RECENT NEWS
Macklowe Buys Prewar Manhattan Offices for $22 Mln
November 1, 2000 NEW YORK – Cornerstone Real Estate Advisors, a unit of Mass Mutual Life Insurance Co., has sold a pre-war office building in midtown to Macklowe Properties for $22 million, or about $310/sf.Macklowe had been managing...
Judge Rules Against Met Life in Fight Over Prepayment Penalty
October 31, 2000 CHICAGO – A Cook County Circuit Court judge has ruled against Metropolitan Life in its effort to get the Kennedy family to pay a $47.5 million prepayment penalty resulting from its sale of Chicago's Merchandise...
BofA-led Group Provides $150 Mln of Construction Debt for Chicago Complex
October 31, 2000 CHICAGO – A syndicate of banks led by Bank of America has provided $150 million of construction financing for Grand Plaza, a retail and residential development in Chicago's River North area.BofA provided the financing and...
Kimco Realty 3rd Qtr. FFO $1.01/shr vs. $0.92/shr
October 31, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$64.4 $56.7 $187.2 $161.6 FFO/shr (diluted)$1.01 $0.92 $2.99 $2.64 Extra Gain (Loss) $0.43 $0.25 $2.1 $0.25 Net Income $51.5 $45.6 $151.2 $127.5 Net/shr$0.71 $0.64 $2.12 $1.77 Revenue (mln)$115.7 $106.0 $343.1...
Spieker 3rd-Qtr FFO $1.10/shr vs $0.87/shr
October 31, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$85.3$65.7 $238.3 $189.1FFO/shr (diluted)$1.10 $0.87 $3.10 $2.54 Net Income $101.5 $39$218.3 $113.3 Net/shr$1.49 $0.60 $3.25 $1.76 Revenue (mln)$194.1 $164.6$547.6$474Shares Out. (mln)77.5 75.3 76.9 74.5
Southeast Regional Digest (10/31/00): Bank hands over Nashville office tower to lender
October 31, 2000 SunTrust relinquishes office tower to lenderThe Tennessean, October 31NASHVILLE, Tenn. – SunTrust Bank has relinquished its office tower to its lender, Pittsburgh-based Cigna Corp. The transaction is valued at $58.6 million, which represents the amount...
U.S. Restaurant Properties 3rd Qtr. FFO $0.37/shr vs. $0.56/shr
October 31, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$6.4 $11.8 $17.3 $28.7 FFO/shr (diluted)$0.37 $0.56 $0.97 $1.41 Extra Gain (Loss) $(.98) $.55 $(1.6) $.10 Net Income $1.4 $5.0 $.42 $11.2 Net/shr$0.02 $0.20 $(0.32) $0.38 Revenue (mln)$20.2 $20.5 $61.7...
Deutsche Banc Alex. Brown Initiates Coverage of Boston Properties
October 31, 2000 NEW YORK – Deutsche Banc Alex. Brown analyst Amy Young on Monday initiated coverage of Boston Properties Inc. (NYSE:BXP) with a strong buy investment rating on the shares and a 12-month stock price target of...
Canada Digest (10/31/00): REIT buys two hotels for C$305 Mln
October 31, 2000 Legacy Hotels to buy 2 Canadian landmark hotelsCanadian Newswire, October 31TORONTO – Legacy Hotels Real Estate Investment Trust will acquire Le Ch?teau Frontenac and The Empress hotels for C$305 million (US$199 million) from Canadian Pacific...
Healthcare Realty Trust 3rd-Qtr FFO $0.66/shr vs $0.67/shr
October 31, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$26.4 $26.6 $79.6 $78.8 FFO/shr (diluted)$0.66 $0.67 $1.97 $1.97 Net Income $20.2 $20.2 $61.8 $61.6 Net/shr$0.46 $0.47 $1.42 $1.42 Revenue (mln)$49.6 $46.5 $147.7 $137.8Shares Out. (mln)40.3 40 40.3 39.9
Rodamco Completes Tender Offer for Urban Shopping Centers
October 31, 2000 CHICAGO – Rodamco North America NV (Amex: RDMA) has completed its tender offer for all outstanding shares of Urban Shopping Centers Inc. (NYSE:URB) for $48 per share in cash. A total of 20 million Urban...
Gables Residential 3rd Qtr. FFO $0.75/shr vs. $0.73/shr
October 31, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$22.5 $23.7 $67.6 $66.7 FFO/shr (diluted)$0.75 *$0.73 *$2.21 *$2.03 *Extra Gain (Loss) $19.3 $4.0 $19.3 $4.7 Net Income $25.6 $15.3 $48.4 $36.2 Net/shr$1.00 $0.49 $1.72 $1.10 Revenue (mln)$60.3 $62.9 $181.4...
