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 9,200,000 shares, including full exercise of the over-allotment option, of its common stock at $13.00 per share, generating gross proceeds of $119.6 million. Associated Estates intends to use the net proceeds received from the offering to redeem all of its preferred depositary shares, which each represent 1/10th of a share of its 8.70% Class B Series II Cumulative Redeemable Preferred Shares, to redeem all of its variable rate unsecured trust preferred securities, to partially fund property acquisitions 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' owned and non-owned portfolio consists of 49 properties containing 12,366 units located in eight states.
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- Date
- May 2010
- Company
- Associated Estates Realty Corporation
- Transaction
- M&A
- Sectors
- Real Estate
- Target Geography
- North America
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