In the News
September 26, 2008
Washington REIT prices public offering
Washington REIT said September 26 that it priced an underwritten public offering of 1.5 million common shares of beneficial interest at $35 per share.
The offering is expected to close October 1.
Washington REIT has granted the underwriters a 30-day option to purchase an additional 225,000 common shares.
The transaction represents a maximum offering size of $60.4 million, including the underwriters overallotment.
The company estimates the net proceeds from the offering, before offering expenses, will be approximately $50.1 million, or approximately $57.7 million if the overallotment option is exercised in full.
The net proceeds of the offering will be used for general corporate purposes, including an anticipated property acquisition and to repay borrowings outstanding under the company's lines of credit.
JPMorgan Securities Inc., Credit Suisse Securities (USA) LLC, Wachovia Capital Markets LLC and Raymond James & Associates, Inc. are joint book-running managers for the offering. Robert W. Baird & Co. Inc., RBC Capital Markets Corp. and Stifel Nicolaus & Co. Inc. are the other underwriters for the offering.
