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February 22, 2012
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The daily source on REITs and real estate investment

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ALERT: Over $1 BILLION in Commercial Real Estate & Note Auctions
$400 MILLION AZ, CO, NV Commercial Auctions - February 21-23
$400 MILLION AZ, CO, NV Note Auctions - February 21-23
$700 MILLION Multi-Family Commercial Auctions - March 5-8
$700 MILLION Multi-Family Note Auctions - March 5-8
  Capital Markets 
  • Retail CMBS becomes popular on Wall Street
    Wall Street investment banks are focusing on retail commercial mortgage-backed securities as other forms of lending on trophy office buildings become more attractive to borrowers. Morgan Stanley is selling $1 billion of CMBS, with many of the loans secured by retail buildings. JPMorgan Chase reports that half of the largest loans included in CMBS in the past six months are retail, up from 27% in December 2007. Bloomberg Businessweek (2/22) LinkedInFacebookTwitterEmail this Story
  Investment News 
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  Real Estate Marketplace 
  • Equity Residential isn't giving up on a stake in Archstone
    The real estate community is watching avidly as Sam Zell, through Equity Residential, seeks to become Lehman Bros.' partner in Archstone. Analysts say Zell probably won't succeed in acquiring a share in the company held by several banks, even though Equity Residential was just given an extra 60 days to negotiate. However, the delay increases Equity Residential's odds of acquiring a large chunk of the buildings in exchange for the equity stake, said Ross Nussbaum of UBS. The New York Times (tiered subscription model) (2/21) LinkedInFacebookTwitterEmail this Story
  • Mack-Cali, Winthrop buy mezzanine loan in Conn. portfolio
    Mack-Cali Realty and Winthrop Realty Trust have partnered to acquire a senior mezzanine loan secured by a class A office and multifamily portfolio in Connecticut's central business district. The two REITs acquired the stake in the 1.7 million-square-foot portfolio for $40 million. (2/22) LinkedInFacebookTwitterEmail this Story
  • A-REITs are back in favor with yield-seeking investors
    After suffering losses during the global recession and credit crisis, Australian real estate investment trusts reduced debt, raised new equity and closed down many of their riskier investment activities. In 2011, A-REITs outperformed the broader equity market. Winston Sammut, founder of property fund management firm Maxim Asset Management, says steady income is becoming more important to investors, which is a REIT strength, as most of the big trusts yield 6% to 8%. The Sydney Morning Herald (Australia) (2/22) LinkedInFacebookTwitterEmail this Story
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  Policy Watch 
  • Obama's corporate tax proposal would close loopholes, cut rate
    President Barack Obama's proposed overhaul of corporate taxes would reduce the basic tax rate from 35% to 28% while eliminating dozens of subsidies and loopholes, a senior administration official said. Manufacturers would be given incentives that bring their effective tax rate down to 25%, while a new minimum tax rate for multinational corporations would be established to curb "accounting games to shift profits abroad." The New York Times (tiered subscription model) (2/22) LinkedInFacebookTwitterEmail this Story
Truth, like gold, is to be obtained not by its growth, but by washing away from it all that is not gold."
--Leo Tolstoy,
Russian writer

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