Finance History|11 Wall Street — Twenty Dollars for Six Million Seven Hundred Fifty Thousand Lab Shares Called ARE
· 1997-5
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Finance History|11 Wall Street — Twenty Dollars for Six Million Seven Hundred Fifty Thousand Lab Shares Called ARE
kevin
People treat Alexandria as a Pasadena life-science landlord that always printed ARE on a mature Big Board book.
The first public print was a three-year-old Maryland REIT formed to own laboratory and office space leased to drug and research tenants.
The company's 1997 Form 10-Q records that on 2 June 1997 it completed an offering of 6,750,000 common shares at 20.00 U.S. dollars, for gross proceeds of 135 million U.S. dollars in 1997 currency.
A later company 8-K states that the IPO priced at 20.00 U.S. dollars on 27 May 1997. The prospectus dated that day named PaineWebber as lead manager, with Lehman Brothers, Smith Barney and EVEREN as co-managers.
On 26 June 1997 the underwriters took the overallotment of 1,012,500 more shares at the same 20.00 print, adding 20.25 million U.S. dollars of gross proceeds.
The letters on the New York Stock Exchange tape were ARE.
The 1997 10-K records that net proceeds after discounts, advisory fees and costs were about 138.89 million U.S. dollars, used in part to repay roughly 77.7 million U.S. dollars of debt and to buy three laboratory properties from affiliates of the lead manager.
The Pasadena office on Lake Avenue is a separate memory.
The pin is the public Broad Street viewpoint at the 1903 exchange building. The floor is not visitable.
The mechanism is a cash REIT IPO that turned a private laboratory landlord into a quoted office book without a prior public tape.
Photo: New York Stock Exchange, Broad Street facade, via the collection photograph already ingested for 11 Wall Street listings.
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