2013年6月6日星期四

Real Estate Credit Markets Are Stable and

Merrie Frankel, vice president and senior credit officer with Moody’s Investor Service, joined REIT.com for a video interview in Chicago at REITWeek 2013: NAREIT's Investor Forum.
Frankel described the state of real estate credit markets today.
“I think the real estate credit markets are doing very, very well,” she said. “They’re stable and liquid, despite the uncertain macroeconomic environment.”
Frankel also gave some insight into the challenges that come with rating new companies.
"The challenges are primarily for the companies in understanding us and what we are looking for,” she said. “We have a methodology with about 16 elements, qualitative as well as quantitative, so setting themselves up to be rated and looking at their debt maturity schedule. I would say probably the number one issue is how much secured debt they have, because we do look at the amount of secured debt to gross assets.”
In 2012, a number of REITs were focused on de-leveraging their balance sheets. Frankel was asked if REITs have that same focus in 2013.
“The answer is actually yes and no. On the one hand, companies realized as a result of the recession that having less leverage is good,” she said. “But to the question are companies de-leveraging, I’m not quite sure as much as we thought they might. What’s happening is when you’re redeeming the old or issuing new at lower interest rates, you bring down your interest costs, your fixed charge coverage is going to get better and your net debt dividend is going to get better, but you overall leverage number will not necessarily change."

Roth, Simon Talk Challenges, Opportunities for Retail REITs

Steven Roth, chairman and CEO of Vornado Realty Trust (NYSE: VNO), and David Simon, chairman and CEO of Simon Property Group (NYSE: SPG), participated in a panel discussion at REITWeek 2013: NAREIT’s Investor Forum that had them offering candid thoughts on topics ranging from how their companies have evolved to the impact of the Internet on retail REIT to politics.

Simon said that since Simon Property Group went public 20 years ago, he has been most surprised by the growth in the size of his company and the REIT industry in general.

“I would never have predicted the size of the company when we went public. Not just us, but Vornado and a host of other companies,” he said. “In the late 1990s we were just trying to make smart deals. It’s really surprising that the whole industry has gotten to the size it is.”

Roth said the “dire” state of the real estate industry in the mid-'90s proved to be a formative period for his company.

“We changed in the past 15 or 20 years to constantly seek assets that are out of favor,” Roth said. “We started to go into New York City office in a very large way.”

Both CEOs agreed that the advent of the Internet has both challenged retail REITs and provided opportunities for the sector. Simon said online sales will ultimately accelerate the obsolescence of bad retailers. On the other hand, stronger properties with successful retailers will get stronger, according to Simon, who said mall owners should embrace what technology can offer consumers.

“Hopefully, over time, the mall owner will be able to introduce technology to make the shopping experience a better environment for them,” he said.

However, Simon predicted a change in the way consumers choose to interact with one another. He said the millennial generation prefers physical interaction, as opposed to social networking.

“That’s what we have the potential to deliver in a number of our shopping centers,” he said. “I actually think there will be a movement toward going back to the basics. There will be a social movement to looking up, as opposed to looking down at your PDA.”

On a related note, Simon and Roth agreed that the adoption of the Main Street Fairness Act, federal legislation that would allow states to require online retailers to collect and remit sales and use taxes on purchases by residents of those states, is needed to level the playing the field for bricks-and-mortar retailers.

The REIT CEOs also agreed that Federal Reserve Chairman Ben Bernanke deserves more credit than he has received for his stewardship of the national economy.

“In my personal opinion, what the Fed has done has been remarkable,” Simon said. “The fact that our economy is reasonably stable, given all of the atmospherics that are going to and have occurred in Washington, is a direct result of Ben Bernanke.”

“The single most important thing going on in the capital markets is 0 percent interest rates,” Roth said.

Roth also discussed the struggling J.C. Penny’s chain and Vornado’s decision to invest in the retailer.

“J.C. Penny’s was a mistake," he said. "We have a history of investing in retailers and have had an enormous amount of success. We lost some money, and thank God our company can withstand the loss. We admit the loss and we moved on."

Roth added that the retailer has made management changes and moves to bolster its capital position. “We have a high degree of confidence and optimism that JC Penny's will move its operations and flourish again,” he said.

