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PROPERTY TRUST OF AMERICA ANNOUNCES COMPLETION OF PUBLIC OFFERING

 PROPERTY TRUST OF AMERICA ANNOUNCES COMPLETION OF PUBLIC OFFERING
 EL PASO, Texas, Nov. 25 /PRNewswire/ -- Property Trust of America (NYSE: PTR) announced today that it successfully completed a public offering of 5,175,000 shares at a price of $8.875 per share for a total of $45,928,125. The trust sold the entire base offering of 4,500,000 shares plus a contingent allotment of 675,000 shares.
 The trust's advisor, Southwest Realty Advisors Incorporated, reported that the offering, including the contingent allotment of shares, was significantly oversubscribed due to the strong demand of both new institutional investors and existing shareholders. The offering added nine major institutions that own between one percent and 7 percent of the trust's new total capitalization. The trust's advisor, Southwest Realty Advisors Incorporated, coordinated and supervised the offering. The total transaction costs, including legal, accounting and printing expenses, were approximately 0.8 percent.
 James H. Polk III, managing director of Southwest Realty Advisors Incorporated, stated, "Due to the success of the offering, Property Trust is now positioned to take further advantage of favorable opportunities to acquire and develop multifamily properties in major southwestern markets. The advisor expects to propose several attractive multifamily investment opportunities to the trust at its upcoming board of trustees meeting on Dec. 3, 1991."
 Property Trust of America is an equity real estate investment trust which is principally engaged in acquiring, developing and owning multifamily properties in the southwestern United States.
 -0- 11/25/91
 /CONTACT: James H. Polk III, managing director of Southwest Realty Advisors, 505-982-9292/
 (PTR) CO: Property Trust of America ST: Texas IN: FIN SU: OFR


TS -- NY042 -- 6807 11/25/91 11:31 EST
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Publication:PR Newswire
Date:Nov 25, 1991
Words:279
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