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Volume 2 - Number 19 | October 12, 2004
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TOP STORY: $1.9-Bill. Merger Deal Will Create Fifth Largest Apartment REIT
By Sule Aygoren Carranza
Yet another REIT merger—the fourth major one this year—will reportedly create the fifth-largest public multifamily company in the US. The latest: Summit Properties Inc. will be merged into a wholly owned subsidiary of Camden Property Trust. The total value of the transaction is about $1.9 billion, or $31.37 per Summit share, including the assumption of debt. The deal is expected to close in the first quarter of next year pending approval of the companies’ shareholders.
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INSIDER: RainbowVision Santa Fe’s Jay Geisinger
By Stacey Corso
After a lengthy career in the seniors-housing industry, Jay Geisinger emerged from semi-retirement—he’d been consulting “on occasion” for the past few years—to serve as the chief operating officer of RainbowVision Santa Fe. The veteran seniors-housing executive, who was VP of Webster, NY-based Hillhaven Senior Residence and Care Corp. for 25 years, is embarking upon what he calls “the most exciting project of his life” at age 71.
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Fannie Mae's Troubles Rattle Stock But Company Holds Steady
By Sule Aygoren Carranza
As the investigation into its accounting practices grows deeper, some observers are concerned about the future of Fannie Mae. It’s unlikely the mortgage giant’s current troubles will cause its demise, but their effects—both short- and long-term—will have a significant impact. Indeed, its stock plummeted 15% on published reports of specific accounting violations. Still, at least one ratings agency is confident that the organization’s troubles can be contained.
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Qualified Contracts Provision Creates LIHTC Investor Confusion
By Stacey Corso
When a provision of the Federal Low-Income Housing Tax Credit program—credited with bringing approximately 1.3 million units of affordable housing on line—expires next year, it’s possible that many projects constructed under the program could be converted to market-rate assets. But it’s far from clear how things will untangle.
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