Office REIT Directory

January 19, 2010

This is the most comprehensive and up to date Office REIT directory on the web; prices and yields are updated daily at the close. The list is organized by alphabet in ascending order. The list contains working links to the home page of each REIT, and links to Yahoo news. Links to additional REIT lists […]

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Direxion’s New REIT ETF Posts 168% Gain In Six Months

January 13, 2010
Making Money on REIT ETFs

As the world was coming to an end in March of 2009, REITWrecks wrote a rather forward-leaning post entitled REIT Stocks: 4 Ways to Play the Carnage. REITs have rallied strongly since then, and even more strongly since Direxion launched its new levered REIT ETF series in early July. The launch could not have been […]

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The State of Commercial Real Estate: Sternlicht and Zuckerman Have a Few Things to Say

January 10, 2010

Barry Sternlight and Mort Zuckerman are in the thick of it. Both run REITs that focus on two of the most battered sectors in the business: mortgages and office buildings. Sternlicht, a commercial real estate veteran, took Mortgage REIT Starwood Properties Trust (STWD), public in August, while 72 year old Zuckerman has been running Boston […]

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Mortgage REIT Annaly Downgraded by Piper Jaffray

January 9, 2010
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REIT Wrecks avoids the daily ugrade/downgrade wars on Mortgage REITs in favor of longer term trends, but Annaly is a bellwether and for that reason Piper Jaffray’s downgrade of NLY from Neutral to Underweight is worth noting. Piper Jaffray lowered their price target by $3, or over 15%. The most interesting aspect of the downgrade […]

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Does Denial of Loan Modifications Constitute A Violation of the Fifth Amendment?

January 7, 2010
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These days, the only thing more cramped than a Hong Kong cemetery is office space for special servicers. Nevertheless, if you’re a borrower in trouble, it’s unlikely that you’ll be outnumbered. CMBS default rates ballooned by almost 500% in 2009, up from 1.21% in the beginning of 2009 to over 6% by the end of […]

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San Francisco Apartment Loan Portfolio Sells For 64% of Face Value

January 3, 2010
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Talk about a REIT Wreck. Landing head first in a rock pile would be a much better metaphor for the 2009 commercial real estate market than an explanation for my year-end absence. However, that’s exactly what happened in a biking accident early in November, and my right arm spent the waning days of 2009 bound […]

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San Francisco Leads Detroit In CMBS Delinquencies for Apartment Properties

October 13, 2009

San Francisco, once considered one of the strongest commercial real estate markets in the country, had one of the largest increases in overall CMBS default rates in the second quarter of 2009, up 444 basis points to 5.15% (and yes, this was even worse than Miami). Detroit was still the worst performing market, with an […]

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Long Odds For Apartment Owners In Vegas; Prices Down By At Least 60%

October 12, 2009

If you are investing in REITs right now, life is good. The US MSCI REIT index has doubled since hitting its lows in March, and in the second quarter Mid America (MAA) generated $.05/share in earnings from the sale of just one asset, a 36 year old, 96 unit apartment building in Grenada, Mississipi. Indeed, […]

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Annaly’s New Mortgage REIT Falls Short, While Lehman’s Limited Partners Cry Foul

September 20, 2009

It’s true; I was feeling a bit continental so I decided to take an entire month off from the world of REITs and commercial real estate. But Labor Day is no longer the summer sanctuary it once was. Not only does the holiday fall in September, preceding the month that has become known for Black […]

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Bad Commercial Real Estate Loans Are Coming in Hot! And They’re Right on Schedule

August 12, 2009

It’s summertime and the living is easy, but if you’re a distressed debt broker, this is no time to be mixing Cuba Libres at the beach. There have been 72 bank failures in the first eight months of 2009, compared with 26 in all of 2008 and just 3 in 2007. So it should be […]

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