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SANTA ANA, CA-G REIT, a REIT that specializes in buildings occupied by government entities, has authorized the distribution of $43.9 million from a liquidation plan previously approved by the stockholders of the firm. Scott D. Peters, chief executive officer and president of G REIT, points out that the $43.9 million is the third special liquidating distribution since the plan of liquidation was approved by its stockholders in February 2006.

The new distribution will be paid on Nov. 9 and will bring the total of distributions paid from the liquidation plan to $346.9 million, or $7.90 per share. In addition to the special distributions, a total of $31.6 million has been paid to date to stockholders in monthly liquidating distributions.

G REIT has sold nine properties this year after disposing of 10 properties in 2006 under the liquidation plan, leaving six properties that the REIT now has on the market for sale. G REIT is managed by locally based tenant-in-common sponsor Triple Net Properties, which is a wholly owned subsidiary of NNN Realty Advisors Inc.

The G REIT liquidation has involved high-profile office building sales in a number of markets, including a sale early this year in which the REIT disposed of the 573,000-sf One World Trade Center office complex in Long Beach for $148.9 million and a deal in August in which the Santa Ana-based firm sold its 211,000-sf Madrona Buildings office complex in Torrance for $52.5 million. Brokers in the One World Trade Center transaction said it was one of the largest office sales in the history of the Long Beach office market.

G REIT acquired all of its properties separately from Triple Net, but Triple Net acts as adviser to the REIT and manages the latter’s day-to-day operations. The idea behind G REIT is that government-oriented tenants provide a stable source of rent and, when they grow, are likely to expand within the same buildings they already occupy.

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