Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Tuesday, 26 November 2019

Kite Realty Refocusing Portfolio; Sells $502Mln of Non-Core Properties This Year

Kite Realty Group Trust has sold 20 shopping centers with about 2.8 million square feet so far this year for $502 million as it repositions its portfolio to focus on markets in the Southern and Western U.S., where it expects populations to grow in the coming years.

Commercial Real Estate Direct Staff Report

Kite Realty Group Trust has sold 20 shopping centers with about 2.8 million square feet so far this year for $502 million as it repositions its portfolio to focus on markets in the Southern and Western U.S., where it expects populations to grow in the coming years.

The Indianapolis REIT noted the sales prices have resulted in an average capitalization rate of 8 percent. The company sold the properties to 16 buyers and now owns 85 properties with 11.9 million sf.

Kite Realty has sold properties in smaller, non-core markets and exited states such as New Hampshire, Virginia and Wisconsin where it does not anticipate much population and income growth. The properties generated an average base rent of $14.66/sf compared with the REIT's portfolio average of $17.70/sf.

Kite Realty has used...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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