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By Lorraine Mirabella, The Baltimore Sun | October 2, 2013
Hunt Valley-based Omega Healthcare Investors has announced a public offering of 2.5 million shares of common stock priced at $30 per share. Omega, a real estate investment trust that invests in skilled nursing and assisted living facilities and specialty hospitals, plans to raise $75 million. The proceeds will be used for general purposes, possibly including a previously announced deal to acquire 56 skilled nursing centers from Ark Holding Co. Inc. for $525 million and lease them back to Ark. Omega owns or holds mortgages on 477 facilities with more than 55,000 beds in 33 states.
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BUSINESS
By Natalie Sherman, The Baltimore Sun | April 25, 2014
Columbia-based office developer Corporate Office Properties Trust on Friday reported a flat performance year-over-year for the three months ended March 31. The real estate investment trust, which counts the U.S. government and major defense contractors as its biggest clients, reported net income of just $251,000 for the latest quarter, down from $8.9 million a year earlier. As a result, it reported no earnings per share, compared to 11 cents a year ago. However, REITS prefer to measure their performance using the funds from operations metric, which does not include depreciation and adjusts for other measures.
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BUSINESS
By Steve Kilar, The Baltimore Sun | September 14, 2012
Annapolis-based hotel investment firm Chesapeake Lodging Trust priced its pending stock offering at $18.50 a share and increased the shares to be sold to 6.5 million, the firm announced in a statement Thursday. That's a million more shares than the real estate investment trust originally said Wednesday that it would be offering. The offering's underwriters also have the option to buy up to 975,000 additional shares. The trust hopes to raise a total of $115.2 million in the offering, expected to close Tuesday.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | October 2, 2013
Hunt Valley-based Omega Healthcare Investors has announced a public offering of 2.5 million shares of common stock priced at $30 per share. Omega, a real estate investment trust that invests in skilled nursing and assisted living facilities and specialty hospitals, plans to raise $75 million. The proceeds will be used for general purposes, possibly including a previously announced deal to acquire 56 skilled nursing centers from Ark Holding Co. Inc. for $525 million and lease them back to Ark. Omega owns or holds mortgages on 477 facilities with more than 55,000 beds in 33 states.
BUSINESS
The Baltimore Sun | September 10, 2013
Corporate Office Properties L.P., the operating partnership of Columbia-based Corporate Office Properties Trust, will issue $250 million on senior unsecured notes. The notes, due Feb. 15, 2024, will pay an interest rate of 5.25 percent. Corporate Office Properties plans to use proceeds from the sale to repay borrowings under its senior unsecured revolving credit facility and for general corporate purposes. The sale is expected to close on Sept. 16 and is being managed by Wells Fargo Securities, Barclays Capital and Citigroup Global Markets.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | September 16, 2011
Corporate Office Properties Trust, a Columbia company that has profited by building office parks geared to the needs of defense and intelligence agency contractors, said Friday that its chief executive will retire in March. Randall M. Griffin will be succeeded by Roger A. Waesche Jr., currently the president and chief operating officer of the real estate investment trust. The company named as its new chief operating officer Stephen E. Budorick, of real estate investment firm Callahan Capital Partners, and said he will join the company Sept.
BUSINESS
August 18, 1992
This Bethesda-based developer and operator of commercial real estate said its income for the second quarter rose 4.5 percent as it used proceeds from a stock offering to buy office buildings in Northern Virginia.The company said money raised through the offering carries a dividend yield of about 5 percent and was used to buy assets yielding up to 11 percent returns on the company's purchase prices."By paying all cash, we were able to purchase superbly located office buildings at far lower prices and higher yields than available a couple of years ago," company President B. Franklin Kahn said.
BUSINESS
By Julius Westheimer | June 9, 1994
Stocks rode a roller-coaster all day yesterday, with the Dow Jones industrial average closing with a minor loss. The blue-chip indicator slipped 6.46 points, finishing at 3,749.45. Technology stocks were especially weak after reports of lower earnings.JUNE JOURNAL: "Given the sharp ups and downs of real estate investment trusts over the past two decades, it seems incongruous to mention them in the same breath as conservative utility stocks. But with higher interest rates, regulatory problems and competition threatening utilities' generous dividends, investors are increasingly turning to high-yielding equity real estate investment trusts, otherwise known as REITS."
