Bottom Feeders Circling Mills
Mar 29, 2006
The woes of Mills Corp. continue to pile up—including a formal probe by the Securities and Exchange Commission, which was disclosed last Friday. But as the prospects for the company as a public REIT dim, investors are see a bright future for Mills shares in a takeover play. Hedge funds and institutional investors are buying up Mills shares, betting that somebody is going to pay a premium to snap up the beleaguered developer. ...
Kimco’s Puerto Rico Play Shows New Strategy
Mar 22, 2006
Kimco Realty Corp.’s entrance into Puerto Rico this week fits into two of the company’s main growth strategies: international expansion and a growing focus on driving revenue through asset management rather than through solely buying and selling properties....
Does General Growth Have A Rouse Problem?
Mar 1, 2006
General Growth’s surprise miss on its fourth-quarter FFO stemmed, in part, from problems with the community development business it inherited as part of its $12.6 billion acquisition of the Rouse Co., completed in late 2004. During the fourth quarter, General Growth posted FFO were $0.91 per share, about 10 percent off what it had projected. Its FFO from master-planned communities was 3 cents per share less than projected. Seasonal income at the properties was also 3 cents per share less than expected. GGP CFO Bernie Friebaum said the company’s wrong projections partly stemmed from 2005 being the first full holiday season during which it was operating properties from the Rouse Co. portfolio. ...
Lightstone Thinks Small
Mar 1, 2006, Patricia Kirk
Lightstone Group is targeting small investors for a REIT that ultimately will go public...
Back In Action
Feb 1, 2006, Patricia Kirk
After several years of sitting out the acquisition market, Glimcher Realty Trust has jumped into action. In the last month, the Columbus, Ohio-based REIT...
Food Fight
Feb 1, 2006, David Bodamer
Just as the Sears/Kmart and Federated/May mergers underscored the diminishing role of department stores (and therefore danger signs for the traditional...
Further Down the Spiral
Feb 1, 2006, David Bodamer
Mills Corp.'s situation continues to rapidly deteriorate, even in the face of sweeping changes senior management put in place in response to a series...
Mega-Albertson's Deal Redraws Industry Map
Jan 25, 2006
Just as the Sears/Kmart and Federated/May mergers underscored the diminishing role of department stores (and therefore danger signs for the traditional mall), the proposed $17.4 billion buyout and break up of Albertson's Inc., has similar implications for strip centers. Moreover, the presence of Kimco Realty Corp. in the deal continues a company trend in profiting from a distressed retailer's real estate. ...
Private Equity Firms Likely Buyers for Lord & Taylor, Parisian
Jan 19, 2006
It's that time of year again, when, following the success or failure of the critical holiday season, retailers evaluate their future strategies. That often leads to big changes and this year is no exception: Saks Inc. and Federated Department Stores Inc. both have decided to lighten their loads, putting the Parisian and Lord & Taylor chains, respectively, up for sale. ...
Glimcher, Oxford Properties Ring In New Year With Joint Venture
Jan 5, 2006
The New Year started with the continuation of one of 2005's biggest trends as Columbus, Ohio-based Glimcher Realty Trust became the latest U.S. REIT to pair up with a foreign pension fund. Unlike its cohorts, however, Glimcher didn't look down under to Australia. Instead, it tapped the Great White North and has partnered with Oxford Properties Group, a real estate company owned by the Ontario (Canada) Municipal Employees Retirement System (OMERS). ...
