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January 3, 2013

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Congress prepares for fight over U.S. debt limit
U.S. officials are preparing for their next big fight: raising the national debt limit. President Barack Obama, however, says he won't participate in any debate regarding the debt ceiling. "I will not have another debate with this Congress over whether or not they should pay the bills that they've already racked up through the laws that they passed," Obama said. The New York Times (tiered subscription model) (1/2), The Washington Post (1/2), The Christian Science Monitor (1/2), Reuters (1/3)

What is Happening to Real Estate Values?
Year-End Market Update & Outlook
Join this complimentary Webinar, January 17, as valuation experts from the FTI Consulting Real Estate Solutions group review and discuss the factors contributing to real estate values as well as identify current trends and expectations for future appreciation. Register now.

Capital Markets

U.S. could still face credit downgrade
Although the eleventh-hour deal to avert the "fiscal cliff" avoided tax increases, it also prevented any serious debt reduction. Nobody predicts the U.S. debt-to-gross-domestic-product ratio to fall below the IMF's projections of rising to 90% by 2016. That heavy load could threaten the nation's credit rating with the big three ratings firms of Moody's, Standard & Poor's and Fitch. The Wall Street Journal/Dow Jones Newswires (1/2)

Banks and pension funds are at odds on collateral
Banks are backing off on providing clearing for pension funds because of the potential that some collateral could get clawed back in case of a bankruptcy, leaving banks holding the bag. All parties involved are looking for clarity on the matter from the U.S. Labor Department, which has yet to make a definitive declaration. Risk.net (subscription required) (1/2), Financial Times (tiered subscription model)/FT Alphaville blog (1/2)

Investment News

S&P launches Dow Jones Townsend Core U.S. REIT Index
Standard & Poor's Dow Jones Indices has debuted its Dow Jones Townsend Core U.S. REIT Index. Its goal is to provide risk and return characteristics typical of direct core real estate investments through a collection of publicly traded REITs. CoStar Group (1/2)

Real Estate Marketplace

Pershing, Brookfield come to agreement on GGP dispute
Pershing Square Capital Management will sell $271.9 million in General Growth Properties warrants to Brookfield Asset Management. The transaction is meant to help resolve the dispute between Pershing and Brookfield, which are GGP's two largest shareholders. As part of the transaction Pershing becomes a passive shareholder. Brookfield has offered to sell the warrants back to GGP. The Wall Street Journal (1/3)

Private REIT buys 196 single-family homes for $28M
American Residential Properties, a private REIT, acquired 196 single-family homes from MACK Companies. It paid $28 million and plans to buy as many as 1,000 more homes from MACK over the next 24 months. World Property Channel (1/3)

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

Analysis: Basel III represents regulatory difficulties
As governments propped up ailing banks during the past five years, regulating the industry became increasingly more complex. The EU and the U.S. each drafted 700-page proposals for Basel III rules. In addition, the U.S. created the Dodd-Frank Act, which the Securities Industry and Financial Markets Association says will end up being 29,000 pages of regulations. Bloomberg (1/2)

Manufacturing expansion boosts U.S. economic outlook
U.S. manufacturing activity shifted from moderate contraction in November to modest expansion in December, brightening the outlook for economic growth in 2013. An Institute for Supply Management index rose from a three-year low of 49.5 in November to 50.7 in December, on a scale in which anything higher than 50 indicates growth. Bloomberg (1/2)

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--Benjamin Franklin,
American inventor and statesman

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	Recent Real Estate Investment SmartBrief Issues: Wednesday, January 02, 2013 Monday, December 31, 2012 Friday, December 28, 2012 Thursday, December 27, 2012 Wednesday, December 26, 2012			Lead Editor: Liz DeHoff Sales Account Director: Jasmine Rogers Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004