RECENT NEWS
Southeast Regional Digest (8/17/00): Development company plans $135 Mln project near Atlanta
August 17, 2000 Ormewood Park offices plannedAtlanta Journal-Constitution, August 17ATLANTA – Novare Group is planning to build two six-story office buildings totaling 300,000 square feet at I-20 and the Glenwood-Memorial Connector, in Ormewood Park. Glenwood is a $135...
Morgan Stanley Unit Buys Offices in Seoul
August 17, 2000 A unit of Morgan Stanley Dean Witter has purchased the Hanuri Building, a 15-story office building in downtown Seoul, Korea, from the Seoul Urban Development Corp.The sales price was not disclosed. Seoul Urban Development just...
PaineWebber Lowers Apex Mortgage to Neutral from Attractive
August 16, 2000 (NewsTraders.com) – Apex Mortgage (NYSE:AXM) suffered a brokerage downgrade Wednesday at the hands of PaineWebber analyst Gary Gordon, who lowered his rating for the REIT to "neutral" from "attractive."Gordon, commenting in a research note that...
Bankrupt Retailer to Sell 107 Leases in 30 States
August 16, 2000 A Houston department store chain that filed for Chapter 11 bankruptcy protection in June is looking to sell 107 leases in 30 states.Stage Stores, which also operates as Bealls and Palais Royal, has retained Keen...
Prudential Mortgage Provides $94 Mln of Financing for Oakwood
August 16, 2000 LOS ANGELES – Prudential Mortgage Capital Co. has provided $94 million of financing, in the form of a first mortgage and mezzanine loan, for R&B Investment Co., a division of Oakwood Worldwide.The mortgage has a...
GMAC Provides $33 Mln of Hotel Financing
August 16, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage's Hospitality Division has arranged $32.7 million of financing for six hotels in five states.The company provided $12 million of floating-rate financing to First Hotel Associates LP for the 196-unit...
Post Properties 2nd-Qtr FFO $0.99/shr vs $0.92/shr
August 16, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $44.6 mln$40.4 mln $88.1 mln $79.2 mln FFO/shr (diluted) $0.99 $0.92 $1.96 $1.80 Net Income $25.9 mln $23.9 mln $50.9 mln $45.3 mln Net/shr$0.65$0.61$1.28$1.17Revenue$99.5 mln $85.5 mln$194.9 mln $166.4 mln...
Chelsea GCA Places $100 Mln of Unsecured Notes
August 16, 2000 ROSELAND, N.J. – Chelsea GCA Realty Inc. (NYSE:CCG) has privately placed $100 million of unsecured notes from its operating partnership affiliate.The REIT placed $50 million of 8.375 percent notes due 2005, pricing them to yield...
Burnham Pacific to Liquidate
August 16, 2000 Burnham Pacific Properties Inc. (NYSE:BPP) has decided to liquidate.The REIT owns shopping centers primarily in the Western United States that it carries on its books at a value of $1 billion, as of the end...
Cousins Properties 2nd-Qtr FFO $0.70/shr vs $0.65/shr
August 16, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $23.2 mln$21.3 mln $44.9 mln $39.7 mln FFO/shr (diluted) $0.70 $0.65 $1.36 $1.22 Net Income $13.1 mln $63.6 mln $34.1 mln $78.6 mln Net/shr$0.41$1.98$1.06$2.45Revenue$35.8 mln $23.1 mln$64.5 mln $41.8 mln...
Archstone Gets Into Third-Party Management Business
August 16, 2000 DENVER – Archstone Communities (NYSE:ASN) has formed a separate property management firm, Archstone Management Services Inc., in order to pursue third-party management work.Glenn Rand, senior vice president of operations at the REIT's east region, was...
Cushman & Wakefield Names 10 Execs to Board
August 16, 2000 NEW YORK – Cushman & Wakefield Inc. has named 10 of the firm's top executives to its board of directors.The new board members are Audrey Z. Cramer, Robert J. Donnelly, Jack C. Fraker, David C....
CBL 2nd-Qtr FFO $0.87/shr vs $0.75/shr
August 16, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $32.3 mln$27.5 mln $64.4 mln $54.0 mln FFO/shr (diluted) $0.87 $0.75 $1.75 $1.47 Net Income $15.4 mln $12.9 mln $29.7 mln $25.1 mln Net/shr$0.61$0.53$1.19$1.01Revenue$86.9 mln $74.2 mln$174.9 mln $148.7 mln...