NAREIT Announces 2013 Investor CARE Award Winners

The winners of NAREIT’s 2013 Investor CARE Awards were announced on June 6 in Chicago at REITWeek 2013: NAREIT’s Investor Forum. It marked the 13th year that NAREIT has handed out the annual awards, which honor excellence in communications and reporting to shareholders.

Steve Wechsler, NAREIT’s president and CEO, announced the companies that had been recognized for their annual reports and websites.

The Gold Award in the “Annual Report - Management Discussion and Analysis” category went to Home Properties Trust (NYSE: HME). The Silver Award was given to SL Green Realty Corp. (NYSE: SLG) and the Bronze Award went to First Potomac Realty Trust (NYSE: FPO).

In the “Annual Report - Presentation and Design” category, Camden Property Trust (NYSE: CPT) received the Gold Award. The Silver Award went to Health Care REIT, Inc. (NYSE: HCN). Duke Realty Corp. (NYSE: DRE) won the Bronze Award.

Camden Property Trust is celebrating its 20th year as a public company, and Kim Callahan, senior vice president of investor relations, said the latest annual report was created to recognize the anniversary.

“We always tried to keep our annual report a little outside of the box and do something a little different and keep it fresh, especially at this point in the game as our annual report has gone from a very large text and narrative type of document into basically a very long financial SEC document,” she said.

The Gold Award in the “Website” category went to Kimco Realty Corporation (NYSE: KIM). The Silver Award went to American Tower Corporation (NYSE: AMT), while Campus Crest Communities, Inc. (NYSE: CCG) received the Bronze Award.

“When we set out to redesign our website some time ago, we knew it didn’t just have to look pretty. It also had to be functionally operational and user friendly,” said David Bujnicki, Kimco’s vice president of investor relations and corporate communications.

The NAREIT CARE Awards are judged by an independent panel of REIT securities analysts and portfolio managers.
This year’s judges included: Dave Aubuchon, research analyst, Kennedy Capital Management; the Chilton REIT team of Bruce G. Garrison, managing director, and Matthew R. Werner, portfolio manager and analyst; Eden Levinson, senior vice president, Harrison Street Securities, LLC; Keven Lindemann, director-real estate group, SNL Financial LLC; Neil Malkin, associate-REIT Equity Research, U.S. Apartments, Lodging & Self Storage, RBC Capital Markets; and the ICR team of Brad Cohen, senior managing director, Shannon Devine, senior associate, Kara Guaraldi, senior vice president, Taylor Krafchik, associate, Rodny Nacier, senior vice president, Jeremy Pinchot, senior vice president, Steve Swett, managing director, and Nikki Sacks, managing director.

《Fund眼看天下》進入升息循環，適合投資REITs

回應(0) 人氣(1843) 收藏(0) 2013/05/24 19:06

精實新聞 2013-05-24 19:06:06 記者徐伯豫報導

全球主要央行極力打造低利環境，使市場上的資金流動性充沛，對於全球不動產/REIT業者來說，後市表現有極大加分效果。另外，就產業部分來看，基本面及企業面數據均持續轉佳，資金面未見退燒跡象，且多數公司財務狀況均較金融海嘯前顯著改善，故投信業者均看好全球不動產/REIT業者的表現空間。

REITs今年以來的表現仍較各類資產類別強勁，再加上全球資金寬鬆，元大寶來投信持續看好REITs的投資價值，元大寶來全球不動產證券化基金經理人吳宗穎表示，就總體面來看，失業率下降、企業願意擴張，工業型與辦公大樓REITs先受惠，而在工作收入提高後，消費型REITs才會暢旺；且當房價上升後，資產價格亦見上升。另一方面，就景氣循環來看，2009~2012年屬停滯性通膨，適合投資高收益債、投資等級債、REITs，而2013~2014年後，因全球將進入升息循環，適合投資REITs、股市。

吳宗穎指出，就基本面來看，REITs在升息週期的成長有三大主軸，像是承租率上升，美國辦公大樓空置率目前高達25%；其次為租金提高，新加坡商辦租金僅為2007年之60%；最後是建物價格上升，美國房價僅為2007年高點之60-70%，日本房價仍在底部，建物價格可望隨房市與商業活動增溫而上升。

