Chambers Street Properties to List its Common Shares on the NYSE
Chambers Street Properties to List its Common Shares on the NYSE
PRINCETON, N.J.--(BUSINESS WIRE)-- Chambers Street Properties ("Chambers Street" or the "Company") announced today that it is authorized to list its Common Shares of Beneficial Interest ("Common Shares") on the New York Stock Exchange ("NYSE"). Trading is expected to commence on May 21, 2013 under the ticker symbol "CSG."
"We believe this listing on the NYSE and becoming a publicly traded company enables us to continue to execute our asset management, portfolio growth, and capital strategies designed to maximize shareholder value," said Jack A. Cuneo, President and CEO of Chambers Street. "Listing Chambers Street on the NYSE is an important next step in helping the Company achieve its objective to build a premier real estate investment organization that seeks to create value for our shareholders through stable cash flow and long-term asset appreciation."
About Chambers Street Properties
Chambers Street Properties (NYS: CSG) headquartered in Princeton, New Jersey is a self-administered and internally managed Maryland real estate investment trust, or REIT, led by an experienced management team that is focused on acquiring, owning and operating high-quality industrial and office properties. The Company's primary objective is to maximize shareholder value through stable cash flow and long-term asset appreciation. In pursuing this objective, Chambers Street targets growth through acquisitions and selective built-to-suit development in markets that complement its existing portfolio, actively manages its balance sheet to maintain flexibility with conservative leverage, and seeks internal growth through proactive asset management, leasing and property management oversight.
Since Chambers Street's formation in 2004, the Company has acquired and developed a high-quality industrial and office portfolio comprised primarily of single tenant net lease properties with an aggregate purchase price of approximately $3.2 billion. As of March 31, 2013, Chambers Street owned or had a majority interest in 129 properties located across 22 U.S. states, Germany, and the United Kingdom encompassing approximately 34.1 million rentable square feet. As of March 31, 2013, Chambers Street's portfolio had a weighted average age of approximately 10 years and was 98% leased with approximately 82% of its rentable square footage leased to single tenants on a triple net basis.
For more information, please visit: www.ChambersStreet.com
This Press Release may contain various "forward-looking statements." You can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "may," "will," "would," "could," "should," "seeks," "approximately," "intends," "plans," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Statements regarding the following subjects may be impacted by a number of risks and uncertainties such as our business strategy; our ability to obtain future financing arrangements; estimates relating to our future distributions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our products, operations and business; and the use of the proceeds of any offerings of securities. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks before you make an investment decision with respect to our common shares, along with the following factors that could cause actual results to vary from our forward-looking statements such as: the price at which our common shares may trade on the New York Stock Exchange; national, regional and local economic climates; changes in supply and demand for office and industrial properties; adverse changes in the real estate markets, including increasing vacancy, decreasing rental revenue and increasing insurance costs; availability and credit worthiness of prospective tenants; our ability to maintain rental rates and maximize occupancy; our ability to identify and secure acquisitions; our failure to successfully manage growth or operate acquired properties; our pace of acquisitions and/or dispositions of properties; risks related to development projects (including construction delay, cost overruns or our inability to obtain necessary permits); payment of distributions from sources other than cash flows and operating activities; receiving corporate debt ratings and changes in the general interest rate environment; availability of capital (debt and equity); our ability to refinance existing indebtedness or incur additional indebtedness; failure to comply with our debt covenants; unanticipated increases in financing and other costs, including a rise in interest rates; the actual outcome of the resolution of any conflict; material adverse actions or omissions by any of our joint venture partners; our ability to operate as a self-managed company; availability of and ability to retain our executive officers and other qualified personnel; future terrorist attacks in the United States or abroad; the ability of our operating partnership to continue to qualify as a partnership for U.S. federal income tax purposes; our ability to continue to qualify as a REIT for U.S. federal income tax purposes; foreign currency fluctuations; changes to accounting principles, policies and guidelines applicable to REITs; legislative or regulatory changes adversely affecting REITs and the real estate business; and environmental, regulatory and/or safety requirements. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2013 and other documents of the Company on file with or furnished to the SEC. Any forward looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company or its business or operations. Except as required by law, the Company undertakes no obligation to update publicly or revise any forward looking statement, whether as a result of new information, future developments or otherwise. We caution you that actual outcomes and results may differ materially from what is expressed, implied or forecast by our forward looking statements.
KEYWORDS: United States North America Maryland New Jersey
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