Disposition and Gain Activities
During the first quarter, the Company completed
$48.4 million in aggregate of dispositions at an average cap rate of 7.4%. Subsequent to quarter end an additional asset closed for$15 million .The Company currently has assets in its operating portfolio that are under contract for sale for an aggregate sales price of approximately
$32 million , as well as approximately$72 million that are currently under non-binding letters of intent scheduled for completion in 2009, subject to certain conditions. Additionally, the Company has$300 million of properties already in the market with brokers and anticipates taking an additional$290 million to market within the next month.
Johnny Hendrix , Executive Vice President and Asset Management said, "We are making good headway in our desire to achieve our full year dispositions goal, however, we provide no assurance that we will be successful in closing these transactions."
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