Glenborough (NYSE:GLB)
Historical Stock Chart
From Sep 2019 to Sep 2024
Glenborough Realty Trust (NYSE:GLB)(NYSE:GLB.PrA)
through one of its joint ventures, sold 2000 Corporate Ridge, a
256,000 square foot class "A" single-tenant office building in McLean,
Virginia for $79.1 million. The venture purchased the property in
December 2000. Glenborough's share of the gain from the June sale was
approximately $10.0 million and the venture generated an internal rate
of return in excess of 20% to all investors. The sale was prompted by
multiple expansions and a lease extension by the major tenant which
converted the formerly multi-tenant building to a single tenant
property.
Andrew Batinovich, President and Chief Executive Officer
commented, "Hopefully the success of this venture will aid us in
growing our joint venture business, which is an important part of our
growth going forward. We also believe this sale and its 5.9% cap rate
shows the value in our Washington, D.C. portfolio, which at 27% of our
net operating income, is our largest market."
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:
-- The impact of the outcome of the 2000 Corporate Ridge joint
venture on the growth and/or success of future Glenborough
joint venture initiatives;
-- The importance of the future Glenborough joint venture
business to any future company growth;
-- The usefulness of the application of the 2000 Corporate Ridge
sale's cap rate and related information on the valuation of
other Glenborough real property assets in its Washington, D.C.
portfolio.
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 enter into suitable
joint venture investments;
-- The impact of our past joint venture activity upon potential
joint venture partner decisions and strategies;
-- What factors will impact third party valuation of the
Glenborough Washington, D.C. portfolio, and how such factors
will vary over time in response to local and/or national real
property market conditions.
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 for the periods ended June 30, 2005, September
30, 2005 and March 31, 2006.