RECENT NEWS
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...
GMAC Provides $120 Mln of Floating-rate Debt for Newark, N.J., Complex
February 23, 2000 HORSHAM, Pa. – GMAC Commercial Mortgage Corp. has provided $120 million of floating-rate interim financing for the acquisition of a Newark, N.J., office complex.GMAC's Intermediate Finance Group provided the financing to a venture involving Morgan...
Rockrose Pays $356/sf for Midtown Manhattan Offices
February 23, 2000 Rockrose Development Corp. has paid $49.5 million, or $356/sf, for the long-term lease on 645 Madison Ave. in Midtown Manhattan, according to the Wall Street Journal.The 139,000-square-foot building was purchased from a venture between Equitable...
SL Green Completes Buy of Interest in 100 Park Ave.
February 23, 2000 NEW YORK – SL Green Realty Corp. (NYSE:SLG) has completed the purchase of a 49.9 percent interest in 100 Park Avenue in Midtown Manhattan. The 834,000-square-foot building was owned by Prudential Insurance.The REIT's stake was...
Friedman Billings Starts Washington Federal At Accumulate
February 23, 2000 (NewsTraders.com) -- Friedman Billings Ramsey analyst Paul Miller initiated coverage of Washington Federal (NYSE:WFSL) today, attaching an "accumulate" rating and an $18 price target to the banking concern, dubbing it "a true traditional thrift."Miller contends...
Procter and Gamble to Replace Razed Plant with Research Center
February 23, 2000 Associated PressCINCINNATI – Procter and Gamble Co. plans to build a product research center on the site where it closed and demolished a former detergent plant last year. P&G said today it will build the...
Former Nichols Execs Accused of Taking $150 Mln
February 23, 2000 Associated PressKANSAS CITY, Mo. – Two former executives and a former attorney for a leading Kansas City real estate company were indicted today on charges alleging the theft of more than $150 million from the...
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...
Canada Digest
February 22, 2000 Singapore investors plan five luxury towersThe Vancouver Sun, February 19VANCOUVER – An investor group from Singapore says it is confident enough about B.C.'s improving economy that it plans to go ahead with two luxury condominium...
Lend Lease Forms Venture to Manage European Real Estate Securities
February 22, 2000 LONDON – Lend Lease Real Estate Investments has formed a venture to manage European real estate securities for institutional investors, high net worth individuals and retail investors.The venture is a move by the pension-fund adviser...
Brandywine Names Robert Larson to Board
February 22, 2000 NEWTOWN SQUARE, Pa. – Brandywine Realty Trust (NYSE:BDN) has elected Robert C. Larson to its board. Larson is managing director of Lazard Freres & Co., chairman of the firm's Lazard Freres Real Estate Investors LLC...
Fort Worth’s Office Market Outperforms Dallas
February 22, 2000 By Debra Beachy, IPGDirect.com CorrespondentHOUSTON – Ft. Worth, in an upswing that's barely been noticed, is outperforming Dallas in the office rental market, according to research firm M/PF Research Inc. of Dallas."With so much attention...
Deutsche Banc Downgrades MeriStar, Felcor Lodging, Wyndham
February 22, 2000 (NewsTraders.com) -- MeriStar Hospitality (NYSE:MHX) was downgraded to "market perform" from "buy" this morning in a rating adjustment carried out by Deutsche Banc Alex Brown senior lodging analyst Mark Mutkoski.The analyst also made similar moves...
Monmouth Real Estate Buys Ohio Warehouse
February 22, 2000 EATONTOWN, N.J. – Monmouth Real Estate Investment Corp. (NASDAQ:MNRTA) has paid $4 million for an 85,500-square-foot warehouse in Cincinnati that is net leased to a unit of Federal Express for 10 years.Monmouth owns 22 industrial...
Lodgian Sells 2 Hotels for $19.4 Mln
February 22, 2000 ATLANTA – Lodgian Inc. (NYSE:LOD) has sold the Comfort Suites in Greenville, S.C., and the Sheraton West Palm Beach hotel for $19.4 million.The firm plans to use proceeds to pay down its debt. The sales...
UBS, Fleet Provide $850 Mln of Debt to Crescent
February 22, 2000 UBS AG and Fleet Boston Financial are leading an $850 million secured credit facility for Crescent Real Estate Equities Co. (NYSE:CEI). The facility, which will be syndicated to other lenders in the coming weeks, replaces...
IRT Sells Florida Shopping Center for $10.4 Mln
February 22, 2000 ATLANTA – IRT Property Co. (NYSE:IRT) has sold Westgate Square, a 105,000-square-foot shopping center in Sunrise, Fla., for $10.4 million, or $99/sf.The sale will result in a gain of about $1.9 million for the first...
Jonathan Litt Begins REIT Coverage at Salomon
February 22, 2000 Salomon Smith Barney has initiated coverage of the REIT industry, under the helm of head real estate analyst Jonathan Litt, who was recently hired from PaineWebber Group Inc.Litt replaced David Sherman, who left Salomon after...
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Commercial Real Estate Direct is the only source -- in print or otherwise -- that keeps close tabs on the entire real estate capital markets industry. It provides up-to-date market intelligence on the mortgage business, equity raising, investment sales and CMBS.
