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Four Springs Capital Trust Files $50 Million IPO, Plans to List on NYSE

Four Springs Capital Trust, a private real estate investment trust, filed a preliminary prospectus with the Securities and Exchange Commission for a $50 million initial public offering.

Upon completion of the offering, Four Springs will be authorized to issue up to 500 million common shares and 100 million preferred shares. The company intends to list its common shares on the New York Stock Exchange under the ticker symbol “FSPR.”

Four Springs Capital Trust invests in single-tenant, retail, industrial, medical and other office properties throughout the United States that are leased to tenants with remaining lease terms of 10 years or more. The company targets properties with purchase prices ranging from $5 million to $25 million, citing less competition from institutional investors that typically target larger properties and portfolios.

As of March 31, 2017, the REIT owned or had interest in a $188 million portfolio of 48 properties that was 100 percent leased to 23 tenants.

The company also establishes Delaware statutory trusts through its Section 1031 Exchange Program and currently owns equity interests ranging from 10 to 27.6 percent in seven properties with third parties under the program.

RBC Capital Markets and SunTrust Robinson Humphrey Inc. serve as the underwriters for the offering.

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