Transaction activity is expected to be one cent accretive to full year FFO, as adjusted.Full-year bad debt assumption of 1.00% of total revenues at the midpoint.Increased same property NOI range to 4.00% to 5.00%, which represents a 50-basis point increase at the midpoint.The Company is raising its 2022 guidance for FFO, as adjusted, by five cents at the midpoint to $1.86 to $1.90 per diluted share from $1.80 to $1.86 per diluted share, based, in part, on the following key assumptions: The report also details progress, measurements, and case studies around each of the Company’s goals and related initiatives. The Company issued its inaugural Corporate Responsibility Report, which provides a comprehensive overview of the Company’s strategy and initiatives regarding environmental, social, and governance (ESG) practices and policies.The net proceeds were used for the early repayment of the $200 million term loan scheduled to mature in 2023 with the balance applied to mortgage maturities. As previously disclosed, issued a $300 million unsecured 7-year term loan due Jand fixed the interest rate for three years at approximately 3.95%.As previously disclosed, upsized the Company’s revolving line of credit capacity to $1.1 billion from $850 million, which remained undrawn as of quarter end.As of September 30, 2022, the Company’s net debt to Adjusted EBITDA was 5.4x, which represents a 0.7x year-over-year decrease.Third Quarter 2022 Balance Sheet Overview The Company currently has four active development projects with limited future capital commitments of $59.2 million.This high-quality infill neighborhood center is located in the affluent Boca Raton community, and will be complementary to the Company’s significant Florida portfolio. Palms Plaza is anchored by a specialty grocer generating approximately $1,300 per square foot in sales. ![]()
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