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Located close to Wiley Park Nature Reserve and Roselands Shopping Centre is a spacious 4 bedroom family home with 2 bathrooms. The home has a spacious lounge room with internal access to the LOCK UP GARAGE and a separate formal dining area. Adjoining the dining area is a spacious Tasmanian Oak solid timber kitchen with a leafy outlook. Up stairs is 4 good size bedrooms, all with built-in-robes and the main bathroom. Enter the easy care backyard via the laundry and 2nd bathroom. There is a single drive through LOCK UP GARAGE potentially allowing parking for up to 4 cars. Will suit the large family with a limited budget. Located close to Wiley Park Railway Station.
LAND AREA: 233.7sqm, Zoned: R3 Medium Density Residential, Extended Settlement available.
Special features: Ducted air conditioning, alarm, double glazed windows, security shutters, gas connected including new Gas Hot Water Service.

View all our properties on www.knapton.com.au with our complete Inspection List displayed on the right hand side of the home page. For your convenience, Knapton Property Agents has a mobile web site.

Property No. 120212233
Page Visits: 44

General Features
Property Type:House
Bedrooms:4
Bathrooms:2
Land Size:233 m² (approx)

Indoor Features
Toilets:2
Alarm System
Air Conditioning

Outdoor Features
Secure Parking
Garage Spaces:1
Open Car Spaces:1

Other Features
Built-In Wardrobes,Close to Schools,Close to Shops,Close to Transport,Garden, Alarm

Floorplans & Interactive Tours

Details not provided

Nearby schools

Lakemba Public School
PrimaryGovernment
0.24 km
Wiley Park Public School
PrimaryGovernment
0.27 km
Wiley Park Girls High School
SecondaryGovernment
0.43 km
Holy Spirit Catholic College
SecondaryCatholic
0.67 km
Al Hikma College
PrimaryIndependent
0.97 km
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The data [or parts of the data] used in this publication are sourced from ACARA

The data [or parts of the data] used in this publication are sourced from the Australian Curriculum, Assessment and Reporting Authority (ACARA) and are available from ACARA in accordance with its Data Access Protocols. The distance displayed is indicative and is based upon a straight line calculation from the school to the property.

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Japanese house prices rising strongly! [THIS IS AN ARCHIVED ARTICLE - JUMP TO LATEST]

2014-07-10T22:25:00.001-07:00

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Home / Asia / japan

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Oct 19, 2013

Japanese house prices rising strongly!

[THIS IS AN ARCHIVED ARTICLE - JUMP TO LATEST]

After almost two years of house price falls, Japan’s housing market is now gaining momentum, mainly due to the economic policies of Prime Minister Shinzo Abe, who came to power in December 2012. These economic policies, which are now affectionately referred to as “Abenomics”, include increasing public infrastructure spending, devaluation of the yen and aggressive quantitative easing by the Bank of Japan (BOJ).

In Tokyo Metropolitan Area:

The average price of new condominium units soared by 9.2% y-o-y to JPY686,000 (US$6,931) per square metre (sq. m.) in June 2013, based on figures released by the Land Institute of Japan (LIJ).
The average price of existing condominium units rose by 5.9% to JPY399,700 (US$4,039) per sq. m. during the year to June 2013.
The average price of existing detached houses was up by 1.5% to JPY32,130,000 (US$324,644) over the same period.

In Osaka Metropolitan Area:

The average price of new condominium units rose by 8.8% to JPY542,000 (US$5,476) per sq. m. during the year to June 2013.
The average price of existing condominium units increased by 5% to JPY250,000 (US$2,526) per sq. m. over the same period.
The average price of existing detached houses was down by just 0.5% to JPY20,000,000 (US$202,081) over the same period.

Land prices are also rising. During the year to June 2013, the average price of land in Tokyo Metropolitan Area rose by 5.2% to JPY204,500 (US$2,066) per sq. m., while in Osaka Metropolitan Area the average land price increased by 2.3% to JPY132,000 (US$1,334) per sq. m.

Residential construction activity is picking up. The number of new dwelling starts in Japan increased by 8.6% to 451,063 during the first half of 2013, compared to the same period last year, according to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT).

Property sales are rising sharply. In Tokyo, the total number of condos sold rose 16.7% to 19,070 during the first half of 2013 compared to the same period last year, according to LIJ. In Osaka, the number of condos sold rose by 14.4% to 8,758 over the same period.

Total outstanding real estate loans in Japan increased 2.6% y-o-y to JPY444 trillion (US$44.86 trillion) in Q1 2013, according to the Bank of Japan

House prices are expected to continue to rising in the remaining months of 2013, according to local property experts. Moreover, Tokyo’s successful bid to host the 2020 Summer Olympics is expected to boost property demand and the construction sector during the next 7 years.

The international rating agency, Moody’s, has recently revised the outlook on the country’s real estate sector from negative to stable.

The Japanese economy grew by an annualized rate of 3.8% in Q1 and Q2 2013. The economy is expected to expand by about 2.8% for the whole year of 2013, up from a 2% in 2012 and a 0.6% contraction in 2011.

The lost decade

In fact, Japan is still recovering from the great asset bubble of the late 1980s. From 1970 to 1980, land prices in Japan rose 200% (23.5% in real terms), and 238.5% in the six major cities (39.3% in real terms). Then during the 1980s, there was a 103% increase nationally (61.6% in real terms) and a 272.2% rise in the six major cities (196.4% in real terms).

The 1991 crash left banks with bad loans of almost USD 1 trillion, contributing to Japan’s ‘lost decade’.

Japan’s super-strong financial system

Japan’s financial system is now in excellent shape. During Junichiro Koizumi’s prime ministership (2001 to 2006) tighter asset assessments of major banks caused a large decline in NPLs, from 8.7% of total loans in March 2002, to 1.4% in March 2008, according to the Financial Services Agency (FSA). Lending competition has also intensified, especially in metropolitan areas. Net result: housing loan costs have fallen.

Interest rates are “virtually zero”

The BOJ’s key interest rate has been “virtually zero” (0% - 0.1%) since October 2010, and below 1% since mid-1990s. Bank variable interest rates in Japan have hardly moved since 2000, remaining at 2.475% in December 2011.

Yet demand for loans remains weak, given the recent financial crisis, and the earthquake‘s impact. The ratio of outstanding home loans to GDP remains very much lower in Japan than in other developed countries, at around 24.5%.

Could a reason for lacklustre demand for housing loans be low rental returns? Global Property Guide research suggests that rental yields in Tokyo fell from an average of 5.5% in 2009, to 4.8% in 2011, findings consistent with trends shown in IPD-Recruit residential data (see chart below). However if Tokyo prices have been rising ahead of rents, weak loan demand is less likely to reflect a specific reluctance to buy versus rent, and more a general reluctance to spend on any kind of housing.

Hints of recovery

Japan was seriously affected by the global financial crisis in 2008 and 2009, and following that house prices fell by up to 4% nationally, and by almost 8% in the six major cities. However, Japan’s economy bounced back in 2010, and there were strong new condominium sales in Tokyo, with the number of dwelling units sold up 22.5%, according to the Real Estate Economic Institute. The increase was helped by the enhanced mortgage tax break carried over from 2009.

Property sales are now rising sharply. In Tokyo, the total number of condos sold rose 16.7% to 19,070 during the first half of 2013 compared to the same period last year, according to LIJ. In Osaka, the number of condos sold rose by 14.4% to 8,758 over the same period.

Residential construction activity is also picking up. The number of new dwelling starts in Japan increased by 8.6% to 451,063 during the first half of 2013, compared to the same period last year, according to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT).

Bigger trade deficit, yen weakens

Because of Prime Minister Shinzo Abe’s efforts to correct the excessive appreciation of the yen, the domestic currency weaken sharply to JPY97.82 = US$1 in August 2013. Abe’s decision immediately reaped rewards when exports increased by 10.1% in May 2013 from the same period last year, the fastest annual rise since 2010, based on figures from the Ministry of Finance.

However, Japan’s trade deficit is growing, mainly due to the weaker yen and the country’s soaring energy import bill. In August 2013, the country’s trade deficit ballooned to JPY969.9 billion (US$9.8 billion).

Healthy economic growth in 2013

From 2000 to 2007, the Japanese economy grew by an average of 1.5% annually. However due to the global financial meltdown, the economy contracted by 1% in 2008 and by another 5.5% in 2009. The economy returned to growth in 2010 with real GDP growth of 4.7%. Then Japanese growth contracted again, shrinking by 0.6% in 2011 due to the impact of the Great Tohoku Earthquake (magnitude 9.0) last March 11, 2011. In addition the economic slowdown in China, Japan’s largest export market, exacerbated the situation. Then there’s the anti-Japanese feeling in China sparked by the dispute over Diaoyu/Senkaku Islands. In 2012, the economy had GDP growth of 2%.

The Japanese economy is projected to grow robustly in the coming years mainly due to the economic policies advocated by Prime Minister Shinzo Abe, who came into power in December 2012. These economic policies, which are now widely referred to as “Abenomics”, include the following:

Inflation targeting at 2%
Correction of the excessive appreciation of the yen
Setting negative interest rates
Radical quantitative easing
Expansion of public investment
Buying operations of construction bonds by Bank of Japan
Revision of the Bank of Japan Act

Robert Feldman, head of Japan economic research at the Morgan Stanley, projects that the Olympic Games will add around 0.7% to 0.8% of GDP over 7 years.

“Our rough view is that the impact could be at least similar to the U.K. [host of the London 2012 Summer Olympics], at around 0.7-0.8 percent of GDP over 7 years, or about 3-4 trillion yen on a value added basis, or about 6-8 trillion yen on a gross output basis,” said Feldman.

The Japanese economy grew by an annualized rate of 3.8% in both Q1 and Q2 2013. The economy is expected to expand by about 2.8% for the whole year of 2013.

In July 2013, the nationwide annual inflation rate rose to 0.7% from a year earlier, its second consecutive month of gains and the largest increase in consumer prices in five years, mainly due to increased manufacturing. Consumer prices have continuously fallen in the past four years, with annual inflation rates of -1.3% in 2009, -0.7% in 2010, -0.3% in 2011 and -0.04% in 2012, according to the International Monetary Fund (IMF).

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Japan’s property prices continue to rise

2014-06-18T22:10:00.001-07:00

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May 15, 2014

Japan’s property prices continue to rise

Japanese house prices continue to rise in 2014, after the strong market recovery last year. Housing demand remains robust. Residential construction activity is at its strongest in more than a decade. This is due to the reflationary policies of Prime Minister Shinzo Abe, who came to power in December 2012. These policies, affectionately known as “Abenomics”, include increasing public infrastructure spending, devaluation of the yen and aggressive quantitative easing by the Bank of Japan (BOJ).

In Tokyo Metropolitan Area:

The average price of existing condominium units rose by 4.5% to JPY415,300 (US$4,072) per sq. m. during the year to January 2014, based on figures released by the Land Institute of Japan (LIJ).
The average price of new condominium units dropped by 4.2% y-o-y to JPY660,000 (US$6,472) per square metre (sq. m.) in January 2014.
The average price of existing detached houses was up by 2.4% to JPY32,050,000 (US$314,268) over the same period.

