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GOLF TRUST OF AMERICA INC (GTA)
Golf Trust of America, Inc. is in the process of liquidation, pursuant to a plan of liquidation approved by its stockholders in 2001. As of August 8, 2005, the company sold 40 of the 47 golf courses, in which it had interests. Golf Trust of America engages in the ownership of upscale golf courses throughout the United States. As of above date, it owned three properties, which represent seven golf courses. The company was incorporated in 1996 and is based in Charleston, South Carolina.
PLUM CREEK TIMBER COMPANY INC (PCL)
Plum Creek Timber Company, Inc. operates as a real estate investment trust that owns and manages timber lands in the United States. The company engages in the sale and management of timberlands, and the sale of nonstrategic timberlands. It also produces a line of softwood lumber products, including common and select boards, studs, edge-glued boards, and finger-jointed studs. These products are targeted to domestic lumber retailers, such as retail home centers, for use in repair and remodeling projects. These products are also sold to stocking distributors for use in home construction. In addition, the company engages in the natural resource businesses that focus on opportunities relating to mineral extraction, natural gas production, and communication and transportation rights of way. As of December 31, 2004, the company owned and managed approximately 7.8 million acres of timberlands in the northwest, southern, and northeast United States, as well as owned and operated 10 wood product conversion facilities in the northwest United States. Plum Creek was formed in 1989 and is headquartered in Seattle, Washington.
COMMERCIAL NET LEASE REALTY INC (NNN)
Commercial Net Lease Realty, Inc. operates as a real estate investment trust (REIT) in the United States. The company, through its subsidiaries, engages in the acquisition, ownership, investment, management, and development of primarily single tenant retail properties. It leases these properties primarily to tenants under long term commercial net leases. The company also acquires and develops real estate directly and indirectly through investment interests primarily for the purpose of selling the real estate to purchasers. As of June 30, 2005, Commercial Net Lease Realty owned 427 investment properties in 40 states with a gross leasable area of approximately 8.8 million square feet. It has elected to be treated as a REIT for federal income tax purposes and would not be subject to income tax, if it distributes at least 90% of its taxable income to its shareholders. The company was formed in 1984 and is based in Orlando, Florida.
Rayonier, Inc. engages in the sale of timber and real estate, and in the production and sale of cellulose fibers primarily in the United States and New Zealand. The company operates through four segments: Timber and Real Estate, Performance Fibers, Wood Products, and Other. The Timber and Real Estate segment buys and manages timberlands; sells standing timber at auction to third parties, delivered logs, and land for real estate development and large tract conservation. The Performance Fibers segment produces specialty cellulose products, which are used in dissolving chemical applications. These products also include specialty paper applications used for decorative laminates for counter tops, automotive air and oil filters, shoe innersoles, battery separators, circuit boards, and filter media for the food industry. It also supplies performance fibers for absorbent hygiene products, which are used as an absorbent medium in products, such as disposable baby diapers, feminine hygiene products, incontinence pads, convalescent bed pads, industrial towels and wipes, and nonwoven fabrics; and an ultra-thin engineered absorbent core material that goes into super-absorbent feminine hygiene and diaper products, and other applications. The Wood Products segment sells dimension and specialty lumber and medium-density fiberboard products. The Other segment operates domestic and export log trading businesses in the Northwest United States, New Zealand, and Chile, including exporting logs from New Zealand and Chile. It also purchases lumber and wood panel products for sale in both domestic and export markets. The company has elected to be taxed as a real estate investment trust. As a result, it would not be subject to corporate income tax on that portion of its net income that is distributed to shareholders. The company, formerly known as Rainier Pulp & Paper Company, was founded in 1926 and is headquartered in Jacksonville, Florida.
Douglas Emmett, Inc., a real estate investment trust (REIT), owns and operates office and multifamily properties in California and Hawaii. As of December 31, 2006, its office portfolio consisted of 46 properties with approximately 11.6 million rentable square feet and its multifamily portfolio consisted of 9 properties with approximately 2,868 units. The company's properties are located in Brentwood, Olympic Corridor, Century City, Santa Monica, Beverly Hills, Westwood, Sherman Oaks/Encino, Warner Center/Woodland Hills, and Burbank submarkets of Los Angeles County, California, as well as in Honolulu, Hawaii. Douglas Emmett qualifies as a REIT under the Internal Revenue Code and its REIT income would be exempt from federal taxation to the extent that it is distributed as dividends to shareholders. The company is based in Santa Monica, California.
FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS (FUR)
Winthrop Realty Trust, a real estate investment trust (REIT), engages in the ownership and management of real property and real estate-related assets. As of September 30, 2005, the trust owned 16 triple net leased properties; 2 office buildings located in Amherst, New York; a multitenant office building located in Indianapolis, Indiana; a 9 story office building located in Houston, Texas; and an 80% interest in 128,000 square feet of retail and office space constituting the bottom 6 floors of a mixeduse building and 208 parking spaces located in Chicago, Illinois. Winthrop Realty also engages in ownership of loans receivable and preferred equity investments, and ownership and trading of real estate securities. To maintain its status as a REIT under the Internal Revenue Code, Winthrop Realty must distribute annually at least 90% of its REIT taxable income to shareholders. The trust was organized in 1961. It was formerly known as First Union Real Estate Equity and Mortgage Investments and changed its name to Winthrop Realty Trust in December 2005. Winthrop Realty Trust is headquartered in Boston, Massachusetts.
PITTSBURGH & WEST VIRGINIA RAILROAD (PW)
Pittsburgh & West Virginia Railroad, a real estate investment trust (REIT), owns a leased railroad property in the United States. As of December 31, 2004, it leased 112 miles of main line road extending from Pittsburgh Junction, Ohio, through parts of West Virginia to Connellsville, Pennsylvania; approximately 20 miles of branch lines; and other assets used in the operation of the railroad, such as real estate, machinery and equipment, and supplies. As a REIT, the company would not be subject to federal corporate income taxes to the extent it distributes at least 95% of its taxable income to its shareholders. Pittsburgh & West Virginia Railroad was founded in 1916 and is based in Charleston, West Virginia.
GETTY REALTY CORPORATION (GTY)
Getty Realty Corp. operates as a real estate investment trust (REIT) in the United States. It engages in the ownership and leasing of retail motor fuel and convenience store properties, and petroleum distribution terminals. As of December 31, 2004, the company owned 795 properties and leased 250 additional properties in 13 states located principally in the northeast United States. Getty Realty Corp. has elected to qualify as a REIT. As a REIT, the company would not be subject to federal income tax, provided that it distributes at least 90% of its REIT taxable income to its shareholders. Getty Realty Corp. was founded in 1955 and is headquartered in Jericho, New York.
FRANKLIN STREET PROPERTIES CORP (FSP)
Franklin Street Properties Corp., through its subsidiaries, provides real estate and investment banking/investment services in the United States. Its real estate operations include real estate leasing; and interim acquisition financing and asset/property management, which generate rental income, loan origination fees, and management fees. The company's investment banking/investment services generate brokerage commissions and other fees related to the organization of single-purpose entities that own real estate and the private placement of equity in those entities. It also provides asset management services, property management services, and/or property accounting services. As of December 31, 2004, Franklin Street Properties owned a portfolio of real estate, consisting of 28 properties, which included apartment complexes, office buildings, and industrial use properties. The company was founded in 1981 and is headquartered in Wakefield, Massachusetts.
UNITED MOBILE HOMES INC (UMH)
United Mobile Homes, Inc., a real estate investment trust (REIT), engages in the ownership and operation of manufactured home communities. It also involves in leasing of manufactured home spaces to private manufactured home owners; and leasing of homes to residents. As of July 12, 2005, the company owned and operated 27 manufactured home communities located in New York, New Jersey, Pennsylvania, Ohio, and Tennessee. The company, through its wholly owned subsidiary, UMH Sales and Finance, Inc., sells and finances homes to residents of its communities. In addition, it owns a portfolio of REIT securities. The company qualifies as a REIT under the Internal Revenue Code. As a REIT, the company would not be taxed under Federal income tax laws on taxable income that it distributes to its shareholders. The company was incorporated in 1968 and is based in Freehold, New Jersey.
DUKE REALTY CORPORATION (DRE)
Duke Realty Corporation operates as a real estate investment trust (REIT). It engages in ownership, construction, development, leasing, and management of office, industrial, retail, and healthcare properties in the Midwest and Southeast United States. It also provides real estate services, such as property and asset management, development, leasing, and construction services to third party owners, in addition to its own properties. As of June 30, 2005, it owned and jointly controlled 891 rental properties, including properties under development, as well as 4400 acres of land. The company has elected to be taxed as a real estate investment trust. As a result, it would not be subject to corporate income tax on that portion of its net income that is distributed to shareholders. Duke Realty Corporation was founded in 1972 and is headquartered in Indianapolis, Indiana.
