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$1.78 Billion Non-Traded REIT to Provide Liquidity This Month

A former Behringer non-traded REIT expects to list on the NYSE on or about November 21st. Announced this week, Monogram Residential Trust, Inc. (Monogram), formerly known as Behringer Harvard Multifamily REIT I, intends to list on the New York Stock Exchange under the symbol “MORE” and in connection with the listing, commence a tender offer of up to $100 million worth of common stock shares.

In June of this year, Monogram became a self-managed REIT in a preparatory step towards reaching the point of providing liquidity to investors.

“This listing is the next step in our ongoing transformation of Monogram, following our self-management closing in June 2014, which we believe will increase our shareholders’ total return potential over the long term by providing access to additional capital,” said Mark Alfieri, Chief Executive Officer, President, Chief Operating Officer and Director of Monogram.

Organized in 2006, Monogram closed to new investors in 2011 after raising $1.46 billion in equity capital. Its portfolio includes ownership in 56 multifamily properties across 12 states that offer over 16,000 apartment homes to residents of those local communities.

The REIT’s focus has been to invest in high-quality multifamily communities plus develop and operate them. It seeks stabilized operating properties and developing properties with a focus on the top 50 Metropolitan Statistical Areas of the United States.

“Monogram has a unique, high quality, diversified portfolio, comprised of Class A, highly amenitized, new multifamily communities located in coastal and major markets across the United States. We have the youngest portfolio by age, with an average of 5 years, of any publicly-traded apartment REIT, and further, Monogram’s development portfolio positions the company to capture accretive growth as these properties are completed, leased up and stabilized,” added Alfieri in a statement.

As of August 12, 2014, Monogram valued its shares at $10.41 per share of common stock. During its initial public offering, shares were offered at $10 per share. According to the REIT’s last 10-Q, it had total equity of $1.78 billion at the end of September 2014.

Morgan Stanley acted as advisor to Monogram in connection with the listing and tender, while JP Morgan Securities, LLC, was its capital markets advisor.