President Obama on Dec. 18 signed the Protecting Americans From Tax Hikes (PATH) Act of 2015 into law, enacting major reforms to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA).
Obama Signs FIRPTA Reforms Into Law
First Industrial CEO Encouraged by Fundamentals
Bruce Duncan, president and CEO of First Industrial Realty Trust, Inc. (NYSE: FR), joined REIT.com for a CEO Spotlight video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
First Industrial owns industrial real estate in major markets across the United States.
Duncan said he is “very encouraged” by industry fundamentals heading into 2016. During the third quarter, First Industrial’s occupancy rate increased to 95.5 percent from 95.1 percent, he said.
Professor Finds Strong Effects of Leverage on REIT Values
Tim Riddiough, a professor in the Department of Real Estate and Urban Land Economics at the Wisconsin School of Business at the University of Wisconsin Madison, joined REIT.com for a video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
Riddiough discussed his recent research on the relationship between REITs and their capital structures. He explained that the motivation for the study came from the insufficient appreciation given to the value of REITs’ financial management.
DCT Industrial CEO Says Demand for Space Still Strong
Phil Hawkins, CEO of DCT Industrial Trust, Inc. (NYSE: DCT), joined REIT.com for a CEO Spotlight video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
DCT focuses on bulk distribution and light industrial properties located in high-volume distribution markets in the United States.
Hawkins discussed the trends he sees in industrial real estate regarding supply and demand.
“I feel excellent. I’m very bullish on our business,” he said.
Congress Approves FIRPTA Reform
Congress has approved the Protecting Americans From Tax Hikes (PATH) Act of 2015, which includes significant reforms to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA).
Bluerock Residential CEO Expects Acquisition Pace To Remain Brisk in 2016
Ramin Kamfar, chairman and CEO of Bluerock Residential Growth REIT, Inc. (NYSE: BRG), joined REIT.com for a CEO Spotlight video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
Bluerock acquires institutional-quality apartment properties in growth markets across the United States.
QTS Realty Trust CEO Says Carpathia Integration Proceeding Smoothly
Chad Williams, president and CEO of QTS Realty Trust, Inc. (NYSE:QTS) joined REIT.com for a CEO Spotlight video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
Earlier this year, QTS acquired Carpathia Hosting, a Virginia-based colocation, cloud and managed services provider for $ 326 million.
Williams said the integration of Carpathia is proceeding well.
QTS’s lead executive on the integration is Peter Weber, chief product officer, Williams explained.
Moody’s Analyst Says REIT Credit Profiles Stable
Merrie Frankel, vice president and senior credit officer at Moody’s Investors Service, joined REIT.com for a video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
Frankel discussed the outlook for REITs raising capital through unsecured debt. She noted that as of mid-November, REITs had issued $ 28 billion of unsecured debt, compared with about $ 31 billion for all of 2014.
Professor Sees Continued Flow of Funds to Real Estate
Cydney Donnell, director of real estate programs at Texas A&M University’s Mays Business School, joined REIT.com for a video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
Donnell shared her views on the state of the real estate cycle.
“I don’t really worry about it too much because I don’t think that’s the question,” Donnell said. Rather, Donnell stressed that a 35-year “supercycle” in the bond market supported by declining interest rates has fueled a surge of money flowing into real estate.
Retail REIT Inland Real Estate Agrees to $2.3 Billion Buyout
Inland Real Estate Corp. (NYSE: IRC), an owner of neighborhood, community and power shopping centers, said Dec. 15 that it has agreed to be purchased for approximately $ 2.3 billion by real estate funds managed by DRA Advisors LLC.
Upon completion of the all-cash transaction, which includes the assumption of existing debt, Inland will become a privately held REIT.