COUSINS PROPERTIES INCORPORATED (CUZ)
Cousins Properties, Inc. operates as a real estate investment trust. It engages in the acquisition, financing, development, management, and leasing of real estate properties. The company owns directly, and through subsidiaries and joint ventures, a portfolio of office, medical office, retail, and single family residential development projects, and holds several tracts of undeveloped land. As of June 30, 2005, its portfolio consisted of 25 office buildings totaling 7.8 million square feet, 14 retail properties totaling 3.4 million square feet, 1 industrial property totaling 0.4 million square feet, and 1070 developed residential land lots held for sale, including 8 office, retail, and industrial projects under development or redevelopment totaling 2.5 million square feet. The company also has 2 condominium projects and 21 residential communities under development with approximately 12800 lots remaining to be developed and/or sold. In addition, the company also owns directly or through joint ventures approximately 3,300 acres of land held for investment or future development. The company has elected to qualify as a REIT for tax purposes. The company qualifies as a REIT and intends to distribute 100% of its federal taxable income to stockholders. Cousins Properties, Inc. was founded by Thomas G. Cousins in 1958 and is based in Atlanta, Georgia.
ANTHRACITE CAPITAL INC (AHR)
Anthracite Capital, Inc. operates as a commercial real estate finance company. The company primarily invests in commercial real estate debt. It underwrites and acquires commercial mortgage backed securities (CMBS) that are rated below investment grade. Anthracite Capital's CMBS are securities backed by pools of loans secured by first mortgages on commercial real estate throughout the United States. The company's investments comprise commercial real estate securities and commercial real estate loans. These investments include subordinated participations in first mortgages, loans secured by partnership interests, preferred equity interests in real estate limited partnerships, and loans secured by second mortgages. The company also enters into hedging transactions, which include interest rate swaps, the purchase or sale of interest rate collars, caps or floors, options, and other hedging instruments. BlackRock Financial Management, Inc. serves as the manager of the company. Anthracite Capital qualifies as a real estate investment trust (REIT) under the Internal Revenue Code. As a REIT, the company would not be subject to federal income tax on its net income that it distributes to its stockholders. Anthracite Capital was incorporated in 1997 and is based in New York City.
FIRST POTOMAC REALTY TRUST (FPO)
First Potomac Realty Trust operates as a self-administered real estate investment trust (REIT). The trust engages in the owning and operating industrial and flex properties in the Washington, D.C. metropolitan area, and other markets in Virginia and Maryland. As of November 11, 2005, First Potomac owned a 110-building portfolio totaling approximately 8.2 million square feet. The trust has elected to be taxed as a REIT under the Internal Revenue Code. To maintain its status as a REIT, First Potomac is required to distribute at least 90% of its ordinary taxable income annually to its shareholders. The trust was founded in 1997 and is based in Bethesda, Maryland.
BRANDYWINE REALTY TRUST (BDN)
Brandywine Realty Trust, a real estate investment trust (REIT), engages in the acquisition, development, redevelopment, management, and leasing of office and industrial properties in the United States. The company owns properties in Philadelphia, Pennsylvania, and New Jersey; and in Richmond, Virginia. As of March 31, 2005, its portfolio included 223 office properties, 23 industrial facilities, and one mixed-use property with an aggregate of approximately 19.2 million net rentable square feet. The company also holds interests in nine unconsolidated real estate ventures with approximately 1.6 million net rentable square feet. In addition, it owns interests in two consolidated real estate ventures that own two office properties containing approximately 0.2 million net rentable square feet. Brandywine Realty has elected to be treated as a REIT and would not be subject to federal income tax, if it distributes at least 90% of its taxable income to its shareholders. The company was founded in 1985 and is headquartered in Plymouth Meeting, Pennsylvania.
Arbor Realty Trust, Inc. operates as a real estate investment trust (REIT). The trust invests in real estate related bridge and mezzanine loans, preferred and direct equity, mortgage-backed securities, discounted mortgage notes, and other real estate related assets. It offers bridge financing products to borrowers who seek short term capital to be used in an acquisition of property. Arbor Realty Trust offers mezzanine loans, which are loans subordinate to a conventional first mortgage loan and senior to the borrower's equity in a transaction. It provides financing by making preferred equity investments in entities that own real property. The trust also invests in mortgage-related securities. Arbor Realty Trust qualifies as a REIT under the Internal Revenue Code. As a REIT, the trust would not be subject to federal income tax if it distributes at least 90% of its taxable income to its shareholders. Arbor Commercial Mortgage, LLC serves as the manager and advisor to the trust. Arbor Realty Trust was formed in 2003 and is based in Uniondale, New York.
NEWCASTLE INVESTMENT CORPORATION (NCT)
Newcastle Investment Corp. operates as a real estate investment and finance company that invests in and manages a portfolio consisting primarily of real estate securities. The company's portfolio of real estate securities includes commercial mortgage backed securities, senior unsecured debt issued by property REITs, real estate related asset backed securities, and agency residential mortgage backed securities. Newcastle also owns interest in loans and pools of loans, including real estate related loans, commercial mortgage loans, residential mortgage loans, and manufactured housing loans. In addition, it owns interests in operating real estate. The company is organized to qualify as a real estate investment trust for U.S. federal income tax purposes. Newcastle was founded in 1998 and is based in New York City.