Rouse Properties Refinances Animas Valley Mall for $51.8 Million
Generates $14.3 Million in Net Proceeds
NEW YORK -- October 26, 2012
Rouse Properties, Inc. (NYSE: RSE), a national owner and operator of enclosed
regional malls, today announced that it has closed on a new $51.8 million
mortgage loan for Animas Valley Mall, the only enclosed regional mall serving
the Four Corners market of New Mexico, Colorado, Arizona and Utah. The
non-recourse loan bears interest at a fixed rate of 4.5% and matures in ten
This asset was previously financed within the Company’s Term Loan, which bears
interest at a rate of LIBOR + 450 basis points. Approximately $37.1 million of
the proceeds were used to reduce the Term Loan balance, a portion of which was
used to pay the property’s release allocation. Net proceeds to the Company
after related closing costs are approximately $14.3 million.
“The refinancing of Animas Valley Mall reflects a continuation of our strategy
to improve the Company’s financial capacity and flexibility,” said Andrew
Silberfein, president and chief executive officer of Rouse Properties. “This
attractive financing extends our maturity schedule, generates excess cash
proceeds to the Company, and is indicative of the underlying value of the
malls in our portfolio.”
Animas Valley Mall has a dominant presence in its trade area as the only
regional mall within approximately 170 miles. The 464,000 square foot,
single-level enclosed mall has a long history of solid performance and strong
sales growth. The mall, anchored by Dillard’s, jcpenney and Sears, has
recently completed new leases with leading retailers such as Aeropostale,
Lids, Justice and The Children’s Place.
About Rouse Properties, Inc.
Rouse Properties, Inc. (NYSE:RSE) is a publicly traded real estate investment
trust headquartered in New York City and founded on a legacy of innovation and
creativity. Among the country's largest publicly traded regional mall owners,
the Company's geographically diverse portfolio spans the United States from
coast to coast, and includes 31 malls in 19 states encompassing approximately
22 million square feet of space. For more information please visit:
Rouse Properties, Inc.
Investor Relations, 212-608-5108
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