RECENT NEWS
Crescent sells Four Seasons; Proceeds Used to Buy GMAC’s Interest in Property
November 15, 2000 HOUSTON – Crescent Real Estate Equities Co. (NYSE:CEI) has sold the 400-key Four Seasons Hotel for about $105 million to Maritz, Wolff & Co. of St. Louis.The hotel, which is in the company's Houston Center...
Prudential Invests $100 Mln in Hangar-to-Office Venture
November 15, 2000 Prudential Real Estate Investors is investing $100 million for an equity stake in a joint venture with Barker Pacific Group, which is developing office space at a former military base north of San Francisco. The...
United Investors 3rd Qtr FFO $0.20/shr vs $0.25/shr
November 15, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$1.9 $2.4 $6.1 $7.3 FFO/shr (diluted)$0.20 $0.25 $0.66 $0.75 Net Income (mln) $.9 $1.3 $(2.4) $4.0 Revenue (mln)$6.3 $6.6 $19.4 $19.3 Shares Out. (mln)9.3 9.8 9.39.8
W.P. Carey 3rd Qtr FFO $0.57/shr vs $0.52/shr
November 15, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$19.5 $13.4 $46.7 $39.3 FFO/shr (diluted)$0.57 $0.52 $1.65 $1.54 Net Income (mln) $11.4 $9.5 $(9.0) $28.9 Net/shr$0.34 $0.37 $(0.32) $1.13 Revenue (mln)$34.0 $23.7 $83.8 $66.7 Shares Out. (mln)33.9 25.7 28.3...
Golf Trust of America’s Board Prepares Liquidation
November 15, 2000 CHARLESTON, S.C. – Golf Trust of America Inc. (NYSE:GTA) said its board of directors authorized management on Nov. 6 to prepare liquidation plan and, if approved, to submit it to a vote of stockholders and...
Office Complex in L.A.’s Westside District May Fetch $125 Mln
November 15, 2000 Commercial Real Estate Direct Staff ReportLOS ANGELES – Local developer M. David Paul is taking advantage of the huge office space demand and limited supply in the Westside area of Los Angeles by seeking a...
Shidler Group Offers Pasadena Office, Hotel
November 15, 2000 Commercial Real Estate Direct Staff ReportAn affiliate of the San Diego-based Shidler Group is offering for sale the Pasadena Office Tower and Pasadena Hilton along S. Los Robles Avenue in Pasadena, Calif., near the civic...
Prime Group Realty Trust Secures $230 Mln Construction Loan
November 14, 2000 Bayerische Hypo-Und Vereinsbank AG recently provided Prime Group Realty Trust (NYSE:PGE) with a $230 million construction loan for one of its office developments in Chicago's Central Loop.The loan is for construction of Dearborn Center, a...
Sr Housing Prop Trust 3rd-Qtr FFO $0.39/shr vs $0.64/shr
November 14, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$10.2 $16.7 $36.7 $49.7 FFO/shr (diluted)$0.39 $0.64 $1.41 $1.91 Net Income $4.4 $11.2 $19.2 $33.0 Net/shr$0.17 $0.43 $0.74 $1.27 Revenue (mln)$15.2 $22.6 $52.4 $67.9 Shares Out. (mln)25.9 26 2626*During the...
Crestline Capital to Sell Hotel Leases to Host Marriott for $205 Mln
November 14, 2000 BETHESDA, Md. – Crestline Capital Corp. (NYSE:CLJ) has agreed to sell entities owning the lease rights to Host Marriott Corp.'s (NYSE:HMT) portfolio of full-service hotels to a subsidiary of Host Marriott for $205 million in...
Lexington Corporate Properties Trust to Pay for $143 Mln for Real Estate Ownerships
November 14, 2000 NEW YORK – Lexington Corporate Properties Trust (NYSE:LXP) has agreed to acquire two Delaware limited partnerships in a merger transaction valued at $143 million.Net 1 LP and Net 2 LP own 25 properties, which generate...
S&P Lowers Ratings on United Dominion Realty Trust
November 14, 2000 NEW YORK – Standard & Poor's today lowered its ratings on United Dominion Realty Trust (NYSE:UDR) and the company's operating partnership, United Dominion Realty L.P. However, the company's outlook has been revised to stable from...
