The properties included in the sale are: the 794,104-sf Almeda Mall in Houston; Northwest Mall in Houston, 794,104 sf; the one-million-sf Eastland Mall in Charlotte, NC; Montgomery Mall in Montgomery, AL, 726,883 sf; and the 1.3-million-sf University Mall in Tampa, FL.
President and CEO Michael Glimcher says the company expects to redeploy the sales into redevelopments and "acquisition of new higher income growth assets and selective ground-up development of premium retail properties."
This may include the company's most recent announcement of a joint venture with the Wolff Co. and Vanguard City Home to develop Scottsdale Crossing. The $200-million project, which will be located in Scottsdale, AZ, will include approximately 650,000 sf of retail and office space.
Officials say that based upon an assumed net gain of $20 million on the sale of the five mall properties, they estimate 2006 earnings per share to be 96 cents to $1.04. For 2007, the company is expecting earnings per share of 42 cents to 54 cents and FFO per share from $2.42 to $2.54.
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