May 1, 2007 | Vol. 5 No. 9

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Volume 5 - Number 9 | May 1, 2007

TOP STORY: Optimism Prevails for Net Lease Cap Rates, Fundamentals
By Michelle Napoli
A generally optimistic outlook prevailed at last week’s RealShare Net Lease conference, where many speakers speculated that cap rates are at or close to the bottom and better buy-and-hold opportunities are ahead.

RealShare Report: Lease Accounting Review Draws Attention
By Michelle Napoli
Last week’s RealShare Net Lease conference included several roundtable discussion groups on niche topics. One of the more popular ones focused on changes to lease accounting rules.

SL Green Makes Single-Tenant Manhattan Buys
By Michelle Napoli
Manhattan office REIT SL Green Realty Corp. is spending $248 million on two net lease property investments. In the larger of the two deals, it agreed to pay $183 million to Citigroup Global Markets Inc. for 333 W. 34th St.

Data Points: Retail Triple-Net Lease Cap Rates By Property Type
Banc of America Securities LLC REIT analysts Ross Nussbaum and Dustin Pizzo surveyed 470 retail net lease properties during the first quarter and found a weighted average cap rate of 7%, unchanged from the previous quarter but higher compared to a year earlier.

Short Takes: Record Realty Completes GPT Acquisition

Recent Transactions: CapLease Closes on $364M Portfolio

Ratings Update: Kohl’s Upgraded by S&P