Monday's Numbers: January 2, 2012
Headlines
“Best wishes for a happy and healthy New Year”
“Mirror, mirror on the wall, which equity stock index performed best of all”
Surprise! Real estate investment trusts 3-peat, outperforming the Dow Jones Industrial Average, the Standard & Poor’s 500 Index, the NASDAQ Composite Index and the Russell 2000.
Monday’s Numbers
The Trepp LLC survey is “on holiday” and will return after the New Year.
| Asking Spreads over U.S. Treasury Bonds in Basis Points (10-year Commercial and Multifamily Mortgage Loans with 50% to 59% Loan-to-Value Ratios) |
| |
12/31/09 |
12/31/10 |
12/9/11 |
| Office |
342 |
214 |
206 |
| Retail |
326 |
207 |
206 |
| Multifamily |
318 |
188 |
196 |
| Industrial |
333 |
201 |
201 |
| |
|
|
|
| Average Asking Spread |
330 |
203 |
202 |
| |
|
|
|
| 10-Year Treasury |
3.83% |
3.29% |
2.06% |
The Cushman & Wakefield Sonnenblick-Goldman Survey is on holiday too.
| Property Type |
Mid-Point of Fixed Rate Commercial Mortgage Spreads For 5 Year Commercial Real Estate Mortgages |
| |
12/31/10 |
3/31/11 |
6/30/11 |
9/30/11 |
12/1/11 |
| Multifamily - Non-Agency |
+270 |
+245 |
+230 |
+250 |
+265 |
| Multifamily – Agency |
+280 |
+250 |
+210 |
+255 |
+255 |
| Regional Mall |
+280 |
+260 |
+265 |
+300 |
+310 |
| Grocery Anchored |
+280 |
+260 |
+250 |
+290 |
+295 |
| Strip and Power Centers |
|
|
+270 |
+310 |
+320 |
| Multi-Tenant Industrial |
+270 |
+265 |
+255 |
+295 |
+310 |
| CBD Office |
+280 |
+260 |
+255 |
+290 |
+310 |
| Suburban Office |
+300 |
+270 |
+270 |
+310 |
+325 |
| Full-Service Hotel |
+320 |
+300 |
+275 |
+335 |
+350 |
| Limited-Service Hotel |
+400 |
+325 |
+310 |
+345 |
+360 |
| 5-Year Treasury |
2.60% |
2.23% |
1.52% |
0.99% |
0.98% |
| Source: Cushman & Wakefield Sonnenblick Goldman. |
| Property Type |
Mid-Point of Fixed Rate Commercial Mortgage Spreads For 10 Year Commercial Real Estate Mortgages |
| |
12/31/10 |
3/31/11 |
6/30/11 |
9/30/11 |
12/1/11 |
| Multifamily - Non-Agency |
+190 |
+180 |
+185 |
+240 |
+240 |
| Multifamily – Agency |
+200 |
+185 |
+175 |
+235 |
+235 |
| Regional Mall |
+175 |
+180 |
+190 |
+250 |
+250 |
| Grocery Anchor |
+190 |
+185 |
+200 |
+240 |
+245 |
| Strip and Power Centers |
|
|
+195 |
+255 |
+260 |
| Multi-Tenant Industrial |
+190 |
+190 |
+190 |
+250 |
+245 |
| CBD Office |
+180 |
+180 |
+190 |
+250 |
+250 |
| Suburban Office |
+190 |
+190 |
+195 |
+255 |
+265 |
| Full-Service Hotel |
+290 |
+230 |
+225 |
+300 |
+300 |
| Limited-Service Hotel |
+330 |
+260 |
+245 |
+325 |
+305 |
| 10-Year Treasury |
3.47% |
3.45% |
2.94% |
2.01% |
2.13% |
| Source: Cushman & Wakefield Sonnenblick Goldman. |
| Property Type |
Mid-Point of Floating-Rate Commercial Mortgage Spreads For 3 - 5 Commercial Real Estate Year Mortgages |
| |
12/31/10 |
3/31/11 |
6/30/11 |
9/30/11 |
12/1/11 |
| Multifamily – Non-Agency |
+250-300 |
+225-325 |
+200-260 |
+225-250 |
+200-250 |
| Multifamily- Agency |
+300 |
+250-310 |
+220-260 |
+230-265 |
+220-265 |
| Regional Mall |
+275-300 |
+225-300 |
+205-270 |
+225-275 |
+215-275 |
| Grocery Anchored |
+275-300 |
+225-300 |
+205-275 |
+215-275 |
+210-275 |
| Strip and Power Centers |
|
|
+225-300 |
+225-300 |
+220-300 |
| Multi-Tenant Industrial |
+250-350 |
+250-350 |
+230-325 |
+250-325 |
+225-325 |
| CBD Office |
+225-300 |
+225-300 |
+215-300 |
+240-300 |
+225-300 |
| Suburban Office |
+250-350 |
+275-350 |
+250-325 |
+265-325 |
+245-325 |
| Full-Service Hotel |
+300-450 |
+350-450 |
+350-450 |
+350-450 |
+350-425 |
| Limited-Service Hotel |
+450-600 |
+400-500 |
+400-500 |
+400-500 |
+400-500 |
| 1-Month LIBOR |
0.26% |
0.22% |
0.19% |
0.24% |
0.27% |
| 3-Month LIBOR |
0.30% |
0.28% |
0.25% |
0.37% |
0.53% |
| * A dash (-) indicates a range. |
| Source: Cushman & Wakefield Sonnenblick Goldman. |
Year-to-Date Public Equity Capital Markets
DJIA (1): +5.53%
S & P 500 (2): +0.00%
NASDAQ (3): -1.80%
Russell 2000 (4):-5.46%
Morgan Stanley U.S. REIT (5):+4.70%
_____
(1) Dow Jones Industrial Average. (2) Standard & Poor’s 500 Stock Index. (3) NASD Composite Index.
(4) Small Capitalization segment of U.S. equity universe. (5) Morgan Stanley REIT Index.
| U.S. Treasury Yields |
| |
12/31/10 |
12/31/11 |
| 3-Month |
0.12% |
0.01% |
| 6-Month |
0.18% |
0.06% |
| 2 Year |
0.59% |
0.24% |
| 5 Year |
2.01% |
0.83% |
| 10 Year |
3.29% |
1.88% |