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WRIT Plans Offering; CIO Resigns

ROCKVILLE, MD-Washington Real Estate Investment Trust plans to use the net proceeds to repay borrowings under its lines of credit. In other matters, executive vice president and chief investment officer Christopher P. Mundy resigns.

By Erika Morphy | Updated on June 01, 2006

(To read more on the debt and equity markets, click here.)

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.

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