BOSTON, May 6 /PRNewswire/ -- Today Cabot Industrial Trust (NYSE: CTR), a
national owner, operator and developer of industrial property, announced that
it had completed the acquisitions of 11 properties for $48 million in two
separate transactions. Seven properties are located in Los Angeles and four
properties are located in Boston. The properties total 800,000 rentable
square feet, of which 84% is multitenant distribution and 16% is workspace
property. The buildings are 99% occupied by 37 tenants.
Ferdinand Colloredo-Mansfeld, Chief Executive Officer remarked, "Within
the past several weeks we have raised over $350 million in long-term capital;
our leverage ratio stands at 27%, and we remain strongly capitalized. These
acquisitions are part of our strategy of achieving leadership positions in our
target markets. At this time we continue to see solid acquisition and
development opportunities and will maintain our focus on generating superior
rates of return."
Additionally, Cabot opened offices in Atlanta, Baltimore and Phoenix,
bringing the level of internal property management from 80% up to 92%. Robert
Patterson, President, commented, "Direct contact with our tenants is a
fundamental element of our strategy. We believe our high occupancy levels and
sustained rent growth is due to the quality of our staff and properties. With
nine offices across the country and very experienced managers on our team we
are very well positioned for growth."
Cabot Industrial Trust is a fully integrated real estate company, with
offices in Atlanta, Baltimore, Boston, Chicago, Cincinnati, Dallas, Los
Angeles, Orlando and Phoenix, which specializes in the ownership, acquisition,
and development of industrial properties. It owns 253 properties containing
31 million square feet in 21 states. The Company also manages an additional
10 million square feet of property for investment advisory accounts. Cabot
Industrial Trust focuses on a broad spectrum of industrial property types
nationwide including large bulk distribution facilities, multitenant
distribution facilities and workspace properties.
In addition to historical information, this press release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on management's
current expectations about the industry and the markets in which the Company
operates. Such forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties or other
factors which may cause actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Actual
operating results may be affected by various factors including, without
limitation, changes in national and local economic conditions, competitive
market conditions, uncertainties and costs related to and the imposition of
conditions on receipt of governmental approvals and costs of material and
labor, all of which may cause such actual results to differ materially from
what is expressed or forecast in this press release.
SOURCE Cabot Industrial Trust
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Related links:
http://www.cabottrust.com
CONTACT:
Franz Colloredo-Mansfeld, Chief Financial
Officer of Cabot Industrial Trust, 617-723-0900; or Analyst Info,
Pam King of The Financial Relations Board, 212-661-8030
NOTE TO EDITORS: To receive Cabot Industrial Trust's latest news
release and other corporate documents please send requests via
e-mail at ir@cabottrust.com or visit our web-site at
http://www.cabottrust.com
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