Affiliate of CRESA Merges Into Firm
October 31, 2000By Brad Berton, Commercial Real Estate Direct Contributing EditorThe Rome Group/CRESA, the Washington, D.C.-area affiliate of CRESA (Corporate Real Estate Service Advisors) Alliance's tenant representation network, is the latest alliance member to merge its operations into...
LaSalle Hotel 3rd Qtr. FFO $0.87/shr vs. $0.76/shr
October 31, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$16.1 $14.1 $37.9 $35.4 FFO/shr (diluted)$0.87 $0.76 $2.04 $1.92 Net Income $7.7 $6.2 $13.1 $13.9 Net/shr$0.45 $0.40 $0.77 $0.91 Revenue (mln)$26.6 $23.6 $66.4 $60.4 Shares Out. (mln)17.0 15.3 17.0 15.3
Prudential Lifts Equity Office, Lowers Healthcare Realty
October 31, 2000 (NewsTraders.com) – Prudential Securities analyst Lou Taylor upgraded Equity Office Properties Trust (NYSE:EOP) to strong buy from accumulate today after the REIT reported in-line earnings for the third quarter.Equity Office, a Chicago-based office building owner,...
CIBC Initiates Mission West at Buy, $16-plus Price Target
October 31, 2000 (NewsTraders.com) – Viewing Mission West Properties (AMEX:MSW) as the only pure-play REIT in Silicon Valley – the country's "hottest commercial market" – CIBC World Markets initiated coverage of the company with a buy rating and...
United Dominion 3rd Qtr. FFO $0.34/shr vs. $0.36/shr
October 31, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$42.4 $44.3 $133.0 $132.4 FFO/shr (diluted)$0.34 $0.36 $1.08 $1.06 Net Income $11.2 $10.4 $26.6 $52.4 Net/shr$0.11 $0.10 $0.26 $0.50 Revenue (mln)$154.6 $155.5 $463.8 $463.7 Shares Out. (mln)123.3 124.1 123.2 124.6
IRT Property 3rd Qtr. FFO $0.31/shr vs. $0.29/shr
October 31, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$10.7 $10.4 $32.4 $31.7 FFO/shr (diluted)$0.31 $0.29 $0.93 $0.88 Extra Gain (Loss) $.65 $---- $3.4 $2.5 Net Earnings $6.7 $6.2 $22.3 $21.3 Net/shr$0.21 $0.19 $0.69 $0.64 Revenue (mln)$21.7 $20.8 $64.6...
Teachers Sells $487 Mln of Mortgages to Morgan Stanley
October 31, 2000 NEW YORK – Teachers Insurance and Annuity has sold a $487 million portfolio of commercial mortgages to Morgan Stanley Dean Witter.The portfolio, which was brokered by Jones Lang LaSalle, is comprised of loans on 18...
GMAC Arranges $28 Mln Financing for Three New England Retail Properties
October 31, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage has arranged three loans totaling more than $28 million for three retail properties, totaling 269,107 square feet in New England.The permanent financing includes a cross collateralization and cross default...
Greenlight Capital Ups Stake in Insignia Financial to 7.4 percent
October 31, 2000 Greenlight Capital LLC has upped its investment in Insignia Financial Group Inc. (NYSE:IFS) to a 7.4 percent stake with control over 1.6 million shares in the firm.The investment management firm, managed by David Einhorn and...
Winston Hotels 3rd Qtr. FFO $0.49/shr vs. $0.51/shr
October 31, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$8.9 $9.3 $24.8 $25.3 FFO/shr (diluted)$0.49 $0.51 $1.36 $1.40 Extra Gain (Loss) $(.59) $(.24) $(.85) $(.24) Net Income $6.6 $6.8 $3.0 $14.0 Net/shr$0.29 $0.21 $(0.13) $0.54 Revenue (mln)$19.2 $16.6 $39.8...
Mission West 3rd Qtr. FFO $0.23/shr vs/ $0.18/shr
October 31, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$23.2 $17.0 $61.4 $41.3 FFO/shr (diluted)$0.23 $0.18 $0.62 $0.46 Net Income $3.3 $2.2 $8.9 $4.1 Net/shr$0.20 $0.13 $0.52 $0.37 Revenue (mln)$30.8 $24.6 $83.2 $52.9 Shares Out. (mln)17.0 16.7 17.0 11.1
Glimcher Names Scott T. McCarthy Senior Vice President of Development
October 31, 2000 COLUMBUS, Ohio – Scott T. McCarthy has been named senior vice president of development at Glimcher Development Corp., an affiliate of Glimcher Realty Trust (NYSE: GRT). McCarthy will oversee the development of current and future...
Senior Housing Sells Properties for $123 Mln
October 31, 2000 NEWTON, Mass. – Senior Housing Properties Trust (NYSE:SNH) has sold four independent-living properties for $123 million. The properties were sold to an affiliate of Brookdale Living Communities Inc., which leases them. They contain 829 units...
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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.
