The following is sample, static data.
The above spreadsheet provides details on mergers and acquisitions transactions in the commercial real estate universe that have taken place since 2006.
| Date Announced | Date Completed | Target | Target Type | Target Public/Private | Acquirer | %Acquired | Value $mln | Terms $/shr | Share Px | Debt $mln | Buyer Adviser | Buyer Adviser | Buyer Adviser | Buyer Adviser | Seller Adviser | Seller Adviser | Seller Adviser | LenderA | LenderB | LenderC | Buyer/Legal | Seller/Legal | Notes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 11/20/06 | 2/20/07 | Equity Office Properties Trust | REIT | Public | Blackstone Real Estate Partners | 100 | 38300 | 54 | 44.72 | 16500 | GS | BoA | BS | MS | ML | GS | BoA | BS | |||||
| 11/6/06 | PEND | Four Seasons | Investor | Public | Mgmt Group (w/Cascade Investments/Saudi Prince) | 100 | 3700 | 82 | 63.87 | ML | Osler, Hoskin & Harcourt | ||||||||||||
| 11/6/06 | PEND | Columbia Equity Trust | REIT | Public | JPMorgan Asset Mgt | 100 | 502 | 19 | 16.91 | 213 | GS | WS | Stroock, Stroock & Lavan | Hunton & Williams | |||||||||
| 11/20/06 | 11/20/06 | Lexington Strategic Asset Corp. | Investor | Private | Lexington Corporate Properties Trust | 44.2 | |||||||||||||||||
| 10/31/06 | PEND | Trammell Crow Co. | Service | Private | CB Richard Ellis | 100 | 2200 | 49.51 | 39.1 | 364.4 | Lazard | ||||||||||||
| 10/30/06 | 2/26/07 | Trustreet Properties Inc. | REIT | Public | GE Capital Solutions | 100 | 3000 | 17.05 | 12.51 | 1500 | WS | BoA | Hogan Hartson | Pillsbury, Winthrop, Shaw, Pittman | |||||||||
| 10/24/06 | Government Properties Trust | REIT | Public | Record Realty Trust | 100 | 511.6 | 10.75 | 9.17 | 288 | Skadden Arps Slate Meagher & Flom | Ballard Spahr Andrews & Ingersoll | ||||||||||||
| 10/23/06 | 2/27/07 | Inland Retail Real Estate Trust Inc. | REIT | Public | Developers Diversified Realty Corp. | 100 | 6200 | 14 | 10 | 2300 | Macquarie Capital Partners | BoA | Baker & Hostetler | Duane Morris | TIAA-CREF takes 85% stake | ||||||||
| 10/12/06 | Reis Inc. | Research | Private | Wellsford Properties Trust | 77 | 90 | Lazard | Houlihan Lokey | BMO | King & Spaulding | Bryan Cave | ||||||||||||
| 9/18/06 | TravelCenters of America Inc. | Investor | Private | Hospitality Properties Trust | 100 | 1900 | ML | CS | LB | ML | |||||||||||||
| 9/13/06 | 12/20/06 | Windrose Medical Properties Trust | REIT | Public | Health Care REIT | 100 | 877 | 426 | DB | JPM | |||||||||||||
| 9/8/06 | 9/8/06 | Crescent Resources | Investor | Private | Morgan Stanley Real Estate Fund V | 49 | 2100 | 1200 | MS | BoA | MS | BoA | |||||||||||
| 8/31/06 | 2/28/07 | BNP Residential Properties Inc. | REIT | Public | Babcock & Brown | 100 | 766 | 24 | 17.24 | 450 | BoA | Skadden Arps | DLA Piper Rudnick Gray Cary | ||||||||||
| 8/21/06 | 8/21/06 | Sizeler Property Investors Inc. | REIT | Public | Revenue Properties Co. | 100 | 409.2 | 15.1 | 15.1 | 85 | WS | RBC | |||||||||||
| 8/21/06 | 12/1/06 | Glenborough Realty Trust Inc. | REIT | Public | Morgan Stanley Real Estate | 100 | 1900 | 26 | 24 | 777 | GS | DB | |||||||||||
| 8/3/06 | 1/25/07 | Reckson Associates Realty Corp. | REIT | Public | SL Green Realty Corp. | 100 | 6100 | 43.31 | 42.8 | 2100 | ML | GS | Greenhill | WS | Clifford Chance | Wachtell Lipton Rosen and Katz | |||||||
| 7/24/06 | 1/2/07 | Newkirk Realty Trust | REIT | Public | Lexington Corporate Properties Trust | Merger | 325 | 16.78 | 16.95 | 899 | |||||||||||||
| 7/18/06 | AmeriVest Properties Inc. | REIT | Public | Koll Co./Idaho Public Employees | 100 | 273 | Trammell | ||||||||||||||||
