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Washington Real Estate Investment
Trust will sell more stock to the public and use the proceeds to pay
down debt.
The Rockville-based company, which owns
more than 90 Washington area shopping center, office buildings and
industrial properties, said it will offer 2.3 million shares of
common stock.
Raymond James & Associates
and J.P Morgan Securities are underwriting the stock offering.
WRIT did not set a date for the stock
offering or a stock price. It would generate $81 million based on
WRIT's current stock price.
The net proceeds "will be used for the
repayment of debt, which was incurred principally to fund property
acquisitions," WRIT said in a statement.
This would be the third secondary stock
offering in three years for WRIT (NYSE: WRE).
With 47 million shares currently
outstanding, WRIT has a market capitalization of $1.65 billion.
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