From the category archives:

High Yield REITs

REITs May Save $10 Billion With Stock Dividends; Strategy Spreads Across the Pond

January 31, 2009

We welcome prolific and urbane Zero Hedge to the REIT beat with their report on Simon Property Group’s (SPG) decision to join the list of REITs paying dividends in stock. The list continues to grow, seemingly limited only by the relatively lethargic schedule of dividends and earnings announcements. As Bloomberg reports in video below, cash […]

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Big CMBS Loans Near Default; CMBX Soars, REITs Tank

November 18, 2008

The BBB-5 CMBX is above 3250, do you know where your money is? These are record levels for the index, and they are seemingly indicative of even greater trouble in the CMBS market. If one were to use the stock price of many Mortgage REITs however, it would seem that the soaring Markit index is […]

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Andrew Lahde Calls it Quits

October 30, 2008

Those of you who read the REIT wrecks post “Is Commercial Real Estate Really Dead” will be familiar with Andrew Lahde. He is the hedge fund manager who returned a whopping 866% by betting against residential mortgages, primarily by shorting the ABX. He then turned his attention to commercial mortgages and subsequently raised a fund […]

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The Treasury’s New Mortgage REIT

September 21, 2008

I just had some fun reading the text of the proposed treasury bill. It’s basically a $700 billion Mortgage REIT that has yet to be named let’s just call it expensive. Not only that, the draft of the enormous bill, which requires an increase in the federal debt ceiling in order to accommodate its incredible […]

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The Mother of All CDOs!

September 19, 2008

Wow. It turns out that REITs can go up in price too. And Mr Market actually compelled the government itself into purchase mode with a new plan to buy mortgages. Do you think Mortgage REITs may be a good place to be, with the federal government now swinging the bat on the bids? If you […]

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Northstar/Landcap Loan Acquisition: High Reward, Low Risk

September 8, 2008

“Jeff [Gault] is a very smart guy with two very smart partners,” [Goldman Sachs and Northstar Realty Finance] Matkins said. “They formed LandCap 18 months ago. They did two deals in 18 months. Now Jeff will get 10 calls a day.” Just a couple of weeks after the Northstar Realty Finance (NRF) reported strong earnings, […]

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REIT Yields Beat Bonds After "Overdone" Drop

September 3, 2008

Laura Cochrane Sept. 3 (Bloomberg) Property securities are worth buying for their dividends alone, which offer superior yields to government bonds after the “overdone” drop in share prices prompted by the U.S. housing slump, ING Real Estate said. Real estate investment trusts are on average being priced at a 17 percent discount to their net […]

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Newcastle’s High Yield Going Higher?

August 27, 2008

The gap between the perception of the risks in mortgage debt and the actual risks is now the exact opposite of where it was just before the credit crunch began. Let’s see, there are a few positive things happening out there and I think I need to write about them before my prescription runs out… […]

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High Yield REITs: The Week That Was

August 25, 2008

I wish it were the week that wasn’t. Concerns about the commercial real estate market bubbled to the top of the news and Research Recap did a great job of compiling it all. This week investors looked back to a June report from Standard & Poor’s showing that the CMBX index was causing commercial real […]

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Bloomberg Interview With Sam Zell: The Credit Crisis

August 23, 2008

Sam Zell, a self-proclaimed “professional opportunist,” founded his privately-held firm with a fraternity brother in 1968. The two bought up cheap real estate throughout the U.S. from distressed owners, and then kept buying when values recovered and boomed. In this interview, he speaks about the need to support Fannie Mae (FNM) and Freddie Mac (FRE) […]

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