Tag: REIT

Griffin Capital Essential Asset REIT Engages Robert A. Stanger & Co. to Review Strategic Alternatives

EL SEGUNDO, Calif., Sept. 13, 2016 (GLOBE NEWSWIRE) — A special committee consisting of the nominating and corporate governance committee of the board of directors (the “Committee”) of Griffin Capital Essential Asset REIT, Inc. (“GCEAR”) announced today that it engaged Robert A. Stanger & Co., Inc. as a financial advisor to assist GCEAR in exploring strategic alternatives, including but not limited to, potential liquidity opportunities. While the Board has been analyzing potential strategic alternatives and speaking with several advisers for some time, the Committee determined that it wanted to take advantage of an exclusive relationship with Robert A. Stanger &

Orchid Island Capital Announces September 2016 Monthly Dividend and August 31, 2016 RMBS Portfolio Characteristics

September 2016 Monthly Dividend of $0.14 Per Share RMBS Portfolio Characteristics as of August 31, 2016 VERO BEACH, Fla., Sept. 12, 2016 (GLOBE NEWSWIRE) — Orchid Island Capital, Inc. (the “Company”) (NYSE:ORC) announced today that the Board of Directors declared a monthly cash dividend for the month of September 2016. The dividend of $0.14 per share will be paid September 30, 2016, to holders of record on September 28, 2016, with an ex-dividend date of September 26, 2016.  The Company intends to make regular monthly cash distributions to its stockholders. In order to qualify as a real estate investment trust

Sprott Asset Management LP Announces Proposed Mergers and Related Investment Strategy Change, Name Changes and Sub-Advisor Change

TORONTO, Sept. 09, 2016 (GLOBE NEWSWIRE) — Sprott Asset Management LP (“Sprott”) announced today that it proposes to merge (each a “Merger” and collectively, the “Mergers”) Sprott Timber Fund and Sprott Global Agriculture Fund into Sprott Global REIT & Property Equity Fund and Sprott Tactical Balanced Fund and Sprott Tactical Balanced Class into Sprott Real Asset Class (each a “Fund” and collectively, the “Funds”) and that the names of Sprott Global REIT & Property Equity Fund and Sprott Real Asset Class will change upon the effective date of the Mergers. Each of Sprott Timber Fund, Sprott Global Agriculture Fund, Sprott

Potlatch Board Declares Distribution on Common Stock

SPOKANE, Wash., Sept. 09, 2016 (GLOBE NEWSWIRE) — The board of directors of Potlatch Corporation (NASDAQ:PCH) has declared a quarterly distribution on the Company’s common stock. The distribution of $0.375 per share is payable September 30, 2016 to stockholders of record on September 20, 2016.   ABOUT POTLATCH Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.4 million acres of timberland in Alabama, Arkansas, Idaho, Minnesota and Mississippi. Potlatch, a verified forest practices leader, is committed to providing superior returns to stockholders through long-term stewardship of its forest resources. The company also conducts a land sales and development

Condor Hospitality Trust Announces Sale of Non-Core Legacy Hotel

BETHESDA, Md., Sept. 09, 2016 (GLOBE NEWSWIRE) — Condor Hospitality Trust, Inc. (NASDAQ:CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced the closing on the sale of a legacy asset, the 54-room Super 8 located at 1000 Grand Avenue, Mount Pleasant, IA for $1.85 million.  The net proceeds from the sale will be used for general corporate purposes and for future acquisitions of hotels that meet the Company’s new investment strategy. “Year to date, we have now closed on the sale of 13 legacy hotels including the sale of this Super

Griffin Capital Essential Asset REIT Reports Second Quarter 2016 Results

EL SEGUNDO, Calif., Sept. 08, 2016 (GLOBE NEWSWIRE) — Griffin Capital Essential Asset REIT, Inc. (the “REIT”) announced its operating results for the second quarter 2016.  As of June 30, 2016, the REIT’s portfolio consisted of 76(1) assets encompassing approximately 18.9 million(1) square feet of space in 20 states with a total acquisition value of $3.1 billion(1). Michael Escalante, President and Chief Investment Officer of the REIT commented, “We’re pleased to deliver to our shareholders another quarter of strong financial results, encompassing robust growth in terms of both revenues and modified funds from operations.  Looking beyond the numbers, we continue

Griffin Capital Essential Asset REIT II Reports Second Quarter of 2016 Results

EL SEGUNDO, Calif., Sept. 08, 2016 (GLOBE NEWSWIRE) — Griffin Capital Essential Asset REIT II, Inc. announced its operating results for the second quarter of 2016.  As of June 30, 2016, our portfolio consisted of 18 properties (25 buildings) encompassing approximately 3.9 million square feet of space in 12 states with a total acquisition value of approximately $604.5 million. Michael Escalante, Director and President of Griffin Capital Essential Asset REIT II, said, “Our results for this quarter demonstrate the significant progress we have made in positioning the REIT to generate robust returns for shareholders.  By combining our expertise in strategic

