RECENT NEWS
FINAL PRICING: $1.2 Bln Morgan Stanley Dean Witter 2001-TOP1
February 15, 2001 Morgan Stanley Dean Witter Capital I Trust 2001-TOP1ClassAmount($mln)Sub. Level(%)RatingFitchRatingS&PAvg.LifePriceTalk(BP)Priced(BP)BenchMarkA-16515AAAAAA3.4+30 area+30SwapsA-2203.515AAAAAA5.7+39-40+40SwapsA-3138.515AAAAAA6.8+43-44+43SwapsA-4575.915AAAAAA9.65+46-47+47SwapsB34.712AAAA9.89+62-63+62SwapsC31.89.25AA9.93+80-82+81SwapsD11.58.25A-A-9.98+91-93+93SwapsE27.45.88BBBNR9.98+125 area+125SwapsF10.15BBB-NR10+275 area275Treas.X-1*50--AAAAAANA+475 area475Treas.X-2*46.6--AAAAAA--+195 area195Treas.* Notional amount, interest only.
AMB Property Teams with San Francisco Employees’ Retirement System
February 15, 2001 SAN FRANCISCO – AMB Property Corp. (NYSE:AMB) and the City and County of San Francisco Employees' Retirement System have teamed to invest in industrial distribution properties nationwide. The REIT and the pension fund have each...
FBR Lowers Cornerstone Realty to Accumulate, Ups Goal to $12
February 15, 2001 (NewsTraders.com) – Friedman Billings Ramsey & Co. analyst Merrill Ross lowered her rating on Cornerstone Realty Income Trust (NYSE:TCR) to accumulate from buy today in a move prompted by a negative near-term supply outlook.The downgrade...
First Industrial 4th Qtr FFO $0.95/shr vs $0.87/shr
February 15, 2001 4th-Qtr 004th-Qtr 9912-mos 0012-mos 99FFO (Mln) $44.2$39.6 $169.2 $151.0 FFO/shr (diluted) $0.95 $0.87 $3.66 $3.33 Net Income (Mln) $19.8 $20.0 $85.0 $91.9 Net/shr$0.51 $0.52 $2.18 $2.41 Revenue (Mln)$98.2 $90.6 $384.2$374.2 Shares Outstanding (Mln)39.1 38.2 38.9...
S&P Buys CMBS Analytics Firm Charter Research
February 15, 2001 NEW YORK – Standard & Poor's has acquired Charter Research Corp., a Boston analytics firm that specializes in the commercial mortgage sector.The acquisition gives S&P the ability to broaden its reach from the commercial mortgage-backed...
Court OK’s Corrections Corp. of America Settlement
February 15, 2001 NASHVILLE, Tenn. – Corrections Corporation of America (NYSE:CXW) has received final court approvals for revised terms in its settlements with shareholders.The revised terms call for the REIT to issue 49.6 million shares of common stock...
Fitch to Rate Structured Finance Trustees
February 15, 2001 NEW YORK – Fitch plans to start analyzing and rating structured finance trustees, the institutions responsible for bond administration and custodial services relating to commercial mortgage-backed, residential mortgage-backed and asset-backed securities.After repeated requests from investors...
Beacon Capital Partners Closes $279 Mln Sale of Cambridge, Mass., Complex
February 15, 2001 BOSTON – Beacon Capital Partners Inc. has closed on its sale of Technology Square in Cambridge, Mass., for $278.8 million.The Massachusetts Institute of Technology bought Technology Square's three existing buildings totaling about 541,000 square feet...
First Washington Sale Scheduled for Week of Feb. 19
February 15, 2001 BETHESDA, Md. - First Washington Realty Trust Inc. (NYSE:FRW) anticipates closing on its sale to affiliates of U.S Retail Partners LLC, a joint venture of California Public Employees' Retirement System and National Retail Partners LLC,...
Cousins Properties’ President to Leave
February 15, 2001 ATLANTA – Daniel M. DuPree is resigning as president and chief operating officer of Cousins Properties Inc. (NYSE:CUZ) effective March 31.The company's board has named R. Dary Stone, president of Cousins Stone LP and a...
Chateau Communities 4th Qtr FFO $0.70/shr vs $0.63/shr
February 15, 2001 4th-Qtr 004th-Qtr 9912-mos 0012-mos 99FFO (Mln) $22.7$20.0 $85.9 $77.6 FFO/shr (diluted) $0.70 $0.63 $2.67 $2.45 Net Income (Mln) $10.2 $8.3 $37.8 $34.6 Net/shr$0.36 $0.29 $1.33 $1.23 Revenue (Mln)$53.9 $48.8 $204.8$189.4 Shares Outstanding (Mln)28.6 28.5 28.6...
Southeast Regional Digest (2/15/01): Boca Raton, Fla., group gathers land for project
February 15, 2001 Boca Raton, Fla., group gathers land for projectThe Boca Raton (Fla.) News, February 15BOCA RATON, Fla. – New Urban Communities Corp. is targeting land for another mixed-use redevelopment project on West Atlantic Avenue. The organization...
