Where the Capital’s Going
Commercial Observer
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A trio of assets is drawing a hefty proportion of the investment money of the largest real estate investment trusts, according to recent figures. Find out more. Also for today: A commercial mortgage-backed securities bond tied to two struggling office buildings is in trouble.
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— Tom Acitelli, Deputy Editor
NAREIT Investment Study Sees Capital Flow Into Healthcare, Telecom, Data Centers
Data centers, telecommunications and health care assets are among the hottest investments right now in the REIT space — that is, if you follow the money being invested by the nation’s largest real estate investment funds. NAREIT — the National Association of Real Estate Investment Trusts — recently released its second-quarter 2024 investment tracker, an analysis of data collected from the 27 largest actively managed real estate funds documenting where fund managers have invested capital into property-specific REITs. NAREIT found that while multifamily remained the most popular property sector (17.6 percent of all active investments), the next most popular property sectors in the second quarter of 2024 were telecommunications (14.2 percent), health care (13.6 percent), industrial (12.2 percent) and data centers (11.7 percent).
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Office Problems in New York, Pittsburgh Lead to CMBS Bond Downgrade
Heavy losses expected on loans secured by two office buildings that are struggling to keep tenants have caused Fitch Ratings to downgrade a commercial mortgage-backed securities (CMBS) bond. Trepp reported on Thursday that JPMCC 2015-JP1 is expected to bring losses to bondholders due to its exposure to two office loans, leaving Fitch Ratings no choice but to downgrade four bond classes within the CMBS deal. “[Fitch] said the deal's 50.8 percent exposure to office loans, among other factors, resulted in the negative forecast,” wrote Trepp. Fitch cited two loans in particular: a $100 million piece of the $425 million loan secured by 32 Avenue of the Americas in New York City, and $64.6 million mortgage secured by Heinz 57 Center in Pittsburgh.
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