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) | |||
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| 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 |
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| Average Asking Spread | 330 | 203 | 202 |
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| 10-Year Treasury | 3.83% | 3.29% | 2.06% |
The Cushman & Wakefield Sonnenblick-Goldman Survey is on holiday too.
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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 |
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| +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. | |||||
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Property Type | Mid-Point of Fixed Rate Commercial Mortgage Spreads For 10 Year Commercial Real Estate Mortgages | ||||
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| 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 |
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| +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. | |||||
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Property Type | Mid-Point of Floating-Rate Commercial Mortgage Spreads For 3 - 5 Commercial Real Estate Year Mortgages | ||||
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| 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 |
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| +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%
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(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 | ||
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| 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% |
