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| Real Estate Investment SmartBrief |
| November 13, 2009 |
Foreign investors, debt seen bolstering REIT balance sheets
Offshore investors, the public-debt markets and high net-worth individuals are among the most likely sources for the additional capital REITs will need in the next few years, said Michael Zietsman, managing director of Jones Lang LaSalle. If the arbitrage opportunities between private-market and public-market pricing persist, a significant number of new IPOs will be brought to the market, Zietsman said. "Every sector will jump on the bandwagon if the opportunity is there," he said. REIT.com (11/12)
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Kimco's Henry: REITs will seek institutional partners
Interviewed at REITWorld 2009, David Henry, who will become vice chairman, president and CEO of Kimco in 2010, said the past year has taught REITs that the public prefers they be equity owners of real estate, generating steady income, instead of seeking one-time gains. He added, though, "most REITs will evolve into operating managers for institutional capital to enhance earnings that would otherwise be, by definition today, quite flat." 
REIT.com (11/12)
Rayonier's Thomas: "We're looking for good timberland"
Lee Thomas, CEO of the timber REIT Rayonier, said his company issued a six-year convertible bond offering at 4.25% this year to eliminate a near-term debt maturity and strengthen its balance sheet to prepare for possible acquisitions. "We're looking for good timberland," Thomas said. "We're hoping in 2010 we'll see some." The company owns 2.5 million acres in the U.S. and New Zealand. REIT.com (11/12)
Occom's Howard-Johnson: REITs' volatility still worries institutions
Concerns about REITs' volatility and correlation with the broader market are keeping institutions from making a bigger commitment to the stocks, according to Occom Capital managing principal Mark Howard-Johnson. "Are
they ready to dive back into REITs in general equity form? I think it will take a while," he said. REIT.com (11/12)
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Collapse of Kenmore leaves Lloyds scrambling to recover $1.1 billion
Lloyds Banking Group faces potential losses of more than $1.1 billion after the financial collapse of Britain's Kenmore Property Group, The Times of London reported. The accounting firm Grant Thornton was named administrator to salvage what it could of the assets of the once high-flying property developer. Lloyds, which is now 43% owned by British taxpayers, ended up holding the Kenmore debts and investments when it took over another U.K. banking firm, HBOS. The Times (London) (subscription required) (11/13)
Developers Diversified TALF offering may sell at discount
Developers Diversified Realty could be forced to sell its planned $400 million commercial mortgage bond at yields steeply discounted from existing issues. The issue is being offered under the Term Asset-Backed Securities Loan Facility. Reuters (11/12)
Richard LeFrak: CRE's tough times are just beginning
This is just the beginning for the challenges commercial real estate must face before things get better, said Richard LeFrak, president of the LeFrak Organization. "We're kind of in the second inning or third inning," he said. LeFrak didn't want to give an estimate of how many more banks will fail before the economy recovers but said no matter what the number is, the failures are going to damage commercial property portfolios across the country. CNBC (11/12)
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London office construction hits all-time low; soaring rents expected
The number of major office projects under construction in London has fallen to the lowest level on record. The latest Crane Survey found speculative office development has plummeted 48% from its high point 18 months ago. Industry experts predicted an upcoming office-space shortage that could drive office rents up as much 15%, beginning around 2011. The Times (London) (subscription required) (11/12)
300 Holiday Inns may be stripped of names in rebranding
As many as 300 franchisee-operated Holiday Inns could lose the right to use the brand name as a part of InterContinental Hotel Group's campaign to rebrand and reposition Holiday Inn hotels. In North America, 1,400 Holiday Inns have finished the required renovation work, and most of the other 1,300 have started it. But 300 locations haven't started, and Kevin Kowalski, IHG's senior vice president of brand management for Holiday Inn, said they risk having their right to use the brand and its identity taken away. The Wall Street Journal/Developments blog (11/12)
U.K. retail chain Tesco to develop shopping centers in China
Britain's biggest retailer, Tesco, is moving aggressively to capture a share of China's growing retail sales. The company said it has put together a series of joint ventures to develop shopping centers in China. The projects will include malls in Anshan, Fushan and Qinhuangdao, all in northern China. A Tesco hypermarket will anchor each retail property. Bloomberg (11/13)
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