Jim Sullivan News
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CommonWealth REIT owns office buildings throughout the U.S., yet employs no one. Cole Credit Property Trust III Inc., which leases about a thousand stores around the country to retailers such as CVS, Lowe’s and Wal- Mart, also had no workers until a recent acquisition.
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Joy Global Inc., the world’s second-largest maker of mining equipment, refuted allegations made about its International Mining Machinery Holdings Ltd. unit and said it has a “high level of comfort” in the reported results of the business it bought in China last year.
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CommonWealth REIT’s clash with shareholders over a stock sale is putting a spotlight on the company that manages it and four other real estate investment trusts after investors complained the structure erodes value.
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Neuberger Berman Group, an investment unit of Lehman Brothers Holdings Inc. until that firm succumbed to the U.S. subprime crisis, produced the best real- estate returns of the past five years by betting on less- indebted companies that could survive tough times.
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For many hedge funds, financial rules and state intervention in markets are anathema. Emanuel J. Friedman, former co-chairman of investment bank Friedman, Billings, Ramsey Group Inc., sees them as an opportunity.
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Bill Ackman’s Pershing Square Capital Management LP, the second-largest investor in General Growth Properties Inc., urged the mall owner to enter negotiations for a takeover by rival Simon Property Group Inc.
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The nascent recovery in U.S. commercial real estate may be cut short as Europe’s debt crisis and Standard & Poor’s credit downgrade of Treasuries send borrowing costs to their highest in more than a year.
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The U.S. foreclosure crisis has risen to new heights.
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A year ago, Sam Nazarian was concerned bankers wouldn’t rework the mortgage on his SLS Hotel at Beverly Hills after the recession cut occupancy and the luxury property lost money.
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U.S. real estate investment trusts are trading at the biggest discount to the underlying value of their properties in more than two years, signaling it may be a good time for investors to buy shares in the companies.
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