Obama is elected to second term as president | CMBS market returns to higher-risk collateral | $1.77 billion of Archstone assets to be sold before IPO
November 7, 2012
Real Estate Investment SmartBrief
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Obama is elected to second term as president
President Barack Obama won a second four-year term, defeating Republican Mitt Romney in Ohio and almost all of the other battleground states. Romney called Obama to concede the election around 1 a.m. EST. Exit polls indicated Hispanic voters made a major contribution to Obama's victory.
The New York Times (free-article access for SmartBrief readers) (11/6),  Los Angeles Times (tiered subscription model)/Politics Now blog (11/6),  The Washington Post (tiered subscription model) (11/6),  The Wall Street Journal (tiered subscription model) (11/7),  Chicago Tribune (tiered subscription model) (11/7) 
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Get with the flow. How payment processing affects cash flow.
Cash flow is the lubricant of business. Without a healthy cash flow, business dries up. It stops. It can't function. Which is why it is vital to keep the revenues coming in as the expenses go out. But there's one aspect of cash flow that many of us are not aware of. It is how managing credit cards and other such non-cash payments affect cash flow. Turns out it has a huge affect. Download the free guide today.
Capital Markets
Wall Street strategy rethink likely after Obama is re-elected
The financial industry largely bet on Mitt Romney to win the presidential election, but President Barack Obama's re-election is expected to force the sector to rebuild its relationship with the administration and its appointed regulators. "I think the Obama win ... will lead to more accountability and tighter regulation on Wall Street," said Chris Tobe, a principal at Stable Value Consultants. "Especially after a big shift to Romney from Wall Street, Obama, I believe, will be less likely to hold back on regulation this term."
Reuters (11/7),  The New York Times (free-article access for SmartBrief readers) (11/6),  Los Angeles Times (tiered subscription model)/Politics Now blog (11/6),  The Washington Post (tiered subscription model) (11/6),  The Telegraph (London) (tiered subscription model) (11/7),  Financial Times (tiered subscription model) (11/7),  The Wall Street Journal (tiered subscription model) (11/7) 
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Other News
Investment News
$1.77 billion of Archstone assets to be sold before IPO
Archstone has plans to sell a total of $1.77 billion worth of assets by the end 2013, a process it began this summer. The dispositions are part of the company's preparation for an initial public offering.
Bloomberg Businessweek (11/6) 
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Real Estate Marketplace
A $190.2 million, 28-property buy for Extra Space Storage
Extra Space Storage has signed a letter of intent to acquire a stake in a joint venture that owns 21 self-storage properties. These properties comprise 1.7 million square feet of net rentable space in 13,600 units. Extra Space also has agreed to acquire seven properties in Florida, Maryland, Massachusetts and New Jersey. All together, Extra Space is acquiring 28 properties for a total of $190.2 million.
GlobeSt.com (11/6) 
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New U.S. office should up RioCan efficiency, CEO says
RioCan Real Estate Investment Trust hopes to have a regional office in the U.S. operational by January. The goal for the office is to optimize RioCan's presence in the market. "Not only do we expect that leasing and operations will be done at least as well, and hopefully better, [they] will be at a cost that will probably be less on Day 1 than we are currently paying out," according to CEO Edward Sonshine.
Financial Post (Canada)/Canadian Press (11/6) 
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Sandy recovery might spur construction activity and jobs
U.S. construction work and employment are expected to increase as basic infrastructure, including residential buildings and transportation, require repair because of superstorm Sandy. However, the projected job increase is still less than the favorable growth rate, analysts say.
SeattlePI.com/The Associated Press (11/4),  American City Business Journals/Tampa, Fla./Wake-Up Call blog (11/5) 
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Fixing N.J.'s aging infrastructure remained a huge challenge:
New Jersey's aging infrastructure is direly ill-prepared for the impact of extreme weather and it remained vulnerable any time there is widespread flooding, this article notes. A 2009 ASCE report said the state needed to spend about $7 billion over the next 20 years to upgrade its drinking water infrastructure and another $9 billion for wastewater treatment plants upgrades. "The numbers are so big it is going to rely on federal dollars and borrowing," said Rich Keevey, a state budget crisis task force member and former state budget director.
NJSpotlight.com (New Jersey) (11/6) 
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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.
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Policy & the Economy
FEMA grant program is another option for flood-damaged businesses
A FEMA grant program that buys flood-damaged properties is available to business as well, although it is more commonly associated as a program for homeowners. Called the Hazard Mitigation Grant Program, it is another option for businesses that suffered damages in Superstorm Sandy.
CFO.com (11/6) 
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Success is often just an idea away.
Frank Tyger,
American cartoonist, columnist and humorist
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