$90 million

These are five of the nine shopping centers the locally based REIT expects to include in its recently announced joint venture with a subsidiary of Halifax, Nova Scotia-based Homburg Invest Inc. Under the JV agreement, previously announced by GSR, Homburg is taking an 80% stake in the properties, and Cedar is retaining a 20% stake. It also retains management, leasing and construction responsibilities, which, in the case of these five, will be handled by its New Cumberland, PA office.

These are included in the JV at values equal to their respective purchase prices, which are not delineated separately. The centers are fully leased. Carlisle, PA-based Giant Food Stores LLC, a subsidiary of the Ahold Group, holds long-term leases at all five, and it accounts for 85% of the portfolio's total rental income.

Four of the five properties are encumbered by fixed-rate, first-mortgage financing, which aggregates approximately $43 million. A fixed-rate, first mortgage of $14.3 million is being placed on the remaining unencumbered property, and is expected to close within 30 days.