April 21, 2011 |
The downtown Los Angeles apartment building know as the Pegasus has been sold to Chicago real estate investment trust Equity Residential for $100 million. It was one of the largest residential property sales ever in the central business district and a sign that downtown's revitalization has caught the attention of national institutional investors, said real estate broker Marc Renard of Cushman & Wakefield. "Equity Residential's purchase is a tremendous endorsement of downtown L.A.," Renard said.
November 23, 2010 |
The Sheraton Delfina Santa Monica Hotel has been acquired for $102.8 million by a Maryland real estate investment trust. Pebblebrook Hotel Trust said Monday that it bought the upscale 310-room hotel on Pico Boulevard and will spend an additional $9 million to refurbish the guest rooms and common areas. The 10-story inn was built in 1972 and expanded in 1984. It was remodeled at a cost of $11 million in 2005. Pebblebrook bought the property from Regis Properties, an investment group headed by Los Angeles real estate developer and hotelier Brad Korzen.
June 25, 2010 |
The stock of Hudson Pacific Properties Inc., a real estate investment trust founded by Los Angeles investor Victor Coleman, closed up 2.4% from its initial offering price in its first day of trading on the New York Stock Exchange. The company, based in West Los Angeles, said it priced its shares at $17 apiece and raised $210.5 million after fees in its initial public offering. Shares closed Thursday at $17.40. Hudson Pacific, which trades under the ticker symbol HPP, said it intends to use the proceeds to repay mortgage debt, to fund acquisitions and for general corporate and working capital purposes.
May 11, 2010 |
Long-suffering office landlord Maguire Properties Inc. on Monday reported a first-quarter profit linked largely to the forgiveness of a $49.1-million debt it was unable to pay. The Los Angeles real estate investment trust, which owns some of the region's best-known skyscrapers including the US Bank Tower in downtown Los Angeles, finished the quarter with $18.6 million in net income attributable to common shareholders, a dramatic contrast from...
April 29, 2010 |
Even though times are tough for many commercial landlords as rents and occupancy continue to decline, the stocks of real estate investment trusts have surged lately as investors bet that good times are ahead for the industry. REIT stocks outperformed the S&P 500 by nearly double in the first quarter and doubled their value compared with the same period a year earlier, according to the National Assn. of Real Estate Investment Trusts. Shares of Los Angeles office REIT Maguire Properties Inc., for example, jumped nearly 300% during the quarter from the year-earlier period but are still trading at a fraction of their peak price in 2007.
November 25, 2007 |
Many investors chase hot returns, buying assets that have recently performed well, but experts have long maintained that you'd be better off putting your money in sectors that are down in the dumps. That's why it might make sense to take a look at real estate investment trusts -- publicly traded investment pools that typically buy commercial properties such as shopping centers and medical buildings. Although REITs have outperformed stocks over the last decade, they have been slammed this year.