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September 28, 2012

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Top News

Job creation higher than previously thought, Labor Department says
During the third year of the U.S. recovery, businesses hired nearly a half-million more people than estimated, the Bureau of Labor Statistics said. Private sector employers hired more than 453,000 workers between April 2011 and March 2012, the agency said in the most recent revision to its labor market statistics. The Washington Post (9/27)

Consumers feel more confident despite lackluster recovery: Consumers are feeling more confident about the recovery than economic metrics would warrant. One reason might be the Labor Department released revisions to its figures of the last year, showing it had undercalculated job growth. The New York Times (tiered subscription model) (9/27)

Capital Markets

U.S. housing recovery is set to improve banks' profit
The housing-market collapse was a huge setback for banks, but strengthening prices stand a good chance of giving U.S. lenders a lift. Income from mortgage origination is expected to help, and rising home value will improve credit quality, opening the door for more prospective borrowers to qualify. The Wall Street Journal (9/27)

Analysis: Libor's next custodian faces a daunting task
Nobody disputes that the mechanism used to set the London Interbank Offered Rate is broken, but the benchmark tied to $300 trillion worth of contracts won't be easy to fix, according to The Economist. The task likely will fall to the U.K. Financial Services Authority. "Whoever inherits LIBOR faces a tough clean-up job," the magazine notes. The Economist (9/29)

Fannie Mae makes changes to accommodate health care REITs
Fannie Mae is changing its business practices to put more emphasis on working with small and midsized senior housing players as health care REITs emphasize this segment. It is taking several steps to address this shift. Senior Housing News (9/27)

Ashford expands credit facility to $165 million
Ashford Hospitality Trust has expanded its senior credit facility to $165 million from $145 million. Terms allow the REIT to further expand commitments to $225 million. GlobeSt.com (9/27)

Investment News

Monetary policy continues to boost REITs, REIT ETFs
The Federal Reserve Bank’s QE3 monetary policy is aiding REITs and REIT ETFs. That is because their yield is preferable to the very low yields of Treasury bonds. Nasdaq.com (9/27)

Real Estate Marketplace

Manhattan’s Plaza submarket sees rising vacancies
Vacancies are increasing in Manhattan’s Plaza submarket, reaching 12.3% in August, a two-year high. The reason is that financial firms are cutting back or moving to other neighborhoods. Bloomberg Businessweek (9/28)

The Buzz(CORPORATE ANNOUNCEMENTS)

Four Springs Capital Trust Announces Acquisition of Walgreens Property

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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

Geithner: Risk council should tackle money-fund reform
U.S. Treasury Secretary Timothy Geithner has asked the Financial Stability Oversight Council to support regulatory reform of money market mutual funds. He said in a letter that the council should formally recommend that the Securities and Exchange Commission proceed with money-fund rules. Stephen Myrow of ACG Analytics said regulators "are still in the game. They found a way to keep this one alive." Reuters (9/27), The Washington Post (9/27), Bloomberg Businessweek (9/28), The Wall Street Journal (9/27)

SmartQuote

In the cellars of the night, when the mind starts moving around old trunks of bad times, the pain of this and the shame of that, the memory of a small boldness is a hand to hold."

--John Leonard,
American critic

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	Recent Real Estate Investment SmartBrief Issues: Thursday, September 27, 2012 Wednesday, September 26, 2012 Tuesday, September 25, 2012 Monday, September 24, 2012 Friday, September 21, 2012			Lead Editor: Liz DeHoff Sales Account Director: Jasmine Rogers Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004