HIGHLIGHTS OF THE FOURTH QUARTER
Leased 1.6 million square feet of space during the quarter at an average net rent of $33.65 per square foot, representing a 35% increase over expiring net rents in the period. The portfolio occupancy rate finished the quarter at 92.0%. Full-year leasing totaled 6.8 million square feet.
Leasing highlights from the fourth quarter include:
New York - 429,000 square feet
•A new 16-year lease with Transatlantic for 134,000 square feet at One Liberty Plaza •A five-year lease renewal with Cooley LLP for 106,000 at the Grace Building •228,000 square feet (55,000 of which was subsequent to the fourth quarter) at Brookfield Place/World Financial Center, comprised of:•105,000-square-foot renewal and expansion with XL Global at 200 Liberty St/1WFC •57,000-square-foot renewal with D'Amato & Lynch at 225 Liberty St/2WFC •55,000-square-foot new lease with Regus at 200 Vesey St/3WFC (subsequent to the fourth quarter) •11,000-square-foot new lease with Mercury at 225 Liberty St/2WFC
Houston - 345,000 square feet
•A three-year renewal with Hilcorp for 146,000 square feet at 1201 Louisiana Street •A one-year renewal with PricewaterhouseCoopers for 141,000 square feet at 1201 Louisiana Street
Calgary - 158,000 square feet
•A six-year renewal with PwC Management Services for 95,000 at Suncor Energy Centre •A 13-year new lease with Deloitte Management for 43,000 at Bankers Court
Boston - 68,000 square feet
•An 11-year new lease with Grant Thornton for 41,000 square feet at 75 State St. •A seven-year new lease with RBC Capital Markets for 15,000 square feet at 75 State St.
Received repayment of C$480 million in promissory notes from Brookfield Residential Properties Inc. (NYSE/TSX: BRP) in association with BRP's acquisition of the company's residential division in March 2011. The C$265 million senior note and the C$215 junior note were both paid in full ahead of maturity, adding significantly to Brookfield's liquidity.
Sold two non-core office assets, generating net proceeds of $182 million. The company sold 33 South Sixth St, Minneapolis, for gross proceeds of $206 million and its 50:50 joint venture KBR Tower, Houston, for gross proceeds of $175 million.
Sold additional Minneapolis asset, RBC Plaza, for $127 million, subsequent to the fourth quarter, generating net proceeds of $53 million.
Completed property-level financings totaling more than $400 million, netting proceeds of approximately $160 million. The company refinanced $280 million of debt in the United States at an average rate of 4.24% with an average term of 10 years, generating net new proceeds of $119 million; $45 million in Canada at an average rate of 4.06% with an average term of 11 years, generating net new proceeds of $25 million; and $83 million in Australia at an average rate of 5.63% with an average term of five years, generating net new proceeds of $16 million.
Redeemed all 8,000,000 outstanding Class AAA Preference Shares, Series F on January 31, 2013, for a total redemption price of C$25.1233 per share.
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