Broadstone Net Lease Acquires Property Leased by Wegmans via UPREIT Transaction

February 9, 2016 0

ROCHESTER, N.Y., Feb. 09, 2016 (GLOBE NEWSWIRE) — Broadstone Net Lease (BNL), a private real estate investment trust (REIT) managed by Broadstone Real Estate, LLC, continues to grow its national portfolio of triple-net leased properties. Today, BNL announced the acquisition of a property tenanted by Wegmans Food Markets, Inc. via an UPREIT transaction for a gross contribution value of $27 million.

The property, located in Sterling, Virginia, is less than three miles from Washington Dulles International Airport, in close proximity to Washington, DC, and currently leased by Wegmans. BNL is excited about the opportunity to add Wegmans to its impressive list of retail tenants.  Headquartered in Rochester, NY, Wegmans is a 100-year old family-owned supermarket chain with locations throughout the mid-Atlantic and New England, and is consistently ranked as one of Fortune Magazine’s “100 Best Companies to Work For”.

UPREIT transactions, (where “UPREIT” stands for Umbrella Partnership REIT), provide a tax deferred exit strategy for owners of real estate who might otherwise recognize a significant taxable gain in a cash sale of a highly appreciated property with a low tax basis. As a result of this transaction, the seller of the property contributed nearly $7.2 million out of the total $27 million contribution amount into the operating partnership of BNL‚ enabling the owner to exchange low cost-basis real estate for an interest in a professionally managed portfolio that is diversified by geography, property type, tenant, and lease duration. Tones Vaisey, PLLC represented BNL in this UPREIT transaction.

As residents of Rochester, NY, our team has extensive experience with and admiration for the Wegmans brand, management team, and family-oriented culture.  We’re thrilled to add this Washington DC-area property to our portfolio,” said Amy Tait, Chairman and CEO of Broadstone Real Estate. “Our acquisitions pipeline for 2016 remains quite strong, with more than $250 million of property under contract or Letter of Intent, and our access to debt and equity capital positions BNL as a buyer of choice in the marketplace. By focusing on real estate fundamentals and the underwriting of credit-worthy tenants, our team has managed to construct a portfolio that is 100% leased.  We look forward to announcing additional acquisitions throughout 2016.”

About Broadstone Net Lease:

Broadstone Net Lease invests in freestanding, single-tenant, triple-net leased properties located throughout the United States, primarily via sale and leaseback transactions. With a diversified portfolio of 344 medical, industrial and retail properties in 34 states, the REIT targets individual or portfolio acquisitions within the $10 to $200+ million range.

There are currently more than 1,500 shareholders in BNL, which is externally managed by Broadstone Real Estate, LLC. BNL remains open for new investment by accredited investors on a monthly basis, with a minimum investment of $500,000. Shares are offered via private placement.

CONTACT: Media Contact: Emma BlissMarketing CoordinatorEmma.Bliss@Broadstone.com585.287.6479

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30-Year Fixed Mortgage Rates Continue to Fall; Current Rate is 3.43%, According to Zillow Mortgage Rate Ticker

February 9, 2016 0

SEATTLE, Feb. 09, 2016 (GLOBE NEWSWIRE) — The 30-year fixed mortgage rate on Zillow® Mortgages is currently 3.43 percent, down seven basis points from this time last week. The 30-year fixed mortgage hovered around 3.47 percent for most of the week before falling to the current rate.

“Mortgage rates fell last week to their lowest levels since May 2013 due to continuing financial market turmoil, concern about oil prices, and shifting central bank policies overseas,” said Erin Lantz, vice president of mortgages at Zillow. “Financial market developments should continue to dominate headlines this week, as well as expected Congressional testimony by Fed Chair Janet Yellen. Rates could move lower if her comments are more dovish than expected.”

Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.

The rate for a 15-year fixed home loan is currently 2.66 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.59 percent.  

