Ilaina's Feed
Oct 25, 2013

Simon Property third-quarter profit beats Wall Street estimate

NEW YORK (Reuters) – Simon Property Group Inc (SPG.N: Quote, Profile, Research, Stock Buzz) reported a better-than-expected third-quarter profit on Friday, raised its forecast for the year and said it was boosting its dividend.

Simon posted higher rents, occupancy at its malls and outlet centers and increased sales at its tenants’ stores in the quarter.

Oct 25, 2013

Simon Property Q3 profit beats Wall St estimate

NEW YORK, Oct 25 (Reuters) – Simon Property Group Inc
reported a better-than-expected third-quarter profit on
Friday, raised its forecast for the year and said it was
boosting its dividend.

Simon posted higher rents, occupancy at its malls and outlet
centers and increased sales at its tenants’ stores in the
quarter.

Oct 23, 2013

American Realty clinches Cole Real Estate deal for $7 billion

By Ilaina Jonas and Mridhula Raghavan

(Reuters) – American Realty Capital Properties Inc (ARCP.O: Quote, Profile, Research, Stock Buzz) has reached a deal to buy Cole Real Estate Investments Inc (COLE.N: Quote, Profile, Research, Stock Buzz) for about $7.2 billion in cash and stock to create the largest U.S. net-leased real estate investment trust (REIT), the companies said on Wednesday.

American Realty said the acquisition of Phoenix-based Cole would increase the size of its portfolio to 3,732 properties which are mostly retail stores. It will also create the 14th largest publicly traded U.S. REIT and positions American Realty as a contender to join the S&P 500 .SPX, attracting more institutional investors.

Oct 17, 2013

Blackstone’s Brixmor IPO expected to be $19-$21/share

NEW YORK (Reuters) – Brixmor Property Group Inc, a shopping center company owned by Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz), said on Thursday it expected its initial public offering to be priced between $19 and $21 per share.

The move paves the way for Blackstone to bring other real estate companies to the public market.

Oct 17, 2013

Blackstone sees asset sales delivering more cash

By Greg Roumeliotis and Ilaina Jonas

(Reuters) – Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz), the largest publicly listed alternative asset manager, said on Thursday it had nearly $20 billion of its assets in companies that have filed to go public as it seeks to capitalize further on strong capital markets.

Blackstone, which took SeaWorld Entertainment Inc (SEAS.N: Quote, Profile, Research, Stock Buzz) public this year and is preparing to take Hilton Worldwide Holdings Inc public next year, said realizing investments helped it generate 59 percent more cash to pay dividends in the third quarter than a year earlier.

Oct 15, 2013

Ivanhoé Cambridge buys 51 percent of News Corp headquarters

NEW YORK (Reuters) – Ivanhoé Cambridge, the real estate investment arm of Canadian pension fund Caisse de Dépôt et Placement du Québec, on Tuesday said it acquired a 51 percent stake in the Manhattan skyscraper that serves as News Corp’s (NWSA.O: Quote, Profile, Research, Stock Buzz) headquarters for more than $850 million.

Under the deal, the seller, Beacon Capital Partners LLC, will retain the remaining stake in the 2 million square-foot (187,100 square-meter) building at 1211 Avenue of the Americas, the company said.

Oct 3, 2013

U.S. still has too many strip malls: report

NEW YORK (Reuters) – The average vacancy rate for a U.S. strip mall was unchanged in the third quarter, as the sector still wrestled with the oversupply that closely followed last decade’s housing boom, according to a report real estate research firm Reis Inc released on Wednesday.

While large malls did not have the same problem with oversupply, some are better off than others. Some of the best ones owned by real estate investment trusts such as Simon Property Group Inc enjoy vacancies rates of about 5 percent. Others limp along with 40 percent of the space vacant. Even the stronger ones and their retail tenants are still confronting competition from online shopping and are figuring out ways to co-exist.

Oct 2, 2013

Empire State Realty Trust shares rise in market debut

NEW YORK (Reuters) – Shares of Empire State Realty Trust Inc (ESRT.N: Quote, Profile, Research, Stock Buzz), the company that owns the Empire State Building, rose in their first day of trading on Wednesday.

Shares of the real estate investment trust (REIT) priced Tuesday evening at $13 a share, at the low end of the expected range, and opened only a hair higher at $13.05 on Wednesday. But

Oct 2, 2013

Sluggish job creation mutes U.S. office recovery: report

NEW YORK (Reuters) – The U.S. office market mildly improved in the third quarter, as weak job creation continued to plague demand for office space, according to a preliminary report by real estate research firm Reis Inc.

The national vacancy rate for U.S. office buildings stood at 16.9 percent at the third quarter, down 0.1 percentage points from the prior quarter and only 0.30 from a year earlier, according to the report released late Tuesday.

Oct 2, 2013

Empire State IPO prices at $13 per share, low end of range

NEW YORK (Reuters) – The company that owns New York City’s Empire State Building sold shares in an initial public offering on Tuesday, capping two years of rancor among the marquee building’s private owners.

The Empire State Realty Trust Inc ESRT.N said it sold 71.5 million shares at $13 apiece, the low end of its expected range of $13 to $15 a share. At that price it raised $929.5 million.