Details of the transaction were not immediately available. However, the company says five of the properties are about 97% leased to some 250 tenants and one property is under development.
The company is reporting an income of $1.4 million before taxes, depreciation and taxes during the quarter ended March 31, compared to $2 million for the year-earlier period. Funds from operations for the quarter were $3 million or 22 cents per diluted common share, compared to $3.2 million or 24 cents per diluted common share for the same period during 2000.
During the first quarter, Excel Legacy and Price Enterprises Inc. announced an agreement to merge and form another REIT, Price Legacy Corp. At the same time, it announced Warburg Pincus planned to invest $100 million in preferred stock of the new company. Legacy currently owns 91.3% of Price Enterprises' common stock.
Excel Legacy manages 34 properties comprising about 4.8 million sf with annualized total revenue of about $71.1 million. The company's total assets at the quarter's end were $340.7 million.
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