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PROPERTY TRUST OF AMERICA PRICES $200 MILLION CONVERTIBLE PREFERRED OFFERING

 EL PASO, Texas, Nov. 23 /PRNewswire/ -- Property Trust of America (NYSE: PTR) announced today that its offering of 8 million Cumulative Convertible Series A Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, was priced to yield 7 percent with a conversion premium of 15 percent.
 The proceeds of the offering will be used to repay borrowings under PTR's $200 million revolving line of bank credit and to invest in additional multifamily properties in PTR's Southwestern target market. PTR has $266.1 million of new acquisitions under contract.
 The Preferred Shares are non-redeemable for 10 years and may be converted into Common Shares at any time at the option of the holders of the Preferred Shares. The annual dividend on the Preferred Shares was set at $1.75 per share. Preferred Shareholders are entitled to receive this dividend, unless the dividend on the equivalent number of Common Shares is greater, in which case the Preferred Shareholders will receive the greater amount.
 The Preferred Shares received investment grade ratings of BBB+ by Standard & Poors Corporation and Baa3 by Moody's Investors Service Inc. The Preferred Shares will be listed on the New York Stock Exchange under the symbol "PTR-PRA." The offering was underwritten by a group led by Goldman, Sachs & Co., A.G. Edwards & Sons, Inc. and Kidder Peabody & Co. Incorporated.
 PTR's objective is to be the preeminent real estate operating company in the southwestern United States focusing on the acquisition, development, operation and long-term ownership of multifamily properties.
 -0- 11/23/93
 /CONTACT: John Q. Collins, of Security Capital Group, 800-982-9293, or Jeffrey A. Cozad of Security Capital Group, 212-838-9292/
 (PTR)


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

SP -- NY016 -- 7153 11/23/93 09:16 EST
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Publication:PR Newswire
Date:Nov 23, 1993
Words:292
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