Finance REITs
Simons Says Will Focus on Redevelopment
April 30, 2008

At the Simon Property Group's first quarter 2008 earnings conference call David Simon, Chairman & CEO reported that first quarter FFO was $1.46 per share, up 6.6 percent over a year ago. Decreasing LIBOR rates helped, he noted. Occupancy was essentially flat he added, and "our mall portfolio, square footage loss to bankruptcy during the most recent quarter totaled 133,000 square feet as compared to 24,000 square feet during the first quarter of 2007. Even with this our occupancy at the end of the first quarter is still higher than Q1 of 2006." Simon's development and redevelopment pipeline remains intact. the company is "primarily focused on the redevelopment and expansion" of U.S. franchise assets and new premium outlet development in the United States and in Asia. Simons is also in the process of refinancing the existing $660 million of mortgage debt at amounts equal to or greater than its existing mortgages.

 
Recent REITs Headlines
1250 Broadway Closes with $215M Financing via Carlton
May 16, 2008
The deal for 1250 Broadway in New York City, as previously reported by CPN, has found funding through Carlton Advisory Services, which closed $215 million of acquisition and mezzanine financing for its acquisition, Carlton has announced.
Pair of SoCal Hotels Trade for $80M
May 14, 2008
R.D. Olson Development has sold two hotels in Southern California to Apple REIT 8 for a combined $80 million.
Allen & O’Hara Closes $73M Student Housing Bond Issue
May 14, 2008
Allen & O’Hara Development Co., the development subsidiary of Education Realty Trust Inc., has closed on a $73.4 million bond issue for the development of a student housing project at Indiana University of Pennsylvania.
Simon to Sell $1.5B in Senior Notes
May 13, 2008
In a time when borrowing can be a daunting task, even for entities with sterling credit histories, companies are turning to other means to raise the capital they need, according to industry experts.
Redevelopment of Baltimore Suburb to Be a Model in Green
May 12, 2008
General Growth Properties' vision for Downtown Columbia, Md.'s renaissance will leave the master-planned community awash in green, the developer recently revealed to a crowd of area residents.
 

 

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