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January 14, 2013

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Top News

Higher payroll tax decreases U.S. paychecks
Americans are seeing decreased take-home pay after a 2-year-old tax cut expired. About $125 billion in consumer-spending power is expected to disappear from the economy this year because the payroll tax has increased by 2 percentage points. Bloomberg (1/14)

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.

Capital Markets

CMBS rally may be peaking, research note suggests
A Deutsche Bank research note suggests the commercial mortgage-backed securitization rally may be about to peak. In particular, the note emphasizes junior AAA bonds from CMBS issued during the real estate boom as being at risk for a reversal. The Wall Street Journal/Developments Blog (1/11)

JPMorgan is top investment bank and securitization underwriter
JPMorgan Chase was the most profitable global investment bank last year, beating Citigroup, according to consultancy Tricumen. Barclays, Bank of America and Goldman Sachs rounded out the top five. Meanwhile, newsletter Asset-Backed Alert reported that JPMorgan was the top underwriter for securitizations, driving up global volumes by 20%. Financial News Online (U.K.) (subscription required) (1/14), Bloomberg (1/11)

Banks respond to growing demand for CRE CDOs
Banks are re-entering the commercial real estate collateralized debt obligation space. Demand for these instruments is surging, and sales of CRE CDOs are expected to reach $10 billion in 2013. Bloomberg (1/14)

Investment News

Zais Group plans $140M REIT IPO
The Zais Group plans to list its 1 1/2-year-old REIT in an initial public offering worth up to $140 million. The hedge fund filed to list on the New York Stock Exchange last week. FINalternatives (1/14)

Nonlisted REITs attracted more investment in 2012
Nonlisted REITs continue to attract investment demand. Equity raised by nonlisted REITs during the first eight months of 2012 was 10% higher than the equity raised for the same period a year earlier. InvestmentNews (free registration) (1/13)

Real Estate Marketplace

Canadian REIT plans $633M in U.S. acquisitions in 2013
Morguard North American Residential REIT, a Canadian company, plans to invest $633 million in seven U.S. states this year. "These investments afford the REIT the opportunity to acquire a portfolio of institutional quality assets with a known operational history, solid yield and high quality physical plant," said REIT CEO Rai Sahi. Commercial Property Executive (1/11)

Steadfast Income REIT invests heavily in Kentucky
Steadfast Income REIT likes the fundamentals in the Louisville market. The REIT has invested $1 out of every $10 in Louisville and $1 out of every $4 in Kentucky. American City Business Journals/Louisville, Ky. (1/11)

COPT to build two data centers in Northern Virginia
Corporate Office Properties Trust has inked agreements with a Fortune 500 subsidiary to deliver two buildings in Ashburn, Va. The REIT's investment is slated to be $42 million. DatacenterDynamics (1/14)

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

House Republicans are ready to back default, party says
House Republican leaders say more than half of their members are ready to force the U.S. government to default on its debt by refusing to raise the debt limit, to pressure President Barack Obama into supporting spending cuts. An even greater number of House Republicans are ready to shut down the government over the issue, they said. Politico (Washington, D.C.)/Behind the Curtain blog (1/13)

SmartQuote

You will do foolish things, but do them with enthusiasm."

--Sidonie-Gabrielle Colette,
French novelist and performer

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	Recent Real Estate Investment SmartBrief Issues: Friday, January 11, 2013 Thursday, January 10, 2013 Wednesday, January 09, 2013 Tuesday, January 08, 2013 Monday, January 07, 2013			Lead Editor: Liz DeHoff Sales Account Director: Jasmine Rogers Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004