IRT just made more filings.
It will get $50.6 million for 4 million shares. 9.643 million shares outstanding after this issue.
Many new underwriters added.
$12.65 share price. Underwriters discount cheaper than the previous strategy.
Market cap at issuance $122 million. About a 22% premium to book. Not as much as I dreamed about.
Already declared dividends for the next three months...... I guess to take any doubt away from the share buyers. Buyers will get .05333 per month on selling price of $12.65, so making 5% annualized. Stable monthly income for retirees..........reasonably priced cash for RAS!
I will happily continue to collect my quarterly return of capital.
Hey! That's cheating!
You're not supposed to read their financial statements before investing, and especially not the line that says
Retained earnings (accumulated deficit) (448) as in $448,000 in red ink,
and absolutely, positively do *NOT* look at the "Earnings (loss) per share" of (.21) for 2012 and 0.00 net to date for 2013
Foulger will claim that IRT trying to make up for losing money by fleecing new investors with an overpriced stock offering is a *GOOD* *THING* in approximately 3...2...1...
A long awaited day for the RAS faithful. Isn't it amazing how you can pay financial advisors a commission and they will put IRT at a 5% yield (not likely to increase anytime soon either) into client accounts rather than the RAS common or preferred at higher yields.
I hear you. But it's all about what's in vogue and what they can explain. IRT is an easy story that a moron could understand.
For ras, A specialty real estate lender that used securitizations to finance its lending, that lost a fortune a while back, that merged with another oddball lending company that now owns a billion $ in real estate through forclosure. Funky gaap stuff too. A hard long story to explain.....................but for you and me.......we get oh so much more by understanding a complex story!