Prospect Capital Reports $1.04 of Net Investment Income per Share in 2016 Fiscal Year and $0.26 of Net Investment Income per Share in June 2016 Quarter, Exceeding Dividends per Share in Both Periods

NEW YORK, Aug. 29, 2016 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ:PSEC) (“Prospect”, “our”, or “we”) today announced financial results for our fiscal year and fourth fiscal quarter ended June 30, 2016. For the year ended June 30, 2016, our net investment income (“NII”) was $371.1 million or $1.04 per weighted average share. For the year ended June 30, 2015, our NII was $362.7 million or $1.03 per weighted average share. NII year over year increased by $8.4 million on a dollars basis and increased by $0.01 on a per share basis. Fiscal year 2016 NII exceeded dividends by $0.04

CCA Provides Update on Customer Interactions in Response to DOJ Announcement

NASHVILLE, Tenn., Aug. 29, 2016 (GLOBE NEWSWIRE) — On August 19, 2016, Corrections Corporation of America (NYSE:CXW) (the “Company” or “CCA”), America’s largest owner of partnership correctional, detention, and reentry facilities, issued a press release responding to the Federal Bureau of Prisons’ (“BOP”) decision to amend the Criminal Alien Requirement XVI (“CAR 16”) solicitation and to reduce future reliance on privately operated prison facilities based on recommendations from the Department of Justice.  Since then, several customers have made public statements supporting their continued use of the private sector for correctional space and services.  We also expect other government partners to

American Healthcare Investors Negotiates Credit Facility of up to $200 Million on Behalf of Griffin-American Healthcare REIT IV

IRVINE, Calif., Aug. 26, 2016 (GLOBE NEWSWIRE) — American Healthcare Investors, LLC and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., announced today that the REIT and certain of its subsidiaries have entered into a revolving credit facility totaling $100 million with Merrill Lynch, Pierce, Fenner & Smith Incorporated and KeyBanc Capital Markets as joint lead arrangers and joint bookrunners. Bank of America, N.A. will serve as administrative agent and as a participating lender along with KeyBank, National Association. The maximum principal amount of the credit facility may be increased to up to $200 million upon the

U.S. Commercial Real Estate Benefits From Brexit Vote, New Global Classification Sector

HOUSTON, Aug. 25, 2016 (GLOBE NEWSWIRE) — The impact of Brexit will be long and protracted, which will likely result in increased volatility in the capital markets, according to the latest edition of “the BRIEFING,” a Transwestern report that covers the global economy and commercial real estate. In the short term, the impact has been generally positive for the U.S. with the flight to safety driving down 10-year treasury notes to a new historic low of 1.39%. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/c8b923b2-d04a-4ced-af5c-ed21d92480e0 In addition, a new headline sector under the Global Industry Classification Standard (GICS) for

Sotherly Hotels Inc. Announces Closing of Upsized Offering of Series B Cumulative Redeemable Perpetual Preferred Stock

WILLIAMSBURG, Va., Aug. 23, 2016 (GLOBE NEWSWIRE) — Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”) today announced it has closed its upsized underwritten public offering of 1,610,000 shares of its 8.0% Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”) for net proceeds of approximately $38,125,000 after deducting estimated offering-related expenses. The Company has granted the underwriters a 30-day option to purchase up to an additional 15% of the Series B Preferred Stock to cover over-allotments, if any. The Company contributed the net proceeds from the offering to Sotherly Hotels LP, its operating partnership, which intends to use the

CCA Responds to the Department of Justice's Decision to Reduce Reliance on Privately Operated Prisons and Announces Investor and Analyst Conference Call

NASHVILLE, Tenn., Aug. 19, 2016 (GLOBE NEWSWIRE) — Corrections Corporation of America (NYSE:CXW) (the “Company” or “CCA”), America’s largest owner of partnership correctional, detention, and reentry facilities, responded today to the Federal Bureau of Prisons’ (“BOP”) decision to amend the Criminal Alien Requirement XVI (“CAR 16”) solicitation by reducing the previously announced 10,800 contract beds to 3,600 contract beds in response to recommendations from the Department of Justice to reduce future reliance on privately operated prison facilities.  CCA’s Eden Detention Center, containing 1,422 beds, is included in the CAR 16 solicitation. “We have been a keen observer of the BOP’s

