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On 6-16 Goldman Sachs Initiated MPG at Outperform. On 6-13 Merrill Lynch Starts Maguire Properties At Buy. On 6-13 Merrill Lynch Starts Liberty Property At Neutral. On 6-08 Wachovia Ups Parkway Properties To Outperfprm From Market Perform. On 6-01 DJ Newswires Stifel Nicolaus Ups Equity Office Properties to Hold. On 5-11 Wachovia Ups Corp Office Properties To Market Perform From Underperform. On 5-03 Banc Of America Ups Equity Office Properties To Neutral. On 5-08 Alexandria boosted its fiscal 2006 FFO guidance to $5.16 a share. On 6-12 Reckson Associates Realty said that its board has approved a plan to buy back up to 5 million shares of it's common stock. Reckson Associates had 83.2 million shares outstanding as of May 5, according to the company's last quarterly report. (Ed Welsch, Dow Jones Newswires 6-13) Commercial real estate generally remains a source of strength for the U.S. economy in 2006, as the residential real estate market cools, according to a survey released Tuesday by the National Association of Realtors. "Rent growth in commercial space is gaining traction, although there is some softness in part of the retail sector," NAR Chief Economist David Lereah said. The NAR forecast shows office vacancy rates are likely to drop to 12.7% in Q4-06 year from 13.6% in Q4-05. Industrial building vacancy will fall to an average 9.5% in the second half of this year from 9.9% in Q4-05. Retail vacancy is seen averaging 7.6% in Q4-06, up from 7.2% in Q4-05. Rental apartment building vacancy is projected to fall to 5.7% in Q4-06 from 6.2% in Q4-05. (Campion Walsh, Dow Jones Newswires 6-13) On 6-08 Vornado Realty Trust CEO Steve Roth predicts the redevelopment of the Penn Station area of midtown Manhattan will boost the value of his company's 6.5 million square feet of space in the area by $200 a square foot, effectively adding $8 to $9 to the company's net asset value. In addition to the 6.5 million feet of existing commercial real estate space it currently owns in the area, Vornado also holds air rights over Madison Square Garden and won the right to redevelop the James Farley Post Office site into the Moynihan Train Station with partner Related Cos. Under Vornado's development proposal, Madison Square Garden would be moved one block west, giving Vornado access to 5.5 million square feet of developable space. This "would create a once-in-a-lifetime opportunity" to create a "grand entrance" to a densely-populated, high traffic area that includes the nation's busiest train station, Roth said. He said the revitalized Penn Station, new MSG, and new developments would breathe new life into the area, significantly boosting the property values of existing buildings nearby. "It's possible the market value of our existing buildings would go up $200 a foot," said Roth. "That's $1.2 billion in value creation" for shareholders. He estimates this would add $7 to $8 a share to the company's net asset value, which doesn't include additional profits that will come from the development of the MSG site. Final government approvals are still pending on the plan. (Janet Morrissey, Dow Jones Newswires 6-08) "We're seeing an unprecedented wave of M&A activity that kicked off in 2005," said Gilbert Menna, a partner at Goodwin Procter LLP, who has worked on numerous deals, including one announced Monday in which Brookfield Properties (BPO) and Blackstone Group agreed to acquire Trizec (TRZ). The amount of corporate M&A activity in the real-estate sector averaged about $12 billion a year between 2000 and 2003, said Menna. However, activity quadrupled in 2005 to $50 billion, and another $35.6 billion in deals have occurred so far in 2006, he said. Menna said the lion's share of the deals have been going-private transactions. He estimates about 75% of the deals so far in 2006 have been privatization deals, up from 62% in 2005 and only 33% of the transactions between 2000 and 2004. "It's a dramatic change which has generated a lot of cash back to investors," he said. "And that money has to get reinvested." At the same time, institutional investors, pension funds and other continue to allocate larger and larger chunks of cash toward real estate. Menna estimates institutional money targeting real estate will exceed $130 billion in 2006, up from $90 billion in 2005 and $64 billion in 2004. "To put this in perspective, the entire value of the (public) REIT sector is about $500 billion," he said. "If that money were 100% allocated to buy REITs at 80% leverage, the entire sector could be bought in 10 months." (Janet Morrissey; Dow Jones Newswires 6-06) Brookfield Properties Buys Trizec Firms for $4.8 Billion Dave Carpenter, AP 6-05 Brookfield Properties Corp. said Monday it will acquire Trizec Properties and its Canadian arm for $4.8 billion. Investment firm The Blackstone Group joined Brookfield in the purchase, which is expected to close in the third or fourth quarter. In addition to what is being paid for Trizec shares, Brookfield will assume $4.1 billion in Trizec debt. Toronto-based Brookfield, part of Canada's Brascan mining conglomerate, has 67 office buildings totaling 48 million square feet in downtown New York City, Boston and Washington, D.C., as well as cities in Canada. Chicago-based Trizec is nearly as large, with 61 office properties totaling 40 million square feet in seven U.S. markets. Under the agreement, Brookfield will buy all outstanding shares of Trizec not owned by Trizec Canada for $29.01 per share in cash, an 18 percent premium over the stock's closing price this past Friday. Brookfield will acquire all outstanding voting shares and multiple voting shares of Trizec Canada for $30.97 in cash, a 30 percent premium over the closing price of Trizec Canada's subordinate voting shares price on Friday. Highwoods Rejects Buyout; Stock Hits High Triangle Business Journal 6-29 A Florida real estate investment firm [Capital Partners] led by a former employee and board member [Jim Heistand] of Highwoods Properties has made an unsolicited bid to buy the Raleigh company - an offer Highwoods' board has rejected. The Orlando Sentinel reported Thursday that Capital had offered $36 per share for Highwoods and that a proposed purchase price of about $4.4 billion included slightly more than $2 billion in debt. Heistand sold his company, Associated Capital Partners, and his portfolio of Florida office properties to Highwoods for $622 million about nine years ago. Heistand later repurchased a number of his Jacksonville properties from Highwoods. Capital Partners, Heistand's latest venture, bought Highwoods' Charlotte office buildings along with 15 other office buildings in Tampa, Fla. for $228 million in July. NOTE: Although the tables above are checked and double-checked for accuracy, and may at times be 100% accurate - do NOT count on that. Please confirm through your own research any numbers on which you are to make a buy, sell or hold decision. Most sites giving this kind of data would say that it's information is for entertainment purposes only. I will not presume that you are that masochistic. And even accurately replicated and freshly retrieved FFO numbers are often stale. Home Page Previous REIT Update Top Sites |