RECENT NEWS
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...
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...
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...
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...
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;...
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,...
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...
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....
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...
One Liberty Properties 3rd Qtr. FFO $.40/shr vs. $0.35/shr
November 13, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$1.2 $1.0 $3.4 $2.8 FFO/shr (diluted)$0.40 $0.35 $1.14 $0.94 Net Income $1.1 $1.1 $3.4 $3.9 Net/shr$0.47 $0.40 $1.31 $1.08 Revenue (mln)$3.4 $2.4 $9.2 $7.8 Shares Out. (mln)3.0 3.0 3.0 3.0
Canada Digest (11/13/00): Office vacancy rate in Ottawa at record low
November 13, 2000 Office space market in 'crisis'Ottawa Citizen, November 13OTTAWA – The office vacancy rate in Ottawa is 2.3 percent. A new study by Royal LePage says that, because of ongoing growth in the high-tech sector, Ottawa-area...
Fannie Mae Provides $4 Mln Loan for Kansas City Apartments
November 13, 2000 KANSAS CITY, Mo. – Fannie Mae has provided a $4 million fixed-rate mortgage for the conversion of a downtown historic building into loft-style apartments.The 79,778-square-foot, 48-unit House Loft Apartments, which qualified for federal and state...
John Coppedge Named EVP of International Ops at Cushman & Wakefield
November 13, 2000 Special to Commercial Real Estate DirectJohn B. Coppedge III, executive managing director of international services at Cushman & Wakefield, has been promoted again to executive vice president, international operations.In his new post, Coppedge will direct...
JDN Trims Rate on Borrowings
November 13, 2000 ATLANTA – JDN Realty Corp. (NYSE:JDN) has struck a deal with its lending group that effectively lowers the rate by 25 basis points on a $175 million line of credit and $100 million term loan.Effective...
LNR Gets $34 Mln in Financing for Raleigh Property
November 13, 2000 LNR Property Corp. has received $34 million of financing from American General Life for One Hanover Square in Raleigh, N.C. Holly Minter and Tom Melody of L.J. Melody & Co. in Houston arranged the loan....
CDC Mortgage Provides $61 Mln of Debt for Recap of NY Offices
November 13, 2000 NEW YORK – CDC Mortgage Capital has provided $61 million of floating-rate financing for 30 Broad St., a 430,000-square-foot office building in downtown Manhattan that houses the New York Stock Exchange.The 49-story office building is...
Grand Union Retains Excess Space Disposition as Consultant
November 13, 2000 NEWARK, N.J. – A U.S. Bankruptcy Court judge in Newark has approved The Grand Union Co.'s (Nasdaq:GUCO) retention of Excess Space Disposition Inc. as a consultant on real estate issues. The Lake Success, N.Y.-based firm...
Insignia/ESG Makes Big Push in Leasing in Orange County, Calif.
November 13, 2000 Special to Commercial Real Estate DirectInsignia/ESG has brokered more than $160 million of office leases in Orange County, Calif.The three major deals that Insignia recently handled:– Global Center, a provider of Web hosting and infrastructure...
Kimco Realty Beefs Up Venture, Management
November 13, 2000 NEW HYDE PARK, N.Y. – Kimco Realty Corp. (NYSE:KIM) plans to expand its strategic joint venture, the Kimco Income REIT, with new equity of up to $300 million from Kimco and its institutional partners. The...
Sovran Self Storage 3rd Qtr. FFO $0.73/shr vs. $0.76/shr
November 13, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$8.7 $9.4 $25.2 $27.1 FFO/shr (diluted)$0.73 $0.76 $2.09 $2.18 Net Income $6.2 $7.7 $18.0 $19.7 Net/shr$0.46 $0.57 $1.31 $1.54 Revenue (mln)$23.5 $22.6 $67.6 $62.6 Shares Out. (mln)11,994.7 12,486.8 12.1 12.4
Meditrust 3rd Qtr. FFO $0.26/shr vs. $0.55/shr
November 13, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$37.3 $77.7 $131.7 $194.9 FFO/shr (diluted)$0.26 $0.55 $0.93 $1.36 Net Income $(222.3) $59.4 $(303.1) $118.9 Net/shr$(1.56) $0.42 $(2.14) $0.83 Revenue (mln)$210.6 $235.7 $644.8 $702.7 Shares Out. (mln)142.1 141.1 141.6 143.4
CRIIMI MAE Corp. 3rd Qtr. Net ($0.71)/shr vs. $0.14/shr
November 13, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99Net Income $(44.5) $8.1 $(36.7) $19.5 Net/shr$(0.71) $0.14 $(0.59) $0.33 Shares Out. (mln)62.4 61.8 62.1 61.2
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Commercial Real Estate Direct is the only source -- in print or otherwise -- that keeps close tabs on the entire real estate capital markets industry. It provides up-to-date market intelligence on the mortgage business, equity raising, investment sales and CMBS.
