Exhibit 99.1
420 Lexington Avenue • New York, NY 10170 • (212) 869-3000 • FAX (212) 869-3989
FOR IMMEDIATE RELEASE
CONTACT: | Stacy Slater |
| Senior Vice President - Corporate Communications |
| New Plan Excel Realty Trust, Inc. |
| 212-869-3000 |
| sslater@newplan.com |
NEW PLAN EXCEL REALTY TRUST TO MONETIZE APPROXIMATELY $968 MILLION OF ITS PORTFOLIO
NEW YORK, July 19, 2005 — New Plan Excel Realty Trust, Inc. (NYSE: NXL) today announced a series of transactions designed to leverage its national infrastructure, while simultaneously recycling capital and strengthening its financial position. The Company has entered into a definitive agreement to sell 69 community and neighborhood shopping centers aggregating approximately 10.4 million square feet to Galileo America LLC (“the US Partnership”), a joint venture currently between CBL & Associates Properties, Inc. (NYSE: CBL) and Galileo America, Inc. (“the Asset Contribution”). Galileo America, Inc. is a US real estate investment trust wholly-owned by Galileo Shopping America Trust (ASX: GSA), an Australian listed property trust. The US Partnership will purchase the assets from New Plan for approximately $968 million, comprised of $928 million of cash and $40 million of equity, at a capitalization rate of approximately 7.4 percent on 2006 projected net operating income (based on the twelve months ending June 30, 2006). New Plan has the right to receive up to an additional $12 million in purchase price based upon the performance of the 69 properties during the 18 months following the closing of the transaction. The portfolio being contributed is comprised primarily of stabilized assets, 44 percent of which have been redeveloped, with an average occupancy of approximately 96 percent.
Concurrent with the Asset Contribution, the US Partnership will exchange CBL’s equity interest in the US Partnership for two properties currently owned by the US Partnership and New Plan will purchase an asset management fee stream from the US Partnership for $18.5 million of cash. New Plan will also acquire CBL’s property management rights with the US Partnership for $22.0 million of cash and will purchase additional property management rights in 2008 for nine properties that are currently third-party managed for $7.0 million. Upon completion of the transactions, New Plan will own an approximately 5.0 percent equity interest in the US Partnership and have a recurring asset management fee stream through its partnership interest and a minimum 20 year fee stream for all property management, leasing, development, acquisition and disposition fees. Following the closing of the transactions, the US Partnership will own 121 shopping centers, including the 69 New Plan assets, aggregating a total of 16.7 million square feet (pro forma portfolio details for the US Partnership are presented in the attached table).
Net proceeds to New Plan from the sale, which include adjustments for New Plan’s equity interest in the US Partnership, the repayment of secured debt, the acquisitions of the asset management fee stream and property management rights and transaction costs, will be approximately $754 million of cash. For GAAP accounting purposes, New Plan will record a gain on the sale of approximately $183 million. New Plan expects to use a portion of the net proceeds initially to pay down approximately $439 million of additional outstanding indebtedness. In addition, New Plan currently expects to pay a special cash distribution of $3.00 per common share (CUSIP #648053106), aggregating approximately $316 million, shortly after the closing of the transactions. Any such distribution is subject to approval by New Plan’s Board of Directors. The Company anticipates that any special distribution will be treated as a capital gain for tax purposes.
As a result of these transactions and the Company’s revised 2005 Funds from Operations (“FFO”) guidance provided below, New Plan expects to reduce its annualized dividend from $1.65 per common share to $1.25 per common share. Such reduction would be effective with the Company’s third quarter dividend and it is anticipated that the Company’s third quarter dividend will be declared shortly after the closing of the transactions. Any such dividend is subject to approval by New Plan’s Board of Directors. Any such reduction would realign the Company’s payout ratio of common dividends to diluted FFO relative to its peers.
