Printer Friendly

PROPERTY TRUST OF AMERICA PRICES 7,200,000 SHARE OFFERING AT $16.875 PER SHARE

 EL PASO, Texas, Feb. 10 /PRNewswire/ -- Property Trust of America (NYSE: PTR) announced today that its offering of 7,200,000 shares of beneficial interest was priced at $16.875 per share.
 Of the 7,200,000 total shares, 5,700,000 million shares were sold by an underwriting group led by Goldman, Sachs & Co., A.G. Edwards & Sons, Inc., Kidder Peabody & Co. Incorporated and Merrill Lynch & Co. The gross spread on the underwritten shares, which is the difference between the price paid to the issuer and the price at which the shares were sold, was 5.33 percent. Delivery of the certificates is scheduled for February 17.
 PTR's principal shareholder, Security Capital Realty Investors Incorporated, initially committed to buy 1,100,000 shares. This commitment was increased by 400,000 shares to 1,500,000 shares, which was purchased at the same price paid by the public ($16.875 per share); however, with no commission being paid to the underwriting group on these shares. With the purchase of these additional shares, Security CapitalRealty Investors Incorporated owns 24.20 percent of PTR.
 The net proceeds of the offering, $116 million, will be used to repay bridge borrowings of approximately $66.5 million incurred through the closing date for recent acquisitions and developments under PTR's bank line of credit, with the balance to be deployed in new acquisitions. PTR has $59.5 million of acquisitions under letter of intent.
 PTR's objective is to become the dominant real estate operating company in the southwestern United States focusing on the acquisition, development, operation and long-term ownership of multifamily properties.
 -0- 2/10/93
 /CONTACT: John Q. Collins or Jeffrey A. Cozad, both for Security Capital Group Incorporated, 800-982-9293/
 (PTR)


CO: Property Trust of America ST: Texas IN: SU: OFR

LR -- NY031 -- 5061 02/10/93 10:16 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 10, 1993
Words:305
Previous Article:SPECTRUM INFORMATION REPORTS RESULTS
Next Article:AMERICAN GENERAL PROMOTES D'AGOSTINO TO EXECUTIVE VICE PRESIDENT
Topics:


Related Articles
PROPERTY TRUST OF AMERICA ANNOUNCES OFFERING OF SHARES OF BENEFICIAL INTEREST; DECLARES DIVIDEND
PROPERTY TRUST OF AMERICA ANNOUNCES COMPLETION OF PUBLIC OFFERING
PROPERTY TRUST OF AMERICA ANNOUNCES INCREASED DIVIDEND FOR 1992; POTENTIAL NEW MULTIFAMILY ACQUISITIONS; AND DIVIDEND REINVESTMENT PLAN
PROPERTY TRUST OF AMERICA ANNOUNCES RIGHTS OFFERING
PROPERTY TRUST OF AMERICA ANNOUNCES COMPLETION OF SHARE OFFERING AND INCREASED LINE OF CREDIT
INITIAL PUBLIC OFFERING OF 15,825,000 COMMON SHARES OF BENEFICIAL INTEREST OF GLIMCHER REALTY TRUST AT $20.25 PER SHARE
PROPERTY TRUST OF AMERICA DECLARES DIVIDEND ON CUMULATIVE CONVERTIBLE PREFERRED SHARES
PROPERTY TRUST OF AMERICA DECLARES DIVIDEND ON CUMULATIVE CONVERTIBLE PREFERRED SHARES
LIBERTY PROPERTY TRUST ANNOUNCES COMMON SHARE OFFERING
HOME PROPERTIES INCREASES DIVIDEND

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters