RECENT NEWS
Liberty Property Trust 2nd-Qtr FFO $0.79/shr vs $0.71/shr
July 25, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $58.5 mln $51.6 mln $114.9 mln$102.1 mln FFO/shr (diluted) $0.79 $0.71 $1.56 $1.40 Extra Gain (Loss) $(.23) $ -- $(2.1 mln) $ -- Net Income $40.3 mln $43.2 mln $77.2...
Washington REIT 2nd-Qtr FFO $0.44/shr vs. $0.38/shr
July 25, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $15.6 mln$13.4 mln $30.4 mln$26.3 mln FFO/shr (diluted) $0.44 $0.38 $0.85 $0.74 Net Income $10 mln $8.8 mln $20.8 mln $25.1 mln Net/shr$0.28 $0.25 $0.58 $0.70 Revenue$23.7 mln $20.3 mln...
Prime Retail Names Glenn Reschke CEO, Chairman
July 25, 2000BALTIMORE – Glenn D. Reschke, the president and acting chief executive officer of Prime Retail Inc. (NYSE:PRT), has been promoted to chairman and CEO. Reschke also keeps his position as president.As chief executive, Reschke will immediately...
Liberty Intl Shareholders Okay Purchase of Shares from Standard Life
July 25, 2000 Liberty International PLC's shareholders have given management the green light to buy the 29.8 percent stake in the company that Standard Life Investment Corp. of South Africa owns.The approval goes a long way in thwarting...
Apartment Investment 2nd-Qtr FFO $1.18/shr vs $1.01/shr
July 25, 2000 2nd-Qtr 002nd-Qtr 996-mos 006-mos 99FFO $105.3 mln$78.1 mln $203.4 mln $144.3 mln FFO/shr (diluted) $1.18 $1.01 $2.30 $1.97 Net Income $(2.8 mln) $9.1 mln$8.6 mln $9.5 mln Net/shr$(0.04) $0.14$0.13 $0.16 Shares Outstanding66.3 mln 62.3 mln...
Southeast Regional Digest (7/24/00): Medical Properties of America acquires Sandy Spring office buil
July 24, 2000 Industry news: Health care property acquired for $18.9 MlnAtlanta Business Chronicle, July 24 SANDY SPRINGS, Ga. – Nashville, Tenn.-based Medical Properties of America has acquired a six-story medical office building at 755 Mount Vernon Highway...
Offshore Investor to Pay $113 Mln for Midtown Office Condo
July 24, 2000 A Kuwaiti investment firm has agreed to pay $113 million, or $452/sf, for a 250,000-square-foot office condominium at 660 Madison Avenue. The space is owned by Isetan Co.The agreement was reported by Crain's New York....
Start-up Seeks to Trim Property Selection Process
July 24, 2000 By Susanna Potter, Commercial Real Estate Direct Staff WriterVectiv, a San Francisco start-up, plans to launch a site by the end of the year to expedite site selection for retailers and hotel operators.Using a proprietary...
Salomon Settles Objection to Criimi Plan
July 24, 2000Criimi Mae Inc.'s (NYSE:CMM) effort to emerge from bankruptcy moved another step forward last week when a secured creditor lifted its objection to Criimi's bankruptcy plan.The secured creditor, Salomon Smith Barney and affiliates of Citigroup, had...
DLJ to Pay $25 Mln for Office Site on Manhattan’s West Side
July 24, 2000An affiliate of DLJ Real Estate Capital Partners has agreed to pay about $25 million for a 1.5-acre site on the West side of Manhattan on which it will construct a 300,000-square-foot office building.The site, which...
Center Trust to Sell Properties to Kimco for $160.6 Mln
July 24, 2000 MANHATTAN BEACH, Calif. – Shopping mall developer Center Trust Inc. (NYSE:CTA) has agreed to sell six properties to Kimco Realty Corp. (NYSE:KIM) for $160.6 million, including $68.3 million in debt.The sale of the properties, located...
Robertson Stephens Raises Estimate Ratings on BED
July 24, 2000 SAN FRANCISCO – Robertson Stephens has raised its estimates on Bedford Property (NYSE:BED), lifting its price target to $23.50-$24.00 from $21.50 and reiterated its "Buy" rating for the REIT.The change comes as a result of...
