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In the latest edition of Fundamentally Speaking, Calvin Schnure, NAREIT’s vice president for research and industry information, discussed some of the latest developments in the residential REIT sector.
Most U.S. Equity REITs have strong corporate governance attributes that benefit bondholders, and they should ease their concerns about the impact of investor activism, according to a report from ratings agency Fitch Ratings, Inc.
Based on its review of 64 U.S. Equity REITs, Fitch concluded that “corporate governance is pretty strong for bondholders in the REIT space,” said Sean Pattap, a senior director at Fitch. “The positives outweigh the negatives,” he added.
Diversified commercial real estate investment company NorthStar Realty Finance Corp. (NYSE: NRF) said Aug. 5 that it plans to acquire Griffin-American Healthcare REIT II, Inc., a public, non-listed REIT (PNLR), in a stock and cash transaction totaling $ 4 billion.
The transaction is expected to close in the fourth quarter. Under the terms of the deal, Griffin-American stockholders will receive $ 7.75 per share in cash and $ 3.75 per share in NorthStar Realty common stock. As part of the deal, NorthStar would assume $ 600 million in debt from Griffin-American.
In the latest edition of Quick Study, Brad Case, NAREIT’s senior vice president for research and industry information, offered an analysis of how the REIT market performed in July after a strong showing in the first half.
The total return on the FTSE NAREIT All REITs Index dipped 0.2 percent in July, although the decline was smaller than the 1.4 percent fall in the S&P 500 Index. For the year through July 31, the FTSE NAREIT All REITs Index had a total return of 15.9 percent, compared with a 5.7 percent gain by the S&P 500.
REITs retreated modestly in July, but still outperformed the broader market as wider macroeconomic concerns set the trend for the month, according to analysts.
The total return on the FTSE NAREIT All REITs Index dipped 0.2 percent in July, although the decline was smaller than the 1.4 percent fall in the S&P 500 Index during the same period.
Private REIT Community Development Trust (CDT) recently passed the $ 1 billion milestone in investment in affordable housing and is ready to invest more “in just about any market in the country,” according to Joseph Reilly, the company’s president and CEO.
Founded in 1998, New York City-based CDT invests in affordable housing projects. It also originates and purchases long-term mortgages tied to affordable housing. The company has loans and investments in 41 states.
While REIT human resource executives understand the importance of providing top-notch leadership development programs to their most promising talent, convincing senior management of the effectiveness of such programs can be challenging, according to Rebecca Teasdale, a partner at The Trispective Group.
French shopping center REIT Klepierre S.A. (Euronext Paris: LI) announced July 29 that it plans to purchase Dutch retail property company Corio NV (Euronext Amsterdam: CORA) in a transaction valued at $ 9.7 billion.
The combined property portfolio of the two companies would encompass 182 shopping centers across 16 European nations with a pro-forma gross asset value of more than $ 28 billion. The companies generated a combined net rental income of more than $ 1.6 billion in 2013.
