Finance REITs
Amid Continuing Market Decline, First Industrial Nabs $154M in Financing
June 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.
Signs of Life in 2Q as Sales Volume, Capitalization Jump
June 04, 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.
Lack of Leverage Lends Strength, REIT Week Panel Maintains
June 04, 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.
Economic Update - CRE Buyers Looking for Deals
June 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.
Moody's: Outlook for M-F REITs Stable for Now
June 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
June 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.
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.
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.
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.
Unsecured $372M Federal Realty Loan a Rarity in Today's Credit Market
May 06, 2009
Despite credit still playing hard-to-get, several REITs have recently managed to get their hands on sizable financing deals. The latest firm to add its name to the list of firms receiving funding is Federal Realty Investment Trust, which just closed a new $372 million unsecured term loan facility.
Regency Latest Firm to Seek Cash Through Stock Offering, Closing $310M
April 28, 2009
Joining the brigade of real estate companies that are relying on the sale of shares to pay off debt during the lending market's deep freeze, shopping center REIT Regency Centers has closed its offering of 10 million shares of common stock for net proceeds totaling approximately $310.5 million.
Big Ticket M-F Financing Deals Continue to Flow as Camden Closes $420M Loan
April 21, 2009
Despite real estate market turmoil, sizeable multi-family financing deals continue to roll in, and Camden Property Trust has just joined the ranks of apartment property companies that are benefiting from government-controlled mortgage giants Fannie Mae and Freddie Mac's ongoing willingness to dole out money.
Economic Update - RE Valuation Remains Missing Link
April 17, 2009
One rippling effect of mall behemoth General Growth Properties' bankruptcy may be that it will help re-establish something that's been missing from much of the commercial property investment market for a while now: pricing.
Amid Slow Investment Market, $1.9B Portfolio Goes on The Block
April 15, 2009
Given the sluggish property investment market, finding investors for any deal is a challenge these days, let alone for a massive portfolio of 52 properties valued at a total of $1.9 billion. Such is the task faced by the trio of Holliday Fenoglio Fowler L.P., Macquarie Capital Advisers Ltd. and UBS Securities L.L.C., which has been tapped to market the properties, which are owned by Macquarie DDR U.S. Trust, a joint venture involving Australia-based MDT and Developers Diversified Realty Corp. The team will also advise on a strategic review of the REIT's assets in the U.S.
ProLogis Offering Raises $1B
April 09, 2009
Industrial REIT ProLogis has raised some $1 billion via a public stock offering that saw 152 million common shares sold for $6.60 per share.
Health Care REIT Closes $133M Freddie Mac Loan
April 08, 2009
Health Care REIT Inc. closed a $133 million first mortgage loan secured by 12 senior housing properties. The 10-year debt has a fixed interest rate of 6.10 percent. KeyBank Capital Markets Inc. originated the loan and intends to sell it to Freddie Mac.
Moody's: M-F REITs Take Steps to Weather Sector Downturn
April 07, 2009
As the single-family housing market went kaput, the multi-family market picked up the slack, but with the economy in a freefall, even the rental market is on shaky ground. However, multi-family REITs, according to Moody's Investors Service, have shored up their operations in an effort to brace for the worst.
Fitch: Looking for Liquidity, REITs Find Choices, Conundrums
April 06, 2009
Staying liquid is job one for many equity REITs these days, and the lack of a CMBS or unsecured market makes that a formidable task. Most of the choices bring both answers and potential pitfalls at a time of unusual urgency, contends Fitch Ratings in a recent report.
Markets Frozen for Some But Not All; Macerich Secures Financing Deals Totaling $446M
March 31, 2009
Lenders still aren't rolling out the red carpet for the real estate industry, but some firms, like the Macerich Co., are managing to get their hands on financing despite the inhospitable environment. The Santa Monica, Calif.-based shopping center REIT just announced two refinancing deals totaling $320 million, and two loan extensions valued at $126 million.
Commercial Real Estate Magazine- Learn about the Profit Potential of REITs
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