CHICAGO--(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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150608005466/en/
Equity Commonwealth
Sarah Byrnes, 312-646-2801
Investor
Relations
www.eqcre.com
Source: Equity Commonwealth