Milestone Apartments Real Estate Investment Trust: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
Milestone Apartments Real Estate Investment Trust Announces Closing of Over-Allotment Option In Initial Public Offering
Milestone Apartments Real Estate Investment Trust announced the issuance of an additional 2.85 million units of the REIT at a price of $10.00 per unit for gross proceeds of $28.5 million. The issuance was pursuant to the exercise of an over-allotment option granted to a syndicate of underwriters co-led by BMO Capital Markets and CIBC in connection with the REIT's recent initial public offering. BMO Capital Markets was the sole bookrunner on the transaction. The exercise of the over-allotment option increases the total gross proceeds of the REIT's initial public offering to $228,500,000. The net proceeds of the over-allotment option will be used by the REIT to indirectly redeem 2,850,000 class B limited partnership units (Class B Units) of Milestone Multifamily Investors L.P. (the Partnership) held by MileSouth Apartment Portfolio LP (MileSouth), an affiliated entity of Invesco Ltd. Following closing of the over-allotment option, MileSouth will hold 14,000,000 units of the REIT and 7,350,590 Class B Units (each of which are redeemable for REIT units) while MST Investors, LLC (MST Investors), an affiliate of The Milestone Group, LLC, will hold 5,513,675 Class B Units, representing an approximate 42.9% and 11.1% retained interest for MileSouth and MST Investors, respectively. TMG Partners, L.P., an affiliate of The Milestone Group, LLC, is the external asset manager of the REIT.
Latest Developments for Milestone Apartments Real Estate Investment Trust
Latest Key Developments in REITs
- Fonciere Developpement Logements FDL SA to propose share repurchase program
- Altarea SCA proposes FY 2013 dividend and forecasts FY 2014 dividend
- Starwood Waypoint Residential Trust acquires portfolio of 707 single-family rental homes for $144 mln
- Preferred Apartment Communities Inc gives Q1 2014 FFO guidance in line with analysts' estimates
- Share this
- Digg this