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DENVER - (April 7, 1998) - Security Capital Industrial Trust (SCI) (NYSE: SCN), a leading global owner and operator of distribution facilities, announced today that it priced its offering of 10 million Series D Cumulative Redeemable Preferred Shares of Beneficial Interest. The offering, with a liquidation preference of $25 per share, has a dividend rate of 7.92%. The Series D Preferred Shares may not be redeemed prior to April 13, 2003.
Proceeds of the offering will be used to repay borrowings under SCIís unsecured line of credit and to acquire and develop additional distribution facilities in SCIís 66 U.S. and international target markets.
The offering was underwritten by a group led by Merrill Lynch & Co., with A.G. Edwards, Morgan Stanley Dean Witter, Prudential Securities and Salomon Smith Barney (co-managers).
Security Capital Industrial is the largest publicly held, U.S.-based global owner and operator of distribution facilities with operations in North America and Europe. SCI's primary objective is to build shareholder value through long-term, sustainable growth in per-share cash flow. The company expects to achieve this objective through the SCI International Operating System", which provides exceptional corporate distribution facilities and services to meet customer expansion and reconfiguration needs globally. As of February 28, 1998, SCI had 116.4 million square feet of distribution space operating or under development in 37 U.S. markets and 29 targeted international markets.
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