Dividend Yield
Dog Days of Distress
Long lines of cash-rich investors, including REITs, are forming around what some believe could be the biggest distressed debt sales market since the days of the U.S. savings-and-loan crisis, but Ernst & Young L.L.P.’s latest survey of those investors suggests this market won’t follow quite the same pattern it did in the 1990s.
Apartment REITs See Record Jump in Returns
While it’s probably early to label it a full-fledged resurgence, apartment REITs bounced back in a big way last quarter. The National Association of Real Estate Investment Trusts reported that the FTSE NAREIT All REITIndex was up 31.52 percent in the third quarter–the index’s best-ever quarterly gain–bringing year-to-date total returns to 17.73 percent through Sept. 30.
To Shore Up Balance Sheets, REITs Like Brandywine Look to Divest Non-Core Assets
With loans still hard to come by, Brandywine Realty Trust is shoring up its balance sheet, reducing leverage and preparing for investment opportunities with the disposition of non-core assets, including two properties in Trenton, N.J. The REIT just completed the sale of the office buildings at 33 W. State St. and 50 E. State St., totaling 474,000 square feet, to a private investment group.
With Lenders Bullish on Medical Office Market, Healthcare Realty Trust Snags $550M
The medical office market has fared better than most real estate sectors in the midst of the economic crisis, and it appears lenders are taking note. Nashville-based Healthcare Realty Trust Inc. has just entered into a $550 million unsecured revolving credit facility with a group of 16 lenders.
Behringer Harvard REIT Makes Another Big M-F Splash in California
Behringer Harvard Multifamily REIT I recently made what was then 2009’s largest California multi-family acquisition with an $80 million purchase of Waterford Place Apartment Homes near the Bay Area. This week, the REIT topped that with the $96 million purchase of another property—this time in Los Angeles.
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