就價值面觀察，REITs多頭可持續至景氣循環末期，根據歷史經驗，全球REITs多頭景氣循環期約為6~7年，自2008年金融海嘯以來，全球REITs反彈才歷經2年，升息循環尚未開始，預期未來至少還有4~5年多頭榮景可期。另外，REITs相較高收益債與全球股市便宜，高收益債目前價格已超過2007年高點之71%，全球股市低於2007年低點2%，而全球REITs指數僅為2007年高點81%。

另外投資人所關注的，就是今年以來美國REITs漲幅驚人的情勢。台新北美收益資產證券化基金經理人林瑞瑤表示，雖然今年美國REITs漲幅高達近2成，但離2006年底的高點仍有3成的彈升空間，與亞洲、歐洲的REITs比較，位置相對偏低。且就美國整體大環境分析，美國房市目前處於庫存偏低、房價漲勢由中西部擴展至東北部、銷售持續熱絡等良性循環中，加上價格仍被嚴重低估約20%，配合美國低利政策的延續，預期美國房市復甦之路將持續至2015年，北美REITs市場未來三年仍有大好行情。

群益全球不動產平衡基金經理人李運婷則指出，美國4月成屋銷售來到近三年半來最高水準，顯示其房市正在穩定復甦中，早先全美不動產協會表示，4月成屋銷售增長0.6%，年率達497萬戶，為2009年11月以來最高水準。而澳洲REITs擁有高股息率，在市場波動中有助於投資組合的穩定度；而亞洲部分，中、港、星房價持續上揚，中長期市場購屋剛性需求依舊強勁，可望推升資產價格溫和成長。

瀚亞亞太REITs 基金經理人方定宇說，北美地區熱門的REITs標的涵蓋零售業不動產與辦公室不動產，但在亞洲區，辦公室不動產REITs主要集中在澳洲與日本；而在零售業不動產部分，重點卻在新加坡與澳洲；而不動產開發REITs目前則以亞洲較熱門。只要全球利率維持在低水準，經濟也呈緩步復甦的態勢，REITs就能以其高於公債的股利率、以及比股票更低的波動率，吸引機構法人與投資人的青睞。整體而言，全球多數區域景氣處於溫和復甦軌道上，加上全球主要央行維持低利率環境，有利於REITs對資金的吸引力。

各區域REITs股息率比較

資料來源：UBS、Bloomberg； 2013/4/29 表格整理：群益投信

全球主要REITs地區表現及股利率

國家	2012年漲跌	2013年以來漲跌	股利率
美國	18.0%	18.8%	3.2%
日本	68.0%	50.6%	4.0%
新加坡	55.8%	7.0%	5.1%
香港	43.4%	4.2%	4.3%
澳洲	32.2%	16.9%	5.2%
歐陸	25.9%	12.7%	4.5%
英國	28.0%	19.0%	3.2%

資料來源：Bloomberg（2013/5/17）註：依據富時系列指數計算報酬表現

美國精研REITs擁有25年經驗的GSA（Green Street Advisor）董事總經理Adam Markman日前來台，他預期REITs多頭格局將延續，並進一步指出，投資商用不動產1年時間可提供無槓桿投資報酬率約7%左右，相對市場其他工具的投資報酬率還高。

另一方面，在新均衡世界中，REITs將比債券市場得到更多的投資比重，目前REITs價格趨向合理區間中值，況且透過次產業相對價格分析，將有助於基金在各次產業的資產配置，目前從評價模型態勢來看，較具防守性的購物中心與公寓型REITs已浮現投資吸引力。

針對REITs的投資建議，ING全球不動產證券化基金經理人葉菀婷表示，目前台灣主管機關所核准的全球或區域型不動產相關基金投資內容不盡相同，若該基金持股中開發商和建商比例偏高，則波動度可能會相對較高，因而建議以定時定額做配置；然若該基金主要投資標的為REIT，在目前REIT業者租金收入年增率仍呈現正成長且空置率持續下滑的情況下，REIT後市表現並不看淡，因此建議投資人亦可用單筆投資的方式在整體資產中進行配置。

