RECENT NEWS
Marriott Eyes $500 Mln-$600 Mln Settlement of Partnership Suit
February 24, 2000Marriott International (NYSE:MAR) and Host Marriott Corp. (NYSE:HMT) have tentatively agreed to pay $500 million-$600 million to settle lawsuits that were filed by investors in limited partnerships structured by the firms' predecessor in the 1980s.According to...
Banyan Stategic Realty Trust 4th-Qtr FFO $0.19/shr vs $0.21/shr
February 24, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO $2.5 mln$2.8 mln $10.9 mln $10.4 mln FFO/shr (diluted) $0.19 $0.21 $0.81 $0.75Extra Gain (Loss) ($0.2 mln) -- ($0.2 mln) ($0.1 mln) Net Income $4.8 mln $1.4 mln $8.5 mln...
Southeast Regional Digest
February 24, 2000 Jacksonville project would add 110 full-time jobsFlorida Times-Union, February 24JACKSONVILLE – In two weeks, the city's Economic Development Commission members are expected to vote on assistance for a North Jacksonville deal. The project would mean...
Partnership Buys Virginia Buildings for $198/sf
February 24, 2000 An investor group has purchase the Westwood Tower in McLean, Va., for $41.5 million, or $198/sf, after re-tenanting costs are factored in.The partnership, Silver Harmony Westwood Tower LLC, financed the purchase with a $30 million...
CB Brokered AMLI’s Sale of Georgia Apartments
February 24, 2000ATLANTA – CB Richard Ellis (NYSE:CBG) represented AMLI Residential Properties Trust (NYSE:AML) in its $42.5 million sale of the Falls at Sope Creek in Marietta, Ga., to an affiliate of the Wilkinson Group.The sale of the...
RioCan Sells Stakes in Canadian, U.S. Properties for $29 Mln
February 24, 2000 TORONTO – RioCan Real Estate Investment Trust (TORONTO:REI u.TO) has completed the sale of its interests in three retail properties to its former partner, Schroeder Properties Ltd., for C$42 million (US$28.7 million).RioCan acquired the three...
Washington REIT 4th-Qtr FFO $0.45/shr vs $0.37/shr
February 24, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO $16 mln$13.2 mln $56 mln $49.7 mln FFO/shr (diluted) $0.45 $0.37 $1.57 $1.39 Net Income $10.4 mln $9.9 mln $44.3 mln $41.1 mln Net/shr$0.29 $0.28 $1.24 $1.15 Revenue$32.9 mln $27.4...
Bentley Forbes in Sale-Leaseback of Medical Facilities
February 24, 2000 LOS ANGELES – The Bentley Forbes Group LLC has acquired two properties from Sunrise Medical Inc., which will lease them back.The properties are a 314,500-square-foot building in Stevens Point, Wisc., and a 218,300-sf building in...
Schottenstein Enters Confidentiality Pact w/Burnham Pacific
February 24, 2000 (NewsTraders.com) -- Schottenstein Stores Corp., which has traded contentious words with Burnham Pacific Properties (NYSE:BPP) in the past over the possible sale of Burnham, said today that it has entered into a confidentiality agreement with...
Franklin Select Sets $7.11/shr Liquidating Distribution
February 24, 2000 Franklin Select Realty Trust (AMEX:FSN) will make a liquidating distribution of $7.11 to shareholders of record on Feb. 29. The distribution will be made on March 10.The distribution is the result of the company's sale...
Head of GE Capital’s Japan Unit Named Vice Chair, COO of Fannie Mae
February 24, 2000 WASHINGTON – Daniel H. Mudd, president and chief executive of GE Capital Japan, has been named vice chairman and chief operating officer of Fannie Mae (NYSE:FNM). Mudd, who also joins Fannie's board, fills a post...
CarrAmerica Corrects Earnings Numbers
February 24, 2000 CarrAmerica Realty Corp. (NYSE:CRE) has filed a correction to information it released earlier this month regarding its the basic and diluted income per common share figures.The updated information can be found in a Form 8-K/A...
