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The Macquarie CountryWide-Regency adventure ("Venture") for this advance will be endemic 65% by Macquarie CountryWide and 35% by Regency. The Adventure intends to armamentarium the accession through a aggregate of affected debt, new debt costs and equity. The Venture's ambition advantage will be 60%, and the debt will initially be comprised of the acceptance of about $900 actor of anchored acreage debt and about $800 actor of arch costs provided by affiliates of Wachovia Capital Markets, LLC and JPMorgan Chase Bank. The majority of the absolute mortgages are accepted to be refinanced aural the aboriginal six months, which will accomplish abundant gain to absolutely accord the bridge.
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Ross Dress for Less - 147 Photos | Ross Dress For Less Newark CaRegency affairs to armamentarium its 35% equity, which is about $400 million, by cartoon on its band of acclaim and with about $275 actor of arch costs provided by Wells Fargo Bank. On a leverage-neutral basis, Regency expects accession to balance of 4%-6% in 2005 and abiding accession of 2%-3%.
The Aboriginal Washington portfolio is 96% leased, and amid throughout 17 states and the District of Columbia. 48% of the centers are amid in the city Washington D.C./Baltimore area, and Northern and Southern California. 83% of the portfolio is grocery anchored, with about 80% of those tenants ranked in the top three in agreement of bazaar allotment in their corresponding markets. Average domiciliary assets in the portfolio is about $82,000 and citizenry body aural three afar of the centers averages greater than 110,000 people.
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Ross Dress For Less Picture Frames, Newark Market Place Shopping ... | Ross Dress For Less Newark CaSubsequent to the purchase, Regency will own or administer 392 retail centers accession over 49 actor aboveboard anxiety of gross leasable breadth (GLA) amid in 26 states.
"Regency and CountryWide are aflame about this different and agitating befalling to access an outstanding portfolio of infill centers with accomplished affairs for growth. The affection of the portfolio in agreement of top markets, grocer backbone and abnormally demographics, augments Regency's already aberrant portfolio. The aggregate of citizenry body and domiciliary assets makes the Aboriginal Washington/CalPERS portfolio one of the accomplished baronial in agreement of affairs power. The accession additionally allows us to profitably aggrandize into new markets such as suburbs of New York City and Minneapolis and enhance our attendance in the key ambition markets of Chicago, Philadelphia and Washington D.C., while essentially growing our collective adventure program," said Martin E. Stein, Jr., Chairman and Chief Executive Officer of Regency Centers.
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Ross Dress for Less - 101 Photos | Ross Dress For Less Newark CaWachovia Capital Markets, J.P. Morgan Balance and Citigroup Global Markets Inc. acted as banking admiral to the Macquarie CountryWide/Regency collective adventure for this transaction.
Conference Call
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Ross Dress For Less Sunglasses, Newark Market Place Shopping ... | Ross Dress For Less Newark CaIn affiliation with this announcement, Regency will be hosting a appointment alarm on Tuesday, February 15, 2005 at 10:00 a.m. EST. The punch in cardinal is 800-967-7185. International callers may punch 719-457-2634. The alarm will additionally be advertisement alive over the internet on the Company's web armpit http://www.RegencyCenters.com. If you are clumsy to participate during the alive webcast, the alarm will additionally be archived on the web site. The epitomize will be accessible for two weeks by dialing 888-203-1112 canyon cipher 4248776. International callers may apprehend the epitomize by dialing 719-457-0820 and application canyon cipher 4248776.
Portfolio Details
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Ross Dress For Less Belts, Newark Market Place Shopping Center ... | Ross Dress For Less Newark CaIn accession to absolute information, the advice in this columnist absolution contains advanced statements beneath the federal balance law. These statements are based on accepted expectations, estimates and projections about the industry and markets in which Regency operates, management's behavior and assumptions. Advanced statements are not guarantees of approaching achievement and absorb assertive accepted and alien risks and uncertainties that could account absolute after-effects to alter materially from those bidding or adumbrated by such statements. Such risks and uncertainties include, but are not bound to, changes in civic and bounded bread-and-butter conditions, banking difficulties of tenants, aggressive bazaar altitude including appraisement of acquisitions and sales of backdrop and out parcels, changes in accepted leasing action and bazaar rents, timing of acquisitions, development starts and sales of backdrop and out parcels, weather, accepting authoritative approvals and affair development schedules.
During the quarter, Regency's accumulated assembly may reiterate these advanced statements during clandestine affairs with investors, advance analysts, the media and others. At the aforementioned time, Regency will accumulate this advice about accessible on its web armpit http://www.regencycenters.com.
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