05.23.2019
The sale-leaseback transaction with Sainsbury's is executed at a 5.31% GBP initial cap rate, includes annual rent increases over the duration of the lease term, and carries a weighted average lease term of approximately 15 years. The transaction is partially funded with proceeds from the private placement of £315 million senior unsecured notes due 2034 with a fixed interest rate of 2.73%. The balance of the purchase price, as well as the majority of net cash flow generated from the transaction, is hedged through a 15-year cross currency swap, which minimizes the company's exposure to foreign exchange rate fluctuations.
Forward-Looking Statements
Statements in this press release that are not strictly historical are "forward-looking" statements. Forward-looking statements involve known and unknown risks, which may cause the company's actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local and foreign real estate conditions, tenant financial health, the availability of capital to finance planned growth, continued volatility and uncertainty in the credit markets and broader financial markets, property acquisitions and the timing of these acquisitions, charges for property impairments, and the outcome of any legal proceedings to which the company is a party, as described in the company's filings with the
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