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Real Estate Investment Trusts

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BUSINESS
July 21, 2013 | By Cale Ottens
Sinking money into real estate investment trusts is considered to be one of Wall Street's most complex investments. Owning shares of REITs gives investors an opportunity to get investment exposure to real estate, including apartments, shopping centers and office buildings. But they've gained a reputation of being risky and confusing - especially after the industry was pummeled during the last real estate crash. Even Lloyd McAdams, chief executive of Anworth Mortgage Asset Corp., makes no bones about saying his Santa Monica REIT does carry some risk.
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BUSINESS
July 21, 2013 | By Cale Ottens
Sinking money into real estate investment trusts is considered to be one of Wall Street's most complex investments. Owning shares of REITs gives investors an opportunity to get investment exposure to real estate, including apartments, shopping centers and office buildings. But they've gained a reputation of being risky and confusing - especially after the industry was pummeled during the last real estate crash. Even Lloyd McAdams, chief executive of Anworth Mortgage Asset Corp., makes no bones about saying his Santa Monica REIT does carry some risk.
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BUSINESS
October 3, 1997 | MELINDA FULLER, Melinda Fulmer covers real estate for The Times
Real estate investment trusts have been snapping up Orange County apartment complexes for some pretty extravagant sums. But these high prices aren't so outrageous, industry experts say, considering where the apartment market is headed. Multifamily construction starts are expected to drop off this year after a whirlwind of activity last year at Irvine Ranch and in south Orange County, according to a research report by Marcus & Millichap.
BUSINESS
November 6, 2012 | By Roger Vincent, Los Angeles Times
MPG Office Trust Inc., the largest office landlord in downtown Los Angeles, turned a profit in the third quarter as it continued to shrink its property portfolio. The Los Angeles real estate investment trust, which also owns buildings in Glendale and Cerritos, continued to sell heavily indebted properties while hanging on to most of its trophy buildings in L.A.'s financial district. MPG reported third-quarter net income of $88 million, or $1.57 a share, up from $25.6 million, or 51 cents, in the same period last year.
BUSINESS
August 18, 1993 | KATHY M. KRISTOF
Spurred by picture-perfect yields, investors are pouring billions of new dollars into real estate investment trusts. But the boom may be adding new dangers to an already risky investment. That's because some of the new REITs are being started by industry newcomers who have little experience in this somewhat treacherous market. Meanwhile, newly formed REITs are targeting a more speculative segment of the market: "troubled" real estate they believe has appreciation potential.
BUSINESS
November 6, 1997 | From Bloomberg News
Real estate investment trusts bought a record $11.3 billion of commercial properties amid a strong economy in the third quarter, up from $6.6 billion a year earlier, according to a study released Wednesday. REITs are on pace to scoop up $35 billion of real estate this year, topping the $20-billion mark set in 1996, according to the joint study by Los Angeles-based broker CB Commercial Real Estate Services Inc. and money manager Alliance Capital Management.
BUSINESS
August 5, 1992 | JUBE SHIVER Jr., TIMES STAFF WRITER
After unsuccessfully asking tight-fisted bankers for loans, more real estate developers may sidle up to Wall Street in the wake of real estate magnate A. Alfred Taubman disclosing plans Monday for a public stock offering to raise up to $388 million for his company. The Bloomfield Hills, Mich., developer, which owns 19 regional shopping malls--including Beverly Center near Beverly Hills--would launch one of the largest real estate investment trusts since the property slump began in 1989.
BUSINESS
November 25, 2007 | Kathy M. Kristof, Times Staff Writer
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.
BUSINESS
June 30, 1998 | BOB HOWARD, SPECIAL TO THE TIMES
Now that real estate investment trusts have helped to reshape the commercial property landscape, the big question being asked in industry circles is: What's next for REITs? Will these darlings of the 1990s real estate recovery continue their buying binge, driving prices ever higher for office and industrial buildings, shopping centers, apartment complexes and other investments until they run out of properties to buy?
BUSINESS
June 11, 1992 | JAMES M. GOMEZ, TIMES STAFF WRITER
Nationwide Health Properties Inc., trying to cover an $85.6-million promissory note it owes the Resolution Trust Corp. for 25 mortgages it has agreed to buy, has filed a request to sell 2 million shares of its stock to the public. The company, a real estate investment trust specializing in health care properties, hopes to raise $56 million in the proposed offering, according to an S-1 filing with the Securities and Exchange Commission. Company officials were not available for comment Wednesday.
BUSINESS
March 6, 2012 | By Roger Vincent, Los Angeles Times
MPG Office Trust Inc., the largest office landlord in downtown Los Angeles, narrowed its loss in the fourth quarter even as occupancy in its buildings continued to slip. The Los Angeles real estate investment trust also faced rising costs of office space improvements required to keep and attract tenants. "The downtown L.A. market continues to bounce along the bottom, and MPG faces considerable leasing challenges," said analyst Michael Knott of Green Street Advisors. "Tenants hold the upper hand, as MPG's leasing costs increased to even higher levels, and its occupancy is now below 80%. " MPG, which also owns buildings in Orange and San Diego counties, finished the quarter with a net loss of $31.5 million, or 62 cents a share.
BUSINESS
April 21, 2011 | By Roger Vincent, Los Angeles Times
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.
BUSINESS
November 23, 2010 | By Roger Vincent, Los Angeles Times
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.
BUSINESS
June 25, 2010 | By Roger Vincent, Los Angeles Times
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.
BUSINESS
May 11, 2010 | By Roger Vincent, Los Angeles Times
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...
BUSINESS
April 29, 2010 | By Roger Vincent, Los Angeles Times
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.
BUSINESS
July 30, 2003 | Roger Vincent, Times Staff Writer
Profit at Kilroy Realty Corp. almost tripled in the second quarter as it reached a payment agreement with a major, financially troubled tenant and the real estate market improved. Kilroy, a West Los Angeles real estate investment trust that owns West Coast office and industrial properties, earned $13.4 million, or 49 cents a share, in the quarter ended June 30, compared with $5 million, or 18 cents, in the same period a year ago, the company reported late Monday. Revenue rose to $51.
BUSINESS
August 31, 1993 | JILL BETTNER, TIMES STAFF WRITER
As another REIT craze sweeps Wall Street, real estate developers are rushing out dozens of new real estate investment trusts. But investors who are flocking to these stocks for their high current yields--dividends divided by share price--have short memories. Similar REIT booms in the 1970s and 1980s ended badly, as many companies went under. A look at four local REITs reveals some of the inherent risks. The quartet is LTC Properties Inc.
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