Launched Dec. 2, 2003, privately held Wells REIT II's initial public offering of 600 million is selling common stock at $10 per share, with discounts available for certain categories of investors. The REIT also is offering up to 185 million shares at $9.95 per share under its dividend reinvestment plan (DRIP). The stock is not publicly traded.
"With this (new) REIT, we intend to continue acquiring high-quality properties and securing long-term leases with creditworthy tenants so that we can continue to provide our REIT investors with solid dividend income," says Leo F. Wells III, the company's president and founder.
The 1998-launched REIT raised $4 billion in equity from 117,000 investors, Wells says. The firm manages $5 billion in investments for 150,000 investors nationwide. Its investment products include Wells REIT ii, the Wells REIT, the Wells S&P REIT Index Fund and the Wells limited partnerships.
In 2003, the company acquired $2.6 billion worth of properties, eclipsing its projected acquisition goal of $2.5 billion in valued assets.
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