Finance
REITs
Mack-Cali Issues $250M Public Offering
Aug 06, 2009
Mack-Cali Realty L.P., an operating partnership of REIT Mack-Cali Realty Corp., will issue $250 million via a public note offering. The 7.75 percent senior unsecured notes are due 2019 in an underwritten public offering through Banc of America Securities L.L.C., Citigroup Global Markets Inc., and J.P. Morgan Securities Inc. as joint book-running managers. The notes were priced at 99.145 percent of the principal amount to yield 7.875 percent to maturity. The offering is expected to close on Aug. 14, 2009. The proceeds from the offering after deducting underwriting discounts and offering expenses were approximately $245.6 million, which the company said will be used for general corporate purposes, which may include the purchasing or retiring some of the firm’s outstanding debt securities.
Recent REITs Headlines
In Slow Central Valley Market, 685,000-SF Sale Makes Splash
May 29, 2009
Industrial property sales in San Joaquin County in California's Central Valley have been practically nonexistent this year, but USAA Real Estate Co. just broke the monotony with the acquisition of a 658,000-square-foot distribution facility in the city of Tracy, about an hour east of San Francisco.
Despite Improvements, Negative Overall Outlook for U.S. Equity REITs
Jul 16, 2009
The slightly less hostile financial market during the second quarter
cracked open the window for many equity REITs to begin making a bit of
progress in easing monetary woes, but according to Fitch Ratings' new
REIT Report Quarterly, a few significant obstacles continue to encumber
the sector.
CBRE Investors: The Time to Buy is Now
Aug 05, 2009
For the most part, the investment community has been holding back on
commercial real estate acquisitions, waiting and waiting for the market
to hit bottom. But according to a new report by CB Richard Ellis
Investors, while the bottom may not be at hand just yet, it's close
enough.
New Firm Aims to Help M-F Industry Weather Storm
Jun 15, 2009
In the apartment market, job losses are starting to exact a high cost in terms of declining rents and rising occupancy levels, and for holders of multi-family debt and equity, there's more bad news on the horizon as loan maturities on overvalued assets begin to take hold over the next few years. In an effort to assist those facing the impending challenges, two industry veterans have just launched apartment consulting firm Caldera Asset Management, based out of Denver and Atlanta.
ProLogis to Develop 554,000-SF BTS Project in the Netherlands
Jul 15, 2009
Like so many real estate companies, ProLogis isn't developing spec
projects these days, but build-to-suits are a different story. The
Denver-based global industrial REIT just agreed to develop a
554,000-square-foot distribution center in The Netherlands for
Hi-Logistics, and if ProLogis has anything to do with it, more
build-to-suit transactions will materialize.
Economic Update - ProLogis Sells in Big Way to Deleverage
Jul 01, 2009
The difficult year 2009 is half over, and recent deals by one of the
world's largest landlords show two things about the current climate.
First, deleveraging is in. Second, there are buyers out there to help
sellers who want to raise some cash to do that deleveraging.
Pocketing $387M, SL Green Becomes Latest REIT to Raise Equity Via Public Offering
May 19, 2009
SL Green Realty Corp. has jumped on the bandwagon of REITs that, facing credit markets that are frozen like a block of ice, have opted to raise funds through public offerings. The company, which is still New York City's largest office landlord, just walked away with net proceeds of approximately $387.4 million after selling 19.55 million shares of common stock.
Lack of Leverage Lends Strength, REIT Week Panel Maintains
Jun 05, 2009
The bad news is, the United States is in a Great Recession and the commercial real estate market is likely to feel continued pain during the next two years as corporate cutbacks result in weaker fundamentals. The good news is, the public equity markets have been improving in the past few months, with returns bouncing back substantially and multiples back down to more reasonable levels as the market has responded to REIT success at raising capital through secondary offerings.
