TARRYTOWN, N.Y. — DLC Realty Trust, an affiliate of DLC Management Corp., has filed a registration statement with the Securities and Exchange Commission proposing an initial public offering of its common stock. DLC intends to list its stock on the New York Stock Exchange under the ticker symbol “DLC”. According to a press release, the offering will only be made by means of a prospectus. Bank of America Merrill Lynch and Barclays Capital will act as the joint book-running managers for the offering.
According to DLC's S-11 statement, the offering will generate as much as $575 million. The company plans to use the proceeds from the offering to pay down existing debt as well as provide working capital.
As of the end of 2009, DLC Realty Trust had a portfolio of 86 shopping centers totaling 13.4 million square feet. The properties are located throughout the Southeast, Mid-Atlantic, Northeast and Midwest, and they anchored primarily by grocery stores and value-oriented retailers. DLC Realty Trust formed last month. Its parent, DLC Management Corp., formed in 1991 and is headquartered in Tarrytown, N.Y.
A call to DLC was not returned as of press time.
— Coleman Wood
* 4/13 – UPDATE: This version of the story updates DLC Realty Trust's portfolio information and adds information found in its S-11 filing.