AEW Real Estate Income Fund Issues $28 Million of Auction Market Preferred Shares And Swaps Variable Rate Exposure in the First Quarter of 2003.Business Editors BOSTON--(BUSINESS WIRE)--April 8, 2003 AEW AEW Airborne Early Warning AEW Air Expeditionary Wing AEW Airborne Electronic Warfare AEW Agr' Eau' Wat (Canadian agricultural consultant) AEW Amckerns Explosion Wars (Half Life community) Real Estate Income Fund (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :RIF) announced the issuance during February of 1,120 Series M Auction Market Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. , with a liquidation preference of $25,000 per share. The Series M Preferred Shares have been rated "Aaa" by Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. and "AAA" by Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. . The offering was underwritten by Merrill Lynch & Co. and Prudential Securities. Subsequent to the issuance, 90% of the variable rate exposure, represented by the Preferred Shares, was swapped to fixed coupon payments with an average duration of 5.4 years. The net proceeds of the offering were used to invest primarily in publicly traded real estate securities, principally real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) common and preferred stock. As of March 31, 2003, approximately 75% of the Fund's assets are in REIT common shares and approximately 22% of the Fund's assets are in REIT preferred shares. The Fund held 59 different securities representing 46 different issuers operating across many different sectors within the real estate. The AEW Real Estate Income Fund's primary investment objective is high current income; its secondary investment objective is capital appreciation. The Fund currently seeks to achieve its investment objectives by investing primarily in common and preferred stock issued by real estate investment trusts and other real estate companies. The AEW Real Estate Income Fund is advised by AEW Management and Advisors, L.P., an affiliate of AEW Capital Management, L.P. (AEW), which is a subsidiary of CDC See Control Data, century date change and Back Orifice. CDC - Control Data Corporation IXIS Asset Management North America, L.P. AEW is a real estate investment manager, providing services to institutions, mutual funds and other investors in commercial property and real estate securities. As of March 31, 2003, AEW manages approximately $6 billion of capital, which is invested in $12 billion of real estate and securities in North America and Europe. For further information, visit www.aew.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion