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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.
Gilbert Menna, partner and chair of Goodwin Procter’s real estate capital markets group and co-chair of its REITs practice, joined REIT.com for a video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
Menna discussed the pace of REIT privatizations. He noted that while the current rate does not match that seen in the period from 2005 to 2007, it has been supported by a steady flow of private capital.
Arlen Nordhagen, co-founder, president and CEO of National Storage Affiliates (NYSE: NSA), 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.
NSA, which went public in April, currently owns 277 self-storage facilities located in 16 states with approximately 15.8 million rentable square feet of space. Nordhagen discussed operational growth trends.
Steve Buller, portfolio manager at Fidelity Investments, joined REIT.com for a video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
Buller said 2015 has lived up to his initial expectations of being a year with a high level of transaction activity within the REIT industry. A major reason behind that has been the fact that REITs have been trading at a discount to net asset value (NAV) throughout the year.
Andrew Silberfein, president and CEO of Rouse Properties (NYSE: RSE), 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.
Jackson Hsieh, vice chairman at Morgan Stanley, joined REIT.com for a video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
In the March/April edition of REIT magazine, Hsieh said that while the market for traditional IPOs is still open, the bar is “very high.” In the subsequent months the bar for REIT IPOs has only got higher, he noted.
With REIT indexes basically flat, investors aren’t making money on existing floated companies, Hsieh said.
Ed Fritsch, president and CEO of Highwoods Properties, Inc., and NAREIT’s 2016 chair, joined REIT.com for a video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
Fritsch provided an overview of the current state of the REIT industry.
David Toti, managing director and senior equity research analyst in the real estate group of BB&T Capital Markets, joined REIT.com for a video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
Toti was asked whether interest rates will continue to be a key topic of conversation for REITs in 2016.
“Absolutely. Interest rates will always be part of the conversation of an asset that is levered, particularly after a very long period of ultra-low rates because of global liquidity forces,” Toti responded.
In the latest edition of Fundamentally Speaking, Calvin Schnure, NAREIT’s senior vice president for research and economic analysis, said NAREIT’s T-Tracker series highlights a “solid, sustained” performance for the REIT industry in the third quarter.
NAREIT’s T-Tracker is a comprehensive measure of operating performance for the total listed REIT industry. It looks at funds from operations (FFO), net operating income (NOI) and total dividends paid and reports the data on a quarterly basis.
Jim Sullivan, managing director at Green Street Advisors, joined REIT.com for a video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.
Sullivan addressed the factors behind the current interest in REIT spinoffs.
“Real estate prices have never been higher,” Sullivan said. He noted that the Green Street Commercial Property Price Index concludes that real estate pricing in the United States is on average 20 percent higher than at the 2007 peak. “High prices are a primary driver.”
