Equity Commonwealth Completes Three Additional Sales for $261 Million, Total Dispositions of $1.7 Billion Year-to-Date
14 Setembro 2015 - 6:24PM
Business Wire
Board Authorizes $100 million Increase in
Share Repurchase Program
Equity Commonwealth (NYSE: EQC) today announced that it has
completed the sale of 13 properties comprising 3.4 million square
feet, for a combined sales price of $260.9 million, in three
separate transactions. The company also announced that its Board of
Trustees authorized the repurchase of up to an additional $100
million of its outstanding common shares under its share repurchase
program.
Asset Sales
The company sold an 11-property portfolio of small office assets
totaling 2.0 million square feet in upstate New York for a gross
sales price of $104.6 million. As of June 30, 2015, the upstate New
York portfolio was 79.8% leased.
The company sold an 868,000 square foot office property at 185
Asylum Street in Hartford, CT for a gross sale price of $113.3
million. As of June 30, 2015, the property was 98.7% leased.
The company completed the sale of a property located at 16th and
Race in Philadelphia, PA for a gross sale price of $43.0 million.
The 609,000 square foot vacant property was designated as held for
sale at the end of the second quarter 2015.
Year-to-date, the company has sold $1.7 billion of assets,
comprising 82 properties and 16.4 million square feet. The company
is currently in various stages of marketing nine office properties
totaling 2.6 million square feet.
Additional detail regarding the properties sold is available on
the Investor Relations section of the company’s website,
www.eqcre.com, and is dated September 14, 2015.
Common Share Buyback
The Board of Trustees increased the company’s existing share
repurchase program by $100 million, bringing the company’s total
authorization to $200 million. The company has repurchased
3,410,300 shares of its common stock at an average price of $25.76
per share for a total investment of $87.8 million. The company
currently has $112.2 million available for future share
repurchases. Repurchases under the new $100 million authorization
may be made over the next 12 months.
Purchases made pursuant to the program will be made from time to
time in the open market, in privately negotiated transactions or in
other manners as permitted by federal securities laws and other
legal requirements. The timing, manner, price and amount of any
repurchases will be determined by the company in its discretion and
will be subject to economic and market conditions, stock price,
applicable legal requirements and other factors. The program may be
suspended or discontinued at any time.
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 74 properties comprising 26.6 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/20150914006352/en/
Equity CommonwealthSarah Byrnes, Investor Relations(312)
646-2801www.eqcre.com
Equity Commonwealth (NYSE:EQC)
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