Real Estate Investment SmartBrief

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December 31, 2012

The daily source on REITs and real estate investment

Top News

Lawmakers are still struggling to find a "fiscal cliff" deal
The Senate adjourned an emergency Sunday session with Democratic and Republican leaders still unable to agree on a compromise that would avert the "fiscal cliff" of tax increases and spending cuts set to take effect Tuesday. Late in the day, talks took a new direction, with Senate Minority Leader Mitch McConnell, R-Ky., opening discussion on how to break the deadlock with Vice President Joe Biden. The New York Times (tiered subscription model) (12/30), The Washington Post (12/30), Chicago Sun-Times (12/31)

Capital Markets

Global bond issuance by banks in 2012 was lowest since 2002
Bond issuance by banks in 2012 was $1.26 trillion -- the lowest level in 10 years -- because of the debt crisis in Europe and new regulations worldwide, according to Dealogic. Financial Times (tiered subscription model) (12/30)

Investment News

Institutional investors eye REITs as channel to single-family housing
REITs will attract more institutional investors seeking exposure to single-family housing especially as pricing solidifies, predicts David Lichtenstein of The Lightstone Group. "So the theory is that if housing has a floor under the pricing, the paper will trade better," he says. "The paper will be stronger and trade better." Housing Wire (12/28)

Niche REIT sectors attract growing volume of investment
More investors are moving into erstwhile "niche" REIT sectors such as self-storage and student housing. These sectors have yielded better returns than equity REITs in general. These sectors "produce yields that are 150 to 200 basis points higher than traditional property segments, so there is a very attractive risk-return proposition," says Christopher Merrill, CEO of Harrison Street Real Estate Capital. Investor's Business Daily (12/27)

Real Estate Marketplace

2 CNL REITs launch housing projects worth $56.4M
Two CNL Financial Group REITs are developing housing projects in Texas and Georgia totaling $56.4 million. Global Growth Trust is partnering with Hunt Realty Investments and Trinsic Residential Group to develop a $34.9 million apartment community in Lewisville, Texas. CNL Healthcare Trust and Solomon Senior Living Holdings are building a $21.5 million senior housing community in Acworth, Ga. American City Business Journals/Orlando, Fla./The Buzz blog (12/27)

Kilroy eyes San Diego's mixed-use market
Kilroy Realty Corp. sees great potential for mixed-use assets in San Diego County. The REIT is working on the $600 million One Paseo project in Carmel Valley -- the largest privately funded mixed-use development project in the city, says Brian T. Galligan, vice president of asset management for the San Diego and Orange County regions. San Diego Source (free content) (12/31)

Retail Opportunity invests in grocery-anchored retail centers
Retail Opportunity Investments Corp. has acquired three grocery-anchored shopping centers in Southern California for a total of $114 million. The company also has an agreement to acquire a fourth retail center. Supermarket News (12/28)

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

Editor's Note

SmartBrief will not publish Tuesday
In observance of New Year's Day, SmartBrief will not publish Tuesday. Publication will resume Wednesday. Enjoy the holiday!

SmartQuote

Never tell your resolution beforehand, or it's twice as onerous a duty."

--John Selden,
English jurist and scholar

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	Recent Real Estate Investment SmartBrief Issues: Friday, December 28, 2012 Thursday, December 27, 2012 Wednesday, December 26, 2012 Monday, December 24, 2012 Friday, December 21, 2012			Lead Editor: Liz DeHoff Sales Account Director: Jasmine Rogers Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004