Real Estate Investment SmartBrief

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August 2, 2012

The daily source on REITs and real estate investment

Top News

Fed says economy is stumbling but maintains policy
The Federal Reserve said the U.S. economy is faltering but decided against additional measures to stimulate growth, leaving monetary policy unchanged. "Economic activity decelerated somewhat over the first half of the year" and job growth "has slowed," the Federal Open Market Committee said. The assessment was more negative than one made in June. USA TODAY (8/1), The Washington Post/Wonkblog (8/1), The New York Times (tiered subscription model) (8/1)

Capital Markets

Treasury works on negative-rate bids, floating-rate notes
The Treasury is looking into issuing floating-rate notes, but said it would be at least a year before such securities would launch. The department is also working to allow investors to bid on negative-rate securities, an indication that borrowing rates are expected to remain very low for awhile. Reuters (8/1)

Commercial mortgage originations increased in Q2
Commercial and multifamily mortgage originations rose 25% in the second quarter over the same quarter in 2011, according to the Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. Retail and hotel loans drove much of the increase, followed by multifamily, office and health care loans. GlobeSt.com (8/1)

Investment News

Electronic-trading glitch disrupts NYSE
Technology problems at Knight Capital Group rattled U.S. stock trading and triggered a significant price swing for 150 companies listed on the New York Stock Exchange. However, NYSE said the disruption wasn't as widespread as the May 2010 flash crash. The Securities and Exchange Commission and the NYSE are looking into the possibility that it was a problem with a Knight algorithm. Forbes (8/1), The Wall Street Journal (8/1), Reuters (8/1), New Statesman (London) (8/2), Fox Business (8/1)

Real Estate Marketplace

American Assets Trust to buy Wash. state office tower for $229M
American Assets Trust is purchasing an office tower in Bellevue, Wash., for $229 million. The 27-story, 497,000-square-foot property, called City Center Bellevue, is LEED Gold certified. CNBC (8/1)

KBS Strategic Opportunity REIT buys 46-acre office park
KBS Strategic Opportunity REIT has acquired QBE Corporate Campus in Bellevue, Wash., for $78.7 million. It is a 46-acre office park that KBS will rebrand as Bellevue Technology Center. GlobeSt.com (8/1)

Kilroy Realty acquires Los Angeles asset for $79M
Kilroy Realty has completed the acquisition of the Sunset Media Center in Los Angeles for $79 million, or $251 per square foot. David Simon, KRC's executive vice president for the Los Angeles region, said the acquisition was done with the plan of creating long-term value in the property. GlobeSt.com (8/1)

Henry: Community retail REITs steadily improving
Community and neighborhood retail -- the asset class in which Kimco Realty specializes -- is steadily improving from the recession, David Henry, president and CEO, told Jim Cramer on CNBC's "Mad Money." "Our retailers sell the basics or discounted items." Also, he added, supply is very limited. "We have national retailers that are growing and need quality space," he said. CNBC (8/1)

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NAREIT News

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Policy Watch

European leaders disagree on banking license for rescue fund
Italian Prime Minister Mario Monti expressed confidence that the EU's permanent rescue fund, the European Stability Mechanism, will be granted a banking license. However, the German and Finnish governments remain staunchly opposed to the idea. The move would let the ESM buy bonds from troubled countries. The Wall Street Journal (8/1)

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Against stupidity, the gods themselves contend in vain."

--Friedrich Schiller,
German poet, philosopher, historian and playwright

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	Recent Real Estate Investment SmartBrief Issues: Wednesday, August 01, 2012 Tuesday, July 31, 2012 Monday, July 30, 2012 Friday, July 27, 2012 Thursday, July 26, 2012			Lead Editor: Liz DeHoff Sales Account Director: Jasmine Rogers Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004