Previously a non-traded REIT, Monogram Residential Trust (Monogram) revealed the preliminary results of its modified “Dutch Auction” tender offer, which expired December 19, 2014.
When Monogram, formerly known as Behringer Harvard Multifamily REIT I, listed on the New York Stock Exchange last month, it offered to buy up to $100 million in shares of its common stock at a price between $8.50 and $9.25 per share.
The preliminary count by Computershare Trust Company shows 2,419,580 shares of common stock were properly tendered at or below the final purchase price of $9.25 per share, which includes 9,800 shares of Common Stock that were tendered through notice of guaranteed delivery. This preliminary count represents approximately 1.4% of the Company’s currently issued and outstanding shares of common stock.
Monogram will accept for purchase 2,419,580 shares of common stock at $9.25 per share for an approximate cost of $22.4 million. After the settlement of the tender offer, Monogram expects to have approximately 166,442,352 shares of common stock outstanding.
Monogram, which invests in stabilized operating properties, currently has a portfolio consisting of investments in 56 multifamily communities in 12 states, totaling 16,126 apartment homes.
Payment for the shares of the common stock will occur promptly.