Cap rates on retail properties sold in the second quarter held relatively steady in the second quarter at 6.99 percent. This is notable for two reasons. First, the 10-year U.S. Treasury yield, a “risk free” indicator, declined by 20 basis points, from 2.73 percent to 2.53 percent. Second, the Moody’s Baa corporate bond yield declined by 30 basis points in the second quarter, from 5 percent to 4.7 percent. If U.S. Treasuries and corporate bond yields declined, why ...
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