Heritage Property Investment Trust, Inc. Raises Approximately $100 Million in Common Stock Offering
December 16 2003 - 8:41AM
PR Newswire (US)
Heritage Property Investment Trust, Inc. Raises Approximately $100
Million in Common Stock Offering BOSTON, Dec. 16
/PRNewswire-FirstCall/ -- Heritage Property Investment Trust, Inc.
today announced that it has completed a public offering of
3,500,000 shares of common stock at $28.27 per share, after the
underwriting discount. In addition, The Prudential Insurance
Company of America, our second largest stockholder, and its
affiliate, PIM Foreign Investments, Inc. are selling an additional
1,935,556 shares in this offering. The offering is being
underwritten by Deutsche Bank Securities Inc. and is expected to
close on December 19, 2003. The Company and the selling
stockholders have also granted Deutsche Bank Securities Inc. an
over-allotment option to purchase an additional 815,333 shares of
common stock. The Company's largest stockholder, Net Realty Holding
Trust, a subsidiary of The New England Teamsters and Trucking
Industry Pension Fund, has agreed to purchase approximately
1,400,000 shares, or approximately 40% of the shares being offered,
pursuant to a contractual right Heritage granted to Net Realty
Holding Trust to permit it to maintain its ownership percentage in
the Company. Net Realty Holding Trust will purchase the shares on
the same terms and conditions as other purchasers. The net proceeds
to the Company from the offering, after deducting estimated
offering expenses, will be approximately $100 million. Heritage
intends to use the net proceeds of the offering to repay
indebtedness incurred by the Company in connection with its recent
acquisition of eight properties from the Trademark Property
Company. Heritage acquired these eight properties for a purchase
price of approximately $160 million. On October 16, 2003, the
Company completed the acquisition of five of these properties, and
on November 19, 2003, Heritage completed the acquisition of the
three remaining properties. The shares are being offered through a
prospectus supplement under the Company's effective shelf
registration statement previously filed with the Securities and
Exchange Commission. This announcement shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction. Copies of
the prospectus supplement relating to these securities may be
obtained when available from Deutsche Banc Securities Inc., 60 Wall
Street, 10th Floor, New York, New York, 10005. ABOUT HERITAGE
PROPERTY INVESTMENT TRUST, INC. Heritage is a fully integrated,
self-administered and self-managed REIT traded on the New York
Stock Exchange under the symbol "HTG." Heritage acquires, owns,
manages, leases and redevelops primarily grocer-anchored
neighborhood and community shopping centers in the Eastern and
Midwestern United States. As of September 30, 2003, the Company had
a portfolio consisting principally of 154 shopping centers, located
in 27 states and totaling 31.3 million square feet of total gross
leasable area, of which 26.3 million square feet is company-owned
gross leasable area. The Company's shopping center portfolio was
92.1% leased as of September 30, 2003. Heritage is headquartered in
Boston Massachusetts and has an additional 16 regional offices
located in the Eastern and Midwestern United States. Some of the
statements contained in this press release constitute
forward-looking statements. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. The forward-looking
statements reflect the Company's current views about future events
and are subject to risks, uncertainties, assumptions and changes in
circumstances that may cause the Company's actual results to differ
significantly from those expressed in any forward-looking
statement. You should not rely on forward-looking statements since
they involve known and unknown risks, uncertainties and other
factors which are, in some cases, beyond the Company's control and
which could materially affect actual results. The factors that
could cause actual results to differ materially from current
expectations include the financial performance and operations of
the Company's shopping centers, including the Company's tenants,
real estate conditions, current and future bankruptcies of the
Company's tenants, execution of shopping center redevelopment
programs, the Company's ability to finance the Company's
operations, successful completion of renovations, completion of
pending acquisitions, the availability of additional acquisitions,
changes in economic, business, competitive market and regulatory
conditions, acts of terrorism or war and other risks detailed from
time to time in filings with the Securities and Exchange
Commission. The forward-looking statements contained herein
represent the Company's judgment as of the date of this release,
and the Company cautions readers not to place undue reliance on
such statements. DATASOURCE: Heritage Property Investment Trust,
Inc. CONTACT: Patrick O'Sullivan, Vice President, Finance and
Accounting, of Heritage Property Investment Trust, Inc.,
+1-617-247-2200, or ; or Analyst Info, Claire Koeneman,
+1-312-640-6745, or General Info, Joe Calabrese, +1-212-445-8434,
both for Heritage Property Investment Trust, Inc.
Copyright
Heritage Property Investment (NYSE:HTG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Heritage Property Investment (NYSE:HTG)
Historical Stock Chart
From Jul 2023 to Jul 2024