RECENT NEWS
Austin’s CRESA Joins Growing CRESA Partners
August 10, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorThe Austin, Texas, affiliate of the CRESA (Corporate Real Estate Service Advisors) Alliance tenant representation network has formally merged its operations into CRESA Partners LLC. The Austin...
Allied Riser Strikes Deal with BGK Properties
August 10, 2000 DALLAS – Allied Riser Communications Corp. (Nasdaq:ARCC) has signed an agreement with private investment firm BGK Properties that could give Allied access to more than 3,000 new businesses occupying 15 million square feet of commercial...
Fitch Upgrades Two Classes of Morgan Stanley Capital’s 1996-MBL1
August 10, 2000 NEW YORK – Fitch on Thursday upgraded the $7.8 million Class E in Morgan Stanley Capital Inc.'s Series 1996-MBL1 to triple-A from triple-B-plus.In addition, the rating agency also upgraded the $3.3 million Class F to...
Fitch Withdraws Ratings on Resolution Trust Corp. 1991-M6
August 10, 2000 NEW YORK – Fitch has withdrawn its ratings on Resolution Trust Corp.'s 1991-M6 because the notes have been paid in full.
L.J. Melody Opens Memphis Office Via Acquisition
August 10, 2000 Real estate investment banker and CB Richard Ellis affiliate L.J. Melody has acquired the Memphis-based mortgage banking firm of Fogelman Beaty, which has now assumed the Melody name.It is the sixth firm since 1998 that...
Pacific Gulf 2nd-Qtr FFO $0.70/shr vs $0.62/shr
August 10, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $15.2 mln$13.1 mln $29.6 mln $25.6 mln FFO/shr (diluted) $0.70 $0.62$1.37 $1.22 Extra Gain (Loss) $(2.5) mln $(1.3) mln $(3.4) mln $(4.6) mln Net Income $10.4 mln $8.1 mln $18.5...
Insignia Financial 2nd-Qtr Earnings
August 10, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99Net Income (loss) $2.8 mln $3.0 mln $(1.5) mln $(2.1) mln Net/shr (diluted)$0.11 $0.13 $(0.09) $(0.10) Revenue$244.9 mln $156.5 mln $419.2 mln $270.8 mln Shares Outstanding22.6 mln 23.2 mln21.0 mln 21.6...
Home Properties Acquires Northern Virginia Property
August 10, 2000 Home Properties (NYSE:HME) has acquired a 150-unit apartment complex in Fairfax, Va., for $13 million in cash, or about $86,700 per unit.The company anticipates that the purchase of the East Meadow Apartments will yield a...
Malan Realty 2nd-Qtr FFO $0.01/shr vs $0.46/shr
August 10, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $.07$4.3 mln $4.3 mln $8.3 mln FFO/shr (diluted) $0.01 $0.46 $0.46 $0.89 Net Income $(.2) $1.1 mln $.8 $2.6 mln Net/shr (diluted)$(0.03) $0.20 $0.15 $0.49 Revenue$13.3 mln $10.8 mln $24.3...
Cohen & Steers Lowers Stake in the Macerich Co.
August 10, 2000 Cohen & Steers Capital Management Inc. has lowered its stake in the Macerich Co. (NYSE:MAC) to 6.5 percent from about 11.5 percent in February.The firm now holds 2.2 million shares in the REIT, according to...
Fitch Upgrades One Class of Midland Realty Acceptance Corp.’s 1996-C1
August 10, 2000 NEW YORK – Fitch today upgraded the $20.4 million Class B of Midland Realty Acceptance Corp.'s Series 1996-C1 to double-A-plus from double-A.The upgrade and the affirmations of all the other classes that Fitch rates in...
A.G. Edwards Downgrades Four Retail REITs on Industry Slowdown
August 9, 2000(NewsTraders.com) – Focusing on general weakness in the retail industry, A.G. Edwards & Sons analyst Ann Melnick downgraded CBL & Associates Properties (NYSE: CBL) and three other mall-based REITs on Wednesday.CBL & Associates witnessed its rating...
PRICE TALK: $786.1 Mln Salomon Bros. Series 2000-C2
August 9, 2000Go To Fitch Presale Report.Go To Moody's Presale Report.Salomon Brothers Mortgage Securities VII, Inc., Series 2000-C2ClassAmount($mln)Sub. Level(%)RatingFitchRatingMoody'sAvg.LifePriceTalk(BP)BnchMarkA-1115.923.5AAAAaa5+30 area1-mo. LiborA-2485.523.5AAAAaa10+39 area1-mo. LiborB33.419.25AAAaa210+54 area1-mo. LiborC33.415AA210+67 area1-mo. LiborD7.914A-A310+77 area1-mo. LiborE11.812.5BBB+Baa110+225-230Treas.F13.810.75BBBBaa210+235-240Treas.G9.89.5BBB-Baa310N/ATreas.X*786.1--AAAAaa--N/A --* Interest only, notional amount.
