SL Green at the Races
SL Green Realty Corp's (NYSE: SLG) plan to revitalize the Aqueduct Racetrack in Queens is off and running after garnering support from several major New York labor unions.
[September/October 2008]
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AvalonBay Is in the Spirit of Things
AvalonBay Communities (NYSE: AVB) was honored with the 30th Spirit of the City Award by the Cathedral Church of St. John the Divine in New York City in May.
[September/October 2008]
REIT Policy Improvements Signed into Law
Policy steps long awaited by the real estate investment community focused on REITs became law on July 30.
[September/October 2008]
Big REIT on Campus
American Campus Communities, Inc. (NYSE: ACC) acquired GMH Communities Trust and the company's student housing portfolio with properties throughout the U.S. The deal increased the total enterprise value of ACC from $1.2 billion to $2.2 billion.
[September/October 2008]
Here Comes the Sun
Industrial REIT ProLogis (NYSE: PLD) announced an agreement this spring with California’s largest electric utility to lease space for a new solar power program.
[July/August 2008]
Australian REITs Playing the Name Game
The Property Council of Australia and the Australian Securities Exchange announced a change in the name of Australian REITs earlier this year. “A-REIT” has replaced “listed property trust” as the proper term for an Australian REIT.
[July/August 2008]
Finland to Consider REITs in 2008
The Finnish Finance Ministry is prepared to present a proposal allowing the creation of residential REITs.
[July/August 2008]
British Love Pubs Enough to Grant Tax Break
One of the largest publicly traded British pub companies announced that it had been granted preliminary government approval to become a REIT.
[July/August 2008]
ProLogis Makes Middle East Move
Industrial REIT ProLogis (NYSE: PLD) announced the formation of a Middle East branch in April.
[July/August 2008]
Corporate Office Corporate Trust Congratulated for Customer Care
For the fourth year in a row, Corporate Office Property Trust (NYSE: OFC) received a “Best In The Industry” ranking for its customer service from a major consumer satisfaction researcher.
[July/August 2008]
Sterrett Named Top CFO
Stephen Sterrett of Simon Property Group (NYSE: SPG) was named the top chief financial officer in the REIT industry by Institutional Investor magazine in March.
[July/August 2008]
AIMCO Named Top Affordable Housing Provider
A leading affordable housing advocacy organization recognized Apartment Investment and Management Company (NYSE: AIV) in March for the quality of its multifamily communities.
[July/August 2008]
Pennsylvania Teachers Commit to AvalonBay
The Pennsylvania Public School Employees’ Retirement System (PSERS) in July approved a commitment of up to $100 million to the AvalonBay Value Added Fund II, L.P.
[July/August 2008]
UBS, Citi Among Top Underwriters in 2007
UBS Investment Bank and Citi were the top commercial real estate securities underwriters of 2007, according to SNL Financial.
[July/August 2008]
Simon Honored for Energy Efficiency Efforts
The U.S. Environmental Protection Agency (EPA) has honored mall REIT Simon Property Group Inc. (NYSE: SPG) for the company's initiatives to reduce energy use and greenhouse gas emissions.
[May/June 2008]
Non-Traded REITs Help 2007 DPP Investment Set Record
Investment in so-called "direct participation programs" (DPPs), such as non-traded REITs, limited partnerships and limited liability companies, hit a record $12.2 billion for 2007, according to an analysis performed by Robert A. Stanger & Co.
[May/June 2008]
Ratings Agencies Revamp Methods
Standard & Poor's, Moody's Investors Service and Fitch Ratings all announced reforms to their rating methods in early 2008, responding to recent market disruptions attributed to mortgage-backed debt securities.
[May/June 2008]
Derivative Alliance Announced
Industry leaders and experts announced that they were teaming up to promote market awareness of commercial real estate derivative products.
[May/June 2008]
Green Street Going Global
Respected commercial real estate consulting firm Green Street Advisors has opened an international division.
[May/June 2008]
J-REITs Open to Overseas Assets?
Industrial REIT ProLogis has partnered with the Singapore government in a $735 million deal to purchase 17 properties across Japan.
[March/April 2008]
Italian REIT Regulations Take Effect
After a yearlong wait, the Italian government in December implemented much-anticipated REIT regulations.
[March/April 2008]
Get Ready for GE, Taiwan
GE Real Estate made its first major foray into Taiwan last year, acquiring a manufacturing facility in Taipei for $20 million.
[March/April 2008]
Man(ager) of the Year: ING Clarion
ING Clarion Real Estate Securities was named Global Real Estate Manager of the Year by an industry publication in December.
[March/April 2008]
National Health Investors Going Solo
National Health Investors Inc. (NYSE: NHI) revealed its plans in December to become a self-managed REIT.
[March/April 2008]
Latest Acquisitions
Two more REITs penned deals as 2007 came to a close.
[March/April 2008]
Grubb Gobbles Up NNN
A flurry of December deals put NNN Apartment REIT under the control of commercial real estate and investment firm Grubb & Ellis Co.