Over the longer term, net proceeds will be further reinvested in a combination of redevelopments of existing assets, new developments and opportunities across the spectrum of institutional quality to value-added shopping centers, as well as the potential repurchase of New Plan’s outstanding common stock.
Assuming that these transactions close in the third quarter of this year, New Plan is revising its expectations for 2005 net income available to common stockholders per share (“EPS”) and FFO per share, both on a diluted basis, to be in the range of $2.66 to $2.70 and $1.69 to $1.73, respectively. The Company’s guidance for 2005 EPS and FFO is reconciled below:
|
| 2005 |
|
EPS - Diluted |
| $2.66 - $2.70 |
|
Add: |
|
|
|
Depreciation and amortization |
| 0.81 |
|
Deduct: |
|
|
|
Gain on sale of real estate |
| (1.75) |
|
Gain on sale of discontinued operations |
| (0.03) |
|
FFO per Share - Diluted |
| $1.69 - $1.73 |
|
-more-
During the third quarter of 2005, the Company will record one-time charges of $0.09 per share related to the termination of certain interest rate swap agreements and $0.14 per share related to prepayment penalties on mortgage debt assigned to certain of the assets being contributed to the US Partnership. The $0.23 per share of one-time charges is included in the Company’s revised 2005 EPS and FFO per diluted share guidance. Due to the uncertain nature of property dispositions and impairments, the Company has assumed no additional gains or losses on the sales of real estate or impairments of real estate for 2005 in its guidance. Any gains or losses on the sales of real estate will have an impact on net income, which may be material, but will not have an impact on FFO, since those amounts are not added back in the calculation of FFO. Any impairments of real estate will negatively impact both net income and FFO, which may be material. Based on prior years’ experience, the Company could record approximately $0.07 per share of impairment during 2005, which would impact the Company’s revised 2005 guidance. The revised guidance is based on various assumptions regarding, among other things, the timing of the transactions closing and the methods and timing by which New Plan redeploys the proceeds generated by the transactions, which assumptions may or may not prove to be accurate. Also as a result of these transactions and the immediate pay down of outstanding indebtedness, the Company’s total debt / undepreciated book value ratio will improve to approximately 43 percent from 47 percent on March 31, 2005. As the funds from the sale are reinvested over time, the Company expects this ratio to stabilize back to its current level.
“These transactions enable us to execute on our long-term strategic goals. We are leveraging our highly-developed national infrastructure by increasing the number of properties and square footage under management and growing our income streams by capitalizing on our management expertise. At the same time, we are effectively recycling capital in stabilized assets and harvesting value created through our redevelopment efforts. We are also improving our financial flexibility and credit profile, while adding an additional source of long-term equity capital through our new partnership with Galileo. Galileo has a solid track record and we look forward to a productive relationship with them,” commented Glenn J. Rufrano, Chief Executive Officer of New Plan.
These transactions have been approved by each parties’ respective Board of Directors and are subject to certain customary closing conditions and there can be no assurance that the transactions will be consummated. Closing of the transactions is expected to occur in the third quarter of this year. Citigroup Global Markets Inc. and Merrill Lynch & Co. served as financial advisors in these transactions.
Conference Call
In conjunction with this announcement, New Plan will be hosting a teleconference on Wednesday, July 20, 2005 at 10:00 AM ET. The teleconference can be accessed by dialing 1-800-659-1942 (International: 1-617-614-2710) or via the web at www.newplan.com under Investor Information; Audio Archives. Please refer to passcode #71114653. A slide package to accompany the teleconference will be posted at www.newplan.com (click on Investor Information, then Presentations) prior to 10:00 AM ET. A replay of the teleconference will be available through midnight ET July 27, 2005 by dialing 1-888-286-8010 (International: 1-617-801-6888) or via the web at www.newplan.com under Investor Information; Audio Archives. Please refer to passcode #67623871.
