COLUMBIA, MD-Corporate Office Properties Trust netted $117.9 million in proceeds from its public offering of 4,485,000 newly-issued common shares. The underwriter exercised its option to purchase 585,000 shares, the REIT also said.
As GlobeSt.com reported earlier, the REIT plans to use the proceeds to redeem outstanding preferred shares, repay what it owes under its unsecured revolving credit facility and for general corporate purposes. BofA Merrill Lynch is acting as the book-running manager.
NAREIT figures show that REITs have raised $12.8 billion in initial, debt and equity capital offerings in 2013. Of that amount, $9.5 billion was raised in common and preferred secondary equity offerings, $2.8 billion was raised in unsecured debt offerings, and $597 million was raised in initial public offerings.
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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.
