North America Real Estate - Operations and Strategy
Inland Western provides deleveraging update
November 03, 2009 6:31 PM ET
By John Yellig
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Inland Western Retail Real Estate Trust Inc. said Nov. 3 that it closed on the sale of two assets aggregating 334,700 square feet for a total sales price of $100.0 million. Since the close of the second quarter, the company sold a 149,700-square-foot Walmart Supercenter in Jonesboro, Ark., and a 185,000-square-foot Sprint Data Center in Santa Clara, Calif. In conjunction with the asset sales, $59.0 million of debt was extinguished or repaid. Year-to-date, the company sold approximately $327.0 million of noncore assets and retired $204.2 million in debt in connection with its asset disposition strategy. Due to sales from its securities portfolio, Inland Western obtained proceeds of $116.5 million since the close of the second quarter, which also assisted in the company's deleveraging efforts. The collective refinance and sales efforts have had the effect of reducing the overall leverage of the company by approximately $388.1 million. Year-to-date, the company refinanced $401.9 million and retired $204.2 million of its maturing debt associated with asset sales. It has an additional $619.1 million under application and $392.3 million in extension negotiations. As part of its strategy, management is focused on accessing multiple sources of capital to address its upcoming debt maturities, including working to structure a portfolio of loans to be eligible for the Federal Reserve's TALF. | 
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