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Priam Properties files for IPO

Priam Properties Inc., which aims to qualify as an office-focused real estate investment trust, filed for an IPO of an undisclosed number of its common shares.

The Nashville, Tenn.-based company is proposing a maximum offering price of $100.0 million for its IPO, estimated solely to calculate the registration fee.

Formed as a Maryland corporation in July 2018, the self-administered and self-managed real estate investment company intends to acquire and manage multitenant office properties mainly in high-growth urban nodes in the U.S. Midwest and Southeast.

Priam plans to funnel net proceeds from the IPO to its operating partnership in exchange for common units. The operating partnership, in turn, would use the proceeds to buy ownership stakes in certain properties in Priam's initial portfolio and to repay about $63.3 million of outstanding property-related debt. Any remaining funds will go toward future acquisitions and general corporate purposes, according to a May 22 filing.

Upon closing of the IPO, Priam expects to own an initial portfolio of 15 multitenant office properties totaling 31 buildings with a total area of about 1.94 million net rentable square feet. The portfolio will comprise full ownership of 13 of the properties and minority interests of 46.1% and 7.1%, respectively, in two assets. The properties are mainly spread across seven markets in the Midwest and Southeast and were about 90% leased as of March 31.

Priam aims to list its common stock on the NYSE under the PRMI ticker and will seek REIT status starting with its short taxable year ending Dec. 31.

Bank of America Securities Inc., Robert W. Baird & Co. Inc., RBC Capital Markets LLC, Stifel Nicolaus & Co. Inc., BB&T Capital Markets, D.A. Davidson & Co. and Janney Montgomery Scott LLC are the underwriters for the IPO.