BNP Residential Properties, Inc. Announces Disposition of Apartment Community.CHARLOTTE, N.C. -- BNP BNP B-type natriuretic peptide, brain natriuretic peptide Physiology A 32-residue peptide hormone produced predominantly in the ventricles, secreted in response to fluid overload–eg, CHF. See Atrial natriuretic peptide. Residential Properties, Inc. (AMEX AMEX See: American Stock Exchange : BNP) today announced that on Friday, October 21, 2005, the company sold Savannah Savannah, city, United States Savannah, city (1990 pop. 137,560), seat of Chatham co., SE Ga., a port of entry on the Savannah River near its mouth; inc. 1789. Shores Apartments, a 198 unit apartment community, located in Myrtle Beach, South Carolina Myrtle Beach is a city and in Horry County, South Carolina, United States. It is part of the Grand Strand, a stretch of beaches along the South Carolina coastline, and the combined Myrtle Beach-Conway-North Myrtle Beach MSA. for a contract sales price of $22.75 million. Savannah Shores was purchased in July 2004 in an UpREIT transaction for total consideration of $14.2 million. As a result of the sale, the company retired a $9.0 million variable rate note. The company intends to reinvest the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $13.0 million in additional apartment properties through one or more tax-deferred exchange(s) under Section 1031 of the Internal Revenue Service code. President's statement: Scott Wilkerson stated, "We typically purchase properties with the expectation of holding them for a minimum period of ten years. In this case, we received an unsolicited offer for Savannah Shores, and felt accepting that offer was in the best interest of our shareholders. The sale of this property will allow us to leverage the proceeds to further expand our apartment portfolio." Overview: BNP Residential Properties, Inc. is a real estate investment trust focused on owning and operating apartment communities. After the current disposition, the Company owns and operates 32 apartment communities containing a total of 8,186 units, including 3 communities for which we are general partner of the entity that owns the property. In addition to the apartment properties, the Company owns 40 properties that are leased on a triple net basis to a restaurant operator. The Company currently operates in the states of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. and Virginia. BNP Residential Properties, Inc. is structured as an UPREIT, or umbrella partnership real estate investment trust. The Company is the sole general partner and owns a controlling interest in BNP Residential Properties Limited Partnership, the operating partnership. All of the Company's operations are conducted through the operating partnership. |
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