WASHINGTON, DC-First Potomac Realty Trust has increased the proceeds it is getting from its public offering, after the underwriters exercised their option to purchase additional common shares. The net proceeds of the offering now come to $104.9 million.

The REIT sold a total of 7.4 million common shares including 975,000 common shares sold pursuant to the exercise of the underwriters' option to purchase the additional common shares. The shares were priced at $14.70 per share.

The offering has originally been slated for 6 million shares but it was upsized. First Potomac intends to use the net proceeds of the offering to repay debt and for general corporate purposes.

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.

KeyBanc Capital Markets and Wells Fargo Securities were the joint book-running managers for First Potomac's offering. BMO Capital Markets, Morgan Stanley, PNC Capital Markets LLC, Raymond James and RBC Capital Markets were the co-lead managers for the offering. Capital One Southcoast, Piper Jaffray and SunTrust Robinson Humphrey were the co-managers for the offering.