Report: Anbang likely to sell $10B in foreign property assets | Fed should consider publishing SOFR average, Quarles says | More central banks poised to raise interest rates
July 20, 2018
Real Estate Investment SmartBrief
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Report: Anbang likely to sell $10B in foreign property assets
Anbang Insurance Group plans to sell about $10 billion in foreign property holdings as part of an effort to clean up its balance sheet, according to sources. The Waldorf Astoria in New York City, which Anbang acquired in 2014 for $1.95 billion, will not be sold, the sources say.
Reuters (7/19) 
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Investment News
Fed should consider publishing SOFR average, Quarles says
It would be appropriate for the Federal Reserve to consider publishing a compound average of the Secured Overnight Financing Rate to foster greater confidence in the benchmark, Vice Chairman for Supervision Randal Quarles told the Alternative Reference Rates Committee on Thursday. "It has been suggested that we could call it SAFR, for secured average financing rate, and this is something that we are encouraging our staff to explore," Quarles said, and the ARRC has selected SOFR as a Libor alternative, encouraging the industry to make a shift.
Reuters (7/19) 
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More central banks poised to raise interest rates
Some central banks, including the Bank of England, will likely follow the example of the US Federal Reserve and increase interest rates in the coming months; Norway's central bank is projected to raise rates in September. The People's Bank of China is the main exception, being expected to ease policy in response to the trade tariffs imposed by US President Donald Trump.
The Wall Street Journal (tiered subscription model) (7/19) 
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Market Commentary by NAREIT
How to use REITs to build a diversified inflation-protecting portfolio
For investors concerned that inflation may continue heating up as labor market conditions tighten, REITs have an important place in an inflation-protecting investment approach. Brad Case, Nareit's senior vice president, research and investor information, shows how to construct an inflation-protecting portfolio without exposing yourself to the risk of guessing wrong about an increase in the inflation rate.
Nareit (7/20) 
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Real Estate Marketplace
D.C. residential building home to latest WhyHotel pop-up
An apartment building in Washington developed by Equity Residential is the latest WhyHotel pop-up property. The pop-up hotel features 95 units.
Hotel Management online (7/18),  The Business Journals (tiered subscription model)/Washington, D.C. (7/18),  USA Today (7/18) 
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Grocery sector moves to offer more omnichannel services
The grocery sector has been taking steps to become more of an omnichannel player in the wake of Amazon's acquisition of Whole Foods last year. So far, the disruption in the sector has been minimal, but many grocers expect Amazon to become more aggressive.
National Real Estate Investor online (7/19) 
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Leslie Hale to step into RLJ Lodging CEO role next month
Leslie Hale, poised to take over as president and CEO of RLJ Lodging Trust in August, has been with the REIT and its predecessor for 13 years. "I've really had a great career by all standards," she says.
REIT magazine (7/2018) 
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How VEREIT is keeping its portfolio diversification on track
After setting on a course change two years ago, VEREIT's portfolio diversification has been moving in a positive direction, says CEO Glenn Rufrano. The REIT's strategy for diversification includes limiting office properties to no more than 15% to 20% of its portfolio.
Nareit (7/18) 
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Policy & the Economy
US initial unemployment claims lowest since 1969
The number of Americans filing for state unemployment benefits fell last week to a seasonally adjusted 207,000, the smallest number since December 1969, the Labor Department said. Economists surveyed by Reuters expected claims to rise to 220,000.
Reuters (7/19) 
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Most Read This Week
Nareit Resources
Industrial REITs adapting to a future heavily shaped by e-commerce
While the rise in online shopping has clearly posed challenges for many retail real estate owners and tenants, it has been an absolute boon for other sectors -- including industrial REITs. Learn more.
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Editor's Note
A story in Thursday's Real Estate Investment SmartBrief should have stated that many specialty REITs' double-digit FFO growth attracts investors. SmartBrief regrets the error.
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A learned fool is more foolish than an ignorant one.
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