Republic Property Trust (NYSE:RPB)
Industry: Financial
Republic Property Trust (Republic) is a self-administered and self-managed real estate investment trust (REIT) formed to own, operate, acquire and develop primarily Class A office properties, predominantly in the Washington, D.C. metropolitan area (Greater Washington, D.C.) market. The Company conducts substantially all of its operations through Republic Property Limited Partnership (the Operating Partnership). The Company is the sole general partner of the Operating Partnership. Republic's initial portfolio of 10 properties consists of 21 institutional-grade Class A office buildings with approximately two million net rentable square feet. Republic Property TRS, LLC is a taxable REIT subsidiary of the Company. The Company was formed to acquire substantially all of the interests and assets of its predecessor, RKB Washington Property Fund I L.P. and its affiliates, and other interests from affiliated third parties. As of August 31, 2005, the Company's initial portfolio had an average age of approximately seven years, a weighted average remaining lease term of approximately four years and a weighted average occupancy rate of approximately 96.4%, excluding its Presidents Park I and II properties. As of August 31, 2005, Republic had signed leases increasing the amount of space under lease at its Presidents Park I and II properties to approximately 57.9%. The Company's tenants, which include the United States Government agencies and corporate tenants, occupy on average more than 35,000 square feet of office space. Republic's office properties were approximately 24.2% leased to the United States Government agencies and approximately 56.3% leased to corporate tenants, based on net rentable square feet under lease as of August 31, 2005. Its tenants include the United States Departments of Justice and Treasury, Cisco Systems Inc., Ford Motor Company, BAE Systems Inc. (BAE Systems North America) and The Boeing Company. Republic also has options to acquire an estimated 1.1 million net rentable square feet of proposed Class A office buildings in the District of Columbia. Its options concern both phases of the Republic Square project and The Portals III, which are located in two locations in the Capitol Hill and Southwest sub-markets of Washington, D.C. Republic's properties include Campus at Dulles Technology Center, Herndon, Virginia, which is a seven-building office park consisting of 349,839 net rentable square feet. The 30-acre park contains five one-story buildings, one two-story building and one three-story building. The buildings range in size from 29,300 to 90,000 square feet, and offer large floor plans to serve single and multi-tenant users. The park offers tenants the ability to occupy their own building or be in a single-story building with flexible floor plates. The two multistory buildings have large two-story atrium lobbies. The project contains a total of 1, 429 surface parking spaces. At August 31, 2005, Campus at Dulles Technology Center was 99.5% leased to 12 tenants. Corporate Oaks, Herndon, Virginia, another property of Republic, is a two-story office building consisting of 60,767 net rentable square feet. The building is 100% leased under a long-term agreement with the United States Department of the Interior and serves as the headquarters of the Bureau of Indian Affairs. The property provides back up and redundant power systems that serve this tenant. Corporate Pointe IV, Chantilly, Virginia, a property of Republic, is a single-story Class A office building consisting of 80,118 net rentable square feet. Surface parking is provided for a total of 350 cars. At August 31, 2005, the building was 100% leased to CACI, Inc. Lakeside I and II, Chantilly, Virginia, properties of the Company, is a two-building office property located in the Westfields office market. Lakeside is situated around a three-acre lake and provides a park-like setting for tenants. Lakeside I is a one-story building with mezzanine level office space consisting of approximately 81,194 net rentable square feet. Ford Motor Company's mid
As Of: 10/07 00:00 ET
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