Finance REITs
Simons Says Will Focus on Redevelopment
April 30, 2008

At the Simon Property Group's first quarter 2008 earnings conference call David Simon, Chairman & CEO reported that first quarter FFO was $1.46 per share, up 6.6 percent over a year ago. Decreasing LIBOR rates helped, he noted. Occupancy was essentially flat he added, and "our mall portfolio, square footage loss to bankruptcy during the most recent quarter totaled 133,000 square feet as compared to 24,000 square feet during the first quarter of 2007. Even with this our occupancy at the end of the first quarter is still higher than Q1 of 2006." Simon's development and redevelopment pipeline remains intact. the company is "primarily focused on the redevelopment and expansion" of U.S. franchise assets and new premium outlet development in the United States and in Asia. Simons is also in the process of refinancing the existing $660 million of mortgage debt at amounts equal to or greater than its existing mortgages.

 
Recent REITs Headlines
Grubb & Ellis Buys Two Apartment Complexes in Metro Atlanta
July 03, 2008
Grubb & Ellis Apartment REIT Inc. has acquired two Class A apartment communities totaling nearly 500 units in the metro Atlanta area. Grubb purchased the 216-unit AMLI at Kedron Village multi-family community in Peachtree City from AMLI Residential and Prudential Real Estate Investors, and the 280-unit Creekside Crossing in Lithonia from Harbor Group International, Norfolk, Va.
Colonial Properties Trust Sells 5 Apartment Communities for $82M
July 03, 2008
Colonial Properties Trust, a multi-family-focused REIT, is continuing its plan to dispose of older assets by selling five apartment communities in two transactions for a total of $81.8 million. The buyer or buyers were not identified.
Lightstone Acquires Interests in 20 Outlet Centers in $456M Deal
July 02, 2008
Lightstone Value Plus REIT will soon have a stake in 20 factory outlet centers, now that it has signed on purchase from 22.54 to 25 percent interests in the properties from affiliates of Arbor Mortgage REIT.
COPT Wraps Acquisition of 3 Offices
July 02, 2008
In a $40.5 million transaction, Corporate Office Properties Trust (COPT) has acquired three office buildings, one in Colorado Springs, Colo., and two in San Antonio, Texas.
ATT Atlanta Wells REIT II Snags Another AT&T Building in Atlanta
July 02, 2008
Wells Real Estate Investment Trust II has acquired Lindbergh Center, a groundbreaking, transit-oriented development in Atlanta’s Buckhead area, in a sale-leaseback from AT&T.
 

 

$8.9B Penn Gaming Merger Crumbles
July 03, 2008
By Barbra Murray, Contributing Editor After spending the last few months attaining all the requisite approvals from various gaming commissions and boards, Penn National Gaming has put the kibosh on its proposed $8.9 billion merger with PNG Acquisition Company Inc.,...

Colonial Properties Trust Sells 5 Apartment Communities for $82M
July 03, 2008
By Gail Kalinoski, Contributing Editor Colonial Properties Trust, a multi-family-focused REIT, is continuing its plan to dispose of older assets by selling five apartment communities in two transactions for a total of $81.8 million. The buyer or buyers were not...

H&R Sells 11 in Canada
July 03, 2008
By Thomas Peretti, Contributing Correspondent -- H&R Real Estate Investment Trust has announced the completion of the sale of eleven retail properties. The firm netted approximately $72 million from the transaction. The company expects approximately a $9 million return on...

LA Developer Partners with Vegas Officials for Museum, Hotel Redevelopment
July 03, 2008
By Tonie Auer, Southwest Correspondent -- Less than a year after entering the Las Vegas market with the acquisition of the Lady Luck Hotel and Casino, Los Angeles-based CIM Group won a deal with the city to develop land adjacent...

Lightstone Acquires Interests in 20 Outlet Centers in $456M Deal
July 02, 2008
By Barbra Murray, Contributing Editor Lightstone Value Plus REIT will soon have a stake in 20 factory outlet centers, now that it has signed on purchase from 22.54 to 25 percent interests in the properties from affiliates of Arbor Mortgage...

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