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Priority Capital Group Announces Pacific Office Properties Senior Common Stock

SAN DIEGO, Feb. 9, 2010 (GLOBE NEWSWIRE) -- Priority Capital Group and Pacific Office Properties Trust, Inc. today announced commencement of the public offering of $400 million of Pacific Office senior common stock. The senior common stock, priced at $10 per share, offers a cumulative dividend of 7.25%, declared daily and paid monthly, plus the potential for dividend increases that are triggered by increases in the Pacific Office listed common stock dividend. 

The senior common shares have a priority claim on dividend payments and liquidation values over other classes of Pacific Office equity securities. Investors may also exchange the senior common stock into Pacific Office's listed common stock any time after five years following the date of issuance. 

The Pacific Office senior common stock will be offered exclusively through the independent broker-dealer network with Priority Capital Investments, a wholly owned subsidiary of Priority Capital Group, serving as the managing broker-dealer. Pacific Office is offering 35 million shares of senior common stock with an additional 5 million shares available through the dividend reinvestment plan. The company intends to use substantially all of the net proceeds from the offering to acquire and operate "value added" office properties located in the western United States. 

Pacific Office Properties Trust, Inc. is a publicly listed real estate investment trust founded by The Shidler Group. It owns and operates a portfolio of 24 office properties that includes 44 separate buildings and totals 4.7 million square-feet of space. With a focus on long-term growth markets in the western United States, Pacific Office owns properties in Hawaii, California and Arizona. 

This is neither an offer nor a solicitation to purchase securities. Such an offer can be made only by means of a prospectus. For a prospectus, please contact Priority Capital Investments, the dealer manager, at 10188 Telesis Court, Suite 130, San Diego, CA 92121 or 888.262.5631.  

The Priority Capital Group logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7078

www.prioritycg.com

CONTACT:  Priority Capital Group
          David Thailing
          858-210-3601