Land For Sale Pennsylvania

PREIT Amends, Extends Credit Facility

The amendment increases the revolving portion of the facility by $100 million, reduces the current applicable interest rate by 90 basis points, extends the term of the facility by one year to March 10, 2014 and eliminates the mandatory facility pay-down requirements from capital events, among other changes. The amendment also modifies some of the financial covenants under the facility, reducing the maximum permitted leverage and increasing the minimum corporate debt yield.

Modifications to the financial covenants under the Facility reduce the maximum permitted leverage ratio to 70 percent from 75 percent, and require the corporate debt yield, as defined, to be at least 9.50 percent until March 30, 2012, then at least 9.75 percent for the next year, and at least 10.00 percent after March 31, 2013. The maximum amount that may be borrowed under the facility now is subject to a minimum debt yield of 9.75 percent based on the net operating income of the collateral properties.

The range of interest rates may be further reduced at the option of the company to between 2.00 percent and 3.00 percent per annum over LIBOR, and the company will have an option to extend the maturity date of the facility by one year to March 10, 2015, under specified conditions and subject to certain amendments to the financial covenants set forth in the facility.

The company also announced the refinancing of the mortgage loans on Red Rose Commons , in Lancaster, Pa., and The Court at Oxford Valley , in Langhorne, Pa., two power center properties in which it holds 50 percent partnership interests. The 10-year mortgage loans are non-recourse with an average fixed rate of 5.42 percent. The total proceeds from both loans were approximately $90 million, of which PREIT’s share was approximately $45 million. The partnerships used a portion of the proceeds to repay previous mortgage loans on these properties of approximately $56 million that carried an average interest rate of 7.16 percent.

The Woodlands includes over 28,000 acres with over 97,000 residents and 1,700 employers. At March 31, 2011 The Woodlands had approximately 1,372 acres of unsold residential land, representing approximately 4,532 lots, and approximately 936 acres of unsold land for commercial use. The Woodlands also has full or partial ownership interests in commercial properties totaling approximately 434,328 square feet of office space, 203,282 square feet of retail and service space, 865 rental apartment units, and also owns and operates a 440 room conference center facility and a 36-hole country club.

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Pennsylvania state reports

A digest of the laws of Pennsylvania from 1700 to 1894, together with the Constitution of the United States and of the state of Pennsylvania : thoroughly annotated by notes and references to all the decisions bearing thereon

Lawyers' reports annotated

Brightly's Purdon's digest, A digest of the statute law of the state of Pennsylvania from the year 1700 to 1894, originally compiled in 1811

The Albany law journal, a monthly record of the law and the lawyers