The recent refinancing of a small set of the Irvine Co.'s apartment portfolio provides new clues into the considerable holdings of owner Donald Bren, reports Jonathan Lansner, a staff columnist for The Orange County (Calif.) Register.
The Irvine Co. has routinely declined to discuss Bren's finances, but Lansner reveals what can be learned from the latest loan papers. He writes:
According to these new loan documents, these 19 apartment complexes owned by Bren – with 5,242 units – were worth a collective $1.8 billion. Minus the new mortgages, it’s a good guess there’s about $600 million of equity.
Remember, these 19 apartment complexes comprise less than a tenth of Bren’s 57,000-unit, California-heavy rental portfolio. He also owns 500 office properties, 40-plus shopping centers a small collection of hotels and golf courses ... plus a nice-sized chunk of undeveloped Orange County land.
Lansner estimates that Bren is collecting in the ballpark of $1.4 billion in rent a year.