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ROCKVILLE, MD-Washington Real Estate Investment Trust is launching an underwritten public offering of 2.6 million common shares under its shelf registration statement filed with the Securities and Exchange Commission. It is priced at $34.40. The REIT will also grant the underwriters an over-allotment option to purchase up to an additional 390,000 shares.
The firm expects to raise approximately $89.44 million and use the net proceeds to repay borrowings under its lines of credit. As of May 26, borrowings under its lines of credit totaled $184.5 million and bore interest at a weighted average rate of 5.62%. The lines of credit have maturity dates between July 2007 and July 2008.
The offering is expected to close on June 6. According to the prospectus, WRIT will offer $100 million in debt securities following the offering.
In personnel news, executive vice president and chief investment officer Christopher P. Mundy has given his resignation notice. It will be effective June 30. And effective May 30, George F. McKenzie was appointed president and chief operating officer. He has served in various capacities with WRIT since September 1996, most recently as executive vice president, real estate.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
