{"id":1004024370,"date":"2010-11-16T13:47:31","date_gmt":"2010-11-16T21:47:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004024370"},"modified":"2022-12-07T10:35:54","modified_gmt":"2022-12-07T18:35:54","slug":"nareit-report-looking-at-the-big-picture","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nareit-report-looking-at-the-big-picture\/","title":{"rendered":"NAREIT Report: Looking at the Big Picture"},"content":{"rendered":"

November 16, 2010
\nBy Paul Rosta, Senior Editor<\/p>\n

\"\"<\/a><\/p>\n

Strategies for the future and lessons learned from the recession fueled a lively exchange among REIT industry leaders at the National Association of Real Estate Investment Trusts’ annual convention in New York City.<\/p>\n

Panel moderator Ron Sturzenegger, managing director & global head of real estate for Bank of America Merrill Lynch, posed a leading question to the panel\u2019s senior statesman, Kimco Corp. executive chairman & co-founder Milton Cooper: Is the crisis over? \u201cThe crisis is gone. There\u2019s liquidity, there\u2019s money, there are very few transactions, because there\u2019s very few properties available for sale.\u201d <\/p>\n

Colony Financial CEO Richard Saltzman said that the relationship between supply and demand is entering new territory. \u201cWhile demand has come back somewhat from the ridiculously paltry numbers of 18 months ago, it\u2019s kind of unclear how the demand is going to grow from here. That\u2019s something different that most of us haven\u2019t experienced before,\u201d Saltzman said, referring to his fellow panel members.<\/p>\n

Panelists also weighed the likelihood of initial public offerings will add to the number of REITs. Several of the executives pointed out that the private markets will probably be difficult to tap for the next few years. Martin Cicco, managing partner of Evercore Partners, suggested that an IPO is an attractive exit strategy for several companies that are in private hands, naming Equity Office Properties and Archstone as examples. But he also suggested that well-capitalized public companies may snap up some private companies before they can complete the IPO process.
\nThe recession has also taught indelible lessons that could prove valuable in the next cycle. Cicco said that hard economic times have sharpened the distinction between haves and have-notes among REITS. <\/p>\n

And it also underscores the primacy of managing capital markets. \u201cIf you\u2019re not focused on the long-term and if you don\u2019t have a sustainable balance sheet in a capital intensive business, you can get really screwed,\u201d noted Simon Property Group Inc.\u2019s CEO, David Simon. \u201cThe most important thing you can\u2019t lose sight of is how to finance your business.\u201d<\/p>\n

Cooper related a lesson learned from Kimco\u2019s branching out beyond the retail sector. \u201cWe did very well, but we paid a price in the marketplace, because the marketplace loves simplicity and hates complexity.\u201d Nevertheless, the REIT\u2019s co-founder quickly added, \u201cI couldn\u2019t be happier with my experience.\u201d <\/p>\n

Varying perspectives emerged on the next phase of the REIT sector and its challenges. Given the tight purse strings still being held by many banks and other conventional capital sources, Cicco suggested that REITs might themselves step into the gap and become bigger providers of financing. As for investors themselves, Simon expressed concern that many \u201cwant to buy the dream rather than buy the results.\u201d And he noted that the retail REIT is aggressively working to close a major gap in the talent pool. \u201cI want the smart leasing people that know how to make a deal and be creative,\u201d he said. <\/p>\n","protected":false},"excerpt":{"rendered":"

Strategies for the future and lessons learned from the recession fueled a lively exchange among REIT industry leaders at the National Association of Real Estate Investment Trusts’ annual convention in New York City.<\/p>\n","protected":false},"author":936,"featured_media":1004024371,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37774,21808,37775,21742,37776,37777,37778],"tags":[],"class_list":["post-1004024370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-dividend-yield","category-featured","category-rc-forward-affo-payout-ratios","category-latest","category-rc-premium-discount-to-nav","category-rc-price-ltm-ffo","category-rc-total-return"],"acf":[],"yoast_head":"\nNAREIT Report: Looking at the Big Picture - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nareit-report-looking-at-the-big-picture\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NAREIT Report: Looking at the Big Picture\" \/>\n<meta property=\"og:description\" content=\"Strategies for the future and lessons learned from the recession fueled a lively exchange among REIT industry leaders at the National Association of Real Estate Investment Trusts' annual convention in New York City.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nareit-report-looking-at-the-big-picture\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2010-11-16T21:47:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T18:35:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/11\/NAREIT-Sturzenegger-session.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2304\" \/>\n\t<meta property=\"og:image:height\" content=\"1296\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nareit-report-looking-at-the-big-picture\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nareit-report-looking-at-the-big-picture\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"NAREIT Report: Looking at the Big Picture\",\"datePublished\":\"2010-11-16T21:47:31+00:00\",\"dateModified\":\"2022-12-07T18:35:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nareit-report-looking-at-the-big-picture\\\/\"},\"wordCount\":510,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nareit-report-looking-at-the-big-picture\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2010\\\/11\\\/NAREIT-Sturzenegger-session.jpg\",\"articleSection\":[\"Dividend Yield\",\"Featured\",\"Forward AFFO Payout Ratios\",\"News\",\"Premium\\\/Discount to NAV\",\"Price\\\/LTM FFO\",\"Total Return\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nareit-report-looking-at-the-big-picture\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nareit-report-looking-at-the-big-picture\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nareit-report-looking-at-the-big-picture\\\/\",\"name\":\"NAREIT Report: Looking at the Big Picture - 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