Real estate property available for sale held by the top 50 companies declined slightly in 2005 to $920.3 million from $931 million, but changes in individual company holdings experienced large fluctuations, according to data from the NAIC via Highline Data.
Reasons for the changes were company specific. For instance, Teachers Insurance & Annuity’s 45% decline reflected the sale of 2 office properties in Manhattan that a representative said would create operational efficiency.
Mass Mutual’s change is due to property sales or transfers to its investment portfolio made because of a favorable market, says Mark Cybulski, a spokesperson.
The large increase for Pan American Life may be due to the possible sale of its headquarters in New Orleans, says spokesman Tom Richard. The company was planning to sell the building and then lease it back, he adds. These plans had been underway before Hurricane Katrina hit in August 2005, he notes.