Real Estate Investment SmartBrief

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December 19, 2012

The daily source on REITs and real estate investment

Top News

Boehner proposes a backup plan to avert "fiscal cliff"
With negotiations on a comprehensive deal to avert the "fiscal cliff" moving slowly, House Speaker John Boehner, R-Ohio, called for a backup plan that would extend Bush-era tax cuts for Americans with incomes of up to $1 million a year. The "Plan B" would allow automatic cuts in domestic and military spending to go forward in January. White House aides rejected Boehner's suggestion but said they are optimistic a broad compromise can be achieved. The Washington Post (12/18), Reuters (12/19), The New York Times (tiered subscription model) (12/18)

Capital Markets

Global covered-bond market is expected to gather pace
This year is the first in the euro's history that covered-bond issuance by non-eurozone countries topped that by eurozone nations, and the trend is likely to continue, bankers say. Covered bonds might also get a lift elsewhere from legal frameworks, including in South Korea, Panama, Mexico, Morocco, New Zealand, Singapore and possibly the U.S. Reuters/International Financing Review (12/18)

Real Estate Marketplace

Hegarty: Demographics favor medical office properties
Senior Housing Properties Trust's emphasis on "private-pay" customers dovetails well with the market's direction, said David Hegarty, president and COO of Senior Housing Properties Trust, at REITWorld 2012: NAREIT's Annual Convention for All Things REIT. The REIT's portfolio consists of two-thirds senior living assets and one-third medical office buildings. "The demographics continue to be the wind at our backs for the next several years. The fact that there is very limited new development in either space should benefit. We expect that demand will exceed supply for the next several years." REIT.com (12/18)

Butcher: Lower energy costs are aiding industrial market
An improved energy market in the U.S. is bringing the cost of manufacturing down, said Ben Butcher, chairman, president and CEO of STAG Industrial, at REITWorld 2012: NAREIT's Annual Convention for All Things REIT. In general, industrial is performing well, he also said. "We have seen persistent recovery for the last couple of years," he said. "We've seen on a same store portfolio very good leasing activity and just good economic activity." REIT.com (12/18)

Kilroy sells industrial portfolio, office complexes for $355M
Kilroy Realty has sold its industrial portfolio and two small office complexes for $355 million. The sale consisted of 44 properties sold in two tranches to two institutional buyers. GlobeSt.com (12/18)

Renovations are key to retail centers' continued profitability
Retail center owners are investing in renovations and upgrades to increase revenues and stay competitive. With retail overbuilt in many parts of the country, few new retail centers will be coming online. The Wall Street Journal (12/18)

E-commerce retailers eye physical presence
E-commerce-only retailers, such as Bonobos, have come around to the concept that a physical store plays an important role in the shopping experience. Increasingly, these e-tailers are setting up shops to allow customers to see the goods they are purchasing. The New York Times (tiered subscription model) (12/19)

Phillips Edison acquires Florida retail center
Phillips Edison-ARC Shopping Center REIT has acquired a Publix-anchored retail center in the Sarasota, Fla., area. The 64,664-square-foot retail center traded for an undisclosed price. Sarasota Herald-Tribune (Fla.) (12/19)

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	Recent Real Estate Investment SmartBrief Issues: Tuesday, December 18, 2012 Monday, December 17, 2012 Friday, December 14, 2012 Thursday, December 13, 2012 Wednesday, December 12, 2012			Lead Editor: Liz DeHoff Sales Account Director: Jasmine Rogers Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004