What I’m Reading
Canary in the Coalmine: Office REITs have underperformed dramatically this year but their beat-down shares may be a good under-the-radar way to play the vaccine trade. However, upside may be capped by behavioral headwinds.
P.S. Shouldn’t need to say it but this is IN NO WAY investment advice. MSN
Watching the Scoreboard: Here’s the latest from NMHC’s November report:
“The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 80.4 percent of apartment households made a full or partial rent payment by November 6 in its survey of 11.5 million units of professionally managed apartment units across the country. This is a 1.1 percentage point, or 131,712 household decrease from the share who paid rent through November 6, 2019 and compares to 79.4 percent that had paid by October 6, 2020. These data encompass a wide variety of market-rate rental properties across the United States, which can vary by size, type and average rental price.”
Sunny in the Suburbs: Big companies that own single-family homes are raising rents at the fastest rate since they emerged from last decade’s foreclosure crisis, capitalizing on a rush for suburban housing. Wall Street Journal
Accelerating Problem: CMBS loans have gone to special servicing faster than ever this year with the vast majority of the damage still coming from the retail and hotel sectors. Bisnow
Following the Trend: CBRE is the latest large company to jump aboard the SPAC train. The world’s largest real estate services firm, has formed a blank-check company, called CBRE Acquisition Holdings. The new special-purpose acquisition company is seeking to “identify and acquire a privately held company with significant growth potential” for a merger or acquisition, according to a regulatory filing. It’s aiming for a valuation of up to $400 million in an initial public offering. The Real Deal
Chart of the Day
The amount of global debt with negative yields is at an all-time high, as investors rush to safety in government bonds.
Source: Isabelnet
WTF
Sexy Time: A 26-year old UK woman is claiming that her Amazon Alexa device ordered three sex toys as a result of her watching the new Borat film. NY Post
Wife Material: A drunk female passenger forced a plane to land when she threw up on herself, stripped down to her underwear and tried to fight another passenger and a flight attendant. Daily Mail
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
Visit us at RanchHarbor.com