Deal Details
Follow-On Offering
Summary
Baird served as a co-manager in this offering.
About
Associated Estates Realty Corporation (NYSE: AEC) (“Associated Estates” or the “Company”) recently completed a follow-on offering of 5,175,000 shares, including full exercise of the over-allotment option, of its common stock at $11.10 per share. The Company generated gross proceeds of approximately $57.4 million. Associated Estates intends to use the net proceeds from the offering to repay borrowings under its unsecured revolving credit facility, to repay other indebtedness and for general corporate purposes.Associated Estates Realty Corporation is a real estate investment trust (REIT), headquartered in Richmond Heights, Ohio, a suburb of Cleveland. The Company specializes in the ownership and management of apartment communities in high barrier-to-entry submarkets in the Midwest, Mid-Atlantic and Southeast regions of the country. Associated Estates currently owns, manages or is a joint venture partner in 49 apartment communities containing a total of 12,366 units located in eight states.
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- Date
- January 2010
- Company
- Associated Estates Realty Corporation
- Transaction
- M&A
- Sectors
- Real Estate
- Target Geography
- North America
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