Kelley, McKeefrey, Dockery (212) 829-5482
The RMZ outperformed again yesterday to close down 1.06% v. a 1.47% decline in the S&P. SPG has completed its transaction with Prime Outlets Acquisition Company, adding 21 outlet center properties to SPG's portfolio. The deal is valued at approximately $2.3B, including $1.55B of Prime's existing debt and preferred (SPG closed down 0.829% yesterday). India's economy expanded at the fastest pace in 2 1/2 years, with GDP rising 8.8% in the three months ending in June vs. the same period one year ago. HOT last week announced a renewed focus on Indian properties in a country that is relatively under-hoteled. An article today on Bloomberg highlights Ireland's hotel issues---200 hotels opened during Ireland's decade long boom and hotel occupancy has slumped 54% since 2009. Sixty percent of Allied Irish Bank's hotel loans are classed as "criticized" and Lloyds Banking Group has pulled out of the hotel lending market in Ireland all together. CNBC's Diana Olick speculates about another home buyer tax credit today---HUD Secretary Shaun Donovan did not rule out another credit on CNN saying "we are going to go everywhere we can to make sure this market stabilizes and recovers. In other real estate news Tiger Woods has moved into a new apartment in downtown Manhattan according to UsMagazine.com. On the desk our volumes were extremely light with some maintenance selling.
Leaders:
ECRO +4.37%, GBE +7.14%, SVLF +3.12%, IOT +1.96%, ROICW +1.43%
Laggards:
NYNY -10% RAS -8.28% NEWS -7.62% MHGC -6.29%
o Is Another Tax Credit For Home Buyers On the Way? – CNBC link
o Housing the big headwind on labor market recovery - FT
o homebuyer’s tax credit : Buyer's tax break isn't 'high' on list – politico
o President Obama will be exploring a number of new options to jump-start the flagging economy – but reinstating the first-time homebuyer’s tax credit to prop up housing sales isn’t likely to be one of them, White House press secretary Robert Gibbs says
o http://www.politico.com/politico44/perm/0810/home_stretch_4c8d6544-7122-480c-8d88-5728e8a60254.html
o The 15-Year Mortgage Gains Fans – WSJ link
o Simon Closes Purchase of Prime Outlets – WSJ link
o StuyTown: $3.6B feud deepens from NY Post
o As part of their campaign to cut hedge fund honcho Bill Ackman out of the picture, the holders of StuyTown's whopping $3.6 billion first mortgage appear to be paving the way for a tenant-led buyout. The mortgage holders, led by special mortgage servicer CW Capital, are arranging for...
o UK mortgage approval rise but total lending weakest since March from Telegraph Finance
o British mortgage approvals and consumer credit lending rose unexpectedly in July, but total net lending was its weakest since March, Bank of England figures showed.
o DRL Doral Financial holder Marathon Asset Management discloses 6.2% stake in 13D filing
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Financial: REIT
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04:05 |
IIA.AV Immofinanz reports full year and Q4 results (€2.75 -€0.01)
The company reports
- Full year (ended 30-Apr)
- revenues €719.2M vs year-ago €736.2M
- EBITDA €394.9M vs year-ago €310.5M
- EBIT €181.1M vs year-ago (€2.07B)
- net €195.6M vs year-ago (€3.05B)
- NAV per share €4.78 vs year-ago €5.25
- Q4
- EBITDA €89.7M vs preliminary €88.5M released on 17-Aug
- EBIT (€65.6M) vs preliminary (€58.9M)
- net (€25.5M) vs preliminary (€24.8M)
- cites lower sales of properties as primarily cause
- Group expects to represent clearly positive results for Q1 of FY11
- restructuring of the Immofinanz Group has been largely concluded, and plans for FY consequently call for a focus on the optimisation of the property portfolio, the completion and selective reactivation of development projects, and the sale of assets that are not part of the core business
- SA London
Related StreetAccount comments: 8/17/2010 |
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Financial: REIT
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03:25 |
HSTN.LN Hansteen Holdings reports H1 EPS £0.02 vs year-ago (£0.00) (pre-European open) (65.25p)
Company reports revenues of £23.1M vs year-ago £19.8M.
- EPRA EPS £0.02 vs year-ago £0.09
- Annualised rent roll of £58.2M vs year-ago £36.7M
- At 30-Jun
- Portfolio yield of 8.06%
- IFRS Net Asset Value per share £0.78 vs year-ago £0.84
- diluted EPRA Net Asset Value per share £0.80 vs year-ago £0.84
- proposes an interim dividend €0.014/share
- Board says that occupancy throughout the portfolio has broadly stabilised
- Germany: signs of increasing occupier confidence are being reflected in the improvement in the occupancy of the HBI portfolio since it was purchased
- believes that there will be more chances in the UK to buy properties from banks and administrators at prices which represent good value and which will benefit from Hansteen's management expertise
- says prospects for the business in the light of its current portfolio are exciting
- SA London |
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Financial: REIT
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03:08 |
KLED.SS Kungsleden-AP3 JV buys retirement home in Uppsala, Sweden, for SEK135M (SEK 49.00)
The JV, Hemsö, will take possession when building is complete. The home will have 80 places with leasable area of approximately 5,500 sq.m. Completion is scheduled for spring 2012. A 15-year rental agreement has been signed with Attendo Care. |
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Financial: REIT
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01:49 |
CORA.NA Corio NV downgraded to neutral from buy at UBS
- SA London |
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Financial: REIT
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17:02 |
SPG Simon Properties completes transaction with Prime Outlets Acquisition Company ($89.77)
- The deal, adds 21 outlet center properties to Simon's portfolio, was announced back on 9-Dec-09.
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