Real Estate Investment SmartBrief

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March 11, 2013

The daily source on REITs and real estate investment

Top News

Analysis: Don't get too excited about latest jobs data
U.S. employment statistics show a misleading picture of the labor market, experts say. While 446,000 part-time jobs were created last month, full-time jobs decreased by 276,000. Fewer Americans are working full time compared with a year ago. The New American (3/10), MarketWatch (3/8), TheStreet.com (3/8), The Christian Science Monitor (3/8)

Capital Markets

"Stress test" results differ from market indicators
The Federal Reserve's most recent "stress test" indicates that Citigroup is safer than JPMorgan Chase. The result contrasts with credit ratings and prices for credit default swaps, which indicate JPMorgan is safer, and has some analysts questioning whether the test can accurately measure the safety of the biggest banks. "At the end of the day, there is a legitimate question about the ability of regulators to fully evaluate $2 trillion institutions because of the complexity and exposures they have," said Fred Cannon of Keefe, Bruyette & Woods. Reuters (3/9)

Investment News

Singapore Press Holdings eyes REIT
Singapore Press Holdings Ltd., which owns the Paragon retail center in Singapore, is considering forming a REIT. Its stock rose in response to the news. "Setting up a REIT makes sense for Singapore Press Holdings as they can monetize their assets," says Pearlyn Wong, an analyst with Bank Julius Baer & Co. Bloomberg (3/11)

Real Estate Marketplace

U.S. Bank Tower trading for $367.5M
Singapore's Overseas Union Enterprise is acquiring the 72-story Los Angeles U.S. Bank Tower and other related properties for $367.5 million. The 1.4 million-square-foot tower is about 56.3% occupied. MPG Office Trust is the seller. The Wall Street Journal (3/11)

Norway's pension fund gravitates to U.S property markets
The Norwegian Government Pension Fund Global reports that its European property holdings have fallen to below 50% of its total portfolio. Instead, it is favoring U.S. markets such as Washington, D.C., which are expected to grow faster than European markets. The Washington Post (3/8)

Kimco buys Conn. mixed-use project for $42M
Kimco Realty has acquired a 187,000-square-foot retail/office property in Wilton, Conn., for $42 million. The mixed-use development, called Wilton Executive Campus, is next door to a 97,000-square-foot retail center that the REIT bought six months ago for $39.7 million. The Advocate (Stamford, Conn.) (3/8)

Vornado drops demolition plans for NYC's Hotel Pennsylvania
Vornado Realty Trust, owner of the landmark Hotel Pennsylvania in New York, announced that it will be renovating the 1,700-room hotel instead of demolishing it as previously planned. Chairman Steven Roth says the company is searching for development partners to support the project. The Seattle Times/The Associated Press (3/7)

Number of hotel deals is expected to increase in 2013
The number of hotel transactions in Europe was down 21% in 2012 versus 2011, but the number of deals is expected to rise this year thanks to better financing opportunities. "There are early signs that this will be the strongest hotel-transaction year since before the crisis," said Frits van Paasschen, Starwood Hotels and Resorts Worldwide CEO and president. Reuters (3/7)

NAREIT News

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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.

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--Socrates,
Greek philosopher

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	Recent Real Estate Investment SmartBrief Issues: Friday, March 08, 2013 Thursday, March 07, 2013 Wednesday, March 06, 2013 Tuesday, March 05, 2013 Monday, March 04, 2013			Lead Editor: Liz DeHoff Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004