Griffin-American Healthcare REIT III Reports Second Quarter 2016 Results

Acquisitions of $178.6 million completed in 2nd quarter; portfolio currently at $2.7 billion1 IRVINE, Calif., Aug. 17, 2016 (GLOBE NEWSWIRE) — Griffin-American Healthcare REIT III, Inc. today announced operating results for the company’s second quarter ended June 30, 2016. “Griffin-American Healthcare REIT III completed the acquisition of nearly $180 million of properties during the second quarter as we work to complete the construction of the company’s portfolio,” said Jeff Hanson, chairman and chief executive officer. “Our portfolio has achieved significant scale and diversity, with 1862 medical office buildings, hospitals, skilled nursing facilities, senior housing facilities and integrated senior health campuses

Sotherly Hotels Inc. Announces Pricing of Upsized Offering of Series B Cumulative Redeemable Perpetual Preferred Stock

WILLIAMSBURG, Va., Aug. 16, 2016 (GLOBE NEWSWIRE) — Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”) today announced the pricing of its upsized underwritten public offering of 1,610,000 shares of its 8.0% Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”) for total expected gross proceeds of approximately $40,250,000 before expenses. The Company has granted the underwriters a 30-day option to purchase up to an additional 15% of the Series B Preferred Stock to cover over-allotments, if any. The offering is expected to close on or about August 23, 2016, subject to customary closing conditions. The Company intends to contribute

Sotherly Hotels Inc. Announces Launch of Offering of Series B Cumulative Redeemable Perpetual Preferred Stock

WILLIAMSBURG, Va., Aug. 15, 2016 (GLOBE NEWSWIRE) — Sotherly Hotels Inc. (NASDAQ:SOHO) (the “Company”) today announced that it has commenced an underwritten public offering of shares of its Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”). The Company expects to grant to the underwriters a 30-day option to purchase up to an additional 15% of the Series B Preferred Stock to cover over-allotments, if any. The Company has filed an application to list the Series B Preferred Stock on the NASDAQ under the symbol “SOHOB.” The Company intends to contribute the net proceeds from the offering to

Whitestone REIT’s Sunset at Pinnacle Peak Property Drives Occupancy to 96% from 66% with “Internet-Resistant” Tenants; Property Net Operating Income Increases 43%  

HOUSTON, Aug. 15, 2016 (GLOBE NEWSWIRE) — Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) today announced that the transformation and repositioning of its Sunset at Pinnacle Peak property in North Scottsdale has substantially increased the occupancy to 96% from 66% at the time the property was acquired in May 2012.  Over the same period, net operating income for the property has grown by 43%. The Community Centered PropertyTM was acquired out of foreclosure for $154 per square foot, which was a significant discount to the estimated replacement cost of over $300 per square foot, enjoys a highly visible location at the

Dividend Capital Diversified Property Fund Provides Second Quarter 2016 Portfolio Update

1.44% total shareholder return for the quarter; 4.9% total shareholder return for the last twelve months1 Acquired Suniland Shopping Center, a retail center in South Florida comprising approximately 82,000 square feet, for $67 million Repaid approximately $79 million of secured borrowings with a weighted average interest rate of approximately 6.0%; subsequent to quarter end repaid an additional $24 million mortgage loan with an interest rate of approximately 5.9% DENVER, Aug. 12, 2016 (GLOBE NEWSWIRE) — Dividend Capital Diversified Property Fund Inc. (“DPF”), a public reporting, daily NAV REIT (NASDAQ:ZDPFAX) (Nasdaq:ZDPFEX) (Nasdaq:ZDPFIX) (Nasdaq:ZDPFWX) reported results today for the second quarter ended

Spirit Realty Capital Prices Private Offering of Senior Unsecured Notes

DALLAS, Aug. 11, 2016 (GLOBE NEWSWIRE) — Spirit Realty Capital, Inc. (NYSE:SRC) (“Spirit” or the “Company”), a net lease real estate investment trust (REIT) that invests in single-tenant, operationally essential real estate, today announced that its operating partnership, Spirit Realty, L.P. (the “operating partnership”), has priced its previously announced private offering of $300.0 million aggregate principal amount of its 4.450% senior notes due 2026 (the “Notes”). The Notes priced at 99.378% of the principal amount, and the offering is expected to close on August 18, 2016.  The Notes will be fully and unconditionally guaranteed by the Company. The operating partnership

Communications Sales & Leasing, Inc. Reports 2016 Second Quarter Financial Results

Revenues of $188.6 million for the quarter Net loss of $0.02 per diluted common share AFFO per diluted common share of $0.66 for the quarter Closed acquisition of PEG Bandwidth Announced expected acquisition of Tower Cloud Completed disposition of Windstream’s retained stake LITTLE ROCK, Ark., Aug. 11, 2016 (GLOBE NEWSWIRE) — Communications Sales & Leasing, Inc. (“CS&L” or the “Company”) (Nasdaq:CSAL) today announced its financial results for the second quarter of 2016. SECOND QUARTER RESULTS Revenues for the second quarter of 2016 were $188.6 million. Net loss and Adjusted EBITDA was $1.5 million and $171.6 million, respectively. PEG Bandwidth (“PEG”)