| NNN Realty Advisors Stockholders Approve Merger
SANTA ANA, Calif., Dec. 6 /PRNewswire/ -- NNN Realty Advisors, Inc. stockholders, who met earlier today in a special meeting in Costa Mesa, California, have voted to approve and adopt the previously announced agreement to merge with Grubb & Ellis Company (NYSE: GBE) . Approximately 97.2 percent of the votes cast were in favor of the transaction, which represents approximately 79.2 percent of the shares of NNN Realty Advisors common stock outstanding. Upon completion of the proposed merger, NNN Realty Advisors stockholders will receive 0.88 shares of Grubb & Ellis common stock for each share of NNN Realty Advisors common stock outstanding. The merger agreement was first announced on May 22, 2007. NNN Realty Advisors, Inc. NNN Realty Advisors is a nationwide commercial real estate asset management and services firm that sponsors real estate investment programs to provide investors with the opportunity to engage in tax-deferred exchanges of real property and to invest in other real estate investment vehicles, including public non-traded real estate investment trusts and real estate investment funds.
AMB Property Corporation(R) to Present at NAREIT's Annual Convention
SAN FRANCISCO, Nov. 14 /PRNewswire-FirstCall/ -- AMB Property Corporation(R) (NYSE: AMB) , a leading developer and owner of industrial real estate, today announced that Hamid R. Moghadam, the company's chairman and CEO, is scheduled to make an appearance at the National Association of Real Estate Investment Trust's Annual Convention being held at the Bellagio Hotel in Las Vegas, Nevada. Mr. Moghadam will participate in a panel titled, "The Global Real Estate Investment Proposition - The Americas." This session will take place on Thursday, November 15, 2007 at 9:00 AM PST. The panel session will be broadcast via audio-webcast and can be accessed in the Investor Relations section of the company's website at http://www.amb.com. The webcast replay will be available until 5:00 PM PST on Thursday, November 29, 2007.
Crescent Real Estate Equities Company
Crescent Real Estate Equities Company (NYSE: CEI) is a real estate investment trust headquartered in Fort Worth, Texas. Through its subsidiaries and joint ventures, Crescent owns and manages a portfolio of 71 premier office buildings totaling 28 million square feet located in select markets across the United States with major concentrations in Dallas, Houston, Austin, Denver, Miami, and Las Vegas. Crescent also strategically invests in resort-residential developments in locations such as Scottsdale, AZ, Vail Valley, CO, and Lake Tahoe, CA; in destination resorts such as Fairmont Sonoma Mission Inn® in Sonoma, CA; and in the wellness lifestyle leader, Canyon Ranch®. Crescent Real Estate Equities Company: CSR News, Events and Reports .
Camden Property Q3 FFO Per Share Falls, Yet In-line With Estimates ...
11/1/2007 10:32:41 PM Thursday evening, Camden Property Trust (CPT) announced third quarter financial results, reporting funds from operations that fell year-over-year on lower expenses and top-line growth. On per share basis, funds from operations for the quarter were in-line with analysts' estimate. The company provided earnings guidance for the fourth quarter. Further, the company narrowed its earnings forecast for fiscal 2007.
The Houston, Texas-based real estate investment trust reported Funds from operations or FFO for the quarter totaled $56.28 million or $0.91 per share, compared to $77.82 million or $1.24 per share in the year-ago quarter. On average, sixteen analysts polled by First Call/Thomson Financial expected the company to earn $0.91 per share.
FFO for the prior year quarter included a $0.40 per share impact from gain on sale of land.
Vulture investor gives advice on success at a turbulent time
David Dweck considers himself an optimist, rather than a vulture real estate investor. But, it seems possible to be both. The strategies of an investor who buys low and sells at just the right moments in real estate cycles show vultures probably are the most optimistic buyers in soft residential markets. South Florida's sluggish residential market is not likely to turn around before 2010 for new construction and condos, but resales may see some improvement in 2009, Dweck said, if tax and insurance issues are more favorable and we don't have a hurricane. "If you have staying power, this is a great time to buy," said Dweck, the founder and president of the Boca Real Estate Investment Club. "Like my friend says: 'Those who survive will thrive.' Many people are treading water now.
CA Retirement fund to buy 275 million stake in Silver Lake Partners
An announcement may come as soon as today, said the person, who declined to be named because the talks are secret. The stake is worth about $275 million, valuing Menlo Park, California-based Silver Lake at $2.75 billion, the New York Times reported earlier today, citing unidentified people briefed on the deal. Calpers, which covers the benefits of more than 1.5 million Californian state and local government employees, has more than 400 private equity investments. Sacramento, California-based Calpers plans to reduce that number by concentrating assets in fewer fund managers. The California Public Employees' Retirement System (CalPERS) provides pension fund, healthcare and other retirement services for approximately 1.5 million California public employees. As of October 2007, it owns $254.8 billion worth of stock, bonds, funds, private equity and real estate.
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