Printer Friendly


 SAN DIEGO, Aug. 24 /PRNewswire/ -- Excel Realty Trust Inc. (NYSE: XEL) announced the completion of its public offering of 6,000,000 shares of its common stock. The managing underwriters for the offering were Merrill Lynch and Co. and Dean Witter Reynolds Inc. With the completion of the offering, the shares of the company were listed on the New York Stock Exchange.
 The company, on Aug. 11, 1993, received $110,820,000 in net offering proceeds from the sale of 6,000,000 shares of its common stock. The sales price per share was $19.75. Of this amount $89,653,154 was used to purchase 50 properties from the State Teachers Retirement System of Ohio (OTR) and deposit sufficient proceeds in an escrow account to acquire an additional nine properties from OTR pending satisfactory results from further environmental due diligence. The balance of $21,166,846 is to be used to repay certain mortgage indebtedness and for general corporate purposes. The public stock offering facilitated the listing of the company's common stock on the New York Stock Exchange under the symbol XEL.
 Total revenues from rental operations and interest income for the six-month period ended June 30, 1993, amounted to $7,805,643 as compared with 2,918,419 for the same period last year. The increase can be attributed mainly to revenues from recent acquisitions, but does not reflect the recent acquisitions of the OTR portfolio. Funds from operations, which is considered a measure of operating performance for a REIT, for the six-month period ended June 30, 1993, were $1,347,644 as compared with $698,471 for the same period last year.
 The company declared an interim dividend to record holders as of Aug. 4, 1993, of $0.14 per share. This is an interim dividend for the period of July 1 through Aug. 10, 1993, at the dividend rate in effect prior to the public offering. The company anticipates declaring another interim dividend for record holders as of Sept. 30, 1993, for the period Aug. 11 through Sept. 30, 1993, at the annualized dividend rate of $1.66 per share ($0.23 per share).
 Excel Realty Trust is a self-administered, self-managed real estate investment trust. After the acquisition of the above properties, the company will own 105 properties located in 27 states. A substantial majority of these properties are leased to major retail tenants such as Kmart, Wal-Mart, Lucky, Kroger, Safeway. Fourteen percent of the anticipated revenue from the portfolio is subject to a sublease arrangement wherein the original tenant has subleased the property but remains responsible for all of the lease obligations.
 -0- 8/24/93
 /CONTACT: Graham Bullick of Excel Realty Trust, 619-485-9400, ext. 203/

CO: Excel Realty Trust Inc. ST: California IN: SU: OFR TNM RLE DIV ERN

JB-LM -- SD004 -- 5532 08/24/93 15:16 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 24, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters