I was quoted several times in The Real Deal’s article about how REITS are making it work.
The Real Deal’s analysis of the acquisitions prominent REITs made over the past five years shows that most have dialed down their purchasing in the last 12 months to the lowest levels seen in the last five years.
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“All of the REITs are starting to go toward more redevelopment, because there’s not much to buy,” said Merrie Frankel, president of Minerva Realty Consultants in New York City.
It doesn’t hurt that Simon has $7.5 billion in revolving credit capacity, Frankel said. “Your average REIT probably has a credit line of $500 million to a billion,” she said.
“They are repositioning themselves,” said Frankel. “Glenn is doing what he said he is going to do.”
Tags: Merrie S. Frankel, Merrie Frankel, Minerva, Minerva Realty Consultants, REITs