Printer Friendly

PROPERTY TRUST OF AMERICA PRICES 5,072,984 SHARE RIGHTS OFFERING AT $18.375 PER SHARE

 SANTA FE, N.M., Aug. 19 /PRNewswire/ -- Property Trust of America (NYSE: PTR) announced today that it has requested the Securities and Exchange Commission to declare effective PTR's registration statement relating to a rights offering of 5,072,984 shares of beneficial interest at a price of $18.375 per share.
 The proceeds of the offering will be used to repay borrowings under PTR's $125 million revolving line of bank credit, under which $75 million is currently outstanding, and to invest in additional multifamily properties in PTR's southwestern target market. In addition, PTR has $86.1 million of new acquisitions and developments under contract or letter of intent.
 PTR's shareholders of record on Aug. 19, 1993, will receive a dividend of one right for each PTR share they own. Seven rights will be required to purchase one PTR share in the rights offering. Rights and prospectuses will be mailed on Aug. 23, 1993. The rights offering will expire on Sept. 17, 1993. Rights will trade on the New York Stock Exchange under the symbol "PTR-RT."
 Security Capital Realty, PTR's principal shareholder and affiliate of the REIT Manager, has indicated its intent at a minimum to exercise in full its rights to acquire 1,240,059 PTR shares in the offering at the same price paid by the public ($18.375 per share). Security Capital Realty currently owns 24.44 percent of PTR.
 PTR's objective is to become 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- 8/19/93
 /CONTACT: John Q. Collins, 800-982-9293, or Jeffrey A. Cozad, 212-838-9292, both of Security Capital Group/
 (PTR)


CO: Property Trust of America ST: New Mexico IN: SU: OFR

SM -- NY013 -- 4207 08/19/93 09:24 EDT
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:Aug 19, 1993
Words:300
Previous Article:ELTRAX ADDS REGIONAL SALES MANAGEMENT POSITION
Next Article:HEALTHCARE IMAGING SERVICES, INC. NAMES LEE H. TURNER AS VICE PRESIDENT, DIRECTOR OF MANAGED CARE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters