Commercial Property Executive published an Economy Watch article looking at REIT IPOs and opportunities in commercial real estate finance, observing a market cool-down in the sector as companies reduce their IPOs and the Federal Reserve slows its purchases of mortgage securities. Apollo Commercial Real Estate Finance Inc. and Colony Financial Inc. both cut their IPOs in half this week according to SEC filings with Apollo cutting their shares from 20 million to 10 million, and Colony scaling back to 12.5 million shares from 25 million.
An excerpt from the article:
The theory behind the recent REIT IPOs is that banks will soon want to unload some of their bum real estate assets, either mortgages or properties that they've foreclosed on. But that hasn't been happening quite as fast as some investors had hoped, as both borrowers and lenders continue to kick the can down the road. Investors interested in commercial mortgages, as well as the underlying properties themselves, are in something of a holding pattern.
"Pricing isn't mark-to-market yet," commercial real estate veteran Steve Grant told CPE, discussing his specialty, office buildings. "We're getting closer, but aren't there yet for a number of reasons. Asset owners are going to make a go of it until they can't any longer, and lenders aren't showing a willingness to mark valuations down if the borrower is paying on its debt."
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Posted by: LancasterRhoda22 | March 10, 2010 at 03:05 PM