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Capital flows into the REIT sector from domestic and international investors remain robust, according to a panel of industry figures at REITWorld 2014: NAREIT’s Annual Convention for All Things REIT.
The panelists also said the limited supply of real estate assets is pushing valuations higher.
“Capital is chasing a relatively few number of assets,” said Louis Taylor, senior vice president at Paulson & Co., Inc. “Prices are fair to pretty full.”
Capital raising by U.S. Equity REITs for most of 2014 has trailed the record levels seen a year earlier, a sign that management teams are taking a disciplined approach to raising new equity, according to observers.
SNL Financial reported this week that capital raised by U.S. Equity REITs dipped to $ 51 billion for the year through Oct. 17, trailing the record-setting $ 56 billion raised during the same period in 2013.
Mark Decker Jr., group head of U.S. real estate, lodging and leisure at BMO Capital Markets, joined REIT.com for a video interview during REITWeek 2014: NAREIT’s Investor Forum, held in New York.
Decker was asked which REIT sectors seem to be most active in the capital markets at this time.
“With the index up close to 15 percent right now, everybody is active and looking. It feels like [the office sector] has got some more wind in its sails. I think retail has some good wind in its sails,” he replied.
Kevin Shields, chairman and CEO of Griffin Capital Corp., joined REIT.com for a CEO Spotlight video interview during REITWeek 2014: NAREIT’s Investor Forum, held in New York.
Griffin Capital is a privately held investment and management company that sponsors real estate investment platforms.
Paul Adornato, managing director with BMO Capital Markets, joined REIT.com for a video interview during REITWeek 2014: NAREIT’s Investor Forum, held in New York.
Adornato reviewed the conditions that REITs have faced within the capital markets so far this year.
“The capital markets have been open for the REITs both on the equity side and on the debt side,” Adornato stated. On the equity side, large follow-on offerings have occurred this year, he said, in addition to a number of initial public offerings (IPOs).
Byron Boston, president, CEO and co-chief investment officer of Dynex Capital, Inc. (NYSE: DX), joined REIT.com for a CEO Spotlight video interview during REITWeek 2014: NAREIT’s Investor Forum, held in New York.
Boston was asked to explain the investment philosophy behind the mortgage REIT.
“Our overall philosophy is one of executing a simple strategy with a keen eye on managing our overall risk exposure,” he explained.
Luke Zubrod, director of risk and regulatory advisory services with Chatham Financial, joined REIT.com for a video interview during REITWise 2014: NAREIT’s Law, Accounting and Finance Conference held in Boca Raton, Fla.
Zubrod was asked about the dialogue surrounding the appropriate level of leverage for REITs and the stakes related to the decisions that REITs make regarding their interest rate exposure.
