The largest US office REIT used much of its sales proceeds to buy back shares of its common stock, which company officials believed was a better bargain compared to other office assets on the market, as well as pay down debt. The sales involved 55 buildings totaling 5.4 million sf, with about half of the space changing hands in fourth quarter, when the REIT raised $1 billion.
Kincaid hopes to shed some of its industrial portfolio but admits sales will likely involve reverse 1031 exchanges to limit tax liability.
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