Irvine Apartment to Sell Securities, Stock
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NEWPORT BEACH — Irvine Apartment Communities Inc. plans to sell as much as $250 million in debt securities, preferred stock, common stock and/or warrants, according to a report filed Thursday with the Securities and Exchange Commission.
The real estate investment trust, which owns apartment complexes, plans to sell the securities from time to time to raise funds for general corporate purposes, which could include the repayment of debt, further development of properties or acquisitions, the SEC filing said.
The company plans a shelf offering, which allows companies to register securities and sell them as financing needs arise. Irvine Apartment stock rose 25 cents a share to $26.875.
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