Hahn, Avital Louria
June 2003
Investment Dealers' Digest;6/23/2003, Vol. 69 Issue 25, p30
Trade Publication
The real estate boom is finally coming to the equity markets. A handful of real estate companies are set to go public in the coming weeks, and secondary stock offerings may begin to rise. In the next two weeks, two companies-Maguire Properties and American Financial Realty Trust-are expected to price shares in IPOs in a bid to become real estate investment trusts (REIT). Those deals arrange for more REITs this year, which is natural since historically low interest rates and lackluster stock market returns have led many investors to opt for real estate instead. American Financial Realty Trust, which specializes in managing and owning real estate used by financial institutions, is expected to offer 50.68 million shares at $11 to $13 each. Banc of America Securities and Friedman Billings Ramsey will co-lead the underwriting, while Deutsche Bank AG, UBS, Wachovia, Legg Mason Wood Walker and Raymond James will act as co-managers, according to the company's filings with the Securities and Exchange Commission. Other companies in IPO registration are Cohen & Steers Total Return fund, a closed end fund, Gladstone Commercial Corp., and Ashford Hospitality Trust Inc. Delphi Corp., the automotive parts giant, has filed a $300 million IPO for its recently established real estate investment trust, Delphi Properties Inc. Merrill Lynch is lead underwriter of the REIT, which plans to trade on the New York Stock Exchange at $25 per share under the ticker, "DPS."


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