Cornerstone Properties Announces Distribution.Business Editors NEW YORK--(BUSINESS WIRE)--March 8, 2000 Declares $0.20 Per Share Distribution For Two-Month Period to be Consistent with Equity Office Properties' Payment Schedule Cornerstone cornerstone Ceremonial building block, dated or otherwise inscribed, usually placed in an outer wall of a building to commemorate its dedication. Often the stone is hollowed out to contain newspapers, photographs, or other documents reflecting current customs, with a view to Properties Inc. (NYSE NYSE See: New York Stock Exchange :CPP cpp - C preprocessor. ) announced today that the Company's Board of Directors has declared a distribution for February/March 2000 in the amount of $0.20 per share. This represents a pro-rated amount of its recently increased dividend rate of $0.31 per share. The distribution will be payable on April 14, 2000 to stockholders of record as of March 31, 2000. This distribution makes Cornerstone Properties' distribution schedule consistent with that of Equity Office Properties, with which, as previously announced, Cornerstone entered into a merger agreement on February February: see month. 11, 2000. It is anticipated that the Company will resume its regular quarterly distributions and will pay a $0.31 per share distribution to shareholders of record as of June 30, 2000. If the merger closes prior to June 30, 2000, stockholders will receive distributions from Equity Office Properties based on EOP's current distribution schedule. Cornerstone Properties is a fully-integrated real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) with a full range of development, acquisition, management and leasing capabilities. On February 11, 2000, Cornerstone announced that it entered into an agreement and plan of merger with Equity Office Properties Trust Equity Office Properties Trust, headquartered in Chicago, Illinois, is the largest owner of office buildings in the United States. It was formed in 1976 by Samuel Zell [1] and in February 2007, was acquired by the Blackstone Group for $23 billion plus the assumption of (NYSE:EOP EOP Educational Opportunity Program (California State University) EOP Executive Office of the President EOP Equity Office Properties Trust (ticker) EOP Emergency Operations Plan EOP Earth Orientation Parameters ). (See release at www.cstoneprop.com/news). The Company currently owns 84 Class A office properties throughout the U.S. totaling over 17 million square feet and has an additional $884 million of projects under development. The properties are located in the major suburban markets and central business districts of Seattle, Northern and Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , Minneapolis, Chicago, Boston, New York Boston is a town in Erie County, New York, United States. The population was 7,897 at the 2000 census. The town is named after Boston, Massachusetts. The Town of Boston is an interior town of the county and one of the county's "Southtowns. , Washington, D.C. and Atlanta. For more information visit the Cornerstone Properties website at http://www.cstoneprop.com/. To sign up for our press release e-mail list, go to http://www.cstoneprop.com/e-mail. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Federal securities laws. The forward-looking statements herein include statements about the proposed merger with Equity Office Properties Trust. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, that could cause the actual results, performance or achievements of Cornerstone to differ materially from those reflected in such forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described herein: failure of the stockholders of Cornerstone or Equity Office to approve the merger, delays in consummating the merger and the inability to obtain, or meet conditions imposed for, governmental approvals of the merger. Information contained in this press release regarding current and future market conditions is base on Cornerstone's assessment of real estate markets as of this date and is subject to the uncertainties inherent in such an assessment. In particular, but not exclusively, national and regional economic conditions, the rate of new construction, and demand and supply in a given market will affect leasing activity, projected rents and the cost of lease renewals. Please see our periodic SEC reports, including our SEC 10-Q and 10-K filings, for a description of certain of these risks and uncertainties. Cornerstone is not under any obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. Investors should read the joint proxy statement/prospectus regarding the proposed merger with Equity Office Properties Trust when it becomes available because it will contain important information. Investors may obtain a free copy of the joint proxy statement/prospectus when it is available from the SEC website at www.sec.gov. The joint proxy statement/prospectus may also be obtained for free by directing a request to Cornerstone Properties Inc., Tower 56, 126 East 56th Street, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10022, Attn: Corporate Secretary, telephone: (212) 605-7100. The identity of persons who, under SEC rules, may be considered "participants in the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual " in connection with the proposed merger, and a description of their ownership interests in Cornerstone, is available in a filing on Schedule 14A made by Cornerstone on February 18, 2000, and available on the SEC website or at the address above. |
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