SOURCE: NTS Realty Holdings Limited Partnership

NTS Realty Holdings Limited Partnership

March 15, 2010 18:28 ET

NTS Realty Holdings Limited Partnership Announces the Sale of Outlet Mall Property to Garden Ridge Corporation

LOUISVILLE, KY--(Marketwire - March 15, 2010) - (NYSE Amex: NLP) -- NTS Realty Holdings Limited Partnership (the "Company") announced today that it completed the sale of its Outlet Mall property in Louisville, Kentucky to Garden Ridge Corporation. The Company received $4.0 million in cash in connection with the sale. The Company intends to use the proceeds from the sale to repay outstanding debt, for general corporate purposes and/or to purchase properties in a manner that would qualify as a Section 1031 exchange under the Internal Revenue Code.

About NTS Realty Holdings Limited Partnership

The Company directly, as a tenant in common with unaffiliated co-owners, or as a majority joint venture partner with an affiliate, currently owns twenty-three properties comprised of fourteen multifamily properties, seven office buildings and business centers and two retail properties. The properties are located in and around Louisville and Lexington, Kentucky, Nashville and Cordova, Tennessee, Richmond, Virginia, Fort Lauderdale and Orlando, Florida, Indianapolis, Indiana and Atlanta, Georgia. The Company's limited partnership units are listed on the NYSE - Amex platform under the trading symbol of "NLP."

Safe Harbor Under the Private Securities Litigation Reform Act of 1995

This press release contains forward looking statements that can be identified by the use of words like "believe," "expect," "may," "could," "intend," "project," "estimate," or "anticipate." These forward looking statements, implicitly or explicitly, include assumptions underlying the statements and other information with respect to the Company's beliefs, plans, objectives, goals, expectations, estimates, intentions, financial condition, results of operations, future performance and business, including its expectation of, and estimates with respect to, revenues, expenses, earnings, return of and on equity, return on assets, asset quality and other financial data and performance ratios. Although the Company believes that the expectations reflected in its forward looking statements are reasonable, these statements involve risks and uncertainties which are subject to change based on various important factors, some of which are beyond the Company's control. Important factors that would cause actual results to differ materially from expectations are disclosed under "Risk Factors" and elsewhere in the Company's most recent annual report on Form 10-K, which was filed on March 31, 2009, and registration statement on Form S-4, which became effective on October 27, 2004.

If one or more of the factors affecting forward looking information and statements proves incorrect, the Company's actual results of operations, financial condition or prospects could differ materially from those expressed in, or implied by, the forward looking information and statements contained in this press release.

Contact Information

  • Contact:
    Gregory A. Wells
    Executive Vice President and CFO
    10172 Linn Station Road
    Louisville, Kentucky 40223
    (502) 426-4800