- Increased the lending commitment from $75 million to $100 million, with the ability to increase that commitment up to $150 million versus $125 million previously;
- Enhanced the borrowing base value of the Company's income properties by applying reduced cap rates on its properties occupied by investment grade tenants and for all other retail and office properties;
- Reduced the interest rate whereby the low end of the rate range is 30-day LIBOR plus 150 basis points when the Company's total debt to total asset value, as defined in the Revolver Amendment, is less than or equal to 45%, and the top end of the rate range is 30-day LIBOR plus 220 basis points when the total debt to total asset value is above 55% up to the maximum debt to total asset value of 60%. At signing the debt to total asset value as calculated under the Revolver Amendment was 45%. Prior to closing the Revolver Amendment the calculated debt to total asset value was 52%;
- Reduced the fixed charge coverage ratio by 25 basis points, from 1.75 times to 1.50 times. At closing of the Revolver Amendment this ratio was approximately 2.17 times; and
- Extended the initial maturity date three years from August 2018 to September 2021, with a one-year extension option at the Company's election.
Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements. Words such as "believe," "estimate," "expect," "intend," "anticipate," "will," "could," "may," "should," "plan," "potential," "predict," "forecast," "project," and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Although forward-looking statements are made based upon management's expectations and beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company's actual results to differ materially from those set forth in the forward-looking statements. Such factors may include the completion of 1031 exchange transactions, the modification of terms of certain land sales agreements, uncertainties associated with obtaining required governmental permits and satisfying other closing conditions, as well as the uncertainties and risk factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 as filed with the Securities and Exchange Commission. There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management.