Developers Diversified Realty Corporation (DDR), a leading real estate investment trust (REIT), is planning to raise $400 million through Term Asset-backed Securities Loan Facility (TALF program). The TALF was created by the Fed to support the issuance of asset-backed securities (ABS) collateralized by student loans, auto loans, credit card loans and loans guaranteed by the Small Business Administration.  The deal is being eagerly anticipated by the $700 billion market for commercial mortgage backed securities (CMBS), which took a severe beating in 2008 from the economic downturn. With the deal, Developers Diversified would be able to raise significant capital to increase its liquidity. By the end of the third quarter of 2009, the company had over $5 billion of consolidated debt.  Developers Diversified specializes in the acquisition, ownership, development, redevelopment, leasing and management of shopping centers and business centers. The company owns and manages 670 retail operating ...

Nationwide Health Properties Inc. (NHP), a real estate investment trust (REIT) investing in healthcare related assets in the U.S., has reported a 3.4% increase in total revenues in the third quarter of 2009 to $97.8 million compared to $94.6 million in the year-earlier quarter.  During the quarter, FFO (fund from operations) was $63.3 million or 56 cents per share, compared to $58.4 million or 56 cents in the year-ago period. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.  Despite challenging market conditions, Nationwide Health decided to acquire various healthcare properties from Pacific Medical Buildings LLC to capitalize on potential growth opportunities. Pacific Medical specializes exclusively in developing and managing medical office buildings, outpatient facilities and parking structures for hospitals, medical groups and universities.  According to the terms ...

Kimco Realty Corporation (KIM), a real estate investment trust (REIT) operating the largest portfolio of neighborhood and community shopping centers in North America, has reported a decline in third quarter 2009 FFO (fund from operations) to $112.6 million or 30 cents per share from $176.9 million or 68 cents per share in the year-earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.  The year-over-year decrease in FFO was due to the negative impact of non-cash impairments and charges related to early debt repayment. Excluding the one-time charges, FFO for the quarter was $117.9 million or 31 cents per share compared to $182.8 million or 70 cents per share in the year-ago period.  Overall occupancy in Kimco’s combined shopping center portfolio was 92.4% at quarter end. In ...

Health Care REIT Inc. (HCN), a real estate investment trust (REIT) that operates senior housing and health care real estate, has reported dismal third quarter 2009 results with FFO (fund from operations) of 53 cents per share compared to 85 cents in the year-earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.  The year-over-year decrease in FFO was due to the loss on extinguishment of debts and impairment charges totaling 25 cents per share. Excluding one-time charges, FFO for the quarter was 77 cents per share compared to 86 cents in the year-ago period.  During the quarter, Health Care completed $156.3 million of gross new investments in large senior housing properties and state-of-the-art medical facilities. The company also strengthened its liquidity by raising $434.6 million of ...

BRE Properties Inc. (BRE), a real estate investment trust (REIT) that operates apartment communities, has reported a decline in third quarter 2009 FFO (fund from operations) to $32.5 million or 59 cents per share compared to $36.3 million or 69 cents per share in the year-earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. Total revenues from continuing operations during the quarter were $86.5 million versus $87.9 million in the year-ago quarter. Adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) were $55.7 million for the quarter, compared to $61.8 million in the prior year quarter. Overall same-store net operating income decreased 7.9% during the quarter, primarily due to a 6.9% year-over-year decline in average same-store market rent from $1,540 per unit to $1,434. Average ...

PS Business Parks Inc. (PSB), a real estate investment trust (REIT) that acquires, develops, owns, and operates commercial properties, reported a decline in third quarter 2009 FFO (fund from operations) to $31.5 million or $1.04 per share from $32.0 million or $1.14 per share in the year-earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. The decrease in FFO was primarily due to a decrease in net operating income, which declined 5.9% year-over-year from $48.9 million to $46.0 million. Rental income during the quarter was $67.5 million versus $71.5 million in the year-ago quarter – a decrease of 5.5%. Overall portfolio occupancy at quarter end was 89.5% compared to 93.7% in the year-ago period. Average realized rent per square foot during the quarter decreased ...

Regency Centers Corp. (REG), a real estate investment trust (REIT) owning community shopping centers in the U.S., reported FFO (fund from operations) of $46.4 million or 58 cents per share in the third quarter, compared to $83.6 million or $1.19 per share in the year-earlier period. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.   The decrease in year-over-year FFO was primarily due to the non-cash impairment charges of $103.2 million. Excluding the one-time charges, recurring FFO in the third quarter was $55.9 million or 69 cents per share compared to $57.7 million or 82 cents per share in the year-ago period. Recurring FFO during the quarter was well within the earlier guidance provided by the company.   During the quarter, Regency reported a 6.5% decrease in same-store net ...

Simon Property Group Inc. (SPG), a leading real estate investment trust (REIT), has reported relatively modest third quarter results, with FFO (funds from operations) of $473.1 million or $1.38 per share compared to $463.9 million or $1.61 per share in the year-earlier quarter. Funds from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. Occupancy in the regional malls and premium outlet centers was 91.4% and 97.5%, respectively during the quarter, compared to 92.5% and 98.8% in the year-ago period. Comparable sales in the regional malls decreased to $438 per square feet in the quarter compared to $493 in the prior-year quarter, while that of premium outlet centers decreased to $492 from $515 in the previous year. The decrease in the comparable sales was primarily due to the continued economic downturn ...

AvalonBay Communities Inc. (AVB), a leading real estate investment trust (REIT), reported fiscal third quarter funds from operations (FFO) of $87.7 million or $1.09 per share, compared to $99 million or $1.28 per share in the year-earlier quarter. Funds from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.   Total revenues, including discontinued operations, increased 0.3% year over year to $224.2 million. Same-store rental revenues decreased 4.8% due to a 0.2% decline in economic occupancy and 4.6% dip in average rental rates. Same-store net operating income (NOI) during the quarter decreased 8.5% year over year to $98.9 million.   AvalonBay completed development activities in three communities during the quarter, totaling 614 apartment homes at an aggregate cost of $173 million. These include Avalon Anaheim Stadium located in Anaheim, California; Avalon Charles ...

Plum Creek Timber Co. Inc. (PCL), a real estate investment trust (REIT) owning and managing timberlands in the U.S., reported third quarter earnings of $19 million or 12 cents per share, compared to $69 million or 40 cents per share in the year-earlier quarter. Earnings results beat the Zacks Consensus Estimate by 4 cents.   During the quarter, Plum Creek reported revenues of $294 million vis-à-vis $414 million in the year-ago quarter. Although revenues and earnings declined year over year, the company has witnessed stabilization in most timber markets with modest log price improvements. In addition, Plum Creek is gradually benefiting from its manufacturing downsizing and cost management efforts.   By segment, the Northern Resources division reported a $3 million operating profit during the quarter compared to $12 million in the previous year, with continued low residential construction activities and adverse effects of recession on softwood sawlog markets. ...