Storage Properties Raises $32 Million in Stock Sale
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Storage Properties Inc., a real estate investment trust in Glendale, completed an initial public offering of common stock in which it raised about $32 million.
Storage Properties is an affiliate of Public Storage Inc., a Glendale-based operator of self-storage warehouses, and Storage Properties mainly invests in those structures.
Storage Properties began its offering 18 months ago on a “best-effort” basis, in which securities firms agree to do their best to sell the stock to the public, as opposed to a “firm-underwriting” deal in which the firms buy stock outright from the issuer, then sell it to the public. The latter transactions usually are completed more quickly.
The company’s stock was offered at $10 a share, and most of the shares were sold last year, said Storage Properties President Harvey Lenkin. The offering ended Sept. 17, and the stock began trading Monday on the American Stock Exchange, where it closed at $7.625 a share.
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