Monday, June 17, 2013

REITs Exploring Options for Their Newly Raised Wealth

National Commercial Real Estate News From CoStar Group

REITs Exploring Options for Their Newly Raised Wealth

Following a year in which REITs raised a record amount of money in the capital markets, and a first quarter that saw fund raising exceed the earlier full-year period, some of those REITs are now starting to review alternatives for what to do with their holdings, and their cash.

Last week, two more REITs, Inland Diversified Real Estate Trust Inc. and Strategic Storage Trust Inc., announced they had retained investment bankers to review their strategic...

Appreciation Shifts from Cap Rate Compression to Real Growth

CoStar's Property and Portfolio Research (PPR) division is forecasting that the wave of cap rate compression that has in some cases accounted for an astronomical 90% of the gain in core real estate value since the last recession is likely to slow; after all, trees do not grow to the sky.

Specifically, PPR's analysis of the top 54 U.S. markets finds that cap rates should remain within 20 basis points of today’s average through 2017, which will...

Capital Markets Review: NorthStar, Goldman Sachs JV Buying $925 Million of NJ's Investment Funds

NorthStar Real Estate Income Trust Inc. and funds managed by Goldman Sachs Asset Management agreed to acquire limited partnership interests in up to 25 real estate private equity funds from a trust fund managed by the state of New Jersey Division of Investment, which oversees the state's pension funds.

The assets being acquired comprise a portfolio with an aggregate reported net asset value of approximately $925 million.

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Facility Closures & Downsizings: QLogic To Consolidate

Networking equipment maker QLogic Corp. approved a restructuring plan designed to streamline business operations. The restructuring plan includes a workforce reduction and the consolidation of several engineering activities. The company anticipates that the restructuring actions will be substantially completed within the next 12 months.

The restructuring plan is expected to result in $8 million to $10 million in expected charges, including costs...

Office Depot, Office Max Continue Post-Merger Downsizing

Office Depot has reduced the total square footage of its North American Retail Division to 25.33 million square feet at the end of 2012, down from 30.67 million square feet at the end of 2008 -- a 17% reduction. In merger-related documents filed with the U.S. Securities 7 Exchange Commission, the retailer said it is not done shrinking yet and may have two to three more years of downsizing ahead of it.

In its financial projections related to its...

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