Ilaina's Feed
Feb 13, 2013

Blackstone sees REITs owning much of its U.S. real estate

Feb 13 (Reuters) – Much of Blackstone Group LP’s vast
U.S. real estate holdings may be bought by, or turned into, real
estate investment trusts over the next couple of years, the head
of the private equity group’s global real estate division said
on Wednesday.

Jonathan Gray said U.S. capital markets, particularly the
bond market, has opened its arms to real estate investment
trusts, making it likely that much of its U.S. holdings of
offices, homes and hotels will be bought by existing REITs or
become REITs though initial public offerings.

Feb 12, 2013

Lehman to sell Manhattan building to RXR, Walton Street

NEW YORK (Reuters) – Lehman Brothers Holdings Inc has agreed to sell 237 Park Avenue, a 21-story Midtown Manhattan office building, to RXR Realty and Walton Street Capital LLC, the winning bidders said on Tuesday.

The purchase price is $820 million, two sources familiar with deal said.

The pending sale comes just months after Lehman agreed to sell its biggest property holding, apartment owner Archstone, to AvalonBay Communities Inc (AVB.N: Quote, Profile, Research, Stock Buzz) and Equity Residential (EQR.N: Quote, Profile, Research, Stock Buzz) for $6.5 billion plus the assumption of debt.

Feb 11, 2013

Norway’s oil fund makes first U.S. property buy

OSLO/NEW YORK, Feb 11 (Reuters) – Norway’s $700 billion oil
fund made its first property purchase in the United States on
Monday and plans to spend billions more this year enlarging its
portfolio, its real estate chief said.

The fund, the world’s biggest sovereign wealth fund, bought
a minority stake in a portfolio of five properties for around
$600 million from U.S. asset manager TIAA-CREF and is looking
for more, it said in a statement.

Feb 5, 2013

Equity Residential’s fourth-quarter FFO rises

NEW YORK, Feb 5 (Reuters) – Apartment owner Equity
Residential reported a key earnings measure that missed
Wall Street’s forecast and issued lower-than-expected forecast
for the year, despite reporting higher rent and low expense
growth in the fourth quarter.

Equity Residential, whose chairman and founder is real
estate mogul Sam Zell, said on Tuesday that fourth-quarter funds
from operations (FFO), excluding one-time items, rose to $243.9
million, or 75 cents a share, from $204.6 million, or 65 cents a
share, a year ago.

Feb 4, 2013

Simon Property results easily beat Wall Street views again

By Ilaina Jonas

(Reuters) – Simon Property Group Inc (SPG.N: Quote, Profile, Research, Stock Buzz) reported a 21.9 percent increase in a key earnings measure for the fourth quarter, easily beating analysts’ estimates, as rents and sales rose at its malls and outlet centers.

The company, the No. 1 U.S. mall and outlet center owner, also raised its dividend on Monday for the sixth straight quarter.

Jan 31, 2013

Time Warner kicks off possible sale of NY headquarters

NEW YORK (Reuters) – Time Warner Inc is considering selling its New York headquarters and has asked real estate brokers to evaluate the building’s value, in a move that could see it relinquish one of the last vestiges of its disastrous merger with America Online, two sources said.

One source said on Wednesday that the company could still hang on to its portion of the Time Warner Center, a complex that Chief Executive Jeff Bewkes once called an “indulgence.”

Jan 31, 2013

Exclusive: Time Warner kicks off possible sale of NY headquarters

NEW YORK (Reuters) – Time Warner Inc is considering selling its New York headquarters and has asked real estate brokers to evaluate the building’s value, in a move that could see it relinquish one of the last vestiges of its disastrous merger with America Online, two sources said.

One source said on Wednesday that the company could still hang on to its portion of the Time Warner Center, a complex that Chief Executive Jeff Bewkes once called an “indulgence.”

Jan 30, 2013

Exclusive: Time Warner asks brokers for value of New York headquarters

NEW YORK (Reuters) – Time Warner Inc is considering selling its New York headquarters and has asked real estate brokers to evaluate the building’s value, according to two sources familiar with the situation.

The company is considering a wide range of options, including selling the midtown Manhattan building and leasing it back, moving more employees into the building and closing other New York offices, or moving out from the building entirely, one source said on Wednesday.

Jan 30, 2013

Exclusive: Time Warner asks brokers for value of N.Y. HQ

NEW YORK (Reuters) – Time Warner Inc is considering selling its New York headquarters and has asked real estate brokers to evaluate the building’s value, according to two sources familiar with the situation.

The company is considering a wide range of options, including selling the midtown Manhattan building and leasing it back, moving more employees into the building and closing other New York offices, or moving out from the building entirely, one source said on Wednesday.

Jan 30, 2013

Time Warner asks brokers for value of N.Y. HQ

NEW YORK, Jan 30 (Reuters) – Time Warner Inc is
considering selling its New York headquarters and has asked real
estate brokers to evaluate the building’s value, according to
two sources familiar with the situation.

The company is considering a wide range of options,
including selling the midtown Manhattan building and leasing it
back, moving more employees into the building and closing other
New York offices, or moving out from the building entirely, one
source said on Wednesday.