| 7/10/06 | Heritage Properties Trust Inc. | REIT | Public | Centro Properties Group | 100 | 3200 | 36.15 | 1500 | JPM | WS | JPM | Skadden Arps | Hogan & Hartson | ||||||||||
| 7/10/06 | Pan Pacific Retail Properties | REIT | Public | Kimco Realty Corp. | 100 | 4000 | 70 | 1100 | JPM | ML | Prudential Real Estate Investors partnered with Kimco. | ||||||||||||
| 6/29/06 | 10/5/06 | Lexford Housing Division (unit of Equity Residential) | Division | Public | Empire Group Holdings | 100 | 1100 | ML | |||||||||||||||
| 6/15/06 | ARCap Investors | Investor | Private | CharterMac | 89.3 | 284.5 | UBS | BS | UBS | BoA | Paul Hastings Janofsky & Walker | Orrick Herrington & Sutcliffe | |||||||||||
| 6/9/06 | 12/11/06 | Taberna Realty Finance | Investor | Private | RAIT Investment Trust | 100 | 606 | UBS | ML | Sullivan & Cromwell | Clifford Chance | ||||||||||||
| 6/8/06 | Cohen Financial | Service | Private | FirstService Corp. | 51 | ||||||||||||||||||
| 6/5/06 | 10/5/06 | Trizec Properties | REIT | Public | Brookfield Properties/Blackstone | 100 | 8900 | 29.01 | 2600 | BS | ML | MS | JPM | ML | Goodwin Procter | Hogan & Hartson | |||||||
| 5/23/06 | 7/27/06 | Jameson Inns Inc. | REIT | Public | JER Partners | 100 | 371 | 2.97 | 2.25 | 190 | FBR | JMP Securities | O'Melveny & Myers | Jones Day | |||||||||
| 5/22/06 | 9/21/06 | Boykin Lodging Co. | REIT | Public | Westmont Hospitality/Cadim | 100 | 416 | 11 | 134 | RBC | UBS | ||||||||||||
| 5/12/06 | American Retirement Corp. | Investor | Private | Brookdale Senior Living | 100 | 1500 | 33 | 324 | GS | Cohen & Steers | Skadden Arps | Bass Berry & Sims | |||||||||||
| 5/10/06 | 5/10/06 | Rockwood Realty Associates | Service | Private | DTZ | 50 | 45 | JPM | Berkshire Capital | ||||||||||||||
| 5/2/06 | CNL Retirement Properties Inc. | Investor | Private | Health Care Property Investors Inc. | 100 | 5200 | 13.5 | 1600 | Cohen & Steers | UBS | BoA | Sullivan & Cromwell | Greenberg Traurig | ||||||||||
| 4/25/06 | American Property Financing Inc. | Lender | Private | Wachovia Bank | |||||||||||||||||||
| 3/23/06 | GMAC Commercial Mortgage Corp. | Lender | Private | KKR/Five Mile Capital/Dune Capital | 78 | 1500 | |||||||||||||||||
| 3/7/06 | Shurgard Storage Centers | REIT | Public | Public Storage Inc. | 100 | 5000 | 65.16 | 1800 | GS | Citi | BoA | Wachtell Lipton Rosen & Katz | Willkie Farr & Gallagher | ||||||||||
| 3/6/06 | CarrAmerica Realty Corp. | REIT | Public | Blackstone Real Estate Partners | 100 | 5600 | 44.75 | 1900 | Citi | DB | BoA | GS | DB | BoA | Citi | Simpson Thacher & Bartlett | Hogan & Hartson | ||||||
| 2/21/06 | MeriStar Hospitality Corp. | REIT | Public | Blackstone Real Estate Partners | 100 | 2500 | 10.45 | 1600 | BS | MS | LB | BS | BoA | ML | Simpson Thacher & Bartlett | Paul Weiss Rifkind Wharton & Garrison | |||||||
| 2/17/06 | 3/31/06 | Town and Country Trust | REIT | Public | Morgan Stanley Real Estate | 100 | 1224 | 40.2 | 33.9 | 515 | MS | Lazard | Wachtell Lipton Rosen & Katz | Skadden Arps Slate Meagher & Flom | |||||||||
| 2/16/06 | Gale Real Estate Services | Investor | Private | Mack-Cali Realty Corp. | 545 | Eastdil | |||||||||||||||||
| 2/13/06 | Bedford Property Investors Inc. | REIT | Public | LBA Realty | 100 | 741.5 | 27.21 | 306 | |||||||||||||||
| 1/30/06 | Fairmont Hotels & Resorts Inc. | Investor | Private | Colony Capital | 100 | 3900 | 45 | 600 | JPM | UBS | Scotia | Avington Intl | |||||||||||
