NEWTON, MA-Select Income REIT, based here, said Thursday that it had 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 it would offer eight million shares of its common stock; the offering was upsized in the meantime, a SIR spokeswoman tells GlobeSt.com.

That upsizing also applies to the 30-day option that the stock offering's underwriters will have to purchase additional shares. It was bumped up to a maximum of 1.575 million shares from the original 1.2 million.

The offering is expected to be settled on July 2. SIR says it expects to use the net proceeds of the offering to repay amounts outstanding under its revolving credit facility and for general business purposes, including property acquisitions.

One possible outlet for those net proceeds would be a pending $143.6-million of a single-tenant net leased property, according to an SEC filing. The unidentified 310,950-square-foot asset will be acquired with cash on hand, possibly including a portion of the stock sale's proceeds, and via borrowing from SIR's revolving credit facility.

In addition, according to the stock sale's prospectus, “we are actively pursuing a pipeline of additional potential acquisitions consistent with our investment strategy. We have identified and are in various stages of either reviewing, bidding for, negotiating or conducting diligence to acquire several potential acquisition opportunities.”

Joint bookrunning managers of the offering are BofA Merrill Lynch, Citigroup, Morgan Stanley, UBS Investment Bank, Wells Fargo Securities and RBC Capital Markets. The lead manager of the offering is Jefferies LLC. The co-managers are BB&T Capital Markets, Janney Montgomery Scott, JMP Securities, MLV & Co., and Oppenheimer & Co.