Interest Rate Armageddon?
Green Street Advisors' Michael Knott, whom we snapped this morning at a Real Estate Lenders Association breakfast at the Yale Club, says interest rates have been on the slide for 30 years other than seven short bursts, and those periods of rising rates produced varied impact on public companies. This is to say, other factors exert stronger influence, and so rising interest rates (they started going up a few weeks ago) do not mean a blood bath for REITs, Michael says. Often down on office, Green Street has buy ratings on three of the four Manhattan office REITs, expecting value appreciation to follow residential and retail.
We hear a one-day adult pass to Disneyland now costs $92. We'll take the adventure and entertainment that come with a $2.75 subway ride, thank you very much. Email [email protected].
