Business
Calloway Real Estate Investment Trust: Fourth quarter and year end results
Calloway Real Estate Investment Trust: Fourth quarter and year end results.
About this update from Smartcentres Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nTORONTO, March 1 /CNW/ - Calloway Real Estate Investment Trust\n(TSX:CWT.UN) is pleased to report its results for the quarter and year ended\nDecember 31, 2006.\n\n\nHighlights of the Quarter\n\n- Portfolio occupancy maintained at 99% level.\n- Committed to $57.1 million in mezzanine financing of which advanced\n $8.0 million was funded.\n- Completed the acquisition of 100% freehold and leasehold interests in\n 14 retail properties in the seventh major transaction with\n SmartCentres, comprising 1.3 million square feet of leaseable area\n and 1.5 million square feet of future development, for\n $383.4 million.\n- Internalized property management for $14.4 million.\n- Issued $250 million of unsecured senior debentures at 5.37% due\n October 12, 2016.\n- Issued 7,680,000 trust units for $29.30 per unit for gross proceeds\n of $225 million and net proceeds of $216 million.\n- Expanded existing centres by an additional 136,545 square feet of\n leaseable area at a cost of $31.4 million.\n\n\nAs at December 31, 2006, Calloway's portfolio consists of 18.4 million\nsquare feet of built gross leaseable area and an ownership interest in\n122 properties. The portfolio has a book value of $3.0 billion.\n\n\nSimon Nyilassy, President and CEO, said, "2006 was another outstanding\nyear for us as our operating portfolio grew by 3.8 million square feet,\nrepresenting a 26% increase over 2005. The growth is primarily a result of our\nstrong relationship with SmartCentres, Canada's leading developer of large\nformat, unenclosed shopping centres. We expect this relationship will continue\nto contribute to Calloway's success and growth in future years.\n\n\nWe have assembled an outstanding portfolio of newly constructed,\nwell-anchored shopping centres that provides the bedrock for our future. We\nwill continue to grow our portfolio and to capitalize on the strength of our\ninternal development pipeline, which increased by over 39% during the year for\n2006, to 5.3 million square feet, equivalent of 21 new full-size shopping\ncentres. Upon completion of this pipeline, Calloway's portfolio would increase\nfrom 18.4 million square feet to 23.7 million square feet."\n\n\nDuring December 2006, Calloway completed the acquisition of 100% freehold\nand leasehold interests in 3 retail properties, partial interests in 5 retail\nproperties a...