NEWTON, MA-Select Income REIT, based here, said Thursday that ithad priced a public offering of 10.5 million common shares at$28.25 per share, for gross proceeds of just under $300 million.The pricing announcement came a day after the REIT announced itwould offer eight million shares of its common stock; the offeringwas upsized in the meantime, a SIR spokeswoman

That upsizing also applies to the 30-day option that the stockoffering's underwriters will have to purchase additional shares. Itwas bumped up to a maximum of 1.575 million shares from theoriginal 1.2 million.

The offering is expected to be settled on July 2. SIR says itexpects to use the net proceeds of the offering to repay amountsoutstanding under its revolving credit facility and for generalbusiness purposes, including property acquisitions.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.