Arden Realty Inc. Announces Pricing of New Offering and Exercise of Over-Allotment Option.BEVERLY HILLS Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , Calif.--(BUSINESS WIRE)--Feb. 19, 1998--Richard S. Ziman, chairman and chief executive officer of Arden Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Inc., Thursday announced that Arden has priced an additional offering of 1,303,965 shares of common stock, which will be placed into a unit investment trust and is expected to close Feb. 23. This offering will result in approximately $35,055,000 of proceeds to Arden. Ziman also announced that the underwriters of its 20 million share offering, which was announced last week, have exercised in full their over-allotment option to acquire 3 million additional shares. This will result in an additional $80,707,500 of proceeds to Arden. Upon completion of the current unit trust offering, and the two share offerings announced last week, Arden will have 61,209,499 shares of common stock outstanding and a total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. of approximately $2,435,000,000. 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). from all three offerings of approximately $676,935,000, along with the proceeds of a proposed bridge loan facility, will be used to complete the acquisition of a portfolio of 50 primarily office and R&D/Industrial properties located in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, containing approximately 5.2 million rentable square feet, to repay debt, and for working capital. CONTACT: Arden Realty Inc., Beverly Hills Diana M. Laing, 310/271-8600 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion