One project recently added to the list is the open-air Point Orlando lifestyle center in Florida, which company officials currently label as an "abomination." Once completed, New Plan anticipates a decrease in square footage--the center will go from 460,000 sf to 440,000 sf--but has already attracted such new tenants as Capital Grill and BB Kings.
"It's been very active," commented Glenn J. Rufrano, chief executive officer, during the company's second-quarter conference call. The biggest news of the quarter was New Plan's agreement with Galileo to sell 69 centers for approximately $968 million.
Total rental revenues for the second quarter of 2005 increased to $132.5 million from $120.8 million in the second quarter of 2004. Funds from operations was $56.4 million, compared with $55 million last year. Total rental revenues for the six months ended June 30 were $261.7 million as compared with $244.0 million in the first six months of 2004. FFO for the first six months was $112.4 million, compared with $107.3 million, in the first six months of 2004.
During the second quarter, 144 new leases, aggregating approximately 930,000 sf, were signed Also during the quarter, 201 renewal leases aggregating approximately 1.1 million sf were signed. During the first six months there were 670 new and renewal leases aggregating approximately 3.5 million sf.
New Plan acquired, including through co-investments with its joint venture partners, two shopping centers and the remaining 90% interests in two shopping centers in which the company owned the other 10% interests. The properties totaled approximately 652,000 sf of gross leasable area and were acquired for $103.2 million. During the first six months, the company acquired, including through co-investments with its joint venture partners, six shopping centers, a vacant building and land parcel, a shopping center currently being de-malled and the remaining 90% interests in two shopping centers in which the company owned the other 10% for $240 million.
The company signed on to acquire five land parcels located adjacent to existing or to-be-built Home Depot stores for $9.3 million. The lands parcels aggregate approximately 40 acres and are located in Florida, Ohio and Louisiana. New Plan will develop approximately 360,000 sf of retail space on the sites.
The company also formed a partnership with DJM Asset Management LLC to advise The Great Atlantic & Pacific Tea Co. on the disposition of surplus Farmer Jack and Food Basics lease locations in the Southeast Michigan and Toledo, Ohio markets. The joint venture is marketing approximately 30 stores for sublease, assignment or other disposition. The company also called for redemption all $250 million of its outstanding 5.875% senior notes due June 15, 2007. They will be redeemed on September 15.
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