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March 7, 2013

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The daily source on REITs and real estate investment

Top News

House passes interim measure to avert U.S. government shutdown
The House of Representatives passed a bill in a 267-151 vote that would fund U.S. government programs through Sept. 30, to avoid a shutdown March 27. Some attendees of a dinner meeting between President Barack Obama and Senate Republican leaders are more optimistic that Democrats and Republicans can reach an agreement on the budget and debt. Reuters (3/7), USA Today (3/6), The Hill (3/6)

Competitive bidding and higher execution
Auction.com online marketplace delivers a transparent playing field, attracting local buyers, global buyers and everyone in between. The results are quicker, more certain outcomes, and ultimately, better execution. See more about the auctions and view licensing information here.

Capital Markets

Fitch doesn't see equity REIT LBO trend on the horizon
Leveraged buyouts of REITs in this current capital market cycle are unlikely despite the high-profile Dell transaction, according to Fitch Ratings. The new issuance CMBS market is still constrained and the traditional covenants in unsecured bonds don't encourage such transactions. Commercial Property Executive (3/6)

Investment News

American Tower brings to market $1.8B ABS
American Tower sold $1.8 billion of asset-backed securities on Wednesday, refinancing a $1.75 billion transaction from 2007. The offering, the largest ABS outside of the auto-loan sector in four years, is backed by 16,765 leases on 5,195 wireless communication sites. The Wall Street Journal (3/6), Bloomberg (3/6)

Mapletree does well in first day trading
Shares in Mapletree Greater China Commercial Trust rose 10% in their first day of trading. The property trust raised $1.3 billion in its initial public offering, Asia's largest this year to date. Bloomberg Businessweek (3/7)

Other News

Panel highlights growing link between private, public CRE
CoStar Group (3/6)

Real Estate Marketplace

Cole Credit to buy Cole Holdings
Cole Credit Property Trust III has inked an agreement to buy Cole Holdings. Cole Credit Property Trust will make an initial cash payment of $20 million and 10.7 million shares of its stock for Cole Holdings. The transaction is scheduled to close in Q2 2013, after which the company will change its name and pursue a listing on the New York Stock Exchange. GlobeSt.com (3/6), InvestmentNews (free registration) (3/6), Bloomberg Businessweek (3/6)

Nontraded REITs step into the deal spotlight
Nontraded REITs are grabbing an increasingly growing share of the commercial real estate deal transaction pie, as they seek to utilize money raised from investors. Many of these companies raised capital during the peak years of 2006 and 2007 and will need to find exits soon for investors. "There will be mergers and acquisitions, there will be IPOs, and there will be secondary offerings," predicts Daniel Goodwin, chairman and CEO of Inland Real Estate Group. Bloomberg (3/7)

Institutional ownership of single-family homes continues to rise
The single-family home housing market is attracting institutional investors of all types from private-equity to private REITs to public REITs. American Homes 4 Rent just announced it would go public. Blackstone Group LP and Colony Capital LLC both have formed private REITs to target this space. CoStar Group (3/6)

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

SEC reportedly meets with IRS about money market funds
The Securities and Exchange Commission sought input from the Internal Revenue Service over the tax effects of floating share prices in money market mutual funds, sources say. The meeting may suggest that the SEC is getting ready to produce a more comprehensive proposal to change the operations of money market funds. Bloomberg (3/7)

IASB supports expected-loss model for banks
The International Accounting Standards Board has thrown its weight behind the expected-loss model, saying banks should identify credit-portfolio losses before assets going into default. The approach is inconsistent with the Financial Accounting Standards Board's position, which came out in December. Bloomberg Businessweek (3/7), The Economist (tiered subscription model)/Schumpeter blog (3/7)

SmartQuote

Scientific progress makes moral progress a necessity; for if man's power is increased, the checks that restrain him from abusing it must be strengthened."

--Anne Louise Germaine de Staël,
Swiss author

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	Recent Real Estate Investment SmartBrief Issues: Wednesday, March 06, 2013 Tuesday, March 05, 2013 Monday, March 04, 2013 Friday, March 01, 2013 Thursday, February 28, 2013			Lead Editor: Liz DeHoff Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004