Columbia Property Trust (NYSE:CXP) (“Columbia” or the “Company”), one of the nation's largest office REITs, today announced that it has commenced a modified “Dutch Auction” tender offer to purchase for cash up to $300 million in value of its shares of common stock. In accordance with the terms of the Offer to Purchase and Letter of Transmittal, the Company will select the lowest price, not greater than $25.00 nor less than $22.00 per share, net to seller in cash, less any applicable withholding taxes and without interest, that will enable the Company to purchase the maximum number of shares of common stock having an aggregate purchase price not exceeding $300 million. The Company expects to fund the tender offer with cash on hand and/or borrowings available under its existing unsecured revolving credit facility.
The tender offer will expire at 11:59 p.m., New York City Time, on November 8, 2013, unless the tender offer is extended or withdrawn. Stockholders may tender all or a portion of their shares of common stock – and may also choose not to tender any of their shares of common stock – by following the procedures, including choosing the price or prices at which they wish to tender their shares of common stock, described in the Offer to Purchase, the Letter of Transmittal and other documents related to the tender offer.
About Columbia Property Trust
Columbia Property Trust invests in high-quality commercial office properties in primary U.S. markets and has achieved an investment-grade rating from both Moody's and Standard & Poor's rating services. Currently, the REIT's $5+ billion portfolio consists of 82 operational buildings in 19 states and the District of Columbia, totaling 21 million square feet. For information about Columbia Property Trust, visit ColumbiaPropertyTrust.com.Important Notice This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities of the Company. The full details of the tender offer, including complete instructions on how to tender shares, are included in the Offer to Purchase, the Letter of Transmittal and other related materials, which the Company will distribute to stockholders and has filed with the Securities and Exchange Commission (the “SEC”).