New Plan Excel Realty Trust Completes Sale of $968 Million of Assets
11 August 2005 - 7:11AM
PR Newswire (US)
- Board of Directors Declares $3.00 Per Common Share Special
Distribution - NEW YORK, Aug. 10 /PRNewswire-FirstCall/ -- New Plan
Excel Realty Trust, Inc. (NYSE:NXL) today announced that it has
completed its previously announced transactions involving the sale
of 69 community and neighborhood shopping centers to Galileo
America LLC ("the US Partnership") for approximately $968 million,
comprised of approximately $928 million in cash and approximately
$40 million of equity in the US Partnership, which represents an
approximate 5.0 percent equity interest in the US Partnership. As a
result of the transactions, the number of community and
neighborhood shopping centers owned and managed by New Plan has
increased to 441 properties, including those held in the US
Partnership and the Company's other joint ventures, totaling over
63.1 million square feet of gross leasable area. In conjunction
with the closing of the transactions, the Company's Board of
Directors declared a special cash distribution of $3.00 per common
share (CUSIP #648053106). The distribution is payable on September
27, 2005 to common stockholders of record on August 25, 2005. The
Company's shares go ex-dividend for purposes of the special cash
distribution on August 23, 2005. For the third quarter of 2005, the
Company's Board of Directors declared a regular cash dividend of
$0.3125 per common share (CUSIP #648053106). On an annualized
basis, this is the equivalent of $1.25 per share. The dividend is
payable on October 17, 2005 to common stockholders of record on
October 3, 2005. The Company's shares go ex-dividend for the
purposes of the regular quarterly dividend on September 29, 2005.
The Board of Directors also declared a dividend of $0.975 per
depositary share on its 7.8 percent Series D Cumulative Voting
Step-Up Premium Rate Preferred Stock (CUSIP #648053700) to
stockholders of record on October 3, 2005, payable on October 17,
2005. In addition, the Board of Directors declared a dividend of
$0.47656 per depositary share on its 7.625 percent Series E
Cumulative Redeemable Preferred Stock (CUSIP #6480538090) to
stockholders of record on October 3, 2005, payable on October 17,
2005. 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 461 properties, including 150 properties
held through joint ventures, and total assets as of June 30, 2005
of approximately $4.0 billion. The properties are strategically
located across 39 states and include 441 community and neighborhood
shopping centers, primarily grocery or name-brand discount chain
anchored, with approximately 63.1 million square feet of gross
leasable area, and 20 related retail real estate assets, with
approximately 1.8 million square feet of gross leasable area.
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. DATASOURCE: New Plan Excel Realty Trust CONTACT:
Stacy Slater, Senior Vice President, Corporate Communications, New
Plan Excel Realty Trust, Inc., +1-212-869-3000, Web site:
http://www.newplanexcel.com/
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