In case you missed it: Foreclosures rise in August, Equinix pursues REIT conversion
Sep 14, 2012
Now that fall is upon us and we’re starting to settle back into our routines, take some time to wind down and read up on the latest news in the commercial real estate industry.
CNNMoney: Foreclosures Rise in August
Foreclosure filings rose in August to 193,508 properties, an increase of 1 percent compared to July. Despite August’s increase, filings were still 15 percent lower than the year-earlier period. Filings have increased primarily in the judicial states such as New Jersey, New York and Maryland, and have fallen in non-judicial states such as California, Arizona, and Nevada. On the bright side, bank repossessions have declined for the 22nd consecutive month. Jump over to CNNMoney for the full details.
Wall Street Journal: Lehman Is Looking to Get Out of Austin
More than five years after their $1.2 billion deal on Austin’s top office buildings, Lehman Brothers Holdings Inc. is in talks to sell their portfolio of eight office buildings in Texas City to one of their partners Thomas Properties Group Inc. Lehman is selling the portfolio at a time when office-building prices have risen due to an increase in technology companies. The three million-square-foot portfolio includes five buildings in downtown Austin. As of June 30, the occupancy of the eight properties in their portfolio ranged from 64 percent to 92 percent. Click through to get the full scoop.
NASDAQ: Equinix Board OKs Plan To Pursue REIT Conversion
Equinix’s Board has approved plans for the company to pursue conversion to a real estate investment trust. Equinix expects to be REIT status for its taxable year beginning January 1, 2015. Steve Smith, Chief Executive of Equinix, said that the company is on target to generate over $3 billion in annual revenue by 2015. If the conversion is successful, Equinix expects to incur $50 million to $80 million in costs to support the conversion process, and an additional compliance cost of $5 million to $10 million. Head over to NASDAQ for more on this story.
What’s been on your radar the last week? Let us know in the comments.
Author: Raymond T. Cirz