RECENT NEWS
Canada Digest (10/26/00): Construction to begin on office tower in Toronto
October 26, 2000 O&Y Properties to begin construction of office tower in TorontoCanada News Wire, October 26TORONTO – O&Y Properties Corp. will begin construction on Nov. 2 on a 430,000-square-foot, 20-story office tower at 2 Queen St. E....
DLJ Conduit To Price Friday Morning
October 26, 2000 Commercial Real Estate Direct The $1.3 billion DLJ Commercial Mortgage Corp. Series 2000-CKP1 conduit deal is due to price by late tomorrow morning, sources close to the deal say. Underwriters with Donaldson, Lufkin & Jenrette...
Agree Realty 3rd Qtr. FFO $0.62/shr vs. $0.61/shr
October 26, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln) $3.1 $3.1 $9.1 $9.0 FFO/shr (diluted)$0.62 $0.61 $1.80 $1.80 Net Income (mln) $1.9 $1.8 $5.2 $5.1 Net/shr$0.43 $0.40 $1.19 $1.17 Revenue (mln)$5.3 $4.8 $15.6 $14.3 Shares Out. (mln) 5.1...
Corrections Corporation of America to Settle Shareholder Litigation for $123 Mln
October 26, 2000 NASHVILLE, Tenn. – Corrections Corporation of America (NYSE:CXW) has agreed to pay about $123 million to settle all outstanding stockholder litigation against the company and certain of its existing and former directors and executive officers....
Cabot Industrial 3rd Qtr. FFO $0.48/shr vs. $0.46/shr
October 26, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln) $25.0 $22.3 $72.9 $62.7 FFO/shr (diluted)$0.48 $0.46 $0.96 $0.99 Net Income (mln) $13.3 $12.8 $39.0 $35.7 Net/shr$0.57 $0.51 $0.33 $0.31 Revenue (mln)$55.1 $40.5 $158.1 $115.7 Shares Out. (mln) 43.8...
S&P Assigns Single-A Rating to One Class of Asset Sec. Corp., 1996-D2
October 26, 2000 NEW YORK – Standard & Poor's has assigned its single-A rating to class A-3 of Asset Securitization Corp., 1996-D2.As of the end of September, class A-3 had an outstanding balance of $52.8 million. S&P had...
First Washington Realty 3rd Qtr. FFO $0.65/shr vs. $0.61/shr
October 26, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln) $11.5 $10.6 $33.3 $30.6 FFO/shr (diluted)$0.65 $0.61 $1.90 $1.78 Net Income (mln) $6.8 $6.3 $19.7 $16.8 Net/shr$0.38 $0.37 $1.12 $1.03 Revenue (mln)$24.2 $21.6 $72.1 $64.2 Shares Out. (mln) NA...
Owner of Wye River Conference Center Seeks Capital for Expansion
October 26, 2000 Commercial Real Estate Direct Staff ReportThe Aspen Institute is looking for an equity partner to fund the expansion of the Wye River Conference Center in Queenstown, on Maryland's eastern shore. Although it's not clear how...
Home Properties 3rd Qtr. FFO $0.77/shr vs. $0.55/shr
October 26, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln) $33.1 $19.0 $88.3 $53.4 FFO/shr (diluted)$0.77 $0.55 $2.19 $1.76 Extra Gain (Loss) $(.45) $----- $.42 $(.45) Net Income (mln) $12.3 $5.0 $30.9 $17.2 Net/shr$0.40 $0.26 $1.10 $0.93 Revenue (mln)$82.0...
Realty Income Corp. 3rd Qtr. FFO $0.62/shr vs. $0.61/shr
October 26, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln) $16.6 $16.4 $49.4 $48.4 FFO/shr (diluted)$0.62 $0.61 $1.85 $1.80 Net Income (mln) $9.9 $11.0 $30.8 $30.7 Net/shr$0.37 $0.41 $1.15 $1.14 Revenue (mln)$29.9 $26.9 $86.7 $75.8 Shares Out. (mln) 26.7...
FINAL PRICING: $499.6 Mln Hilton Hotels Pool Trust, Series 2000-HLT
October 26, 2000 * NOTE: The class A-1 tranche (5.8-year) was changed during marketing to fixed-rate from floating. Therefore, the price talk numbers are against Libor, while the tranche priced against swaps. Hilton Hotels Pool Trust, Series 2000-HLTClassAmount($mln)RatingMoody'sRatingS&PAvg.LifePriceTalk(BP)Priced(BP)BenchMarkA-192.5AaaAAA5.8+28-30*+38SwapsA-2175AaaAAA9.9+40-43+401-mo....