[March/April 2008]
ProLogis, Singapore Make Japanese Warehouse Bedfellows
Industrial REIT ProLogis has partnered with the Singapore government in a $735 million deal to purchase 17 properties across Japan.
[January/February 2008]
It’s All Greek to REITs
Real estate professionals from across the globe descended on Greece this past fall to discuss real estate investment opportunities worldwide.
[January/February 2008]
Thomas Goes Green
Thomas Properties Group Inc. is creating an environment-friendly fund.
[January/February 2008]
Standard & Poor's Spreads Its Wings
Now there is a new way to track commercial real estate prices.
[November/December 2007]
To Your Health
The classification and focus of health care REITs has shifted now that the Dow Jones Wilshire Global Real Estate IndexSM and Dow Jones Wilshire Global Real Estate Securities IndexSM are tracking them.
[November/December 2007]
REITs Rebound
In autumn, REITs continued to bounce back from their underperformance in the earlier part of the year.
[November/December 2007]
Insurance Extension Imminent?
September proved to be an eventful month on Capitol Hill for real estate, as legislators took important steps toward enhancing insurance provisions for terrorism risk.
[November/December 2007]
A Look around the World
In October, Ernst & Young released its "2007 Global REIT Report," building on its inaugural 2006 report.
[November/December 2007]
Far East Experts
Industry experts have named ProLogis (NYSE: PLD) "Best Developer in China."
[November/December 2007]
Aussie REITs Secure Helpful Tax Changes
The Australian Parliament in September approved tax law changes that bring the country's REIT regime closer to that of the United States.
[November/December 2007]
Lodging REITs Check Out
Following the Blackstone Group's $39 billion blockbuster takeout of Equity Office Properties at the beginning of 2007, many additional REITs went private—a trend especially evident among lodging companies.
[September/October 2007]
Liberty for Republic of D.C.
In a move designed to boost its presence in Washington, Liberty Property Trust (NYSE: LRY) announced an agreement in July to purchase Republic Property Trust (NYSE: RPB) for a total of roughly $900 million.
[September/October 2007]
CalSTRS Ups REIT Allocation
In June, the California State Teachers' Retirement System (CalSTRS) reviewed its real estate investment policy and portfolio, and determined that up to 30 percent of its real estate portfolio should be allocated to real estate securities.
[September/October 2007]
Benvenuto REITs
Italy is next European country to take a step in the REIT direction. Italy approved the general principles for a public real estate investment conduit called Societa di Investimento Immobiliare Quotate (SIIQ) on June 30, 2007.
[September/October 2007]
Moving Into Uncharted Territory
In the wake of its January 2007 accession to the European Union, Romania, with its strong potential and steady GDP growth, has become an attractive target for outside investment.
[September/October 2007]
A Job Well Done
Federal Realty Investment Trust (NYSE: FRT) received the 2007 Workplace Excellence award from the Alliance for Workplace Excellence.
[September/October 2007]
German REITs in Bloom
Flowers in bloom, birds chirping and second-quarter results are perennial reminders of summer. In 2007, summer also started with the enactment in June of German REIT legislation, was passed by Germany’s parliament in the spring. The legislation was retroactive to Jan. 1, 2007.
[July/August 2007]
A Thriller in Manila
The Philippines is yet another country weighing the benefits of the REIT investment proposition.
[July/August 2007]
Pan-European Commercial Property Company
On April 10, two leading commercial property companies in Europe announced their intention to combine to create a pan-European company.
[July/August 2007]
Big Yellow Group Confirms REIT Status
It was back in January that the London-based self-storage company Big Yellow Group PLC announced its intention to convert to a REIT.
[July/August 2007]
Shidler Group Launches Fourth REIT
Jay Shidler is no stranger to the publicly traded REIT industry and has been the mastermind behind successful REIT ventures in the past.
[July/August 2007]
CIT Group Creates Health Care REIT
In the nearly 100 years that the commercial and consumer finance firm CIT Group, Inc. (NYSE: CIT) has been in business it has launched ventures in media, banking and aerospace.
[July/August 2007]
Bucksbaum Named One of America's Best-Performing Bosses
CEO John Bucksbaum of General Growth Properties (NYSE: GGP) was recognized in Forbes magazine’s May 21 edition as one of America’s Best-Performing Bosses.
[July/August 2007]
The Apollo Program
Apollo Investment Corporation had an active spring. The $30 billion real estate firm led two cash buyout deals of hotel industry REITs.
[July/August 2007]
Memorial Day Buyout
In a move to strengthen its presence in key real estate markets, Tishman Speyer Properties, in partnership with Lehman Brothers investment bank, put a bid on Archstone-Smith Trust (NYSE: ASN) on May 29 for approximately $22.2 billion.
[July/August 2007]
Nussbaum Bids Farewell
Banc of America Securities’ principal and senior real estate analyst Ross Nussbaum left the company after three years to join the investment banking team at Merrill Lynch & Company.
[July/August 2007]
NAREIT Annual Report Contest Winners
NAREIT announced the winners of its Annual Report Contest during NAREIT’s REITWeek™ 2007 Investor Forum in June.
