First Union Securities has issued the determination in its role as financial advisor to determine what measures are needed for upping stock value. Robert W. Scharar, UIRT's chairman and CEO, says the possibility will be immediately explored. "If we can achieve for our shareholders the full value of UIRT's real estate assets in the near term, that becomes a relatively more attractive alternative," he says in a prepared statement.
The UIRT portfolio consists of 26 neighborhood and community shopping centers, totaling about 3.1 million sf of gross leaseable area. UIRT also owns 50% interest in another shopping center. The company estimates 737,000 sf in its portfolio is owned by grocery stores and other third parties. In Texas, UIRT owns eight properties in Houston and six in Dallas. The portfolio also includes three retail centers in Arizona, five in Florida and two in Tennessee.
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