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Plaza Retail REIT Announces Lease Renewals with Two Primary KFC Tenants
Plaza Retail REIT Announces Lease Renewals with Two Primary KFC Tenants Canada New...
About this update from Plaza Retail Reit
[{"type":"text","content":"\n\n\n\nPlaza Retail REIT Announces Lease Renewals with Two Primary KFC Tenants\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nFREDERICTON, Feb. 8, 2018\n\n\n\n− 5% average increase in lease rates drives enhanced cash flow for the REIT − \n\n\n\nFREDERICTON, Feb. 8, 2018 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) (\"Plaza\" or the \"REIT\") today announced it has finalized lease renewals on 150,000 square feet or 62 sites with its two primary KFC operators. \n\nStand-alone KFC restaurants are the REIT's second largest tenancy by rent, and make up approximately 218,000 square feet. These two KFC operators have 81 sites and represent 90% of Plaza's total KFC square footage. The renewals have an average rental increase in the first year of approximately 5% and an average lease term of approximately 7 years.   \n\n\"We are very pleased to continue our relationships with these two KFC operators, whose stores contribute significantly to our portfolio,\" said Michael Zakuta, President and CEO. \n\nIn addition to these renewals, Plaza is planning (i) the immediate redevelopment of seven sites representing approximately 17,000 square feet, one for another national restaurant chain and the rest as new KFC stores for the two primary KFC operators; (ii) the immediate sale of three sites representing approximately 6,000 square feet, all of which are firm and awaiting closing; and (iii) the future redevelopment of nine sites representing approximately 22,000 square feet.\n\nAbout Plaza Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, particularly in Eastern Canada. Plaza's portfolio at September 30, 2017 includes interests in 295 properties totaling approximately 7.7 million square feet across Canada and additional lands held for development. Plaza's properties include a mix of strip plazas, stand-alone small box retail outlets and enclosed shopping centres, anchored by approximately 90% national tenants. For more information pleas...