RECENT NEWS
Interstate Hotels Completes $30 Mln Lehman Bros. Investment, Joint Venture
October 23, 2000PITTSBURGH – CGLH Partners I LP and CGLH Partners II LP, an investor group led by Lehman Brothers, has completed a $30 million investment into Interstate Hotels Corp. (Nasdaq:IHCO), finalizing an agreement signed Aug. 31. Interstate...
Amerihost Properties Changes Name to Arlington Hospitality
October 20, 2000 ARLINGTON HEIGHTS, Ill. – Amerihost Properties Inc. (Nasdaq:HOST) is changing its name to Arlington Hospitality Inc. The REIT is changing its name because of the sale last month of its AmeriHost Inn hotel brand name...
Banyan Strategic Realty Trust Files Lawsuit Against Suspended President
October 20, 2000 CHICAGO – Banyan Strategic Realty Trust (Nasdaq:BSRTS) has filed a lawsuit against suspended president Leonard G. Levine, alleging violations of his fiduciary duty of loyalty.The REIT claims that it has had "just cause" to terminate...
Ameristar Casinos to Buy Station Casinos Properties in Missouri for $475 Mln
October 20, 2000 LAS VEGAS – Ameristar Casinos Inc. has acquired the Station Casinos Inc. properties in Kansas City, Mo., and St. Charles, Mo., for $475 million in cash. The Kansas City property consists of 140,000 square feet...
Southeast Regional Digest (10/20/00): Development firm plans 1 Mln-sf mixed-used project in Atlanta
October 20, 2000 Developer proposes 'urban village' projectAtlanta Journal-Constitution, October 20ATLANTA – Altamaha Development Co. plans to develop 750 apartments and condos, 205,000 square feet of office and 50,000 sf of retail space on 11.4 acres at the...
Wisconsin Energy Sells Off More Than 1 Mln sf in 3 States
October 20, 2000 MILWAUKEE – Wisconsin Energy Corp. (NYSE:WEC) has sold a large chunk of the assets of Wispark Corp., the firm's non-utility real estate development company, to Interstate Partners LLC for an undisclosed sum.The transaction is the...
Summit Properties 3rd Qtr FFO $0.61/shr vs $0.56/shr
October 20, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln) $18.8$17.8 $54.2 $52.9 FFO/shr (diluted) $0.61 $0.56 $1.76 $1.63 Net Income (mln) $25.6$9.8$47.0$30.7Net/shr$0.97 $0.35 $1.77 $1.09 Revenue (mln)$48.9$45.0$140.7$132.7Shares Out. (mln)26.6 27.5 26.5 28.1
Visible Markets Establishes Board of Advisers
October 20, 2000 BOSTON – Visible Markets Inc., an Internet browser-based auction marketplace for mortgage-backed securities, asset-backed securities and investment-grade corporates, has appointed five members to its board of advisers. The members are: Chip Elfner, former CEO of...
Health Care Property 3rd Qtr FFO $0.79/shr vs $0.81/shr
October 20, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln) $40.8$26.5 $127.9 $77.6 FFO/shr (diluted) $0.79 $0.81 $2.47 $2.40 Extra Gain (Loss) $0.07 $ ---- $0.27 $ ---- Net Income (mln) $23.3$26.1 $78.5 $56.9 Net/shr$0.46 $0.81 $1.53 $1.80 Revenue...
Fitch Upgrades Malan Mortgage Securities Trust 1995-A
October 20, 2000 NEW YORK – Fitch has upgraded three classes of Malan Mortgage Securities Trust 1995-A and affirmed the other classes that it rates in the series.The rating agency lifted the $10 million class A-2a, the $5...
Host Marriott Corp. 3rd-Qtr FFO $0.42/shr vs $0.35/shr
October 20, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln) $99$86 $324 $295 FFO/shr (diluted) $0.42 $0.35 $1.37 $1.21 Extra Gain (Loss) -- $4 ($3) $17Revenue (mln)$239$203$623$598
Fitch Upgrades Merrill Lynch 1995-C1 Classes C, D, & E
October 20, 2000 NEW YORK – Fitch has upgraded three classes of Merrill Lynch Mortgage Investor Inc.'s 1995-C1 and affirmed the other classes that it rates in the series.The $14.9 million class C was raised to triple-A from...
Prudential Upgrades Host Marriott to ‘Strong Buy’ from ‘Accumulate’
October 20, 2000 (NewsTraders.com) – Host Marriott Corp. (NYSE:HMT) has been upgraded to "strong buy" from "accumulate" by analyst Jim Sullivan.The analyst's upgrade comes a few days after the Bethesda, Md., hotel REIT posted strong third-quarter results, with...
Roberts Realty Investors 3rd-Qtr FFO $0.21/shr vs $0.17/shr
October 20, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln) $1.6$1.3 $4.5 $4.0 FFO/shr (diluted) $0.21 $0.17 $0.61 $0.54 Net Income (mln) $0.2$0.7 $2.5 $0.8 Net/shr$0.03 $0.15 $0.51 $0.16 Revenue (mln)$4.9 $4.9 $15.1 $14.5 Shares Out. (mln)7.4 7.4 7.4...
