Woehrle earns LEED AP from Green Building Certification Institute

ORLANDO, FL— Mark Woehrle, (top right photo) vice president of operations and special projects at Shaw Mechanical Services, LLC, has earned LEED AP (Accredited Professional) status through the Leadership in Energy and Environmental Design (LEED) program from the Green Building Certification Institute, the professional certification administrator for the U.S. Green Building Council, a non-profit organization dedicated to promoting green building and creator of the LEED program.

Employed by Shaw Mechanical since 2003, Woehrle has twenty-one years of experience in mechanical contracting management. He has a Bachelor of Science in Building Construction from the University of Florida, is a licensed mechanical and plumbing contractor in Florida, and is an NEBB Certified Supervisor for Air & Hydronic Testing & Balancing.

He is an active member of the American Society of Heating, Refrigerating and Air-Conditioning Engineers and Associated Builders & Contractors.

Shaw Mechanical Services LLC is a Central Florida-based provider of mechanical contracting and service to building owners, property managers, facility managers, plant engineers, general contractors and consumers.

Comprehensive services provided by Shaw Mechanical include retrofits, renovations, preventative maintenance, commissioning and installation of heating, ventilating and air conditioning systems, process piping, automatic temperature controls and custom climate applications for existing structures and new construction.

Founded in 2001, the privately-held company employs a staff of seventy from its headquarters in Orlando, Fla.

The USGBC is a nonprofit organization established in 1993 to promote sustainable building and construction through educational resources and committee forums.

In 2000, the USGBC developed the LEED (Leadership in Energy and Environmental Design) accreditation system as an independent benchmark for rating high-performance green buildings.

In 2008, the USGBC turned over administration of its Professional Accreditation program to the Green Building Certification Institute (GBCI).

The Green Building Certification Institute, established with the support of the U.S. Green Building Council, handles examination development and delivery to allow for objective, balanced management of the credentialing program.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com, www.pr-works.com

Starmer Ranaldi’s classroom prototype nears completion at middle school

OVIEDO, FL— Starmer Ranaldi Planning and Architecture Inc. has completed its contract with Martin County Public Schools using the architectural firm’s middle school classroom prototype.

The two-story, 51,000-square-foot building was completed and open for the 2008 – 2009 school year at Murray Middle School (middle left rendering) in Stuart, Fla.

Developed as a result of Starmer Ranaldi’s 2007 master plan analysis of district’s four middle school campuses, the new classroom building was built by The Morganti Group Inc. of West Palm Beach, Fla.,

(Joseph A. Ranaldi, top right photo, is vice president of Starmer Ranaldi.)

Starmer Ranaldi incorporated the latest technology in the $9 million structure that houses 26 classrooms, two science labs, four science classrooms, two computer labs, four resource rooms, an administrative suite and support space.

With campus security in mind, the architect designed an “L-shaped” footprint to create an interior courtyard with open stairways and walkways to allow for visibility and easy monitoring.

Engineering was provided by OCI Associates Inc., Altamonte Springs, Fla., ONM&J Structural Engineering, Orlando, Fla., and Klima Weeks Civil Engineering, Altamonte Springs, Fla.

Starmer Ranaldi Planning and Architecture Inc. is a consulting design practice dedicated to the design of public-use facilities for municipal and county governments, K through 12 schools, community colleges, universities and institutional buildings.

Established in Central Florida in 1997, the firm is headquartered in Oviedo, Fla., and employs a professional and support staff of eighteen. Please visit http://www.sriarch.com/ for additional information.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com, www.pr-works.com

Architect donates design of Veteran’s Memorial dedicated in Winter Springs park

OVIEDO, FL— Veteran’s Day 2008 had a special meaning for Architect William E. Starmer, (top right photo) AIA, president of Starmer Ranaldi Planning and Architecture Inc. of Oviedo, Fla.

Starmer participated in the dedication Nov. 11 of an 1,800-square-foot Veteran’s Memorial (middle left rendering) he designed for the City of Winter Springs, Fla.

Starmer, a member of the Rotary Club of Winter Springs, an organization that partnered with the City of Winter Springs to build the cenotaph, donated more than $10,000 in design and construction observation fees for the project.