In Osaka Metropolitan Area:

The average price of existing condominium units increased by 3.7% to JPY253,000 (US$2,481) per sq. m. during the year to January 2014.
The average price of new condominium units rose by 6.5% to JPY526,000 (US$5,158) per sq. m. over the same period.
The average price of existing detached houses was up by 1.7% to JPY20,480,000 (US$200,818) over the same period.

Surprisingly, land prices are still falling. During the year to January 2014, the average price of land in Tokyo Metropolitan Area fell by 10.9% to JPY260,800 (US$2,557) per sq. m., while in Osaka Metropolitan Area the average land price dropped by 4.7% to JPY183,200 (US$1,796) per sq. m.

In 2013, residential construction was at its strongest in more than a decade, with an 11% y-o-y rise in new dwelling starts. New dwelling starts continued to increase in early 2014, rising 12.3% to 77,843 units in January 2014 compared to the same period last year, according to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). Likewise, the total floor area of new dwellings started increased by 10.5% to about 6.76 million sq. m. Most residential construction is occurring in Tokyo, which accounted for about 40% of all new dwellings started. Osaka accounted for about 12% while Nagoya for 8% of all new dwellings started.

In Tokyo, the total number of condos sold rose 15.9% to 36,567 units in 2013 from a year earlier, according to LIJ. Likewise, in Osaka, the number of condos sold increased by 10.4% y-o-y to 16,654 units in 2013.

In 2013, total outstanding real estate loans in Japan increased 2.8% to JPY435.9 trillion (US$42.75 trillion) from a year earlier, according to the Bank of Japan (BOJ).

House prices are expected to continue rising in 2014, given that the government is expected to inject an additional stimulus package in the second half of this year. Moreover, Tokyo’s successful bid to host the 2020 Summer Olympics is expected to boost property demand and the construction sector over the next 7 years.

In 2013, the Japanese economy expanded by 1.5%, after GDP growth of 1.4% in 2012 and a contraction of 0.45% in 2011. The Japanese economy is expected to expand by 1.4% this year and by another 1% in 2015, according to theInternational Monetary Fund (IMF).

The lost decade

The 1991 crash left banks with bad loans of almost USD 1 trillion, contributing to Japan’s ‘lost decade’.

Japan’s super-strong financial system

Interest rates are “virtually zero”

Hints of recovery

Property sales are now rising sharply. In Tokyo, the total number of condos sold rose 15.9% to 36,567 units in 2013 from a year earlier, according to LIJ. Likewise, in Osaka, the number of condos sold increased by 10.4% y-o-y to 16,654 units in 2013.

Trade deficit continues to grow

Japan’s trade deficit continues to grow. In 2013, Japan saw a record trade deficit amounted to JPY11.5 trillion (US$112.7 billion), up 65.3% from a year earlier. Prolonged deterioration in the country’s trade balance is expected to erode its position as a net creditor, one of Japan’s main credit strengths, according to Moody’s Investors Service. This is surprising, given the yen’s decline.

In addition, the country’s fiscal health is the worst among major industrialized countries, with a public debt equivalent to more than 200% of GDP. In 2013, the country’s central government debt topped JPY1,000 trillion (US$9.8 trillion) for the first time in its history.

Healthy economic growth in 2013

From 2000 to 2007, the Japanese economy grew by an average of 1.5% annually. However due to the global financial meltdown, the economy contracted by 1% in 2008 and by another 5.5% in 2009. The economy returned to growth in 2010 with GDP growth of 4.7%. Then Japanese growth contracted again, shrinking by 0.5% in 2011 due to the impact of the Great Tohoku Earthquake (magnitude 9.0) last March 11, 2011. In addition the economic slowdown in China, Japan’s largest export market, exacerbated the situation. Then there was the anti-Japanese feeling in China sparked by the dispute over Diaoyu/Senkaku Islands. The economy grew by an anaemic 1.4% in 2012 and by another 1.5% in 2013.

The Japanese economy is expected to expand by 1.4% this year and by 1% in 2015, according to the International Monetary Fund (IMF).

In an effort to boost economic growth, Prime Minister Shinzo Abe, came to power in December 2012 with a program of reflationary policies, widely referred to as “Abenomics”, including the following:

Inflation targeting at 2%
Correction of the excessive appreciation of the yen
Negative interest rates
Radical quantitative easing
Expansion of public investment
Buying of construction bonds by the Bank of Japan
Revision of the Bank of Japan Act

Effective April 1, 2014, the sales tax was increased from 5% to 8%. The sales tax is expected to rise again to 10% in October 2015.

Inflation increased to 1.6% in March 2014, up from 1.5% the previous month and in sharp contrast with a deflation of 0.9% in the same period last year, according to Stat Bureau Japan. Consumer prices rose by 0.4% in 2013, after falling for four straight years (-1.3% in 2009, -0.7% in 2010, -0.3% in 2011 and -0.04% in 2012), according to the IMF.

However, Abe risks losing public support. The new sales tax combined with price increases of commodity goods (e.g. dairy products, meat, gasoline and electricity) could pressure the consumer, given inadequate wages growth. Consumer confidence dropped for a fourth straight month in March 2014.

“Households are already seeing their real incomes eroding and it will get worse with faster inflation,” said Taro Saito of NLI Research Institute.

In fact, the OECD recently warned the Japanese government that the economy may suffer a slowdown if inflation continues to rise without wage expansion. As a result, the OECD downgraded its 2014 economic growth forecast for the third largest economy to 1.2% from an initial 1.5%.

“While the recent pick-up in inflation is encouraging, it could undermine the recovery unless it is accompanied by a matching rise in wages,” the OECD said.

The yen weaken sharply by 18% to an exchange rate of JPY103.46 = US$1 during the year to December 2013, mainly due to Abe’s policies. However the yen reversed direction during the first four months of 2014, gaining 1.5% against the U.S. dollar. At time of writing, the exchange rate stood at JPY101.98 = USD1.

Old Entries

Japanese house prices rising strongly Oct 19, 2013
Japanese house prices continue to fall Oct 10, 2012
Quake-traumatized Japanese shun condos Jan 25, 2012
House price falls in Japan accelerate Oct 22, 2009

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News & Discussion

AUGUST 2013

Tokyo's inexpensive properties lure Asian investors - GPG News Team

MAY 2013

Japan property tax breaks: Good and bad points for buyers, developers - Christine Gaylican

FEBRUARY 2013

Japan home rentals 'chintai heiyo' turn good income - Jianzil Joseph

NOVEMBER 2012

Property rental terms to muster in Japan - Hank Daaboul

JULY 2011

International firms compete for billion-dollar Japanese property portfolio - GPG News Team

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Travel Blogga by MarketplaceWeb.net

2012-08-03T02:24:00.009-07:00

Travel Blogga by MarketplaceWeb.net

Welcome to TRAVEL BLOGGA

Review of Hanauma Bay

Hanauma Bay:

Located along the southeast coast of the Island of Oahu (just east of Honolulu) in the Hawaiian Islands. Hanauma Bay is a marine embayment formed within a volcanic cone. It is one of the most popular tourist destinations known for its pristine and clear waters and spectacular marine life. It's the perfect place to snorkel as the bay is shielded from incoming waves, so its great for the first time snorkelers all the way up to the experienced scuba divers.

How to get there:

It's about a half an hour drive from Waikiki. Plan to get to the bay early as possible if driving. Parking will fill up very early in the day and you could be turned away by parking attendants. You can also get to Hanauma Bay via the number 22 bus from Waikiki, it runs down Kuhio Avenue. There are also various tours that have shuttle buses which can be organised by your hotel. These tours usually provide all your snorkel gear, including fins, just ensure you get back to your meeting spot in time so you don't get left behind. There are usually couple of different afternoon pick up times for those wanting to spend more or less time at the bay, just ask your Tour Guide.

How to enter Hanauma Bay:

Hanauma Bay is a paradise for snorkeling but it is also a Marine Life Park so there is an admission fee of $7.50. The entrance fee is waived for children under 13 and for residents of Hawaii with proof of residency. If you have purchased a 'Go Oahu Card' (www.smartdestinations.com/Hawaii) this includes a snorkel tour, which is the snorkel gear and shuttle bus drop off and pick up. This does not include admission fees. As Hanauma Bay is a designated nature preserve, you will need to adhere to their rules and regulations after paying the entrance fee to gain access you must join the next session to view a 10 minute clip explaining the beauties of the bay and most importantly it warns you not to touch or feed the marine life in order to preserve the park . Remember to get a stamp in order for same day re entry. There's a stunning walk down to the bay with plenty of photo opportunities or you can hop a shuttle bus. The ride to get down to the bay is 50 cents US and the ride back up is $1US.

Facilities:

There is a rental shack, information booth, locker hire, lost and found, restroom, showers and changing rooms. There is also a snack shop and a gift shop by the entry point.

Snorkeling and Locker Hire:

If you plan to do a lot of snorkeling on your vacation why not buy your own snorkeling gear at an ABC shop for around $6-12US for the mask and snorkel and a little bit extra for the fins. It is well worth the while as some hotels will charge $20 for just a few hours of hire. You can also rent the equipment at Hanauma Bay 'Snorkfin Rental', its roughly around $12US for mask, snorkel and fins, or you can just rent what you need, however it will cost nearly the same amount so it may be worth while renting the lot. You can rent lockers for the day for your valuables for $7US, don't bring along too many items as there didn't seem to be a whole lot of room in each locker.

Marine Life at Hanauma Bay:

There is roughly around 400+ species at the bay. One of the most popular little creatures are the Green sea turtles, be sure not to harrass these cute things as there is heavy penalties in place.

What to Bring:

Towels, Swimming gear, Change of clothes, Snorkel gear (if you have your own), Snacks, Bottle of Water, Sunscreen, Hat and sunglasses, Your ID (especially if you are returning to the Hanauma Bay and need to confirm that you have already signed the visitor book within a year, you may also need your ID to hire the snorkel gear or lockers), Cash, Video Camera, Camera, underwater camera, Water resistance case for the camera (these can be purchased from ABC stores),

Safety:

The beach has lifeguards on duty with updates on the latest water conditions and the best places to see sea life. Check your snorkel gear prior to going in the water, be aware of any caution flags, and don't snorkel alone, snorkel with a buddy. When swimming in the water don't touch the reef! One slight touch will slice your hands. Pieces of coral and bacteria can get in the wound. It is handy to have antibiotic ointment or sanitisers. As you will find out in the pre entry clip, you must not touch, feed, or harass the sea life. Use plenty and plenty of sunscreen!!! There are some sharks in the bay, only reef sharks that are about 4 feet long. These sharks are not interested in feeding off people. Box Jellyfish influx - the park will be closed if there is an influx however keep an eye out.

