One Liberty Properties rises on retail property sale for $40 mln

One Liberty Properties

21/06/2021 16:42

** Self-managed real estate investment trust's shares
 OLP.N  up 2.4% at $28.5 in early trading
    ** Co closes a $40.5 mln sale of a 47,200 square foot
building and the related parking lot in West Hartford,
Connecticut and leased to Whole Foods  urn:newsml:reuters.com:*:nGNX2BcvhK
    ** Proceeds were used to repay $15.4 mln mortgage on the
property, pay off the $17.9 mln outstanding balance on co's
credit facility and pay transaction-related costs - co
    ** Adds that remaining proceeds of about $5.4 mln will be
used for general corporate and working capital purposes
    ** Co expects it will recognize net gain of about $21.5 mln
from this sale for Q2
    ** Additionally, OLP and furniture company Havertys  HVT.N 
enters new leases extending the term on ten of the 11 properties
that had been scheduled to expire in August 2022
    ** HVT up 5.5% at $41.2
    ** OLP stock up ~50% in last 12 months

 (Reporting by Sahil Shaw in Bengaluru)
 ((sahil.shaw@thomsonreuters.com))