Chambers Street Properties (NYSE:CSG) (the “Company”), a net lease industrial and office real estate investment trust, today announced that the Company has been assigned a BBB- corporate issuer rating from Standard & Poor's Ratings Services (“S&P”). S&P also gave the Company a stable outlook, reflecting the Company’s high-quality real estate portfolio and selective acquisition strategy, which S&P believes will support solid revenue and earnings growth in the near future.
“We are pleased to receive this inaugural rating from Standard and Poor’s, which clearly reflects the investment grade quality and diversification of our assets and tenant base, as well as the strength inherent within our balance sheet. This represents our second investment grade credit rating. We continue to demonstrate progress toward our stated goal of increasing financial flexibility to support our growth plans,” said Martin A. Reid, Chambers Street’s Executive Vice President and Chief Financial Officer.
S&P also cited various other factors, including but not limited to the Company’s relatively young real estate portfolio; strong geographic, industry and tenant portfolio diversification; and limited, manageable scheduled lease expirations over the next two years. In addition, S&P cited Chambers Street’s moderately leveraged balance sheet and good fixed-charge coverage metrics.
About Chambers Street Properties (NYSE: CSG)
Chambers Street is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, leased to creditworthy tenants.
As of September 30, 2013, Chambers Street owned or had a majority interest in 131 properties located across 22 U.S. states, Germany, and the United Kingdom encompassing approximately 34.5 million rentable square feet.
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