On July 24, 2012, the Company acquired a 958,000 square foot industrial park consisting of eight single-story buildings located in Kent Valley, Washington, for a purchase price of $37.6 million. The park was 52.3% occupied at the time of acquisition.
Subsequent to September 30, 2012, the Company completed the sale of Quail Valley Business Park, a 66,000 square foot flex park in Houston, Texas, for $2.3 million.Financial Condition The following are key financial ratios with respect to the Company’s leverage at and for the three months ended September 30, 2012:
|Ratio of FFO to fixed charges (1)||10.8x|
|Ratio of FFO to fixed charges and preferred distributions (1)||3.1x|
Debt and preferred equity to total market capitalization (based on common stock price of $66.82 at September 30, 2012)
|Available balance under the $250.0 million unsecured credit facility at September 30, 2012||$250.0 million|
(1) Fixed charges include interest expense of $5.2 million.
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