Category: REIT

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Blackstone to Buy BioMed Realty in $8 Billion Transaction

BioMed Realty Trust, Inc. (NYSE: BMR) said Oct. 8 that private equity firm Blackstone Group L.P. has agreed to acquire the life sciences office and lab space REIT in an all-cash transaction valued at $ 8 billion.

Blackstone’s real estate arm, Blackstone Real Estate Partners VIII, will pay $ 23.75 for each outstanding BioMed common share. This represents a premium of about 24 percent above the closing stock price on Sept. 22, the last date before speculation began about a potential sale of the company.

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Survey Forecasts Favorable Real Estate Conditions for Next 3 Years

The commercial real estate market is set to enjoy mostly favorable conditions through 2017, according to the latest three-year consensus forecast from the Urban Land Institute (ULI) Center for Capital Markets and Real Estate.

While the latest semi-annual outlook is slightly less bullish compared with six months ago, the majority of indicators in the forecast signal favorable economic conditions and capital markets in the United States.

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REITs Gain Ground in September

REITs gained ground in September and outpaced the broader market, as fundamentals in the sector continued to hold firm, market watchers said.

The total returns of the FTSE/NAREIT All REIT Index rose 1.9 percent in September, while the S&P 500 Index lost 2.5 percent. The yield on the 10-year Treasury note was 0.1 percent lower for the month. Through the end of September, REIT total returns were down 4.5 percent, while the S&P 500 Index was down 5.3 percent.

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Quick Study: REITs Outpace Broader Market in September

In the latest edition of Quick Study, Brad Case, NAREIT’s senior vice president for research and industry information, discussed the recent outperformance of the REIT sector compared with the broader stock market.

The total returns of the FTSE/NAREIT All REIT Index rose 1.9 percent in September, while the S&P 500 Index lost 2.5 percent. Year-to-date, REIT returns are down 4.5 percent, while the S&P 500 Index is down 5.3 percent.

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Fundamentally Speaking: Jobs Report Doesn’t Sour Bigger Picture

In the latest edition of Fundamentally Speaking, Calvin Schnure, NAREIT’s senior vice president for research and economic analysis, explained that the commercial real estate sector continues to hold firm despite weakness in the September jobs report.

The Department of Labor reported that nonfarm payroll employment increased by 142,000 in September. Schnure noted that consensus estimates had projected an increase of about 200,000 jobs. In addition, payrolls for July and August were revised downward, while September posted a downward move in average hourly earnings.

Calvin Schnure

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Single-Family REIT Starwood Waypoint to Merge with Colony American Homes

Single-family REIT Starwood Waypoint Residential Trust (NYSE: SWAY) and Colony American Homes, Inc. said Sept. 21 they have agreed to merge in a stock-for-stock transaction that will create a combined company with $ 7.7 billion in assets.

The new company will own and manage more than 30,000 homes and is expected to achieve estimated annualized cost synergies of $ 40 million to $ 50 million.

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Real Estate Outlook Unfazed by Fed Inaction, Observers Say

The Federal Reserve’s decision at its Sept. 17 meeting to keep interest rates unchanged has done little to alter the favorable long-term outlook for the United States’ commercial real estate sector, according to market observers.

Steve Rado, a principal at EY and leader of the firm’s U.S. real estate mergers and acquisitions (M&A) advisory practice, said most long-term real estate investors will continue to favor the asset class.

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Monogram Making its Mark on Multifamily Market

Last year was a period of adjustment for Monogram Residential Trust (NYSE: MORE). It changed its name, transitioned to self-management and listed its shares on the New York Stock Exchange.

Monogram, previously known as Behringer Harvard Multifamily REIT I, Inc., a public non-listed REIT, was formed in 2006. Since then, it has assembled a portfolio that includes investments in 54 upscale multifamily properties, consisting of more than 15,000 apartment homes across 11 states.

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