“We are proud of the results our team achieved not only this quarter but throughout the year. The 5.1% increase in Same Property NOI for the quarter was truly outstanding and is a testament to the strength of our quality portfolio and the exceptional efforts of our associates,” said Johnny Hendrix, Executive Vice President and Chief Operating Officer.
During the quarter, the Company sold seven retail shopping centers, two industrial properties, its interest in an industrial partnership and a land parcel for a total of $141.6 million. For the year, dispositions totaled $706.7 million, which included the sale of the Company’s industrial portfolio as well as the exit from seven non-strategic markets in the retail portfolio. Over the year, the Company redeployed this capital into outstanding new investments. Acquisitions for the year totaled $235.3 million and spending on existing new development projects was an additional $30.2 million for the year.
“With dispositions for the year exceeding $700 million, we generated a significant amount of capital to recycle into higher quality investments in our target markets, and to also materially deleverage our balance sheet,” said Drew Alexander, President and Chief Executive Officer.
In October, the Company closed on the sale of $300 million of 3.375% ten-year notes. The notes were sold at a discount to par to yield interest at 3.42%. The proceeds from the transaction were used to pay down all amounts outstanding under the Company’s $500 million revolving credit facility and to redeem $54.1 million of its 3.95% Convertible Notes and $72.5 million of its 6.95% Series E Preferred Shares.
“The $300 million notes offering was exceptionally well received by the market as the transaction was more than six times over-subscribed with $1.2 billion of demand. The sale of these notes allowed us to lock in very favorable long-term rates for ten years and pay off our revolving credit facility to provide liquidity for future debt maturities and growth opportunities,” said Steve Richter, Executive Vice President and Chief Financial Officer.