Entries tagged "REITs"
Kimco Realty sees a rough road ahead with its reliance on struggling retailers but hopes its latest restructurings that include its possible asset sales will get it by until business picks up again.
With retailers in trouble and both companies deep in debt, Simon and Kimco are following the same roadmap General Growth did to bankruptcy.
The New York-based REIT recorded a $216.9 million fourth-quarter net loss, but revenues also rose 5% to $696 million.
Remember the old adage, don't put all your eggs in one basket? Well, that's one that executives at real estate investment trust Maguire Holdings Inc. didn't listen to. The Los Angeles-based REIT borrowed heavily over the last five years to the tune of $5 billion to become downtown Los Angeles' biggest office landlord, with its only property outside Southern California being the 52-story Wells Fargo Center in Denver (pictured at right). Now, drowning in debt with the real estate sector in a slowdown, Maguire is trying to dig itself out of its hole with the planned sale of its 105-acre...
General Growth Properties Inc. [GGP] has lived up to its name in the recent real estate run-up, expanding to the second-largest mall owner in the U.S. The problem is the company has accumulated $18.7 billion in debt over the last couple of years to fuel its growth, and the bill will be due over the next four years, The Wall Street Journal reports. The company now is looking to unload some assets to pay for its upcoming bills....
