Forward AFFO Payout Ratios
Cedar Shopping Centers and RioCan Close $53M JV Purchase of Philly-Area Shopping Center
Located on a 37-acre site 40 miles outside of Philadelphia in the Greater Reading area, Exeter Commons sprouted up last year at the hands of the Goldenberg Group and Ironwood Property Group.
FIRPTA Reform Clears House
The United States House of Representatatives has voted by a landslide to pass legislation modifying and updating the Foreign Investment in Real Property Tax of 1980. The bill cleared the House by a vote of 402 to 11.
Douglas Departs Brookfield for General Growth
Douglas succeeds interim CFO Ed Hoyt. General Growth is working to exit bankruptcy after having declared Chapter 11 last year.
Grubb & Ellis Healthcare REIT Nails Down $25M BofA Credit Facility
The credit facility, which matures on July 19, 2012, may be extended at the option of Grubb & Ellis for an additional year upon certain conditions. It bears interest at a rate equal to LIBOR plus 3.75 percent or 5 percent, whichever is greater.
RioCan Moves Forward with $123.3M Purchase of Stake in Eight Inland Western Retail Properties
RioCan and Inland Western announced the formation of their institutional joint venture in May. The eight new format and grocery-anchored assets of which RioCan will now acquire 80 percent account for approximately 1.1 million square feet of retail space in the Houston, Dallas-Fort Worth and Austin markets.
GGP, JLL Strike Strategic Partnership
The joint venture adds more than 11 million square feet to JLL’s retail portfolio of 84 million square feet in the Americas and 265 million square feet worldwide. Additionally, more than 200 GGP employees will now become JLL employees.
General Growth Requests Extension on on Bankruptcy Plan Filing
Currently the exclusivity period to file the plan and its accompanying disclosure statement is scheduled to expire on July 15.
Santa Monica-Based Douglas Emmett Closes Fund with Half-Billion Dollars to Invest
Leverage notwithstanding, Douglas Emmett Inc. has closed the subscription period to its Fund X with equity commitments totaling approximately $549.3 million. The Santa Monica, Calif.-based REIT has invested $191 million of its own into the institutional fund.
Dividend Closes on $1.3B CRE Portfolio
The properties are located in 16 U.S. markets and comprise approximately 11.3 million net rentable square feet.
Ventas to Buy Lillibridge, Expanding MOB Portfolio to 8.4M SF
Buying an entire company is a good way to expand a portfolio in one fell swoop and Ventas Inc. is about to do just that. The Chicago-headquartered healthcare REIT has signed a definitive agreement to acquire Lillibridge Healthcare Services Inc., also based in Chicago, in a transaction valued at $300 million to $400 million.