1st Quarter 2016
We set out with big goals to complete consolidated financials by the end of the first quarter. We succeeded. Thank you to all staff for their hard work. Lenders and investment partners will be sent their copies.
Other than development deals, we are at almost 100% rent collection with 2 vacancies in the portfolio. We acquired 3 properties and disposed of 4. The market continues to be a seller’s market. Interest rates as expected stay low and refinancings are a significant focus for Q2. We expect to dispose of 6 properties this quarter and acquire approximately 6. The highlight for us in Q1 was meeting our financial reporting requirements well in advance and seeing the rewards of holding firm on our disposition pricing. We opened our first Carl's Jr. with SGD and look forward to many more stores with them. In Q2 we eagerly anticipate the opening of Sprouts in Chandler, AZ where we have invested with Common Bond and the opening of another 99 Cents Only store in Los Banos, CA.
Wishing you all a Happy Easter, Passover and Spring Season.