Simon Property Group has been steadily moving one of its star property managers from asset to asset. Now, Kurt Webb has been assigned to the REIT's retail center in Tacoma, an important property.
"As you climb the ladder of (Simon) malls, Tacoma is near the top," Webb says.
Home Properties CEO and President Ed Pettinella says the firm is ready to begin ramping up its development program. The REIT has enjoyed strong quarterly earnings for the past two years. "We'll have probably one or two projects over the next year or so," he said. "I think for us, like many others, it will be a supplemental stream of income, versus the acquisitions that we buy for the core portfolio."
A draft law expected to be proposed by the U.K. Treasury today would loosen regulations on ownership and stock-exchange listings for real estate investment trusts. The change is expected to prompt many real estate funds to elect REIT status.
This year, basic supply and demand factors swung back in favor of real estate owners and operations, observes Paul Adornato, managing director of research for BMO Capital Markets. This was an important development because "even though there was very little new growth, the lack of new supply kept the overall operating dynamics reasonably healthy for most sectors."