FINAL PRICING: $889 Mln Banc of America Commercial Mortgage 2000-2
October 26, 2000Banc of America Commercial Mortgage Inc. 2000-2ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sAvg.LifeRevisedPriceTalk(BP)Priced(BP)BenchMarkA-1198.324AAAAaa5.75+27-29+30SwapsA-2477.124AAAAaa9.18+40 area+40SwapsB37.819.75AAAa29.56+55-57+58SwapsC24.517A+A19.63+61-63+64SwapsD17.815AA29.63+69-71+72SwapsE8.914A-A39.63+79-81+84SwapsF11.112.75BBB+Baa19.66+220-225NATreas.G17.810.75BBBBaa29.71+230-235NATreas.H11.19.5BBB-Baa39.71+265-270NATreas.X*889NAAAAAaaNANANATreas.* Interest only, notional amount.
LaSalle Buys Hawaiian Mall for $62.4 Mln
October 26, 2000 OAHU, Hawaii – LaSalle Investment Management Inc. has bought Pearl Highlands Center, a shopping center on Oahu for $62.4 million in a fee-simple transaction, according to a report in the Honolulu Star-Bulletin.The Chicago-based real estate...
S&P Releases New “CMBS Quarterly Insights
October 26, 2000 NEW YORK – Standard & Poor's has released a new quarterly report, CMBS Quarterly Insights: Looking Under the Veneer", which is available on the rating agency's Web site.Gale Scott, managing director and head of the...
AMB Property Leases Space in LA Area
October 26, 2000By Brad Berton, Commercial Real Estate Direct Contributing EditorAMB Property Corp. has leased about 187,000 square feet of industrial space at two of its Los Angeles-area properties in deals totaling $9.6 million.Leading microturbine power systems manufacturer...
Duke-Weeks VP of Acquisitions, Dispositions Resigns
October 26, 2000 INDIANAPOLIS – Dave Stockert has resigned as executive vice president of acquisitions and dispositions at Duke-Weeks Realty Corp.Howard Feinsand, executive vice president and general counsel, will assume Stockert's responsibilities for acquisitions and dispositions, while Gene...
GMAC, Goldman Sachs Provide $146 Mln Loan for Arizona Outlet Mall
October 26, 2000 TEMPE, Ariz. – GMAC Commercial Mortgage Corp. and Goldman Sachs have provided $146 million of permanent financing for a 1.2 million-square-foot shopping mall.The mall, Arizona Mills, is owned by a venture of Mills Corp., Simon...
Boston Properties Prices Big Stock Offering, Raises $556 Mln
October 26, 2000 Commercial Real Estate Direct Staff ReportBoston Properties (NYSE:BXP) has priced 15 million common shares at $39.0625 apiece, which would result in nearly $556 million of proceeds after underwriting fees for the Boston REIT.According to a...
Solid Development Spurs Sutro to Initiate Spieker Properties at Buy, $63 Target
October 26, 2000 (NewsTraders.com) – Sutro & Co. today launched coverage of Spieker Properties (NYSE:SPK) with a buy rating and a 12-month price target of $63.Dubbing the Menlo Park, Calif.-based REIT the "leading owner of office and industrial...
Southeast Regional Digest (10/26/00): Orlando, Fla., parcel sells for $60 Mln
October 26, 2000 Final parcel of undeveloped land purchasedThe Orlando Sentinel, October 26ORLANDO, Fla. – L.M. Sandler and Sons Inc., of Virginia Beach, Va., and its affiliate SouthStar Development Partners Inc., of Miami, have purchased the remaining 520...
Brickman Sues International Paper for Breaching Land-Sale Contract
October 26, 2000 Commercial Real Estate Direct Staff ReportBrickman Associates has sued International Paper Co. for reneging on what it claims was a contract to sell a 110-acre estate straddling the Greenwich and Stamford borders in Connecticut.International Paper...
Suburban Dallas Office Complex on the Market
October 26, 2000 By Thomas J. Walsh, Commercial Real Estate Direct Senior WriterDALLAS – A 372,000-square-foot office complex called The Princeton, in an emerging business area, is up for sale. The asking price is about $42.5 million, or...
EastGroup Properties 3rd Qtr. FFO $0.62/shr vs. $0.59
October 26, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln) $11.7 $9.8 $35.1 $28.6 FFO/shr (diluted) $0.62 $0.59 $1.85 $1.70 Net Income (mln) $7.0 $19.6 $21.0 $32.0 Net/shr$0.29 $1.11 $0.86 $1.74 Revenue (mln)$24.6 $21.5 $71.3 $63.4 Shares Out. (mln)...
Lodgian Shareholders Re-elect Management Directors; Yung Group Denied Board Seats
October 26, 2000 Lodgian Inc. (NYSE:LOD) is claiming victory over William Yung, who led a group of shareholders that controls 14.9 percent of the REIT. Lodgian says that its shareholders voted to re-elect management nominees John M. Lang...
Smith Residential Realty 3rd Qtr. FFO $0.94/shr vs. $0.83/shr
October 26, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln) $40.5 $30.1 $104.6 $84.2 FFO/shr (diluted) $0.94 $0.83 $2.66 $2.35 Net Income (mln) $14.5 $14.7 $41.0 $35.6 Net/shr$0.65 $0.72 $1.89 $1.81 Revenue (mln)$98.7 $79.2 $282.3 $218.7 Shares Out. (mln)...
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