Fitch: General Growth Chapter 11 Ruling a Mixed Blessing for Bondholders
May 26, 2009
The special-purpose entity structure that has helped to power real
estate finance in recent years remains intact after recent court
decisions tied to the General Growth Properties Inc. Chapter 11
bankruptcy filing. However, the rulings may turn out to be less than a
total victory for bondholders in the long run.
Moody's: Outlook for M-F REITs Stable for Now
Jun 02, 2009
During the fourth quarter of 2008 and first quarter of 2009, the fundamentals of the apartment industry steadily eroded, and the forecast for rental demand remains uncertain. Still, the overall outlook for the multi-family REIT sector is stable, according to a report by Moody's.
Financing Keeps Rolling in for Colonial
Jun 02, 2009
Despite the fact that widespread job losses have begun to take a toll
on the multi-family market, owners of this asset type are still able to
secure financing in what remains a frigid lending environment. Just
three months after having wrapped up a $350 million secured credit
facility, Colonial Properties Trust has landed another major financing
deal with the closing of a new $156.4 million secured credit facility.
Signs of Life in 2Q as Sales Volume, Capitalization Jump
Jun 03, 2009
Despite overall sales figures down double digits from last year, transactions are still move forward, albeit in smaller amounts. Another good sign of real estate activity is the re-equitization of the REIT industry that continued in May as more companies deleveraged their balance sheets with equity capital raised in the public markets.
Amid Continuing Market Decline, First Industrial Nabs $154M in Financing
Jun 08, 2009
Despite the ongoing weakening of industrial market fundamentals, banks are warming up to certain players like First Industrial Realty Trust Inc., which has just managed to get its hands on $154 million in the form of three loans secured by assets encompassing a total of 6.3 million square feet.
Economic Update - CRE Buyers Looking for Deals
Jun 04, 2009
Turns out that the recession is still on, at least if the latest
numbers from payroll firm ADP accurately reflect the state of hiring
and firing in the nation. According to ADP on Wednesday, U.S. companies
cut an estimated 532,000 employees from their payrolls last month, with
goods producers laying off 267,000 workers, and service providers
shedding 265,000 positions.
Research Facility in Boston's Healthy Life Science Market Attracts $350M Loan
Jul 01, 2009
Flying in the face of the frosty credit market, BioMed Realty Trust
Inc. has just gotten its hands on a $350 million loan secured by its
successful new 700,000-square-foot Center for Life Science | Boston.
John Hancock Life Insurance Co., TIAA-CREF, and Westdeutsche
ImmobilienBank AG stepped up to the plate to provide the financing.
Economic Update - Disney Weighs in on the Economy
Jul 31, 2009
Is Disney a major lagging indicator for the U.S. economy? Maybe. In any
case, Walt Disney Co. CEO Robert Iger sounded like a central banker on
Thursday during the company's second-quarter conference call: "We do
see signs of economic stabilization, but the pace and strength of
recovery remain uncertain, and we are managing accordingly," he said.
ProLogis Continues to Pay Down Debt, Remains Active in Chicago
Jul 21, 2009
Like all commercial property players, industrial REIT ProLogis has had
to deal with the challenges of the sagging economy and sluggish leasing
market. Despite the tumultuous environment though, the firm is still
getting deals done—including some very sizable transactions, like a
250,000-square-foot lease the firm recently inked with Roosevelt Paper
Co. near Chicago. That deal was the largest splash made by ProLogis in the region during
the second quarter, during which it racked up a total of nearly 600,000
square feet in leases.
16-Property Healthcare Portfolio Snapped Up in $162M Cash Deal
Jul 21, 2009
Grubb & Ellis Healthcare REIT Inc., currently among the minority of
real estate investment concerns that have the cash on hand to make big
purchases, has signed an agreement to acquire a 16-building healthcare
property portfolio in metropolitan Greenville, S.C., from Greenville
Hospital System. The $161.6 million deal will allow the hospital to
lease back the portions of the 855,000-square-foot portfolio of medical
office and healthcare related facilities it currently occupies.
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