value not being reflected by the stock....
YTD net operating income up across all categories
See Supplemental for Geography.
Expect future growth from:
- development pipeline
expect 200 basis point spread over debt on these new openings
242 million cash at holdco, our share.
Working to joint venture of NY retail?
Over the past two years, they've done 2.5 billion in refinances, 100 million had to be put down.
Land & construction loans non-existent
East River Plaza opened. Costco!!
Presidio Landmark- 161 unit. Opened.
Beekmann- 904 units in Manhattan
(2% vacancies in the Manhattan market)
Ridge Hill- working hard to lease it up. Great demographics
Foundry Lofts- units at the DC yards.
Ridge Hill is an $800 million project
Rock Gaming Casino will:
- lease 200,000 square feet from Tower City.
- buy adjacent 16 acres
- drive traffic to tower city
- 600 million casino investment plus 100 million phase 1 building