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Insights

Friday Market Recap

Weekly Assessment of Global Real Estate Trends

Rexford Industrial Realty

In the U.S.: June CPI was unchanged m/m versus a 0.1% m/m decline in May. The data fit in with recent trend of softer inflation readings that Fed has largely chalked up to idiosyncratic factors. Fed Chair Yellen did note this week there is some uncertainty about how much inflation will respond to tightening resource utilization. REIT Focus: Rexford

AIV and Palazzo

In the U.S.: June nonfarm payrolls increased 222K versus the consensus estimates of 178K. The unemployment rate unexpectedly ticked up to 4.4% from May’s 4.3% reading as more people started looking for work. REIT Focus: Apartment Investment and Management Company (AIV) announced that it acquired the remaining 47% interest in the Palazzo joint venture owned by institutional investors advised

Store Capital Corporation (STOR)

In the U.S.: The senate health care bill’s CBO score was released which projected that 22M Americans would lose their insurance coverage within a decade. The CBO also concluded that the bill would cut the deficit by $321B over the same time period. The Republican majority struggled to get support from five conservative senators and ultimately pulled the vote

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

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

2Q17 Capital Market Review

Politics provided plenty of entertainment during the quarter but looking back on the past three months, nothing much has really happened and the effect of politics on the financial markets have been ephemeral. President Trump firing FBI director Comey might have created a media firestorm and a sharp one-day drawdown in the equity markets but it may end up

Amazon’s $13.7 Billion Step into Bricks & Mortar

Last Friday, e-commerce juggernaut Amazon announced an agreement to acquire Whole Foods Market in an all-cash transaction valued at $13.7 billion. Whole Foods Market generated sales of nearly $16 billion in 2016 across more than 460 stores in the U.S., Canada and the U.K., which represents an estimated 2.5% share of the entire grocery industry. Share prices of competing

1Q17 Capital Market Outlook

There are a number of mitigating factors keeping a lid on the 10-Year Treasury Note yield: “monetary offset,” global yield differentials and the possibility that Trumpflation may disappoint in actuality. Thus far, the legislative accomplishments of President Trump and a unified Congress have been underwhelming. After demonizing Obamacare for the past seven years, Speaker Ryan and the Republican House