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Reactions to RealShare 2013

By Jonathan Hipp | Updated on April 17, 2013

Overall this year’s RealShare was a positive experience with high attendence and a vibrant atmosphere. Here are some takeaways:

Attendance strong, attendees optimistic.
Nearly unanimous consensus that there is more capital than ever before for net lease investments.
Cap rate expectations steady or declining - yields for net leases are still attractive versus alternative investments.
Spreads on Net Lease debt expected to compress further.
Office/Industrial are seeing most opportunity in secondary and tertiary markets.
Price PSF a critical underwriting factor for some while others are focused on underwriting long term credit.
Lack of quality NNN retail product constant complaint.
Still a pricing gap between core and other locations.
There will probably be more interest in non core product this year.
Due to their dividend yield constraints, public REIT’s more competitive with private buyers and private REIT’s in industrial and office sectors.
CMBS originations continue to be strong.
No concern about significant interest rate increase for the next couple of years.
Industrial build to suit deals more prevalent than traditional sale-leaseback transactions.

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