BRE Properties' underwriters exercise over-allotment option; recent common stock offering increases from 4.0 million to 4.6 million shares.SAN FRANCISCO--(BUSINESS WIRE)--May 28, 1997--BRE Properties Inc. (NYSE NYSE See: New York Stock Exchange :BRE (Business Rules Engine) Software that automates policies and procedures within an organization, whether legal, internal or operational. The use of a rules engine (BRE) requires placing the company rules in an external repository that can be easily reviewed rather than ), today announced that underwriters of its May 8, 1997 equity offering exercised their 30-day over-allotment option to purchase an additional 600,000 shares of common stock from BRE. The original equity offering priced on May 8, 1997 and totaled 4.0 million shares, including 3.35 million shares offered by the company and 650,000 offered by a non-management shareholder. 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). to the company from the original offering and the 600,000-share over-allotment option totaled approximately $91.7 million. BRE used the proceeds to repay borrowings under its revolving lines of credit. Following the offering and exercise of the over-allotment option, BRE now has a total of 36,988,633 shares outstanding. The offering was lead managed by Morgan Stanley & Co. Inc. and included Alex. Brown & Sons Inc., Merrill Lynch & Co., and Prudential Securities Inc. as co-managers. BRE Properties Inc., headquartered in San Francisco, is a self-administered, self-managed and fully integrated real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) focusing on the ownership and management of multifamily properties in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . BRE owns and operates 55 apartment communities totaling 13,015 units in nine major markets in California, Arizona, Washington, Oregon and Nevada. CONTACT: BRE Properties Inc. Lauren L. Barr, 415/445-6523 |
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