| Cornerstone Properties, Inc. | |||
| Ticker: | CPP | Tower 56, 126 East 56th Street | |
| Exchange: | New York Stock Exchange | New York, NY 10022 | |
| Industry: | Financial (SIC Code 6798) | (212) 605-7100 | |
| Type of Shares: | Common Shares | Filing Date: | 3/21/97 | |
| U.S. Shares: | 14,000,000 | Offer Date: | 4/15/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $15.00 - $17.00 | |
| Primary Shares: | 14,000,000 | Offer Price: | $14.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.88 | |
| Offering Amount: | $224,000,000 | Selling: | $0.52 | |
| Expenses: | $3,500,000 | Reallowance: | $0.10 | |
| Shares Out After: | 46,439,213 |
| Manager | Tier | Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| BT Securities Corporation | Co-manager | (212) 250-5579 |
| Dean Witter Reynolds | Co-manager | (212) 392-3223 |
| Lazard Freres & Co. | Co-manager | (212) 632-6717 |
| Lehman Brothers Incorporated | Co-manager | (212) 526-8100 |
| Smith Barney Inc. | Co-manager | (212) 723-7300 |
| Issuer's Law Firm: | Lionel, Sawyer & Collins |
| Bank's Law Firm: | Shearman & Sterling |
| Auditor: | Coopers & Lybrand |
| Registrar/Transfer Agent: | Boston Equiserve Limited Partnership |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 12/31/96 | ||||
| Revenue: | $116.91 | Assets: | $766.18 | ||
| Net Income: | $9.10 | Curr Assets: | |||
| EPS: | $0.19 | Liabilities: | $424.90 | ||
| Prior EPS: | -$0.94 | Curr Liabilities: | |||
| Cash Flow/Oper: | $34.52 | Equity: | $341.28 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a self-administered and self-managed equity real estate investment trust. Since its formation in 1981, the company has developed three office properties in geographically diverse cities in the United States -- Denver, Colorado, Minneapolis, Minnesota and Seattle, Washington. The company has also acquired four office buildings in Boston, Massachusetts, New York, New York, Oakbrook Terrace, Illinois and Pittsburgh, Pennsylvania. Six of the seven properties were built in the mid-to late-1980's and the seventh was fully renovated in the late 1980's. The company's business objective is to increase its funds from operations by generating sustainable current cash flow and providing capital appreciation through investments in the office real estate markets of the United States. The general strategy of the company is to invest in larger, high-quality office buildings in major metropolitan markets in the United States. |
| Business Plan |
| The company believes that its existing portfolio offers opportunities for growth through the company's active and aggressive asset management program, which emphasizes maintaining a strong market position based on superior asset quality and tenant service. The company will continue to implement its internal growth strategies throughout the following: 1) rental rate increases; 2) maintenance; 3) proactive leasing program. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for general corporate purposes, including working capital, repayment of indebtedness, investment in new properties or maintenance or improvement of currently owned properties. |