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There is no denying that online shopping and changes in consumer spending habits have had a profound impact on brick-and-mortar shopping centers. Rapid advances in technology have changed how and where consumers shop, how they spend their money, and how they spend their time. The impact is evident to anyone who has visited a shopping mall in the last couple of years. For the past half-century, retail giants have been steadfast anchor tenants, driving foot traffic and sales at shopping centers. Amid the current so-called retail apocalypse, an unprecedented number of classic anchor tenants are now gating their big-box entrances and going dark. More than 20 retail chains have filed for bankruptcy in recent times, and others are liquidating, falling like dominoes.
By Jun Kwon
The Financial Accounting Standards Board released a new set of lease accounting standards, ASC 842, which went into effect earlier this year. Most significantly, publicly traded companies are now obligated to list all leases of 12 months or longer on their balance sheets as both assets and liabilities. Large private companies will follow suit in 2020.
By Howard A. Levine
Further comment and analysis is warranted on the three-judge dissent, which, if adopted by the majority, would have fundamentally altered the very foundation of New York contract law.
By Janice Inman
Defense Based on Federal Law Cannot Confer Federal Jurisdiction
By James O’Brien
Part Two of a Two-Part Article
Part One of this article outlined the basic elements of a subordination, non-disturbance and attornment agreement (SNDA), which regulates two competing interests in the same property — tenant’s right to possess its premises pursuant to its lease and mortgage lender’s security interest in that same premises. Part Two explains the differences between the concepts of “non-disturbance” and “recognition,” while contending that lease recognition is more important to the tenant than not having its possession disturbed.