What I’m Reading
The Long Game: Private equity companies are transitioning their business models towards perpetual capital and it is creating a lot of buying power in real estate. Globe Street IMO, this will be a particularly strong tailwind for assets with lower capex requirements like self storage (including vehicle and boat storage) and warehouse.
Whatever it Takes: Continuous pandemic-driven retail traffic setbacks have forced landlords to get creative in order to monetize space. Retailers are shortening leases, giving massive concessions and even renting empty store windows to digital advertisers or lending them to local artists. New York Times
Primed for Growth: Strong economic and property-level fundamentals, coupled with the specter of rising interest rates, point to continued commercial real estate lending growth in 2022. Commercial Observer
Gusher: Investors poured money into municipal bond funds in 2021, buoyed by stimulus and tax breaks that helped overcome fears of COVID-19 related defaults. Wall Street Journal
Target Rich: Starwood’s non-traded REIT is forming a JV with Morningstar properties to invest in the self storage sector as a permanent hold strategy. Bisnow
Chart of the Day
Rapid yield curve flattening will give the Fed less options when it is time to hike later this year.
Source: The Daily Shot
WTF
Gotta Collect Them All: A man was arrested for stealing hundreds of Pokemon cards from Walmart because Florida. Not sure what he was thinking as I would have just right clicked on some monkey JPEGs. Dexerto
Gassed: A star of the show ’90 Day Fiance’ has retired from selling her farts after gas from her ultra-high fiber diet made her think she was suffering from a heart attack. NY Post
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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