Below are current rates for 30-year fixed mortgages by state. Additional states’ rates are available at:

  State Current


Fixed Rate

Last Week’s


Fixed Rate

Change in


   California Mortgage Rates   3.42 %   3.50 % -8  
   Colorado Mortgage Rates   3.43 %   3.51 % -8  
   Florida Mortgage Rates   3.41 %   3.51 % -10  
   Illinois Mortgage Rates   3.46 %   3.52 % -6  
   Massachusetts Mortgage Rates            3.43 %   3.55 % -12  
   New Jersey Mortgage Rates   3.47 %   3.52 % -5  
   New York Mortgage Rates   3.42 %   3.52 % -10  
   Pennsylvania Mortgage Rates   3.40 %   3.50 % -10  
   Texas Mortgage Rates   3.43 %   3.49 % -6  
   Washington Mortgage Rates   3.40 %   3.52 % -12  


About Zillow Mortgages

Zillow Mortgages, operated by Zillow, Inc., is a free, open, and transparent lending marketplace, where borrowers connect with lenders to find loans and get the best mortgage rates.  Borrowers anonymously submit loan requests and receive an unlimited number of custom mortgage quotes with real rates directly from thousands of competing lenders.  Zillow Mortgages also provides mortgage calculators, mortgage advice, mortgage widgets, and lender directories

Zillow is a registered trademark of Zillow, Inc.


Media Contact: Catharine Neilson,

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Liberty Property Trust Announces Fourth Quarter and Full Year Results

February 9, 2016 0

Fourth quarter highlights include:

  • Funds from Operations $0.65 per share
  • 2.5 million square feet of non-core, suburban office and flex properties sold for $265 million
  • $75 million in developments delivered at a yield of 7.9%
  • $108 million in new developments started at a projected stabilized yield of 8.5%
  • Same store operating income increased by 2.6% over the 2014 fourth quarter
  • Same store operating income for the industrial distribution portfolio increased by 6.5% over the 2014 fourth quarter
  • Industrial distribution rents increased 8.8%
  • 197,000 shares repurchased for $6.3 million, an average price of $32.18 per share

Full year highlights include:

  • Funds from Operations $2.69 per share
  • Six million square feet of properties sold for $562 million
  • $251 million in developments delivered at a yield of 8.2%
  • $518 million in new developments started at a projected yield of 8.1%
  • Same store operating income increased by 2.4% over 2014
  • Same store operating income for the industrial distribution portfolio increased by 5.0% over 2014
  • Industrial distribution rents increased by 9.4%
  • 2.3 million shares repurchased for $71.8 million, an average share price of $30.90 per share

MALVERN, Pa., Feb. 09, 2016 (GLOBE NEWSWIRE) — Liberty Property Trust reported that funds from operations available to common shareholders (diluted) (“FFO”) for the fourth quarter of 2015 was $0.65 per share, compared to $0.67 per share for the fourth quarter of 2014. For the year ended December 31, 2015, FFO per share was $2.69, compared to $2.48 for 2014.

Net income per share (diluted) was $0.54 for the fourth quarter of 2015 and $0.55 for the fourth quarter of 2014. Net income per share (diluted) for the full year 2015 was $1.60, compared with $1.47 for 2014.

“Even though the year has started with choppy financial markets, we continue to benefit from a very strong real estate market and we expect 2016 to be another very good year. This strength manifests itself in outstanding opportunities for leasing and development in our industrial portfolio and strong demand from the investment buyer universe. In addition, we continue to be encouraged by the strengthening office market in a resurgent Philadelphia,” said Bill Hankowsky, chairman, president, and chief executive officer.

Portfolio Performance

Occupancy: At December 31, 2015, Liberty’s in-service portfolio of 104 million square feet was 93.7% occupied, compared to 93.2% at the end of the third quarter of 2015. During the quarter, Liberty completed lease transactions totaling 7.0 million square feet of space. Liberty leased 29.2 million square feet of space in 2015.

Same Store Performance: Property level operating income for same store properties increased by 0.9% on a cash basis and by 2.6% on a straight line basis for the fourth quarter of 2015 compared to the same quarter in 2014 and increased by 1.6% on a cash basis and 2.4% on a straight line basis for the full year 2015 compared to 2014.

