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MEPT IS ON PACE TO ACHIEVE ITS DISPOSITION TARGET SET AT START
OF 2009. In the face of a difficult transaction environment, in early 2009, MEPT identified a number of assets for disposition that no longer fit with the Fund’s long-term investment strategy, that have characteristics that may contribute to obsolescence, or that have downside leasing risk that outweighs their long-term potential. MEPT sought to generate approximately $300 – $400 million in net sales proceeds for the Fund and position the Fund going into the next market cycle. Through the end of the third quarter, MEPT sold 26 assets for $293 million in net proceeds and achieved an overall IRR for MEPT of 9.8 percent.

IN AUGUST, MEPT SOLD CRANBERRY WOODS I, II, III and IV IN PITTSBURGH FOR GROSS SALE PROCEEDS OF $89.5 MILLION.
MEPT completed construction of the four office buildings, totaling 452,913 square feet, between 1999 and 2007, and created over 844,000 job hours for members of the local Building Trades. Fully-leased to multiple tenants including Westinghouse Electric Co., the assets were targeted for sale as part of MEPT’s investment strategy to reduce the Fund’s allocation to suburban office assets.

IN SEPTEMBER, MEPT RAISED GROSS PROCEEDS OF $25.0 MILLION IN THE SALE OF ARBORETUM LAKES WEST AND ARBORETUM LAKES OFFICE.
 The two-building Arboretum Lakes Office asset in suburban Chicago totaled 288,703 square feet and was completed in 1986, while Arboretum Lakes West, a 190,361 square foot office building, was completed in 1998. MEPT’s construction of these assets generated more than 804,000 job hours for members of the local Building Trades.


Patriots Plaza III in SW yesterday got the largest DC lease of 2009 that wasn't a renewal
This (the lease) is part of the one million square foot Patriots Plaza…Patriots III, finished in September, is owned by MEPT, a $4.3 billion real estate equity fund owned by 331 pension plans...

Department of Agriculture signs big lease in Patriots Plaza III
The Department of Agriculture has signed a massive new lease at a new office building in Southwest D.C. At 330,000 square feet, the agency will nearly fill Patriots Plaza III, a 380,000-square-foot building developed by Multi-Employer Property Trust...

First Potomac Invests $25.5M in Cloverleaf Center
First Potomac Realty Trust purchased the Cloverleaf Center on Century Boulevard in Germantown, MD, from MEPT/New Tower Trust Co. for $25.5 million, or about $147 per square foot...

 

 

as of 12/31/09		 Net of Fees Trailing 4 Quarters (compounded) Gross of Fees Trailing 4 Quarters (compounded)
Total -3.95% -28.89% -3.73% -28.24%
Income 1.36% 5.07% 1.58% 5.94%
Appreciation -5.30% -32.66% -5.30% -32.66%
 

Multi-Employer Property Trust (MEPT) is an open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in the United States. Founded in 1982, MEPT now has over $4.08 billion in net assets and has become one of the largest real estate equity funds in the US.

MEPT's portfolio consists of 150 properties in 25 major metropolitan markets across the US. MEPT’s seasoned management team has created a diversified portfolio of top-quality, core, income-producing assets through acquisition, development, rehabilitation, or repositioning of undervalued assets. The Fund invests in office buildings, warehouses, flex/research and development facilities, apartments, retail centers, and hotels.

For over 27 years, MEPT has consistently delivered competitive and stable returns for its investor base—now 331 pension plans— through an investment vehicle that offers strong governance and liquidity. In addition, MEPT is recognized as a pioneer in responsible property investing—it is the largest commingled real estate fund in the US that is signatory to the UN Principals for Responsible Investment (UN PRI). MEPT is an acknowledged leader in the USGBC's LEED green building and the EPA's ENERGY STAR programs and has, since inception, maintained a Responsible Contractor Policy that requires that all contractors working on its portfolio properties be signatory to collective bargaining agreements with legitimate trade unions.



   
 
 
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