In the second transaction, the Company purchased control of both phases of a grocery anchored shopping center in Apple Valley, California (Jess Ranch Marketplace and Jess Ranch Phase III). The center totals over 502,000 square feet and is anchored by Winco Foods, who owns their own facility, Burlington Coat Factory, Cinemark Theaters, Bed Bath & Beyond, Ulta Salon, PetSmart and others.
In the first quarter of 2014, the Company completed the dissolution of its consolidated joint venture with the Hines Retail REIT (“Hines”), where the Company owned a 30% interest. The joint venture held a portfolio of 13 properties located in Texas (4), Tennessee (3), Georgia (3), Florida (2), and North Carolina (1). The transaction was completed through the distribution of five properties to the Company and eight properties to Hines. The Company now owns 100% of:
1. Mendenhall Commons – Memphis, Tennessee2. Commons at Dexter Lake – Memphis, Tennessee3. Commons at Dexter Lake Phase II – Memphis, Tennessee4. Randall’s/Kings Crossing – Houston, Texas5. Bellaire Boulevard – Houston, Texas
The transaction resulted in the disposition of its interest in:1. Oak Park Village – San Antonio, Texas2. Champions Village – Houston, Texas3. University Palms – Oviedo, Florida4. Shoppes at Parkland – Parkland, Florida5. Sandy Plains Exchange – Marietta, Georgia6. Cherokee Plaza – Atlanta, Georgia7. Thompson Bridge Commons – Gainesville, Georgia8. Heritage Station – Wake Forest, North Carolina WRI will continue to lease and manage the eight properties owned by Hines. All three of these transactions will not materially change the Company’s 2014 Funds from Operations (“FFO”), but clarifies and simplifies its balance sheet. The net impact of these transactions on debt as of September 30, 2013 is a decrease of $111.2 million on a consolidated basis and a $2.2 million increase on a prorata basis. The transactions also resulted in the repayment of $70.4 million in Notes Receivable from Real Estate Joint Ventures and Partnerships outstanding as of September 30, 2013.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV