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December 17, 2012
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  • Buyout leverage rises to near pre-financial-crisis levels
    Private-equity firms' use of their own money in buyouts has fallen to 33% of deal values over the past six months, close to the 30% average in 2007 before the financial crisis. Since 2008, the average has been 42%. A dramatic increase in leverage can bring with it an increase in the risk of default. The Wall Street Journal (12/16) LinkedInFacebookTwitterEmail this Story
  Investment News 
  Real Estate Marketplace 
  • Decker: 2013 will be strong for REIT M&As
    There will be more mergers and acquisitions in the REIT space next year, Mark Decker Jr., managing director of real estate investment banking with BMO Capital Markets, predicted at REITWorld 2012: NAREIT's Annual Convention for All Things REIT. There are a number of private, large equity funds that have just closed new funds, he says, and a number of REITs with very attractive currencies. "Then there are some companies with less attractive currencies, and I think those are all the ingredients for some very active M&A." (12/14) LinkedInFacebookTwitterEmail this Story
  • Adornato: 2012 was an interesting year for REITs
    2012 saw a number of trends develop in the REIT space, making it an interesting year for the industry, said Paul Adornato, REIT analyst with BMO Capital Markets, at REITWorld 2012: NAREIT's Annual Convention for All Things REIT. At the beginning of the year small cap REITs were undervalued. "Then, within just a couple of months, the small cap names definitely caught up to the rest of the pack," he said. REITs were doing well for much of the year, he also said, but more recently concerns over the "fiscal cliff" and Europe are growing. (12/14) LinkedInFacebookTwitterEmail this Story
  • Fundamentals strong for multifamily REITs
    Multifamily REIT executives are confident fundamentals are strong for their industry sector. Renters will increase as more immigrants come to the U.S. and more young adults move into their own apartments, predicts Ed Pettinella, president and CEO with Home Properties. "I think the theme will be in spite of a slowing growth rate, the growth in multifamily incomes and cash flows is going to probably be best in the REIT sector," says Ric Campo, chairman and CEO of Camden Property Trust. (12/14) LinkedInFacebookTwitterEmail this Story
  • GGP gets green light for Baltimore retail development
    The Howard County Planning Board has given approval for an expansion at The Mall in Columbia in Maryland. General Growth Properties plans to build an open-air plaza there, using the space currently occupied by the free-standing L.L. Bean store, which will be torn down for the development. The Baltimore Sun (12/14) LinkedInFacebookTwitterEmail this Story
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  Policy Watch 
  • "Fiscal cliff" talks reportedly produce some progress
    President Barack Obama and House Speaker John Boehner, R-Ohio, remain far apart, but there are signs of movement in their "fiscal cliff" talks. Boehner indicated support for a tax increase on people with incomes of more than $1 million and a total of $1 trillion in new revenue over the next decade. In return for $1 trillion of spending cuts, Boehner backed an increase in the debt limit that would put the issue on the back burner for a year. Google/The Associated Press (12/16), Reuters (12/17), Bloomberg (12/16) LinkedInFacebookTwitterEmail this Story
  • Tax-refund delays could be enough to send U.S. into recession
    If it takes too long to head off the "fiscal cliff," the Internal Revenue Service may be forced to push tax refunds into the second quarter as taxpayers hold off filing their returns, potentially taking more than $200 million out of the pockets of consumers in the second quarter. If even $100 million of refunds are delayed, that could cut retail spending and send the U.S. economy into recession. Barron's (subscription required) (12/15) LinkedInFacebookTwitterEmail this Story
Action is the antidote to despair."
--Joan Baez,
American singer

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