Wednesday, October 10, 2007

Atlas Cold Storage Completes $170.7 Million Sale Leaseback of 11 Cold Storage Facilities in Four US States

SEC Edgar Database - October 5, 2007

On September 28, 2007, we purchased fee simple interests in a portfolio of eleven cold storage facilities collectively known as the Atlas Cold Storage Portfolio. The properties contain approximately 1.9 million aggregate gross leasable square feet located in four states. We purchased this portfolio from unaffiliated third parties, Atlas Cold Storage America, LLC and Atlas Cold Storage USA, Inc., for approximately $170.7 million. We funded the purchase price at closing entirely from our cash and equivalents. We may later borrow monies using these properties as collateral. We leased each of the properties to the sellers’ affiliate, Atlas Cold Storage Company, for terms ranging from ten to twenty years pursuant to leases that require the lessee to pay all taxes, insurance and maintenance expenses from use of the property.

(NOTE: The annual base rent for each property increases by 1.75% each year. Each lease may be extended for four additional five-year terms. The portfolio was acquired at approximately a 7.2% cap rate.) Sphere: Related Content

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