The Los Angeles area is home to a group of real estate investment trusts. The companies, which range in market cap from just over $200 million to nearly $10 billion, specialize in a broad range of properties from health care institutions to trophy office buildings to storage facilities. One operates as a REIT but originates mortgages.
Aames Investment Corp. (AIC)
Founded:
2004
Headquarters:
Los Angeles
Top Executive:
A. Jay Meyerson, chairman and chief executive
Market Cap/Dividend Yield:
$422.1 million/ 19.9%
Portfolio Value:
$4.25 billion in loans
2004 Revenue/Earnings:
$119.1 million/($7.0) million
Key Markets:
United States
Marquee Properties:
N/A
Investment Strategy:
Originates and manages a portfolio of subprime mortgage loans that are generated principally through direct mailings, telemarketing and Internet-generated leads
Alexandria Real Estate Equities Inc. (ARE)
Founded:
1994
Headquarters:
Pasadena
Top Executive:
Joel S. Marcus, chief executive
Market Cap/Dividend Yield:
$1.91 billion/3.3 %
Portfolio Value:
$2.18 billion
2004 Revenue/Earnings:
$183.3 million/$45.7 million
Key Markets:
California, Seattle, Suburban Washington D.C., Eastern Massachusetts, New Jersey, Suburban Philadelphia and the Southeast
Marquee Properties:
University of Washington’s Molecular Diagnostics laboratory building, Council for Entrepreneurial Development’s Entrepreneurship Center, Alexandria Technology Center
Investment Strategy:
Clustered assets in key life science hub markets, focusing on properties containing office/laboratory space
Arden Realty Group Inc.* (ARI)
Founded:
1996
Headquarters:
Los Angeles
Top Executive:
Richard S. Ziman, chairman and chief executive
Market Cap/Dividend Yield:
$3.02 billion/4.5 percent
Portfolio Value:
$3.31 billion
2004 Revenue/Earnings:
$409.2 million/$73.8 million
Key Markets:
Southern California
Marquee Properties:
Howard Hughes Center, Westwood Center, World Savings Center
Investment Strategy:
Owns, manages, leases, develops, renovates and acquires commercial properties located in Southern California, largely in desirable locations
*Arden was sold to General Electric Co. in December but the deal has not yet closed.
Health Care Property Investors Inc. (HCP)
Founded:
1985
Headquarters:
Long Beach
Top Executive:
James F. Flaherty III, chairman and chief executive
Market Cap/Dividend Yield:
$3.66 billion/6.24%
Portfolio Value:
$3.77 billion
2004 Revenue/Earnings:
$428.7 million/$147.9 million
Key Markets:
United States
Marquee Properties:
Irvine Regional Hospital, Tarzana Regional Hospital, Emerald Hills assisted living facility
Investment Strategy:
Acquires quality properties at attractive prices, which the company calls opportunistic investing, focusing on hospitals, skilled nursing facilities, assisted living/continuing care retirement communities and medical office buildings
Kilroy Realty Corp. (KRC)
Founded:
1947
Headquarters:
Los Angeles
Top Executive:
John B. Kilroy Jr., chairman and chief executive
Market Cap/Dividend Yield:
$1.89 billion/3.12%
Portfolio Value:
$1.91 billion
2004 Revenue/Earnings:
$218.5 million/$30 million
Key Markets:
Southern California
Marquee Properties:
Westside Media Center, Kilroy Airport Center, Kilroy Centre Del Mar in San Diego
Investment Strategy:
Owns, manages, acquires and develops office and industrial assets in promising suburban submarkets in coastal Southern California, focusing on Class A properties
LTC Properties Inc. (LTC)
Founded:
1992
Headquarters:
Malibu
Top Executive:
Andre C. Dimitriadis, chairman and chief executive
Market Cap/ Dividend Yield:
$522.6 million/6.4%
Portfolio Value:
$408.1 million
2004 Revenue/Earnings:
$66.9 million/$15 million
Key Markets:
Texas, California, Florida
Marquee Properties:
N/D
Investment Strategy:
Skilled nursing and assisted living properties
The Macerich Co. (MAC)
Founded:
1965
Headquarters:
Santa Monica
Top Executive:
Arthur M. Coppola, president and chief executive
Market Cap/Dividend Yield:
$4.2 billion/3.9%
Portfolio Value:
$6.2 billion
2004 Revenue/Earnings:
$547.3 million/$82.5 million
Key Markets:
Western United States, Arizona and Colorado
Marquee Properties:
Santa Monica Place, Westside Pavilion, The Oaks in Thousand Oaks
Investment Strategy:
Acquiring and redeveloping regional malls into dominant properties
Maguire Properties Inc. (MPG)
Founded:
1965
Headquarters:
Los Angeles
Top Executive:
Robert F. Maguire III, chairman and co-chief executive
Market Cap/Dividend Yield:
$1.4 billion/5.0%
Portfolio Value:
$3.86 billion
2004 Revenue/Earnings:
$326.7 million/$15.6 million
Key Markets:
Southern California
Marquee Properties:
777 Tower, One California Plaza, U.S. Bank Tower
Investment Strategy: Architecturally distinctive, Class A office properties
Public Storage Inc. (PSA)
Founded:
1972
Headquarters:
Glendale
Top Executive:
B. Wayne Hughes, chairman
Market Cap/Dividend Yield:
$9.26 billion/2.8%
Portfolio Value:
$5.8 billion
2004 Revenue/Earnings:
$928 million/$178.1 million
Key Markets:
California, Texas, Florida, Illinois, Georgia
Marquee Properties:
Eagle Rock
Investment Strategy:
Clustered self-storage facilities in geographically diverse regions, minimizing risk while sharing administrative costs across properties
PS Business Parks Inc. (PSB)
Founded:
1983
Headquarters:
Glendale
Top Executive:
Joseph D. Russell Jr., chief executive and president
Market Cap/Dividend Yield:
$1.12 billion/2.2%
Portfolio Value:
$1.55 billion
2004 Revenue/Earnings:
$219.5 million/$29.1 million
Key Markets:
California, Northern Virginia, Texas, Oregon, Maryland and Florida
Marquee Properties:
Laguna Hills Commerce Center, Cerritos Business Center
Investment Strategy: Flexible, multi-tenant industrial and suburban office space
Compiled by Bonnie Lee and Aarthi Sivaraman
