Pacific Office Properties Trust, Inc. (NYSE Amex: PCE), a West Coast
office REIT, announced today that it has issued shares of common stock
to certain related parties in exchange for the cancellation of debt of
Pacific Office Properties, L.P, the operating partnership of which the
Company is the general partner.
Under the exchange agreement, subordinated promissory notes in an
aggregate amount of approximately $3.0 million were exchanged by Shidler
Equities, L.P., Reynolds Partners, L.P., MJR Equities, LLC, JRI
Equities, LLC and Lawrence J. Taff for a total of 789,095 shares of the
Company’s common stock. The price per share of common stock issued
pursuant to the exchange agreement was $3.82.
Shidler Equities, L.P. is controlled by Jay H. Shidler, the Company’s
Chairman of the Board and Chief Executive Officer. Mr. Taff is the
Company’s Chief Financial Officer and Executive Vice President, Honolulu
Operations. MJR Equities, LLC is controlled by Matthew J. Root, who is
the Company’s Chief Investment Officer. JRI Equities, LLC is controlled
by James R. Ingebritsen, who is the Company’s Executive Vice President,
Capital Markets/Operations. In addition, each party who received shares
under the exchange agreement is an owner of the Company’s advisor,
Pacific Office Management, Inc.
About Pacific Office Properties Trust, Inc.
Pacific Office Properties Trust, Inc. (www.pacificofficeproperties.com)
is a real estate investment trust that acquires, owns, and operates
office properties in the western U.S., focusing initially on the
high-growth markets of Honolulu, San Diego, Los Angeles, and Phoenix.
The Company is externally managed by Pacific Office Management, Inc., an
affiliate of The Shidler Group, and an entity owned by the Company’s
founders.
The Company’s strategy is to acquire, in partnership with institutional
co-investors, value-added office buildings whose potential can be
maximized through improvements, repositioning, and superior leasing and
management. The Company continues The Shidler Group’s highly successful
institutional joint-venture operations, which focus on acquiring
opportunistic and value-added commercial real estate in partnership with
institutional co-investors.
