The lead managing underwriter is Arlington, VA-based Friedman, Billings, Ramsey & Co. Inc., with St. Louis-based Stifel, Nicolaus & Co. Inc. acting as co-manager. The $66.8-million represents net proceeds after underwriting discounts and commissions. Each share has a liquidation preference of $25 per share.
Proceeds from the offering will be used primarily to repay indebtedness, invest in real estate and for other general purposes. RAIT trades as RAS on the NYSE. At midday, April 5, shares of common stock were trading at $26.11 a share. The 52-week high for RAS common stock, reached on March 31, 2004, is $29.95 per share, and the 52-week low of $21.25 a share occurred on Oct. 4, 2003.
RAIT is a specialty finance REIT that focuses on the mid-size commercial real estate industry. It provides structured financing, generally in a range of between $2 million and $30 million, including senior and mezzanine lending and preferred equity investments, to private and corporate owners of real estate. It also acquires properties for its own account. It concentrates on office, multifamily, retail and mixed-use properties along the Eastern corridor, the Mid-Atlantic region and Florida.
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