We believe that the long lease term for a critical healthcare headquarters location, with built-in lease escalations and backed by strong credit, helps provide a stable cash flow.
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Denver, CO (PRWEB) February 4, 2009
Dividend Capital Total Realty Trust Inc., a diversified real estate investment trust (REIT), announced today that it has entered into a joint venture with an affiliate of ProLogis through which it acquired a newly constructed Class-A healthcare office building located in the Robert Mueller Municipal Airport Redevelopment site in Austin, TX.
On December 23, 2008, the office building was contributed to the new partnership, in which a subsidiary of Dividend Capital Total Realty Trust has a 90 percent ownership interest and is the general partner. The office property totals approximately 156,000 square feet and is currently 100% leased by Seton Healthcare, the largest healthcare system in central Texas.
"The Austin office market is one of the fastest growing markets in the country," said Guy Arnold, president of Dividend Capital Total Realty Trust. "We believe that the long lease term for a critical healthcare headquarters location, with built-in lease escalations and backed by strong credit, helps provide a stable cash flow."
Dividend Capital Total Realty Trust, a Denver-based REIT, invests in a diversified portfolio of commercial real estate assets. The company currently owns 73 properties totaling approximately 12 million square feet in 24 geographic markets.
Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect(s)," "could," "should," and "continue" and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results materially different from those described in the forward-looking statements. Dividend Capital Total Realty Trust Inc. can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Dividend Capital Total Realty Trust Inc.'s expectations include, but are not limited to, the uncertainty of the sources for funding Dividend Capital Total Realty Trust Inc.'s future capital needs, delays in the acquisition, development and construction of real properties, changes in economic conditions generally and the real estate and securities markets specifically and the other risks detailed from time to time in Dividend Capital Total Realty Trust's Securities and Exchange Commission reports. Such forward-looking statements speak only as of the date of this press release. Dividend Capital Total Realty Trust Inc. expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
For more information:
Contact: Eric Paul
Dividend Capital Securities