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Insights

Friday Market Recap

Weekly Assessment of Global Real Estate Trends

Industrial Logistics Properties Trust (ILPT)

North America In the U.S.: December headline CPI increased 0.1% m/m versus 0.4% m/m increase in November. The report pushed the y/y rate of growth down to 2.1% from 2.2%. December headline retail sales increased 0.4% m/m versus an upwardly revised 0.9% gain in November. Despite the headline miss, the result was consistent with a fairly upbeat holiday shopping

Welltower, Inc. (HCN)

North America In the U.S.: December nonfarm payrolls rose by 148K, below the expected 190K and much lower than November’s revised 252K gain. Of note, the retail sector lost 20K jobs, while health care, construction, and manufacturing saw gains. REIT Focus: Welltower Inc. (HCN) entered into an agreement to acquire a portfolio of Sunrise Assets for $368M. The portfolio

Welltower Inc. (HCN) Partnered with Simon Property Group (SPG)

In the U.S.: President Trump’s interview with NYT largely reiterated his existing views on a range of However, Trump expressed disappointment with reports China has been shipping oil to North Korea, but was vague on how he was going to deal with the situation. REIT Focus: Welltower Inc. (HCN) has partnered with Simon Property Group (SPG) to bring world

Featured Global Market Reports

Browse finance headlines from around the globe we’re keeping an eye on

The Benefits of Global Investing

With 2013 behind us, it is worth noting that Europe was the top performing global region within the FTSE EPRA/NAREIT Developed Index. Europe’s total return greatly exceeded those of Asia and North America, for dollar denominated investors, although Asia was the best performing region on a local currency basis. Europe’s strong performance comes on the heels of a good

Mexico: The Rise of Fibra

We conducted three days of due diligence on the nascent REIT industry in Mexico (two days in Mexico City and one in Monterrey), our itinerary filled with back-to-back meeting with management teams of five of the seven exiting Mexican REITs, called Fideicomisos de Infrastructura y Bienes Raices or Fibras for short. Our discoveries: Mexico is experiencing a manufacturing renaissance. 

A Greek Tragedy…or is it a Comedy?

A Greek Tragedy… or is it a Comedy? Clearly, it is a little of both. As the new Greek government fails to form a coalition, the entire “progress” of the Troika’s (IMF/ECB/EC – and Germany) negotiations reverts back to uncertainty and talk of a Greek exit from the Euro. It is comical that Greece can hold the entire Eurozone

UK CEO Panel Talks London Market

Our European analyst recently attended the BAML UK Real Estate conference in London.  One of the panel discussions involved five CEOs of prominent UK REITs talking about the state of the London real estate market.  The panelists were John Burns (DerwentLondon), Chris Grigg (BritishLand), David Atkins (Hammerson), David Fischel (Capital Shopping Centers), and now retired Francis Salway (Land Securities).

Domestic & Capital Market Insights

What’s happening at home, outlooks & reviews

3Q17 Capital Market Outlook

Third Quarter 2017 is the fifth in a row that the Wilshire US REIT Index has underperformed the S&P 500 Index, an unprecedented losing streak based primarily on the assumption that deregulation and tax cuts at home and a broad based economic recovery abroad will jump start an economy (and earnings) in its eighth year of expansion, leading to

3Q17 Capital Market Review

Global synchronous recovery seems to be the financial community’s mantra for 2017, used to ward off evil spirits associated with tightening monetary policy, particularly in the US. Although Balkanization across the globe and climate change pose great long-term threats, their symptoms (Charlottesville, Catalonia and the severity of Hurricanes Hugo and Irma) resulted in only short-term market volatility and, thus

Amazon-Whole Foods Merger Casts Smaller Shadow Over Retail REITs

Amazon’s (AMZN) announcement on the morning of June 16, 2017 that it had entered into an agreement to acquire Whole Foods Market (WFM) for $42 per share in an all-cash transaction valued at $13.7 billion was positively received by shareholders of both companies. WFM shares ended the day up 29.1% (above the acquisition price in anticipation of a competing/higher

2Q17 Capital Market Outlook

If the dual mandate of the FOMC is full employment and stable price (i.e. fighting inflation) and the FOMC’s preferred measure of inflation, the core personal consumption expenditures price index (“PCE”) is tipping downward by their own admission, why is the FOMC continuing on their tightening path? Well, the FOMC’s Philips Curve models say so. Named after a British