The joint venture is based on a 20%/80% contribution split betweenthe company and a fund advised by JPMorgan Fleming. New Plan will serve as the managing member and be responsible for initiating acquisitions and providing property management and leasing services.
Some of the properties purchased in the first joint venture--NP/I&G Institutional Retail Co. LLC--include Phase II of Conyers Crossroads, a 125,719-sf shopping center in Conyers, GA, the Plaza at EastChase and the Shoppes at EastChase, which are located contiguously in Montgomery, AL. It also purchased Rolling Meadows, a 130,436-sf center in Rolling Meadows, IL.
"It's been a year of fundamental change," said Glenn J. Rufrano, chief executive officer, during the company's annual conference call. "We also created financial flexibility with a stronger balance sheet, free cash flow and additional private capital sources. In addition, new business transactions with our major retailersdemonstrated our ability to use our infrastructure to maximize value."
Total rental revenues for the year ended December 31, 2005 were $476.7million as compared with $481.2 million for the year ended December 31,2004. During 2005, the Company executed a total of 1,470 new and renewal leases aggregating approximately 7.1 million sf.
The REIT now has a national portfolio of 476 properties, including 165 properties held through joint ventures, and total assets of approximately $3.4 billion. The firm has a total debt/undepreciated book value ratio of 43.9%. Last year, New Plan increased its assets under management by 72 properties and approximately nine million sf.
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