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January 8, 2013

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The daily source on REITs and real estate investment

Top News

U.S. could default on debt as soon as Feb. 15, analysis shows
The U.S. government will run out of money to pay its bills sometime between Feb. 15 and March 1, according to a Bipartisan Policy Center analysis. On Dec. 31, the U.S. reached the debt limit established by law, but the Treasury Department says it is implementing "extraordinary measures" that could delay default for the first two months of 2013. The Washington Post (1/7), Forbes (1/7), The Hill/On The Money blog (1/7)

Capital Markets

CMBS' mid-2012 rally continues with great deals for borrowers
Three Wall Street dealers this week are expected to sell $600 million of commercial mortgage-backed securities based on an interest-only, 12-year loan. The transactions reflect the rally in the vehicles that began in mid-2012, which has set the pace for a robust start for issuance in 2013, marked by better terms for borrowers. The Wall Street Journal/Developments blog (1/7)

Global banks' reprieve on liquidity buffers could prove costly
The Basel Committee's decision Sunday to give global banks an additional four years, until 2019, to meet liquidity requirements could prove costly nonetheless, some analysts say. Banks will have to reserve more capital as a liquidity buffer with riskier assets such as bonds backed by home loans. Even so, "it will be the taxpayers picking up the tab when a wrong-way bet by a 'too big to fail' bank turns sour," commented Cornelius Hurley, a director at Boston University's Center for Finance, Law & Policy and former counsel to the U.S. Federal Reserve. Reuters (1/7)

What is Happening to Real Estate Values?
Year-End Market Update & Outlook
Join this complimentary Webinar, January 17, as valuation experts from the FTI Consulting Real Estate Solutions group review and discuss the factors contributing to real estate values as well as identify current trends and expectations for future appreciation. Register now.

Investment News

Werner: How to pick out an "elite" REIT
There are several characteristics that distinguish "elite" REITs, said Matt Werner, portfolio manager with Chilton Capital Management, at REITWorld 2012: NAREIT's Annual Convention for All Things REIT. These characteristics include predictability of dividends, flexibility in balance sheets and above-average same-store net operating income growth. REIT.com (1/3)

Real Estate Marketplace

Equity Residential sells portfolio for $1.5B
Equity Residential is selling a 27-property portfolio of apartments to Greystar Real Estate Partners and a Goldman, Sachs & Co. affiliate. The 8,010-unit portfolio is trading for $1.5 billion. Commercial Property Executive (1/7)

Health Care REIT acquires stake in London properties
Health Care REIT has acquired an 80% stake in a joint venture that controls five senior health care communities in London. The seller was Arcapita ARCAB.UL, a Bahrain-based investment firm. Sunrise Senior Living owns the remaining 20% stake. Senior Housing News (1/7)

American Healthcare, Griffin Capital buy medical office
American Healthcare Investors and Griffin Capital Corp. are acquiring a medical office building in Raleigh, N.C. The 77,000-square-foot Physician's Office Pavilion acquisition is one of about 14 buildings the companies are buying across the Southeast. American City Business Journals/Raleigh/Durham, N.C. (1/8)

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

Policy Watch

Banks settle mortgage-related legal disputes
Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and other major banks agreed to pay a total of $20 billion to settle two legal disputes related to the mortgage crisis. BofA agreed to pay Fannie Mae $11.6 billion. In a separate dispute, 10 lenders agreed to pay more than $8.5 billion over foreclosure practices. The Washington Post/The Associated Press (1/7), Financial Times (tiered subscription model) (1/7), The Wall Street Journal (1/7)

Fed divisions leave investors wondering about stimulus
Widening divisions within the Federal Reserve over whether to continue buying bonds has left investors wondering about the future of the U.S. central bank's stimulus policies. At a recent meeting, some Fed governors leaned toward shutting down bond buying before year's end. CNBC (1/7)

AIG reportedly considering $25B lawsuit against U.S.
The board of American International Group will consider whether to bring a $25 billion lawsuit against the U.S. government, according to court records. The lawsuit would argue that the terms of AIG's financial rescue were heavy-handed and deprived shareholders of tens of billions of dollars. The New York Times (tiered subscription model)/DealBook blog (1/7)

SmartQuote

It is wise to keep in mind that neither success nor failure is ever final."

--Roger Babson,
American entrepreneur and business theorist

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	Recent Real Estate Investment SmartBrief Issues: Monday, January 07, 2013 Friday, January 04, 2013 Thursday, January 03, 2013 Wednesday, January 02, 2013 Monday, December 31, 2012			Lead Editor: Liz DeHoff Sales Account Director: Jasmine Rogers Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004