This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Schottenstein: REIT to IPO

COLUMBUS, Ohio ( TheStreet) -- The IPO market continues to pick up steam with real estate investment trust Schottenstein Realty set to hit Wall Street on Friday.

Schottenstein owns and operates community and neighborhood shopping centers in major metropolitan centers across the U.S., mostly anchored by national retailers. The company often looks for acquisitions of distressed retail properties with the intention of redeveloping them and then bringing in big-box retailers like Wal-Mart (WMT), Bed, Bath & Beyond (BBBY) and T.J. Maxx (TJX).

Under the ticker SCRT, Schottenstein's initial public offering is expected to be priced Friday between $14 and $16 per share, following a registration five-month period at the Securities and Exchange Commission.

Around 26.7 million shares will be offered, raising between $364 million and $420 million in gross proceeds, according to SEC filings.

Schottenstein said it will use $190 million of the raised capital to consolidate interest in properties it does not wholly own, $126 million to pay down corporate debt, and $27 million for working capital and to fund acquisitions.

In December 2010 Schottenstein filed with the SEC that it hoped to raise $517.5 million through an IPO.

Raising less capital than expected may be a reality Schottenstein is forced to face on Friday.

On Wednesday of this week, RLJ Lodging Trust (RLJ), a self-advised REIT that invests in hotels, began trading on the New York Stock Exchange, selling 27.5 million shares for $18 apiece, lower than the $19 to $21 expected.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs