RECENT NEWS
Spieker Properties 2nd-Qtr FFO $1.05/shr vs $0.85/shr
August 1, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $80.6 mln$63.2 mln $153.0 mln $123.4 mln FFO/shr (diluted) $1.05 $0.85 $2.00 $1.67 Net Income $59.0 mln $37.5 mln $116.8 mln $74.3 mln Net/shr$0.88 $0.59 $1.75 $1.16 Revenue$184.0 mln $158.7...
Developers Diversified Venture Eyes Burnham, At Sharp Discount
August 1, 2000 Coventry Real Estate Partners, a venture formed by Prudential Insurance and Developers Diversified Realty Corp. (NYSE:KO) is said to be close to an agreement to purchase Burnham Pacific Properties (NYSE:BPP) for $6/share or nearly $194...
Resource Asset Investment Trust 2nd-Qtr FFO $0.60/shr vs. $0.57/shr
August 1, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $3.7 mln$3.5 mln $7.4 mln $6.9 mln FFO/shr (diluted) $0.60 $0.57 $1.19 $1.11Net Income $3 mln $2.9 mln $6.1 mln $5.8 mln Net/shr$0.48 $0.47 $0.98 $0.94 Revenue$9.7 mln $8.3 mln$18.5...
Kimco Prices $110 Mln of Medium-Term Notes
August 1, 2000 Kimco Realty Corp. (NYSE:KIM) has priced $110 million of medium-term notes through Merrill Lynch.The New Hyde Park, N.Y., REIT priced the notes at 99.5161 percent to yield a spread of 25 basis points above 3-month...
FINAL PRICING: DLJ Floating-Rate CMBS
August 1, 2000 DLJ Commercial Mortgage Corp., 2000-STF1ClassAmount($mln)Sub. Level(%)RatingMoody'sRatingFitchRatingS&PAvg.LifeFinalPricing(BP)BnchMarkA-1239.245AaaAAAAAA2.2+261-mo. LiborA-237.337Aa2AANR2.5+361-mo. LiborA-338.428.25A2ANR2.5+761-mo. LiborB-131.821Baa2BBBNR2.5+1651-mo. LiborB-21118.5Baa3BBB-NR2.7+2201-mo. LiborB-32.218Ba1BB+NR2.5NA1-mo. LiborB-42213Ba2BBNR2.5NA1-mo. LiborB-54.412Ba3BB-NR2.9NA1-mo. LiborB-617.68B2BNR2.9NA1-mo. LiborB-713.25B3NRNR3NA1-mo. LiborC22--NRNRNR3--1-mo. LiborS*357.6NAAaaAAAAAA2.9NA1-mo. LiborX**302.4NAAaaAAAAAANANA1-mo. Libor* "Excess Interest IO strip"** "Variable Strip IO"
Mack-Cali Plans to Sell San Antonio Office Portfolio
July 31, 2000 Mack-Cali Realty Corp. (NYSE:CLI) might be looking to get out of San Antonio, Texas, where it owns some 1 million square feet of office space.The REIT's decision to sell all of its San Antonio holdings...
Fitch Withdraws Rating of Daiwa Mortgage Acceptace, 1993-ROC-MHP
July 31, 2000 NEW YORK – Fitch said it withdrew its double-A-plus rating on Daiwa Mortgage Acceptance Corp., 1993-ROC-MHP class A because the notes have been paid in full.
SiteStuff Completes $40 Mln Second-Round Funding
July 31, 2000 SiteStuff.com Inc. has raised an additional $40 million of financing, giving the Austin, Texas, firm a total of $45.5 million.Sevin Rosen Funds and Centerpoint Ventures, which led the company's $5.5 million first round of financing...
Investment Fund Buys San Diego Mall for $44.3 Mln
July 31, 2000 By Brad Berton, Commercial Real Estate Direct Contributing EditorM&H Realty Partners IV, an active California real estate investment fund, has purchased the Mira Mesa Mall in Southern California for $44.25 million.The community shopping center contains...
PNC Offers Commercial Loans Via JBS & Associates
July 31, 2000 PNC Bank is offering for sale $11.8 million of restructured and nonperforming commercial loans through JBS & Associates of Chicago.The portfolio contains 80 loans, many of which are secured by real estate. Most of the...
Shareholders Sue to Stop Grove Property Sale to Equity Residential
July 31, 2000 A shareholders group has filed a class action complaint against Grove Property Trust (AMEX:GVE) over the REIT's proposed merger with Equity Residential Properties Trust (NYSE: EQR).The Taylor Family Trust filed suit against the Maryland-based REIT...
