-
CHICAGO-Bankrupt General Growth Properties, the target of one of retails biggest tug-of-war battles in for the past few months, still managed to post positive figures in the first quarter. According to Q1 data released Monday by the REIT, core funds from operations was $254.1 million, or 78 cents per fully diluted share, for the first quarter 2010, compared to a loss of $122.9 million, or 38 cents, for Q1 2009.
A bankruptcy court on Friday agreed to allow GGP to partner with Toronto-based Brookfield Asset Management on an $8.5 billion plan to emerge from its financial troubles. Simon Property Group, based in Indianapolis, pulled its competing bid after the court decision.
-
NEW YORK CITY—More than $700 million worth of industrial properties fell into trouble in February, increasing the total outstanding distress to $6.8 billion by the end of March, according to the latest Real Capital Analytics figures. Workout activity of just $58 million did little to offset the second largest monthly increase this cycle in distress inventory for industrial property.
But the sector is still faring considerably better than other asset classes—with office, retail, apartment and hotels posting distress figures between $25 billion and $33 billion. What’s more, industrial accounts for only around 5% of outstanding CMBS balances. The sector’s strength is due largely to a lack of hot money in the market during real estate’s mid-2000s heyday and a willingness to work through troubled loans. But it’s also left investors cooling their heels on the curb with few purchasing prospects.
-
Movie Gallery Inc., the owner of struggling movie rental chain Hollywood Video, said Tuesday that it plans to close its remaining stores, including several in the Nashville area, as consumers more than ever get their movies through the mail, at vending machines or across high-speed Internet connections.
There are about 10 Hollywood Video or Movie Gallery stores in the Nashville area, including in Clarksville, La Vergne and Murfreesboro.
The No. 2 rental chain behind Blockbuster Inc., filed a notice with the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond that it will terminate its business operations after defaulting on a loan from one of its creditors.
-
Loews Hotels is expected to announce Wednesday that it is bringing more than 200 jobs to downtown Nashville as part of a "financial shared services center" that will be based in Fifth Third Center.
Mayor Karl Dean and Loews Hotels Chairman and CEO Jonathan Tisch will make the announcement during a 9 a.m. news conference in the Loews Vanderbilt Hotel.
-
Look for shares of Brookdale Senior Living to be solidly in the red today after the local nursing home chain's largest investor said it plans to sell 10 million of its shares by next Monday.
The move by Fortress Investment Group comes six months after a similar sale lightened its holdings in Brentwood-based Brookdale by 11 million shares to about 42 percent. If completed, this week's offering will trim New York-based Fortress' stake to about 27 percent, less than half its holdings a year ago.
-
Leon Moore, big-shot Sumner County land developer who has seen at least three of his projects enter bankruptcy, has filed for bankruptcy himself.
Moore is seeking Chapter 7 liquidation under a filing submitted Monday in federal court.
Details of Moore's personal financial situation are unclear, as his filing is largely incomplete, indicating only he has less than 50 creditors. It does not show not how much he owes or how much he has.
-
Vanguard Health Systems is “marching forward” on its acquisition of Detroit Medical Center, as well as other development projects in the Nashville health care company’s pipeline.
On a conference call with analysts this morning, leaders of the Nashville-based hospital chain said they are interested in acquisitions beyond the Midwestern deals that would push Vanguard’s revenues well north of $5 billion.
Asked whether the company will remain active or “take a breather” from acquisitions given the size of its Detroit deal and the planned Chicago purchase of two hospitals, Vanguard Chairman and CEO Charlie Martin indicated that there’s no plan to sit on the sidelines.
-
National hotel chain Loews will announce Wednesday that it is moving a large number of back-office jobs to downtown Nashville.
It is not clear if the company’s New York headquarters will be among those, but Loews Chairman and CEO Jonathan Tisch is traveling to Nashville to join Mayor Karl Dean and state Economic Development Commissioner Matt Kisber to announce the news.
links for 2010-05-12
Advertisement
