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| Real Estate Investment SmartBrief |
| March 26, 2009 |
Geithner to push for tougher rules to contain risks
Treasury Secretary Timothy Geithner is expected to seek changes in the way the government supervises risk-taking by large companies as well as tougher controls on money-market mutual funds and hedge funds. At a congressional hearing, Geithner is expected to roll out the next piece of his plan for stabilizing the economy, including changes to contain systemic risks. The Wall Street Journal (3/26) NYTimes.com (3/25) MarketWatch (3/26)
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Simon closes $1 billion debt offering
Retail-focused Simon Property Group closed its equity and debt offering to its majority-owned partnership subsidiary Simon Property Group LP after selling more than 17 million shares at $31.50 each for a total of around $1.2 billion. GlobeSt.com (3/25)
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Trends in Real Estate Finance & Accounting: Lower your G&A by over 50%...
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Geithner's comments push dollar down against rivals
The dollar dropped against most major currencies after Treasury Secretary Timothy Geithner made comments that raised concerns about the currency's status. In response to a question about China's proposal regarding special drawing rights, Geithner said he is open to the idea. He quickly clarified that the dollar is still the world' premier reserve currency. 
ClipSyndicate/Bloomberg (3/25) The Wall Street Journal (3/26) NYTimes.com (3/25)
Analysis: Larger banks to benefit more from troubled-asset plan
The Obama administration's plan to remove troubled assets from the balance sheets of banks will likely help larger banks more than smaller lenders, according to this article. The Public-Private Investment Program offers government support to private investors interested in purchasing troubled securities and loans from financial institutions. Large banks are expected to benefit more from the plan because they are more likely to hold assets whose values already have been written down. Reuters (3/25)
Other News
Analysis: Investors use bond spreads to gauge banks' health
Investors are watching the difference in yields between bank bonds issued under government guarantee programs and bonds without such backing to judge whether banks are recovering. Reuters (3/25)
Commercial loan delinquencies hit 1.8%
The delinquency rate on $700 billion of securitized loans backed by commercial properties reached 1.8% this month, according to data from Deutsche Bank AG. The rate, more than double the figure for last September, is approaching the highest number hit in the last recession. The Wall Street Journal/Dow Jones Newswires (3/26)
Entertainment complex's developer asks Reno for help
Nevada Land, the developer of an entertainment and retail district adjacent to a new baseball park, is asking the city of Reno, Nev., for $10 million to get the project through the economic downturn, and it might get it. "It's kind of like a little stimulus package," said Robert Cashell, Reno's mayor, who supports the idea. The Wall Street Journal (3/25)
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Structural issues facing REITs today
The Department of Real Estate at Baruch College, CUNY, in conjunction with NAREIT, is hosting a conference on April 1 called Structural Issues Facing REITs in Today's Markets. The purpose of the conference is to present the latest research on corporate governance, earnings management and asset diversification affecting REITs. The event, being held at Baruch's Newman Conference Center, is free, but registration is required and attendance is limited.
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.
SEC's Schapiro considers asking Congress for more authority
Mary Schapiro, head of the Securities and Exchange Commission, is weighing the idea of asking lawmakers to require hedge funds to register and to give the SEC the authority to regulate municipal bonds and credit default swaps. According to a copy of her testimony that is scheduled for today, Schapiro will tell the Senate Banking Committee that her agency plans to toughen rules regarding money-market mutual funds and harmonize regulations for brokers and investment advisers. The Washington Post (3/25)
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