The Oak Brook-based REIT owns and manages 35 suburban properties totaling 5.2 million sf, ranging in size from 36,000 sf to 370,000 sf. Other markets where Great Lakes has a presence include Cincinnati, Columbus and Denver. The capital gain was a result of Great Lakes' selling a 184,000-sf office building in Englewood, CO, for $28.25 million, said James Hicks, the REIT's chief financial officer.
"With our stock trading in the $17-$18 range, $1.91 per share represents a substantial current return," said Chairman and CEO Dick May. " With the uncertainty in the stock markets lately, it is comforting to know that there are investments that provide tangible real returns that income sensitive investors can count on."
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