DreamWorks Animation’s financial forecast improved today with the sale of its Glendale campus to Griffin Capital. The $215 million price tag’s profits will be split between DWA and Sun Trust, with the studio expected to net around $107 million. The profit share is due to a provision in the February sale of the 14.7-acre facility to Sun Trust for $185 million.
Unloading the deed to the property was a key part of Jeffrey Katzenberg’s recovery strategy announced in January, along with cutting 500 jobs and scaling back its 2015 slate to just one feature release, following a $263 million loss in the fourth quarter of 2014. DWA has entered into a lease agreement concurrently with the sale, with an annual rent that starts at $13.2 million and increases 1.5% each year over the lease’s 20-year term, according to The Wrap.
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