Advice

Get in as early as possible in order to avoid long line ups at the ticket booth and there may also be a long wait (up to an hour or so in busy periods) to view the compulsory clip prior to entry. You will have many photo opportunities from the scenic lookout above the bay. Sign the visitor list after your viewing of the compulsory clip and that way if you return again within a year you skip the clip for next time and go straight in. Bring pre packed food and drink or hit up the snack bar near the entry. ABC shop and Foodland are great for already made snacks with out the extra $$$, there wont be any nearby so buy this either very early in the morning or the night before.

Opening Hours:

NOT OPEN ON TUESDAYS. Summer session, Hanauma Bay is open daily from 6:00am until 7:00pm except on Tuesdays. Winter session, Hanauma Bay is open daily from 6:00am until 6:00pm except on Tuesdays. Changes are possible at any time, for the latest information contact the recorded information line at (808) 396-4229.

For Rules and Regulations

Refer to http://www1.honolulu.gov/parks/facility/hanaumabay/information.htm Amended Rules and Regulations Relating to Visitor Use Levels and Control Amended Rules and Regulations Governing Commercial Scuba Diving (To Include Snuba) and Snorkeling Activities Amended Rules and Regulations Governing Commercial Filming (TV, Movies, Stills) Rules and Regulations Governing Commercial Hiking Tours at Hanauma Bay and the Adjacent Areas Within the Conservation District Rules, Regulations, Charges and Fees For Public Parks and Recreation Facilities

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Hanauma Bay

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Travel Blogga by MarketplaceWeb.net

2012-08-03T02:24:00.007-07:00

Travel Blogga by MarketplaceWeb.net

Welcome to TRAVEL BLOGGA

Review of Hanauma Bay

Hanauma Bay:

How to get there:

How to enter Hanauma Bay:

Facilities:

There is a rental shack, information booth, locker hire, lost and found, restroom, showers and changing rooms. There is also a snack shop and a gift shop by the entry point.

Snorkeling and Locker Hire:

Marine Life at Hanauma Bay:

There is roughly around 400+ species at the bay. One of the most popular little creatures are the Green sea turtles, be sure not to harrass these cute things as there is heavy penalties in place.

What to Bring:

Safety:

Advice

Opening Hours:

For Rules and Regulations

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Hanauma Bay

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AWelcome to the Odessa Apartments Ukraine! Apartment rental with the personal touch

2012-07-31T07:05:00.001-07:00

Apartment rental with the personal touch

Welcome to the Odessa, Ukraine!

Odessarentaflat has been providing up-market apartments for rent in Odessa since 2004. We own and operate a private and secure apartment complex located in a quiet courtyard, right in the center of town. The facilities we offer are comparable to those in a ★★★★ Odessa hotel with prices starting at just $59 per night ($49 in low-season). Guests staying at our private complex of Odessa apartments can expect not just low prices but great service.

Apartments in Odessa with the following specifications are very rare. Indeed we are the only company that offers unlimited FREE telephone calls from the apartments to the US, Europe and Russia.

Computers in each apartment with FREE high sped internet access.
FREE Wi-Fi for guests who bring their Notebooks.
Guest Sauna.
VOIP TELEPHONE in each apartment enabling guests to make direct FREE calls to Europe and the US. Note: This is not Skype….eg calls to ALL US fixed lines and cell phones are completely FREE.
Satellite TV with many English, French, Italian and German channels.
Air Conditioning in all of our Odessa apartments in the complex.
Personal Service. Our office is located in the complex and while our guests have complete privacy they may ask the manager for advice and information regarding any aspect of their stay. For the great many guests who visit Ukraine and do not speak Russian this can be very useful.

In addition to our own Odessa apartments we provide a large selection of quality apartments for rent on behalf of other owners. These are located in the center of Odessa and offer comfort and security to our guests.

Our Odessa apartments for rent are also located in Arcadia for those clients who prefer to stay near the beaches. These are close to all amenities and the many night clubs in the area.

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Guest comments

Didn\'t know where to go this summer, but after reading about Odessa on your site, we have decided to go Odessa. Will contact your firm soon to book a appartment. Very nice site. See you soon.

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Luxury real estate

2012-07-27T09:24:00.002-07:00

Luxury real estate

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S&P downgrade warning spooks investors; Sensex down 51 pts Mumbai, Jun 11 2012, (PTI):

2012-06-11T06:02:00.002-07:00

S&P downgrade warning spooks investors; Sensex down 51 pts

Mumbai, Jun 11 2012, (PTI):

After surging nearly 175 points, the Sensex today erased gains and closed 51 points lower, breaking a five-day upsurge, after S&P's warning that India may lose its investment-grade rating spooked investors.

The BSE benchmark index, which had gained 754 points in the last five straight sessions, opened higher in the morning.

It rose 174.94 points to touch a day's high of 16,893.81 tracking global trends after Eurozone leaders over the weekend agreed to lend 100 billion euros to stabilise Spain's banks.

However, an S&P report citing "slowing GDP growth and political roadblocks to economic policy-making" as some of the worrying factors that may lead to a rating downgrade for India jolted the domestic market. India's current sovereign credit 'BBB-' rating is one notch above speculative-grade.

Panic selling pulled down the Sensex from the day's high level to close at 16,668.01, lower by 50.86 points from Friday's close of 16,718.87.

Blue-chips RIL, SBI, ICICI Bank, L&T and Maruti were among the 18 counters that declined in the 30-share index. Across the market, 1,450 stocks declined while 1,260 scrips went up.

Brokers said if it not were for a better trend in global stock markets and Finance Minister Pranab Mukherjee's assurance that FY'13 would be a turnaround year for GDP growth, the market would gave fallen further.

Key indices in China, Hong Kong, Japan, South Korea and Singapore rose between 1.07-2.44 per cent while indices in UK, France and Germany were last trading up to 2 per cent higher.

"Markets started the week on a strong footing. However, the S&P statement impacted sentiments negatively," said Milan Bavishi, Head Research, Inventure Growth & Securities.

Shares of capital goods, healthcare, realty and refinery declined on selling pressure while consumer durable and FMCG firmed up moderately.

The negative sentiment impacted rupee as it touched a intra-day low of 55.81 today and was last trading at 55.71 against the dollar.

Meanwhile, the 50-share Nifty lost 14.25 points, or 0.28 per cent to 5,054.10, after touching the day's high of 5,124.45.

On April 25, Standard & Poor's affirmed its 'BBB-' long-term sovereign credit rating on India but revised the outlook on the rating to negative from stable.

The outlook revision reflected at least a one-in-three chance of a downgrade in next two years if India's external position continues to deteriorate, GDP growth prospects diminish, or progress on fiscal reforms remains slow, it said.

Among the four 'BRIC' countries, India currently has the lowest credit rating and is the only one with a negative outlook. Russia and Brazil have 'BBB' long-term foreign currency ratings and China has an 'AA-' rating.

Major losers in Sensex today were Cipla (2.25 pc), BHEL (2.21 pc), L&T (1.99 pc), Jindal Steel (1.93 pc), Tata Motors (1.40 pc), Hero MotoCorp (1.36 pc), Dr Reddy (1.21 pc), ONGC 1.18 pc), M&M (1.13 pc) and Reliance Industries (1.08 pc).

However, Tata Power firmed up by 2.18 per cent, followed by Bajaj Auto (1.85 pc), HUL (1.58 pc), Gail India (1.55 pc) and Coal India (1.44 pc) were among the 12 Sensex gainers.

Among the sectoral indices, the BSE-Capital Goods fell by 1.64 per cent, followed by the BSE-Healthcare (1.34 pc) and the BSE-Realty (1.02 pc). The BSE-Consumer Durable index moved up by 0.99 per cent.

"IIP numbers for the month of April to be released tomorrow and inflation data to be released on 14th June will provide cues for any policy change in the RBI meet on 18th," said Sharmila Joshi, Head Equity, Fairwealth Securities.

The total turnover declined further to Rs 1,947.16 crore from the last Friday's level of Rs 1,970.93 crore.

Foreign institutional investors (FIIs) bought shares worth a net Rs 202.01 crore last Friday as per provisional figures from the stock exchanges.

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Galahad Threepwood 23 minutes ago

The FIIs are the biggest crooks around. They first invest gradually and then withdraw money suddenly so that there is a sudden drop in the market. They again reinvest at a lower price and keep playing this game. If things don't work out as per their plan, they get S & P or Moodys to issue a statement that brings the market down. SEBI should a bring a rule that any money invested by FIIs should remain locked in for at least 1 year.

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Connectivity and civic infrastructure changing the dynamics of Bangalore realty

2012-05-27T00:56:00.003-07:00

26 May, 2012, 06.01PM IST, B S MANU RAO,TNN

Connectivity and civic infrastructure changing the dynamics of Bangalore realty

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The inauguration of the Metro Rail's Reach I between M G Road and Byappanahalli is a milestone in the history of Bangalore . It will go down as the moment when the city changed course. The Metro Rail promises to make the city a more convenient and efficient place to live and work in. It pushes the case for more investments. It is another major reason why Bangalore should be number one in the priority lists of organisations planning to set up a base in the region.

A Metro Rail does more than just making it convenient for people to go from place to place. It builds the character of a city. Bangalore becomes an integrated built environment where it is just minutes from an IT belt to a residential spread. Traversing from one corner of the city to another whether for business or entertainment is convenient and quick, facilitating more work-related interaction and social networking. This in turn makes this a city that fosters bonding to enhance quality of business output.

If the Metro Rail was a much publicised and hailed achievement in the recent times, the elevated roads over highways - Tumkur Road and Hosur Road - are milestones set to change the character of these belts. The elevated road over Bellary Road that will reduce commuting time to the airport significantly is another major project in the making that promises to change the dynamics of north Bangalore.

These road projects along with the widening of the arterial roads will make the city a different spread - integrating commercial, retail , and residential belts. This facilitates a work-life balance making this city a convenient place to live in, drawing more people looking for job and entrepreneurial opportunities.

On the commercial front, Bangalore has drawn investments from all sectors - IT continuing to be a major factor in the growth and development of the city's economy . In the months ahead, more IT belts opening up around the city promise more commercial development and demand for housing. The retail sector has found a footing in residential belts with the concept of mixed land use.

The demand for shopping hubs in all localities has led to more retail chains expanding around the city. The major arterial roads within localities have been transformed with large format retail outlets as well as convenience shopping, along with hospitality. The residential belts around the city are also in the process of change. Localities are getting a facelift with the development of green zones and lakes.

The beautification of the city leads to the creation of more premium locations in these localities. On the property development front, the city has always offered a variety of options to those looking for a home or commercial space to work out of.

The apartments are getting to be more amenities-oriented and the commercial spaces boast of state-ofthe-art solutions. The plug-and-play facilities and built-to-suit options are suitable for ventures looking for cost-efficient spaces that don't require heavy investments on maintenance .

The city offers gated communities and new-age integrated developments that bring a new experience in convenience and efficiency. All these factors go into making the city's real estate market dynamic and potential for both end-users and investors.

Another factor that is relevant in this context is the downward trend in interest rates that is on the cards. Finance, a critical part of buying a home, will become easier to source and manage. Smaller EMIs are most welcome and those who were waiting in the wings are bound to enter the market now.

At this stage, the city's realty market is poised for growth. The infrastructure projects, expansions of corporates and more people coming into the city in search of opportunity will lead to demand for property. A roof over your head is a basic necessity today. With a growing demand and the city's horizons expanding in all directions, property prices will move in an uptrend. Property is an asset that spells security and multi-bagger returns always .

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10 industries bouncing back

2012-05-25T08:56:00.000-07:00

1 of 12

Fits and starts

The government last week reported that new claims for unemployment benefits edged down, suggesting that the labor market was gaining momentum.
Initial claims for state unemployment benefits have been hovering near four-year lows over the past few weeks. The four-week moving average for new claims, considered a better measure of labor market trends, dropped to the lowest level since March 2008.
While the labor market is gaining momentum, the level of employment is still 5.8 million jobs from its level before the recent recession. It's impossible to say what a fully recovered U.S. economy will look like, or how long it will take to get there.
Meanwhile, the pace of recovery varies among sectors. Click through the following slides for a look at how industries are faring as they rebound from the worst economic downturn in decades.

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Golden Gavel judges sold on pitch Real Estate Editor Amy Noonan May 24, 2012 11:00PM

2012-05-25T05:07:00.000-07:00

Golden Gavel judges sold on pitch

Real Estate Editor Amy Noonan
May 24, 2012 11:00PM

Michael Fenn, Golden Gavel winner for a second year. Picture: Dean Martin

ENERGY, negotiation and the gift of the gab have translated into gold for the state's top auctioneers.

LJ Hooker Greenwith's Michael Fenn took out the Messenger Community News-BankSA Golden Gavel - and for the second year in a row.
"The process of preparing and performing in this prestigious competition has really helped hone my auction skills and winning has made the journey even more rewarding," Mr Fenn said last night.
Mr Fenn and the runner-up, Brock Harcourts Platinum's Nick Baranikow, will represent SA in the Australasian Auction Competition, held in Adelaide in October.
Also lauded at the awards were the male and female rising auction stars, Luke Domingo from Phil McMahon Real Estate and Dale Gray from Brock Harcourts Stirling and top auctioneer Jonathon Moore.
Michael Smith from St Peter's College took out the Schools' Auction Idol challenge.
In a tough real estate market, a good auctioneer could be the difference between making a sale or not, Society of Auctioneers and Appraisers president Sharon Gray said.
She said auctions were a good way to sell in today's market.

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Market decline may continue next week

2012-05-21T00:36:00.002-07:00

61comments

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Market decline may continue next week

By Angela Moon, Reuters

Normally, a big decline would set up Wall Street for a technical rebound. But that may not be the case next week, even after the market posted its worst weekly loss for the year and the S&P fell for six straight sessions.
With the corporate earnings season drawing to an end and recent U.S. economic data raising doubts about the pace of growth, the S&P 500, which is down 7.3 percent so far in May, could decline further next week as concerns about the financial health of Europe persist.
"What has changed in the world since April? We went from hearing a constant refrain that the world is awash in money and markets must go higher to hearing nobody wants to take any risk. ... all in a week," said Peter Cecchini, global head of institutional equity derivatives at Cantor Fitzgerald & Co. in New York.
The S&P 500 fell 4.3 percent for the week, its steepest weekly decline this year, and closed below 1,300 for the first time in four months.
The hotly awaited market debut of Facebook on Friday was marred by technology glitches on the Nasdaq in sending messages back to the brokerages that handled orders of Facebook Inc. for individual, or "retail," investors. Those problems rekindled fears about the market's electronic trading system and caused some investors to stay away from equities.
Weighing on sentiment is a growing sense among investors that the euro zone debt crisis is nearing new heights, fueled by fears of the potential for a Greek euro exit and the deteriorating health of the Spanish banking system.
Solid corporate earnings and upbeat U.S. economic indicators had fueled the rally in U.S. stocks, offsetting jitters over Europe. But with earnings almost out of the way and data starting to disappoint, investors have shifted their focus back to headlines out of Europe.
Leaders of the Group of 8 major industrial economies meet this weekend to try to tackle the financial crisis in Europe. U.S. President Barack Obama, the G8 host, has repeatedly urged European leaders to do more to stimulate growth, fearing contagion from the euro crisis that could hurt the U.S. economy and his chances of re-election in November.
"The market is extremely oversold. Nonetheless, all major indicators remain on sell signals," said Larry McMillan, president of options research firm McMillan Analysis Corp, in a report on Friday.
"We expect a powerful but short-lived rally should be coming soon. But at this point, barring some major shifts in our indicators, it may only be a rally in a larger down-trending market," McMillian said.
Facebook, the No. 1 online social network, disappointed investors with a tepid market debut on Friday. Shares rose a scant 0.6 percent - nowhere near expectations for double-digit gains on the first trading day - and the day was marred by technical problems due to huge order volume. The stock closed at $38.23 after falling as low as $38, its initial offer price.
The disappointing debut curbed investors' appetite for other social media stocks. Hardest hit was Zynga, which closed down 13.4 percent to $7.16 after falling as low as $6.40. The stock was temporarily halted twice due to sudden declines.
LinkedIn shares fell 5.7 percent to $99.02, and Groupon fell 6.7 percent to $11.58. Zynga and Groupon, both of which went public late last year, are also trading below their IPO prices.
Despite the disappointing market debut and the weak performance of social media stocks, market participants are still optimistic about Facebook going forward.
"In any brand new area, social media in this case, most are going to be losers and only some are going to be winners. Yes, the IPO was disappointing, but Facebook is clearly the winner here and others aren't," said Randy Warren, chief investment strategist at Warren Financial Service.
Next week's economic data includes April's existing home sales on Tuesday at 10 a.m. Existing home sales are forecast at a 4.60 million-unit annual, up from 4.48 million in March.
New homes sales figures are due on Wednesday at 10 a.m. April's new home sales are also expected to post an increase, gaining about 7,000 units over a 328,000-unit annual rate in March.
Initial jobless claims and durable goods orders will be published on Thursday at 8:30 a.m. Consumer sentiment is due at 9:55 a.m. on Friday.
For the week, the Dow is off 3.5 percent, and the Nasdaq is down 5.3 percent.
Below, CNBC's Sue Herera looks ahead to what are likely to be next week's top business and financial stories.

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6 picks for global investors

2012-05-19T17:21:00.000-07:00

6 picks for global investors

As we wait to see how the messes in Europe, China and the US turn out, it's time to turn our attention to Australia, Canada, Latin America and elsewhere.

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EWA	20.85	-0.33	-1.56

BHP	62.49	-1.06	-1.67
CX	5.17	-0.31	-5.66
POT	38.70	-0.21	-0.54
GGB	7.66	-0.06	-0.78

So what's happening everywhere else in the world?
Eyeballs are glued to the European debt crisis. Investors are sifting through every data dump from the Federal Reserve, the Bureau of Labor and corporate earnings in the hope of figuring out if the U.S. economy is slowing -- and if so, how quickly. China's momentum mavens are busy calculating how close the Chinese economy might be to a bottom and the odds that each piece of bad news might be the one that leads to the next round of stimulus from the People's Bank of China.
But what about the rest of the world? Which stock markets and which stocks should investors be watching -- and maybe putting some money into -- outside Europe, the United States or China?
Investing somewhere besides the markets that are in the headlines assumes that you believe that none of the current crop of potential bad news rises to the level of catastrophe. If one of the world's big economies and financial markets goes down hard, it's likely to take down everything. If China hits a hard landing -- a drop to 5% growth and increased social unrest -- it's unlikely that you'll find safety, let alone profits, in any of the world's other financial markets. One lesson from the post-Lehman Brothers crisis is that if the crisis is big enough, everything heads down at once.

Jim Jubak

If, on the other hand, these potential crises don't turn into great big crises -- or really into crises at all -- then the "everywhere else" markets could be either 1) profitable ways to leverage a positive result from any of the world's headline grabbers, or 2) profitable ways to diversify a portfolio.
Let me give the names of six stocks that exemplify those two groups:

The world's leverage markets

Financial markets in these countries are so connected with those of bigger economies that they'll gallop ahead if the United States or China does. In fact, they might even outrun these bigger economies -- and they certainly come with significantly lower risk than China does.

More from Jim Jubak on his MSN Money home page

Want to leverage a faster-than-expected turnaround in China's growth? And with somewhat better financial reporting than you get with many Chinese stocks?

World's strongest markets

Australia is the obvious choice. The country's resource-heavy economy sneezes when China catches cold, but it's not nearly as likely to go into intensive care if monetary policy in Beijing turns frosty. The iShares MSCI Australia Index (EWA -1.56%, news) exchange-traded fund doesn't do Australia's resource economy full justice. Yes, the biggest single weighting in the index goes to iron, coal, oil, uranium, etc. giant BHP Billiton (BHP -1.67%, news) at a whopping 13.2%. But the next-biggest weightings in the index go to Australia's Big Four banks. Total weighting to those four bank stocks adds up to 30.7%.
I think you're better off owning BHP Billiton itself. The stock went down 21.8% in 2011 -- about even with the 21.7% drop in the Shanghai Composite Index that year. And it's roughly matched the gains from that index in 2012 through May 1, at 8.45% to the Shanghai market's 9%. Wall Street projects that earnings per share will drop 19.5% for the company's fiscal year that ends in June. But that would still bring the stock's price-to-earnings ratio to only 14.1, or roughly the five-year average at 14.3. By that common measure of value, the stock looks cheap, based on the 16% increase in earnings analysts are projecting for fiscal 2013. It's even cheaper if China doesn't fall as hard as expected by commodity markets, which need it for demand, or if it recovers faster than financial markets now project.

Want to leverage faster-than-expected growth in the United States? My suggestion: Think Mexico. The Mexican economy is already growing faster than that of the United States: First-quarter growth for Mexico's gross domestic product came in at 4% versus 2.2% for the U.S.
And any acceleration in the U.S. will keep Mexico's growth rate up there.
If you really want leverage to the U.S. economy, and especially to what looks like it might be a bottom in the construction industry, try Cemex (CX -5.66%, news). The world's largest producer of ready-mix concrete certainly isn't for the weak of heart. The company barely survived the global financial crisis after having taken on a truckload of debt to expand in the U.S. market via its acquisition of Rinker in 2007, just as things headed south. Cemex isn't out of the woods yet. It has a daunting year-end leverage target to meet that will require that it sell off more assets.
But it looks as if those sales will be less than expected, thanks to a recovery in the company's business. Sales climbed 4% in the first quarter, the company reported on April 26, and that reduced the company's net loss for the quarter to $26 million from $229 million in the first quarter of 2011. Operating EBITDA (earnings before interest, taxes, depreciation and amortization) rose 7% from the first quarter of 2011 to $567 million.
The shares are up 39.3% in 2012 through May 1 after falling 47.7% in 2011. At a recent $7.22, they were back to where they were on July 25, 2011. Cemex traded at $30 a share before the global financial crisis.
My other choice for a leverage market is Canada, and for a leverage stock there, Potash of Saskatchewan (POT -0.54%, news). Potash is leveraged both to the U.S. economy, where the U.S. Department of Agriculture has projected a 4% increase in corn planting this year over last year, and to China, where recent contract settlements with Chinese buyers have stabilized prices. I added Potash to my 12-to-18-month Jubak's Picks portfolio on April 4.
Additional stocks mentioned in this article: Gerdau (GGB -0.78%, news).
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May 6, 2012 9:48PM

Ride the four horsemen to the finish line.........25% Int'l Funds, 25% Large Cap Funds, 25% Mid Cap Funds, and 25% Small Cap Funds. Int'l and Large Cap Funds are linked and give enough exposure for growth opportunities. Europe Politics and Asia Debt ratios are making for scary times. Will the US economic engine turn off in this election season?

