• Nov. 14, 2016, 7:19 PM
    • Equity One (NYSE:EQY) +14.2% AH after Regency Centers (NYSE:REG) agrees to acquire the company in a deal valued at ~$5B, creating the largest shopping center REIT by market cap.
    • Under the terms of the deal, each EQY share will be converted into 0.45 shares of newly issued REG shares; following the closing of the transaction, REG shareholders would own ~62% of the combined company's equity, and former EQY shareholders would own the rest.
    • The merger will create a national portfolio of 429 properties encompassing more than 57M sq. ft.
    Nov. 14, 2016, 7:19 PM | 2 Comments
  • May 14, 2015, 4:49 PM
    • The team at Wells Fargo finds seven REITs most at risk of a takeover, writes Jake Mooney at SNL Financial. What they have in common are sustained discounts to NAV, market caps less than $5B, and relatively low debt ratios - important because it allows added leverage without violating debt covenants.
    • At risk? The higher debt loads following a privatization could be harmful to existing bondholders. Stockholders, of course, might feel differently.
    • The seven: Mack-Cali (NYSE:CLI), Education Realty Trust (NYSE:EDR), Equity One (NYSE:EQY), Healthcare Realty (NYSE:HR), Retail Opportunity Investments (NASDAQ:ROIC), Post Properties (NYSE:PPS), and Washington Real Estate (NYSE:WRE).
    • In the right environment, why limit candidates to smaller REITs? Stifel's Daniel Bernstein suggests Ventas (NYSE:VTR) could go for the equivalent of a 5% cap rate or $90 per share, given Blackstone paid a 6.2% cap rate for Excel Trust, and Associated Estates sold with a cap rate below 5%. Similar cap rates would produce tasty premiums for HCP, Health Care REIT (NYSE:HCN), Healthcare Realty Trust (HR), and Healthcare Trust of America (NYSE:HTA).
    May 14, 2015, 4:49 PM | 18 Comments
  • Sep. 26, 2011, 4:25 PM

    Shopping center REIT Equity One (EQY) announces it's selling 36 shopping centers to a Blackstone (BX) fund for $473.1M. As of June 30, the assets generated annual net income of $35.4M, and had mortgage loans with a principal balance of $177.4M.

    Sep. 26, 2011, 4:25 PM