[July/August 2007]
Double or Nothing
In the modern REIT era, there have been a wide variety of property types that have come into vogue over the years from amusement parks to vineyards, from marinas to movie theaters.
[May/June 2007]
Callahan Collects Capital
When Trizec Properties was sold to Brookfield Properties Corporation (NYSE: BPO) in 2006, Trizec president and CEO Tim Callahan realized that he wasn't ready to retire.
[May/June 2007]
Crescent's Pure Strategy
On May 1, four months after announcing it would explore strategic alternatives, Crescent Real Estate Equities Company (NYSE: CEI) declared its mission to simplify its business model and reposition its portfolio to contain strictly office properties.
[May/June 2007]
The RIDEA Way
Representatives Joseph Crowley (D-NY) and Eric Cantor (R-VA) introduced the REIT Investment Diversification and Empowerment Act (RIDEA) in the House of Representatives on Feb. 16.
[May/June 2007]
Index Evolution
Equity Office Properties Trust made history in October 2001 as the first REIT to join the S&P 500 Index.
[May/June 2007]
Sharing Is Caring
For 30 years, Barclays Global Investors has been a formidable investment force. The asset management company created the first index strategy in 1971.
[May/June 2007]
Alpine Creates Global Premier Properties Fund
On Feb. 16, Alpine Woods filed with the Securities and Exchange Commission to launch Alpine Global Premier Properties Fund, a closed-end fund intended to invest up to 80 percent of its assets in real estate equity.
[May/June 2007]
Transactions in Season
Swirls of transactions marked 2007's first quarter as several companies announced merger agreements or amended their previously announced deals.
[May/June 2007]
...And Ventas Takes All
It all started on Jan. 15 when Ventas Inc. (NYSE: VTR) announced its intention to acquire (Sunrise Senior Living Real Estate Investment Trust) for $15 Cdn per share ($12 U.S.), which was temporarily thwarted by a Valentine's Day offer from Health Care Property Investors, Inc. (NYSE: HCP) to acquire Sunrise for $18 Cdn per share ($15 U.S.).
[May/June 2007]
Highwoods Properties Builds on Sales
As a public REIT in an evolving office sector, Highwoods Properties, Inc. (NYSE: HIW) has continued its strategy of shedding underutilized resources to access capital.
[May/June 2007]
On the REIT Superlatives List
ProLogis (NYSE: PLD) has made its rounds on the industry awards circuit this year, scooping up honors as Commercial Property News' Developer of the Year and the Industrial Developer of the Year at the European Property Awards.
[May/June 2007]
Rep. Davis Awarded Small Investor Empowerment Award
Rep. Tom Davis (R-VA), the ranking Republican member for the Committee on Oversight and Government Reform, received NAREIT's 2007 Small Investor Empowerment Award at NAREIT's Washington Leadership Forum.
[May/June 2007]
All in a Day's Work
Institutional Investor determined that chief financial officers have the toughest job in corporate America, what with managing the necessary minutiae of Sarbanes Oxley while still keeping a pulse on the big picture.
[May/June 2007]
Bidding Rivalry
Forget the Super Bowl—the most thrilling contest last winter took place in a boardroom.
[March/April 2007]
Health Care Check Up
Mergers and acquisitions continue to be a dominant story in the REIT industry.
[March/April 2007]
Canadian Firm Harvests Timber Company
In February, Brookfield Asset Management (NYSE: BAM) announced it had reached a definitive agreement to acquire Longview Fibre Company (NYSE: LFB) for $24.75 per share.
[March/April 2007]
Ciao REITs
While the U.K. and Germany have been the focus of Europe’s REIT renaissance, Italy is poised to join the party.
[March/April 2007]
What a Difference a New Year Makes
The Chairman of the London Stock Exchange, Christopher Gibson-Smith, highlighted the hard work of the exchange and the U.K. property industry and government to achieve the launch of U.K. REITs on Jan. 1.
[March/April 2007]
The Name Game
Effective Jan. 1, the global real estate investment banking and advisory firm Macquarie Capital Partners changed its name to M3 Capital Partners.
[March/April 2007]
Henderson Launches the Manager of Partners Fund
Henderson Global Investors, an investment management company that handles more than $119 billion in assets under management worldwide.
[March/April 2007]
Boats, Slopes and Coasters, Oh My
CNL Income Properties, Inc. is committed to being the pre-eminent lifestyle property landlord in the country.
[March/April 2007]
Block’s Adieu
Novelist Laurence Sterne once said, “A large volume of adventures may be grasped within this little span of life, by him who interests his heart in everything.”
[March/April 2007]
DC Plans Vote for Real Estate
PIMCO DC Practice’s Defined Contribution Consulting Support and Trends survey found the majority of investment firms believe retirement portfolios should include a real estate allocation.
[March/April 2007]
A Block of “Writers”
SNL Financial released data detailing which investment banks were 2006’s top underwriters in REIT and REOC offered securities.
[March/April 2007]
Moody’s Bright RIDEA
Last September, Senator Orrin Hatch (R-PA) introduced the REIT Investment Diversification and Empowerment Act of 2006 (RIDEA) to Congress.
[March/April 2007]
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