iStar spins off ground leases into REIT | Hedge funds pressured to follow sustainable strategies | REITs investing in campgrounds
June 27, 2017
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iStar spins off ground leases into REIT
iStar has spun off some of its ground leases into another REIT called Safety, Income and Growth. It is expected to raise $250 million from an initial public offering and private placement.
The Wall Street Journal (tiered subscription model) (6/27) 
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Investment News
Hedge funds pressured to follow sustainable strategies
Major investors are pressuring hedge funds to incorporate sustainable investment strategies. "When investors like us are looking at a hedge fund's investment, we look at it from a perspective of what we are doing in responsible investing more broadly," said Marta Jankovic of APG Asset Management.
Bloomberg Professional Services (6/23) 
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Real Estate Marketplace
REITs investing in campgrounds
Campgrounds have become an attractive alternative investment for REITs, according to Jim Westover, vice president of operations at Jellystone Park, who says a growing number have been investing in its operations. Equity LifeStyle Properties focuses on the related sector of mobile home and RV parks, and it's performing well.
REJournals (6/27) 
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Multifamily vacancies post slight uptick in Q2
The US vacancy rate for apartments rose to 4.4% in the second quarter, from 4.3% in the previous quarter, while asking rent rose 1.3% and effective rent increased by 1.1%, according to Reis. "Total inventory is expected to increase significantly in 2017, however, construction in the second quarter was lower than expected in a quarter that tends to see the highest activity," the Reis report said.
Reuters (6/27) 
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TIER REIT buys office for $123.3M, sells portfolio for $71.5M
TIER REIT has acquired a 319,000-square-foot office building in Plano, Texas, for $123.3 million. It also sold its Louisville, Ky., office portfolio for $71.5 million.
Commercial Property Executive (6/27) 
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Dallas apartment demand far exceeds supply
Demand for apartments in the Dallas area is far outpacing the supply, with the metro area expected to have to almost double the pace of construction to meet estimated demand, according to the National Multifamily Housing Council and the National Apartment Association. Between 2000 and 2015, the Dallas area built 144,000 units.
Bloomberg (6/26) 
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Flexible office space expensive in NYC
The average monthly rent for a workstation in flexible office space in New York City was $1,110 in the 12 months through February, according to The Instant Group. That makes New York City the priciest large city worldwide to rent a desk.
The Wall Street Journal (tiered subscription model) (6/25) 
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What students want in housing today
Three must-have features for student housing today are technology capabilities; areas for group and individual study and related tasks; and health and wellness facilities, says American Campus Communities CEO Bill Bayless. "You're seeing an immersion of the academic experience coming together with the real estate to where it's really creating these living-learning communities," he says.
NAREIT (6/26) 
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Policy & the Economy
Continued lack of supply kept home prices rising in April
The increase in US home prices slowed somewhat in April, with the average price in 20 metropolitan areas rising 5.7% compared to a year ago, according to the S&P CoreLogic Case-Shiller composite index. Experts say prices have nowhere to go but up as long as inventory remains scarce.
Bloomberg (6/27),  Reuters (6/27),  The Wall Street Journal (tiered subscription model) (6/27) 
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Healthcare REITs eye Senate bill vote-counting with concern
So far, the Senate is short of the votes necessary to pass its healthcare legislation, which is worrisome to health care REITs. This bill is seen as being friendlier to the industry than the version passed in the House of Representatives.
Barron's (free content) (6/26) 
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Fed's Dudley argues for further tightening
Fed's Dudley argues for further tightening
Dudley (Kirsty Wigglesworth/AFP/Getty Images)
Rising stock prices and dropping bond yields suggest further tightening of monetary policy is in order, Federal Reserve Bank of New York President William Dudley said. Treasury and mortgage-backed bond markets have been unaffected by news of the Fed's plan to shrink its balance sheet, evidence that the central bank's communications have "been effective in fostering an orderly adjustment in expectations," he said.
Reuters (6/26) 
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