The company also renewed 98 non-anchor leases, at an average base rent of $12.65 per sf, representing an increase of 9.7% over priorrental rates. In addition, RGPT signed 12 new anchor leases during 2004 and had a portfolio occupancy of 92.9% as of Dec. 31.
RGPT also amended its secured revolving credit facility with Bank of America increasing the facility from $125 million to $160 million and providing the company with an option to increase borrowings by as much as $40 million, for a total of $200 million in available credit. RGPT also reset the interest rate on the facility which now bears interest at a rate ofLIBOR plus 1.15% to 1.55% compared to the previous rate of LIBOR plus 1.50% to 2.00%.
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