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2008
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2006 News and Press Releases
For Immediate Release:
Bresler & Reiner, Inc. announces sale of its interest
in 1925K Associates, LLC
Rockville, MD — April 17, 2006:
Bresler & Reiner, Inc. announced today the sale of its 85% interest
in 1925K Associates, LLC, the owner of a 149,000 square foot commercial
office building located in the central business district of Washington,
DC, for a sales price of $26,000,000. The Company received proceeds
from the sale of $25,749,000 and will record a pre-tax gain on
the sale of an equity investment of approximately $18,400,000.
Sidney M. Bresler, Chief Executive Officer,
stated that the sale proceeds will be used by the company to help
fund future acquisitions.
About the Company:
Bresler & Reiner, Inc. owns and develops land and residential,
commercial and hospitality properties, principally in the Washington,
D.C.; Wilmington, Delaware; Philadelphia, Pennsylvania; Houston,
Texas; Baltimore, Maryland; the Maryland Eastern Shore; and Orlando,
Florida metropolitan areas.
Supplemental Information:
SEC Filings (Forms 10-Q and 10-K) and supplemental information
packages (Form 8-K’s) are available at www.breslerandreiner.com
or may be requested in e-mail or hard copy formats.
For additional
information, contact:
Robert O. Moore, CFO
Bresler & Reiner, Inc.
11200 Rockville Pike, Suite 502
Rockville, Maryland 20852
(301) 945-4300, ext 150
www.breslerandreiner.com
This press release may contain forward-looking
statements that are based on current estimates, expectations,
forecasts and projections about us, our future performance, the
industry in which we operate, our beliefs, and management’s
assumptions. In addition, other written or oral statements that
constitute forward-looking statements may be made by or on behalf
of us. Words such as “expects,” “anticipates,”
“targets,” “goals,” “projects,”
“intends,” “plans,” “believes,”
“seeks,” “estimates,” or “would
be,” and variations of such words and similar expressions
are intended to identify such forward-looking statements. These
statements are not guarantees of future performance and involve
certain risks, uncertainties and assumptions that are difficult
to predict. Therefore, actual outcomes and results may differ
materially from what is expressed or forecasted in such forward-looking
statements. These risks and uncertainties include: our ability
to compete effectively; our exposure to the credit risks of our
tenants; our ability to recruit and retain key personnel; adverse
changes in the local or general economy and market conditions;
our ability to obtain necessary governmental permits and approvals;
our ability to complete development projects in a timely manner
and within budget; our ability to secure tenants for our projects
and properties; our ability to sustain occupancy levels at our
properties through keeping existing tenants and securing new ones;
our ability to secure tenants for the residential and commercial
properties that we develop; changes in the interest rate environment
which will affect our ability to obtain mortgage financing on
acceptable terms; future litigation; and changes in environmental
health and safety laws.
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