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Wednesday, 19 April 2000

Pennsylvania REIT Sells Virginia Industrial Property for $8 Mln

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April 20, 2000

PHILADELPHIA – Pennsylvania Real Estate Investment Trust (NYSE:PEI) sold a 294,000-square-foot industrial property in Alexandria, Va., for $8 million. But the REIT received an additional $4 million when it terminated a lease on the property.

The property was sold to Preferred Real Estate Investment Inc. As part of the sale, Pennsylvania REIT terminated a lease with CVS Drug Co., which occupied the building. CVS paid it $4 million to terminate the lease, which was slated to expire in two years.

The result of the sale and lease termination, which provided the REIT a $6.6 million gain, will be an increase in funds from operations of 26 cents/operating partnership unit for this year and a reduction in FFO of 2 cents/unit and 1 cent/unit in the next two years, respectively.

The sale was part of the REIT's effort to sell what it deems "non-core" assets.


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Additional Info

  • Syndicate to Realpoint: No
  • States: Virginia
  • Sector: Industrial
  • Subject: Property Acquisitions (ACQ)
  • Company: Pierce, Fenner & Smith
  • Valuation: Less than $10 million
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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