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cbwang888 (29.79)

REITs are getting more loans from banks. Bad for long term recovery

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7

April 07, 2009 – Comments (9) | RELATED TICKERS: VNO , SPG , LRY

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SPG :

Simon Property Group Sells $650 Million of Senior Notes

Simon Property prices stock offering at $31.50

Simon Property Group Completes Two Secured Financings

 

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AMB : AMB Property to sell 33 million shares

 

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LRY : Liberty Property Trust Raises $317 Million Through Secured Financing

Liberty Property Trust (NYSE: LRY - News) has announced the closing of six mortgage loans totaling $317 million secured through several major life insurance companies.

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KIM : Kimco Realty Corporation Announces Pricing of Common Stock Offering

The company intends to use the net proceeds from this offering, which are expected to be approximately $623.6 million (without giving effect to any exercise of the underwriters’ over-allotment option), for debt repayment and for general corporate purposes

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VTS : Ventas Announces Pricing of Common Stock and Senior Notes Offerings

The Company also announced today that it has priced a public offering of $200 million aggregate principal amount of 6½% Senior Notes due 2016 at 84.25% of principal amount, for a yield to maturity of 9.597%.

Gross proceeds from the common stock offering (before deducting the underwriting discount and expenses) are expected to be approximately $305 million (or approximately $350 million if the underwriters’ overallotment option is exercised in full).

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Soon I bet you will hear VNO, BXP likes to deal with underwriters like ML/GS/JPM to get some deals.

Question: Who is buying all these junks? Banks want these deals to go through because these acts can slow down the default rates of CRE market. These are BAD loans. REITs are defaulting and their credit rating is still misleading.

 

S&P Puts $96.6B In CMBS On Watch For Possible Downgrade

 

SPG is defaulting their malls and their bonds are still rating A-? You've gotta be kidding.

 

 

9 Comments – Post Your Own

#1) On April 07, 2009 at 2:33 PM, cbwang888 (29.79) wrote:

If S&P downgrades VNO and BXP before they get the deal, their window of oppertunity will be gone. VNO is down 10% now.

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#2) On April 07, 2009 at 5:35 PM, cbwang888 (29.79) wrote:

PLD 4/7/09:

ProLogis to Offer 115 Million Common Shares

 

 DENVER, April 7 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD - News), a leading global provider of distribution facilities, today announced it intends to offer 115 million common shares in a registered public offering. The company also plans to grant the underwriters a 30-day option to purchase up to 17.25 million additional shares to cover overallotments, if any. Merrill Lynch & Co., Citi and Deutsche Bank Securities are acting as joint bookrunners for the proposed offering.

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#3) On April 08, 2009 at 12:58 AM, cbwang888 (29.79) wrote:

VNO:

PARAMUS, N.J.--(BUSINESS WIRE)--VORNADO REALTY TRUST (NYSE:VNO - News) announced today that its has completed a $75 million financing of 4 Union Square South, Manhattan, a 203,000 square foot fully-leased retail property. This interest-only loan has a rate of LIBOR plus 3.25% (3.78% currently) and matures in April 2012 with two one-year extension options. The property was previously unencumbered.

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#4) On April 08, 2009 at 9:35 PM, cbwang888 (29.79) wrote:

 

Keep on coming : EQY

NORTH MIAMI BEACH, Fla.--(BUSINESS WIRE)--Equity One, Inc. (NYSE:EQY - News) announced today that it plans to sell 4,000,000 shares of its common stock in an underwritten public offering. The company also plans to grant the underwriters an option to purchase up to an additional 600,000 shares of common stock to cover over-allotments, if any.

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#5) On April 16, 2009 at 11:50 AM, cbwang888 (29.79) wrote:

DRE Story:

Duke Realty Corporation (NYSE:DRE - News) today announced that it has priced an offering of 65,400,000 shares of its common stock at a price per share of $7.65. Duke has also granted the underwriters a 30-day option to purchase up to an additional 9,810,000 shares of its common stock to cover over-allotments, if any.

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#6) On April 16, 2009 at 11:51 AM, cbwang888 (29.79) wrote:

OFC Story:

COLUMBIA, Md.--(BUSINESS WIRE)--Corporate Office Properties Trust (COPT) (NYSE:OFC - News) announced today the pricing of its public offering of 2.6 million common shares at $24.35 per share.

 

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#7) On April 20, 2009 at 2:03 PM, cbwang888 (29.79) wrote:

AVB Story:

NEW YORK (AP) -- Residential community developer AvalonBay Communities Inc. on Tuesday said it struck a deal to mortgage 14 of its communities for a total of $741.1 million. The Alexandria, Va., company intends to use the money to pay down its unsecured credit facility, retire unsecured debt securities and other maturing debt and as working capital.

 

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#8) On April 21, 2009 at 4:40 PM, cbwang888 (29.79) wrote:

REG Story:

 

Regency Centers Corp. (NYSE: REG - News) announced today that the company has priced its 8.7 million share offering at $32.50 per share. The underwriters have been granted an option to buy an additional 1.3 million shares.

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#9) On April 22, 2009 at 7:38 PM, cbwang888 (29.79) wrote:

VNO:

PARAMUS, N.J. (AP) -- Real estate investment trust Vornado Realty Trust, which operates office and retail properties, said Wednesday it began a public offering of 15 million common shares priced at $43 a share.

 

PKY:

 JACKSON, Miss., April 22 /PRNewswire-FirstCall/ -- Parkway Properties, Inc. (NYSE: PKY - News) today announced an underwritten public offering of 6.25 million shares of its common stock. UBS Investment Bank is the sole underwriter for the offering. The last reported sale price for the Company's common stock on April 22, 2009 was $14.90. The underwriter will be granted a 30-day option to purchase up to an additional 937,500 shares to cover over-allotments, if any. The Company intends to use the net proceeds from this offering to reduce outstanding borrowings under the Company's line of credit and for general corporate purposes.

 

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