Federal Realty Promotes Donald C. Wood to President, COO
February 15, 2001 ROCKVILLE, Md. – The trustees of Federal Realty Investment Trust (NYSE:FRT) have promoted Donald C. Wood to president and chief operating officer.Prior to his promotion, Wood served as the company's senior vice president and chief...
RioCan Buys Ontario Retail Center
February 14, 2001 THUNDER BAY, Ontario – RioCan Real Estate Investment Trust (TSE:REI_u.TO) has completed its purchase of a 280,000-square-foot retail center for C$30.75 million (US$20.2 million).The center, which has been renamed RioCan Centre Thunder Bay, is 100...
Ramco-Gershenson Properties 4th Qtr FFO $0.61/shr vs $0.62/shr
February 14, 2001 4th-Qtr 004th-Qtr 9912-mos 0012-mos 99FFO (Mln) $6.6$6.6 $26.8 $25.5 FFO/shr (diluted) $0.61 $0.62 $2.48 $2.37 Net Income (Mln) $2.1 $3.8 $11.8 $11.8 Net/shr$0.18 $0.41 $1.34 $1.17 Revenue (Mln)$24.3 $21.6 $92.3$85.3 Shares Outstanding (Mln)12.1 12.2 12.1...
Brookfield buys 50% Interest in Toronto’s Bay-Adelaide Centre Development
February 14, 2001 TORONTO - Brookfield Properties Corp. (NYSE:BPO) has completed its acquisition of a 50 percent interest in the Bay-Adelaide Center site in downtown Toronto from TrizecHahn Office Properties Ltd.The site consists of two prime blocks of...
Zethus Appoints Senior Tech Team
February 14, 2001 WASHINGTON – Zethus Inc. has beefed up its technology team in preparation for the roll out of its Web-based commercial real estate leasing platform.In December, the Goldman Sachs company hired Mike Conger, vice president of...
S&P Rates Shurgard Storage Centers Senior Unsecured Notes
February 14, 2001 NEW YORK - Standard & Poor's has assigned its triple-B-rating to Shurgard Storage Center Inc.'s $200 million senior unsecured notes due 2011.The company's triple-B senior unsecured credit rating and triple-B-minus preferred stock rating were affirmed....
PRICE TALK: $1.2 Bln Morgan Stanley Dean Witter 2001-TOP1
February 14, 2001Go To Fitch Presale Report.Go To S&P Presale Report. Morgan Stanley Dean Witter Capital I Trust 2001-TOP1ClassAmount($mln)Sub. Level(%)RatingFitchRatingS&PAvg.LifePriceTalk(BP)BenchMarkA-16515AAAAAA3.4+30 areaSwapsA-2203.515AAAAAA5.7+39-40SwapsA-3138.515AAAAAA6.8+43-44SwapsA-4575.915AAAAAA9.65+46-47SwapsB34.712AAAA9.89+62-63SwapsC31.89.25AA9.93+80-82SwapsD11.58.25A-A-9.98+91-93SwapsE27.45.88BBBNR9.98+125 areaSwapsF10.25BBB-NR10+275Treas.X-1*50--AAAAAA--+475Treas.X-2*46.6--AAAAAA--+195Treas.* Notional amount, interest only.
BRT Realty Trust 1st-Qtr Net $0.43 vs $0.25
February 14, 2001 1st-Qtr 20011st-Qtr 2000Net/shr $0.43$0.25Net Income (Mln)$3.1$1.8Revenue (Mln)$4.5$2.3
First Union to Seek Shareholder Approval for Property Sale
February 14, 2001 NEW YORK – First Union Real Estate Equity and Mortgage Investments (NYSE:FUR) will hold a special meeting of shareholders on March 6 to vote on the company's contract to sell most of its real estate...
PMI Mortgage Promotes Janet Parker to Senior VP of Risk Management
February 14, 2001 SAN FRANCISCO – PMI Mortgage Insurance Co. has promoted Janet Parker to senior vice president of risk management.Previously, she was vice president of field operations. Parker joined the company in 1983 as national underwriting manager...
ElderTrust Completes Agreements with Mortgage Lender
February 14, 2001 KENNETT SQUARE, Pa. – ElderTrust (NYSE:ETT) has renegotiated two mortgage notes totaling $20 million.Under the terms of the agreements, the equity healthcare REIT has worked out new deals with its lenders that take into account...
Southeast Regional Digest (2/14/01): Council clears way for $48 Mln. Athens, Ala., project
February 14, 2001 Council clears way for $48 Mln Athens, Ala., project The Birmingham News, February 14ATHENS, Ala. - The last hurdle for development of a $48 million Athens Outlet Village has been cleared. The City Council agreed...
GMAC Buys UK Nursing Home Servicer
February 14, 2001HORSHAM, Pa. – GMAC Commercial Holding Corp. is spreading its wings in Europe. The firm has acquired UCB Healthcare Service Co., a servicer of nursing home loans that is based in Sutton, England, in the county...
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