Excel Realty Trust Prices Common Stock Offering.SAN DIEGO--(BUSINESS WIRE)--June 27, 1996--Excel 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. Trust, Inc. announced today the pricing of a public offering of 1,500,000 shares of the Company's common stock at a price of $20.625 per share. The sole underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. of the offering was Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. Inc. The trade date was June 26, 1996 and settlement is scheduled for July 1, 1996. The Company has granted Smith Barney Inc., an option to purchase an additional 225,000 shares to cover over-allotments. 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). from the offering totaled approximately $29.4 million. The Company intends to use the net proceeds of the offering for property acquisitions, to repay $10 million of indebtedness and for general corporate purposes. Excel Realty Trust, is an operating real estate company which owns and manages community and neighborhood shopping centers shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into , and single tenant properties leased primarily to national retail tenants. The Company currently operates over 7.4 million square feet of net leasable area. CONTACT: Excel Realty Trust, Inc. Graham R. Bullick, 619/485-9400 ext.203 |
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