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Terms of Recent Financings

Several REITs have arranged new financing deals in the past couple of weeks. I thought it might be interesting to run a little comparison of the terms. Here's what I've come up with.

Company Property Amount Rate Recourse Terms
Glimcher Realty Trust Morgantown Mall $40.0M LIBOR + 3.50% 50% 3 yrs w/ two 1-yr ext
Glimcher Realty Trust Northtown Mall $40.0M LIBOR + 3.00% 50% 3 yrs w/ 1-yr ext
Ramco-Gershenson Unsecured Facility $150.0M LIBOR + 1.15% - 1.50% N/A End of 09 w 1-yr ext
PREIT Unsecured Facility $40.0M LIBOR + 2.50% N/A N/A
PREIT Existing Facility $130.0M Swap to 5.33% fixed N/A N/A
PREIT Existing Facility $500.0M LIBOR + 1.40% N/A Exercised 14-month ext.
CBL & Associates Hanes Mall $164.0M 6.99% fixed None 10 yrs
CBL & Associates Rivergate Mall & Village at Rivergate $87.5M LIBOR + 2.25% 50% 3 yrs w/ two 1 yr ext and swap option
Cedar Shopping Centers Upland Square $77.7M LIBOR + 2.25% N/A 3 yrs w/ 1 yr ext
Macerich Co. Broadway Plaza $150.0M 6.11% fixed N/A 7 yrs
Macerich Co. Chandler Festival $29.7M 6.15% fixed N/A 7 yrs
Macerich Co. Chandler Gateway $18.9 6.15% fixed N/A 7 yrs
Macerich Co. South Towne Center $90.0M 6.25% fixed N/A 7 yrs
Macerich Co. Washington Square Mall $250.0M 6.00% fixed N/A 7 yrs
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