| 12/19/2006 | PEND | Cushman & Wakefield | Service | Private | IFIL Group (Italy) | 67.5 | 975 | Perella Weinberg | JPM | Citi | Paul Weiss Rifkind Wharton & Garrison | Latham & Watkins; Millbank Tweed | IFIL has option to buy another 8.1 percent of Cushman. Stake was sold by Rockefeller Group. | ||||||||||
| 12/21/2006 | PEND | National Health Realty Inc. | Investor | Public | National HealthCare Corp. | 75 | 225 | 22.4 | 21.29 | 28 | Avondale Partners | 2nd Gen Capital | Cahill Gordon & Reindel | Waller Lansden Dortch & Davis | |||||||||
| 12/26/2006 | PEND | Holiday Retirement | Investor | Private | Fortress Investment Group | 100 | 6500 | Citi | GS | BoA | Cohen & Steers | Citi | GS | Skadden Arps | Foster Pepper | ||||||||
| 6/21/07 | PEND | Equity Inns Inc. | REIT | Public | Whitehall Street Real Estate LP 2007 | 100 | 2200 | 23 | 19.41 | 635 | GS | ML | Sullivan & Cromwell | Hunton & Williams | |||||||||
| 6/20/07 | 6/20/07 | PRN Marshall Capital | Lender | Private | Capital Trust Inc. | 100 | 4.4 | ||||||||||||||||
| 6/18/07 | 6/18/07 | Colliers Monroe Friedlander | Broker | Private | FirstService Corp. | FirstService acquired majority interest. | |||||||||||||||||
| 6/8/07 | 6/8/07 | DealCentral | software | Private | Backshop | 100 | |||||||||||||||||
| 6/4/07 | PEND | Xceligent | software | Private | Loopnet | Loopnet is buying a minority interest. | |||||||||||||||||
| 6/1/07 | PEND | Sonnenblick Goldman | broker | Private | Cushman & Wakefield | Cushman is buying majority interest in deal valuing SonnGold at $100mln-$150mln | |||||||||||||||||
| 5/31/07 | PEND | Investa Properties Ltd. | Prop Trust | Public | Morgan Stanley Real Estate | 100 | 5500 | 2.55 | 2000 | MS | UBS | Gilbert & Tobin | |||||||||||
| 5/31/07 | PEND | Genesis Healthcare Corp. | Investor | Public | JER Partners | 100 | 1900 | 69.35 | 475 | ||||||||||||||
| 5/29/07 | PEND | Archstone Smith Trust | REIT | Public | Lehman/Tishman Speyer | 100 | 22200 | 60.75 | 51 | 6900 | LB | BoA | MS | LB | BoA | Wachtell, Lipton, Rosen & Katz | Weil Gotshal & Manges | LB/BoA Syndicate lending $17.1bln of debt; $4.85bln of equity. Kill fee is $235mln. | |||||
| 2/23/07 | 5/25/07 | Apple Hospitality Two Inc. | Investor | Private | ING Clarion Partners | 100 | 877 | 350 | |||||||||||||||
| 5/23/07 | Central Parking Corp. | Investor | Public | Lubert-Adler Partners | 100 | 746 | 22.53 | 15.5 | Blackstone | Kohlberg & Co., Chrysalis Capital Partners teamed with Lubert-Adler. | |||||||||||||
| 5/23/07 | Crescent Real Estate Equities Inc. | REIT | Public | Morgan Stanley Real Estate | 100 | 6500 | 22.8 | 3100 | |||||||||||||||
| 7/5/07 | PEND | Hilton Hotels Corp. | Investor | Public | Blackstone Real Estate Partners | 100 | 26500 | 47.5 | 28.5 | 6000 | GS | BS | BoA | MS/DB | UBS | Moelis Advisors | BS | BoA | DB | Simpson Thacher & Bartlett | Sullivan & Cromwell | $560-$600mln kill fee. GS and MS also lenders | |
| 6/25/07 | PEND | America First Apartment Investors Inc. | REIT | Public | Sentinel Real Estate Corp. | 100 | 532 | 25.3 | 19 | 250.5 | Lazard | Paul Hastings | Clifford Chance | ||||||||||
| 7/12/07 | PEND | DP Industrial | Investor | Private | ProLogis | 100 | |||||||||||||||||
| 4/24/07 | 7/18/07 | Highland Hospitality Corp. | REIT | Public | JER Partners | 100 | 2100 | 19.5 | 18 | 210 | WS | Citi | BS | ML | WS | O'Melveny & Myers | Hogan & Hartson | ||||||
| 6/4/07 | PEND | Slough Estates USA | Investor | Private | Health Care Property Investors Inc. | 100 | 2900 | 1200 | BoA | Barclays | UBS | Skadden Arps | |||||||||||