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The so-called Fed model says stocks are cheap. Logic says otherwise

2012-05-19T10:25:00.001-07:00

The so-called Fed model says stocks are cheap. Logic says otherwise

Fed model

IS IT TRUE THAT stocks are cheap “when compared with bonds”? That’s the line on Wall Street. If you haven’t heard it from your broker yet, you will. Indeed, in a recent report, some investment strategists from big brokerages, in their enthusiasm for stocks, argued that they were at record lows compared with bonds.
The comparison doesn’t come out of the blue. It has a long tradition in finance, where it is known as “the Fed model,” because the ratio once appeared in a Federal Reserve report.
The argument is pretty appealing to many—especially now, when bond yields are so low. The stock market today sells for about 14 times forecast earnings—or, to put it another way, if you buy $100 worth of stocks, they should generate, or yield, about $7 in after-tax earnings. That’s on par with historical averages. But that 7 percent “earnings yield” looks enormous when compared with the pitiful 2 percent you’ll earn from 10-year Treasury bonds. Wall Street will offer data going back to the 1960s that shows the two yields moving in tandem.
At one level, you can compare the price of any investment with any other. Do U.S. stocks appear cheaper than European ones? Is timber cheaper than farmland? Warren Buffett, recently making the case for stocks, argued that they looked a lot more appealing to him than gold or bonds.
But can you make a direct mathematical comparison between the earnings yield on stocks and the yield on bonds, as the Fed model argues? Andrew Smithers, a respected financial consultant and the author of Valuing Wall Street, has a four-word reply: “It’s a con job.” He has studied the Fed model in detail. His conclusion: It isn’t supported by history, economics or logic. “It’s almost impossible to see how anybody who was in his right mind could hold that there was any validity to it,” he says, before adding, “unless, of course, he was trying to sell you shares.”
Hedge fund manager Cliff Asness, who has published research on the topic, agrees. People follow the model, he says, “but they do so in error.” What’s wrong with this model?

Plenty. Take the so-called lessons of history. They’re not there. If you look at data from before the 1960s, Asness and Smithers say, the Fed model breaks down completely. The earnings yield and the 10-year Treasury yield didn’t move together at all. Or look at the theory. Stocks and bonds are very different assets. Stocks are “real” assets. Earnings and, ultimately, stock prices tend to reflect changes in inflation. But most bonds are only nominal assets, with no intrinsic value.
Consider what that means in practical terms. Bond yields are low today because the market is expecting very low growth and low inflation. But if that materializes, corporate earnings will rise more slowly than in the past, or may even fall. That’s grounds for caution, not optimism, about stocks. It’s also the case that today’s profit margins are near record highs. The only way earnings are likely to grow from here is if inflation picks up. If that happens, good luck with those bonds, whose prices would plummet.
When I heard someone pushing the Fed model recently, I started to think about overseas comparisons. By the model’s logic, in early 2008, both the Italian and Greek stock markets were an absolute bargain. Both sported earnings yields of about 10 percent, more than twice the yield on their country’s 10-year bonds. Oops.
There’s one more problem with the Fed model—and it maybe the biggest of all. It’s a relative-value trick.
Brokers aren’t saying stocks are actually cheap, only that they are cheap “relative to bonds.” But so what? I remember being told in the late 1990s that certain tech stocks were really cheap…compared with other tech stocks. From my window in Miami, I can see a vista of high-rise buildings where, just a few years ago, condos were marketed as a “bargain” compared with some of the others.
Are bonds fairly valued? By the standards of history, current yields on 10ominous chorus of smart people are lining up to warn that U.S. Treasury bonds are for lemmings. They include Jim Grant, of Grant’s Interest Rate Observer, who says they are in a bubble; Jeremy Grantham, chairman of fund shop GMO; and Paul Singer, head of the hedge fund Elliott Associates. Make of it what you will.
As for U.S. stocks? By various good long-term measures, such as 10-year average earnings, they certainly aren’t a steal. If your broker insists on pushing the Fed model, ask him why he isn’t pitching you Japan instead. The earnings yield there, about 8 percent, is eight times the yield on the 10-year government bond. By the Fed model, they must be a good deal—as, alas, they have appeared to be for a number of years.

How much do you really know about your finances? Find out to win $50,000.

2012-05-17T00:10:00.002-07:00

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RBA announced the cash rate would be reduced by 0.5% to 3.75%. Of course, the big question is what will the banks do?

2012-05-16T23:22:00.001-07:00

RBA announced the cash rate would be reduced by 0.5% to 3.75%. Of course, the big question is what will the banks do?

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2012-05-16T13:43:00.000-07:00

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Yellow Brick Road Wealth Management was founded in 2007 and has rapidly expanded to over100 licensees across Australia.

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Greenhills Beach

2012-05-16T10:37:00.001-07:00

Greenhills Beach

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Call 13 38 38

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A unique lifestyle opportunity.

Greenhills Beach is like no other beachside suburb in Sydney and will make the Sutherland Shire an even better place to live. Created especially for families seeking a natural lifestyle by the sea, it offers a wealth of natural advantages and a unique living opportunity. All in a tranquil, unspoilt environment, just 2kms from vibrant Cronulla.

Welcome to Greenhills Beach. Destined to become one of the Sutherland Shire’s, and Sydney’s, most sought after beachside residential destinations.

The natural choice for your new home.

Images & plans shown are where applicable lifestyle, location shots, internal/external housing images or artist’s impressions and may be indicative only.

Now you can afford to live by the beach! Land from under $695,000!

Beach lots priced from $845,000

Prime landlots close to the beach, right in the heart of the Greenhills Beach precinct.

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Call 13 38 38 or visit our Sales and Display Centre today for more information on land for sale.

Lake lots priced from $850,000

Nestled between shimmering waterways and heritage-listed sand dunes.

2 lots only priced at $850,000

Call 13 38 38 or visit our Sales and Display Centre today for more information on land for sale.

Bay lots priced from $695,000

Well positioned landlots with easy access to sports and playing fields and open spaces.

3 lots only priced from $695,000

Call 13 38 38 or visit our Sales and Display Centre today for more information on land for sale.

Coastal lots priced from $790,000

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Home and Land Packages

Lot 140 $1,269,200
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Lot 142 $1,065,300
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Lot 144 $1,164,900
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Lot 145 $1,169,900
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Lot 302 $1,266,000
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Lot 414 $977,200
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Lot 119 $1,141,300
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Lot 199 $1,238,600
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Images & plans shown are where applicable lifestyle, location shots, internal/external housing images or artist’s impressions and may be indicative only.

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Greenhills Beach Sales Office
81 Cronulla Street, Cronulla.

National Hotline 13 38 38

Images & plans shown are where applicable lifestyle, location shots, internal/external housing images or artist’s impressions and may be indicative only.

Your Dream Home Awaits

At Greenhills Beach, design guidelines promote visual harmony and ensure that your investment in your new home is protected and enhanced by the overall quality of the streetscape.
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Neighbouring Cronulla.

At Greenhills Beach you can be anywhere you want to be in moments. The true lifestyle value of Greenhills Beach lies in the fact that despite being a brand new suburb, it is situated in one of Sydney’s most well-established areas.
The Sutherland shire region offers you all the conveniences of a modern lifestyle – schools, pre-schools, medical facilities, public transport, shopping, golf clubs, restaurants and cafes are all close by, and form part of your new extended neighbourhood.
Click here to download the Neighbourhood Guide.
From Greenhills Beach:

Greenhills Beach shoreline: 400m
Wanda Surf Life Saving Club: 1km
Cronulla Golf Course: 1km
Wanda Beach: 1km
Cronulla Leagues Club: 2km
North Cronulla Surf Life Saving Club: 2km
Cronulla Beach: 2km
Cronulla Surf Life Saving Club: 2.4km
Cronulla retail precinct: 2.5km
Cronulla train station: 2.7km
Westfield Miranda Shopping Centre: 6.8km

Images & plans shown are where applicable lifestyle, location shots, internal/external housing images or artist’s impressions and may be indicative only.

Greenhills Beach - Development Plan

Greenhills Beach - Masterplan

Greenhills Beach offers direct access to over 5kms of pristine beaches, as well as many natural advantages, including 10 sports and playing fields in the Green Hills Parklands; 7kms of cycleways and 4kms of coastal walking tracks; plus a total of 91ha of public open space, bushland, parks and reserves.

Images & plans shown are where applicable lifestyle, location shots, internal/external housing images or artist’s impressions and may be indicative only.

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If you would like further information on Greenhills Beach please complete the form opposite.

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Weather cools as clearance rate heats up

2012-05-16T10:23:00.000-07:00

Weather cools as clearance rate heats up

Nicole Lindsay

May 14, 2012

A handful of bumper results and strengthening auction clearance rates put some life back into Melbourne's struggling auction market at the weekend.
The auction clearance rate hit 63 per cent, a number not seen since February when demand, pent up after the summer holidays, boosted activity.
The rate from the Real Estate Institute of Victoria was based on 591 reported auctions with 63 results still outstanding.
REIV spokesman Robert Larocca said the steadily improving clearance rate showed there was resilience in the market.
Four properties sold for more than $4 million, three of them in the Boroondara area, and three of them under the hammer.
It's a sign of growing confidence at the top end of the market and in the economy, despite the political imbroglio over the federal budget.
RT Edgar director Jeremy Fox, who sold this week's biggest-selling house, in Toorak, said the Reserve Bank's move to cut interest rates by 50 basis points two weeks ago was a factor.
''The fact that interest rates are not going up but going down gives a lot of confidence. If people have businesses - and they're the ones buying the big houses - they get nervous when interest rates are going up and they pull back,'' Mr Fox said.
''I'm finding things are stabilising and there is more confidence coming back into the market.''
National Australia Bank chief executive Cameron Clyne reckons there will be further interest rate cuts during the year.
''We are likely to see a further 50 basis points in the course of the year,'' Mr Clyne told the ABC yesterday.
Any further fall in house prices depended on the unemployment rate, he said.
''If there is going to be a fall it's going to be very moderate and the economy has been able to absorb the house price declines to this point,'' he said.
Last week, the Australian Bureau of Statistics revealed an increase of 15,500 jobs last month and a 0.2 percentage point fall in the unemployment rate to 4.9 per cent.
Jellis Craig director Alastair Craig said the Boroondara market was performing strongly.
On Saturday he auctioned two of the highest-priced properties, a new French provincial-style house at 20 Fellows Street in Kew's Studley Park precinct for $4.4 million, and a renovated Edwardian at 6-8 Fitzgerald Street in Balwyn. ''It's not often you get to knock down two $4 million-plus property on the one weekend,'' Mr Craig said.
''And we sold five out of five properties over $2 million. People have been talking down the $2 million-plus a bit but to have five out of five shows it's coming back.''
Mr Craig said the buyer of the Balwyn property had decided to go to the auction that morning and was unknown to the agents.
The house was on a large 1786-square-metre double block and had a pool and tennis court.
It seemed the buyer had just started house hunting and had already found his quarry.
''It's hard to buy a four-bedroom fully renovated house in this area - with pool and tennis court - for under $4 million,'' he said.