Berwind Goes With TheAskingPrice For Online Listings
August 16, 2000 NEW YORK – Berwind Property Group of Philadelphia has agreed to list all its for-sale properties on TheAskingPrice.com, an online property-listing site.Berwind's portfolio contains 18 million square feet of office, residential, multifamily, lodging, retail and...
Southeast Regional Digest (8/16/00): Port of Tampa seeks proposals for hotel and condominium complex
August 16, 2000 Tampa real estate venture back at square oneSt. Petersburg Times, August 16ST. PETERSBURG, Fla. – The Port of Tampa board plans to send out another request for proposals to build a $105 million hotel and...
Essex Property 2nd-Qtr FFO $0.94/shr vs $0.81/shr
August 16, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $19.4 mln$16.6 mln $37.3 mln $32.3 mln FFO/shr (diluted) $0.94 $0.81 $1.81 $1.58 Net Income $10.1 mln $8.6 mln $22.8 mln $16.3 mln Net/shr$0.55$0.49$1.24$0.94Revenue$42.4 mln $34.9 mln$81.9 mln $68.8 mln...
Great Lakes 2nd-Qtr FFO $0.54/shr vs $0.47/shr
August 16, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $9.0 mln$7.9 mln $17.6 mln $15.3 mln FFO/shr (diluted) $0.54 $0.47 $1.07 $0.92 Net Income $7.9 mln $8.9 mln $12.5 mln $12.8 mln Net/shr$0.45$0.41$0.89$0.78Revenue$24.9 mln $23.9 mln$49.4 mln $46.7 mln...
Prime Retail 2nd-Qtr FFO $(0.06)/shr vs $0.39/shr
August 15, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $3.1 mln$26.8 mln $22.1 mln $54.8 mln FFO/shr (diluted) $(0.06) $0.39 $0.20 $0.77 Net Income (loss) $(21.4) mln $(1.0) mln $(38.8) mln $16.1 mln Net/shr$(0.49) $(0.02) $(0.89) $0.04 Revenue$68.6 mln...
Prime Group 2nd-Qtr FFO $0.51/shr vs $0.60/shr
August 15, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $13.8 mln$15.9 mln $29.2 mln $28.5 mln FFO/shr (diluted) $0.51 $0.60 $1.09 $1.09 Net Income (loss) $(.5) mln $7.0 mln $3.1 mln $10.0 mln Net/shr$(0.03)$0.46$0.20$0.66Revenue$55.4 mln $52.9 mln$110.9 mln $102.0...
Prime Retail Expects to Complete Lehman Financing Next Quarter
August 15, 2000 BALTIMORE – Prime Retail Inc. (NYSE:PRT) said it expects to close a $20 million first mortgage on its Prime Outlets of Puerto Rico in early September. The loan is the first phase of a two-pronged...
FINAL PRICING: $786.1 Mln Salomon Bros. Series 2000-C2
August 15, 2000Go To Price Talk Table.Salomon Brothers Mortgage Securities VII, Inc., Series 2000-C2ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sAvg.LifePriced(BP)BnchMarkA-1115.923.5AAAAaa5+301-mo. LiborA-2485.523.5AAAAaa10+391-mo. LiborB33.419.25AAAaa210+541-mo. LiborC33.415AA210+671-mo. LiborD7.914A-A310+781-mo. LiborE11.812.5BBB+Baa110+225Treas.F13.810.75BBBBaa210+235Treas.G9.89.5BBB-Baa310+260Treas.X*786.1--AAAAaa--N/A --* Interest only, notional amount.
Southwest May Seek To Oust United Investors Board
August 15, 2000 (NewsTraders.com) – A unit of Southwest Securities Group (NYSE:SWS), holder of a 5.9 percent stake in United Investors Realty Trust (Nasdaq:UIRT) is considering calling for a special meeting of shareholders of United Investors to unseat...
Prime Group Hires Adviser; Considers Merger, Sale of Assets
August 15, 2000 CHICAGO – Prime Group Realty Trust (NYSE:PGE) said it has hired a financial adviser to help it study all of its strategic alternatives.The name of the adviser was not immediately available. But Prime Group, which...
LoopNet Sets Regional Sales Force, Hires Seven Sales Execs
August 15, 2000 SAN FRANCISCO – In a move to develop closer ties to local commercial real estate players, LoopNet Inc. has set up seven regional offices and hired a crew of seasoned sales executives to head them...
CNL Hospitality Pays $43 Mln for 2 Wyndham Hotels in Sale-Leaseback
August 15, 2000 ORLANDO, Fla. – CNL Hospitality Corp. has paid $43 million for two suburban hotels from Wyndham International Inc., which will lease the two properties back under long-term agreements.The two full service hotels, located in Massachusetts...
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