Thomas Properties Group Announces Redemption of Partnership Interest and Sale of Land
LOS ANGELES--(BUSINESS WIRE)-- Thomas Properties Group, Inc. (NAS: TPGI) today announced that it has completed two transactions in which it transferred a 49% partnership interest in 2121 Market Street Associates LP, the owner of an apartment and retail property in Philadelphia, Pennsylvania, and also sold the adjacent land parcel used as a parking lot for that building. The two transactions resulted in net proceeds to Thomas Properties Group of over $12.0 million.
"These transactions are important additional steps we have taken toward our goal of selling non-core properties and land that we do not intend to develop in the near term," said Jim Thomas, Chairman and CEO. "We intend to use these proceeds as part of our new corporate strategy of investing in both new and existing assets that generate current cash flow and are consistent with our core business of owning and managing first class office buildings," Mr. Thomas added.
About Thomas Properties Group
Thomas Properties Group, Inc., based in Los Angeles, is a full-service real estate company that owns, acquires, develops and manages primarily office, as well as mixed-use and residential properties on a nationwide basis. The company's primary areas of focus are the acquisition and ownership of premier properties, both on a consolidated basis and through its strategic joint ventures, property development and redevelopment, and property management and leasing activities. For more information about Thomas Properties Group, Inc., please visit www.tpgre.com.
Forward Looking Statements
Statements made in this press release that are not historical may contain forward-looking statements. Although TPGI believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. Factors that could cause actual results to differ materially from TPGI's expectations include actual and perceived trends in various national and economic conditions that affect global and regional markets for commercial real estate services (including interest rates), the availability of credit and equity investors to finance commercial real estate transactions, our ability to enter into or renew leases at favorable rates, which can be impacted by the financial condition of our tenants, risks associated with the success of our development and property redevelopment projects, general volatility in the securities and credit markets, and the impact of tax laws affecting real estate. For a discussion of some of the factors that may cause our results to differ from management's expectations, see the information under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-K for the year ended December 31, 2011 and our subsequent Form 10-Q quarterly reports, each of which is filed with the Securities and Exchange Commission. TPGI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor relations contact:
Thomas Properties Group
Diana Laing, Chief Financial Officer
KEYWORDS: United States North America California
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