Real Estate Investments

Development Deliveries: In the fourth quarter, Liberty brought into service five development properties for a total investment of $75.3 million. The properties contain 678,000 square feet of leasable space and were 98.6% occupied as of the end of the quarter. The yield on these properties at December 31, 2015 was 7.9%.

Development Starts: In the fourth quarter, Liberty began development of five properties totaling 806,000 square feet of leasable space at a projected investment of $107.6 million. The properties include 311,000 square feet of office space that is 79% pre-leased and 496,000 square feet of industrial buildings for inventory:

  • 4485 Premier Drive, High Point, North Carolina, a 140,000 square foot distribution building, 57% pre-leased.
  • 3225 and 3525 Gravel Springs Road in Buford, Georgia, two distribution buildings totaling 356,000 square feet
  • 1050 Constitution Avenue, a 175,000 square foot office build-to-suit at The Navy Yard in Philadelphia, 100% leased
  • 1930 West Rio Salado Parkway, Tempe, Arizona, a 136,000 square foot office building, 51% pre-leased.

Acquisitions: In the fourth quarter, Liberty acquired one industrial property in Shakopee, Minnesota, for $11.0 million. The 198,000 square foot distribution building was vacant as of December 31, 2015 and is expected to yield 7.3% at stabilization.

Real Estate Dispositions

During the fourth quarter, Liberty sold 45 operating properties which contained 3.2 million square feet of leasable space and 20.4 acres of land for $300.3 million. These properties were 87.0% leased at the time of sale. In addition, a joint venture in which Liberty holds a 25% interest sold one property, which contained 80,000 square feet of leasable space, for $5.0 million. The property was 38.5% leased at the time of sale.

Capital and Balance Sheet Activity

During the fourth quarter Liberty prepaid in full, without penalty, a $59.7 million, 7.5% mortgage loan due March 1, 2016 and satisfied $16.0 million in 3.4% unsecured notes due December 1, 2015.

Liberty also repurchased 197,000 common shares for $6.3 million, an average price of $32.18 per share.

About the Company

Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior office and industrial properties. Liberty’s 104 million square foot portfolio includes 691 properties which provide office, distribution and light manufacturing facilities to 1,600 tenants. 

Additional information about the company, including Liberty’s Quarterly Supplemental Package with detailed financial information is available in the Investors section of the Company’s web site at If you are unable to access the web site, a copy of the supplemental package may be obtained by contacting Liberty by phone at 610-648-1704, or by e-mail to

Liberty will host a conference call during which management will discuss fourth quarter and full year results, on Tuesday, February 9, 2016, at 1 p.m. Eastern Time.  To access the conference call, please dial 855-277-7530. The passcode needed for access is 70954606. A replay of the call will be available until March 9, 2016, by dialing 1-855-859-2056 using the same passcode as above. The call can also be accessed via the Internet on the Investors page of Liberty’s web site at

The statements contained in this press release may include forward-looking statements within the meaning of the federal securities law.  These forward-looking statements include statements relating to, among others things, achievement of strategic targets, expectations for our operating results, business and financial condition, business and our growth prospects, as well as statements that are generally accompanied by words such as “believes,” “anticipates,” “expects,” “estimates,” “should,” “seeks,” “intends,” “proposed,” “planned,” “outlook,” “remain confident,” and “goal” or similar expressions. Although Liberty believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved.  As forward-looking statements, these statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the expected results.  These risks, uncertainties and other factors include, without limitation, uncertainties affecting real estate business generally (such as entry into new leases, renewals of leases and dependence on tenants’ business operations), risks relating to the integration of the operations of entities that we have acquired or may acquire, risks relating to our plans for disposing of certain properties, risks relating to financing arrangements and sales of securities, possible environmental liabilities, risks relating to leverage and debt service (including availability of financing terms acceptable to the company and sensitivity of the company’s operations and financing arrangements to fluctuations in interest rates), dependence on the primary markets in which the company’s properties are located, the existence of complex regulations relating to status as a REIT and the adverse consequences of the failure to qualify as a REIT, risks relating to litigation, including without limitation litigation involving entities that we have a acquired or may acquire, and the potential adverse impact of market interest rates on the market price for the company’s securities, and other risks and uncertainties detailed in the company’s filings with the Securities and Exchange Commission.  The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

