Finance History|11 Wall Street — Twenty Dollars for Six Million Seven Hundred Fifty Thousand Lab Shares
· 1997-5
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Finance History|11 Wall Street — Twenty Dollars for Six Million Seven Hundred Fifty Thousand Lab Shares
kevin
People treat Alexandria as a Pasadena life-science REIT that always printed ARE on a New York tape.
The first public print was a three-year-old landlord of laboratory rooms.
Alexandria Real Estate Equities, Inc. had been formed in 1994 to buy and develop office-and-lab buildings for pharmaceutical and biotechnology tenants.
The company's 1997 Form 10-K recorded the offering. On 2 June 1997 it sold 6,750,000 common shares at 20.00 U.S. dollars, for 135 million U.S. dollars of gross proceeds in 1997 currency.
The same filing said the Common Stock began trading on the New York Stock Exchange on 28 May 1997 under the letters ARE.
On 26 June 1997 the underwriters took 1,012,500 more shares at the same 20.00 price, adding 20.25 million U.S. dollars of gross proceeds. Net proceeds after discounts and costs were about 138.89 million U.S. dollars.
The book that listed was fifteen properties and about 1.5 million rentable square feet, not a national campus map.
The pin is the Broad Street facade of the exchange that took the REIT. The trading floor is not a visitor gallery.
The mechanism is a REIT IPO that priced laboratory space as quoted common after a formation split of the old private book.
Photo: New York Stock Exchange, via the collection photograph already ingested for Big Board listings.
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