瀚亞投資也建議投資人，由於房地產投資跟REITs投資不一樣，房地產投資收益主要集中在購買物件的增值性，但是REITs投資卻是以租金收益變化對股票價格的累積收益為主；兩者的分析變數不同，走勢也有落差，因此房市熱跟REITs投資熱並沒有直接相關，有時房市過熱反而對REITs還有負面影響，這是投資人要建立的觀念。

近期REITs基金表現

基金名稱	三個月(%)	六個月(%)	一年(%)	三年(%)
元大寶來全球地產建設入息基金-配息	15.26	25.09	29.72	19.67
元大寶來全球地產建設入息基金-不配息	15.09	24.49	28.42	19.11
元大寶來全球不動產證券化基金A不配息	14.79	27.99	39.14	42.56
元大寶來全球不動產證券化基金B配息	14.68	28.05	39.05	42.68
瑞銀亞洲全方位不動產基金	12.67	28.30	43.25	51.13
未來資產亞太不動產證券化基金A不配息	11.29	16.69	33.24	44.36
第一金全球不動產證券化基金A不配息	11.29	21.99	31.35	33.15
第一金全球不動產證券化基金B配息	11.29	21.99	31.34	33.18
未來資產亞太不動產證券化基金B配息	11.25	16.67	33.19	44.43
瀚亞亞太不動產證券化基金A不配息	9.84	20.04	39.58	58.35
瀚亞亞太不動產證券化基金B配息	9.82	20.11	39.58	58.28
安泰ING全球不動產證券化基金-累積型	9.63	17.45	22.15	30.69
安泰ING全球不動產證券化基金-月配型	9.52	17.22	22.02	30.40
復華全球資產證券化基金B配息	8.87	13.33	16.26	19.41
復華全球資產證券化基金A不配息	8.78	13.25	16.17	19.37
群益全球不動產平衡基金B季配型	8.00	15.76	21.33	20.89
群益全球不動產平衡基金A累積型	7.94	15.96	21.32	21.12
富邦全球不動產基金	7.81	14.36	21.94	21.76
台新北美收益資產證券化基金-B配息	7.28	14.13	N/A	N/A
台新北美收益資產證券化基金-A不配息	7.13	14.30	10.90	39.25
聯博亞太地產基金B配息	3.54	12.47	29.00	38.51
聯博亞太地產基金A不配息	3.49	12.42	28.89	35.17

資料日期：2013/04/30，資料來源：FundDJ

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REITs退燒傳Colony American Homes擬延後IPO

回應(0) 人氣(220) 收藏(0) 2013/06/05 12:53

精實新聞 2013-06-05 12:53:17 記者陳苓報導

不動產投資信託類股(REITs)賣壓沉重，市場擔憂美國利率將逐步回升，REITs的高股息將漸失吸引力。消息人士透露，獨棟房屋投資公司Colony American Homes Inc.原定5日在紐約證交所以「CAHS」代號首次公開發行(IPO)，但因市況不佳將延後上市。

道瓊社和Seeking Alpha報導，Colony American Homes Inc.預定以11.50-13美元之間的價格發行2,000萬新股、籌資2.45億美元。低利年代，REITs因將多數課稅所得當成股息發派給持股人，成了債券以外的投資新選擇。但近來因利率上漲可能性增加，使這兩週來REIT類股賣壓湧現。

REITs 表現慘澹， American Residential Properties Inc. 5月IPO價格落在預定價低檔，上市以來股價已下跌8.6%。Colony American Homes Inc.去年成立，專門收購中高檔住宅區的房舍。4月30日為止，該公司在全美9州擁有9,931戶房屋的全部或部分股權。

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2013年6月4日星期二

2013年5月13日星期一

The Link REIT 領匯企業短片 (普通話版)

How To Invest In Real Estate With REIT's

2013年3月26日星期二

Oscar Winner Rick Carter, Daniel Radcliffe, Kristen Stewart

By Zac Gille

Kristen Stewart and Daniel Radcliffe with Oscar winner Rick Carter

Kristen Stewart and Daniel Radcliffe — Bella Swan and Harry Potter together at last — presented veteran production designer Rick Carter with the 2013 Academy Award for Best Art Direction for his work on Lincoln. (Jim Erickson was the film’s set decorator.) Directed by Steven Spielberg, Lincoln was in the running for 12 Academy Awards, winning only two: one for Carter and another for Best Actor Daniel Day-Lewis. Among the evening’s Lincoln losers were director Spielberg, veteran producer Kathleen Kennedy, supporting actress Sally Field, supporting actor Tommy Lee Jones, and screenwriter Tony Kushner. (Photo: Daniel Radcliffe and Kristen Stewart with Oscar-winning production designer Rick Carter. Please scroll down for more Kristen Stewart images.)