Located on Main Street and Blumberg Avenue in the Winter Springs Town Center, the memorial features a circular colonnade with a rifle piercing the earth topped with a combat helmet as its center.

Adjacent circular space partially enclosed with knee walls features a world map etched into the stone flooring. Two reflecting pools, trees and grassed areas provide a place for contemplation.

The memorial honors both fallen soldiers as well as those who have served from World War 1 to the current war on terror.

“I wanted this place to be peaceful and spiritual where visitors can reflect on all those who have served our country,” said Starmer.

Four years in design, planning and construction, the Rotary Club of Winter Springs and the City of Winter Springs raised more than $150,000 for the construction of the memorial.

Starmer Ranaldi Planning and Architecture Inc. is a consulting design practice dedicated to the design of public-use facilities for municipal and county governments, K through 12 schools, community colleges, universities and institutional buildings.

Established in Central Florida in 1997, the firm is headquartered in Oviedo, Fla., and employs a professional and support staff of eighteen.

Please visit http://www.sriarch.com/ for additional information.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com, www.pr-works.com

Construct Two Group to build Martin H. Levin Advocacy Center at University of Florida

ORLANDO, FL— Construct Two Group has secured a $4.7 million construction management contract with the University of Florida for the Martin H. Levin Advocacy Center at the Levin College of Law (middle left rendering) in Gainesville, Fla.

Phase 1 includes construction of the 10,000-square-foot first floor of a planned two-story building. A functional trial and appellate courtroom with gallery, judge’s bench, jury box, attorney’s tables, judge’s chamber, jury deliberation room and support spaces are included in Phase 1.

The building is seeking Silver Leadership in Energy and Environmental Design (LEED) certification from U.S. Green Building Council. Construction completion is scheduled for May 2009.

FleishmanGarcia Architecture of Tampa, Fla., is the architect. Facility engineering is being provided by Volkert & Associates of Gainesville, Fla.

Florida subcontractors on the Construct Two Group team are CWS Source Inc., Jacksonville, American Electrical Services Inc., Tampa, and Cladding Systems Inc., Tampa.

Keith Williams, top right photo, is president and CEO of Construct Two Group.

Construct Two Group provides construction management, design-build and program management services to public and private sector clients.

Having completed more than $500 million in projects since its founding in 1990, Construct Two Group is the largest African-American-owned construction management company in Florida.

The Company employs a professional and support staff of 31 from offices in Orlando, Tampa and Tallahassee, Fla. Please visit http://www.constructtwo.com/ for additional information.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344,
elainei@pr-works.com, www.pr-works.com

Marcus & Millichap Sells 10 Taco Bell Restaurants in Alabama, Tennessee and Virginia

BIRMINGHAM, AL, Nov. 13, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 10 Taco Bell restaurants in Alabama, Tennessee and Virginia. The sales price of $12.2 million represents $497 per square foot.

Richard Merryman, a senior associate and director of Marcus & Millichap’s National Retail Group (NRG) in San Francisco; William Schofield, a vice president investments and director of the firm’s NRG in San Francisco; and Andrew Clark, an investment specialist in the firm’s Birmingham office, represented the seller.

John L. Nguyen (top right photo) and Jonathan Mitchell, both vice presidents investments in the firm’s Newport Beach office, represented the buyer.

“This portfolio presented a rare opportunity for the buyer to acquire a 10-restaurant portfolio with excellent store-level economics and no landlord responsibility,” says Nguyen.

“The seller was able to capitalize on a sellers’ market with their apartment sale and increased their cash flow by 30 percent with the purchase.”

The portfolio includes four restaurants in Alabama, four restaurants in Tennessee and two restaurants in Virginia.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

Foreclosure Activity Increases 5% in October, RealtyTrac Reports

States’ Legislation Slows Rate of Increase, But Foreclosure Activity Up 25 Percent From October 2007

IRVINE, CA – Nov. 13, 2008 – RealtyTrac®, the leading online marketplace for foreclosure properties, today released its October 2008 U.S. Foreclosure Market Report™.

The report shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 279,561 U.S. properties during the month, a 5 percent increase from the previous month and a 25 percent increase from October 2007.

The report also shows one in every 452 U.S. housing units received a foreclosure filing in October.