| 5/22/07 | PEND | Fremont Investment & Loan | Lender | Public | iStar Financial | 100 | 1900 | iStar is buying entire lending operation, plus 30 percent stake in Fremont's $6.5 bln loan portfolio. Group led by Gerald J. Ford is buying preferred stock in Fremont Loan. | |||||||||||||||
| 5/22/07 | PEND | NNN Realty Advisors | Investor | Private | Grubb & Ellis | JMP Securities | LB | Zuckerman Gore & Brandeis | Alston + Bird | ||||||||||||||
| 5/16/07 | PEND | Gregory Greenfield & Associates | Investor | Private | Babcock & Brown | 100 | |||||||||||||||||
| 5/9/07 | 7/9/07 | ARCS Commercial Mortgage | Lender | Private | PNC Financial Services | 100 | |||||||||||||||||
| 5/8/07 | PEND | Florida East Coast Industries | Investor | Public | Fortress Investment Group | 100 | 3500 | 84 | 330 | MS | Skadden Arps | Greenberg Traurig | |||||||||||
| 4/30/07 | PEND | Eagle Hospitality Properties Trust | REIT | Public | Apollo Real Estate Advisors | 100 | 424.5 | 13.35 | 11.9 | 187.5 | MS | ||||||||||||
| 4/24/07 | 4/24/07 | Red Roof Inns | Investor | Private | Citigroup/Westbridge Hospitality Fund | 100 | 1300 | Citi | BoA | ||||||||||||||
| 1/16/07 | 4/20/07 | Sunrise Senior Living REIT | Investor | Public | Ventas Inc. | 100 | 1970 | 700 | ML | TD | |||||||||||||
| 4/18/07 | Affordable Residential Communities Inc. | REIT | Public | Farallon Capital Management | 100 | 1800 | 9.4 | Paul Weiss | Skadden Arps | $20mln kill fee | |||||||||||||
| 4/18/07 | 6/12/07 | Extended Stay Hotels | Investor | Private | Lightstone Group | 100 | 8000 | 7400 | LB | Citi | WS | BS | BoA | ML | WS | BS | Dechert | Simpson Thacher & Bartlett | Arbor Realty, Prime Group provided preferred equity. | ||||
| 4/16/07 | 6/29/07 | Innkeepers USA | REIT | Public | Apollo Real Estate Advisors | 100 | 1500 | 17.75 | 700 | JF Capital | LB | UBS | LB | Skadden Arps | Wachtell, Lipton, Rosen & Katz | ||||||||
| 4/6/07 | Summerville Senior Living | operator | Private | Emeritus Corp. | 100 | 255.5 | Summerville was owned by Apollo. | ||||||||||||||||
| 4/3/07 | 7/2/07 | Winston Hotels Inc. | Investor | Public | Inland American Real Estate Trust Inc. | 100 | 850 | 15 | 13 | 52.1 | Raymond James | LB | |||||||||||
| 2/16/07 | 4/3/07 | Mills Corp. | REIT | Public | Simon Property Group/Farallon Group | 100 | 7900 | 25.25 | 6260 | ML | LB | CS | |||||||||||
| 2/2/07 | Global Real Analytics | Research | Private | Charles Schwab Corp. | 100 | ||||||||||||||||||
| 2/2/07 | 2/2/07 | Bremner Healthcare Estate | Developer | Private | Duke Realty Corp. | 100 | |||||||||||||||||
| 1/29/07 | 1/29/07 | BridgeStreet Worldwide | Investor | Private | Sorrento Asset Management | 100 | 40.5 | Cantor Fitzgerald | Credit Suisse | DLA Piper | Bridgestreet, a manager of 10,000 corporate housing units, was sold by Interstate Hotels & Resorts | ||||||||||||
| 1/19/07 | 4/12/07 | CNL Hotels & Resorts | REIT | Private | Morgan Stanley/Ashford Hospitality Trust | 100 | 6600 | MS | WS | Eastdil | BoA | UBS | Houlihan Lokey | MS | WS | Goodwin Procter | Sidley Austin | Ashford paid $2.4bln for 51 properties with 13,524 rooms. MS bought 8 hotels with 5,817 rooms. | |||||
| 9/20/06 | 3/19/07 | Centracore Properties Trust | REIT | Public | GEO Group | 100 | 396.1 | 32 | 40 | LB | Citi | BNP Paribas | Akerman Senterfitt | Goodwin Procter | Centercore is the former Correctional Properties Trust | ||||||||
| 2/28/07 | 6/18/07 | New Plan Excel Realty Trust | REIT | Public | Centro Properties Group | 100 | 6200 | 33.15 | 2500 | JPM | JPM | Skadden Arps | New Plan was acquired by Centro Properties Group and Centro Retail Trust. |
