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Life Insurers 2010 Losses Estimated at $10B

December 18, 2009

Tweet Moody’s is estimating that life insurers will take a hit of about $10B on commercial real estate investments in 2010. The loss estimate is revised upwards from $7B, but the insurers will fare much better than banks. Insurers are also beginning to again increase their interest in commercial real estate as bond yields have […]

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Gulf States Takes Steps Toward Unified Currency

December 16, 2009

Tweet Several Gulf States are taking the steps necessary to create a pan-arab currency. The core group of countries consists of Saudi Arabia, Kuwait, Bahrain, and Qatar. The Gulf currency – dubbed “Gulfo” – is likely to track a global exchange basket and may ultimately float as a regional reserve currency in its own right. […]

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CMBS Delinquency Rate Continues To Rise; Inland Western Issues $500M CMBS Deal

December 10, 2009

Tweet CMBS loans delinquent beyond 30-days now stands at about 4.47% according to Moody’s. The low was reached in late 2007, at .22%. The number is up 46 basis points month-over-month. Hit the hardest is the hospitality sector, where the delinquency rate is at 7.8%. In other news, JPMorgan sold off $500M of CMBS for […]

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Pershing Square on The Outlook For Mall REITS

December 9, 2009

Tweet RetailTraffic Blog has posted a presentation by Bill Ackman’s Pershing Square Capital Management detailing the improving economic climate, and the optimism they feel with regards to well positioned mall REITs. There are certainly signs of economic activity bouncing back, but the months after this holiday season will be very telling. On a macro level, […]

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TARP Extended To October 2010

December 9, 2009

Tweet The Troubled Asset Relief Program (TARP) has been extended to October 3, 2010. Thanks to the newly found powers of the Treasury Secretary, Tim Geithner has the ability to extend the $700B bailout simply by deciding so. Republicans are being pretty vocal about the program recently and I suspect we will start to see […]

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Legislative Update: Congress Looking To Raise Carried Interest Tax

December 8, 2009

Tweet Congress is working on reforming (raising) taxes and one of the areas it is focused in on is carried interests. We discussed this earlier in March. This would cause real estate partnerships (GPs) to be taxed at ordinary income levels rather than the capital gains rate of 15%. Here’s an email I received from […]

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Tim Geithner on CNBC – Deficits Down in 2011

December 3, 2009

Tweet Treasury Secretary Tim Geithner was on CNBC. He talks about pockets of strength in the economy, including technology and exports. If those are the only two, we’re in trouble because those two are driven by a weak dollar and rebuilding of inventory channels. The basic strategy involves “going back to living within our means”. […]

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Property Tax Appeals: The Impact on Government, Landlord, and Tenants

November 22, 2009

Tweet Over 1,000 San Francisco property owners have filed petitions with the City of San Francisco to have their property taxes reduced. The same is for virtually every other city as property prices have fell dramatically. Jose Guevara is property manager for Crocker Galleria, which has requested a 62 percent reduction in its assessed value, […]

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Heading North – CA Unemployment Up To 12.5%; Santa Clara County 11.9%

November 20, 2009

Tweet The EDD released unemployment figures today, and the rate was up to 12.5% in October, a 20 basis point increase from September’s 12.3%. Last year, it was 8% in October signalling a 50% year-over-year increase! In raw numbers, year-over-year, we’ve shed nearly a million jobs in California alone total, nearly 700K if you look […]

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HNN Compiling List of Funds Targeting Hotels

November 19, 2009

Tweet HNN has begun to compile a list of funds seeking to invest in hospitality assets. The list compiled so far indicates that there is about $38B out there chasing hotels, though some $20B of that comes out of of Blackstone and Lone Star. Click the link before to go to the list. Given that […]

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