“We’ve seen sharp declines in new foreclosure filings after legislation mandating delays to the foreclosure process was signed into law in several states — most notably in California, where overall foreclosure activity was down by double-digit percentage points for the second straight month in October, and where default filings were 44 percent below October 2007 levels,” said James J. Saccacio, (top right photo) chief executive officer of RealtyTrac.

“Despite this, October marks the 34th consecutive month where U.S. foreclosure activity has increased compared to the prior year.

“While the intention behind this legislation — to prevent more foreclosures — is admirable, without a more integrated approach that includes significant loan modifications, the net effect may be merely delaying inevitable foreclosures.

"And in the meantime, the apparent slowing of foreclosure activity understates the severity of the foreclosure problem in these states.”

(Biscayne Bay bridge, Miami to Miami Beach, middle right photo)


Nevada, Arizona, Florida post top state foreclosure rates

Nevada posted the nation’s highest state foreclosure rate for the 22nd consecutive month in October, with one in every 74 housing units receiving a foreclosure filing during the month — more than six times the national average.

Foreclosure filings were reported on 14,483 Nevada properties in October, an increase of 11 percent from the previous month and up nearly 119 percent from October 2007.

(Atlanta skyline, middle left photo)

With one in every 149 housing units receiving a foreclosure filing in October, Arizona registered the second highest state foreclosure rate.

Foreclosure filings were reported on 17,507 Arizona properties for the month, an increase of nearly 35 percent from the previous month and up 176 percent from October 2007.

One in every 157 Florida housing units received a foreclosure filing in October, the nation’s third highest state foreclosure rate. A total of 54,324 Florida properties received a foreclosure filing during the month, an increase of 13 percent from the previous month and up nearly 80 percent from October 2007.

Other states with foreclosure rates ranking among the top 10 were California, Colorado, Georgia, Michigan, New Jersey, Illinois and Ohio.

California posts top foreclosure total despite continued drop in foreclosure activity
California foreclosure activity in October decreased 18 percent from the previous month, but the state still posted the highest number of properties with foreclosure filings for the month — 56,954.

That total was down from a peak of more than 100,000 in August, but was still up 13 percent from October 2007.

(Downtown Chicago retail district, middle left photo)

Florida, Arizona and Nevada posted the second, third and fourth highest number of properties with foreclosure filings respectively in October.

With 12,681 properties receiving a foreclosure filing in October, Illinois registered the nation’s fifth highest state total. The state’s foreclosure activity increased 24 percent from the previous month and was up 31 percent from October 2007.

Other states where total properties with foreclosure filings landed among the 10 highest were Ohio, Michigan, Georgia, Texas and New Jersey.

Las Vegas, Florida cities top list of highest metro foreclosure rates

Las Vegas documented the highest metropolitan foreclosure rate among the 230 metro areas tracked in the report, with one in every 62 housing units receiving a foreclosure filing in October — more than seven times the national average.

Foreclosure filings were reported on 12,155 Las Vegas area properties during the month, an increase of nearly 6 percent from the previous month and up nearly 104 percent from October of 2007.

Four Florida metro areas posted foreclosure rates that ranked among the top 10 in October, led by Cape Coral-Fort Myers and Miami in the Nos. 2 and 3 spots respectively. Other Florida cities in the top 10 were Fort Lauderdale at No. 8 and Orlando at No. 10.

California metro areas also accounted for four of the top 10 metro foreclosure rates in October, but that was down from previous months, when at least six California metro areas consistently ranked among the top 10.

Stockton (city skyline, bottom left photo) was the highest ranked California metro area at No. 4, with one in every 100 housing units receiving a foreclosure filing in October.

Other California cities in the top 10 were Merced at No. 5, Riverside-San Bernardino at No. 7 and Modesto at No. 9. All four California metro areas experienced monthly decreases in foreclosure activity.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

Media Contact: Michelle Sabolich Atomic Public Relations 415-402-0230 michelle.sabolich@atomicpr.com

Cousins' Joel Murphy Retires; Helped Launch 'Avenue' Retail Concept

ATLANTA, GA-- Cousins Properties Incorporated (NYSE: CUZ) has announced that Joel Murphy (top right photo) is retiring from the Company, effective December 31, 2008.

Murphy has been with Cousins for 20 years and is currently executive vice president and chief leasing and asset management officer, where he has responsibility for the combined office and retail leasing and asset management teams and the Company's third-party services group.

Murphy previously served for 12 years as senior vice president and president of the Company's Retail Division. He has agreed to serve as a consultant to the Company after January 1, 2009.

"Over the years, Joel has helped Cousins become a leader inretail development. His presence and influence will be missed," said Tom Bell, (top left photo) chairman and CEO of Cousins.

"We sincerely appreciate his two decades of service and the great contributions he has made to our company. We are pleased Joel has agreed to consult with us after the first of the year and wish him the best as he embarks on this next phase of his career."

During his time with Cousins, Murphy played a critical role in the Company's retail development success, most notably in the creation and growth of the Company's award-winning Avenue(R) concept retail centers. The Avenue, which was introduced in 1998, brings together national retailers, specialty shops and local restaurants in a unique outdoor setting. The Company has now developed nine Avenue centers in four states.

Cousins Board Authorizes Plan to Repurchase Stock

ATLANTA, GA--Cousins Properties Incorporated(NYSE: CUZ) has announced that its Board of Directors has adopted a new plan authorizing the expenditure of up to $20 million to repurchase the Company's Series A and Series B Cumulative Redeemable Preferred Stock.

The Company may repurchase the shares from time totime in open market transactions, pursuant to a 10b5-1 purchase planand in negotiated and block transactions as market and business conditions warrant on or before May 6, 2009.

CONTACTS:

Investment Community: Elli Kaplan, Vice President, (404) 407-1972

ellikaplan@cousinsproperties.com

Media: Matt Gove, Senior Vice President, (404) 407-1490, mattgove@cousinsproperties.com

Web site address: http://www.cousinsproperties.com/

Stirling Sotheby's International Commercial Realty negotiates sales of two out parcels in Lake Mary, FL

LAKE MARY, Fla. -- Stirling Sotheby’s International Commercial Realty recently negotiated the sales of two out parcels at Rinehart Place, a 210,000 square foot mixed-use center under development on 23 acres on Rinehart Rd. and County Rd. 46A in the I-4 /Lake Mary corporate corridor.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty said broker associate Jeffrey Henwood (top right photo) negotiated both property sales.

Old Southern Bank, based in Clermont, paid $1.45 million for a 0.82-acre (+/-) out parcel at Rinehart Place and plans to build a 5,022 square foot branch bank with drive-through facilities.

CVS Pharmacy, the Delaware-based retail pharmacy chain, paid $2.35 million for its 1.5-acre (+/-) out parcel. Henwood said CVS plans to develop a 12,900 square foot retail store with drive-through pharmacy at Rinehart Place.

Construction of the bank recently started (in mid-October). CVS is expected to break ground in December.

Stirling Sotheby’s International Commercial Realty (http://www.stirlingcommercial.com/) is the exclusive marketing representative for Rinehart Place.

The developer of the highly visible medical/professional and retail center is MAQ Group Development based in Margate, Fla.

For more information, please contact

Jeffrey Henwood, Stirling Sotheby’s International Commercial 407-571-2222
Frank Dever, Stirling Sotheby’s International Commercial 407-571-2222
Roger Soderstrom, Stirling Sotheby’s International Realty 407-588-1260
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Sale of Houston’s Oak Park Office Center III closed by HFF

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Oak Park Office Center III, (bottom left photo) a 151,000-square-foot office building in Houston’s Westchase submarket.

HFF senior managing directors Robert Williamson (top left photo) and Jeff Hollinden (middle right photo) and associate director Barbara Guffey (top right photo) led the investment sales team on behalf of the seller, Realty Associates Oak Park III, L.P.

Grubb & Ellis Realty Investors, LLC purchased the property free and clear of debt for an undisclosed amount.

Situated on an 11.4-acre site at 6001 Rogerdale Road, Oak Park Office Center III is within the Oak Park at Westchase office park close to the intersection of Beltway 8 and the Westpark Tollway in Houston.

The two-story property was developed by Myers Crow & Saviers, Ltd. in 2008 and is fully leased to Jacobs Engineering for a 10 year term. HFF also arranged the prior sale of Oak Park Office Center I and II on behalf the same development team in 2004 and February 2008.

Myers, Crow & Saviers, Ltd. is a real estate development and investment firm focusing on the development of office and industrial buildings in Houston, the Dallas/Fort.Worth metroplex and San Antonio.