New Plan Excel Realty Trust, Inc. is one of the nation’s largest real estate companies, focusing on the ownership and management of community and neighborhood shopping centers. The Company operates as a self-administered and self-managed REIT, with a national portfolio of 408 properties, including 28 properties held through joint ventures, and total assets of approximately $3.9 billion. The properties are strategically located across 36 states and include 389 community and neighborhood shopping centers, primarily grocery or name-brand discount chain anchored, with approximately 56.6 million square feet of gross leasable area, and 19 related retail real estate assets, with approximately 1.8 million square feet of gross leasable area. For additional information, please visit www.newplan.com.
Certain statements in this release that are not historical fact may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including without limitation: national and local economic, business, real estate and other market conditions; the competitive environment in which the Company operates; financing risks; possible future downgrades in our credit ratings; property ownership / management risks; the level and volatility of interest rates and changes in capitalization rates with respect to the acquisition and disposition of properties; financial stability of tenants; the Company’s ability to maintain its status as a REIT for federal income tax purposes; acquisition, disposition, development and joint venture risks, including risks that developments and redevelopments are not completed on time or on budget and strategies, actions and performance of affiliates that the Company may not control; potential environmental and other liabilities; and other factors affecting the real estate industry generally. The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, specifically the section titled “Business-Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2004, which discuss these and other factors that could adversely affect the Company’s results.
PRO FORMA US PARTNERSHIP PORTFOLIO DETAILS
PROPERTY NAME |
| CITY, STATE |
| GLA (SF) (1) |
| ANCHOR TENANTS (2) |
| ANCHOR TENANTS |
|
|
|
|
|
|
|
|
|
|
|
FLORIDA REGION |
|
|
|
|
|
|
|
|
|
Coastal Way (3) |
| Brooksville, FL |
| 218,621 |
| Belk’s, Sears |
|
|
|
Morse Shores |
| Ft. Myers, FL |
| 169,545 |
| Bealls Outlet, Big Lots, Publix |
|
|
|
Normandy Square |
| Jacksonville, FL |
| 87,240 |
| CVS, Family Dollar, Winn-Dixie |
|
|
|
Marketplace at Wycliffe |
| Lake Worth, FL |
| 133,520 |
| Walgreens, Winn-Dixie |
|
|
|
Panama City Square |
| Panama City, FL |
| 289,119 |
| Goody’s, Michaels, The Sports Authority, T.J. Maxx, Wal-Mart |
|
|
|
Collins Park Commons (3) |
| Plant City, FL |
| 37,458 |
| Tractor Supply Company |
|
|
|
Riverwood |
| Port Orange, FL |
| 93,506 |
