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Volume 3 - Number 6 | March 27, 2006
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TOP STORY: REIT Valuations A Challenge
By Erika Morphy
No matter how you approach them--dividends, yields, cap rates or earnings--REIT valuations are overstretched by historical measures. At the same time, the current trend of taking REITs private is limiting the field even further for many investors. Investors are not ignoring market realities. They are just becoming more selective.
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Tax Credits Spurring Development
By Benjamin Mark Cole
Few investors have historically viewed low-income housing or workforce apartments as an attractive harbor for their dollars. But some may be rethinking their positions, especially since it is becoming the tool of choice to restart apartment construction along the hurricane wracked Gulf Coast.
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Mission West Sale Rumors Increasing
By Benjamin Mark Cole
Rumors are swirling that Mission West Properties Inc., one of the largest property owners in the Silicon Valley portion of the San Francisco Bay Area, will join the parade of public real estate investment trusts that are moving into the private world.
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Legal Watch: Pitfalls Of Taking REITs Private
By Erika Morphy
Earlier this month, CarrAmerica Realty Corp. announced that it had agreed to be acquired by the Blackstone Group. The phenomenon--a private equity company taking a public REIT private--has become nearly routine. But what happens to bondholders and other investors once the flurry of merger announcements pass out of the public spotlight?
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