What is Pacific Office Properties’ total market capitalization?
As of September 30, 2008, Pacific Office Properties’ total market capitalization was $750 million. This includes approximately $417 million in consolidated debt and approximately $333 million in equity. The Company’s equity value is based on the market price of its common stock and assumes the exchange, for additional common stock, of all of the limited partnership interests in our Operating Partnership. This exchange would result in a total of 49,927920 shares of outstanding common stock. The Company’s equity includes 3,031,125 outstanding common shares, and 14,299,267 Common Units and 4,545,300 Preferred Units in the Company’s operating partnership. The Common Units are exchangeable for common shares on a one-for-one basis beginning March 19, 2010. Each Preferred Unit is convertible into 7.1717 Common Units, but no earlier than March 19, 2010, and until an underwritten public offering of at least $75 million of the Company’s common stock is consummated. These Common Units are exchang