| Walgreens, Winn-Dixie |
|
|
|
Cobblestone Village (3) |
| St. Augustine, FL |
| 262,281 |
| Bealls (Stage), Publix, Ross Dress for Less |
|
|
|
Hampton Plaza (3) |
| Tampa, FL |
| 44,420 |
| Big Lots, Dollar General |
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDWEST REGION |
|
|
|
|
|
|
|
|
|
Haymarket Square |
| Des Moines, IA |
| 269,465 |
| Big Lots, Dahl’s Foods, Northern Tool, Nova Cinema, Office Depot |
|
|
|
Marwood Plaza |
| Indianapolis, IN |
| 107,080 |
| CVS, Fashion Bug Plus, Kroger |
|
|
|
Westlane Shopping Center |
| Indianapolis, IN |
| 71,490 |
| Family Dollar, Lo Bill Foods |
|
|
|
Green River Plaza |
| Campbellsville, KY |
| 190,316 |
| Goody’s, JC Penney, Kroger, Tractor Supply Company |
|
|
|
Kmart Plaza |
| Elizabethtown, KY |
| 130,466 |
| Kmart, Staples |
|
|
|
London Marketplace |
| London, KY |
| 169,032 |
| Goody’s, Kmart, Kroger |
|
|
|
Springhurst Towne Center (3) |
| Louisville, KY |
| 421,735 |
| Cinemark, Dick’s Sporting Goods, Fashion Shops, Kohl’s, Liquor Barn, TJ Maxx |
| Meijer, Target |
|
Chestnut Hills (3) |
| Murray, KY |
| 68,364 |
| JC Penney |
|
|
|
Delta Center |
| Lansing, MI |
| 186,246 |
| Bed, Bath & Beyond, Pet Food Warehouse, T.J. Maxx |
|
|
|
Fashion Corner |
| Saginaw, MI |
| 189,260 |
| Bed, Bath & Beyond, Best Buy, Dunham’s |
|
|
|
Green Acres |
| Saginaw, MI |
| 271,506 |
| A.J. Wright, Big Lots, Farmer Jack |
|
|
|
Roundtree Place |
| Ypsilanti, MI |
| 195,413 |
| Valuland, Wal-Mart |
|
|
|
Washtenaw Fountain Plaza |
| Ypsilanti, MI |
| 135,942 |
| Dollar Tree, Dunhams, Save-A-Lot |
|
|
|
Napoleon Center |
| Napoleon, OH |
| 60,795 |
| Chief Supermarket, Rite Aid |
|
|
|
Brice Park |
| Reynoldsburg, OH |
| 158,742 |
| Gregg Appliances, Michaels, Old Navy |
|
|
|
Packard Plaza |
| Cudahy, WI |
| 117,827 |
| Aldi, Dunham’s, Jo Ann Fabrics, Merchandise Outlet |
|
|
|
Northridge Plaza |
| Milwaukee, WI |
| 150,164 |
| Big Lots |
|
|
|
Moundsville Plaza |
| Moundsville, WV |
| 181,846 |
| Big Lots, Kroger, Peebles |
|
|
|
Grand Central Plaza |
| Parkersburg, WV |
| 74,017 |
| Office Depot, T.J. Maxx |
|
|
|
Kmart Plaza |
| Vienna, WV |
| 106,258 |
| Kmart |
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTHEAST REGION |
|
|
|
|
|
|
|
|
|
Enfield Commons (3) |
| Enfield, CT |
| 246,651 |
| Barnes & Noble, Bob’s Stores, Linens ‘n Things, Office Max |
|
|
|
Freshwater - Stateline Plaza (3) |
| Enfield, CT |
| 295,419 |
| Costco, Dick’s Sporting Goods, Media Play |
| Home Depot |
|
Charter Oak Marketplace (3) |
| Hartford, CT |
| 337,671 |
| Marshalls, Wal-Mart |
|
|
|
Chamberlain Plaza (3) |
| Meriden, CT |
| 53,304 |
| Circuit City |
|
|
|
Turnpike Plaza (3) |
| Newington, CT |
| 150,742 |
| Dick’s Sporting Goods, Price Chopper |
|
|
|
North Haven Crossing (3) |
| North Haven, CT |
| 104,612 |
| Barnes & Noble, Bernie’s, Office Max |
|
|
|
Queen Plaza (3) |
