Ana Lai, senior director and analytical manager at S&P Global Ratings, participated in a video interview at Nareit’s REITwise: 2018 Law, Accounting & Finance Conference in Hollywood, Florida.
According to Lai, the REIT industry still has “fairly good” access to the capital markets, particularly on the debt side. S&P is expecting total debt issuance in 2018 to be flat to slightly below last year’s level, which was very robust, she noted.
Jason Kushner, managing director, capital markets at PNC, participated in a video interview at Nareit’s REITwise: 2018 Law, Accounting & Finance Conference in Hollywood, Florida.
Kushner described the current state of the capital markets as “unsettled.” The economy, real estate fundamentals, capitalization rates, institutional interest in real estate and the banking sector are all healthy. On the other hand, rapid technological change, an unprecedented interest rate environment and tax reform changes “have left investors on the edge of their seats,” he said.
Calvin Schnure, Nareit senior vice president for research and economic analysis, was a guest on the latest edition of Nareit’s REIT Report podcast. Calvin highlighted some of the main issues raised in the Urban Land Institute’s (ULI) spring real estate economic forecast, which he contributed to.
The ULI consensus expects the overall economy to continue expanding over the next few years, with the outlook for commercial real estate favorable as well.
Ian Kaufman, senior vice president and chief accounting officer of Equity Residential (NYSE: EQR), participated in a video interview at Nareit’s REITwise: 2018 Law, Accounting & Finance Conference in Hollywood, Florida.
Kaufman predicted that artificial intelligence (AI) will continue to play an important role for Equity Residential. He noted that the REIT has been using some aspect of AI for more than 10 years, starting with revenue and yield management systems.
Jim Hanks, a partner at Venable LLP, participated in a video interview at Nareit’s REITwise: 2018 Law, Accounting & Finance Conference in Hollywood, Florida.
Hanks noted that more than 80 percent of REITs are formed under Maryland law. Some of the benefits of incorporating in Maryland include: the absence of a franchise tax; the ability for directors to increase the authorized stock without a shareholder vote; the ability for directors to reverse-split the stock without a stockholder vote; and, a stable statute concerning the duties of a director.
James Nelson, president and CEO of Global Net Lease (NYSE: GNL), was a guest on the latest episode of Nareit’s REIT Report podcast.
Nelson, who was named CEO in August 2017, noted that GNL’s net lease portfolio is about evenly split between the United States and Europe.
For 2018, the company has announced a supply chain of about $300 million of properties in various stages of acquisition. Nelson said GNL intends to close on all those acquisitions by the end of the year.