Greenwich Group Launches Online Capital-Matching Service
February 24, 2000 NEW YORK – The Greenwich Group International is staking a claim on the Internet.The New York real estate investment bank is launching CapitalEngine.com, which it says will help property owners raise capital via the world-wide...
EastGroup Properties 4th-Qtr FFO $0.58/shr vs $0.53/shr
February 24, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO $9.7 mln$7.8 mln $35.4 mln $30.7 mln FFO/shr (diluted) $0.58 $0.53 $2.28 $2.06 Net Income $3.8 mln $7.7 mln $32.2 mln $27.3 mln Net/shr$0.24 $0.47 $1.99 $1.66 Revenue$22.7 mln $21.3...
Amresco Sale Will Not Affect CMBS Ratings, Duff & Phelps Says
February 24, 2000 CHICAGO – Duff & Phelps has confirmed that the transfer of master and special servicing rights from Amresco to Lend Lease Real Estate Investments, in and of itself, will not impact the ratings it has...
Crescent RE Equities 4th-Qtr FFO $0.75/shr vs $0.70/shr
February 24, 2000 4th-Qtr 994th-Qtr 9812-mos 9912-mos 98FFO $101.2 mln$97.6 mln $355.8 mln $360.1 mln FFO/shr (diluted) $0.75 $0.70 $2.58 $2.57 Net Income (Loss) $18.1 mln $44.7 mln ($7.4 mln) $150.6 mln Net/shr$0.15 $0.37 ($0.06) $1.21 Revenue$182.6 mln...
Crescent Hires Advisers to Find JV Partners
February 24, 2000 Crescent Real Estate Equities Inc. (CEI) has hired Chadwick Saylor & Co. and Warburg Dillon Read to help it structure joint ventures that would purchase interests in some of its properties.The REIT currently has seven...
PIMCO Announces Portfolio Manager Change
February 23, 2000 Associated PressNEWPORT BEACH, Calif. (PRIMEZONE) – PIMCO Commercial Mortgage Securities Trust Inc. (NYSE:PCM ), a closed-end investment company that buys primarily commercial mortgage-backed securities, has appointed Scott A. Mather to assume day-to-day responsibility for managing...
Texas Wild West Town Goes on Sale Tomorrow
February 23, 2000 Associated PressLAJITAS, Texas – Just about this whole town hits the auction block tomorrow. Bidding will begin at 2:00 p.m. for the 2,700-acre Lajitas resort complex, which includes a saloon, more than 90 hotel or...
AIMCO Sells $30 Mln of Stock to AEW
February 23, 2000 Apartment Investment and Management Co. has filed a Form 8-K detailing its sale of 1.2 million shares of preferred stock to AEW Targeted Securities Fund II LP for $30 million in January.
Legg Mason Lifts JDN Realty To Mkt Perform From Underperform
February 23, 2000 (NewsTraders.com) -- JDN Realty Corp. (NYSE:JDN) was elevated to "market perform" from "underperform" this morning by Legg Mason Wood Walker, according to a source at the brokerage.Legg Mason made the move believing that the recent...
Correction
February 23, 2000 Dai-Ichi Mutual Life Insurance Co.'s planned commercial mortgage-backed securities issue has bonds with a five-year average life. A Feb. 22 story, Japanese Insurer to Securitize Office Portfolio, had the wrong average life for the bonds.
Canada Digest
February 23, 2000 Sale of provincial assets proposed to fund tax cutsThe Vancouver Sun, February 23VANCOUVER – The Business Council of British Columbia wants the provincial government to sell some of its assets, including land, buildings and Crown...
Southeast Regional Digest
February 23, 2000 Honeywell puts building on marketTampa Tribune, February 23CLEARWATER, Fla. – Looking to trim its real estate bills, Honeywell will sell one of its seven buildings at its 1 million-square-foot Clearwater campus. The company has too...
Allied Capital Gets $7.5 Mln Investment
February 23, 2000 Allied Capital Corp. (NASDAQ:ALLC) has filed to raise $7.5 million through the sale of 416,964 of its common shares to an institutional investor.The company, which has become one of the most active buyers of subordinate...
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