From the category archives:

Office REITs

Piedmont Office REIT Finally Goes Public…Sort Of

February 16, 2010
REIT IOU

Non-Traded REITs are a funny lot. They register with the SEC and comply with all public company filing requirements, yet their shares don’t trade on any public exchange. Most aspire publicly to achieve some sort of “liquidity event” for investors within 7-10 years of formation, either through a public listing or bulk asset [...]

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The State of Commercial Real Estate: Sternlicht and Zuckerman Have a Few Things to Say

January 10, 2010

Barry Sternlight and Mort Zuckerman are in the thick of it. Both run REITs that focus on two of the most battered sectors in the business: mortgages and office buildings. Sternlicht, a commercial real estate veteran, took Mortgage REIT Starwood Properties Trust (STWD), public in August, while 72 year old Zuckerman has been [...]

More on this topic (What's this?)
A Different Story (Financial Armageddon, 1/12/10)
Where’s That Cracking Sound Coming From? (Investment U, 11/18/09)
Commercial Real Estate – why now’s the time to buy! (Contrarian Profits, 1/4/10)
Read more on Commercial Real Estate, Real Estate Investment Trust (REIT) at Wikinvest
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JP Morgan Likes Brandywine (BDN) and Entertainment Properties Trust (EPT)

July 8, 2009

JP Morgan analyst Anthony Paolone is understandably not bullish on commercial real estate fundamentals, but since the public market is typically ahead of the private market in terms of valuations, he does like certain REITs.
Brandwine in particular has both refinanced existing debt, and repurchased its own debt on the open market (for a quick explanation [...]

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Maguire (MPG) Sells Orange County Property at 40% Discount to Cost

June 15, 2009

Maguire Properties (MPG), the Office REIT that bought 24 office properties and 11 development sites from Blackstone for $2.88 billion at the height of the market, just got a market read on its Orange County holdings. According to the Wall Street Journal, Emmes Holdings in New York recently agreed to buy MPG’s stake in a [...]

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Commercial Real Estate Loan Originations Show Continued Deterioration in CRE

May 15, 2009

The Mortgage Bankers Association has released their quarterly survey of commercial/multi-family loan originations, and it shows continued dramatic deterioration in all CRE lending sectors, including an 80% plunge in bank lending.
Earlier this week, I wrote that commercial real estate transaction volume had declined to practically zero, so it’s no surprise that loan originations would show [...]

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Commercial Real Estate Investors Brace For Pivotal 4th Quarter

May 11, 2009

REIT earnings season got into full swing last week, but there’s a lot more on investor’s minds these days that last quarter’s earnings. Transaction volume has continued to plunge, and CMBS loans placed in special servicing have continued to rise like a poodle in a jetpack.
This can mean only one thing, and in [...]

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Northstar Going Non-Traded REIT Route

March 13, 2009

Just two weeks ago, I speculated about REIT capital shortages and the ability of non-traded REIT equity to fill the gap in the post Averting Massive Sector Wide REIT Defaults: Non-Traded Equity May Be Part of the Answer.
Pacific Office Properties Trust (PCE) had just disclosed their intention to raise $350 million through [...]

More on this topic (What's this?)
Is now the time to start looking at US ETF REITs? (The DIV-Net, 3/6/10)
Keepin' It Random (Random Roger's Big Picture, 3/20/09)
Investing Based on the Yield Curve – REITs Like it Steep (World Beta - Engineering Targete..., 3/4/10)
Read more on Real Estate Investment Trust (REIT), Northstar Realty Finance at Wikinvest
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REIT Outlook: 5% More Downside in 2009

February 7, 2009

By now the REIT story is a familiar one. They face a weakening economy, decreasing rents, lower occupancy, great difficulty refinancing old debt and even more difficulty raising new capital of almost any sort. The JP Morgan analyst in this video interview sees at least 5% more downside from here.
However, he does like [...]

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Boston’s Hancock Tower Goes Into Default

January 12, 2009

Broadway Partners, the heavily indebted private equity firm that purchased Boston’s landmark Hancock Tower at the top of the market in 2006 defaulted on a key loan payment last week. The iconic office building is a trophy property in the heart of Boston’s Back Bay district. The real estate fund manager purchased the property for [...]

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SL Green Cuts Dividend, Says Almost Time To Go Shopping

December 30, 2008

Add SL Green to the list of REITs cutting dividends. SLG, the largest owner and manager of commercial properties in New York City, cut its quarterly common stock dividend by 50%, to save capital for debt payments and investments. SL Green cut the payout to 37.5 cents per share, down from 78.75 cents. [...]

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