| Southington, CT |
| 171,679 |
| Bed Bath & Beyond, Bob’s Furniture, TJ Maxx |
|
|
|
Waterbury Plaza (3) |
| Waterbury, CT |
| 197,206 |
| Pretty Woman, Super Stop & Shop |
|
|
|
Waterford Commons (3) |
| Waterford, CT |
| 236,831 |
| Babies R Us, Dick’s Sporting Goods, Linens ‘n Things |
| Best Buy, Raymour & Flannigan |
|
Goff Brook Shops (3) |
| Wethersfield, CT |
| 71,658 |
| Office Depot, Old Country Buffet |
|
|
|
Easton Village (3) |
| Easton, MA |
| 101,128 |
| CVS, Roche Bros. |
|
|
|
Lunenberg Crossing (3) |
| Lunenburg, MA |
| 25,515 |
| Fashion Bug |
| Shop ‘N Save, Wal-Mart |
|
Brunswick Plaza (3) |
| Brunswick, ME |
| 164,000 |
| Lowe’s |
| Wal-Mart Supercenter |
|
BJ’s Plaza (3) |
| Portland, ME |
| 104,233 |
| BJ’s Wholesale Club |
|
|
|
Willow Springs Plaza (3) |
| Nashua, NH |
| 130,748 |
| JC Penney Home Store, Office Max, PETCO |
| Home Depot |
|
Seacoast Shopping Center (3) |
| Seabrook, NH |
| 91,690 |
| Jo-Ann Fabrics, Shaw’s |
| Wal-Mart |
|
Dover Park Plaza |
| Yardville, NJ |
| 58,025 |
| CVS |
|
|
|
University Mall |
| Canton, NY |
| 81,027 |
| Rexford’s Hardware, Wisebuys |
|
|
|
Genesee Valley Shopping Center |
| Geneseo, NY |
| 204,609 |
| Wal-Mart, Wegmans |
|
|
|
McKinley Plaza |
| Hamburg, NY |
| 93,144 |
| A.C. Moore, T.J. Maxx |
|
|
|
Hornell Plaza |
| Hornell, NY |
| 253,703 |
| Wal-Mart, Wegmans |
|
|
|
Greenport Towne Center (3) |
| Hudson, NY |
| 75,525 |
| Fashion Bug, Price Chopper |
| Wal-Mart |
|
Shops at Seneca Mall |
| Liverpool, NY |
| 235,725 |
| Kmart |
|
|
|
Cortlandt Towne Center (3) |
| Mohegan Lake, NY |
| 628,927 |
| A&P, Barnes & Noble, Linens ‘n Things, Marshalls, PetsMart, Seaman’s, United Artists, Wal-Mart |
| Home Depot |
|
Hannaford Plaza (3) |
| Saratoga Springs, NY |
| 178,303 |
| Bare Bones, Hannaford Bros., Tractor Supply Company |
|
|
|
Bristol Plaza |
| Bristol, PA |
| 145,356 |
| Big Lots, Pathmark |
|
|
|
Market Street Square |
| Elizabethtown, PA |
| 169,481 |
| Kmart, Weis Markets |
|
|
|
Johnstown Galleria Outparcel |
| Johnstown, PA |
| 61,968 |
| Chuck E. Cheese, Dunham’s, Staples |
|
|
|
Shops at Prospect |
| West Hempfield, PA |
| 63,392 |
| Hallmark, Redner’s Warehouse Market |
| Kmart |
|
Tuckernuck Square |
| Richmond, VA |
| 86,010 |
| Babies R Us, Chuck E. Cheese |
|
|
|
Hilltop Plaza |
| Virginia Beach, VA |
| 152,025 |
| Office Depot, The North Carolina Company |
|
|
|
Strawbridge (3) |
| Virginia Beach, VA |
| 43,764 |
| Regal Cinemas |
|
|
|
-more-
PROPERTY NAME |
| CITY, STATE |
| GLA (SF) (1) |
| ANCHOR TENANTS (2) |
| ANCHOR TENANTS |
|
|
|
|
|
|
|
|
|
|
|
SOUTHEAST REGION |
|
|
|
|
|
|
|
|
|
County Park Plaza (3) |
| Scottsboro, AL |
| 60,750 |
| Food World, Sportsmed |
|
|
|
Albany Plaza |
| Albany, GA |
| 114,169 |
| Big Lots, Harveys |
|
|
|
Perlis Plaza |
| Americus, GA |
| 165,315 |
| Belk’s, Harveys |
|
|
|