 Liberty Property Trust 
 Statement of Operations 
December 31, 2015
 (Unaudited and in thousands, except per share amounts) 
       Quarter Ended     Year Ended   
      December 31, 2015   December 31, 2014   December 31, 2015   December 31, 2014  
 Operating Revenue                   
 Rental    $   143,204     $   146,726     $   584,165     $   568,346    
  Operating expense reimbursement       56,178         56,959         224,608         224,285    
   Total operating revenue        199,382         203,685         808,773         792,631    
 Operating Expenses                   
 Rental property       33,728         34,397         132,702         138,124    
 Real estate taxes        26,831         26,002         105,410         101,814    
 General and administrative       17,282         15,250         68,710         63,327    
 Depreciation and amortization        55,228         58,759         226,575         231,943    
 Impairment – real estate assets        1,126         117         18,244         117    
   Total operating expenses        134,195         134,525         551,641         535,325    
   Operating Income        65,187         69,160         257,132         257,306    
 Other Income/Expense                   
 Interest and other income        4,952         5,883         22,863         17,669    
 Interest expense        (32,484 )       (36,252 )       (135,779 )       (151,887 )  
   Total other income/expense        (27,532 )       (30,369 )       (112,916 )       (134,218 )  
 Income before gain on property dispositions, income taxes, noncontrolling interest                   
  and equity in earnings of unconsolidated joint ventures        37,655         38,791         144,216         123,088    
 Gain on property dispositions        42,984         43,269         100,314         45,147    
 Income taxes        (620 )       (884 )       (3,233 )       (2,967 )  
 Equity in earnings of unconsolidated joint ventures        2,344         3,017         3,149         10,314    
          –         –         –         –    
 Income from continuing operations        82,363         84,193         244,446         175,582    
 Discontinued operations (including net gain on property dispositions of $339 and $46,631 for the quarter and year ended December 31, 2014, respectively)       –         306         –         48,581    
 Net Income        82,363         84,499         244,446         224,163    
   Noncontrolling interest – operating partnerships        (2,041 )       (2,088 )       (6,158 )       (5,706 )  
   Noncontrolling interest – consolidated joint ventures        (78 )       (73 )       (249 )       (547 )  
 Net Income available to common shareholders    $   80,244     $   82,338     $   238,039     $   217,910    
   Net income    $   82,363     $   84,499     $   244,446     $   224,163    
   Other comprehensive loss – foreign currency translation        (5,204 )       (9,226 )       (11,433 )       (14,415 )  
   Other comprehensive income (loss) – derivative instruments        1,051         (971 )       (488 )       (1,961 )  
 Comprehensive income        78,210         74,302         232,525         207,787    
   Less: comprehensive income attributable to noncontrolling interest        (2,022 )       (1,923 )       (6,127 )       (5,870 )  
 Comprehensive income attributable to common shareholders    $   76,188     $   72,379     $   226,398     $   201,917    
 Basic income per common share                   
   Continuing operations    $   0.55     $   0.55     $   1.61     $   1.16    
   Discontinued operations    $   –      $   0.01     $   –      $   0.32    
 Total basic income per common share    $   0.55     $   0.56     $   1.61     $   1.48    
 Diluted income per common share                   
   Continuing operations    $   0.54     $   0.55     $   1.60     $   1.15    
   Discontinued operations    $   –      $   –      $   –      $   0.32    
 Total diluted income per common share    $   0.54     $   0.55     $   1.60     $   1.47    
 Weighted average shares                   
   Basic        147,164         147,881         148,243         147,216    
   Diluted        147,730         148,519         148,843         147,886    
 Amounts attributable to common shareholders                   
   Income from continuing operations    $   80,244     $   82,039     $   238,039     $   170,471    
   Discontinued operations        –         299         –         47,439    
   Income available to common shareholders    $   80,244     $   82,338     $   238,039     $   217,910    


