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In the latest edition of Quick Study, Brad Case, NAREIT’s senior vice president for research and industry information, discussed the difficult market conditions that prevailed on U.S. REITs in August.
The total returns of the FTSE NAREIT All REITs Index dipped 5.7 percent during the month, while the S&P 500 Index lost 6.0 percent.
“August was a very difficult month for investors. There really wasn’t any safe place to be invested,” Case said.
Ashford Hospitality Trust’s move (NYSE: AHT) to sell its select service hotel portfolio in order to focus on upper upscale properties has helped simplify the REIT’s strategy, according to chairman and CEO Monty Bennett.
“Our shareholders wanted clarity,” Bennett said in an interview with REIT.com. He said the decision marks a step toward creating well-defined, distinct strategies for the investment platforms operated by Ashford Inc. (NYSE: AINC), Ashford Trust’s advisor.
In the latest episode of the NAREIT Podcast, Bill Bayless, president and CEO of American Campus Communities, Inc. (NYSE: ACC), discussed the start of the student housing REIT’s 100th property and looked at the evolution of the sector.
American Campus broke ground in July on its 100th property, U Club Sunnyside at West Virginia University. The new facility will house 536 beds for university students.
“It’s a special milestone for the company,” Bayless said.
In the latest episode of the NAREIT Podcast, Rodney Ramcharan of the USC Lusk Center for Real Estate analyzed the impact of China’s currency devaluation on the real estate industry.
SL Green Realty Corp. (NYSE:SLG) said Aug. 18 that it completed the acquisition of office property 11 Madison Avenue in New York City for $ 2.6 billion.
The deal includes approximately $ 300 million in costs associated with lease-stipulated improvements to the property.
John Kilroy, chairman, president and CEO of Kilroy Realty Corp. (NYSE: KRC), joined REIT.com for a CEO Spotlight video interview during REITWeek 2015: NAREIT’s Investor Forum, held in New York.
Following the company’s sale of 10 West Coast office buildings earlier this year, Kilroy discussed the importance of capital recycling to the firm’s capacity to fund future growth.
John Murray, president and COO of Hospitality Properties Trust (NYSE: HPT), joined REIT.com for a video interview during REITWeek 2015: NAREIT’s Investor Forum, held in New York.
Hospitality Properties Trust invests in hotels and travel centers in the United States, Puerto Rico and Canada. The company and three of its sister REITs recently announced they would acquire approximately half of their external manager, RMR LLC.
T. Wilson Eglin, president and CEO of Lexington Realty Trust (NYSE: LXP), joined REIT.com for a CEO Spotlight video interview during REITWeek 2015: NAREIT’s Investor Forum, held in New York.
Lexington owns a diversified portfolio of equity and debt interests in single-tenant commercial properties and land. The company has increased its dividend 70 percent during the past four years. Eglin explained the factors behind that growth.
The delinquency rate for commercial mortgage-backed securities (CMBS) continues to head lower, as borrowers refinance debt ahead of a wave of maturities in 2017.
The CMBS delinquency rate, which includes loans that are 30 days or more past due, fell to 5.42 percent in July, compared with 5.66 percent six months ago and 6.04 percent a year earlier, according to commercial real estate consulting firm Trepp LLC.
REITs turned higher in July as solid second quarter earnings reports reaffirmed that fundamentals in the sector remain healthy, analysts said.
The total returns of the FTSE/NAREIT All REIT Index gained 4.9 percent in July, while the S&P 500 Index rose 2.1 percent. The yield on the 10-year Treasury note dropped 0.1 percent for the month.
Through July 31, total returns from the FTSE/NAREIT All REIT Index for 2015 slipped 0.6 percent, while the S&P 500 Index was 3.4 percent higher in the same period.