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January 18, 2013

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Top News

House Republicans consider temporary debt-limit increase
Senior Republicans in the House of Representatives said they may back a small, interim increase of the U.S. debt limit, a move that would let them deflect the political consequences of the government defaulting on its debt in February or March. "We're discussing the possible virtue of a short-term debt limit extension, so that we have a better chance of getting the Senate and White House involved in discussions in March," said Rep. Paul Ryan, chairman of the House Budget Committee. Reuters (1/17), MarketWatch/Political Watch blog (1/17), MSNBC (1/17)

2013 Proxy Disclosure and Current Corporate Governance Standards
Join this complimentary Webinar, January 31, as compensation & corporate governance experts from the FTI Consulting Real Estate Solutions group present an overview of the current state of the corporate governance field, discuss the growing role of proxy advisory firms, and review recent trends, regulatory changes, and how to best prepare for the 2013 proxy season. Register now.

Capital Markets

Moody's frowns on securitization structure for single-family rentals
Moody's Investors Service says a structure investors favor to securitize single-family rental home payments poses serious risks. The structure lacks protections that are common in securitizations of residential or commercial mortgages. The Wall Street Journal (1/18)

Investment News

JPMorgan makes a case for REIT investment in 2013
JPMorgan Chase & Co. predicts that REITs will return slightly above 10% this year. Current valuations are still solid, despite growth of the past four years. The biggest risk is a bull market, in which investors cycle out of REITs in higher beta segments of the market. 24/7 Wall St. (1/17)

Real Estate Marketplace

Host Hotels sells Marriott Marquis hotel in Atlanta for $293M
Host Hotels & Resorts announced its sale of the Marriott Marquis hotel in Atlanta to an undisclosed buyer. The 1,663-room property was sold for $293 million as part of an initiative by Host Hotels to shed assets. "I am excited to report our continued success in executing our asset sale strategy. In the past 12 months, we have sold four hotels for approximately $450 million," Gregory J. Larson, an executive vice president at Host Hotels, said in a statement. The Atlanta Journal-Constitution (1/17)

Spain, Ireland to implement new REIT regimes in 2013
Spain and Ireland are implementing new REIT regimes this year, according to the European Public Real Estate Association. They see REITs as an efficient and transparent way to recapitalize their property sectors. Spain already had REITs but has approved changes to its existing regime. Property Magazine (Switzerland) (1/18)

Retail REITs place focus on best-performing assets
Retail REITs are focusing on their best-performing assets and moving on from struggling shopping centers. Retail REITs performed second-best among the REIT asset class. Bloomberg (1/18)

New-home construction surge led by multifamily
New-home construction reached a four-year high in December, rising 12% from November and 37% year over year. Apartment construction led the surge, with a 116% increase. The Wall Street Journal (1/17)

More in U.S. leave parents' homes as economy slowly recovers
With the economy showing modest signs of improvement, more Americans are moving out of their parents' homes to establish their own households. The rate of household formation fell dramatically between 2007 and 2009 but has been rising for the last two years. Reuters (1/18)

NAREIT News

Track performance of U.S. and global real estate markets
Updated daily, the FTSE NAREIT U.S. Real Estate Index Returns and the FTSE EPRA/NAREIT Global Real Estate Index Returns provide index performance data, industry segment returns and comparisons against other major market benchmarks.

Learn more about NAREIT -> Join NAREIT | Policy & Politics | NAREIT Events | Publications

Policy Watch

CFPB issues requirements for mortgage servicing
The Consumer Financial Protection Bureau has released mortgage-servicing rules that are set to go into effect early next year. Director Richard Cordray says the goal is to repair a "broken system." For example, the rules govern when a mortgage servicer can foreclose. They also require servicers to notify borrowers when interest rates change. AmericanBanker.com (free registration) (1/17), Bloomberg Businessweek (1/17), MarketWatch (1/17)

SmartQuote

If I had my life to live over, I would perhaps have more actual troubles but I'd have fewer imaginary ones."

--Don Herold,
American humorist, writer and cartoonist

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	Recent Real Estate Investment SmartBrief Issues: Thursday, January 17, 2013 Wednesday, January 16, 2013 Tuesday, January 15, 2013 Monday, January 14, 2013 Friday, January 11, 2013			Lead Editor: Liz DeHoff Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004