Kelley, McKeefrey, Dockery (212) 829-5482
EQR's Sam Zell remains bullish on NYC real estate. Bank of America and U.S. Bancorp are suing to block Pershing Square and Winthrop Realty Trusts efforts to foreclose on Stuyvesant Town and Peter Cooper Village in Manhattan. CHH plans to offer $250M of senior unsecured notes due 2020 and intends to use the proceeds to pay down existing debt. CDR priced $70mln of preferred shares (2,850,000 shares of its 8.875% series A cumulative redeemable preferred, pursuant to a shelf registration, at $24.50 per share). The RMZ dropped 0.03% and is lingering right at support of 696-697. Homebuilders saw strength with the XHB rising 2.2% after a choppy week of trade---Citigroup had a note out predicting consolidation in the space. We were better to buy on the desk.
ACC, AIV, BDN, BYD, CPT, MPEL, ASCA, MGM, WYNN, LVS
EQR's Sam Zell remains bullish on NYC real estate. Bank of America and U.S. Bancorp are suing to block Pershing Square and Winthrop Realty Trusts efforts to foreclose on Stuyvesant Town and Peter Cooper Village in Manhattan. CHH plans to offer $250M of senior unsecured notes due 2020 and intends to use the proceeds to pay down existing debt. CDR priced $70mln of preferred shares (2,850,000 shares of its 8.875% series A cumulative redeemable preferred, pursuant to a shelf registration, at $24.50 per share). The RMZ dropped 0.03% and is lingering right at support of 696-697. Homebuilders saw strength with the XHB rising 2.2% after a choppy week of trade---Citigroup had a note out predicting consolidation in the space. We were better to buy on the desk.
Disclaimer: Prepared by staff of Cantor Fitzgerald & Co. ("Cantor") and is for information purposes only. It is not intended to form the basis of any investment decision, should not be considered a recommendation by Cantor or any other person and does not constitute an offer or solicitation with respect to the purchase or sale of any investment nor is it a confirmation of terms. Any calculations and valuations presented herein are intended as a basis for discussion. Sources of information are believed to be reliable but Cantor makes no representation and gives no warranty that the information contained herein is accurate or complete. Any opinions or estimates given may change. Cantor undertakes no obligation to provide recipients with any additional information or any update to or correction of the information contained herein. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. Cantor, its officers, employees, affiliates and partners shall not be liable to any person in any way whatsoever for any losses, costs or claims howsoever arising from any inaccuracies or omissions in the information contained herein or any reliance on that information. Cantor may have positions in financial instruments mentioned, may have acquired such positions at prices no longer available, and may have interests different or adverse to your interests. No liability is accepted by Cantor for any loss that may arise from any use of the information contained herein or derived here from. This product may not be reproduced or redistributed outside the recipient's organization. Sources: Cantor Fitzgerald & Co., Reuters, Bloomberg, CNBC, Dow Jones, Marketwatch, Trade-Alert, and the Wall Street Journal. ***All eco data from Bloomberg and DJ
Kelley, McKeefrey, Dockery (212) 829-5482
EQR's Sam Zell remains bullish on NYC real estate. Bank of America and U.S. Bancorp are suing to block Pershing Square and Winthrop Realty Trusts efforts to foreclose on Stuyvesant Town and Peter Cooper Village in Manhattan. CHH plans to offer $250M of senior unsecured notes due 2020 and intends to use the proceeds to pay down existing debt. CDR priced $70mln of preferred shares (2,850,000 shares of its 8.875% series A cumulative redeemable preferred, pursuant to a shelf registration, at $24.50 per share). The RMZ dropped 0.03% and is lingering right at support of 696-697. Homebuilders saw strength with the XHB rising 2.2% after a choppy week of trade---Citigroup had a note out predicting consolidation in the space. We were better to buy on the desk.
ACC, AIV, BDN, BYD, CPT, MPEL, ASCA, MGM, WYNN, LVS
EQR's Sam Zell remains bullish on NYC real estate. Bank of America and U.S. Bancorp are suing to block Pershing Square and Winthrop Realty Trusts efforts to foreclose on Stuyvesant Town and Peter Cooper Village in Manhattan. CHH plans to offer $250M of senior unsecured notes due 2020 and intends to use the proceeds to pay down existing debt. CDR priced $70mln of preferred shares (2,850,000 shares of its 8.875% series A cumulative redeemable preferred, pursuant to a shelf registration, at $24.50 per share). The RMZ dropped 0.03% and is lingering right at support of 696-697. Homebuilders saw strength with the XHB rising 2.2% after a choppy week of trade---Citigroup had a note out predicting consolidation in the space. We were better to buy on the desk.
Disclaimer: Prepared by staff of Cantor Fitzgerald & Co. ("Cantor") and is for information purposes only. It is not intended to form the basis of any investment decision, should not be considered a recommendation by Cantor or any other person and does not constitute an offer or solicitation with respect to the purchase or sale of any investment nor is it a confirmation of terms. Any calculations and valuations presented herein are intended as a basis for discussion. Sources of information are believed to be reliable but Cantor makes no representation and gives no warranty that the information contained herein is accurate or complete. Any opinions or estimates given may change. Cantor undertakes no obligation to provide recipients with any additional information or any update to or correction of the information contained herein. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. Cantor, its officers, employees, affiliates and partners shall not be liable to any person in any way whatsoever for any losses, costs or claims howsoever arising from any inaccuracies or omissions in the information contained herein or any reliance on that information. Cantor may have positions in financial instruments mentioned, may have acquired such positions at prices no longer available, and may have interests different or adverse to your interests. No liability is accepted by Cantor for any loss that may arise from any use of the information contained herein or derived here from. This product may not be reproduced or redistributed outside the recipient's organization. Sources: Cantor Fitzgerald & Co., Reuters, Bloomberg, CNBC, Dow Jones, Marketwatch, Trade-Alert, and the Wall Street Journal. ***All eco data from Bloomberg and DJ
