Equity Commonwealth Completes Portfolio Sales Totaling $793 Million
08 Junho 2015 - 7:30AM
Business Wire
Equity Commonwealth (NYSE:EQC) today announced that it has
completed the sale of two portfolios comprising 51 properties and
8.3 million square feet, for a combined sales price of $793
million.
The company sold a 45-property portfolio of small office and
industrial assets totaling 5.3 million square feet across 19
markets in 13 states, for a gross sales price of $376 million. As
of March 31, 2015, the small office and industrial portfolio was
77.5% leased.
The company also sold a six-property portfolio totaling 3.0
million square feet, for a gross sales price of $417 million. These
office assets are located in Birmingham, AL; New Orleans, LA;
Columbia, SC; and Greensboro, NC. Proceeds from the six-property
portfolio sale, net of mortgage debt repayments and credits for
contractual lease costs, were $320 million. As of March 31, 2015,
the portfolio was 89.6% leased.
Year-to-date, the company has sold $817 million of assets,
encompassing 56 properties and 9 million square feet. The company
currently has three office properties under contract for
approximately $35 million encompassing 270,000 square feet. In
addition, there are 32 properties comprising 10 million square feet
in various stages of marketing.
Additional detail regarding the portfolio of properties sold is
in the presentation dated June 8, 2015, available on the Investor
Relations section of the company’s website, www.eqcre.com.
About Equity Commonwealth
Equity Commonwealth (NYSE: EQC) is an internally managed and
self-advised real estate investment trust (REIT). EQC has a
national portfolio of 100 properties comprising 34 million square
feet with executive offices in Chicago, IL.
FORWARD-LOOKING STATEMENTS
Some of the statements contained in this press release
constitute forward-looking statements within the meaning of the
federal securities laws, including, but not limited to, statements
regarding marketing the company’s properties for sale, de-levering
the balance sheet, consummating asset sales, and identifying future
investment opportunities. Any forward-looking statements contained
in this press release are intended to be made pursuant to the safe
harbor provisions of Section 21E of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. In some cases, you can
identify forward-looking statements by the use of forward-looking
terminology such as “may,” “will,” “should,” “expects,” “intends,”
“plans,” “anticipates,” “believes,” “estimates,” “predicts,” or
“potential” or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events
or trends and which do not relate solely to historical matters. You
can also identify forward-looking statements by discussions of
strategy, plans or intentions.
The forward-looking statements contained in this press release
reflect the company’s current views about future events and are
subject to numerous known and unknown risks, uncertainties,
assumptions and changes in circumstances that may cause the
company’s actual results to differ significantly from those
expressed in any forward-looking statement. We do not guarantee
that the transactions and events described will happen as described
(or that they will happen at all).
While forward-looking statements reflect the company’s good
faith beliefs, they are not guarantees of future performance. We
disclaim any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying
assumptions or factors, of new information, data or methods, future
events or other changes. For a further discussion of these and
other factors that could cause the company’s future results to
differ materially from any forward-looking statements, see the
section entitled “Risk Factors” in the company’s most recent Annual
Report on Form 10-K and in the company’s Quarterly Reports on Form
10-Q for subsequent quarters.
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version on businesswire.com: http://www.businesswire.com/news/home/20150608005466/en/
Equity CommonwealthSarah Byrnes, 312-646-2801Investor
Relationswww.eqcre.com
Equity Commonwealth (NYSE:EQC)
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