Digital Realty has closed its acquisition of DuPont Fabros Technology. The all-stock deal, which is valued at $7.8 billion, was first announced in June.
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REITs' credit metrics are generally underappreciated by investors, according to a report by Kroll Bond Rating Agency, which writes that REIT bond leverage is "well below levels suggested by other generally accepted REIT credit metrics." It is also a fraction of the leverage commonly found in AAA-rated CMBS conduit and Freddie Mac K-Series securities, the agency wrote.
Cromwell European REIT has launched an initial public offering in Singapore worth up to $1.1 billion, according to the transaction's term sheet. There are two cornerstone investors in the trust, which is called CEREIT.
Activist investor Jeff Pierce, managing director at Snow Park Capital Partners, says department store chain Dillard's does not always optimize its real estate. Pierce declined to discuss his next steps but did say that "the narrative that there isn't demand for high productivity retail real estate in the United States of America is belied by the data, but nonetheless many people believe this to be true."
The Standard & Poor's 500 index climbed above 2,500 for the first time Friday. The index is up 12% this year and is on track for the largest annual increase in four years.
Mack-Cali is investing $75 million to redevelop the three buildings that make up its Jersey City Harborside complex, turning it into a riverside destination that has restaurants and a ferry stop in addition to office space. "Brooklyn has been doing this for a while, Manhattan has embraced it and now we're getting our act together, but we are doing it in a different way," said Mack-Cali CEO Michael J. DeMarco.
Iron Mountain unveiled a 165,000-square-foot data center in Manassas, Va., which opened with more than half of its capacity for the first phase pre-leased. The data center will be the first of four centers the REIT plans to build on the 83-acre campus, at a cost of more than $350 million.
Prologis, DCT Industrial Trust and Duke Realty are among the industrial REITs that are best capturing the sector's surging growth, which has largely been driven by e-commerce. "Before 2014, nobody wanted to talk about industrial real estate, and now it's the hottest sector," says Alex Pettee, president and portfolio manager of Hoya Capital Real Estate.
Ninety-five percent of US commercial construction contractors surveyed expect revenue to grow or remain stable over the next year and 93% expect profit margins to stay the same or increase during that time period, according to a survey by USG Corp and the US Chamber of Commerce. However, the shortage of skilled labor needs to be addressed, says Jennifer Scanlon, CEO of USG Corp.
Federal Reserve Chair Janet Yellen is expected to outline reduction of the central bank's balance sheet and possibly announce the start date after a policy meeting this week. The Fed intends to unwind quantitative easing gradually, but economists are still concerned about the effect on markets, which have grown accustomed to accommodative monetary policy.
