The 10-year notes, rated Baa2 by Moody's Investor Service, BBB by Standard & Poor's and BBB+ by Fitch Inc., were issued at 99.582% of par value, with a coupon of 7.45% and a yield to investors of 7.51%. Interest on the notes is payable semi-annually on July 15 and January 15 beginning on July 15, 2001 will mature on January 15, 2011. Settlement is scheduled for January 12, 2001.
The company owns and operates 69 apartment communities, totaling more than 19,000 units in six western states with more than 15 other apartment communities currently in various stages of development and construction, totaling more than 3,000 units and joint venture interests in 20 additional apartment communities, totaling more than 4,000 units.
In afternoon trading Tuesday, shares of BRE Properties' were trading at $30.625, off 25 cents from yesterday's close. The company's 52-week share price high of $33.68 came Aug. 2, 2000. Its 52-week low of $22 was achieved Feb. 15, 2000.
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