RECENT NEWS
TrizecHahn Mulls Privatization, Merger, According to Dow Jones
October 29, 1999 TrizecHahn Corp. (NYSE:TZH) would consider a management-led buyout which would result in the real estate company becoming private.According to Dow Jones Newswires, which quoted Trizec's president, Casey Wold, the company is looking at a number...
Sumitomo Life, Simon Offer 2 Atlanta Office Buildings
October 29, 1999 Sumitomo Life Realty has put One Atlanta Plaza, a 618,000-square-foot office building up for sale, while Simon Property Group (NYSE:SPG) is planning to sell the Lenox Building, which has 351,000-square feet.The offerings were first reported...
Mid Atlantic Realty Trust Files 10-Q
October 29, 1999 Mid-Atlantic Realty Trust (NYSE:MRR) has filed Form 10-Q with the SEC.
Kaiser Ventures Grants Option to Purchase Former Mill Site
October 29, 1999 ONTARIO, Calif. – Kaiser Ventures Inc. (Nasdaq: KRSC) has entered into an agreement with Ontario Ventures I, LLC to sell the bulk of its remaining Fontana Mill site for $16 million in cash.The sale includes...
General Investment Sells Atlanta-Area Apartments for $18.3 Mln
October 29, 1999 ROSWELL, Ga. – Windsor Realty Fund I LP, an affiliate of General Investment & Development of Boston sold The Windsor at Wood Creek, a 340-unit comlpex in the Atlanta suburbs for $18.3 million, or $54,000/unit.The...
General Growth Buys Baybrook Mall for $133 Mln, Makes $30 Mln Mortgage Investment
October 29, 1999 CHICAGO – General Growth Properties Inc. (NYSE:GGP) has acquired the Baybrook Mall in Houston from RREEF USA Fund III for $133 million. The REIT raised $95 million of the purchase price through a 10-year mortgage...
Lend Lease Talks to US Lenders for $200 Mln of Financing for Australian Unit
October 28, 1999 SYDNEY – Lend Lease US Office Trust, an Australian company that has agreed to buy a stake in a portfolio of properties owned by Equity Office Properties (NYSE:EOP), is in the midst of lining up...
Canadian Digest
October 28, 1999 Small English town, Kanata compete for Nortel plantThe Ottawa Citizen, October 28 OTTAWA – Nortel Network, which has plans to build a major fiber-optic manufacturing plant, may be eyeing an empty, almost brand-new $125 million...
Grubb & Ellis Co. 1st-Qtr Net $0.16/shr vs. $0.11/shr
October 28, 1999 3rd-Qtr 993rd-Qtr 98Net Income$3.34 mln$2.31 mlnNet/shr$0.16$0.11Revenue$95.2 mln$76.2 mlnShrs outst.21.1 mln21.9 mln
Mid-America Apartment 3rd-Qtr FFO $0.66/shr vs $0.73/shr
October 28, 1999 3rd-Qtr 993rd-Qtr 989-mos 999-mos 98FFO$14.6 mln$15.9 mln$45.9 mln$47.8 mlnFFO/shr (diluted)$0.66$0.73$2.09$2.21Extra. Gain/loss $0.07 mln$1.0 mlnNet Income$6.5 mln$3.7 mln$12.1 mln$11.9 mlnNet/shr$0.34$0.20$0.64$0.64Revenue$56.8 mln$55.3 mln$169.8 mln$157.8 mlnShrs outst.22.0 mln21.8 mln22.0 mln21.7 mln
Tarragon Realty Considers Nixing REIT Status
October 28, 1999 NEW YORK – Tarragon Realty Investors Inc. (NASDAQ:TARR) is considering eliminating its REIT status in order to focus on converting apartments into condominiums.The REIT owns some 16,000 apartment units in Connecticut, South Florida and Texas,...
Mid-America Says Leasing New Apartments Will
October 28, 1999MEMPHIS, Tenn. – Mid-America Apartment Communities (NYSE:MAA), which announced a 9 percent drop in third-quarter funds from operations, said leasing up of units that it expects to complete this winter will "burden FFO/share until they are...
Agree Realty Corp. 3rd-Qtr FFO $0.61/shr vs. $0.56/shr
October 28, 19993rd-Qtr 99?3rd-Qtr 993rd-Qtr 989-mos 999-mos 98FFO$3.1 mln$2.8 mln$9.1 mln$8.2 mlnFFO/shr (diluted)$0.61$0.56$1.80$1.64Net Income$1.8 mln$1.7 mln$5.1 mln$4.8 mlnNet/shr$0.40$0.39$1.17$1.10Revenue$5.5 mln$5.0 mln$16.2 mln$14.4 mln
RFS Hotel Investors 3rd-Qtr FFO $0.68/shr vs $0.67/shr
October 28, 1999 3rd-Qtr 993rd-Qtr 989-mos 999-mos 98FFO$18.7 mln$18.3 mln$50.7 mln$49.5 mlnFFO/shr (diluted)$0.68$0.67$1.84$1.82Extra. Gain/loss Net Income$10.2 mln$9.5 mln$29.4 mln$29.8 mlnNet/shr$0.39$0.37$1.13$1.15Revenue$27.8 mln$27.3 mln$77.7 mln$75.2 mlnShrs outst.27.6 mln27.4 mln27.6 mln27.3 mln
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
Andy Stone Expected to Leave First Boston at Year End, Wall Street Journal Says
October 28, 1999Andrew Stone is said to be preparing to leave Credit Suisse First Boston at the end of the year. Stone formerly headed First Boston's real estate group. Talk of his departure, which was reported in the...
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 $159 million of mortgage debt for the Westfield Shoppingtown Montgomery Mall, a 1.3 million-square-foot mall owned by Westfield America Inc. (NYSE:WEA)Pru...
August Promoted to Chief Executive at Prentiss Properties
October 28, 1999 DALLAS – Prentiss Properties Trust (NYSE:PP) has promoted Thomas F. August to the post of chief executive officer. He will continue as president of the REIT. August was formerly president and chief operating officer. He...
Heller Launches New Lending Unit
October 28, 1999 CHICAGO – Heller Financial Inc. (NYSE:HF) has formed a unit that will finance owner-occupied properties through synthetic leases and secured debt. The unit, Special Purpose Property, taps Heller's asset-based and real estate lending expertise. It...
FINAL PRICING: Merrill Lynch Mortgage Investors Inc., 1999-C1
October 28, 1999Merrill Lynch Mortgage Investors Inc., 1999-C1ClassAmount($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.
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....
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...
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,...
Lend Lease Unit to Buy Stakes in 7 Equity Office Properties for $534 Mln
October 28, 1999 CHICAGO – Lend Lease US Office Trust, a newly formed unit of Lend Lease Real Estate Investments, has agreed to pay $533.9 million for interests in seven properties owned by Equity Office Properties Trust (NYSE:EOP).Lend...
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