Dutch Fund Takes 9.9 Percent Stake In Reckson
July 31, 2000 Stichting Pensioenfonds ABP, a Dutch pension fund, has accumulated 4.5 million shares in Reckson Associates Realty Corp. (NYSE:RA), giving it a 9.9 percent interest in the Melville, N.Y., REIT.The fund's investment was disclosed in a...
Southeast Regional Digest (7/31/00): Investment firm opens a $200 Mln fund
July 31, 2000 Investment firm refines strategy for $200 Mln fundAtlanta Business Chronicle, July 31ATLANTA – Shoptaw & Garrad LLC will open a $200 million fund, its largest to date, to bankroll a buyout of more than 20...
Doc Crants ‘Terminated’ as CEO of Prison Realty, CCA
July 31, 2000 NASHVILLE, Tenn. – Doctor R. Crants has been "terminated" as chief executive of both Prison Realty Trust Inc. (NYSE:PZN) and Corrections Corp. of America.Thomas W. Beasley, chairman of the REIT, will serve as interim chief...
Corporate Office Properties 2nd-Qtr FFO $0.29/shr vs $0.27/shr
July 28, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $9.2 mln$7.9 mln $18.1 mln $15.3 mln FFO/shr (diluted) $0.29$0.27 $0.56 $0.53 Net Income $2.6 mln $3.2 mln $5.1 mln $6.4 mln Net/shr$0.14 $0.17 $0.28 $0.37 Revenue$26.4 mln $19.5 mln...
GMAC Provides $26 Mln Financing for Dallas Hotel
July 28, 2000 HORSHAM, Pa. – A division of GMAC Commercial Mortgage has arranged $26 million of adjustable-rate interim financing for the 310,586-square-foot Holtze Magnolia Hotel in Dallas.GMAC's Hospitality Division arranged the transaction for the 331 room hotel,...
TrizecHahn 2nd-Qtr FFO $0.53/shr vs. $0.49/shr
July 28, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $86.7 mln$80.1 mln $177.6 mln $158.6 mln FFO/shr (diluted) $0.53 $0.49 $1.08 $0.97 Net Income $16.4 mln $37.9 mln $48.2 mln $52.9 mln Net/shr$0.11 $0.23 $0.30 $0.33 Revenue$171 $164.5 $350.6...
Chas E. Smith Residential 2nd-Qtr FFO $0.91/shr vs $0.81/shr
July 28, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $35.6 mln$28.6 $64.7 mln $54.1 mln FFO/shr (diluted) $0.91 $0.81 $1.71 $1.52 Net Income $15.8 mln $11.2 mln $26.4 mln $21.0 mln Net/shr$0.73$0.58 $1.24 $1.11 Revenue$94.7 mln $70.5 mln $183.6...
Investor Offers New York Office Space to Small Firms
July 28, 2000 By Susanna Potter, Commercial Real Estate Direct Staff WriterA New York-based investment boutique plans to broaden its client services by taking on the role of landlord to small Internet and technology startups.The Avalon Group has...
Top Exec at American Realty Quits
July 28, 2000 DALLAS – Paul Bagley has resigned as chief executive and chairman of American Realty Trust (NYSE:ARB), ending a short-lived career at the beleaguered REIT.His resignation follows that of Carey Portman, who earlier in the month...
Salomon Lowers TrizecHahn
July 28, 2000 (NewsTraders.com) – Salomon Smith Barney analyst Jonathan Litt downgraded TrizecHahn (NYSE:TZH) to "neutral" from "outperform" as a result of ongoing evolution at the company and the reduced visibility of earnings over the next two years."The...
Charles E. Smith Cut By Prudential; First Union Hikes Target
July 28, 2000 (NewsTraders.com) – Charles E. Smith Residential Realty (NYSE:SRW) dipped to "hold" from "accumulate" in Prudential's rating system after analyst Lou Taylor issued a downgrade Friday.The analyst said valuation considerations, along with a four-month delay in...
Morgan Stanley: ‘REITs Still Have A Little More Room To Run’
July 28, 2000 (NewsTraders.com) – Lauding an "exceptional" quarter for real estate investment trusts in general, Morgan Stanley Dean Witter analyst Gregory Whyte said today that despite the 22 percent total return they have delivered this year, REIT...
First Union Initiates LaSalle Hotel Properties
July 28, 2000 (NewsTraders.com) – First Union Securities analyst Jeffrey Donnelly opened scrutiny on LaSalle Hotel Properties (NYSE:LHO) with a "buy" recommendation and a $16 price objective.Donnelly praised LaSalle's stable of properties, stating that they are positioned in...
Correctional Properties Fixes Rate on $45 Mln of Debt
July 28, 2000 PALM BEACH GARDENS, Fla. – Correctional Properties Trust (NYSE:CPV) has purchased an interest rate swap, fixing the rate on $45 million of floating-rate debt.The purchase of the swap comes at the same time that the...
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