Real Estate Investment SmartBrief

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March 1, 2013

The daily source on REITs and real estate investment

Top News

Congress gives up on efforts to avoid sequestration
Hopes of averting $85 billion of spending cuts set to take effect today disappeared as Congress left the U.S. Capitol for the weekend. Congressional leaders are scheduled to meet with President Barack Obama today to talk about the matter, but Obama has offered little optimism that the effort will accomplish anything. In the House, Republicans are focused on the March 27 deadline for preventing a government shutdown. The Washington Post (2/28), CNN (3/1), The New York Times (tiered subscription model) (2/28)

Capital Markets

Credit Suisse tries something new with $425.7M mortgage bond deal
Credit Suisse Group has issued securities worth $425.7 million that are backed by new jumbo U.S. home loans issued by the private sector and not backed by the government -- a new type of debt sale for the company. Fitch Ratings said the structure allowed for weaker representations and warranties. Bloomberg (2/28)

Investment News

Malaysia's KLCC close to listing stapled REIT
KLCC Property Holdings Bhd plans to list as a REIT in April, according to sources. It is following the plan unveiled in November in which it said it would create a stapled REIT that bundled existing shares of its operations. The stapled REIT will not raise new money. It will be the largest REIT in Malaysia. TheMalaysianInsider.com (3/1)

Real Estate Marketplace

Japanese companies put properties on market as cycle turns
Japanese firms are seeking to cash in on the corporate real estate they are holding on their balance sheets by putting these properties on the market. It is widely assumed the market has bottomed and the cycle is on an upswing. Reuters (2/28)

How retail REITs can expand this year
Regional retail REITs will likely be facing limited acquisition and development opportunities in 2013. However, as retailers move into expansion mode, retail REITs will have greater opportunity to raise rents. RetailTrafficMag.com (2/28)

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

Policy Watch

FHA plans to propose "qualified mortgage" rule
The Dodd-Frank Act allows the Federal Housing Administration to propose its own "qualified mortgage" rule, which governs lenders and ensures they establish a borrower's ability to pay back the mortgage. The rule also protects borrowers against predatory lending. "We're undertaking that process and will publish a proposed rule for comment in the near future," an FHA spokesman said. Bloomberg (2/28)

Revision shows U.S. GDP expanded 0.1% in Q4
The Commerce Department has revised gross domestic product for the fourth quarter from 0.1% contraction to 0.1% expansion. Government spending declined 15% during the quarter, and investment in inventory was lower than forecast. Despite uncertainty about the "fiscal cliff," consumer spending held up better than expected. Forbes (2/28), MarketWatch/The Tell blog (2/28)

SEC updates FSOC on money-fund rules
The Securities and Exchange Commission has updated the Financial Stability Oversight Council on possible changes to rules for money market mutual funds. Jack Lew, sworn in as U.S. Treasury secretary Thursday, leads the FSOC. The risk council also discussed the designation of nonbank financial companies as systemically important. Meanwhile, Sheila Bair, former head of the Federal Deposit Insurance Corp., has criticized regulators' process of determining whether a company is systemically important. Bloomberg (2/28), Bloomberg (3/1)

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Mediocrity knows nothing higher than itself, but talent instantly recognizes genius."

--Sir Arthur Conan Doyle,
Scottish-born writer

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