Anthony Gramer Out As Malan Realty’s CEO
July 24, 2000BINGHAM FARMS, Mich. – Kensington Investment Group Inc., the Orinda, Calif., money manager that recently won a heated proxy battle against Malan Realty Investors Inc. (NYSE:MAL), has announced that Anthony S. Gramer, the REIT's president and...
JDN Realty 1st-Q FFO $0.39/shr vs $0.48/shr
July 24, 2000 1st-Qtr 001st-Qtr 99FFO$12.8 mln$16.1 mln FFO/shr (diluted) $0.39 $0.48 Net Income $12.9 mln $10.8 mln Net/shr$0.40 $0.32 Revenue$26.2 mln $25.7 mln
Moody’s Predicts Four-fold Increase in Japanese CMBS Market
July 24, 2000 The following is a synopsis of a special report by Moody's Investors Service, "Japanese CMBS: 2000 Outlook." Click here for a copy of the full report.The volume of commercial mortgage-backed securities floated in Japan should...
Fitch Drops Outlook on Archstone to Negative
July 21, 2000 NEW YORK – Fitch has revised its ratings outlook for Archstone Communities Trust (NYSE:ASN) to "negative" from "stable" following Archstone's announcement that it will repurchase about $400 million of its common stock from Security Capital...
Hileman Co. Buys Southern Calif. Office Complex, Plans Redevelopment
July 21, 2000 LOS ANGELES – The Hileman Co., a two-year-old real estate firm, paid $16 million for a 169,000-square-foot office/manufacturing complex in Thousand Oaks, Calif., that it plans to redevelop.Hileman expects to invest an additional $25 million...
Southeast Regional Digest (7/21/00): Rubenstein to build 300,000-square-foot office tower
July 21, 2000 Second tower planned for key Buckhead siteThe Atlanta Journal-Constitution, July 21ATLANTA – The Philadelphia-based Rubenstein Co. has begun marketing a proposed 12-story, 300,000-square-foot office tower at the four-acre Capital City Plaza site north of Peachtree...
Canada Regional Digest (7/21/00): Vacancy rate for industrial property expected to drop in Vancouver
July 21, 2000 Downtown site for saleThe Vancouver Sun, July 21VACOUVER (British Columbia) – Allied Holdings Group has placed 600 Granville on the market for 16.5 million Canada dollars (US$11.2 million), or about $55/sf. The 30,000-square-foot property is...
GMAC Commercial Provides $31 Mln Financing for Apartments
July 21, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage has provided a $31 million floating-rate interim loan for the Skyline Heights Apartments in Daly City, Calif.The 256-unit complex, which sits on a 10-acre lot, contains a total of...
California Lender Launches Fixed-Rate Lending Program
July 21, 2000 California Bank & Trust, the fifth largest bank in California, has launched a program to originate fixed-rate commercial mortgages. The $6 billion institution aims to close up to $150 million of mortgages in the program's...
Developers Diversified Makes Internal Management Changes
July 21, 2000 CLEVELAND, Ohio – Developers Diversified Realty (NYSE:DDR) has promoted Joseph G. Padanilam, its vice president of tax, to vice president of investment and planning. Padanilam will analyze, structure and negotiate new and existing business opportunities.Jeanne...
Terranova Corp. Arranges Refinancing for Fla. Shopping Center
July 21, 2000 PEMBROKE PINES, Fla. – A division of the Terranova Corp. has arranged $5.5 million of refinancing for the Palm Johnson Plaza, owned by a local private investment group.Terranova has been responsible for the leasing and...
Head of Lodgian Says Yung Nixed Idea of Portfolio Buy
July 21, 2000 ATLANTA – The head of Lodgian Inc. (NYSE:LOD) said he personally floated the idea of selling a portfolio of hotels to an investor group led by William Yung, but Yung rejected the idea.In a letter...
Switch & Data Facilities Opens Carrier Hotels in Four Cities
July 21, 2000 TAMPA, Fla. – The Switch & Data Facilities Co. has opened four carrier hotels, adding 77,500 square feet to its growing network.The new centers include the:– 13,600-sf facility at 1141 I St., in Sacramento, Calif.–...
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