Listed today, Monogram Residential Trust, Inc. (Monogram) opened for trading on the New York Stock Exchange at $9 per share under the symbol “MORE”. Its portfolio was valued at $1.78 billion at the close of Q3.
Shares were trading for $9.25 as of 1:35PM EST today.
Coinciding with today’s listing, Monogram also announced a modified “Dutch Auction” offering to buy up to $100 million in MORE shares paying no more than $9.25 per share and no less than $8.50 per share, at the lowest price possible, allowing it to buy the maximum number of shares. The tender offer expires at 11:59PM EST on December 19, 2014.
Formerly known as Behringer Harvard Multifamily REIT I, 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.
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 in a statement earlier this month.
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.
The REIT invests, develops, and operates high-quality multifamily communities in 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.