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June 26, 2008 - Nexia Holdings, Inc. (OTCBB: NXHL | Quote | Chart | News | PowerRating) announced today that it has entered into final arrangements for the sale of the real property owned by Downtown Development Corporation (DDC), a subsidiary of Nexia, located in the 1300 South Block of State Street in Salt Lake City, Utah. The agreement for the sale of the property provides for a purchase price of $1.01 million. Nexia's CEO Richard Surber expects the transaction to close within the next 60 days. The sale will include the building and the undeveloped lot which was recently acquired by DDC at this location. The buyer has completed their due diligence on the property and has indicated that they intend to proceed to closing. CEO Richard Surber observed, "The first mortgage on the property is only $555,000. We will use the balance of the proceeds to further our operational goals which include improving our working capital position. I would like to point out to our shareholders that the sales price of this single piece of real estate is nearly 5 times our current market capitalization." Surber reiterated, "I am very interested in deploying Nexia's resources into acquiring residential real estate. Given current market conditions, I believe there are bargains to be had in this sector of the market."
June 27, 2008 - IRSA Inversiones y Representaciones S.A.'s subsidiary Alto Palermo S.A. (APSA) reported today to the Argentine Comision Nacional de Valores the acquisition of a plot of land located at 3351/9 Beruti Street (between Coronel Diaz Ave. and Bulnes St.) in the well-known neighborhood of Palermo, City of Buenos Aires. The transaction was made for a total price of USD 17.8 million, comprising a total area of 3,207 square meters. The importance of this acquisition lies in the strategic location of the asset, which is very close to APSA's main shopping center known as "Alto Palermo Shopping" situated at Coronel Diaz Ave. between Santa Fe Ave. and Beruti St.
June 27, 2008 - MI Developments Inc. (MID) (TSX: MIM.A, MIM.B; NYSE: MIM) today announced that, in light of shareholder discussions relating to potential amendments to the reorganization proposal received by MID's Board of Directors on March 31, 2008 (the "Reorganization Proposal"), the special meeting of MID shareholders to consider the Reorganization Proposal, previously called for July 24, 2008, will be postponed. The Board of Directors of MID has constituted a Special Committee of independent directors to review and make recommendations to the Board relating to the Reorganization Proposal. Neither the Special Committee nor the Board has made any decisions or recommendations with respect to the Reorganization Proposal, and the Board may further postpone or cancel the special meeting at any time. The implementation of the Reorganization Proposal would be subject to applicable shareholder, court and regulatory approvals and certain other material conditions, some of which are beyond MID's control. There can be no assurance that the transaction contemplated by the Reorganization Proposal, either as currently structured or in an amended form, or any other transaction, will be completed.
June 27, 2008 -- NTS Realty Holdings Limited Partnership (the "Company")(AMEX: NLP | Quote | Chart | News | PowerRating) announced today that it completed the purchase of the apartment community known as Colonial Grand at Shelby Farms ("Shelby Farms"), a multifamily property located in Cordova, Tennessee. The Company completed the transaction through Shelby Farms Apartments, LLC, a wholly-owned subsidiary of the Company, in connection with its Section 1031 like-kind exchange. The Company purchased the property from entities unaffiliated with the Company, Colonial Realty Limited Partnership, a Delaware limited partnership and Colonial Properties Services, Inc., an Alabama corporation (the "Sellers"). The Company paid a purchase price of $41.0 million to acquire Shelby Farms. A spokesperson for the Company indicated that the Company satisfied the purchase price for Shelby Farms with funds obtained from a $27.8 million short-term mortgage loan from the Sellers, and from proceeds from the Company's sale in May, 2008 of its Atrium Center, Blankenbaker Business Centers I and II, 1901 Campus Place, Plainview Center, Plainview Point I and II and adjacent parking lot and Plainview Point III office properties. The spokesperson also indicated that the transaction was conducted pursuant to an Exchange Agreement with a qualified intermediary as a transaction under Section 1031 of the Internal Revenue Code which is intended to allow the Company to defer the recognition of taxable gain related to the sale of properties.
Market wrap for June 27, 2008 -- Friday's record oil prices fed the dour mood on Wall Street and cast a shadow on positive consumer spending data. In turn, the major indices each closed lower, extending the week's losses. Week-to-date, the S&P 500 lost 2.9%, the Dow Jones Industrials Average lost 4.1%, and the Nasdaq fell 3.8%.
Crude prices rallied all the way to $142.99 per barrel to set a new all-time intraday high.
Financials finished the session as the worst performing sector. The sector closed 1.3% lower, as every one of its industry components finished lower, except insurance brokers (+1.9%). For the week, financials lost 6.5%.
On the earnings front, Accenture (ACN 41.27, +2.42) reported better-than-expected results for its most recent fiscal quarter.
The day's primary economic release was largely overlooked. Real personal consumption expenditures (PCE) data for May were up 0.4%. April was revised upward to a 0.2% increase. In turn, the second quarter average of April and May data 0.5% above the first quarter average, which is already a 2% annual rate of growth. Since another gain is likely in June, due to spending resulting from the fiscal stimulus, this puts real PCE on track to post a 2.5% annual rate of growth in the second quarter. Recall, PCE represents approximately 70% of GDP.
PCE.DJ30 -106.91 NASDAQ -5.74 NQ100 +0.0% R2K -0.0% SP400 -0.4% SP500 -4.77 NASDAQ Adv/Vol/Dec 1154/3.15 bln/1735 NYSE Adv/Vol/Dec 1165/2.24 bln/1969
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