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Republic Property Trust Reaches Agreement With City of West Palm Beach

Posted on: Thursday, 19 October 2006, 15:00 CDT

WASHINGTON, Oct. 19 /PRNewswire-FirstCall/ -- Republic Property Trust announced today that it has executed an assignment agreement with mutual releases with the West Palm Beach Community Redevelopment Agency, acting for itself and on behalf of the City of West Palm Beach (together, "CRA"). The settlement resolves all outstanding issues between the CRA and Republic Property Trust with respect to its involvement in the West Palm Beach City Center project.

Under the terms of the Assignment and Assumption Agreement, Republic assigned to CRA all of its rights, title and interests in the Professional Services Agreement for the City Center project. CRA agreed to assume all of Republic's third party liabilities and obligations for subcontractor expenses. As a result of this assignment, Republic will have no further involvement in the City Center project. Additionally, Republic and CRA mutually released each other from any and all claims or causes of action related to the City Center project and/or Professional Services Agreement. The Trust had previously written-off the intangible asset associated with the Professional Services Agreement; as a result, entering into the agreement with CRA will have no additional impact on the Trust's financial statements or results of operations.

"The settlement agreement provides for the closure of outstanding issues between the CRA and the Trust regarding the City Center project," said Mark R. Keller, CEO of Republic Property Trust.

About Republic Property Trust

Republic Property Trust is a fully integrated, self-administered and self- managed real estate investment trust formed to own, operate, lease, acquire and develop primarily Class A office properties. The Company's current portfolio is focused in the Washington, D.C. metropolitan, or Greater Washington, D.C., market. Republic Property Trust also selectively seeks fee- based development opportunities for all real estate classes.

Safe Harbor

Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including without limitation: national and local economic, business, real estate and other market conditions; the competitive environment in which the Company operates; financing risks; property management risks; the level and volatility of interest rates; financial stability of tenants; the Company's ability to maintain its status as a REIT for federal income tax purposes; acquisition, disposition, development and joint venture risks; potential environmental and other liabilities; our ability to pay our estimated distribution at its current rate; and other factors affecting the real estate industry generally. The Company refers you to the documents filed by the Company from time to time with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, each of which discusses these and other factors that could adversely affect the Company's results. The Company does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise.

Republic Property Trust

CONTACT: Mike Green of Republic Property Trust, +1-202-863-0300,MGreen@RPBTrust.com

Source: PRNewswire-FirstCall

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