By Lisa Kerner
Charlotte, N.C., Sept. 13 - Landmark Apartment Trust of America, Inc. issued and sold 1.02 million additional shares of its 8.75% series D cumulative preferred stock to iStar Apartment Holdings LLC and 510,000 additional preferreds to BREDS II Q Landmark LLC for total proceeds of $15.3 million.
The preferreds were sold for $10 each on Sept. 9 under a June 28 purchase agreement, according to an 8-K filing with the Securities and Exchange Commission.
Proceeds from the sale will be used by the company to acquire and renovate additional multi-family properties.
As previously reported, Landmark arranged an up to $219 million private placement of the preferreds with iStar and BREDS.
The initial $98.58 million of preferreds settled on June 28.
Under the terms of the securities purchase agreement, during the six-month period following the initial settlement, the company can require the investors to purchase up to a total of 12,041,700 additional preferreds for cash at a price of $10 per share, or a total of $120.42 million.
On July 31, Landmark issued and sold 500,000 additional preferreds to iStar and 250,000 additional preferreds to BREDS for a total of $7.5 million.
The proceeds were used for the acquisition of the Landmark at Stafford Landing property.
The total amount of preferreds sold under the agreement so far is $121.38 million.
Landmark is a Richmond, Va.-based private owner of apartment communities.
| Issuer: | Landmark Apartment Trust of America, Inc.
|
| Issue: | Series D cumulative preferred stock
|
| Amount: | $121,383,000
|
| Price: | $10 per share
|
| Dividends: | 8.75%
|
| Investors: | iStar Apartment Holdings LLC and BREDS II Q Landmark LLC
|
| Settlement dates: June 28 for $98,583,000, July 31 for $7.5 million and Sept. 9 for $15.3 million
|
| Distribution: | Private placement
|
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