In a news release today, Monogram announced it expects to list its shares of common stock on the New York Stock Exchange under the ticker symbol "MORE" on or about Nov. 21, 2014.
“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," Alfieri said in the release.
It would appear Monogram is listing without an IPO, which is one option Alfieri outlined in the interview with MFE.
“If you have cash and you don’t want to absorb an IPO discount, perhaps you would just list instead of doing an IPO,” he said last month. “With a listing, you’re putting your shares on the exchange for trade.”
In the release, Alfieri pointed to Monogram’s Class A portfolio (with an average age of five years) located in coastal and major markets, and its large development portfolio, as attractions for investors. In the interview last month, he expanded on the composition of Monogram's portfolio, which is 90 percent Class A.
“We’re focused on Millennials and urban professionals,” he said. “We’re very urban in profile. That’s a very strong demographic. We feel like we're at the top of our peer group at rent-per-unit and from a demographic standpoint.”
The release also detailed how Monogram would use a “Dutch Auction” tender to purchase $100 million of its shares. Here are the details:
In conjunction with the listing on or about November 21, 2014, Monogram expects to commence a modified "Dutch Auction" tender offer (subject to all appropriate filings with the Securities and Exchange Commission) to purchase approximately $100 million in value of its shares of common stock. Monogram expects to allow shareholders to tender all or a portion of their shares. In the event that the tender offer is oversubscribed, proration of tendered shares will be calculated promptly after the offer expires. Monogram expects to fund the tender offer with cash on hand or borrowings available under its credit facility.