Wall Street Words word of the day = Form S-11
Hello YouTube, Todd Ault here, and Welcome to Wall Street Words! Today's Wall Street term is "Form S-11"
"S-11" or "Form S-11" is the registration of a real estate investment trust, and boy, do I know a lot about these. In the 90's, I did so many of them when I worked on the syndicate desk at Dean Witter. Now, let's cover this really simple. If you are a normal corporation going public, you're going to file an S-1. If you're a real estate investment trust (REIT) where you buy up real estate and you look to be certified by the IRS as a real estate investment company where you have to return a certain amount of money to the shareholders in order to get that tax free status, you'd file an S-11 to go public on a stock exchange if you were a REIT. Now, very simply done, they determine how many shares they want, they register them, they put all the real estate into one big, nice, happy company and they fall on S-11. Today's word is "S11 ("Form S-11"), that's the registration of real estate investment trusts.
Hey, as a side note, the very first deal I ever participated in a public offering was Irvine Apartment Communities. Now, I was a very young broker and naive and told, "Hey, you're going to be involved in the IPO of Irvine Apartment Communities" which was owned by Donald Bren at the time and still is. That offering raised $686,000,000 with Smith Barney, approximately. That was the very first REIT deal I ever did as a kid and I went on to do every REIT you can possibly imagine. I don't know if I'm exaggerating, I always have to put a disclaimer, I could be wrong, maybe not every REIT read, but I mean, Kilroy, Macerich, Equity Office Properties, Vornado, you name it, I was involved in those IPOs. Today's word is "S-11 (Form S-11)." That's the registration of an IPO for real estate investment trusts.
Definition - The SEC form for the registration of securities to be issued by real estate investment trusts (REITS).
Form S-11 includes prospectus details, pricing of the deal, how the REIT plans to use the proceeds, selected financial data like trends in revenue and profits, operating data, its financing, and other data.
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