Investment Group takes 9.5% Stake in G&L Realty
October 20, 2000 An investment group led by Richard Abrons has taken a 9.5 percent stake in health care REIT G&L Realty Corp. (NYSE:GLR).The group bought 222,196 shares in the Beverly Hills, Calif., company, according to a Schedule...
Lodgian, Yung Group Battle Rages
October 20, 2000 Yesterday was a busy day for the press departments of both Lodgian Inc. and Edgecliff Holdings, an investment group headed by William Yung.Hotel owner and operator Lodgian issued a press release around 1 a.m. Thursday...
Parkway Properties Joint Venture to Acquire $100 Mln of Office Properties
October 20, 2000 JACKSON, Miss. – Parkway Properties Inc. (NYSE:PKY) and Southeast OfficeInvest LLC, an affiliate of Investcorp International Inc., have formed a joint venture to acquire up to $100 million of office properties in the Southeast and...
Kenneth Moczulski Joins Crescent Real Estate as Chief Investment Officer
October 19, 2000 FORT WORTH, Texas – Crescent Real Estate Equities Co. (NYSE:CEI) has named Kenneth S. Moczulski as chief investment officer and president of investments – effective Nov. 1. Moczulski's previous experience includes establishing Transworld Properties Inc....
W. P. Carey Group Closes on Acquisition of U.S. Home Corp. Headquarters
October 19, 2000HOUSTON – W.P. Carey & Co. LLC (NYSE: WPC) has acquired the 52,200-square-foot corporate headquarters building of U.S. Home Corp. on behalf of Corporate Properties Associates 14 Inc., a REIT it oversees, for about $7.3 million.Under...
Glimcher Realty 3rd Qtr FFO $0.70/shr vs $0.65/shr
October 19, 2000 3rd-Qtr 003rd-Qtr 999-mos 009-mos 99FFO (mln) $18.9$17.4 $56.0 $51.8FFO/shr (diluted) $0.70 $0.65 $2.09 $1.94 Net Income (mln) $3.6$7.1$11.7$16.5Net/shr$0.16 $0.31$0.51 $0.71Revenue (mln)$59.4 $54.3 $177.3 $161.7 Shares Out. (mln)27.0 26.8 26.8 26.7
FINAL PRICING: $765.3 Mln Morgan Stanley Dean Witter Capital I Trust 2000-LIFE2
October 19, 2000 Morgan Stanley Dean Witter Capital I Trust 2000-LIFE2ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sAvg.LifePriceTalk(BP)PricedBenchmarkA-115916.5AAAAaa5.7+26 area+26SwapsA-248016.5AAAAaa9.3+37 area+40SwapsB22.9613.5AAAa29.9+52 area+55SwapsC24.910.25AA29.9+67 area+70SwapsD6.99.35A-A39.9+77 area+82SwapsE18.756.9BBBBaa29.9+225 area+225Treas.F*7.655.9BBB-Baa39.9+265 area+260Treas.G*3.065.5BBB-NRNANANATreas.X**765.3--AAAAaaNANANATreas.* Privately placed.** Interest only, notional amount.
PRICE TALK: $499.6 Mln Hilton Hotels Pool Trust, Series 2000-HLT
October 19, 2000 Hilton Hotels Pool Trust, Series 2000-HLTClassAmount($mln)RatingMoody'sRatingS&PAvg.LifePriceTalk(BP)BenchMarkA-192.5AaaAAA5.8+28-301-mo. LiborA-2175AaaAAA9.9+40-431-mo. LiborB60.8AaaAA+9.9+50 area1-mo. LiborC66.8Aa2AA-9.9+70 areaSwapsD32.9A1A+9.9+80 areaSwapsE24.7A2A9.9+90 areaSwapsF46.9A3A-9.9+100 areaSwapsX*499.6AAAAaa--NANA* Notional balance. Go To Moody's Presale Report.
Mills Corp Pays $114 Mln for 46 Properties Net Leased to CVS
October 19, 2000 The Mills Corp. has paid $114 million for 46 properties triple net-leased to drugstore chain CVS Corp.On Sept. 22, Mills acquired the first 25 properties from the Wolverine Equity Co. 99J LP, and on Oct....
Lexington Realty Advisors Appointed Net Lease Adviser for Investment Fund
October 19, 2000 NEW YORK – Lexington Realty Advisors Inc., a subsidiary of Lexington Corporate Properties Trust (NYSE:LXP), has been hired to invest and manage $50 million on behalf of a private investment fund. The investment program has...
Post-Olympics, Older Sydney Hotels to be Redeveloped Into Apartments
October 19, 2000 SYDNEY, Australia – With a wave of new hotels and the Olympics now over, the Sydney hotel market is expected to undergo transformation with the redevelopment of older hotels on the fringes of the city...
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