AmREIT closes deal to combine with REITPlus

AP News
Posted: Nov 25, 2009 2:47 PM

AmREIT, a real estate investment trust, said Wednesday that its shareholders and those of its affiliate, REITPlus Inc., have approved a plan to combine the two.

The merged entity will use the name AmREIT Inc. and be led by AmREIT CEO H. Kerr Taylor. The company said the deal closed Tuesday.

The AmREIT board also approved a November dividend of 4.1667 cents per share to be paid Dec. 15 to shareholders of record as of Nov. 30.

Taylor, the CEO, said the completion of the deal allows the company to focus on growth and liquidity "as the national and commercial real estate market move from recession to recovery."

AmREIT is based in Houston.