 Liberty Property Trust 
 Statement of Funds From Operations 
December 31, 2015
 (Unaudited and in thousands, except per share amounts) 
       Quarter Ended     Year Ended     
      December 31, 2015   December 31, 2014   December 31, 2015   December 31, 2014    
        Per      Per      Per      Per     
        Weighted     Weighted     Weighted     Weighted    
         Average       Average       Average       Average     
      Dollars Share   Dollars Share   Dollars Share   Dollars Share    
 Reconciliation of net income available to common shareholders to NAREIT FFO available to common shareholders – basic:                             
 Basic – income available to common shareholders    $  80,244   $  0.55     $  82,338   $  0.56     $ 238,039   $ 1.61     $  217,910   $   1.48      
 Depreciation and amortization of unconsolidated joint ventures        2,747           3,366          11,638         13,332        
 Depreciation and amortization       54,817          58,284         224,917          230,014        
 Gain on property dispositions / impairment – real estate assets of unconsolidated joint                             
  ventures       (11 )        –          11,305           (49 )      
 Gain on property dispositions / impairment – real estate assets      (41,858 )       (43,491 )       (82,070 )        (91,071 )      
 Noncontrolling interest share in addback for depreciation and amortization                             
   and gain on property dispositions / impairment – real estate assets        (367 )         (424 )         (3,845 )         (3,570 )      
 NAREIT Funds from operations available to common shareholders – basic  $  95,572   $  0.65     $ 100,073   $  0.68     $ 399,984   $  2.70     $  366,566   $   2.49      
 Reconciliation of net income available to common shareholders to NAREIT FFO available to common shareholders – diluted:                             
 Diluted – income available to common shareholders    $  80,244   $   0.54     $  82,338   $   0.55     $ 238,039   $  1.60     $ 217,910   $  1.47      
 Depreciation and amortization of unconsolidated joint ventures       2,747          3,366          11,638           13,332        
 Depreciation and amortization       54,817          58,284          224,917          230,014        
 Gain on property dispositions / impairment – real estate assets of unconsolidated joint                             
   ventures        (11 )        –          11,305           (49 )      
 Gain on property dispositions / impairment – real estate assets       (41,858 )        (43,491 )        (82,070 )        (91,071 )      
 Noncontrolling interest excluding preferred unit distributions        1,923           1,970           5,686           5,234        
 NAREIT Funds from operations available to common shareholders – diluted  $  97,862   $  0.65     $ 102,467   $  0.67     $  409,515   $  2.69     $  375,370   $   2.48      
 Reconciliation of weighted average shares:                             
 Weighted average common shares – all basic calculations       147,164          147,881          148,243          147,216        
 Dilutive shares for long term compensation plans        566           638           600           670        
 Diluted shares for net income calculations       147,730          148,519          148,843          147,886        
 Weighted average common units        3,539           3,554           3,540           3,554        
 Diluted shares for NAREIT Funds from operations calculations       151,269          152,073          152,383          151,440        
The Company believes that the calculation of NAREIT Funds from operations is helpful to investors and management as it is a measure of the Company’s operating performance that excludes depreciation and amortization and gains and losses from property dispositions.  As a result, year over year comparison of NAREIT Funds from operations reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, development activities, general and administrative expenses, and interest costs, providing perspective not immediately apparent from net income.  In addition, management believes that NAREIT Funds from operations provides useful information to the investment community about the Company’s financial performance when compared to other REITs since NAREIT Funds from operations is generally recognized as the standard for reporting the operating performance of a REIT.  NAREIT Funds from operations available to common shareholders is defined by NAREIT as net income (computed in accordance with generally accepted accounting principles (“GAAP”)), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. NAREIT Funds from operations available to common shareholders does not represent net income or cash flows from operations as defined by GAAP and does not necessarily indicate that cash flows will be sufficient to fund cash needs. It should not be considered as an alternative to net income as an indicator of the Company’s operating performance or to cash flows as a measure of liquidity. NAREIT Funds from operations available to common shareholders also does not represent cash flows generated from operating, investing or financing activities as defined by GAAP.


