Barack Obama started his second term as U.S. president by taking the oath of office in a private ceremony in the White House. This inauguration was scaled back compared with his first, a reflection of tempered expectations amid persistently high unemployment, ongoing political battles and other issues.
Supporters of the tax exemption for municipal bonds remain concerned that it could be scaled back or eliminated in the next rounds of fiscal negotiations. "Pretty much every meeting on the Hill we have, people are saying, 'Yes, you should be concerned,' and 'Yes, this is being considered as a revenue raiser,' " said Mike Nicholas, CEO of the Bond Dealers of America.
REIT merger and acquisition activity in 2013 will be a mix of opportunity and uncertainty, experts say. Low interest rates and easy access to capital could fuel more deals. However, a lingering sense of uncertainty could hinder major public-to-public transactions, says Robin Panovka, co-head of real estate and REIT M&A at the law firm of Wachtell, Lipton, Rosen and Katz.
Kimco Realty has taken full ownership of the Santee Trolley Square Town Center retail plaza in the San Diego area, buying the remaining 50% stake for $98 million. The property is 98% occupied and encumbered by a $48.5 million mortgage.