Officials estimate the firm has more than $425 million in buying power and that it will be both a buyer and a seller in the remaining quarters of this year. "We don't project acquisition activity, but we will continually cull assets," said Glenn Rufrano, the REIT's CEO during the firm's first-quarter conference call. "There's a huge supply. We are cautious."
New Plan execs said they signed a confidentiality agreement and could not discuss whether they're interested in two retail-oriented companies that are in said to be in play--Heritage Property Investment Trust and Mills. While they could not discuss those situations, the firm was animated regarding the upcoming ICSC event in Vegas. "Last year, we had 800 meetings; this year we expect more," "It's a valuable forum."
In fact, the firm has already had "pre-meetings" with a number of retailers including Giant Foods and Ace Hardware and expects to meet with Target, Best Buy and Marshall's, among others. "We offer a national footprint for national retailers."
Total rental revenues for the first quarter were $114.3 million as compared with $126.2 million in the first quarter of 2005. Net income available to common stockholders was $33.2 million compared with $33.5 million in the first quarter of 2005. Funds from operations for the first quarter of 2006 was $53.9 million compared with $56 million at the same time last year.
Approximately 156 new leases, aggregating approximately 699,000 sf, were signed at an average annual base rent of $11.25 per sf. And 302 renewals , aggregating approximately 1.5 million sf, were signed at an average ABR of $10.72 per sf. The gross leasable area for the company's community and neighborhood shopping center portfolio, which includes redevelopment properties and the company's pro rata share of unconsolidated joint venture properties, was approximately 90.8% leased as of March 31.
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