Liberty Property Trust
Balance Sheet 
December 31, 2015
(Unaudited and in thousands, except share and unit amounts)
  December 31, 2015   December 31, 2014
Real estate:      
  Land and land improvements $   1,184,927     $   1,188,774  
  Building and improvements     5,131,648         5,339,314  
  Less: accumulated depreciation     (1,148,928 )       (1,182,129 )
Operating real estate     5,167,647         5,345,959  
Development in progress     360,948         277,411  
Land held for development     336,967         269,059  
Net real estate     5,865,562         5,892,429  
Cash and cash equivalents     35,353         69,346  
Restricted cash     9,018         20,325  
Accounts receivable     14,343         15,481  
Deferred rent receivable     118,787         107,909  
Deferred financing and leasing costs, net of accumulated      
  amortization (2015, $175,798; 2014, $156,462)     192,109         192,764  
Investments in and advances to unconsolidated joint ventures     218,454         208,832  
Assets held for sale     4,954         13,529  
Prepaid expenses and other assets     99,049         91,399  
Total assets $   6,557,629     $   6,612,014  
Mortgage loans, net $   307,908     $   484,852  
Unsecured notes, net     2,580,108         2,498,021  
Credit facility     259,000         167,000  
Accounts payable     51,382         52,043  
Accrued interest     26,154         24,513  
Dividend and distributions payable     71,787         72,253  
Other liabilities     243,806         219,418  
Total liabilities     3,540,145         3,518,100  
Noncontrolling interest – operating partnership – 301,483 preferred units      
  outstanding as of December 31, 2015 and 2014     7,537         7,537  
Shareholders’ equity      
Common shares of beneficial interest, $.001 par value, 283,987,000 shares      
  authorized, 147,577,984 and 148,557,270 shares issued and outstanding as of      
  December 31, 2015 and 2014, respectively     148         149  
Additional paid-in capital     3,669,627         3,688,644  
Accumulated other comprehensive loss     (17,893 )       (6,252 )
Distributions in excess of net income     (698,954 )       (654,869 )
Total shareholders’ equity     2,952,928         3,027,672  
Noncontrolling interest – operating partnership      
  3,539,075 and 3,553,566 common units outstanding as of December 31, 2015 and      
  2014, respectively     53,100         54,786  
Noncontrolling interest – consolidated joint ventures     3,919         3,919  
Total equity     3,009,947         3,086,377  
Total liabilities, noncontrolling interest – operating partnership and equity $   6,557,629     $   6,612,014  

Inquiries: Jeanne LeonardLiberty Property Trust610.648.1704

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Fawnlake HOA Receives Community of the Year Award

February 9, 2016 0

HOUSTON, TEXAS, Feb. 9, 2016 (GLOBE NEWSWIRE) — RealManage announced today that Fawnlake Home Owners Association, a community located in Katy Proper and professionally managed by RealManage, won the Community of the Year Award from the Houston chapter of Community Associations Institute. The award was announced at the 1st Annual Award Gala that was held on Saturday, January 9th at the Hilton University of Houston. This community is proudly served by Maria Leal who has done an outstanding job of representing not only the community but RealManage.

This award was presented to the Community Association whose volunteers have committed themselves to meeting their neighborhood needs, keeping current with the governing documents, encouraging homeowner participation, working closely with their management company and making wise leadership management decisions.

“We are thrilled to be partnered with Fawnlake Home Owners Association and its volunteer board members in their efforts to foster a positive community environment on behalf of its homeowners,” states Chris Ayoub, President. “It is immensely rewarding to see their hard work and activities being recognized by their peers.”

