SOURCE: Dividend Capital Total Realty Trust

May 03, 2010 23:06 ET

Dividend Capital Total Realty Trust Signs Purchase Agreements on $1.4 Billion Commercial Real Estate Portfolio

DENVER, CO--(Marketwire - May 3, 2010) -  Dividend Capital Total Realty Trust Inc., a diversified real estate investment trust (REIT), announced today that it has entered into purchase and sale agreements with subsidiaries of iStar Financial Inc. (NYSE: SFI) to acquire a portfolio of 33 office and industrial properties. The completion of the transaction is subject to finalization of due diligence and obtaining sufficient financing, as well as other customary closing conditions. The aggregate purchase price of the properties is approximately $1.4 billion, adjusted for closing costs and prorations of taxes, operating expenses, leasing costs and other items.

The portfolio consists of 33 office and industrial properties located in 18 distinct geographic markets within the United States aggregating approximately 11.8 million net rentable square feet. Included in this portfolio are 22 office properties located in 12 distinct geographic markets aggregating approximately 5.1 million net rentable square feet and 11 industrial properties located in ten distinct geographic markets aggregating 6.7 million net rentable square feet. The properties included in the portfolio are primarily leased to large corporate tenants subject to triple net leases. The transactions are expected to close in the second quarter of 2010; however, there can be no assurance that the transactions will be consummated on the terms described in this press release, or at all. Additional information can be found in Dividend Capital Total Realty Trust's filing on Form 8-K with the Securities and Exchange Commission.

Dividend Capital Total Realty Trust Inc., a Denver-based REIT, invests in a diversified portfolio of commercial real estate assets. As of December 31, 2009, the company owned 79 properties totaling approximately 13 million square feet in 27 geographic markets.

Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect(s)," "could," "should," and "continue" and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results materially different from those described in the forward-looking statements. Dividend Capital Total Realty Trust Inc. can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Dividend Capital Total Realty Trust Inc.'s expectations include, but are not limited to, the uncertainty of the sources for funding Dividend Capital Total Realty Trust Inc.'s future capital needs, delays in the acquisition, development and construction of real properties, changes in economic conditions generally and the real estate and securities markets specifically and the other risks detailed from time to time in Dividend Capital Total Realty Trust Inc.'s Securities and Exchange Commission reports. Such forward-looking statements speak only as of the date of this press release. Dividend Capital Total Realty Trust Inc. expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.