They currently have five others under agreement, all of which no longer meet the REIT's long-term objectives because of location, size or tenants. None of the properties were identified.
"Given the markets these properties are in, we knew they were the most vulnerable to conditions," said Thomas C. Prendergast, the firm's chairman, president and CEO. He said funds accrued from the sales will go toward taxes, improvements to the group's current holdings and to fund the firm's joint-venture plans, including 10 new development projects currently in the pipeline.
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