Search
 

REIT Completes $38M Common Stock Offering

ATLANTA-IRT Property Co. has completed a 3.5-million-share common stock offering to Salomon Smith Barney, which exercised a 30-day purchase option from earlier this month. The proceeds will be used to fund upcoming IRT projects, including three developments set to open by the end of this year.

By Michael Gilliard | Updated on May 16, 2002

ATLANTA-Locally based REIT IRT Property Co. has completed the sale of 3.5 million shares of common stock. New York-based underwriters Salomon Smith Barney, which purchased 3 million shares on May 3, has exercised its 30-day option to purchase an additional 450,000 shares of the common stock. Total net proceeds of this transaction are approximately $38.2 million and will be used in part to fund IRT projects currently under development.

Net proceeds from the sale will be used to pay off debt accrued through IRT’s property acquisition and development program, with the remainder going towards new acquisition and development projects, the company reports.

IRT was founded in 1969 and has been a public company since 1971. In April, the REIT opened the 72,720-sf Conway Crossing in Orlando, FL. A redevelopment of an existing older shopping center, Conway Crossing opened 94% leased.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.