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August 25, 2008 - Renovo Holdings (OTCBB:RNVO) announced today that the company would be locating the base of the company's North American presence in Las Vegas, NV.
Renovo Holdings is pleased to announce the appointment of Rodrigo Makarios as President. Mr. Makarios will lead the management team and operations from facilities located in Sao Jose dos Pinhais, Brazil.
Renovo Holdings under the leadership of Rodrigo Makarios will concentrate operations on the bottled water and enhanced beverage markets of North and South America. Renovo's management will focus the company's business efforts within the United States and key target markets within Latin America.
The global soft drink and bottled water manufacturing industry is expected to produce revenue of $146.5 billion in 2008, with growth projected to continue at a rate of 4 percent, with the U.S. at its forefront, producing an estimated revenue of $168.6 billion by 2012.
Purified water is currently the leading global seller, with U.S. companies dominating the field. The U.S. is the largest consumer market for bottled water the world, followed by Mexico, China, and Brazil.
The company will be providing additional information and updates in the near future.
August 25, 2008 - Senior Housing Properties Trust (NYSE: SNH | Quote | Chart | News | PowerRating) today announced that it has acquired four health and wellness centers operated by Life Time Fitness, Inc. (NYSE: LTM) for $100 million. Simultaneously, SNH entered into a long term lease arrangement with Life Time Fitness for these same properties.
The rent payable by Life Time Fitness to SNH for these four health and wellness centers will be $9.1 million per year, plus fixed increases during the lease term. These health and wellness centers have a lease term ending in 2028, plus tenant renewal options thereafter.
SNH has funded this transaction by drawing under its revolving bank credit facility.
August 25, 2008 -Mid-America Apartment Communities, Inc. (NYSE: MAA | Quote | Chart | News | PowerRating) or MAA, reported today that Mid-America Multifamily Fund I, LLC, or Fund I, its joint venture in which it has a 1/3 interest, will not make additional acquisitions. Fund I plans to maintain its ownership of the two properties which it previously purchased and to continue their scheduled redevelopment plan.
Eric Bolton, Chairman and CEO, said "We're pleased with the progress of the venture, however, Fund I will not to expand any further at this time. MAA will continue to acquire properties for its own account, and anticipates putting in place a new acquisition fund. We don't expect this decision to necessitate any change in our current FFO guidance for 2008."
MAA is a self-administered, self-managed apartment-only real estate investment trust which owns or has ownership interest in 42,211 apartment units throughout the Sunbelt region of the U.S.
August 25, 2008 - UDR, Inc. (NYSE:UDR), announced today that it continues to reap the benefits of ongoing innovations in technology, including new web, call center and mobile phone-based marketing initiatives. In 2007, UDR's website was ranked number one among its top 14 public and private competitors by a well known Internet research firm. Since then, the Company has continued to utilize innovative technologies to increase awareness of UDR and its communities, improve access and efficiency for customers and prospects and reduce operating costs.
"In a slowing economy, driving traffic to our properties is critical to our success," said Jerry Davis, Senior Vice President of Operations, UDR. "Our web enhancements and call center initiatives ensure that we can interact with customers and prospects at their convenience, 24 hours a day, seven days a week.
"These efforts are paying off," Davis continued. "In July, we recorded a record number of search engine visitors to our website, with lead traffic up 21 percent year-over-year. As a result, in the second quarter, 46 percent of our new customers originated from an Internet source.
"In addition, we've made great strides in reducing advertising and marketing costs through innovation," he added. "Since 2005, our annualized marketing costs per unit have dropped nearly 40 percent, from $155 in June 2005 to $95 in June 2008. We're able to save about $2MM a year in advertising costs alone."
Market Wrap for August 25, 2008 --
Trading volume was very light with only 865 million shares exchanging hands on the NYSE.
Although weakness was widespread, the financial sector (-3.1%) took the brunt of the selling pressure.
Lehman Brothers (LEH 13.54, -0.87) struggled after South Korean regulators told the Korea Development Bank to take a cautious approach before making an acquisition of an overseas bank, according to the Financial Times.
Only three of the financial sector's 89 components posted a gain. Freddie Mac's (FRE 3.32, +0.51) $2 billion debt offering received increased interest from investors, sending share sharply higher. Fannie Mae (FNM 5.31, +0.31) rose in conjunction with Freddie.
Other sectors that posted losses include consumer discretionary (-2.4%), materials (-2.3%) and telecom (-2.2%).
The defensive-oriented utilities sector (-1.1%) outperformed on a relative basis, benefiting from a rally in the Treasury yield curve, with the 10-year note climbing 23 ticks and the 30-year bond gaining 38 ticks.
The energy sector (-1.5%) also outperformed on a relative basis, after crude oil prices posted a modest gain of 0.5% to $115.12 per barrel in volatile trade.
The National Association of Realtors existing home sales report for July was mixed, but signals that a bottoming process in housing industry is taking shape. The number of home sales rose by a larger-than-expected amount.
The median sales price fell 1.3% month-over-month to $212,400, and is down 7.1% compared to last year. DJ30 -241.81 NASDAQ -49.12 NQ100 -2.2% R2K -2.3% SP400 -2.0% SP500 -25.36 NASDAQ Adv/Vol/Dec 603/1.44 bln/2212 NYSE Adv/Vol/Dec 710 mln/865 mln/2424
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