About CAI:

CAI is an educational and advocacy organization dedicated to helping homeowner and condominium associations meet the expectations of their residents, providing information, tools and resources to volunteers and professionals responsible for community association governance and management. More information can be obtained at or by calling toll-free (888) 224-4321.

About RealManage:

RealManage is a property management company that specializes in HOA management and condominium management and manages hundreds of community associations in California, Colorado, Florida, Illinois, Louisiana, Nevada, North Carolina, Texas and Washington, including homeowner associations (HOAs), condominium associations, cooperatives, municipal utility districts, luxury high-rises and large master-planned communities. For more information regarding HOA management or condominium management, please visit or call (866) 403-1588.

Stay Connected:

CONTACT:Amanda Causey (866) 403-1588

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SRS Real Estate Partners and Cypress Equities contribute more than $52,000 to Alzheimer’s Association in 2015

February 8, 2016 0

DALLAS, Feb. 8, 2016 (GLOBE NEWSWIRE) — SRS Real Estate Partners (SRS) and Cypress Equities (Cypress) are thrilled to announce that they contributed more than $52,000 to the Alzheimer’s Association in 2015. Both companies exceeded their goals set for 2015 and have plans to kick off their 2016 fundraising with an auction at their annual company-wide Summit event in this month.

Throughout 2015, several SRS and Cypress offices nationwide participated in their local Walk to End Alzheimer’s and hosted many successful fundraising events. From bake sales to balloon-a-grams, each office found creative ways to get their teams involved in raising money for Alzheimer’s research. SRS’ Phoenix office raised enough funds to be named the top Walk to End Alzheimer’s team in all of Arizona, and the Dallas/Ft. Worth headquarters office was named a top ten Walk to End Alzheimer’s team for their local chapter. Having more than doubled the nationwide fundraising contributions from 2014, SRS and Cypress are proud of what they have accomplished and excited to see what 2016 will bring.

In an effort to raise even more funds in 2016, live and silent auctions will be held at the company-wide SRS/Cypress Summit in mid-February. Individuals from both companies come together each year for two full days of learning, team building and celebrating the successes of the previous year. Donations have been collected for the live and silent auctions with all proceeds going directly to the Alzheimer’s Association. Auction items range from a rare bottle of wine to a seven day trip to Lake Tahoe, and attendees will be enticed with the items for several weeks leading up to the event.

SRS and Cypress will continue to spread awareness of Alzheimer’s through additional education programs and fundraising opportunities for team members throughout 2016, and look forward to the kick off events happening soon.

About SRS Real Estate Partners

SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, investment services and management services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders.Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit

About Cypress Equities

Cypress Equities* (Cypress) was founded in 1995, by Chris Maguire and has since established a national reputation synonymous with the premier development, operation and management of destination-class retail and mixed-use properties throughout the U.S. Historically, Cypress has developed and acquired more than 18 million square feet and currently is developing and managing a portfolio of more than 13 million square feet of retail, office, residential and automotive real estate. Today, there are seven Cypress Equities offices throughout the U.S., including Dallas (headquarters), Chicago, Phoenix, New York, San Francisco, Atlanta, and Fort Lauderdale. Visit for more information.

*The Cypress Equities name, logo and other marks are trademarks and service marks being licensed to independent operating companies by CE Brands, LLC. Any particular obligation, service or product is the sole responsibility of the specific entity that incurs such obligation or supplies such service or product.

Christina Wezwick214.5603215

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Gladstone Land Corporation Announces Fourth Quarter and Year-End Earnings Release and Conference Call Dates

February 3, 2016 0

MCLEAN, Va., Feb. 03, 2016 (GLOBE NEWSWIRE) — Gladstone Land Corporation (NASDAQ:LAND) (the “Company”) announced today that it plans to report earnings for the fourth quarter and year ended December 31, 2015, after the stock market closes on Tuesday, February 23, 2016.  The Company will hold a conference call Wednesday, February 24, 2016, at 8:30 a.m. EST to discuss its earnings results.  Please call (855) 363-1762 to join the conference call.  An operator will monitor the call and set a queue for questions.