Buena Vista Village (3) |
| Columbus, GA |
| 17,500 |
| - |
| Wal-Mart, Winn-Dixie |
|
Cordele Square |
| Cordele, GA |
| 126,427 |
| Belk’s, Goody’s, Harvey Foods |
|
|
|
Northside Plaza |
| Dalton, GA |
| 73,931 |
| BI-LO, Family Dollar |
|
|
|
Cosby Station (3) |
| Douglasville, GA |
| 77,811 |
| Publix |
|
|
|
Perry Marketplace |
| Perry, GA |
| 179,973 |
| Ace Hardware, Bealls Outlet, Fred’s, Kroger |
|
|
|
Wisteria Village |
| Snellville, GA |
| 173,152 |
| Hobby Lobby, Kmart |
|
|
|
Bulloch Plaza (3) |
| Statesboro, GA |
| 39,264 |
| Harveys |
|
|
|
Statesboro Square (3) |
| Statesboro, GA |
| 41,000 |
| Aaron Rents, Big Lots |
|
|
|
Northwoods Plaza (3) |
| Albemarle, NC |
| 32,705 |
| Food Lion |
|
|
|
Devonshire Place (3) |
| Cary, NC |
| 104,414 |
| Borders, Golf Galaxy, Lowes Foods |
|
|
|
Henderson Square (3) |
| Henderson, NC |
| 165,929 |
| Belk’s, Goody’s, JC Penney |
| Wal-Mart Supercenter |
|
Longview Crossing (3) |
| Hickory, NC |
| 40,598 |
| Food Lion |
|
|
|
Springs Crossing (3) |
| Hickory, NC |
| 42,920 |
| Family Dollar, Food Lion |
|
|
|
Valley Crossing (3) |
| Hickory, NC |
| 186,088 |
| Circuit City, Goody’s, Office Depot, TJ Maxx |
|
|
|
Parkway Plaza |
| Winston-Salem, NC |
| 286,405 |
| Lowes Foods, Office Depot |
|
|
|
Stratford Commons |
| Winston-Salem, NC |
| 72,308 |
| Michaels, Natural Health Superstore, Office Max |
|
|
|
Lady’s Island (3) |
| Beaufort, SC |
| 60,687 |
| Eckerd Drugs |
|
|
|
Conway Plaza (3) |
| Conway, SC |
| 32,875 |
| Mighty Dollar |
|
|
|
Anderson Plaza (3) |
| Greenwood, SC |
| 46,258 |
| Food Lion |
|
|
|
Northridge Plaza (3) |
| Hilton Head, SC |
| 79,570 |
| Dollar General, Home Goods |
|
|
|
Island Plaza |
| James Island, SC |
| 171,224 |
| Dollar Tree, Fred’s, Food Lion, Gold’s Gym |
|
|
|
Beach Crossing (3) |
| Myrtle Beach, SC |
| 45,790 |
| Advance Auto, Dollar General, Duron Paints, Imaginations |
|
|
|
Remount Village |
| North Charleston, SC |
| 60,238 |
| BI-LO |
|
|
|
58 Crossing (3) |
| Chattanooga , TN |
| 49,984 |
| Food Lion, Goodwill |
|
|
|
East Ridge Crossing (3) |
| Chattanooga , TN |
| 58,950 |
| Food Lion |
|
|
|
Stone East Plaza (3) |
| Kingsport, TN |
| 46,259 |
| Auto Zone, Cal Spas and Pools, Dollar General |
|
|
|
Kingston Overlook (3) |
| Knoxville, TN |
| 119,360 |
| American Signature Home, Babies R Us, Michaels |
|
|
|
Suburban Plaza (3) |
| Knoxville, TN |
| 128,567 |
| Barnes & Noble, Toys R Us |
|
|
|
Lion’s Head Village (3) |
| Nashville, TN |
| 99,165 |
| Office Max, Stein Mart |
|
|
|
Briarcliffe Square (3) |
| Oak Ridge, TN |
| 41,778 |
| Food Lion |
|
|
|
Merchant’s Central |
| Winchester, TN |
| 208,123 |
| Wal-Mart |
|
|
|
Hunting Hills |
| Roanoke, VA |
| 166,207 |
| Wal-Mart |
|
|
|
Valley Commons (3) |
| Salem , VA |
| 45,580 |
| Food Lion |
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTHWEST REGION |
