ATLANTA--(BUSINESS WIRE)--
Columbia Property Trust, Inc. (NYSE: CXP) (“Columbia” or the “Company”),
one of the nation’s largest office REITs, announced today the final
results of its modified “Dutch Auction” tender offer to purchase for
cash up to $300,000,000 in value of shares of its common stock, par
value $0.01 per share (the “Common Stock”) from its stockholders, which
expired at 11:59 p.m., New York City time, on November 8, 2013. Morgan
Stanley & Co. LLC and Goldman, Sachs & Co. acted as the dealer managers
for the tender offer.
Based on the final count by Computershare Trust Company, N.A., the
paying agent and depositary for the tender offer, a total of 9,362,488
shares of Common Stock were properly tendered and not properly withdrawn
at or below the final purchase price of $25.00 per share, including
5,889,761 shares of Common Stock that were tendered through notice of
guaranteed delivery.
In accordance with the terms and conditions of the tender offer, and
based on the final count by the paying agent and depositary, Columbia
will accept for purchase 9,362,488 shares of Common Stock properly
tendered and not properly withdrawn prior to the expiration of the
tender offer at a purchase price of $25.00 per share, for an aggregate
cost of approximately $234 million, excluding fees and expenses relating
to the tender offer.
Payment for the shares of Common Stock accepted for purchase under the
tender offer will occur promptly, in accordance with applicable law.
Based on this final count, the 9,362,488 shares of Common Stock to be
accepted for purchase in the tender offer represent approximately 7.0%
of Columbia’s currently issued and outstanding shares of Common Stock.
Upon settlement of the tender offer, Columbia will have approximately
124,830,122 shares of Common Stock outstanding.
About Columbia Property Trust
One of the nation’s largest office REITs, Columbia Property Trust
invests in high-quality commercial office properties in primary markets
nationwide and has achieved an investment-grade rating from both Moody's
and Standard & Poor’s rating services. Currently, the REIT’s $5 billion
portfolio consists of 59 operational buildings in 13 states and the
District of Columbia, totaling 16.8 million square feet. For information
about Columbia Property Trust, visit www.ColumbiaPropertyTrust.com.
Important Information
This press release is for informational purposes only and is not an
offer to buy or the solicitation of an offer to sell any securities of
the Company. Questions and requests for assistance by retail
stockholders may be directed to Georgeson Inc. at (877) 278-9670 (toll
free). Questions and requests for assistance by institutional
stockholders may be directed to Morgan Stanley & Co. LLC and Goldman,
Sachs & Co., the Dealer Managers for the Tender Offer, at: (888)
726-2634 (Morgan Stanley toll free) or (800) 323-5678 (Goldman Sachs
toll free).
Forward-Looking Statements
Certain statements contained in this press release other than historical
facts may be considered forward-looking statements. Such statements
include, in particular, statements about our plans, strategies and
prospects, and are subject to certain risks and uncertainties, including
known and unknown risks, which could cause actual results to differ
materially from those projected or anticipated. Therefore, such
statements are not intended to be a guarantee of our performance in
future periods. Such forward-looking statements can generally be
identified by our use of forward-looking terminology such as "may,"
"will," "expect," "intend," "anticipate," "estimate," "believe,"
"continue," or other similar words. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as
of the date this report is filed with the U.S. Securities and Exchange
Commission ("SEC"). We make no representations or warranties (express or
implied) about the accuracy of any such forward-looking statements
contained in this press release, and we do not intend to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
Any such forward-looking statements are subject to risks, uncertainties,
and other factors and are based on a number of assumptions involving
judgments with respect to, among other things, future economic,
competitive, and market conditions, all of which are difficult or
impossible to predict accurately. To the extent that our assumptions
differ from actual conditions, our ability to accurately anticipate
results expressed in such forward-looking statements, including our
ability to generate positive cash flow from operations, make
distributions to stockholders, and maintain the value of our real estate
properties, may be significantly hindered. See Item 1A in the Company's
most recently filed Annual Report on Form 10-K for the year ended
December 31, 2012 for a discussion of some of the risks and
uncertainties that could cause actual results to differ materially from
those presented in our forward-looking statements. The risk factors
described in our Annual Report are not the only ones we face, but do
represent those risks and uncertainties that we believe are material to
us. Additional risks and uncertainties not currently known to us or that
we currently deem immaterial may also harm our business.
Corporate Communications, Inc.
Tripp Sullivan, 615-324-7335
tripp.sullivan@cci-ir.com
Source: Columbia Property Trust, Inc.