PRICE TALK: $440 Mln 1301 Avenue of the Americas Trust
August 9, 2000 Go To S&P Presale Report.Go To Fitch Presale Report.1301 Avenue of the Americas TrustClassAmount($mln)RatingS&PRatingFitchAvg.LifePriceTalk(BP)BnchMarkA-135AAAAAA3.5+23 area1-mo. LiborA-2185AAAAAA4.9+32 area1-mo. LiborB50AAAA4.9+45 area1-mo. LiborC55AA4.9+55 area1-mo. LiborD34.6A-A-4.9+65 area1-mo. LiborE50.4NRBBBN/AN/A--F30NRBBB-N/AN/A--X*440AAAAAA------* Notional amount, interest only.
EastGroup Properties 2nd-Qtr FFO $0.63/shr vs $0.57/shr
August 9, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $11.9 mln$9.5 mln $23.4 mln $18.8 mln FFO/shr (diluted) $0.63 $0.57 $1.24 $1.12 Net Income $4.5 mln $4.7 mln $9.0 mln $10.0 mln Net/shr (diluted)$0.29 $0.29 $0.57 $0.61 Revenue$23.6 mln...
Acadia Realty 2nd-Qtr FFO $0.26/shr vs $0.19/shr
August 9, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $9.1 mln$6.8 mln $16.7 mln $13.9 mln FFO/shr (diluted) $0.26 $0.19 $0.47 $0.38 Net Income $3.0 mln $1.3 mln $4.9 mln $2.1 mln Net/shr$0.12 $0.05 $0.19 $0.08 Revenue$25.0 mln $21.9...
Discount Card Store Chain Offers Biggest Sale Yet: Liquidation of Properties
August 9, 2000 A Michigan-based discount card and stationery chain is preparing to auction the leaseholds on its 38 retail sites and corporate headquarters facility in a bankruptcy liquidation to be held later this month.The Half Off Card...
Major Singapore Hotel for Sale; Jones Lang Marketing
August 9, 2000 SINGAPORE – Hotel Plaza Ltd. is looking to diversify its portfolio by selling its New Park Centra Hotel Singapore, a 531-unit hotel near the city-state's central business district.Hotel Plaza Ltd., which owns about 15 hotels...
Highwoods 2nd-Qtr FFO $0.92/shr vs $0.87/shr
August 9, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $62.7 mln$61.3 mln $124.2 mln $122.0 mln FFO/shr (diluted) $0.92 $0.87 $1.80 $1.73 Net Income $3.7 mln $27.4 mln $36.8 mln $54.3 mln Net/shr$0.08 $0.46 $0.63 $0.90 Revenue$145.1 mln $147.8...
Southeast Regional Digest (08/9/00): Parkway Properties buys office building in St. Petersburg, Fla.
August 9, 2000Echelon finds buyer for office propertyThe St. Petersburg Times, August 9ST. PETERSBURG, Fla. – Echelon has sold Florida Power Corp.'s downtown 133,000-square-foot headquarters for $16.5 million to Parkway Properties Inc. The REIT purchased the first two...
CarrAmerica 2nd-Qtr FFO $0.74/shr vs $0.62/shr
August 9, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $91.7 mln$44.1 mln $145.5 mln $90.2 mln FFO/shr (diluted) $0.74 $0.62 $1.47 $1.22 Net Income $63.5 mln $30.4 mln $95.3 mln $76.6 mln Net/shr$0.28 $0.19 $0.58 $0.49 Revenue$144.4 mln $124.2...
Candlewood Hotel Co. 2nd-Qtr Earnings
August 9, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99Net Income $1.0 mln $(1.9) mln $(.7) $(5.9) mln Net/shr (diluted)$0.11 $(0.20) $(0.08) $(0.65) Revenue$35.1 mln $27.5 mln $66.4 mln $73.4 mln Shares Outstanding9.0 mln 9.0 mln 9.0 mln 9.0 mln
Simon Property 2nd-Qtr FFO $0.75 vs $0.71/shr
August 9, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $140.4 mln$134.4 mln $273.0 mln $259.6 mln FFO/shr (diluted) $0.75 $0.71 $1.45 $1.38 Net Income $41.0 mln $38.5 mln $69.3 mln $73.4 mln Net/shr$0.24 $0.22 $0.40 $0.43 Revenue$487.7 mln $454.0...
Lucent Awards Cushman & Wakefield Major European Facilities Management Contract
August 9, 2000 Lucent Technologies has handed Cushman & Wakefield Inc. the keys to its growing European operations, giving Cushman responsibility for Lucent's United Kingdom and The Netherlands portfolios.Cushman will provide Lucent with facility management, accounting and project...
FFCA Provides $135 Mln for 65 Cracker Barrels
August 9, 2000 SCOTTSDALE, Ariz. – Franchise Finance Corp. of America (NYSE:FFA) has provided more than $135 in financing to U.S. Realty Advisors for 65 restaurants sold and leased back by Cracker Barrel Old Country Store Inc., a...
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