REITs That Have Stopped Dead in Their Tracks

It isn't shocking that residential or apartment REITs such as Colonial Properties or UDR have completely stopped developments for 2009. Of note here is that ProLogis, an industrial REIT is doing the same:

From Colonial Properties Trust Q408 conference call: (CLP)

We are postponing our developments [in 2009].

From UDR Inc.’s Q408 conference call: (UDR)

We do not have any planned acquisitions for 2009… we do not have any new construction starts planned for 2009.

From ProLogis Inc. Q408 conference call: (PLD)

We halted virtually all new developments starts moving forward. We also stopped all early stage development, which resulted in a reduction in future funding obligations of $444 million.

Office REITs indicate only slowing development, so far. From Mack-Cali Realty Corp.'s Q408 conference call: (CLI)

There are also fewer new deals in the market and based on volume, our 160,000 square feet of initial transactions is about 60% below our eight quarter average.

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Comments

[VA Homeowner:]

Its not just the big players. Who was it that said "you'll see more and more development companies with an operating portfolio transition to operating companies with a development capacity..."

Feb 13 10:13 AM

[BerkeleyBob:]

At present values and the relatively strong balance sheet, I have a small position in PDL-F (preferred). Good return. The common, which I had held for several years, I took my loss on last year.

Feb 13 02:20 PM

[Bla Bla:]

The Bla-Bla-Obama administration, a Freak Show, will kill the housing industry.

BlaBlaObama.com

Feb 13 03:53 PM

[Alok Swain:]

BerkeleyBob did you mean PLD preferred instead of PDL-F


On Feb 13 02:20 PM BerkeleyBob wrote:

> At present values and the relatively strong balance sheet, I have
> a small position in PDL-F (preferred). Good return. The common, which
> I had held for several years, I took my loss on last year.

Feb 13 04:56 PM

[Urbane Gori...:]

As a homeowner and landlord, my recollection is that I lost about 50% of my equity during the last administration. I think Obama's doing a pretty good job of cleaning up behind Dubya. Too bad the GOP is more concerned with posing and cares so little about you and me that they are stonewalling the Stimulus process. Just saw that the House bill passed without any GOP votes.

jegan (ex-GOP lifelong voter)


On Feb 13 03:53 PM Bla Bla wrote:

> The Bla-Bla-Obama administration, a Freak Show, will kill the housing
> industry.
>
> BlaBlaObama.com

Feb 13 05:46 PM

[James Wilson:]

Same here ! I withdrew what little was left after these theives in the funds did me in and I have regained all I lost plus abotu 60k. This proves that if your actually trying anyone can make money in the stock market. I had little experience and had not traded stocks in years. The last trades I made were to sell Palm short after they brought the Black Berry to the market. At the time that was a rich man toy. I figured over time it would be good but not right then.
I made enough to stop trading and let a fund take care of it.

Here I am again just getting back to where I was in 1995.

I would trust my money with a Bald blind toothless disease ridden monkyee before ever trusting a broker, agent or fund manager again.


On Feb 13 05:46 PM jegan ;-) wrote:

> As a homeowner and landlord, my recollection is that I lost about
> 50% of my equity during the last administration. I think Obama's
> doing a pretty good job of cleaning up behind Dubya. Too bad the
> GOP is more concerned with posing and cares so little about you and
> me that they are stonewalling the Stimulus process. Just saw that
> the House bill passed without any GOP votes.
>
> jegan (ex-GOP lifelong voter)

Feb 14 01:05 AM

[I hate Fox ...:]

What housing industry is there left to kill?

With the 13 backlog of used homes out there from the normal inventory, foreclosure sales and people who lave lost their jobs, the very last thing the real estate market needs is "new houses".

You can't seriously expect anyone to give you more credibility that Joe the almost-plumber if that is your opening argument....

If you expect anyone to overlook the devastation resulting from the policies of the last 8 years you must be talking to one of those guys that lost the last election.

Turn off Hannity, pick up your tools and get your sorry butt to a renovation or remodel job to improve a used home to sell and be part of the solution, not the probelm....

I am proud to be an Amercian, but am absolutely ashamed of the government representing me for the last 8 years. You had your salad days, I hope you saved some of it...

Feb 24 07:28 PM