Urban Shopping Centers Inc., a real estate investment trust, will repay existing mortgage debt on its MainPlace shopping center in Santa Ana with $80 million in proceeds from a large financing completed by the REIT.
The remaining proceeds from the $220-million financing will repay mortgages on the REIT's Oakbrook Center shopping mall in Oak Brook, Ill.
In addition, the Chicago-based REIT said its pro forma funds from operations, a measure of cash flow for REITs, jumped 14.5% during the first nine months of 1993, rising to $16.6 million from $14.5 million for the same period in 1992. The REIT's net income for the first nine months of this year jumped 33% to $9.3 million from $6.9 million in 1992.
Urban Shopping Centers was formed to take over the ownership and management of certain regional shopping malls owned by closely held JMB Realty Corp. of Chicago.
In October, Urban Shopping Centers went public by selling 11 million shares at $23.50 each. On Tuesday, the company's stock closed unchanged at $20.50 per share on the New York Stock Exchange.