In its filing with the Securities and Exchange Commission, the company indicated that in the offering it would sell 12 million shares of common stock and Net Realty Holding Trust, its largest stockholder, would sell four million shares of common stock. Reportedly, the company ended up increasing the offering to 18 million shares. The filing also indicated that the company expected the public offering to go between $24.25 and $25.75 per share. "Currently," the filing notes, "no public market exists for our common stock."

Risks specified in the filing include adverse market conditions and competition which could impede the company's ability to renew leases or re-let space as leases expire and require it to undertake unbudgeted capital improvements. After this offering, Heritage notes that it expects to have approximately $984.6 million of debt.

Heritage Property acquired Bradley Real Estate, Inc., the oldest REIT in the nation, last year and now owns and manages 159 properties with approximately 25 million sf of retail space in 26 states located along the east coast and Midwestern portion of the country. In this state, the company owns 78,902-sf Lynn Marketplace in Lynn; 291,507-sf Watertower Plaza in Leominster; and, 11,593 Westgate Plaza in Westfield. It also owns three shopping centers in New Hampshire.