Grubb & Ellis Realty Investors, the real estate investment and asset management subsidiary of Grubb & Ellis Company, offers a full range of commercial real estate investment programs.

Grubb & Ellis Realty Investors and affiliates manage a growing portfolio of assets valued in excess of $5.7 billion located across 30 states.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing. http://www.hfflp.com/.

CONTACTS:

Robert E. Williamson, HFF Senior Managing Director, 713 852 3500, rwilliamson@hfflp.com

Jeffrey A. Hollinden, HFF Senior Managing Director, 713 852 3500, jhollinden@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

HFF closes sale of two Austin, TX industrial properties

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Southpark 3 & 4, two industrial properties totaling 176,000 square feet in Austin, Texas.

HFF director Jud Clements (top right photo) and associate director Robby Rieke marketed the properties on behalf of the seller, an affiliate of the General Electric Pension Trust, advised by GE Asset Management.

AEW Capital Management, L.P. purchased Southpark 3 & 4 free and clear of debt for an undisclosed amount. AEW acquired the property on behalf of AEW Value Investors, II, L.P., a value-added real estate fund.

Southpark 3 & 4 are located at 4209 and 4129 South Industrial Drive near the intersection of State Highway 71 and Interstate 35 in Austin’s southeast industrial submarket.

Completed in 1995, the buildings are 89% leased to tenants including The Whitley Printing Co., BlueLinx Corporation, Crawford Electric Supply and Austin Tele-Services. An adjacent 4.2-acre development site was also included in the sale.

“Southpark 3 & 4 benefit from a strategic location, diversified tenant base, stable cash flow with upside and a development opportunity on the adjacent parcel,” said Clements.

With a 78-year heritage of investment experience and more than $156 billion in assets under management, GE Asset Management is one of the largest managers of institutional assets in the U.S. GE Asset Management is exclusive real estate advisor to the GE Pension Trust, a global asset manager.

Founded in 1981, AEW Capital Management, L.P. provides real estate investment management services to investors worldwide.

Currently (as of June 30, 2008), AEW and its affiliates manage over $50 billion of property and securities in North America, Europe and Asia.

On behalf of many of the world’s leading institutional and private investors, the firm actively manages portfolios in both the public and private property markets and across the risk/return spectrum.

CONTACTS:

Judson M. Clements, HFF Director, 214 265 0880, jclements@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Grubb & Ellis Predicts Continued Softening in Commercial Markets

SANTA ANA, CA--Bob Bach, (top right photo) senior vice president and chief economist at Grubb & Ellis Co. notes in his regular market update the labor market has deteriorated sharply in the past three months.

The October unemployment rate hit 6.5 percent, (middle left chart) the highest since February 1994, while employers have shed nearly 1.2 million payroll jobs this year, more than half of them coming in August, September and October.

Total job losses may approach the 2.7 million total recorded during and after the 2001 recession, while the unemployment rate could exceed 7.8 percent, the peak registered in June 1992 following the 1990-91 recession.

Expect commercial real estate leasing market fundamentals to soften through 2009.



Source: Bureau of Labor Statistics and Grubb & Ellis Co.



For more information or to speak with Bob Bach, please contact Janice McDill at 312.698.6707.

Concord Hospitality Breaks Ground on 17th Hotel in 2008

Company On Target to Double Portfolio to 100 Hotels Within Three Years

RALEIGH-DURHAM, N.C.—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, has broken ground on its 17th property of 2008, bringing to 15 the number of hotels the company currently has under construction.

The newest property is the 124-room Courtyard in Pittsburgh, PA, scheduled to open in fall 2009.

All of the hotels are premium brands affiliated with the world’s leading franchisors and are slated to open between now and year-end 2009.

Two of the properties, the SpringHill Suites by Marriott-Waukegan, Ill., (middle left photo) and the Fairfield Inn and Suites by Marriott Pittsburgh, Pa. (middle right photo), opened in August.

The remaining 15 under-construction hotels, aggregating more than 2,000 rooms and valued at nearly $350 million, put the company on pace to double the size of its portfolio to more than 100 owned and managed within the next three years.

