RECENT NEWS
Roberts Realty Investors 3rd-Qtr FFO $0.17/shr vs. $0.15/shr
October 28, 1999?3rd-Qtr 993rd-Qtr 989-mos 999-mos 98FFO?$1.3 mln$1.1 mln$4.0 mln$3.6 mlnFFO/shr (diluted)?$0.17$0.15$0.54$0.48Net Income?$3.1 mln$2.8 mln$9.4 mln$8.0 mlnNet/shr$0.15$0.04$0.16$0.16Revenue?$4.9 mln$4.5 mln$14.5 mln$12.6 mlnShrs outst.?7.4 mln7.6 mln7.5 mln7.6 mln
August Promoted to Chief Executive at Prentiss Properties
October 28, 1999 DALLAS – Prentiss Properties Trust (NYSE:PP) has promoted Thomas F. August to the post of chief executive officer. He will continue as president of the REIT. August was formerly president and chief operating officer. He...
Pru, New York Life Fund $159 Mln Mortgage to Westfield America
October 28, 1999 ATLANTA – Prudential Mortgage Capital Co. and New York Life Insurance Co. have provided $159 million of mortgage debt for the Westfield Shoppingtown Montgomery Mall, a 1.3 million-square-foot mall owned by Westfield America Inc. (NYSE:WEA)Pru...
FINAL PRICING: Merrill Lynch Mortgage Investors Inc., 1999-C1
October 28, 1999Merrill Lynch Mortgage Investors Inc., 1999-C1ClassAmount($mln)Sub. Level(%)RatingS&PRatingDuff & PhelpsAvg.LifeSpread(BP)BnchMark A-110026.5AAAAAA5.6+117Treas.A-2350.3526.5AAAAAA9.6+136.25Treas.B33.721AAAA9.9+158.25Treas.C27.616.5AA9.9+180Treas.D9.215A-A-9.9+195Treas.E21.411.5BBBBBB9.9+250Treas.F7.610.25BBB-BBB-10.25+335Treas.X613N/AAAArAAA9.05+400Treas.
Heller Launches New Lending Unit
October 28, 1999 CHICAGO – Heller Financial Inc. (NYSE:HF) has formed a unit that will finance owner-occupied properties through synthetic leases and secured debt. The unit, Special Purpose Property, taps Heller's asset-based and real estate lending expertise. It...
Equitable Provides $89 Mln of Financing to Blackstone
October 28, 1999 Equitable Life is providing about $89 million of financing to Blackstone Real Estate Advisors for its purchase of the Bethesda Metro Center in Bethesda, Md.Blackstone purchased the property for $118 million from an entity controlled...
Stone & Webster to Sell HQ, Boston Globe Says
October 28, 1999 Stone & Webster Inc., a troubled engineering firm, plans to sell its headquarters building in downtown Boston, according to the Boston Globe. About 1,250 people work at the 14-story building, which is near South Station....
Impac Commercial Holdings Files Proxy Statement
October 28, 1999Impac Commercial Holdings Inc. (NYSE:GLR) has filed a Form DEFA14A (Definitive Proxy Statement) with the SEC. The filing details the company's rejection of Apex Mortgage Capital Inc.'s stock-for-stock merger proposal and its reaffirmation of a plan...
Kauai Investors Buy Islander on the Beach Hotel
October 28, 1999 LIHUE, Hawaii (AP) – A group of Kauai investors is paying $5.2 million dollars for the Islander on the Beach Hotel between Waipouli and Kapaa. The group – which includes real estate broker Terry Kamen,...
Southeast Regional Digest
October 27, 1999Orange-Osceola county line keeps growing with more spaceOrlando Sentinel, October 27ORLANDO, Fla. – The Orange-Osceola county service-center market is booming with new development. More than 450,000 square feet of flexible-use space has been added to the...
Pru Provides $42.2 Mln of Financing for Florida Mall
October 27, 1999 ATLANTA – Prudential Mortgage Capital Co. has provided a $42.2 million commercial mortgage for the Santa Rosa Mall in Fort Walton Beach, Fla.The 740,500-square-foot mall is owned by an affiliate of Jim Wilson & Associates...
N.J. County, Power Company Partner to Build Spec Industrial Park
October 27, 1999 Associated PressOLDMANS, N.J. – Salem County, N.J. and PSE&G have formed a partnership to build a $100 million industrial park here that is expected to attract warehouse distribution and manufacturing firms to create thousands of...
Canadian Digest
October 27, 1999 Power struggle builds at Magellan REITVancouver Sun, October 26VANCOUVER – Magellan real estate trust is facing more internal turbulence now that three securities dealers are complaining about a trustee's handling of the REIT's affairs. Ian...
