AIM Select Real Estate Income Fund Issues $205 Million of Series M, W, R, and F Auction Rate Preferred Stock.Business Editors HOUSTON--(BUSINESS WIRE)--July 26, 2002 AIM Select Real Estate Income Fund (NYSE NYSE See: New York Stock Exchange :RRE RRE Red Rock Eater (News Service) RRE Road Race Engineering RRE Remote Roof Easy RRE Residential Real Estate RRE Rise-And-Run-Length Encoding RRE Royal Radar Establishment (Great Britain) ) announced today the issuance of 8,200 shares of Series M, W, R, and F Auction Rate Preferred Stock Auction rate preferred stock (ARPS) Floating rate preferred stock, whose dividend is adjusted every seven weeks through a Dutch auction. at $25,000 per share. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering will be used to invest 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. The Series M, W, R, and F Auction Rate Preferred Stock was rated AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. by Standard & Poor's and 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. . The offering was underwritten by Salomon Smith Barney, Merrill Lynch, Prudential, and A.G. Edwards. "We believe the proceeds from the preferred stock issuance may allow the fund to take advantage of the recent dip in the REIT market," said Joe Rodriguez, portfolio manager of the AIM Select Real Estate Income Fund. "As is often the case with a pullback in any sector, attractive long-term buying opportunities often present themselves. Despite recent weakness that has impacted virtually all areas of the market, many continue to believe that REITs are an attractive long-term investment option for diversifying portfolios while also providing current income. We believe the recent decline in REIT share prices has resulted in more attractive REIT dividend yields and better valuations." AIM Select Real Estate Income Fund is a closed-end fund that invests primarily in equity REITS. The fund's primary investment objective is high current income. Capital appreciation is a secondary objective. About AIM Houston-based AIM is one of the nation's leading investment management companies. It is dedicated to providing its clients with high-quality products and service through multiple investment management styles and a broad product range of retail equity, fixed-income, and money market funds, institutional portfolios, and separately managed accounts for high-income individuals. Founded in 1976, AIM had approximately $158 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. and more than 9 million shareholders as of March 31, 2002. For more information, visit www.aimfunds.com. About AMVESCAP AIM is an indirect subsidiary of AMVESCAP PLC (NYSE:AVZ), a leading independent global investment manager dedicated to helping people worldwide build their financial security through a comprehensive array of retail and institutional products for clients in more than 100 countries. AMVESCAP had $400 billion in assets under management as of March 31, 2002. Additional information is available at www.amvescap.com. |
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