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New Plan Looks to Redevelopment

NEW YORK CITY-Redevelopment is a larger percentage of New Plan Excel's net operating income. During the first quarter, the REIT signed on 156 new leases aggregating approximately 699,000 sf.

By Barbara Jarvie | Updated on May 04, 2006

NEW YORK CITY-Redevelopment has become a larger percentage of New Plan Excel Realty Trust’s net operating income. The firm’s redevelopment pipeline is now comprised of 44 projects. New Plan’s total in-process redevelopment pipeline was $301.8 million for the quarter, up from $283.8 million at year-end.

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.”

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