Rick Carter had previously won an Academy Award for James Cameron’s Avatar(2009), shared with production designer Robert Stromberg and set decorator Kim Sinclair. Carter received two other Oscar nominations: for Steven Spielberg’s War Horse (2011) and Robert Zemeckis’ Forrest Gump (1994).

Among the other Rick Carter / Steven Spielberg collaborations are Munich, A.I.: Artificial Intelligence, War of the Worlds, The Lost World: Jurassic Park, Amistad, and Jurassic Park. Carter’s collaborations with Robert Zemeckis include What Lies Beneath, Cast Away, The Polar Express, and Death Becomes Her.

Kristen Stewart

Kristen Stewart is the female lead in the Twilight Saga franchise, co-starringRobert Pattinson and Taylor Lautner. Stewart’s stardom soared in 2008, with the release of Catherine Hardwicke’s Twilight; it was later solidified via four sequels: Chris Weitz’s New Moon, David Slade’s Eclipse, and Bill Condon’s Breaking Dawn Part 1 and Breaking Dawn Part 2. Generally derided by critics, the Twilightmovies have been immensely popular worldwide.

Besides Bella Swan, Kristen Stewart recently played another iconic character, Snow White, in what may turn out to be the first movie in a mini-franchise, Snow White and the Huntsman, directed by Rupert Sanders, and co-starring Chris Hemsworth and Charlize Theron. Other Kristen Stewart movies include Walter Salles’ On the Road, with Garrett Hedlund and Sam Riley; Floria Sigismondi’sThe Runaways, with Dakota Fanning; Greg Mottola’s Adventureland, with Jesse Eisenberg and Ryan Reynolds; and David Fincher’s Panic Room, with Jodie Foster and Forest Whitaker.

Kristen Stewart currently has three films reportedly in pre-production: Snow White and the Huntsman 2, with Chris Hemsworth, and not to be directed by Rupert Sanders for obvious reasons (no director has been announced so far); Glenn Ficarra and John Requa’s Focus, which was to have co-starred Ben Affleck, who has since dropped out of the project (no new leading man has been announced so far); and Steven Shainberg’s The Big Shoe, featuring Elizabeth Banks and Jim Sturgess.

Daniel Radcliffe

Daniel Radcliffe became one of the highest-paid actors in the world following the phenomenal success of the Harry Potter movie franchise, which ended with David Yates’ Harry Potter and the Deathly Hallows Part 2, co-starring Emma Watson, Rupert Grint, and Ralph Fiennes, in summer 2011. Since then, Radcliffe has been seen in James Watkins’ mystery / horror thriller The Woman in Black, which became a surprising international box-office hit.

Next in line for Daniel Radcliffe are John Krokidas’ Kill Your Darlings, in which he plays gay poet Allen Ginsberg opposite Ben Foster, Elizabeth Olsen, Dane DeHaan, Jennifer Jason Leigh, Kyra Sedgwick, and Michael C. Hall; Michael Dowse’sThe F Word, with Amanda Crew, Adam Driver, and Rafe Spall; and Alexandre Aja’sHorns, with BAFTA Orange Rising Star winner Juno Temple, Kelli Garner, and James Remar.

Kristen Stewart, Oscar winner Rick Carter, Daniel Radcliffe

Kristen Stewart on the Oscar red carpet

Kristen Stewart on the Oscar 2013 red carpet

Top photo, featuring Kristen Stewart, Daniel Radcliffe, and Oscar winner Rick Carter: Matt Petit / ©A.M.P.A.S. Kristen Stewart, Oscar winner Rick Carter, and Daniel Radcliffe, with giant Oscar statue behind them: Heather Ikei / ©A.M.P.A.S. Kristen Stewart on the Oscar 2013 red carpet photos: Sara Wood / ©A.M.P.A.S.