Tag Archives: NOI

Business, Finance, Occupation & Industry

American Spectrum Realty Announces Second Successful Loan Refinance in First Quarter 2013

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By Business Wirevia The Motley Fool

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American Spectrum Realty Announces Second Successful Loan Refinance in First Quarter 2013

HOUSTON–(BUSINESS WIRE)– American Spectrum Realty, Inc. (NYSE MKT:AQQ), a real estate investment, management and leasing company headquartered in Houston, Texas, announced today that it has successfully negotiated a new loan for Northwest Spectrum Plaza located at 11755 West Little York in Houston, TX.

American Spectrum Realty Advisors, LLC (“ASRA“) secured a new fixed rate for the new loan of $4,500,000, which was approximately 75 percent of the appraised value. The new loan paid in full the existing loan which was set to mature in April of approximately $2,500,000. The excess funds were used for other current liabilities and working capital. Northwest Spectrum Plaza is a two building retail center containing 48,000 square feet and is currently 92% leased. Northwest Spectrum Plaza was acquired in 2007 for approximately $3.8 million.

Aggressive marketing initiatives and creative leasing strategies resulted in significantly increased occupancy, revenue growth, and NOI. These combined efforts increased the appraised value of the property significantly allowing American Spectrum to successfully negotiate a new loan on more favorable terms. The transaction closed on March 28, 2013.

This refinance is a prime example of how ASRA provides creative solutions to outperform the market and grow the value of each asset under management. Our vast experience and market insight provides a strategic, proactive, long term solution to investment challenges. ASRA offers a turn-key approach that is committed to maximizing financial performance.


About American Spectrum

American Spectrum Realty, Inc. is a real estate investment company that owns interest in office, industrial, self-storage, retail, student-housing, and multi-family properties throughout the United States. The company has been publicly traded since 2001.

American Spectrum Management Group, Inc. is a wholly-owned subsidiary of the Company that manages and leases all properties owned by American Spectrum Realty, Inc. as well as third-party clients. ASMG provides first-class management and leasing services for office, industrial, retail, self-storage, student housing, and multi-family properties, totaling over 11 million square feet in multiple states. For more information on what ASMG can do for your properties, visit www.asrmanagement.com or call 888-315-2776.

Certain matters discussed in this release are forward-looking statements that are subject to risks …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Landmark Apartment Trust of America to Acquire Management Operations of Elco Landmark Residential Ho

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By Business Wirevia The Motley Fool

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Landmark Apartment Trust of America to Acquire Management Operations of Elco Landmark Residential Holdings

– Transaction fully internalizes property management operations and eliminates certain payments for management services –

RICHMOND, Va.–(BUSINESS WIRE)– Landmark Apartment Trust of America, Inc. (the “Company” or “LATA“), a multifamily real estate investment trust (REIT) with assets located in select metropolitan areas throughout the Southern United States, today announced the acquisition of the management operations, including certain property management contracts, of Elco Landmark Residential Holdings LLC and its affiliates (“ELRH“) for approximately $30 million and the assumption of certain liabilities, subject to certain earn-outs and clawback rights as described below. The assets LATA is acquiring from ELRH include the following:

  • The elimination of property management services on 22 assets consisting of 6,433 units either owned by or soon to-be-owned by LATA , which were contributed to LATA as part of the $536.5 million recapitalization transaction it completed with ELRH on August 6, 2012;
  • Property management contracts on additional assets that are currently owned and managed by ELRH; and
  • Property management contracts on a to-be-determined number of assets related to ELRH‘s private label arrangement with Timbercreek Asset Management as manager of the Timbercreek U.S. Multi-Residential Opportunity Fund, which Fund was formed to acquire and operate assets identified for purchase by ELRH that may be contributed to LATA in the future. The consideration for this portion of the transaction is variable and structured as an earn-out based on the ultimate size of the fund.

Commenting on the transaction, Joseph Lubeck, Executive Chairman, commented, “This transaction is the next step in our overall business plan to grow the Company, which began with our recapitalization transaction last August, while creating increased shareholder value.”

Stanley Olander, CEO said “The strategic acquisition of ELRH‘s management operations fully internalizes LATA‘s property management operations, allowing it to eliminate the management services currently provided by ELRH associated with the properties currently owned by LATA, resulting in an increase in each property’s net operating income (NOI) and enhancing the Company’s overall value.”