BUSINESS
By Julius Westheimer | October 22, 1999
ADVICE FOR this roller-coaster market:"There's a Red Tag Sale on Blue-Chip REITS (real estate investment trusts). Although property markets are strong, nobody loves property stocks. Many are on clearance racks; it's a buying opportunity." (Forbes, Nov. 1)"More likely than `Dow 36,000' -- the title of a new best seller -- is Dow 3,600, only a retreat to a 12.5 price-to-earnings ratio." (Jeremy Grantham, investment strategist)"If you have 25 or 30 years to retirement, what happens today isn't terribly important in the grand scheme of things."
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Staff Writer | May 12, 1992
BTR Realty Inc. is still considering converting from a corporation to a real estate investment trust, but the switch has been held up by a hefty initial price tag and some raw land in the company's portfolio that does not produce income.Company President F. Patrick Hughes said most of the company's earnings increase in the first quarter was based on real operating gains rather than asset sales or one-time events, but he stopped short of saying the Linthicum-based development company could keep up its progress throughout the year.
BUSINESS
The Baltimore Sun | September 10, 2013
Corporate Office Properties L.P., the operating partnership of Columbia-based Corporate Office Properties Trust, will issue $250 million on senior unsecured notes. The notes, due Feb. 15, 2024, will pay an interest rate of 5.25 percent. Corporate Office Properties plans to use proceeds from the sale to repay borrowings under its senior unsecured revolving credit facility and for general corporate purposes. The sale is expected to close on Sept. 16 and is being managed by Wells Fargo Securities, Barclays Capital and Citigroup Global Markets.
BUSINESS
By Steve Kilar, The Baltimore Sun | September 14, 2012
Annapolis-based hotel investment firm Chesapeake Lodging Trust priced its pending stock offering at $18.50 a share and increased the shares to be sold to 6.5 million, the firm announced in a statement Thursday. That's a million more shares than the real estate investment trust originally said Wednesday that it would be offering. The offering's underwriters also have the option to buy up to 975,000 additional shares. The trust hopes to raise a total of $115.2 million in the offering, expected to close Tuesday.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | May 7, 2012
Corporate Office Properties Trust said Monday that it had sold two office buildings and land in Rockville for about $48.7 million, part of the Columbia-based real estate investment trust's strategy of selling off non-core assets. COPT, which develops, owns and manages office buildings primarily for government agencies and contractors in the defense information sector, has sold $116.9 million worth of properties and land since the beginning of the year. Since last April, the company has been selling suburban office buildings to focus on high-security offices for defense tenants.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | April 21, 2010
Omega Healthcare Investors Inc., a Hunt Valley real estate investment trust that finances the long-term care industry, has acquired 63 long-term care facilities for $295 million, the company said. Omega acquired facilities in 19 states with a total of 6,607 beds under an option agreement with the seller, affiliates of CapitalSource Inc., for $34 million in cash and the repayment of $261 million in debt. The sale is expected to close in June. Omega had acquired the option to purchase the facilities as part of a previously announced securities purchase agreement with CapitalSource that included the acquisition in December of entities owing 40 facilities.
BUSINESS
By Jamie Smith Hopkins and Jamie Smith Hopkins,SUN STAFF | March 17, 2004
The last time the office market was this lousy, Manekin LLC made a fleeting foray into residential development. This time, the Columbia company best known for building, brokering and managing offices says it has branched out for keeps. Projects in early stages in Harford County, Cecil County, Delaware and Pennsylvania will produce in excess of 3,500 lots over the long haul - more than a decade - for the company to sell to builders. "Rather than starting small, we're starting large," said Richard Alter, president and chief executive officer of the 150-employee company.
BUSINESS
By Julius Westheimer | October 22, 1999
ADVICE FOR this roller-coaster market:"There's a Red Tag Sale on Blue-Chip REITS (real estate investment trusts). Although property markets are strong, nobody loves property stocks. Many are on clearance racks; it's a buying opportunity." (Forbes, Nov. 1)"More likely than `Dow 36,000' -- the title of a new best seller -- is Dow 3,600, only a retreat to a 12.5 price-to-earnings ratio." (Jeremy Grantham, investment strategist)"If you have 25 or 30 years to retirement, what happens today isn't terribly important in the grand scheme of things."
BUSINESS
By Julius Westheimer | June 9, 1994
Stocks rode a roller-coaster all day yesterday, with the Dow Jones industrial average closing with a minor loss. The blue-chip indicator slipped 6.46 points, finishing at 3,749.45. Technology stocks were especially weak after reports of lower earnings.JUNE JOURNAL: "Given the sharp ups and downs of real estate investment trusts over the past two decades, it seems incongruous to mention them in the same breath as conservative utility stocks. But with higher interest rates, regulatory problems and competition threatening utilities' generous dividends, investors are increasingly turning to high-yielding equity real estate investment trusts, otherwise known as REITS."
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