Real Estate Analytics: U.S. Housing Dynamics
Draft legislation in D.C. to phase out Fannie & Freddie and establish a new finance system is anchored by the creation of the FMIC, or Federal Mortgage Insurance Corp (think FDIC). Importantly, the FMIC would mean a continuation of the government guarantee on multifamily MBS - a positive for apartment owners.
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Special Report: Capital Allocation Roadmap for REITs
Allocating capital is one of the most important jobs of a REIT management team. In this report, Mike Kirby and Peter Rothemund advocate a simple, disciplined strategy for REITs to follow—grow when you are blessed with an NAV premium and shrink when you trade at a discount to NAV. By funding growth during “green-light” periods with a proportionate issuance of equity/debt or repurchasing stock/debt with proceeds from property sales when NAV discounts are present, REITs can permanently increase their NAV and create shareholder wealth.
2014 U.S. Mall Outlook
Cedrik Lachance and his team published the 2014 U.S. Mall Outlook, a new product within Green Street’s Real Estate Analytics product line. According to the report, the mall business is at an inflection point due to a sea change in consumer behavior. As a result, many lower-quality malls are likely to falter. The report includes 30 informative mall market snapshots that have never been published before.
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Mike Kirby Wins Graaskamp Award
Photo Courtesy of Michael Grecco
The James A. Graaskamp award aims to recognize people who, through significant research, contribute practical insights of immediate use to real estate decision makers.
Empire State Realty Trust (ESRT) is Second-Largest REIT IPO Ever
Empire State Realty Trust, a $5 billion office REIT concentrated in Manhattan and featuring the world-famous Empire State Building, priced its initial public offering (IPO) at the low end of the proposed range. Michael Knott and the Office team published three reports about the company. The new REIT offers things to like (e.g., lease-up opportunity, improving submarkets, good balance sheet) and ample things not to like (e.g., governance issues, execution risk, and challenges in valuing the ESB and the observatory).
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Barron’s Interviews Mike Kirby
Barron's Interviews Green Street Advisors
Michael Grecco for Barron's
Barron's recently talked with Green Street's president, Craig Leupold, and its director of research, Mike Kirby, about REIT valuations, leading stocks, popular exchange-traded funds and the merits of REITs versus private real-estate investments.
Barrons - REITs with the Right Stuff