A New York development agency plans to issue $1.63 billion of bonds this month for the 3 World Trade Center tower in Manhattan, in what is set to be the municipal markets largest unrated deal. Non-traded REITs would be required to provide more disclosure, and to provide it more often, under rule changes approved by the SEC. Wal-Mart Stores Inc. cut its revenue outlook for its current fiscal year as it announced it is scaling back its expansion plans. These are among todays 10 must reads from around the commercial real estate space.
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