Glenborough Announces New Joint Venture of D.C. Asset
17 July 2006 - 11:00PM
Business Wire
Glenborough Realty Trust (NYSE:GLB)(NYSE:GLB.PrA) announces the
contribution of Montgomery Executive Center, a 120,000 square foot
office building in Gaithersburg, Maryland, at a value of $23.5
million for 100% of the property, to a new joint venture with an
investment advisor. Glenborough will recognize a gain from the June
transaction of approximately $10.5 million related to the 75% of
the venture now owned by the investment advisor. Glenborough will
retain a 25% interest and will provide property management, leasing
and asset management services to the joint venture on an on-going
basis. Proceeds from the sale of the joint venture interest were
used to pay down short-term borrowings under the Company's
unsecured line of credit. The joint venture will be accounted for
using the equity method of accounting. Andrew Batinovich, President
and Chief Executive Officer commented, "We are very pleased to
start a new joint venture relationship with this investment advisor
and we look to grow this relationship with other core-plus
acquisitions in our core markets." Glenborough is a REIT which is
focused on owning high quality, multi-tenant office properties
concentrated in Washington, D.C., Southern California, Northern New
Jersey, Boston and Northern California. The Company has a portfolio
of 45 properties encompassing approximately 8 million square feet
as of March 31, 2006. FORWARD LOOKING STATEMENTS: Certain
statements in this press release are forward-looking statements
within the meaning of the federal securities laws including,
without limitation, statements concerning plans, objectives, goals,
strategies, expectations, intentions, projections, developments,
future events, performance or products, underlying assumptions, and
other statements which are other than statements of historical
facts. In some cases, you can identify forward-looking statements
by terminology such as "may," "will," "should," "expects,"
"intends", "plans," "anticipates," "contemplates," "believes,"
"estimates," "predicts," "projects," "potential", "continue," and
other similar terminology or the negative of these terms. These
forward-looking statements include, without limitation: -- Our
expectation to grow this joint venture with other core plus
acquisitions in our core markets. Because these forward-looking
statements involve risk and uncertainty, there are important
factors that could cause our actual results to differ materially
from those stated or implied in the forward-looking statements.
These important factors include: -- Our ability or inability to
identify and acquire suitable additional investments for this
venture. Given these uncertainties, readers are cautioned not to
place undue reliance on such statements. All forward-looking
statements are based on information available to us on the date
hereof and we assume no obligation to update or supplement any
forward-looking statement. Additional information concerning
factors that could cause results to differ can be found in our
filings with the SEC including our report on Form 10-K for the year
ended December 31, 2005, and our quarterly reports on forms 10-Q
and 10-Q/A for the periods ended June 30, 2005, September 30, 2005
and March 31, 2006.
Glenborough (NYSE:GLB)
Historical Stock Chart
From May 2024 to Jun 2024
Glenborough (NYSE:GLB)
Historical Stock Chart
From Jun 2023 to Jun 2024