NORTHBROOK, Ill., Sept. 8 /PRNewswire/ -- Bradley Real Estate, Inc.
(NYSE: BTR) today announced that its affiliated operating partnership, Bradley
Operating Limited Partnership (BOLP), has completed a $25 million private
placement of 8.875 percent Series C Cumulative Redeemable Perpetual Preferred
Units to an institutional investor. The units are callable by BOLP after five
years and are exchangeable after 10 years by the holder into 8.875 percent
Series C Cumulative Redeemable Preferred Stock of Bradley Real Estate, Inc. on
a one-for-one basis. The units have no stated maturity or mandatory
redemption and are subordinate to all debt. BOLP used the net proceeds to pay
down floating-rate debt under its short-term credit facility.
Bradley Real Estate is the nation's oldest real estate investment trust
and, through BOLP, a leading owner and operator of neighborhood and community
shopping centers located in the Midwest region of the United States. The
company owns 96 shopping centers located in 15 states aggregating
15.3 million square feet of rentable space. Bradley Real Estate is the sole
general partner of BOLP and, after giving effect to the issuance of the Series
C Preferred Units, is the owner of approximately 84 percent of the economic
interest in BOLP.
To receive additional information on Bradley Real Estate free of charge
via fax, dial 1-800-PRO-INFO and enter "BTR" or visit the company's website at
http://www.bradleyrealestate.com .
SOURCE Bradley Real Estate, Inc.
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Related links:
http://www.bradleyrealestate.com
CONTACT:
Thomas P. D'Arcy, Chairman and CEO of Bradley
Real Estate, 847-272-9800; or Ellen McGinnis of The Financial
Relations Board, 312-274-2233
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