“We did our first 50 hotels in 20 years; we hope to do our next 50 in three,” said Mark Laport, (top right photo) Concord Hospitality president and CEO.

“Our accelerated growth will be through a combination of new development, acquisitions/repositionings and third-party management contracts.

"Our development pipeline is the strongest it’s ever been, with 15 being the largest number of properties we’ve had under construction at one time. Even with a slowing economy and a troubled credit market, we have the ability to move projects forward.

"We have available equity to invest in new properties, in addition to the capital to develop, acquire and reposition/renovate hotels, and we have long-standing relationships with lenders who know us and know our capabilities.”

Laport noted that the 15 under-construction hotels will produce a portfolio with a wider geographical reach.

“In 2008, we have added or broken ground on properties in New York, Illinois, Maryland, Alabama and Texas and will break ground in North Carolina by the end of the year.

"We are gradually increasing our geographic diversification, developing in high-growth regions, like the southwest, in order to spread our business risk across a wider area and lessen our exposure to any one regional economy.

"As always, we are focusing on markets with solid demographics and high barriers to new supply. We continue to aggressively seek additional sites for hotel development, both domestically and overseas,” he said.

“With the continued globalization of the hotel industry, we see significant international growth opportunities, especially as U.S.-based brands like Marriott, Hilton, Starwood and Intercontinental Hotel Group seek to expand their presence there.”

The 15 hotels currently under construction in the Concord pipeline are:

Laport added that new development is just one leg of a multi-pronged growth strategy. With the recently announced signing of contracts with national real estate developer Jackson-Shaw, to manage two hotels in an under-construction, multi-use development in Dallas, Concord’s portfolio of hotels reached another important milestone.

Third-party management contracts now account for half of the company’s total portfolio of more than 50 hotels, compared to an 80/20 mix just a few years ago.

(Renaissance Raleigh hotel site, Raleigh, NC, bottom right map)

“Our existing owners have always been an important source of new management contract opportunities for us,” Laport said.

“Now we have taken a more proactive approach, looking for owners who have or wish to build quality assets and need high-level technical and pre-opening services to help in the development, opening and operating of hotels.”

Contacts: Melanie Boyer, Jerry Daly (703) 435-6293.

Trump Entertainment Rating Cut To 'CCC' From 'B-'; Outlook Negative

NEW YORK, Nov. 11, 2008--Standard & Poor's Ratings Services today lowered its corporate credit and issue-level ratings on Atlantic City-based Trump Entertainment Resorts Holdings L.P. (TER). The corporate credit rating was lowered to 'CCC' from 'B-', and the rating outlook is negative.

"The ratings downgrade reflects our expectation that TER's ability to service its current capital structure over the intermediate term will be challenged despite the recent opening of the Chairman Tower at the Trump Taj Mahal (above centered photo) and the planned sale of the Trump Marina," said Standard & Poor's credit analyst Ben Bubeck. (middle left photo)

"While a portion of the proceeds from the planned sale of the Trump Marina, (bottom left photo) which is scheduled to close by May 28, 2009 (subject to up to a potential 60-day extension), could potentially remain on the balance sheet to support an expected shortfall in cash generation relative to debt service obligations, we believe that, absent a substantial rebound in the Atlantic City market, a restructuring of TER's debt obligations is likely."

The 'CCC' rating reflects TER's weak credit metrics, limited liquidity, and small portfolio of casino assets, which rely exclusively on cash generated in the highly competitive Atlantic City market.


(Developer Donald Trump, middle right photo)


During the 10 months ended Oct. 31, 2008, total casino win in the Atlantic City market and at TER's three properties was down 6.6% and 6.7%, respectively, versus the prior comparable period.

We expect that competitive pressures from neighboring states, compounded by challenging economic conditions and a substantial pullback in consumer discretionary spending, will continue to hurt the performance of the Atlantic City market in general, and will drive TER's credit metrics even weaker over the next several quarters.


As of Sept. 30, 2008, we estimate that, including the Trump Marina, total debt to EBITDA was more than 14x and EBITDA coverage of interest was approximately 0.9x.




Media Contact:
David Wargin, New York (1) 212.438.1579, david_wargin@standardandpoors.com

Analyst Contacts:
Ben Bubeck, CFA, New York (1) 212-438-2176
Melissa Long, New York (1) 212-438-3886