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Liberty to Raise Up to $119M in Stock Offering

MALVERN, PA-The locally based REIT, which trades on the NYSE as LRY, is issuing 2.7 million shares with an over-allotment option of 405,000 shares. On Dec. 10, LRY shares opened at $38.40.

By Marita Thomas | Updated on December 10, 2003

MALVERN, PA-Locally based Liberty Property Trust will issue 2.7 million shares of common stock in an offering underwritten by Goldman, Sachs & Co. The REIT grants the underwriters an option to purchase up to an additional 405,000 share to cover over-allotments.

Liberty trades on the NYSE as LRY. On Dec. 10, shares opened trading at $38.40. At that price, the initial offering would add just under $104 million to Liberty’s coffers, and the over-allotment would bring in another approximately $15.5 million.

On Dec. 3, LYR shares hit a new 52-week high of $38.69 per share. The 52-week low is $29.13 a share, reached this January. The shares are being issued through a prospectus supplement under Liberty’s existing shelf registration with the Securities and Exchange Commission. The supplement has not yet been filed.

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