RICHMOND—Another local REIT has filed for an initial public offering and trade on the New York Stock Exchange. Following Apple Hospitality's debut on the NYSE this week, locally-based Landmark Apartment Trust announced it has filed paperwork for an initial public offering.
It hopes to raise $375 million.
As part of the offering, Landmark will recapitalize its common stock as Class A Common Stock. It will list these stocks under the ticker symbol "LAT."
The REIT's portfolio consists of mid-market, garden-style apartments located in the South and certain Texas markets.
Landmark is part of a larger trend – after a somewhat subdued 2014, more commercial real estate companies are tapping the markets to go public. Ron Bohlert, manager of global listings at the New York Stock Exchange, pointed out to NAREIT last month that several listing have already occurred this year.
"The pipeline looking forward is pretty healthy into 2015," he told the association. "Provided the market cooperates, we could see some really good results again."
Indeed another example is Community Healthcare Trust in Franklin, Tenn. It is preparing to go public on NYSE, according to news reports, with the hope of raising $134.3 million.
Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Capital Markets Inc. are acting as joint book-running managers for Landmark's IPO.
The company is in a quiet period and could not comment for GlobeSt.com.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
