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CommonWealth REIT Announces 2012 Fourth Quarter And Year End Results

Recent Acquisition and Sales Activities:

Since the announcement of 2012 third quarter results on November 7, 2012, CWH has not acquired or entered into any agreements to purchase properties (excluding transactions by Select Income REIT, or SIR, CWH’s majority owned consolidated subsidiary).

During 2012, CWH sold three properties with a combined 298,762 square feet for a total of $11.7 million, excluding closing costs. In addition, as of December 31, 2012, 94 properties with a combined 6,673,851 square feet located throughout the United States were either listed or in the process of being listed for sale with third party brokers. After December 31, 2012, CWH sold 18 of these properties with a combined 1,060,026 square feet for a total of $10.3 million, excluding closing costs. As of today, CWH also has two properties with a combined 675,250 square feet under agreement to sell for a total of $5.1 million, excluding closing costs. CWH expects to sell these two properties and the remaining properties listed for sale during 2013; however, no assurance can be given that any of the properties will be sold in that time period or at all.

As of December 31, 2012, the 94 properties that were either listed or in the process of being listed for sale were reclassified to discontinued operations, and CWH recorded asset impairment charges totaling $168.6 million relating to these properties. As of December 31, 2012, these 94 properties were 26.5% leased for a weighted average term of 2.5 years (based on annualized rental income) and generated a $1.2 million net operating loss during the year ended December 31, 2012. As of December 31, 2012, these 94 properties had a combined net book value of approximately $333.0 million (before $168.6 million of impairment charges).

Recent Financing Activities:

In December 2012, CWH repaid at maturity $57.0 million of its floating rate term debt using borrowings under its revolving credit facility.

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