Heritage Property Investment Trust, Inc. Agrees To Sell $150 Million Of Senior Notes
October 12 2004 - 5:05PM
PR Newswire (US)
Heritage Property Investment Trust, Inc. Agrees To Sell $150
Million Of Senior Notes BOSTON, Oct. 12 /PRNewswire-FirstCall/ --
Heritage Property Investment Trust, Inc. (NYSE:HTG) ("Heritage" or
the "Company"), today announced that it has agreed to sell $150
million principal amount of unsecured 4.50% notes due October 15,
2009. The notes were priced to yield 4.521% at a spread of 118
basis points over the comparable U.S. Treasury note. The
transaction is expected to close on October 15, 2004. The notes are
rated Baa3 by Moody's, BBB- by Standard & Poor's and BBB- by
Fitch. The Company intends to use the net proceeds from the
offering to reduce the amount currently outstanding under the
Company's unsecured line of credit. The notes are being sold to
qualified institutional investors in a transaction complying with
Securities and Exchange Commission Rule 144A and to non-US persons
under SEC Regulation S. The notes have not been registered under
the Securities Act of 1933, as amended, or the securities laws of
any other jurisdiction and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements. This announcement shall not constitute
an offer to sell or a solicitation of an offer to buy the notes,
nor shall there be any sale of the notes in any state in which such
offer, solicitation, or sale would be unlawful under the securities
laws of any such state. Such offering will be made only by a
prospectus and prospectus supplement. ABOUT HERITAGE PROPERTY
INVESTMENT TRUST, INC. Heritage is a fully integrated,
self-administered and self-managed REIT traded on the New York
Stock Exchange under the symbol "HTG". Heritage is one of the
largest owners and operators of neighborhood and community shopping
centers in the United States. Heritage focuses on grocer-anchored
shopping centers with multiple anchors. As of June 30, 2004,
Heritage had a shopping center portfolio of 163 centers, located in
29 states and totaling approximately 32.8 million square feet of
total gross leasable area, of which 27.6 million square feet is
company-owned gross leasable area. Heritage's shopping center
portfolio was approximately 91.8% leased as of June 30, 2004.
Heritage is headquartered in Boston, Massachusetts and has an
additional 16 regional offices located in the Eastern, Midwestern
and Southwestern United States. Some of the statements contained in
this press release constitute forward-looking statements.
Forward-looking statements relate to expectations, beliefs,
projections, future plans and strategies, anticipated events or
trends and similar expressions concerning matters that are not
historical facts. The forward-looking statements reflect the
Company's current views about future events and are subject to
risks, uncertainties, assumptions and changes in circumstances that
may cause the Company's actual results to differ significantly from
those expressed in any forward-looking statement. You should not
rely on forward-looking statements since they involve known and
unknown risks, uncertainties and other factors which are, in some
cases, beyond the Company's control and which could materially
affect actual results. The factors that could cause actual results
to differ materially from current expectations include financial
performance and operations of the Company's shopping centers,
including the Company's tenants, real estate conditions, current
and future bankruptcies of the Company's tenants, execution of
shopping center redevelopment programs, the Company's ability to
finance the Company's operations, successful completion of
renovations, completion of pending acquisitions, the availability
of additional acquisitions, execution of joint venture
opportunities, changes in economic, business, competitive market,
leasing and regulatory conditions, acts of terrorism or war and
other risks detailed from time to time in filings with the
Securities and Exchange Commission. The forward-looking statements
contained herein represent the Company's judgment as of the date of
this release, and the Company cautions readers not to place undue
reliance on such statements. DATASOURCE: Heritage Property
Investment Trust, Inc. CONTACT: Patrick O'Sullivan, Vice President,
Finance and Accounting of Heritage Property Investment Trust, Inc.,
+1-617-247-2200, ; or Investors - Claire Koeneman, +1-312-640-6745,
General Info - Joe Calabrese, +1-212-445-8434 both of Financial
Relations Board, for Heritage Property Investment Trust, Inc.
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