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First Potomac Realty Trust Reports First Quarter 2012 Results

2012-05-15T21:18:00.000-07:00

press release

May 15, 2012, 6:27 p.m. EDT

First Potomac Realty Trust Reports First Quarter 2012 Results

Schedules Conference Call for May 16th at 9:00 a.m.

WASHINGTON, May 15, 2012 (BUSINESS WIRE) -- First Potomac Realty Trust FPO -0.97% , a leader in the ownership, management, development and redevelopment of office and industrial properties in the greater Washington, D.C. region, reported results for the three months ended March 31, 2012.

Highlights:

-- Core Funds From Operations of $14.5 million, or $0.28 per diluted share.

-- Same-property net operating income increased by 2.0% on an accrual basis and 2.8% on a cash basis.

-- Executed 576,000 square feet of leases, generating over 134,000 square feet of positive net absorption.

-- Increased leased and occupancy rates over prior quarter to 84.9% and 83.0%, respectively.

-- Expanded unsecured term loan from $225 million to $300 million.

-- Raised net proceeds of approximately $44 million through the issuance of 1.8 million additional 7.750% Series A Preferred Shares.

Core FFO and FFO increased for the three months ended March 31, 2012 compared with the same period in 2011 primarily due to an increase in the Company's net operating income. The Company's net loss decreased for the three months ended March 31, 2012 compared with the same period in 2011 primarily due to a decrease in acquisition costs. The Company did not acquire any properties during the three months ended March 31, 2012 compared with the acquisition of three properties during the three months ended March 31, 2011, which resulted in $2.2 million in acquisition costs.

The Company's consolidated portfolio was 84.9% leased and 83.0% occupied at March 31, 2012 compared with 84.3% leased and 81.8% occupied at December 31, 2011. A list of the Company's properties, as well as additional information regarding the Company's results of operations can be found in the Company's First Quarter 2012 Supplemental Financial Report, which is posted on the Company's website, www.first-potomac.com .

A reconciliation of net loss to FFO and Core FFO, as well as definitions and statements of purpose, is included below under "Non-GAAP Financial Measures" and in the financial tables accompanying this press release.

Internal Investigation

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2011, management identified a material weakness in the Company's internal control over financial reporting as of December 31, 2011. In response to this material weakness, on March 20, 2012, the Company's Board of Trustees appointed a special committee of independent trustees to review the facts and circumstances relating to the material weakness determination and the Company's processes surrounding the monitoring and oversight of compliance with the Company's financial covenants. The Board of Trustees determined in late April that a more detailed, internal investigation of these matters should be undertaken by the Audit Committee of the Board of Trustees (the "Internal Investigation"), with the assistance of independent outside professionals, which Internal Investigation is ongoing. The filing of the Company's Form 10-Q for the quarter ended March 31, 2012 and the release of the Company's financial results for the same period were delayed due to the time required to address various matters prior to the filing thereof, including those relating to the Internal Investigation and the execution of various waivers and amendments to certain bank debt agreements. For more information regarding these matters, see the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012. The Company is unable to predict the ultimate outcome of the Internal Investigation, or the timing of its completion.

Property Operations

During the first quarter, the Company executed 576,000 square feet of leases, which consisted of 340,000 square feet of new leases and 236,000 square feet of renewal leases. Significant new leases included 37,000 square feet at Gateway 270 West, 32,000 square feet at Frederick Industrial Park, 28,500 square feet at Campus at Metro Park North and 24,000 square feet at Redland Corporate Center, which are all located in the Company's Maryland region and 35,000 square feet at River's Bend Center in the Company's Southern Virginia region. Rent from these new leases is expected to commence by the end of the third quarter of 2012. The 236,000 square feet of renewal leases in the quarter reflects a 51% retention rate. The renewal rate during first-quarter 2012 was lower than our historical renewal rates primarily due to the timing of several known larger lease expirations. The Company anticipates the renewal rate will increase to more in-line with our prior levels throughout the balance of 2012. Renewal leases during the quarter included 54,000 square feet at Gateway 270 West, 35,000 square feet at Worman's Mill Court and 32,500 square feet at Cavalier Industrial Park.

Same-property net operating income ("Same-Property NOI") increased 2.0% for the three months ended March 31, 2012 compared with the same period in 2011. Same-Property NOI increased 9.7% and 8.6% for the Company's Maryland and Northern Virginia regions, respectively, for the three months ended March 31, 2012, primarily due to an increase in rental rates. Same-Property NOI increased 3.6% for the Company's Washington, D.C. region for the three months ended March 31, 2012, primarily due to a decline in real estate taxes. Same-Property NOI decreased 10.4% for the Company's Southern Virginia region for the three months ended March 31, 2012 due to an increase in vacancy.

A reconciliation of net loss to Same-Property NOI, as well as a definition and statement of purpose, is included below under "Non-GAAP Financial Measures" and in the financial tables accompanying this press release.

Dispositions

On March 22, 2012, the Company sold Airpark Place Business Center, a three-building, 82,400 square foot business park in Gaithersburg, Maryland for net sale proceeds of $5.2 million. The operating results of the property are reflected as discontinued operations in the Company's consolidated statements of operations for each of the periods presented in this press release.

In April 2012, the Company entered into a binding contract to sell Woodlands Business Center, a 38,000 square foot office building in Largo, Maryland, which the Company acquired as part of a portfolio acquisition in 2004. The sale was completed in May 2012. At March 31, 2012, the Company classified the property as held-for-sale and reflected its operating results as discontinued operations in its consolidated statements of operations for each of the periods presented in this press release.

During the first quarter of 2012, the Company reduced its anticipated holding period for its Owings Mills Business Park, a six-building, 219,300 square foot business park in Owings Mills, Maryland. Based on an analysis of the property's cash flows over the Company's reduced holding period for the property, the Company recorded an impairment charge of $2.8 million.

Financing Activity

In February 2012, the Company repaid a $21.6 million mortgage loan encumbering Campus at Metro Park North with borrowings under its unsecured revolving credit facility. In addition, the Company further expanded its unsecured term loan from $225.0 million to $300.0 million and used the proceeds to pay down $73.0 million of the outstanding balance under its unsecured revolving credit facility and for other general corporate purposes.

In March 2012, the Company issued 1.8 million additional Series A Cumulative Redeemable Perpetual Preferred Shares (the "Series A Preferred Shares") with a liquidation preference of $25.00 per share, which generated net proceeds of approximately $44 million. Dividends on the additional Series A Preferred Shares are cumulative and payable on a quarterly basis beginning May 15, 2012, at a rate of 7.750%. The Company used the net proceeds from the issuance of the additional Series A Preferred Shares to repay a portion of the outstanding balance on its unsecured revolving credit facility. The offering was a reopening of the Company's original issuance of the Series A Preferred Shares, which occurred in January 2011.

During the first quarter of 2012, the Company entered into four interest rate swap agreements that fixed LIBOR on $75.0 million of its variable rate debt. At March 31, 2012, the Company had fixed LIBOR, at a weighted average rate of 1.6328%, on $275.0 million of its variable rate debt through ten interest rate swap agreements. After accounting for the interest rate swap agreements, the Company's total debt had a weighted average effective interest rate of 4.9% at March 31, 2012. The Company's interest coverage ratio for the quarter ended March 31, 2012 was 2.4 times.

During the first quarter, the Company sold 245,000 common shares through its controlled equity offering program at a weighted average offering price of $14.83 per common share, generating net proceeds of $3.6 million. The Company used the proceeds for general corporate purposes. As of the date of this release, the Company had 4.3 million common shares available for issuance under its controlled equity offering program.

Balance Sheet

The Company had $910.2 million of debt outstanding at March 31, 2012. Of the total debt outstanding, $483.2 million was fixed-rate debt and $275.0 million was variable-rate debt that had been swapped to a fixed interest rate. The balance of the Company's debt, $152.0 million, was variable rate debt consisting of borrowings under unsecured and secured term loans and its unsecured revolving credit facility.

On May 10, 2012, the Company and its bank lenders amended the Company's unsecured revolving credit facility, unsecured term loan and secured loan (together, the "Bank Debt") to, among other things, revise certain financial and other covenants to provide additional operating flexibility for the Company to execute its business strategy and clarify the treatment of certain covenant compliance-related definitions. In addition, the unsecured revolving credit facility and the unsecured term loan were amended to give the lenders the right, at their option, to record mortgages on substantially all of the Company's unencumbered properties. The unsecured term loan also was amended to convert the facility from a fixed interest rate spread over LIBOR to an interest rate spread that is floating based on the Company's leverage levels, which will have the effect of initially increasing the pricing of the unsecured term loan by 25 basis points. Pricing can increase by an additional 25 basis points to the extent the Company's leverage levels increase further or can revert to the original pricing if the Company's leverage ratio improves. In connection with the foregoing amendments, the Company will pay a fee of 20 basis points on the amount of each of the facilities.

In connection with the Internal Investigation and the review of the Company's financial and other non-financial covenants in its Bank Debt and its 6.41% Series A Senior Notes and 6.55% Series B Senior Notes (collectively, the "Senior Notes"), the Company determined it would not have been in compliance with certain of the financial covenants under the documents governing the Senior Notes, as of March 31, 2012, and for one or more prior periods, including the fourth quarter of 2010. However, in connection with the amendments to the Bank Debt agreements, the lenders under the Bank Debt agreements waived, among other things, any cross-defaults with respect to financial covenant non-compliance under the Senior Notes that may have existed with respect to periods prior to the date of such amendments. As a result, any financial covenant non-compliance under the Senior Notes would not create an event of default under the Company's Bank Debt agreements. Furthermore, the sole remedy available to the holders of the Senior Notes upon the occurrence of an event of default is to accelerate the maturity thereof and to receive a make-whole amount in connection therewith. On May 11, 2012, the Company delivered notices regarding its intention to prepay in full the $37.5 million principal amount outstanding under each of the Series A and Series B Senior Notes, for an aggregate principal amount of $75.0 million, plus accrued interest to the prepayment date and an estimated $10.5 million make-whole amount, in accordance with the optional prepayment provisions governing the Senior Notes. The Company intends to draw on its unsecured revolving credit facility to finance the prepayment, which is expected to occur on or prior to June 11, 2012. The $10.5 million make-whole payment and the extinguishment of unamortized deferred financing costs of $0.1 million will be recorded as a loss on early debt extinguishment in the second quarter of 2012, which is expected to be partially offset by a decrease in interest expense as a result of the lower interest rate on the Company's unsecured credit facility, compared with the interest rate of the Senior Notes.

Dividends

On April 24, 2012, the Company declared a dividend of $0.20 per common share, equating to an annualized dividend of $0.80 per common share. The dividend was paid on May 11, 2012, to common shareholders of record as of May 4, 2012. The Company also declared a dividend of $0.484375 per share on its Series A Preferred Shares. The dividend was paid on May 15, 2012 to preferred shareholders of record as of May 4, 2012.

Core FFO Guidance

As a result of the 1.8 million additional Series A Cumulative Redeemable Perpetual Prefer red Shares issued in March 2012, the Company has updated its full-year 2012 Core FFO guidance to $1.06 to $1.12 per diluted share. The following is a summary of the assumptions that the Company used, which were updated based on the Company's first quarter activity, in arriving at its guidance (unaudited, amounts in thousands except per share amounts):

        
                                                         Expected Ranges(1)
                                                   ------------------------------
        Portfolio NOI                              $ 123,000     -   $ 125,000
        Interest and Other Income                      5,500     -       6,500
        FFO from Unconsolidated Joint Ventures         4,500     -       5,000
        Interest Expense                           $ (45,000)   -   $ (47,000)
        G&A                                          (18,000)   -     (19,000)
        Preferred Dividends                          (11,964)   -     (11,964)
        Weighted Average Shares                       53,000     -      54,000
        Average Occupancy                                 83 %   -          84 %
        Same-Property NOI Growth - Accrual Basis           3 %   -           5 %
        ----------------------------------------     ------- -   -     ------- -

        
        (1)  Does not take into consideration any additional acquisitions in
             2012. The Company's guidance also excludes any potential gains or
             asset impairments associated with property dispositions.

The Company's guidance does not take into account the costs associated with the Internal Investigation which may be substantial. The Company's guidance is also based on a number of other assumptions, many of which are outside the Company's control and all of which are subject to change. The Company may change its guidance as actual and anticipated results vary from these assumptions.

        
        Guidance Range for 2012                                                Low Range      High Range
        -----------------------------------------------------------------   --------------  --------------
        Net loss attributable to common shareholders per diluted share(1)     $ (0.45)       $ (0.39)
        Real estate depreciation, net loss attributable to
                                                                                 1.48            1.55
           noncontrolling interests and items excluded from Core FFO per
           diluted share(2)
                                                                                -----           -----
        Core FFO per diluted share                                            $  1.03         $  1.16
                                                                            === =====       === =====

        (1)  Net loss attributable to common shareholders includes
             approximately $14 million of costs associated with the prepayment
             of the Senior Notes and the write-off of costs primarily
             associated with amending the unsecured term loan in May 2012.
        (2)  Items excluded from Core FFO include acquisition costs, contingent
             consideration, debt retirement charges and debt modification
             charges incurred through December 31, 2012.

Investor Conference Call and Webcast

First Potomac Realty Trust will host a conference call on Wednesday, May 16, 2012 at 9:00 a.m. ET, to discuss first quarter results. The conference call can be accessed by dialing (877) 705-6003 or (201) 493-6725 for international participants. A replay of the conference call will be available from 12:00 Noon ET on Wednesday May 16, 2012 until midnight ET on Wednesday May 23, 2012. The replay can be accessed by dialing (877) 870-5176 or (858) 384-5517 for international callers, and entering pin number 394640.

A live broadcast of the conference call will also be available online and can be accessed from the Investor Information page of the Company's website, www.first-potomac.com , on Wednesday, May 16, 2012, beginning at 9:00 a.m. ET. An online replay will be available on the above site shortly after the call and will continue for 90 days.

Annual Meeting of Shareholders

First Potomac Realty Trust will hold its 2012 Annual Meeting of Shareholders on Wednesday, May 23, 2012, at 11:00 a.m. ET at the Company's corporate headquarters at 7600 Wisconsin Avenue, 11th Floor in Bethesda, Maryland for shareholders of record as of the close of business on March 16, 2012. The Company's proxy statement was filed on April 5, 2012 with the Securities and Exchange Commission.

About First Potomac Realty Trust

First Potomac Realty Trust is a self-administered, self-managed real estate investment trust that focuses on owning, operating, developing and redeveloping office and industrial properties in the greater Washington, D.C. region. As of March 31, 2012, the Company's consolidated portfolio totaled approximately 14 million square feet. Based on annualized cash basis rent, the Company's portfolio consists of 43% office properties, 36% business parks and 21% industrial properties. FPO common shares FPO -0.97% and preferred shares are publicly traded on the New York Stock Exchange.

Non-GAAP Financial Measures

Funds from Operations -- Funds from operations ("FFO") represents net income (computed in accordance with U.S. generally accepted accounting principles ("GAAP")), excluding gains (losses) on sales of real estate and impairments of real estate assets, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. On October 31, 2011, NAREIT issued revised guidance regarding the exclusion of impairment write-downs of depreciable assets reported in FFO. As a result, the Company began excluding impairment losses from FFO in the fourth quarter of 2011 and has restated FFO from prior periods to exclude such charges consistent with NAREIT's guidance. The Company also excludes, from its FFO calculation, any depreciation and amortization related to third parties from its consolidated joint ventures. The Company considers FFO a useful measure of performance for an equity REIT because it facilitates an understanding of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, the Company believes that FFO provides a meaningful indication of its performance. The Company also considers FFO an appropriate performance measure given its wide use by investors and analysts. The Company computes FFO in accordance with standards established by the Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999, April 2002 and January 2012), which may differ from the methodology for calculating FFO utilized by other equity real estate investment trusts ("REITs") and, accordingly, may not be comparable to such other REITs. Further, FFO does not represent amounts available for management's discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor is it indicative of funds available to fund the Company's cash needs, including its ability to make distributions. The Company presents FFO per diluted share calculations that are based on the outstanding dilutive common shares plus the outstanding Operating Partnership units for the periods presented.

The Company's presentation of FFO in accordance with the NAREIT white paper, or as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company's financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity. The Company's FFO calculations are reconciled to net income in the Company's Consolidated Statements of Operations included in this release.

Core FFO -- Management believes that the computation of FFO in accordance with NAREIT's definition includes certain items that are not indicative of the results provided by the Company's operating portfolio and affect the comparability of the Company's period-over-period performance. These items include, but are not limited to, gains and losses on the retirement of debt, contingent consideration charges and acquisition costs. The Company provides a reconciliation of FFO to Core FFO in the financial tables accompanying this press release.

NOI -- The Company defines net operating income ("NOI") as operating revenues (rental income, tenant reimbursements and other income) less property and related expenses (property expenses, real estate taxes and insurance). Management believes that NOI is a useful measure of the Company's property operating performance as it provides a performance measure of the revenues and expenses directly associated with owning, operating, developing and redeveloping office and industrial properties, and provides a perspective not immediately apparent from net income or FFO. Other REITs may use different methodologies for calculating NOI, and accordingly, the Company's NOI may not be comparable to other REITs. The Company's NOI calculations are reconciled to total revenues and total operating expenses at the end of this release.

Same-Property NOI -- Same-Property Net Operating Income ("Same-Property NOI"), defined as operating revenues (rental, tenant reimbursements and other revenues) less operating expenses (property operating expenses, real estate taxes and insurance) from the properties owned by the Company for the entirety of the periods presented, is a primary performance measure the Company uses to assess the results of operations at its properties. As an indication of the Company's operating performance, Same-Property NOI should not be considered an alternative to net income calculated in accordance with GAAP. A reconciliation of the Company's Same-Property NOI to net income from its consolidated statements of operations is presented below. The Same-Property NOI results exclude corporate-level expenses, as well as certain transactions, such as the collection of termination fees, as these items vary significantly period-over-period thus impacting trends and comparability. Also, the Company eliminates depreciation and amortization expense, which are property level expenses, in computing Same-Property NOI as these are non-cash expenses that are based on historical cost accounting assumptions and do not offer the investor significant insight into the operations of the property. This presentation allows management and investors to distinguish whether growth or declines in net operating income are a result of increases or decreases in property operations or the acquisition of additional properties. While this presentation provides useful information to management and investors, the results below should be read in conjunction with the results from the consolidated statements of operations to provide a complete depiction of total Company performance.

Forward Looking Statements

The forward-looking statements contained in this press release are subject to various risks and uncertainties. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that its expectations will be achieved. Certain factors that could cause actual results to differ materially from the Company's expectations include changes in general or regional economic conditions; the Company's ability to timely lease or re-lease space at current or anticipated rents; changes in interest rates; changes in operating costs; the Company's ability to complete acquisitions on acceptable terms; the Company's ability to manage its current debt levels and repay or refinance its indebtedness upon maturity or other required payment dates; the Company's ability to maintain financial covenant compliance under its debt agreements; the Company's ability to remediate the material weakness in its internal controls over financial reporting described in its 10-K for the year ended December 31, 2011 and to re-establish and maintain effective internal controls over financial reporting and disclosure controls and procedures; the outcome and potential impact of the ongoing Internal Investigation, including any remedial actions that may be required as a result of the Internal Investigation; the Company's ability to obtain debt and/or financing on attractive terms, or at all; changes in the assumptions underlying the Company's earnings and FFO guidance and other risks detailed in the Company's Annual Report on Form 10-K and described from time to time in the Company's filings with the SEC. Many of these factors are beyond the Company's ability to control or predict. Forward-looking statements are not guarantees of performance. For forward-looking statements herein, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

        
                                              FIRST POTOMAC REALTY TRUST
                                         Consolidated Statements of Operations
                              (unaudited, amounts in thousands, except per share amounts)
                                                                                Three Months Ended March 31,
                                                                                   2012             2011
                                                                              ---------------  ---------------
        Revenues:
          Rental                                                                  $ 37,573         $ 31,639
          Tenant reimbursements and other                                            9,199            7,902
                                                                                    ------           ------
              Total revenues                                                        46,772           39,541
                                                                                    ------           ------
        Operating expenses:
          Property operating                                                        11,509           10,546
          Real estate taxes and insurance                                            4,846            3,898
          General and administrative                                                 4,897            4,008
          Acquisition costs                                                             17            2,185
          Depreciation and amortization                                             16,091           12,504
          Impairment of real estate assets                                           2,751                -
                                                                                    ------           ------
              Total operating expenses                                              40,111           33,141
                                                                                    ------           ------
          Operating income                                                           6,661            6,400
                                                                                    ------           ------
        Other expenses, net:
          Interest expense                                                          11,239            8,626
          Interest and other income                                                 (1,508)           (824)
          Equity in losses of affiliates                                                46               32
                                                                                    ------           ------
              Total other expenses, net                                              9,777            7,834
                                                                                    ------           ------
        Loss from continuing operations before income taxes                         (3,116)         (1,434)
        (Provision) benefit for income taxes                                           (61)            313
                                                                                    ------ -         ------
        Loss from continuing operations                                             (3,177)         (1,121)
        Loss from discontinued operations                                             (297)         (2,771)
                                                                                    ------ -         ------ -
        Net loss                                                                    (3,474)         (3,892)
                                                                                    ------ -         ------ -
           Less: Net loss attributable to noncontrolling interests                     318              138
                                                                                    ------           ------
        Net loss attributable to First Potomac Realty Trust                         (3,156)         (3,754)
         Less: Dividends on preferred shares                                        (2,664)         (1,783)
                                                                                    ------ -         ------ -
        Net loss available to common shareholders                                 $ (5,820)       $ (5,537)
                                                                              ----- ------ -   ----- ------ -
         Depreciation and amortization:
           Real estate assets                                                       16,091           12,504
           Discontinued operations                                                      30              395
           Unconsolidated joint ventures                                             1,484              524
           Consolidated joint ventures                                                 (38)            (19)
         Impairment of real estate assets                                            3,021            2,711
         Net loss attributable to noncontrolling interests in the Operating           (335)           (136)
         Partnership
                                                                                    ------ -         ------ -
        Funds from operations (FFO) available to common shareholders              $ 14,433         $ 10,442
                                                                              ===== ======     ===== ======

