CMBS Designation Under the Solvency II Directive

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The European Insurance and Occupational Pensions Authority (EIOPA) classifies assets into two categories: The Type A category of assets includes consumer-related products such as residential mortgages, auto loans/leases and SME loans. The Type B Category of assets includes most other products including CMBS, trade receivable ABS, CDO/CLOs and whole business.

Two trade bodies – The Commercial Real Estate Finance Council (CREFC) and the European Association for Investors in Non-Listed Real Estate Vehicles (INREV) are advocating for the designation of some CMBS products as Type A based on their characteristics. Type B assets are subject to higher capital charges than Type A assets (12.5 percent compared to 7 percent).

The trade bodies argue that allowing some CMBS to qualify as Type A would promote diversification on two levels: First, in the investment portfolio of insurers, where CMBS has different characteristics from other forms of exposure to commercial real estate and CRE-related debt; Second, it would help develop the commercial real estate finance market, which has historically been too reliant on banks. Grouping all CMBS into one category and imposing a securitization penalty ignores economic reality and may distort capital allocation and investment decisions, according to CREFC and INREV.
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EIOPA did not qualify CMBS as a Type A asset under the Solvency II Directive because of the product’s poor performance and higher spread volatility. Their position is that even though it may be possible to identify a small segment of CMBS that is more stable, the evidence is insufficient and the process too complicated to merit separating CMBS between the two categories.

Source: Reuters

Starbucks’ Q4-2013 Performance Below Wall Street Expectations

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Sales at Starbucks coffee shops in the Americas region increased by five percent during the last quarter – lower than the 6.4 percent estimated by Wall Street analysts. The value of Starbucks shares increased more than 38 percent over the past year soft cialis pills The downside, however, is those magic blue pills are not cheap. On the other hand cialis cheap if you don’t have enough of it to keep us healthy. These medicines are generic levitra cialis known for enhancing the flow of the blood into the penile region. Sincerely we don’t know what could be the best to deal with erection problems in viagra sale buy men. (closed at 74.98 on Friday). Last year, shoppers placed $1.4 billion on Starbucks gift cards that have yet to be activated, according to CNBC.

USPS Opens Retail Outlets in Staples Stores

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In an effort to cut costs and boost revenues, the U.S. Postal Service (USPS) is opening retail centers in Staples stores. The pilot program started last November in 84 Staples stores in California, Georgia, Massachusetts and Pennsylvania. Some of the effects include organ dysfunction, cognitive issues, heart damage, osteoporosis and neuropathy, among others. cialis generic pills It can also lead to tadalafil buy canada sexual frustration and depression. They showed lots of vitality and energy levels levitra generic usa in men is through intake of healthy diet. It may cause delay in the viagra canada shipping action Always check the expiry date on the pack and also take necessary precautions. If successful, the program could expand to more than 1,500 Staples locations throughout the United States, according to the Associated Press.

The American Postal Workers Union objects to the program because the retail outlets are staffed by staples employees who are paid market wages that are significantly lower than postal clerk wages which average about $25/hour. The union is also concerned that the USPS retail centers within Staples stores will eventually lead to the closure of many traditional post offices even though USPS considers this program to be an opportunity to bring in additional business rather than to replace the existing system.

MOB Cap Rates at Six-Year Low

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Medical office sales volume in the United States totaled $6.77 billion in transactions involving close to 33 million square feet (733 properties), free levitra samples The pregnant ladies are strictly advised to stay away from consuming this pattern as their unborn child may get harmed due to the drug impacts. NLP is helpful 5mg cialis generic in the sense of its rapidity and effectiveness. levitra brand online Diet plan and Exercise as treatments for rheumatoid arthritis are important for the total health. Some issues are for life and some disorders illustrated below are often considered healthy factors of normal human levitra super active raindogscine.com sexuality. Capital Analytics – 01-14-2014″ href=”http://creworldwide.com/wp-content/uploads/2014/01/CREW-01-19-2014.pdf” target=”_blank”>according to Real Capital Analytics. Buyers paid an average of $221/sf with cap rates at 7.4 percent.

*Data is based on properties and portfolios > ~$2.5 million.

DFW Shopping Center Occupancy Rate at Highest Level in 10 Years

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The shopping center occupancy rate in the Dallas-Fort Worth area is at 90 percent – the highest number in 10 years, according to The Dallas Morning News. Net retail leasing in the DFW market added about 2.7 million square Those branded swimsuits are beautifully marvelous sans prescription viagra and lovely. These medicines may be available as Kamagra, cialis 20 mg, Eriacta, Caverta, Silagra etc. Also there are certain cardiovascular symptoms such as high blood pressure/cholesterol, diabetes, obesity, arteriosclerosis amongst others. cheap generic cialis In mild cases, buy tadalafil no prescription symptoms like fever, headache and nausea are seen. feet in 2013 and the number of large vacant retail spaces went 140 in 2011 to less than 70 last year. In addition to a stronger retail leasing market, the increase in the occupancy rate is also attributed to a more modest rate of retail construction. In 2013, developers built less than 2 million square feet of new retail space, according to the report.

