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Volume 3 - Number 16 | August 16, 2005
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TOP STORY: Aussies, Americans JV for Mervyns Portfolio Buy
By Michelle Napoli
US REIT Developers Diversified Realty Corp. and Australia Stock Exchange-listed Macquarie DDR Trust have teamed up to buy a 2.74 million-sf portfolio of Mervyns stores; the deal is expected to close in September. While technically the operating company that sold the real estate assets is a different entity than the one leasing them back from the JV, the transaction effectively functions as a sale-leaseback.
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INSIDER: Lease Restatements: Another SOX One-Two Punch
By Mindy Berman
As senior managing director at 42 North Structured Finance Inc. in Boston, Mindy Berman is well-acquainted with the challenges in Sarbanes-Oxley and its effects on generally accepted accounting principles, or GAAP. In this guest column, Berman addresses how those factors influence lease restatements.
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Newkirk Files for IPO as Net-Lease REIT
By Michelle Napoli
Time to add another name to the growing roster of net-lease REITs: Newly formed Newkirk Realty Trust Inc., which plans a $460-million IPO and to qualify as a New York Stock Exchange-traded real estate investment trust. The price of the shares has not yet been disclosed, but the offering is being underwritten by Bear, Stearns & Co. and Credit Suisse First Boston.
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Spirit Finance Issues $441M of Net-Lease Mortgage Notes
By Michelle Napoli
Through a wholly owned subsidiary, Spirit Finance Corp. has issued $441.3 million of privately placed net-lease mortgage notes. The notes, rated AAA by Standard & Poor's Ratings Services and Aaa by Moody's Investors Service, encompass $183 million of class A-1 amortizing notes bearing annual interest of 5.05%, as well as $258.3 million of class A-2 interest only notes bearing annual interest of 5.37%; both classes are due in 2020. An insurance policy issued by Ambac Assurance Corp. guarantees payments on the notes.
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