Source: Monogram Residential Trust / #Apartments #Multifamily
PLANO, TX - Monogram Residential Trust, Inc. announced that it is authorized to list its shares of common stock on the New York Stock Exchange (NYSE) and trading will commence under the ticker symbol "MORE". In connection with the listing of its shares of common stock on the New York Stock Exchange, members of Monogram's management team will ring The Opening Bell at the NYSE to celebrate the first day of trading in Monogram's shares of common stock on the NYSE.
In connection with its listing on the NYSE, Monogram has commenced a modified "Dutch Auction" tender offer to purchase for cash up to $100 million in value of its shares of common stock. In accordance with the terms of the offer to purchase and letter of transmittal, Monogram will select the lowest price, not greater than $9.25 nor less than $8.50 per share, net to seller in cash, less any applicable withholding taxes and without interest, that will enable Monogram to purchase the maximum number of shares of common stock having an aggregate purchase price not exceeding $100 million. Monogram expects to fund the tender offer with cash on hand and/or borrowings available under its existing credit facility.
The tender offer will expire at 11:59 p.m., New York City Time, on December 19, 2014, unless the tender offer is extended or withdrawn. Shareholders may tender all or a portion of their shares of common stock (and may also choose not to tender any of their shares of common stock) by following the procedures, including choosing the price or prices at which they wish to tender their shares of common stock, described in the offer to purchase, the letter of transmittal and other documents related to the tender offer.
Monogram Residential Trust, Inc. (Monogram), is a fully integrated self-managed real estate investment trust that invests in, develops and operates high quality multifamily communities offering location and lifestyle amenities. Monogram invests in stabilized operating properties and properties in various phases of development, with a focus on communities located in the top 50 Metropolitan Statistical Areas of the United States. Monogram's portfolio includes investments in 56 multifamily communities in 12 states comprising 16,126 apartment homes.