meet the growing demand for low carbon electricity.
CBRE Group, Inc. announced that Chandni Luthra will join as Executive Vice President for Investor Relations and Financial Planning & Analysis. With a background in equity research at Goldman Sachs, she brings valuable sector knowledge to enhance the company's strategic communication with the public markets.
Chandni Luthra's appointment signifies CBRE's commitment to strengthening investor relations and financial analysis, leveraging her extensive experience in commercial real estate research to provide valuable insights to the leadership team. Her role is expected to bolster CBRE's market position and improve visibility among stakeholders.
Community Solar is a rapidly growing opportunity within commercial real estate, driven by the surge in solar power installations in the U.S. Various federal and state policies have accelerated this growth, making solar energy more accessible to both public and private sectors. Community solar offers shared access to renewable energy, allowing property owners to reduce carbon emissions and electricity costs without the need for on-site installations. Incorporating community solar into commercial real estate strategies can create additional income streams and align with sustainability goals, benefiting both the environment and business interests.
The European Union is focused on climate change and energy efficiency in buildings, with CBRE analyzing how energy efficiency upgrades in multifamily housing can impact asset value. The analysis showed that transitioning to higher Energy Performance Certificate (EPC) ratings can increase asset value, but retrofit costs need to be considered against rental price benefits. Financial institutions may become more selective in refinancing assets not meeting energy efficiency standards, leading to potential asset stranding in the real estate industry.
CBRE Group, Inc. reported financial results for the first quarter of 2024, with revenue up 7.1%, net revenue up 6.3%, and GAAP EPS up 10%, while core EPS declined by 15%. The company's Global Workplace Solutions segment had double-digit net revenue growth, but margins fell short of expectations. CBRE expects to generate core earnings per share in the range of $4.25 to $4.65 for 2024.