A conference call replay will be available beginning one hour after the call and will be accessible through March 24, 2016.  To hear the replay, please dial (855) 859-2056 and use playback conference number 61275629.

The live audio broadcast of the Company’s conference call will be available online at The event will be archived and available for replay on the Company’s website through April 24, 2016.

About Gladstone Land:

Gladstone Land Corporation is a publicly-traded agricultural real estate company that owns farmland and farm-related properties located in major agricultural markets in the United States that it leases to corporate and independent farmers.  The Company currently owns 43 farms, comprised of 16,810 acres in 6 different states across the U.S., valued at approximately $275 million.  Information on the business activities of all of the Gladstone funds can be found at

For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit

For further information: Gladstone Land Corporation, +1-703-287-5893

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BlueLinx Holdings Inc. Announces Three-Year Real Estate Loan Deal

February 1, 2016 0

ATLANTA, Feb. 01, 2016 (GLOBE NEWSWIRE) — BlueLinx Holdings Inc. (NYSE:BXC) (“BlueLinx”, or the “Company”) today announced that it has entered into a term sheet with its existing real estate lenders, pursuant to which the term of its outstanding $159.8 million real estate loan will be extended for three years. Key terms of the extension also include:

  • New maturity date of July 1, 2019
  • Interest-only at an annual rate of 6.35%
  • Principal pay-down of at least $60 million by July 1, 2017, and at least an additional $55 million pay-down by July 1, 2018

BlueLinx anticipates that the loan extension transaction will close in the next few weeks, subject to the execution of definitive agreements and the satisfaction of certain mutually agreed-upon conditions.

Mitch Lewis, CEO of BlueLinx commented, “We appreciate the support of our existing real estate lenders and view this extension as the first step in significantly reducing BlueLinx’s financial leverage. The material terms we have agreed to should enable the Company to quickly monetize and otherwise take advantage of the significant excess value we have in our real estate portfolio to delever and strengthen the balance sheet of BlueLinx.”

BlueLinx received an independent third-party desktop valuation of its real estate portfolio in November 2015, which estimated the operating value of its properties (using market cap rates) in the $332-$352 million range. The current outstanding principal balance on the real estate loan is approximately $157.8 million net of $2.0 million in certain reserves.

In an unrelated matter, on January 26, 2016, BlueLinx received notice from the New York Stock Exchange (the “NYSE”) that it is not in compliance with NYSE listing standards because, as of January 19, 2016, the Company’s average global market capitalization over a consecutive 30 trading-day period was less than $50 million, while its stockholders’ equity was less than $50 million.  The Company intends to regain compliance with this listing standard.

About BlueLinx Holdings Inc.

BlueLinx Holdings Inc., operating through its wholly owned subsidiary BlueLinx Corporation, is a leading distributor of building products in North America. The Company is headquartered in Atlanta, Georgia and operates its distribution business through its network of approximately 44 distribution centers. BlueLinx is traded on the New York Stock Exchange under the symbol BXC. Additional information about BlueLinx can be found on its website at

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our ability to return to profitability, and our guidance regarding anticipated financial results. All of these forward-looking statements are based on estimates and assumptions made by our management that, although believed by BlueLinx to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of BlueLinx’s control that may cause its business, strategy or actual results to differ materially from the forward-looking statements. These risks and uncertainties may include, among other things: changes in the prices, supply and/or demand for products that it distributes, general economic and business conditions in the United States; the activities of competitors; changes in significant operating expenses; changes in the availability of capital and interest rates; adverse weather patterns or conditions; acts of cyber intrusion; variations in the performance of the financial markets, including the credit markets; and other factors described in the “Risk Factors” section in the Company’s Annual Report on Form 10-K for the year ended January 3, 2015, and in its periodic reports filed with the Securities and Exchange Commission from time to time. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. BlueLinx undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, and changes in expectation or otherwise, except as required by law.

Contact:Kerry Parker770-953-7000

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