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 tellsGlobeSt.com.
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.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. 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.