LaSalle Hotel Files 8-K
October 27, 1999 LaSalle Hotel Properties (NYSE:LHO) has filed Form 8-K with the SEC.
Pru Provides $73.5 Mln of Mortgage Financing to Cornerstone Realty
October 27, 1999 ATLANTA – Prudential Mortgage Capital Co. has provided $73.5 million of mortgage financing to Cornerstone Realty Income Trust (NYSE:TCR).The seven-year, interest-only loan carries a rate of 7.29 percent and is backed by a cross-collateralized portfolio...
G&L Realty Details Reason for 3rd-Qtr Negative FFO
October 27, 1999 BEVERLY HILLS, Calif. – G&L Realty Corp. (NYSE:GLR) has taken a non-cash write-down of $6.4 million or $1.42/share against third-quarter financial results, representing an impairment of value of six New Jersey office buildings.Go to Earnings...
Duke-Weeks Realty 3rd-Qtr FFO $0.57/shr v. $0.48/shr
October 27, 1999?3rd-Qtr 993rd-Qtr 989-mos 999-mos 98FFO$82.8 mln$44.7 mln$192.2 mln$126.3 mlnFFO/shr (diluted)$0.57$0.48$1.62$1.39Extra. Gain/loss????Net Income$41.5 mln$23.4 mln$98.5 mln$67.6 mlnNet/shr$0.35$0.29$1.00$0.84Revenue$175.7 mln$97.6 mln$406 mln$272.3 mlnShrs outst.145.4 mil93.3 mln118.6 mln91.3 mln
SL Green to Buy 100 Park Ave. in Manhattan, Wall St. Journal Says
October 27, 1999 SL Green Realty Corp. (NYSE: SLG) has agreed to buy a significant stake in 100 Park Avenue, an 825,000-square-foot office building in Midtown Manhattan, for $192 million, or $233/sf.The building is being purchased from Prudential...
G&L Realty Corp. Files 8-K
October 27, 1999 G&L Realty Corp. (NYSE:GLR) has filed a Form 8-K (Current Report) with the SEC.
Developer Buying Downtown NY Office Building for $38.4 Mln, Wall St. Journal Says
October 27, 1999 Robert A. Levine, a Long Island, N.Y., developer has turned in the winning, $38.4 million bid to buy 270 Broadway, a 371,000-square-foot office building in downtown Manhattan.The half-empty office building is being purchased from the...
Boston Properties Files 8-K
October 27, 1999 Boston Properties Inc. (NYSE:BXP) has filed Form 8-K with the SEC.
Humphrey Hospitality, Supertel Complete Merger
October 27, 1999 SILVER SPRING, Md. – Humphrey Hospitality Trust Inc. (NASDAQ:HUMP) has completed its merger with Supertel Hospitality Inc. (NASDAQ:SPPR). The merged company owns 88 hotels with 6,200 units in 19 states. The properties are leased to...
St. Joe Spinning off Florida East Coast Industries
October 27, 1999Associated PressJACKSONVILLE, Fla. – The St. Joe Company (NYSE: JOE) is spinning off its 54 percent share of Florida East Coast Industries to St. Joe shareholders. The plan calls for St. Joe to exchange all of...
Cousins Properties 3rd-Qtr FFO $0.63/shr vs $0.56/shr
October 27, 1999 3rd-Qtr 993rd-Qtr 989-mos 999-mos 98FFO$20.9 mln$17.9 mln$60.3 mln$52.8 mlnFFO/shr (diluted)$0.63$0.56$1.85$1.65Extra. Gain/loss$1.0 mlnNA$57.7 mln$1.7 mlnNet Income$12.9 mln$10.7 mln$91.5 mln$33.8 mlnNet/shr$0.39$0.33$2.80 $1.06Revenue$26.4 mln$27.7 mln$68.2 mln$75.7 mlnShrs outst.32.2 mln31.6 mln32.1 mln31.6 mln
CBL & Associates 3rd-Qtr FFO $0.84/shr vs $0.66/shr
October 27, 1999 3rd-Qtr 993rd-Qtr 989-mos 999-mos 98FFO$21.0 mln$16.0 mln$58.0 mln$47.5 mlnFFO/shr (diluted)$0.84$0.66$2.34 $1.96Extra. Gain/loss ($0.7 mln) ($0.7 mln)Net Income$12.6 mln$7.7 mln$37.6 mln$27.5 mlnNet/shr$0.50$0.32$1.51$1.13Revenue$81.7 mln$67.7 mln$230.5 mln$180.2 mlnShrs outst.24.9 mln24.4 mln24.9 mln24.3 mln
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