Consideration for the transaction will be a combination of LATA operating partnership units and notes payable to ELRH, subject to certain adjustments and clawbacks, including in the event that any of the ELRH-owned assets are not contributed to LATA in the future. Additionally, there is …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

American Spectrum Realty Announces Successful Completion of a New Loan Refinance for Windrose Shoppi

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By Business Wirevia The Motley Fool

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American Spectrum Realty Announces Successful Completion of a New Loan Refinance for Windrose Shopping Center

HOUSTON–(BUSINESS WIRE)– American Spectrum Realty, Inc. (NYSE MKT:AQQ), a real estate investment, management and leasing company headquartered in Houston, Texas, announced today that it has successfully negotiated a new loan for Windrose Shopping Center located at 20423 Kuykendahl Road in Houston, TX.

American Spectrum Realty Advisors, LLC (“ASRA”) secured a new fixed rate for the loan of $3,500,000, which was approximately 70 percent of the appraised value. The original loan of $2,450,000 was set to mature in April of 2013. The excess funds were used for tenant improvement projects, leasing costs, and working capital. The shopping center is currently 100% leased with 75% leased to medical related tenants for five to ten year terms with escalating base rental rates on a triple net basis. Windrose was acquired in 2007 from Atari for approximately $3.8 million.

Aggressive marketing initiatives and creative leasing strategies resulted in significantly increased occupancy, revenue growth, and NOI. These combined efforts increased the appraised value of the property significantly allowing American Spectrum to successfully negotiate a new loan on more favorable terms. The transaction closed on Friday March 1, 2013.

American Spectrum offers a turn-key approach to asset management that is committed to maximizing financial performance. Our vast experience and market insight provides a strategic, proactive, long term solution to investment challenges. American Spectrum provides creative solutions that outperform the market and grow the value of each asset under its management.


About American Spectrum

American Spectrum Realty, Inc. is a real estate investment company that owns interest in office, industrial, self-storage, retail, student-housing, and multi-family properties throughout the United States. The company has been publicly traded since 2001.

American Spectrum Management Group, Inc. is a wholly-owned subsidiary of the Company that manages and leases all properties owned by American Spectrum Realty, Inc. as well as third-party clients. ASMG provides first-class management and leasing services for office, industrial, retail, self-storage, student housing, and multi-family properties, totaling over 11 million square feet in multiple states. For more information on what ASMG can do for your properties, visit www.asrmanagement.com or call 888-315-2776.

Certain matters discussed in this release are forward-looking statements that are subject to risks …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

MCG Capital Corporation Reports Fourth Quarter 2012 and Annual Results and Distribution of $0.125 Pe

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By Business Wirevia The Motley Fool

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MCG Capital Corporation Reports Fourth Quarter 2012 and Annual Results and Distribution of $0.125 Per Share

ARLINGTON, Va.–(BUSINESS WIRE)– MCG Capital Corporation (NAS: MCGC) (“MCG,” “we,” “our,” “us” or the “Company”) announced today its financial results for the fourth quarter and year ended December 31, 2012. We will host an investment community call today, March 5, 2013, at 10:00 a.m. (Eastern Time). Slides and financial information to be reviewed during the investor conference call will be available on MCG‘s website at http://www.mcgcapital.com prior to the call.

HIGHLIGHTS

  • Net operating income, or NOI, was $5.1 million, or $0.07 per share, for the fourth quarter. NOI for the full year was $18.8 million, or $0.25 per share;
  • Net income was $6.4 million, or $0.09 per share, for the fourth quarter. Net income for the full year was $5.0 million, or $0.07 per share;
  • In the fourth quarter, we incurred transition costs of $2.1 million, or $0.03 per share, including $1.6 million, or $0.02 per share, included in operating expenses and $0.5 million, or $0.01 per share, of realized losses. For the year, we incurred transition costs of $9.3 million, or $0.13 per share, including $8.8 million, or $0.12 per share, included in operating expenses and $0.5 million, or $0.01 per share, of realized losses.
  • During the fourth quarter, we funded $113.9 million of advances and originations, including $79.2 million to five new portfolio companies. For the full year, we funded $162.0 million of advances and originations, including $115.3 million to eight new portfolio companies;
  • During the fourth quarter, we monetized $0.6 million of our equity investments and $80.3 million of our debt portfolio. For the full year, we monetized $65.0 million of our equity investments and $347.2 million of our debt portfolio;
  • At December 31, 2012, we had $121.1 million of cash on-hand to make new investments using unrestricted cash and restricted cash from our SBIC. In addition, we had $24.3 million in securitization accounts and other restricted cash accounts; and
  • Under our stock repurchase program, we repurchased and retired 1,062,160 shares of our common stock during the fourth quarter at a total cost of $4.8 million …read more
    Source: FULL ARTICLE at DailyFinance