www.reit.com Ratings agency Fitch Ratings reaffirmed its stable outlook for the REIT market. In a look-ahead to 2013, Fitch said access to capital, liquidity, fixed charge coverage and strengthened property fundamentals are all positive signs for equity REITs. Steven Marks, managing director with Fitch and head of the firm’s REIT group, did warn that REITs do need to keep watch of the looming fiscal cliff. Commercial mortgage-backed securities (CMBS) are benefiting from stability in the financial markets, according to a report from analysts at JP Morgan. Yields on CMBS have narrowed 30 basis points to 145 basis points since the middle of November. It has made for the tightest spreads since mid-2008. International real estate firm Hines announced that it is developing the United States’ largest carbon-neutral building. The 13-story, 415000-square-foot facility is under development in San Diego. It will be what is known as a “net-zero” building, one that produces as much power as it consumes and has a carbon-neutral footprint. The site will include three fuel cells running on carbon-neutral biogas 24 hours a day, 365 days a year. Although the commercial real estate recovery has progressed slowly, NAREIT vice president for research and industry information Calvin Schnure says he expects growth rates for REITs to continue to climb. In the December 2012 edition of Fundamentally Speaking on REIT.com, Schnure discussed his outlook for REITs in the coming year. The lack of new

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