RECENT NEWS
Allamerica Refinances New Boston Properties
October 29, 1999 By Keith Regan, VertiNews.com CorrespondentAllamerica Asset Management will loan $30 million to the New Boston Fund Inc., a real estate investment trust, according to sources close to the deal.New Boston is refinancing seven office buildings,...
Equity Office Properties Investors Files to Sell Shares
October 29, 1999 Equity Office Properties Trust (NYSE:EOP) has filed a 424B3 Prospectus with the SEC. The filing relates to sale, by certain Equity Office shareholders, of 1 million common shares in the REIT. The shareholders received the...
General Growth Files to Issue Common Shares to LP Unitholders
October 29, 1999 General Growth Properties (NYSE:GGP) has filed a Form 424B3 Prospectus with the SEC.The filing relates to the issuance of 518,800 common shares of General Growth to certain holders of limited partnership units in GGP LP,...
Local Investors to Buy Former Stroh’s Brewery in Texas
October 29, 1999Associated PressLONGVIEW, Texas – A local group is about to close a deal to buy the Stroh Brewing Co. facility here.The group of five or six investors will probably not use the 800,000-square-foot plant and 130-acre...
GE Capital, Oxford, Ontario Pension Complete Canadian Property Buy
October 29, 1999 A team made of Oxford Properties Group Inc., the Ontario Municipal Employees Retirement System and GE Capital Canada Inc. has completed the purchase of a portfolio of real estate from the Royal Bank of Canada....
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...
PricewaterhouseCoopers Buys Appraisal Firm
October 28, 1999 NEW YORK – PricewaterhouseCoopers has acquired Gulf/Atlantic Valuation Services Inc., a Sarasota, Fla., appraisal firm that specializes in healthcare and retirement properties.Terms of the deal were not disclosed. Alan Plush, principal of Gulf/Atlantic, was named...
Southeast Regional Digest
October 28, 1999 St. Joe to spin off Florida East CoastFlorida Times-Union, October 28JACKSONVILLE, Fla. – The St. Joe Co. will spin off its 54 percent interest in Florida East Coast Industries to become a full-time real estate...
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...
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...
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
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 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...
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,...
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
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
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...
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...
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