Joeli viidatud artikkel võtab hästi kokku sektorit vaevama hakkavad probleemid, mis ei ole seotud ainult nõudluse vähenemise vaid ka probleemidega laenude refinantseerimisel. Seal on ka hea ülevaade erinevate asjatundjate kommentaaridest.
viimased päevad on REIT selgelt underpeformer olnud
Ma olen (USA) ärikinnisvara karu juba olnud mõnda aega (IYR shortimisega sai küll liiga vara alustatud) ja ma speedyga üsna nõus, sel turul läheb veel tükk aega halvemaks enne kui paremaks hakkab minema, 15 target IYR puhul tundub realistlik.
Doug Kass: Renting a Long in BXP
2/17/2009 2:15 PM EST
Buying Boston Properties is a bet that Citi remains a ward of the state, pays its rental bills and stays 'independent.'
Citigroup (C) is probably Boston Properties' (BXP) largest tenant.
Buying Boston Properties is a bet that Citigroup remains a ward of the state, can pay its rental bills and that it stays "independent."
I am making these assumptions now, and with that, I am renting a long in Boston Properties at $37.50 a share , down another 10% today and down about 77% from 2008's high.
Position: Long BXP
2/17/2009 2:15 PM EST
Buying Boston Properties is a bet that Citi remains a ward of the state, pays its rental bills and stays 'independent.'
Citigroup (C) is probably Boston Properties' (BXP) largest tenant.
Buying Boston Properties is a bet that Citigroup remains a ward of the state, can pay its rental bills and that it stays "independent."
I am making these assumptions now, and with that, I am renting a long in Boston Properties at $37.50 a share , down another 10% today and down about 77% from 2008's high.
Position: Long BXP
on vahepeal midagi põnevat toimunud? pole eriti olnud võimalust jälgida
GGP paistab olevat esimene, kes varsti pillid kotti paneb
põhjuseks suur võlakoorem ning probleemid refinantseerimisega, õigemini see on vist täna üsna võimatu
varsti hakatakse kogu sektorit "sellise" pilguga vaatama
GGP paistab olevat esimene, kes varsti pillid kotti paneb
põhjuseks suur võlakoorem ning probleemid refinantseerimisega, õigemini see on vist täna üsna võimatu
varsti hakatakse kogu sektorit "sellise" pilguga vaatama
short BXP
ref. Doug Kass:
"Buying Boston Properties is a bet that Citigroup remains a ward of the state, can pay its rental bills and that it stays "independent." "
ref. Doug Kass:
"Buying Boston Properties is a bet that Citigroup remains a ward of the state, can pay its rental bills and that it stays "independent." "
GS analüüs REIT sektori kohta 24.02
http://www.reitwrecks.com//GS%20REITS.pdf
What we need to see to become more positive on REITs/Commercial Real Estate.
In short, we still think it is too early to call the bottom for REITs, given the many concerns we have discussed, most directly the
large amount of CRE debt coming due through 2013 (more than $1.6 trillion). We will continue to closely monitor the CMBS and
unsecured markets, as any near-term recovery in credit could force us to change our view as REITs gain access to debt at better-
than-expected pricing.
http://www.reitwrecks.com//GS%20REITS.pdf
What we need to see to become more positive on REITs/Commercial Real Estate.
In short, we still think it is too early to call the bottom for REITs, given the many concerns we have discussed, most directly the
large amount of CRE debt coming due through 2013 (more than $1.6 trillion). We will continue to closely monitor the CMBS and
unsecured markets, as any near-term recovery in credit could force us to change our view as REITs gain access to debt at better-
than-expected pricing.
muidu rohkem meelelahutus, siis aeg ajalt on siin ka asjalikku sisu
lühike ja hea ülevaade erinevatest kommertskinnisvara tickeritest:
http://www.ibankcoin.com/flyblog/index.php/2009/03/21/the-current-state-of-cre/
ärge unustage ka videot seal lõpus - revolution emerging!
lühike ja hea ülevaade erinevatest kommertskinnisvara tickeritest:
http://www.ibankcoin.com/flyblog/index.php/2009/03/21/the-current-state-of-cre/
ärge unustage ka videot seal lõpus - revolution emerging!
JP Morgan:
REIT Credit Update: Upgrading sector to Overweight from Neutral - Mark Streeter - We are
upgrading our REIT credit recommendation to Overweight from Neutral. Our decision is based on the
following catalysts: The positive market implications from the introduction of the PPIP program
(“unclogging the toilet”). The TALF expansion (legacy, not just new, AAA CMBS eligible, Simon and
perhaps others to issue single borrower secured deals?) Our colleague Alan Todd’s AAA CMBS
upgrade to Overweight (we still prefer AAA CMBS to BBB REITS at similar current spreads, but the
AAA CMBS rally should stimulate some REIT spread tightening). Simon’s successfully placed
unsecured bond offering (a good precedent given high yieldinvolvement and the limited impact on
secondary spreads).
REIT Credit Update: Upgrading sector to Overweight from Neutral - Mark Streeter - We are
upgrading our REIT credit recommendation to Overweight from Neutral. Our decision is based on the
following catalysts: The positive market implications from the introduction of the PPIP program
(“unclogging the toilet”). The TALF expansion (legacy, not just new, AAA CMBS eligible, Simon and
perhaps others to issue single borrower secured deals?) Our colleague Alan Todd’s AAA CMBS
upgrade to Overweight (we still prefer AAA CMBS to BBB REITS at similar current spreads, but the
AAA CMBS rally should stimulate some REIT spread tightening). Simon’s successfully placed
unsecured bond offering (a good precedent given high yieldinvolvement and the limited impact on
secondary spreads).
American International Group Inc., whose spending is being monitored by the Federal Reserve, has cut or delayed payments to some AIG real-estate ventures, potentially leaving shopping centers and apartment complexes across the U.S. short on cash to pay lenders and fund repairs and renovations, according to court documents and people familiar with the matter.