WASHINGTON, DC-Days after its industrial portfolio sale, First Potomac priced a public offering of 6.5 million common shares. Proceeds from the transaction will net the REIT $91.1 million. Shares were priced at $14.70 per unit.

The offering has originally been slated for 6 million shares but it was upsized. First Potomac also granted the underwriters a 30-day option to purchase an additional 975,000 common shares at the public offering price.

First Potomac plans to use the proceeds to pay down its debt and for general corporate purposes. KeyBanc Capital Markets and Wells Fargo Securities are the joint book-running managers for the offering. BMO Capital Markets, Morgan Stanley, PNC Capital Markets LLC, Raymond James and RBC Capital Markets are the co-lead managers. Capital One Southcoast, Piper Jaffray and SunTrust Robinson Humphrey are the co-managers.

The capital markets have been good to REITs this year; indeed for the last several years. REITs have raised $29.1 billion in initial, debt and equity capital offerings year to date, according to NAREIT figures. $19.3 billion was raised in secondary equity common and preferred share offerings, $8.6 billion was raised in unsecured debt offerings, and $1.2 billion was raised in initial public offerings.