Stephen Blank

Stephen R. Blank joined ULI in December 1998 as Senior Fellow, Finance. His primary responsibilities include: expanding ULI’s real estate capital markets information and education programs; authoring real estate capital market commentary; participating as a principal researcher and adviser for the Emerging Trends in Real Estate series of publications; organizing and participating in real estate capital markets programs at ULI events worldwide; and participating in industry meetings, seminars, and conferences. Prior to joining ULI, Blank served from December 1993 to November 1998 as Managing Director, Real Estate Investment Banking of Oppenheimer & Co., Inc. His responsibilities included: structuring, underwriting, and executing corporate financings including initial public offerings of common and preferred shares, unsecured debentures, and convertible bonds; property acquisitions, dispositions, and financing; and financial advisory services including mergers and acquisitions, corporate restructurings, and recapitalizations.

A recent article described how yield-starved investors are turning their attention and buying power to riskier and riskier investments. And companies are taking full advantage, issuing more than $350 billion of bonds year-to-date, on pace to exceed last year’s record $447 billion of issuance.
The Trepp survey for the week ending July 11, 2014, showed spreads widening +/–2 basis points as the financial markets tried to process the twin geopolitical upheavals that grabbed everyone’s attention last week.
The Real Estate Research Corporation has released its buy/sell/hold recommendations for the first and second quarters of 2014 based on an investor attitude survey, with significant movement at the property-sector level.
This may come as a surprise, but the largest private equity investor over the past five years is the Canadian Pension Plan Investment Board (CPPIB). According to a study conducted by Private Equity International, CPPIB has allocated 18 percent—or $26.2 billion—of its investable funds to private equity since 2009.
The Trepp survey for the week ending June 20, 2014, continued the trend of spreads implying ten-year commercial real estate mortgage rates for institutional properties at +/–4 percent.
For the 14th consecutive trailing 12-month period, the NCREIF National Property Index showed double-digit returns (composed of income and appreciation in value), reflecting a combination of continuing improvement in property fundamentals and high levels of investor demand for income-producing assets.
Lending and investment standards are easing despite credible warnings of a bubble.
The Trepp survey for the week ended June 6 showed spreads widening 3 to 5 basis points and the implied ten-year commercial real estate mortgage rate for institutional properties remaining at 4.00+/- percent. Year-to-date, the implied rate continues to hover near historical lows, declining 51 basis points since January 1, 2014.
The Trepp survey for the week ended May 23 showed spreads widening about 4 basis points; fast forward one week and the survey (dated May 30) show spreads coming in at 4+/- basis points. The implied ten-year commercial real estate mortgage rate for institutional properties remains in a range around 4 percent.
According to the Switzerland-based Institute for Management Development (IMD), Singapore has joined the United States and Switzerland as one of the top three most competitive nations, followed by Hong Kong, Sweden, and Germany.
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