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REITs find banks ready and willing to lend, CreditSights reports | Banks team up in unlikely alliances to bid for Fed CDO | Moody's: More CMBS exceeding 100% LTV
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April 26, 2012
Real Estate Investment SmartBrief
The daily source on REITs and real estate investment
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U.S. durable-goods orders post biggest drop in 3 years
The Commerce Department said U.S. durable-goods orders fell 4.2% in March, the biggest monthly decline since January 2009. A 12.5% drop in demand for transportation equipment, which includes commercial aircraft, dragged down the overall figure.
CNBC/Reuters (4/25) 
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REITs find banks ready and willing to lend, CreditSights reports
More banks are lending to REITs, CreditSights reports. Year to date, the volume of REIT unsecured term loans has surpassed that of 2011. Banks are happy to accommodate REITs' lending needs, as REITs represent high-quality transactions in a volatile bond market, the report says.
Bloomberg (free registration) (4/25) 
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Banks team up in unlikely alliances to bid for Fed CDO
The New York Federal Reserve's auction of Maiden Lane III securities has prompted banks to join forces in the transactions. Bankers say the size of the collateralized debt obligations spurred the teaming up.
Financial Times (tiered subscription model) (4/25) 
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Kirby: Slew of REIT IPOs heading to market
A number of REIT initial public offerings are headed for the market, says Mike Kirby, chairman and director of research at Green Street Advisors. "I expect to see some highly credible, larger deals run by management teams that we know and respect that may well represent the first crop of REITs in this IPO wave and will be really successful," Kirby said. REIT yields are highly attractive and compare favorably against bond prices, he noted.
Nareit (4/25) 
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C&W's Rufrano spells out case for retailers to look abroad for growth
C&W's Rufrano spells out case for retailers to look abroad for growth
Retailers are looking to international markets for various reasons, says Glenn Rufrano, president and CEO of Cushman & Wakefield. He'll be speaking at the International Council of Shopping Centers' Retail Real Estate World Summit, to be held later this year in China. Many retail markets, he says, are growing faster than U.S. markets. Brazil has high growth, he says. "And so does China. And India."
RetailTrafficMag.com (4/25) 
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SL Green Realty scores Manhattan's largest lease
Viacom has reiterated its commitment to grow to 1.6 million square feet at 1515 Broadway, a Manhattan office building owned by SL Green Realty. The lease term is through 2031, and the company's growth is expected to absorb the remaining available office space after 2020. The agreement is thought to be the largest office lease on record in Manhattan.
GlobeSt (4/25) 
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Bruns: Negotiations are necessary as real estate partnerships rise
Real estate partnerships are back in vogue, says Jeff Bruns, a partner at the law firm Mayer Brown. He points to the growing number of partnerships formed over the past 18 months, adding that they present challenges to investors and participants. "One interesting aspect when you form a partnership with a REIT is who's going to be responsible for managing that property in a way that is REIT-compliant and generates good income and you're not going to be subjected to a prohibitive transaction if you sell too quickly in a development deal," he said. That needs to be negotiated, particularly when operators and developers aren't familiar with REIT rules.
Nareit (4/25) 
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Brinker: RIDEA to fuel health care REIT activity despite lower volume
Health care REITs will continue their acquisition activity, fueled in part by the RIDEA structure, predicts Scott Brinker, executive vice president of investments for Health Care REIT. Total RIDEA volume is slightly lower compared with last year, but "the health care REITs will continue to be active acquirers, and some of those investments will be structured as RIDEA," he said.
Senior Housing News (4/25) 
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Business Tips and Advice
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NAREIT News
More than 100 REITs to present at REITWeek® 2012: NAREIT's Investor Forum®
REITWeek® 2012 marks the first time this event will be held at the Hilton New York, conveniently located right 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 to receive 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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Policy & the Economy
Bernanke: Budget solution is critical to economy
Federal Reserve Chairman Ben Bernanke says the Fed's lower forecasts for growth in 2013 and 2014 may reflect the impact of fiscal tightening and that Congress needs to reach an agreement to address budget shortfalls. "If no action were to be taken by the fiscal authorities, the size of the fiscal cliff is such that there's no chance that the Federal Reserve could or would have any ability whatsoever to offset that effect on the economy," Bernanke said.
Politico (4/25),  The Hill/On The Money blog (4/25),  Bloomberg (free registration) (4/25) 
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FSB plans to issue shadow-banking recommendations by November
Mark Carney, chairman of the Financial Stability Board, told a German newspaper that the regulator is working to issue rules on shadow banking by November. The FSB is also working on recommendations for reining in the influence of credit rating agencies, Carney said. The FSB is the regulatory arm of the world's top economies represented at the G20.
Reuters (4/25) 
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One person with a belief is equal to a force of 99 who have only interests.
John Stuart Mill,
British philosopher and political economist
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