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July 2, 2012
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  Capital Markets 
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  Investment News 
  • Few alternatives, low interest rates send investors to REITs
    Dropping stock values and low bond yields are pushing more investors to consider commercial real estate as an investment alternative. The environment of low interest rates makes REITs an important vehicle in this asset class. "As long as interest rates stay low, we'll be bullish on REITs," said Stifel Nicolaus analyst John W. Guinee III. "If interest rates go up appreciably, you don't want to be in REITs." St. Louis Post-Dispatch (7/1) LinkedInFacebookTwitterEmail this Story
  • Equity REITs on track to deliver 3% to 5% dividend growth, Morningstar says: Morningstar estimates that equity REITs will deliver dividend growth on an annual basis of 3% to 5% in the near to medium term. It points to healthy supply dynamics for commercial real estate and the improving economic environment as reasons. At the same time, it advises REIT investors to be cautious and selective, given the uncertain global economic outlook. Morningstar (6/29) LinkedInFacebookTwitterEmail this Story
  Real Estate Marketplace 
  • Schorsch: Retail tenants bolstered by growth
    American Realty Capital Properties' retail tenants are generating stable sales and strong earnings, says Chairman and CEO Nicholas Schorsch. "Balance sheets are getting stronger," Schorsch said in reference to American Realty Capital's retail tenants. "And the United States is clearly the shining star on a global basis." (6/28) LinkedInFacebookTwitterEmail this Story
  • CapitaMalls Asia launches $1B private-equity fund for China retail
    CapitaMalls Asia has established a $1 billion private-equity fund to invest in retail development in China. The eight-year term fund, called CapitaMalls China Development Fund III, will be seeded with three of CapitaMalls' retail projects already under development. The company will hold a 50% stake in the fund, and its institutional investor partners will hold the remainder. Fox Business/Dow Jones Newswires (7/1) LinkedInFacebookTwitterEmail this Story
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  Policy Watch 
  • Proposal would alter how pensions calculate payment stream values
    A provision in the transportation spending bill sets a floor on the discount rate that pension funds use to calculate their future payment streams' value. The current rule requires them to use a two-year moving average. Under the change, funds can use a rolling 25-year average of high-quality corporate bond yields to set their discount rate. The Wall Street Journal (6/29) LinkedInFacebookTwitterEmail this Story
  • U.K. demands independent review of how Libor is set
    The U.K. government ordered a review of how the London Interbank Offered Rate is set after Barclays settled an allegation that its staff manipulated the rate. "It's very important [the review] takes all of the actions necessary, holding bankers accountable ... making sure there's proper transparency, making sure the criminal law can go wherever it needs to uncover wrongdoing," Prime Minister David Cameron said. Barclays acknowledged it submitted artificially low estimates for its borrowing costs, but managers thought it was OK because of a conversation in 2008 between the CEO and an official at the Bank of England. The Wall Street Journal (7/1), The Telegraph (London) (7/1), Bloomberg (6/29), Financial Times (tiered subscription model) (7/1), Reuters (6/30) LinkedInFacebookTwitterEmail this Story
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African-American activist

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