Well, huzzah for China Evergrande Group. It didn’t formally default. The embattled business apparently wired $83.5 million worth of coupon payments to a Citibank trustee. This way, it can pay its bondholders before the no-more-excuses-allowed date. The question remains whether it’s only prolonging the inevitable, of course. But at least for now, it’s staved off complete collapse.

In even more “interesting” news, Bitcoin (BITCOMP) flash-crashed from $65,815 to $8,200 earlier yesterday on the world’s top crypto exchange, Binance. Some people are blaming intense U.S. regulations for the plummet. And certainly, it can be said that something unnatural was going on there – especially since the cryptocurrency bounced almost completely back right away.

Meanwhile, Chipotle Mexican Grill (CMG) isn’t hurting one bit from having to raise its prices. The made-to-order burrito maker chain recorded a 21.9% jump in revenue over Q3-20 to $2 billion. And earnings per share came in at $7.18, a 154.6% increase. I guess when you have a cult following, you have a cult following.

Other than that (and maybe even without “that”), there’s not much to report. Just reiterations of previous points.

The World According to REITs

Again, there’s simply not that much to report – hopefully indicating a relaxing, restful, rejuvenating weekend. Right? Regardless, here’s what we have to address in the REIT world at the moment:

1. Alpine Income Property Trust (PINE) announced funds from operations (FFO) of $0.37, up $0.02 both year-over-year and over expectations. Revenue was $8.16 million compared to last year’s $5.1 million. And it raised its adjusted funds from operations (AFFO) guidance from $1.38-$1.48 to $1.48-$1.51 for the full year.
2. Washington Prime Group (WPGGQ) says it’s emerged from Chapter 11 after completing its financial restructuring. In addition, Lou Conforti will be stepping down as CEO. The position will be temporarily filled by current Executive VP and CFO Mark Yale, and Executive VP and head of leasing John Lindimore.
3. Terreno Realty (TRNO) acquired a single-building industrial property that’s fully leased to one tenant (on a short-term basis) in Elizabeth, New Jersey, for $44 million.

Enjoy the lull before earnings season begins in earnest.

Source: The Daily REITBeat.