| The daily source on REITs and real estate investment |  |
- Merrill execs say financial strength can be rebuilt
At a conference sponsored by UBS, Nelson Chai, chief financial officer of Merrill Lynch, and Eric Heaton, the company's treasurer, told analysts that the company has enough capital to pay off debt due next year and the ability to rebuild its financial strength. Chai said Merrill is focusing more on risk management, is comfortable with its balance sheet and sees opportunities ahead. Erin Callan, CFO at Lehman Brothers, said at the same conference that market conditions remain extremely challenging for investment banks. Reuters
(5/12), The Wall Street Journal (tiered subscription model)
(5/13)      
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- State Street preps REIT-focused ETFs
State Street said it is about to launch the third global exchange-traded fund focusing on REITs. Shares of The SPDR DJ Wilshire Global Real Estate ETF will come with an expense ratio estimated to be about 0.50%, which is less than its closest competitors. Global REITs have emerged in the past several months, prompting a variety of international-minded REIT funds. In addition to the REIT ETF, State Street also plans to launch The SPDR S&P International Mid Cap ETF, which was developed to track more than 850 companies. IndexUniverse.com
(5/13)
- Morgan Stanley launches investment vehicle with U.K. CRE focus
Morgan Stanley has launched four investment vehicles, including one that produces profits from the declining U.K. commercial property market. The Morgan Stanley U.K. Commercial Property Growth Plan 1 provides full return of capital at maturity and potential profits even if the commercial property market loses 35%. A new Asian fund is tied to the Hong Kong Hang Seng Index and the MSCI Taiwan Index. Two products are linked to FTSE 100 Index. Structured Products
(5/12)
- MBIA shares up on $2.4 billion loss
MBIA's first-quarter loss of $2.4 billion, or $13.03 a share, compares with a profit of $198.6 million in the first three months of 2007. On average, analysts estimated the troubled bond insurer would post a loss of 11 cents per share. MBIA said $3.6 billion in unrealized losses related to insured derivatives were included in the results. MBIA's share price climbed 4.5% as investors took a liking to the news, figuring the loss would not cost the agency its AAA-rating. The Wall Street Journal (tiered subscription model)
(5/13), CNBC/Reuters
(5/12)
- Immunity clause highlights hearing on ABCP plan
A Canadian judge is considering a plan sought by banks and others to restructure the $31.8 billion market in asset-backed commercial paper. Opponents want the judge to eliminate a clause that would provide immunity from lawsuits, even in cases of alleged fraud. The plan's supporters argue that changes are impossible. The judge said Monday that he thinks "one can't contract out of fraud." But he said he wanted to know whether any fraud lawsuits were projected. The Globe and Mail (Toronto)
(5/12)
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- Enterprise wants to convert to REIT by Oct. 1
Enterprise Inns, a British pub operator, said it could secure its status as a REIT as early as Oct. 1. "It would clearly be good if we can get it done by the beginning of the financial year and it's not impossible," Chief Executive Ted Tuppen said. Reuters
(5/13)
- Column: REIT share prices could be ready for a rebound
The domestic REIT sector sell-off may have been overdone, meaning REITs could be poised for a comeback. Jeff Schlegel, writing in a commentary for Financial Advisor, notes that the "FTSE NAREIT All REIT index lost nearly 18% last year, which underperformed the other major market metrics by a mile." Buying REITs at a discount can result in "extraordinary returns." Financial Advisor
(5/2008)
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REITWeek®: NAREIT's Investor Forum, June 4-6
REITWeek®: NAREIT's 2008 Investor Forum® is less than a month away, June 4-6. The event will once again be held at New York's Waldorf-Astoria hotel. In addition to presentations from more than 130 real estate companies, REITWeek® will feature informative panel discussions including top real estate professionals from around the globe. This year's sessions include detailed looks at the credit markets, the future of the economy and the state of the retail industry, among others. For a complete agenda and registration information, Click Here.
| Policy Watch | | |
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- Senate talks on foreclosure bill fall apart
Senate Republicans failed to reach an agreement with their Democratic counterparts as talks on a foreclosure bailout bill broke down in recent days. Senate Banking Committee Chairman Christopher Dodd, D-Conn., and the senior Republican on his committee, Richard Shelby, R-Ala., have been working to bridge divides on the bill for more than a month. Dodd introduced a new housing bill Monday that would help troubled borrowers trade mortgages with escalating monthly payments for more affordable loans backed by the federal government. The Washington Post
(5/13)
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