Malan Realty Investors Expands Board of Directors
November 14, 2000 BINGHAM FARMS, Mich. – Malan Realty Investors Inc. (NYSE:MAL) has elected Edward J. Russell III to its board of directors. Russell – managing partner of Russell Development Co. in Grosse Pointe Farms, Mich. – directly...
CarrAmerica Promotes Karen Dorigan to CIO
November 14, 2000 WASHINGTON – CarrAmerica Realty Corp. (NYSE:CRE) has promoted Karen Dorigan to chief investment officer.In her new position, Dorigan will oversee CarrAmerica's investment strategy and its execution, as she continues to serve on CarrAmerica's operating and...
Former Boston Fed Chairman Joins Visible Markets
November 14, 2000 BOSTON – Robert P. Henderson, the chairman of the Boston Federal Reserve Bank from 1981 through 1984, has joined the board of directors at Visible Markets Inc., a Web browser-based auction marketplace for mortgage-backed securities,...
Equity Inns Raises $108.8 Mln of Mortgage Debt, Replaces Line
November 14, 2000 GERMANTOWN, Tenn.– Equity Inns Inc. (NYSE:ENN) has raised $108.8 million of financing, allowing it to refinance its credit line.The hotel REIT raised $69.7 million of 10-year financing with an 8.25 percent rate from GE Capital;...
Additional $56 Mln Loan in Place for New Seattle-Area Retail Complex
November 14, 2000 BELLEVUE, Wash. – Cigna Real Estate Investments has provided an additional $56.6 million in financing for a large-scale retail project due to open by Thanksgiving. A partnership of developers known as Bellevue Square Managers Inc....
Essex Buys Apartments in Portland, Ore., Suburb
November 14, 2000 LAKE OSWEGO, Ore. – Essex Property Trust Inc. has purchased a 256-unit apartment complex in Lake Oswego, Ore., for a contract price of $17.5 million, or about $68,360/unit.Hunt Club Apartments consists of 128 one-bedroom/one bathroom...
Glenborough Realty CEO Bought 27,900 Shares in October
November 14, 2000 (NewsTraders.com) – Glenborough Realty Trust (NYSE:GLB) Chairman and Chief Executive Robert Batinovich purchased 27,900 shares of the San Mateo, Calif.-based REIT in October, according to a Form 4 filing.The executive bought the shares on Oct....
LaSalle Hotel Properties Extends Bank Credit Facility
November 14, 2000 BETHESDA, Md. – LaSalle Hotel Properties (NYSE:LHO) has renewed and extended its bank credit facility through Dec. 31, 2003. The facility was reduced $35 million to a total of $200 million based on anticipated use....
Pan Pacific Retail Completes Western Properties Trust Acquisition
Correction (November 14, 2000): Joseph P. Colmery is the retired president and chief executive of U.S. Bank of California, not U.S. Bancorp as reported below. Pan Pacific Retail Properties issued the correction to its report released earlier today.November...
Merrill Hikes Boston Properties to I-T Buy From Accumulate
November 14, 2000 (NewsTraders.com) – Boston Properties (NYSE:BXP) was shifted up to intermediate-term buy from accumulate today by Merrill Lynch analyst Steve Sakwa, who based the move on the strength of the REIT's asset base and related factors.Sakwa...
Humphrey Hospitality Trust, Inc. Announces Restructuring of Lease & Service Agreements
November 14, 2000 COLUMBIA, Md. – Humphrey Hospitality Trust Inc. (Nasdaq:HUMP) is restructuring its leases and service agreements with Humphrey Hospitality Management Inc. in order to simplify and provide for identical monthly percentage lease payment terms for all...
Investor Group Buys 4 Buildings in San Diego for $23 Mln
November 14, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorBrown Colarusso & LeBeau, a San Diego-based investment/development group, has acquired four office buildings in the city's strong Kearny Mesa and Scripps Ranch submarkets for $23.2 million,...
JDN Realty 3rd-Qtr FFO $0.38/shr vs $0.50/shr
November 14, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$12.2 $16.8 $35.9 $49.5 FFO/shr (diluted)$0.38 $0.50 $1.11 $1.47 Net Income $10.9 $17.4 $33.2 $39.1 Net/shr$0.34 $0.52 $1.02 $1.14 Revenue (mln)$27.8 $26.7 $80.2 $78.3 Shares Out. (mln)32.4 33.6 32.4 33.6
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