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Shares of the Houston-based real estate investmen trust are expected to stop trading sometimrin December. H. Kerr Taylor, AmREIT’s chief executive said in a statement that the companyg is being taken private becausde there is a disconnecf between the underlying value of the retail portfoli o andthe firm’s share price. Shares of AmREIT AMY) were trading for abour $2.50 at mid-day Tuesday, with a total markey capitalizationof $13.3 million. NYX stands for NYSE Alternext, formerly the Americann Stock Exchange.
Future business strategy coulde include relisting on a majorfstock exchange, bringing in large institutiona investors or launching an initial public The REIT plans to continue paying dividends on all classes of its Going private is part of the company’s Visiob 2010 initiative that begam with a corporate restructuring announced in October. AmREIrT cut overhead by 50 percent by exitinf the general contracting and broker dealersecuritiese businesses, as well as suspending the REITPlus Inc. equity The restructuring will result ina one-time charge of $2.4 million to $2.6 milliomn in fourth quarter 2008.
AmREIT owns retail centers such as Uptown Park in the Galleria Lantern Lane on Memorial Drive and Bakery Square onWest Gray.
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