RECENT NEWS
Hotel Operator Sells Development Sites in West, Southwest
November 1, 2000By Brad Berton, Commercial Real Estate Direct Contributing EditorWestlodge Hospitality has sold four development sites in Albuquerque, Phoenix, Ariz., Santa Fe, N.M., and its hometown of San Diego.Westlodge, a division of Houston-based Westmont Hospitality Group, inherited...
Cousins Properties 3rd Qtr. FFO $0.40/shr vs. $0.42
November 1, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$24.6 $20.9 $69.5 $60.5 FFO/shr (diluted)$0.49 $0.42 $1.40 $1.24 Extra Gain (Loss) $1.0 $1.0 $10.9 $57.7 Net Income $12.7 $11.9 $36.9 $33.7 Net/shr$0.27 $0.26 $0.96 $1.87 Revenue (mln)$37.3 $26.4 $101.8...
Legacy Hotels REIT to Acquire 2 Landmark Hotels in $200 Mln Deal
November 1, 2000 TORONTO – Legacy Hotels REIT (TSE:LGY) is buying two historic luxury hotels from Canadian Pacific Hotels & Resorts Inc. for C$305 million (US$199.2 million) in cash and stock.Legacy is buying The Empress in Victoria, B.C.,...
Southeast Regional Digest (11/1/00): Manufacturer to lease entire building in N.C. business park
November 1, 2000 British company to lease space in N.C.The Charlotte Observer, November 1CHARLOTT, N.C. – Britax Child Safety Inc., designer and manufacturer of child safety seats, will lease a 123,200-square-foot facility in the South Point Business Park,...
ORIX Offers Midtown Manhattan Offices
November 1, 2000 Commercial Real Estate Direct Staff ReportORIX Real Estate Equities Inc. has hired CB Richard Ellis to market 1450 Broadway, a 42-story pre-war tower in Manhattan's Garment District.The 352,000-square-foot building is located on the southern tip...
Brandywine Realty 3rd Qtr. FFO $0.65/shr vs. $0.61/shr
November 1, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$30.6 $27.8 $90.6 $81.5 FFO/shr (diluted)$0.65 $0.61 $1.88 $1.81 Extra Gain (Loss) $9.5 $3.5 $9.6 $3.5 Net Income $19.8 $11.1 $41.2 $26.1 Revenue (mln)$73.1 $70.2 $216.7 $212.6 Shares Out. (mln)47,381.6...
Captec 3rd Qtr. FFO $0.46/shr vs. $0.50/shr
November 1, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln)$4.3 $4.7 $13.1 $13.7 FFO/shr (diluted)$0.46 $0.50 $1.38 $1.44 Extra Gain (Loss)$(1.3) $(.13) $(2.9) $(.67) Net Income $4.7 $3.9 $13.3 $10.8 Net/shr$0.49 $0.41 $1.39 $1.14 Revenue (mln)$6.9 $7.3 $21.6 $21.5...
Wells Fargo to Buy Santa Ana, Calif., Offices
November 1, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorWells Fargo & Co. has emerged as the winning bidder for an 83,131-square-foot office building in Santa Ana, Calif., that it occupies as sole tenant.Wells has agreed...
Merrill Downgrades United Dominion Realty to I-T Neutral
November 1, 2000 (NewsTraders.com) –- United Dominion Realty (NYSE:UDR) received a demotion in its investment grade to intermediate-term neutral from accumulate from Merrill Lynch analyst Steve Sakwa, who cited "uncertainty associated with the strategy and management changes taking...
North American Van Leases Space in San Diego County
November 1, 2000 Commercial Real Estate Direct Staff ReportNorth American Van Lines has leased 176,435 square feet of warehouse space at the Legacy Stone Business Park in Poway, Calif., in northern San Diego County.The seven-year deal with landlord...
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...
Morgan, Gale & Wentworth Team Sells Orange County Buildings for $26 Mln
November 1, 2000By Brad Berton, Commercial Real Estate Direct Contributing EditorBixby Land Co., a century-old Southern California real estate developer, has paid $26 million, or $173/sf, for three office buildings in southern Orange County.The three buildings, each of...
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
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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.
