BIRMINGHAM, Ala.–(BUSINESS WIRE)– Colonial Properties Trust (NYSE:CLP – News) announces that it has entered into an agreement providing for an option to sell certain multifamily assets.
The agreement provides for the potential sale of up to 5,659 apartment homes for an aggregate purchase price of approximately $338 million. The portfolio of properties includes 18 apartment communities located in Georgia, North Carolina, Texas and Virginia and has an average age of 25 years, and would represent a sales cap rate of approximately 6.0%. The company’s 90/10 multifamily/commercial portfolio mix target remains unchanged. Our on-going strategy is to recycle older multifamily assets to improve the multifamily portfolio’s average age, margin and capital expenditure requirements. Under the terms of the agreement, the transaction will only be completed if the company is able to identify reinvestment opportunities for the sales proceeds. In addition, the agreement provides the company with the option to cancel the contract at any point in time upon a termination payment of $250,000 to reimburse the buyer for due diligence costs. The sale of units is also subject to satisfaction of customary closing conditions. No assurance can be given that the company will complete the sale of any units under this agreement.
Monthly Archives: July 2011
Oops, looks like expectations don’t matter as much as outcomes. Enjoy the sell off, suckers…
NEW YORK (AP) — The nation’s crude oil and gasoline supplies grew last week, according to government data released Wednesday.
Crude supplies increased by 2.3 million barrels, or 0.7 percent, to 354 million barrels, which is 1.9 percent below year-ago levels, the Energy Department’s Energy Information Administration said in its weekly report.
Analysts expected a drop of 2.3 million barrels for the week ended July 22, according to Platts, the energy information arm of McGraw-Hill Cos.
Gasoline supplies rose by 1 million barrels, or 0.5 percent, to 213.5 million barrels. That was more than analysts expected and 3.9 percent below year-ago levels.
Demand for gasoline over the four weeks ended July 22 was 3.3 percent lower than a year ago, averaging nearly 9.1 million barrels a day.
U.S. refineries ran at 88.3 percent of total capacity on average, a drop of 2 percentage point from the prior week. Analysts expected capacity to rise to 90.5 percent.
Supplies of distillate fuel, which include diesel and heating oil, rose by 3.4 million barrels to 151.8 million barrels. Analysts expected distillate stocks to increase by 1.8 million barrels.
Crude prices fell $2.10, or 2.1 percent, to $97.49 per barrel in morning trading on the New York Mercantile Exchange.
LNKD – LinkedIn initiated with a Market Perform at William Blair
SBUX – Starbucks upgraded to Buy from Neutral at Janney Montgomery Scott
OCR – Omnicare target raised to $38 from $36 at Stifel Nicolaus
NSC – Norfolk Southern upgraded to Outperform from Market Perform at Wells Fargo
BWLD – Buffalo Wild Wings upgraded to Outperform from Market Perofrm at Raymond James
PETM – PETsMART upgraded to Overweight from Neutral at Piper Jaffray
CEVA – Ceva tgt raised to $33 from $30 at Chardan Capital Markets
KEYN – Keynote Systems target raised to $29 from $26 at Northland Securities
AKS – AK Steel upgraded to Buy from Fair Value at CRT Capital
LVS – Las Vegas Sands target raised to $58 from $55 at Stifel Nicolaus
SCHW – Charles Schwab downgraded to Neutral at Ticonderoga
RRC – Range Resources downgraded to Hold at KeyBanc Capital Mkts
STM – STMicroelectronics downgraded to Hold from Buy at Deutsche Bank
IR – Ingersoll-Rand downgraded to Hold from Buy at Argus
JNPR – Juniper Networks removed from Conviction Buy List at Goldman
JEC – Jacobs target lowered to $55 from $60 at Stifel Nicolaus
JNPR – Juniper Networks target lowered to $37 from $39 at Stifel Nicolaus
RATE – Bankrate initiated with a Neutral at JP Morgan
RFMD – RF Micro Device upgraded to Buy from Hold at Craig HallumComments »
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