American Financial Realty Trust, Jenkintown, Pa., has launched an initial public offering of approximately 50.7 million shares of its common stock.The real estate investment trust said it is offering 50 million shares, and 681,500 shares are being offered by shareholders. The joint book-running managers are Banc of America Securities LLC and Friedman, Billings, Ramsey & Co. The underwriters have been granted an option to buy up to an additional total of approximately 7.6 million shares to cover any overallotments. Lewis S. Ranieri, known as "the father of the mortgage-backed security," is the non-executive chairman of the REIT.
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