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CMBS defaults reached 12.96% in Q1, Fitch reports | U.S. REITs have raised $17.57B in capital in 2012 | China and BlackRock reportedly plan investment fund
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April 27, 2012
Real Estate Investment SmartBrief
The daily source on REITs and real estate investment
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Analysis: Most new jobs at U.S. multinationals are overseas
Big multinational corporations headquartered in the U.S. are creating jobs faster than other employers, but 75% of those positions are overseas, according to an analysis by The Wall Street Journal. While the 35 firms analyzed added 113,000 workers to their U.S. payrolls between 2009 and 2011, they hired more than 333,000 employees in their foreign operations, the newspaper notes.
The Wall Street Journal (tiered subscription model) (4/27) 
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CMBS defaults reached 12.96% in Q1, Fitch reports
U.S. CMBS cumulative defaults reached 12.96% in the first quarter of 2012, Fitch Ratings says. That's an increase of 25 basis points quarter over quarter. Loans that defaulted in Q1 totaled $1.7 billion.
Reuters (4/27) 
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U.S. REITs have raised $17.57B in capital in 2012
U.S. REITs have raised $17.57 billion this year, SNL Financial reports. That slightly outpaces the $16.76 billion raised by this time last year. However, REITs have tapped different vehicles in 2012: They are issuing more senior debt and preferred equity and less common equity. At-the-market offerings have also become more popular.
GlobeSt (4/27) 
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China and BlackRock reportedly plan investment fund
China Investment, the country's sovereign wealth fund, and U.S. investment manager BlackRock reportedly plan to jointly launch a fund that would invest in companies that sell products in China or have technologies that would be useful to its economy.
Bloomberg (free registration) (4/27) 
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Zoetmulder: U.S. REITs eye opportunities abroad
U.S. REITs are looking more closely at opportunities that foreign markets offer, says Bartjan Zoetmulder, tax partner with Loyens & Loeff. This approach offers a way to build a diverse portfolio, and many countries have a more hospitable regulatory climate as well, he says: "European laws have become much more integrated."
NAREIT (4/26) 
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Taubman to begin development on $315M Fla. retail center
Taubman Centers has announced plans to begin development on an 880,000-square-foot retail center in Sarasota, Fla. The project, at University Town Center, will cost approximately $315 million. Tenants will include Saks Fifth Avenue, Macy's and Dillard's.
Commercial Property Executive (4/25) 
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Private REIT pushes forward with developments in D.C. area
Carr Properties, a private REIT owned by JP Morgan Asset Management, is stepping up its development activities in the Washington, D.C., area. It just broke ground on an $80 million office building in the central business district. It also is moving forward on projects in Bethesda, Md., and Arlington, Va.
GlobeSt (4/26) 
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Multifamily tenants can pay higher rents, Zell says
Equity Residential chief Sam Zell says the multifamily market is ready for rental increases. Tenants who can't afford the increases can be replaced by renters who can, he said during the REIT's first-quarter conference call.
GlobeSt (4/27) 
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Host Hotels posts improved Q1 gains on strong group business
Growth of 5.5% in group revenue for the first quarter helped lift results for Host Hotels & Resorts, which broke even during the period and posted a 10% rise in revenue, to $985 million. The hotel real estate investment trust is anticipating further increases in demand for the year, particularly in the group segment. "Our outlook for 2012 is based on very strong demand trends. With new supply in our markets expected to be around 0.5% in 2012, lodging fundamentals will remain strong," said Host President and CEO Ed Walter.
Hotel News Now (4/26),  Reuters (4/25) 
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Bank of Japan steps up asset buying to stimulate growth
For the second time in three months, the Bank of Japan has increased the scale of its monetary stimulus as lawmakers demand more action to accelerate economic growth. The bank raised its asset-buying program to $494 billion and said it was extending the maximum maturity of bonds it buys from two years to three years. The size of the increase, as well as a decision to buy more shares of real estate investment trusts and exchange-traded funds, lifted share markets.
Bloomberg (free registration) (4/26),  Reuters (4/27) 
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More than 100 REITs to present at REITWeek® 2012: NAREIT's Investor Forum®
REITWeek® 2012 marks the first time this event will be at the Hilton New York, conveniently located in the heart of midtown Manhattan. REITWeek brings the largest concentration of REIT management teams -- more than 100 REITs to date -- to one central location to present their latest company information to qualified institutional investors. Thousands will gather at this invitation-only event to hear REIT management teams provide updates and projections that will help investors identify important company, sector and market trends, evaluate business models and participate in company Q-and-A sessions.

If you are an institutional investor and would like an invitation, visit here. If you do not qualify as an institutional investor but would still like to attend, you may become a sponsor. Get more information on sponsoring REITWeek.
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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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Ideas are like rabbits. You get a couple and learn how to handle them, and pretty soon you have a dozen.
John Steinbeck,
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