RECENT NEWS
Salomon Upgrades Spieker Properties, Sets $63 Target
August 1, 2000 (NewsTraders.com) – Spieker Properties (NYSE:SPK) was upgraded to "buy" from "outperform" Tuesday by Salomon Smith Barney analyst Jonathan Litt, who cited the "unbelievable strength of the company's core West Coast markets."The REIT reported second-quarter funds...
Dunn Family Takes 5.1% Stake in LTC Properties
August 1, 2000 David Dunn has taken a 5.1 percent interest in LTC Properties Inc. (NYSE:LTC).According to a Form SC 13G, the Dunn Family Trust now controls 1.3 million shares of the REIT.
Friedman Billings Ups Resource Asset to Buy From Accumulate
August 1, 2000 (NewsTraders.com) – Resource Asset Investment Trust (AMEX:RAS) jumped to "buy" from "accumulate" today in Friedman Billings Ramsey's rating system as analyst Merrill Ross upgraded the stock on the heels of the company's second-quarter earnings.On July...
New York’s Park Central Hotel Tossed Into Bankruptcy
August 1, 2000 Contractors working to renovate Manhattan's posh Park Central Hotel have forced Ian Bruce Eichner to toss the hotel into bankruptcy.The New York Post is reporting that the contractors, and other unsecured creditors, say they are...
Payoff Prompts Withdrawal of Fitch Rating on Sawgrass Finance LLC
August 1, 2000 NEW YORK – Fitch has withdrawn its double-A-plus rating on Sawgrass Finance LLC's class A notes because the certificates have been paid in full.
CapitalThinking Taps Hyatt International Exec As CFO
August 1, 2000 NEW YORK – Kathy Shea-Urbat has joined CapitalThinking Inc. as chief financial officer.She will focuse on, among other things, raising fresh capital for the online commercial lender.Shea-Urbat most recently was director of corporate finance at...
JP Realty Lands $200 Mln Unsecured Revolving Credit Facility
August 1, 2000 JP Realty Inc. (NYSE:JPR) has lined up a new $200 million unsecured revolving credit facility from a syndicate of banks led by Bank One.Besides Bank One, which is administrative agent, the lending syndicate includes Commerzbank,...
Southeast Regional Digest (8/1/00): Macy’s building in Atlanta to be high-tech and telecom space
August 1, 2000 Deal finalized for 5 floors of Macy's to be high-tech and telecom spaceThe Atlanta Journal-Constitution, August 1ATLANTA – Taconic Investment Partners of New York, with partner Benenson Capital Co., has acquired the Macy's building at...
Town & Country 2nd-Qtr FFO $0.71/shr vs $0.10/shr
August 1, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $9.3 mln$8.8 mln $18.5 mln $17.3 mln FFO/shr (diluted) $0.51 $0.48 $1.01 $0.95 Net Income $11.3 mln $1.5 mln $14.3 mln $3.0 mln Net/shr$0.71 $0.10 $0.91 $0.19 Revenue$30.0 mln $28.0...
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,...
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