Web Hosting Firm Digital Realty Completes Two Acquisitions

HostReview.com
Tuesday, March 29, 2005; 05:39 PM

Digital Realty Trust (www.digitalrealtytrust.com) announced today that it has completed the previously announced acquisition of two properties for a combined total purchase price of $74.6 million, including the assumption of $9.7 million of debt. The properties are located in Philadelphia, Pennsylvania and St. Paul, Minnesota.

The Philadelphia property, which comprises a total of 654,758 square feet, including 107,563 square feet of vacant space in shell condition available for re-development, was purchased for approximately $59.0 million at an initial year unleveraged cash cap rate of approximately 10.2%.

The Philadelphia property is a 15-story, multi tenant technology office building that is currently 75% leased, including space available for redevelopment. Excluding space available for redevelopment, the building is 91% occupied.

"We are making great progress towards our property acquisition goals for 2005," said Michael Foust, Chief Executive Officer of Digital Realty Trust.

Digital Realty Trust, Inc. 26 properties contain applications and operations critical to the day-to-day operations of technology industry tenants and corporate enterprise data center tenants.