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A MAIN benefit for those who own real estate investment trusts has been their low historical correlation to the rest of the financial markets. In other words, REITs have tended not to move in tandem with most stocks and bonds, thus making them good portfolio diversifiers. All of that seemed to change this year amid the deepening credit crisis and Wall Street's meltdown. The REIT market is now poised to end 2008 with big losses. All REIT property types have been hit hard. This year through Thursday, the industrial sector was down a staggering 81.11 percent; lodging and resorts dropped 66.57 percent; and regional shopping malls were off 66.34 percent. The best performer - that is, the sector with the smallest losses - was self-storage, down 14.59 percent.
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THE Reserve Bank cut interest rates by half a percentage point yesterday, citing an improved inflation outlook, the effect of the global slowdown on SA’s economy and the “distress” of many consumers.
The first cut in the repo rate in more than 3½ years had been widely expected, but disappointed those hoping for a full percentage point cut.
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WITH downside risks to economic activity now clearly outweighing upside risks to inflation, the Reserve Bank will continue to cut rates through 2009, Moody’s Economy.com said in its weekly SA macro economic commentary today.
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12/09/08 -- InStorage Real Estate Investment Trust ("InStorage" or the "REIT") (TSX: IS.UN) and Canadian Storage Partners, ULC ("CSP"), an affiliate of New TKG-StorageMart Partners, L.P. ("StorageMart"), announced today that they have entered into a support agreement (the "Agreement") pursuant to which CSP has agreed to make an all-cash offer to acquire all of the units of InStorage it does not already own by way of a negotiated take-over bid (the "Offer"). The offer price will be C$4.00 cash per InStorage unit, valuing the transaction at approximately $416 million. CSP's offer, which will be mailed within 10 business days, will remain open for 60 days, subject to extension of the expiry time of the Offer in accordance with the terms of the Agreement.
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PUBLIC STORAGE (ticker: PSA) shares have been posting sharp gains in recent weeks. But while investors load up on the real-estate investment trust, longtime Chairman B. Wayne Hughes and two children who also serve as company directors have been selling off large sums of shares.
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Houseview South Africa:
Group Economics Interest Rate Outlook
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InStorage Real Estate Investment Trust ("InStorage")(TSX:IS.UN) responded today to the announcement by Canadian Storage Partners, ULC ("CSP") on November 26, 2008 that CSP was terminating its unsolicited offer to acquire all of the outstanding trust units of InStorage at $3.75 per unit and continuing its negotiations with InStorage to see if the parties can agree on the terms and conditions of an offer by CSP at $4.00 per unit.
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Extra Space Storage Inc. (the "Company") (NYSE: EXR) announced today that its board of directors has declared a quarterly dividend of $0.25 per share on the common stock of the Company.
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New appointment at Public Storage.
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The Board of Trustees of InStorage Real Estate Investment Trust ("InStorage")(TSX:IS.UN) today provided a further update regarding the status of InStorage's process to review strategic alternatives to the take-over bid made by Canadian Storage Partners, ULC ("Partners ULC") to acquire all of the outstanding trust units of InStorage at a price of $3.75 per unit.
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