|
|
|
|
|
|
|
|
|
Conway Towne Center |
| Conway, AR |
| 180,519 |
| JC Penney |
| Office Depot |
|
Garden City Plaza (3) |
| Garden City, KS |
| 102,648 |
| JC Penney |
| Sears |
|
Karam Shopping Center |
| Lafayette, LA |
| 100,238 |
| Conn’s Appliance, Super 1 Foods |
|
|
|
Jacksonian Plaza |
| Jackson, MS |
| 87,721 |
| Books-A-Million, Georgia Carpet Outlet, Office Depot |
|
|
|
Plantation Plaza |
| Clute, TX |
| 100,397 |
| Kroger, Walgreens |
|
|
|
Marketplace at Flower Mound (3) |
| Flower Mound, TX |
| 113,349 |
| Sprouts Farmer Market |
|
|
|
Beltway South |
| Houston, TX |
| 107,174 |
| Kroger |
|
|
|
Inwood Forest |
| Houston, TX |
| 77,553 |
| Randalls |
|
|
|
Jones Plaza |
| Houston, TX |
| 111,355 |
| 24 Hour Fitness, Hancock Fabrics |
|
|
|
Jones Square |
| Houston, TX |
| 169,003 |
| Big Lots, Hobby Lobby |
|
|
|
Mount Houston Square |
| Houston, TX |
| 173,080 |
| Fallas Paredes, La Canasta Furnishings |
|
|
|
Orange Grove |
| Houston, TX |
| 186,446 |
| Floor Décor, Office Max |
|
|
|
The Crossing at Fry Road |
| Katy, TX |
| 225,403 |
| Hobby Lobby, Kroger, Palais Royal, Stein Mart |
|
|
|
Northshore Plaza |
| Portland, TX |
| 152,144 |
| Bealls (Stage), H.E.B. |
| Kmart |
|
Keegan’s Meadow |
| Stafford, TX |
| 125,298 |
| Palais Royal, Randalls |
|
|
|
Tomball Parkway Plaza |
| Tomball, TX |
| 133,629 |
| Big Lots, Palais Royal |
| Hobby Lobby |
|
|
|
|
|
|
|
|
|
|
|
WEST REGION |
|
|
|
|
|
|
|
|
|
Glendale Galleria |
| Glendale, AZ |
| 119,461 |
| Food City |
| Bally’s Fitness |
|
Southern Village Mesa |
| Mesa, AZ |
| 84,054 |
| Food City |
|
|
|
Paradise Plaza |
| Paradise, CA |
| 198,484 |
| Albertsons, Kmart, Rite Aid |
|
|
|
San Dimas Plaza |
| San Dimas, CA |
| 119,161 |
| T.J. Maxx |
| Ralphs, Rite Aid |
|
Vail Ranch Center |
| Temecula, CA |
| 203,904 |
| Stater Bros., Stein Mart |
|
|
|
Aurora Plaza |
| Aurora, CO |
| 161,541 |
| Big Lots, King Soopers, Latino Cinema |
|
|
|
Westminster City Center |
| Westminster, CO |
| 341,600 |
| Babies R Us, Barnes & Noble, Circuit City, CompUSA, Golfsmith, Gordmans |
|
|
|
Galleria Commons |
| Henderson, NV |
| 276,460 |
| Babies R Us, Burlington Coat Factory, Stein Mart, T.J. Maxx |
|
|
|
(1) Includes building square footage for ground leases.
(2) Anchor tenants include 1) major discount stores, 2) major grocers, 3) tenants with square footage greater than 10,000 square feet if the shopping center GLA is less than 125,000 square feet and tenants with square footage greater than 25,000 square feet if the shopping center GLA is greater than 125,000 square feet and 4) tenants with square footage greater than 10 percent of the shopping center GLA, but not less than 5,000 square feet.
(3) Property currently owned by the US Partnership. All other properties are to be contributed by New Plan.
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