WRIT Prices Public Offering of 5.0 Million Common Shares

Published April 30, 2009, 1:00 p.m. EDT

1 Min Read

Washington Real Estate Investment Trust, Rockville, Md., has priced its 5 million share public offering of common stock at $21.40 per share. The transaction is expected to close on May 5, 2009. WRIT has granted the underwriters a 30-day option to purchase an additional 750,000 common shares. The company estimates that the net proceeds from this offering will be approximately $102.6 million and will be used to repay borrowings outstanding under WRIT's line of credit and for general corporate purposes. Wachovia Capital Markets LLC, Citi and Raymond James & Associates Inc. are joint book-running managers. J.P. Morgan Securities Inc. is a co-lead manager and Robert W. Baird & Co., Credit Suisse Securities (USA) LLC, RBC Capital Markets Corp., BNY Mellon Capital Markets LLC and Morgan Keegan & Co. Inc. are the co-managers for the offering. WRIT was trading at $20.98 per share, down $1.33, in early afternoon trading on April 30.

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