The close of the offering is scheduled for March 15, and shares are expected to trade on the NYSE under the symbol KTYPrE within 30 days after their initial delivery. The locally based REIT can redeem the shares at par on or after March 15, 2009.
The securities have no stated maturity, sinking fund, or mandatory redemption, and they are not convertible into any other Keystone securities. Net proceeds of the offering will be used to repay existing debt and for general corporate purposes, including acquisitions, development activities, and/or the potential repurchase of outstanding preferred shares.
This follows by about three weeks Keystone's conversion of approximately four million shares of common stock into operating partnership units. This move increased the REIT's float, reduced the liquidation value of outstanding preferred securities, reduced dividend payments, and increased the Keystone's ownership of the operating partnership to 86%.
Keystone's portfolio, including properties under development, encompasses 139 properties with an aggregate of approximately 33 million sf in the Eastern half of the US.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