        
                                             FIRST POTOMAC REALTY TRUST
                                        Consolidated Statements of Operations
                             (unaudited, amounts in thousands, except per share amounts)
                                                                               Three Months Ended March 31,
                                                                                  2012             2011
                                                                             ---------------  ---------------
        Funds from operations (FFO)                                              $ 17,097         $ 12,225
            Dividends on preferred shares                                          (2,664)         (1,783)
                                                                                   ------ -         ------ -
        FFO available to common shareholders                                       14,433           10,442
            Debt modification fees                                                    105                -
            Acquisition costs                                                          17            2,185
                                                                                   ------           ------
        Core FFO                                                                 $ 14,555         $ 12,627
                                                                             ===== ======     ===== ======
        Basic and diluted earnings per common share:
             Loss from continuing operations                                     $  (0.11)       $  (0.06)
             Loss from discontinued operations                                      (0.01)          (0.06)
                                                                                   ------ -         ------ -
             Net loss                                                            $  (0.12)       $  (0.12)
                                                                             ===== ====== =   ===== ====== =
        Weighted average common shares outstanding:
         Basic and diluted                                                         49,781           49,234
        FFO available to common shareholders per share - basic and diluted       $   0.27         $   0.21
        Core FFO per share - diluted                                             $   0.28         $   0.25
        Weighted average common shares and units outstanding:
          Basic                                                                    52,701           50,302
          Diluted                                                                  52,805           50,506

        
                                                   FIRST POTOMAC REALTY TRUST
                                                   Consolidated Balance Sheets
                                        (Amounts in thousands, except per share amounts)
                                                                                   March 31, 2012      December 31, 2011
                                                                                --------------------  ------------------
                                                                                     (unaudited)
        Assets:
          Rental property, net                                                     $ 1,437,847            $ 1,439,661
          Assets held for sale                                                           2,933                  5,297
          Cash and cash equivalents                                                     17,157                 16,749
          Escrows and reserves                                                          18,097                 18,455
          Accounts and other receivables, net of allowance for doubtful                 10,701                 11,404
          accounts of $2,991 and $3,065, respectively
          Accrued straight-line rents, net of allowance for doubtful accounts           19,814                 18,028
          of $299 and $369, respectively
          Notes receivable, net                                                         54,679                 54,661
          Investment in affiliates                                                      73,300                 72,518
          Deferred costs, net                                                           37,241                 34,683
          Prepaid expenses and other assets                                             10,821                  9,275
          Intangible assets, net                                                        56,020                 59,021
                                                                                     ---------              ---------
        Total assets                                                               $ 1,738,610            $ 1,739,752
                                                                                ==== =========        ===== =========
        Liabilities:
          Mortgage loans                                                           $   408,241            $   432,023
          Senior notes                                                                  75,000                 75,000
          Secured term loans                                                            20,000                 30,000
          Unsecured term loan                                                          300,000                225,000
          Unsecured revolving credit facility                                          107,000                183,000
          Accounts payable and other liabilities                                        54,984                 53,507
          Accrued interest                                                               3,765                  2,782
          Rents received in advance                                                     11,326                 11,550
          Tenant security deposits                                                       5,740                  5,603
          Deferred market rent, net                                                      4,537                  4,815
                                                                                     ---------              ---------
            Total liabilities                                                          990,593              1,023,280
                                                                                     ---------              ---------
        Noncontrolling interests in the Operating Partnership                           40,044                 39,981
        Equity:
                                                                                       160,000                115,000
          Series A Preferred Shares, $25 par value, 50,000 shares
          authorized; 6,400 and 4,600 shares issued and outstanding,
          respectively
                                                                                            51                     50
          Common shares, $0.001 par value, 150,000 shares authorized; 50,722
          and 50,321 shares issued and outstanding, respectively
          Additional paid-in capital                                                   799,605                798,171
          Noncontrolling interests in consolidated partnerships                          4,270                  4,245
          Accumulated other comprehensive loss                                          (5,161)               (5,849)
          Dividends in excess of accumulated earnings                                 (250,792)             (235,126)
                                                                                     --------- ----         --------- -
              Total equity                                                             707,973                676,491
                                                                                     ---------              ---------
        Total liabilities, noncontrolling interests and equity                     $ 1,738,610            $ 1,739,752
                                                                                ==== =========        ===== =========

        
                                                       FIRST POTOMAC REALTY TRUST
                                                         Same-Property Analysis
                                                    (unaudited, dollars in thousands)
        Same-Property NOI(1)                                                                  Three Months Ended March 31,
                                                                                                2012                  2011
                                                                                       ----------------------  ------------------
                                    Total base rent                                         $  31,491             $  31,031
                                    Tenant reimbursements and other                             6,534                 7,372
                                    Property operating expenses                                (9,136)              (9,974)
                                    Real estate taxes and insurance                            (3,750)              (3,790)
                                                                                              ------- ------        ------- ----
                                    Same-Property NOI - accrual basis(2)                       25,139                24,639
                                    Straight-line revenue, net                                   (106)                 (62)
                                    Deferred market rental revenue, net                          (181)                (395)
                                                                                              ------- ------        ------- ----
                                    Same-Property NOI - cash basis(2)                       $  24,852             $  24,182
                                                                                       ------ -------          ---- -------
                                    Change in same-property NOI - accrual basis                   2.0 %
                                    Change in same-property NOI - cash basis                      2.8 %
                                    Changes in Same-Property NOI - accrual basis
                                    Rental revenue increase                                 $     460
                                    Tenant reimbursements and other decrease                     (838)
                                    Expense decrease                                              878
                                                                                              -------
                                                                                            $     500
                                                                                       ====== =======
                                    Same-property percentage of total portfolio (sf)             92.1 %
        Reconciliation of Consolidated NOI to Same-property NOI
                                                                                              Three Months Ended March 31,
                                                                                                2012                  2011
                                                                                       ----------------------  ------------------
                                     Total revenues                                         $  46,772             $  39,541
                                     Property operating expenses                              (11,509)             (10,546)
                                     Real estate taxes and insurance                           (4,846)              (3,898)
                                                                                              ------- ------        ------- ----
                                     NOI                                                       30,417                25,097
                                     Less: Non-same property NOI(2)                            (5,278)                (458)
                                                                                              ------- ------        ------- ----
                                     Same-propertyNOI - accrual basis                       $  25,139             $  24,639
                                                                                       ====== =======          ==== =======
        Change in Same-Property NOI by Region                                            Three Months Ended        Percentage
                                                                                           March 31, 2012         of Base Rent
                                                                                       ----------------------  ------------------
                                    Washington, D.C.                                              3.6 %                   8 %
                                    Maryland                                                      9.7 %                  33 %
                                    Northern Virginia                                             8.6 %                  29 %
                                    Southern Virginia                                           (10.4)%                 30 %
                                                                                         Three Months Ended        Percentage
        Change in Same-Property NOI by Property Type                                       March 31, 2012         of Base Rent
                                                                                       -------------------     ---------------
                                    Business Park                                                (0.7)%                 42 %
                                    Industrial                                                   (2.9)%                 25 %
                                    Office                                                       11.9 %                  33 %

        
        (1)  Same-property comparisons are based upon those consolidated
             properties owned for the entirety of the periods presented.
             Same-property results exclude the results of the following non
             same-properties: Three Flint Hill, 440 First Street, NW, Cedar
             Hill I & III, Merrill Lynch, 840 First Street, NE, One Fair Oaks,
             Greenbrier Towers I & II, 1005 First Street, NE, Hillside Center,
             Davis Drive and Woodlands Business Center.
        (2)  Non-same property NOI has been adjusted reflect a normalized
             management fee percentage in lieu of an administrative overhead
             allocation for comparative purposes.

SOURCE: First Potomac Realty Trust

        
        First Potomac Realty Trust 
        Jaime Marcus, 301-986-9200 
        Manager, Investor Relations 
        jmarcus@first-potomac.com

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YBR - Double Bay

2012-05-15T20:02:00.002-07:00

NorthStar Realty Finance Announces Pricing of Public Offering of Common Stock

2012-05-04T23:54:00.000-07:00

press release

May 4, 2012, 9:00 a.m. EDT

NorthStar Realty Finance Announces Pricing of Public Offering of Common Stock

NEW YORK, May 4, 2012 /PRNewswire via COMTEX/ -- NorthStar Realty Finance Corp. NRF -6.57% (the "Company") announced today that it has priced an underwritten public offering of 20,000,000 shares of common stock at a public offering price of $5.70 per share. The Company has granted the underwriter a 30-day option to purchase up to 3,000,000 additional shares of common stock. The offering is expected to close on May 9, 2012.

Deutsche Bank Securities is acting as the sole book-running manager of the offering.

The Company intends to use the net proceeds of the offering to make investments relating to its business, to repurchase or pay its liabilities and for general corporate purposes.

A registration statement relating to the offered securities has been declared effective by the Securities and Exchange Commission ("SEC"). The offering is being made only by means of a prospectus supplement and accompanying base prospectus. Copies of the prospectus supplement and the related prospectus for the proposed offering, when available, may be obtained by contacting: Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, by calling (800) 503-4611, or by emailing prospectus.cpdg@db.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the shares, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

About NorthStar Realty Finance Corp.

NorthStar Realty Finance Corp. is a finance real estate investment trust that originates, acquires and manages portfolios of commercial real estate debt, commercial real estate securities and net lease properties. In addition, NorthStar engages in asset management and other activities related to real estate and real estate finance.

Safe-Harbor Statement

Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words like "expect," "intend" and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Forward-looking statements are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any forward-looking statements will not materialize or will vary significantly from actual results. Variations of assumptions and results may be material. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in economic conditions generally and the real estate and bond markets specifically, completion of the offering on the terms described in the registration statement, the prospectus supplement relating to this offering and the accompanying prospectus, if at all, and use of proceeds from the sale of the common stock. Factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the Company's Annual Report on Form 10-K for the year ended December 31, 2011, and its other filings with the SEC. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

SOURCE NorthStar Realty Finance Corp.

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