The portfolio is comprised of 55 stabilized assets and three redevelopment properties. The cap rate on the 55 stabilized assets is approximately 9.8% on 2003 projected NOI. For the three redevelopment assets, the cap rate is approximately 6.6% on 2003 projected NOI and 11.0% on the properties' projected stabilized NOI. The overall cap rate on the 58 assets is approximately 9.5% on '03's projected NOI.
The 58 properties were chosen from Equity's 118-asset portfolio of community and neighborhood centers because of "their strategic fit with the retail format and the demographic, geographic and tenancy characteristics of New Plan's shopping center portfolio," according to a prepared statement. The assets--92% leased--total 7.9 million feet of GLA.
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