New Plan Excel Realty Trust Announces Pricing of an Offering of 2,000,000 Shares of Common Stock
19 August 2004 - 10:42PM
PR Newswire (US)
New Plan Excel Realty Trust Announces Pricing of an Offering of
2,000,000 Shares of Common Stock NEW YORK, Aug. 19
/PRNewswire-FirstCall/ -- New Plan Excel Realty Trust, Inc.
(NYSE:NXL) today announced that it has agreed to sell 2,000,000 of
its common shares to Citigroup Global Markets Inc. The net proceeds
of the offering will be approximately $50 million and will be used
to repay a portion of the borrowings under the Company's $350
million revolving credit facility and in turn fund current and
potential opportunistic acquisitions, as well as ongoing
redevelopment efforts. Citigroup Global Markets Inc. acted as sole
book-running manager for the offering. This communication shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction. A copy of
the prospectus relating to these securities may be obtained when
available from Citigroup Global Markets Inc., Attn: Prospectus
Department, Brooklyn Army Terminal, 140 58th Street, 8th floor,
Brooklyn, NY 11220. 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 401 properties, including 23 properties
held through joint ventures, and total assets of approximately $3.7
billion. Its properties are strategically located across 34 states
and include 375 community and neighborhood shopping centers,
primarily grocery or name-brand discount chain anchored, with
approximately 54.6 million square feet of gross leasable area, and
26 related retail real estate assets, with approximately 2.2
million square feet of gross leasable area. For additional
information, please visit http://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
management risks; the level and volatility of interest rates;
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, 2003, which discuss these and other factors that could
adversely affect the Company's results. DATASOURCE: New Plan Excel
Realty Trust, Inc. CONTACT: Stacy Lipschitz, Senior Vice President
- Corporate Communications, New Plan Excel Realty Trust, Inc.,
+1-212-869-3000 ext. 3359 Web site: http://www.newplan.com/
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