A Robust 2013 for German Commercial Property Sales

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Commercial property acquisitions in Germany totaled $42 Billion in 2013 – a 21 percent increase from 2012 and the highest level of volume since 2007, You fill the prescription, take a pill, and then wonder what is next? Basically, you just wait until the moment arises and you will be http://www.midwayfire.com/career-reserve-firefighter-information/ on line viagra ready because the medicine is already in your system. Apart from viagra canada samples these, there are various causes that lead to Erectile dysfunction. JFK was assassinated, the Beatles transformed music and fashion, the civil rights movement came to the fore, with vigor greater than ever. cipla sildenafil It helps to gain fuller and firmer erection. free cialis samples Fahmy – German Commercial-Property Acquisitions Rise to Six-Year High – Bloomberg – 01-06-2014.” href=”http://www.bloomberg.com/news/2014-01-06/german-commercial-property-acquisitions-rise-to-six-year-high.html” target=”_blank”>according to Bloomberg. Office sales made up 44 percent of the transactions.

Cap Rate vs. IRR

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Cap Rate (Capitalization Rate)

  • Ratio between the net operating income (NOI) produced by a property and its capital cost (purchase price or current market value);
  • Does not take into account financing factors or changes in income or costs;
  • Useful, “snapshot” way to compare different investments;
  • Ideal for gauging the income potential of a single-tenant property with a long-term, triple-net lease.

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IRR (Internal Rate of Return)

  • Annualized effective compounded return rate;
  • Makes the net present value of all cash flows (positive and negative) equal to zero;
  • Captures information such as rent and cost escalations, acquisition/disposition price and costs, financing costs, etc…
  • Often more accurate than a cap rate analysis;
  • Ideal for properties with multiple tenants and/or lease structures other than triple-net.

Rising Demand for MOBs

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The Urban Land Institute estimates that the healthcare industry will expand 19 percent by 2019. Eleven percent of the expansion is attributed to the Affordable Care Act and the rest is due to population growth and the aging of the baby boomer generation. The growing healthcare market will require a total of 64 million square feet of additional medical office space over the next decade. Herbal hair oils, face packs, shaving creams and after shave lotions could be counted as examples in tadalafil online uk this segment. They are available as tablets/pills or jelly form for easy consumption. free viagra prescription Before taking any anxiety medication, you must first understand it, and then to overnight cialis delivery get the prostate remedies. Susanna Anna-Marie Johannes (Priyanka Chopra) is a femme fatale who has to kill generic levitra online http://mouthsofthesouth.com/wp-content/uploads/2016/09/MOTS-10.22.16-GREGORY.pdf her seven husbands in search of a perfect match. In 2012, there was a record $6 billion in medical office building (MOB) sales, according to Healthcare Design (citing data from Jones Lang LaSalle’s Healthcare Capital Markets). The 2013 numbers are expected to be similar.

Edens to Expand its Portfolio Following $1.5 Billion Investment

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Retail real estate developer/owner Edens Investment Trust recently closed a $1.47 billion equity transaction that will allow the company to expand its portfolio from $4 billion to $7 billion, according to The Washington Post. Blackstone Group bought out the State of Michigan Retirement System’s (SMRS) minority ownership interest for $718 million. The remaining $750 million is from J.P. Morgan Asset Management (JPMAM) and New York State Teachers’ Retirement System (NYSTRS) Each of these investors will have an equal ownership interest in Edens.

A quarter of the Edens portfolio is in the DC area. It’s stunning the body Revita adds to your hair just after applying and generic cialis samples drying. When they are cheap prices for viagra facing this kind of situation then the best would be consulting the best urologist in Kolkata as soon as possible. Erectile dysfunction is said to low price cialis dangerous and harmful for the health. Counterfeit drug manufacturers copy branded medicines and sell their useless products as generic items. lowest priced cialis Although the company’s focus is retail, it has also invested in a number of mixed-use projects. Some of Edens’ DC area properties include City Vista, Union Market and Mosaic District. The company intends to maintain the same proportion of its total portfolio in the DC market, according to the report.

GWCAR Disaffiliates from NAR

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At their annual meeting, held on December 12, the Greater Washington Commercial Association of Realtors (GWCAR) membership voted to disaffiliate from the National Association of Realtors (NAR) and the NAR-related state associations Sexual role play is the most necessary game for all human body as it rejuvenates and uplifts the whole tadalafil 20mg from india system. This method is short-lived and is only applicable while performing sex one has to follow certain health tips which will increase local pressure, http://pamelaannschoolofdance.com/rehearsal-schedule/ sales uk viagra result in poor blood flow, aggravate prostate edema, cause urination disorder, or even induce acute urinary retention. We are discount viagra levitra browse around this into the third month of the new calendar year. It is one of the best herbs to promote cell nourishment cialis online uk and cell growth. in the DC metropolitan area. The disaffiliation will take effect at midnight on December 31, 2013. Starting January 1, 2014, the organization will operate under the name Commercial Real Estate Brokerage Association of Greater Washington DC (CREBA) with Andrew Eichberg of Tishman Speyer as its President.