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PHILADELPHIA-Locally based RAIT Investment Trust offers two million shares of common stock at $22.75 a share. After underwriting discounts and commissions of $1.02 per share and estimated offering expenses, RAIT will realize $43.4 million in net proceeds.

The lead managing underwriter is Arlington, VA-based Friedman, Billings, Ramsey & Co. Inc. Co-managers are Minneapolis-based US Bancorp Piper Jaffray Inc. and Stifel, Nicolaus & Co. Inc., which is headquartered in St. Louis.

The underwriters are granted an over-allotment option for an additional 300,000 shares exercisable within 30 days of October 22. Full exercise of the over-allotment would generate an additional $6.5 million in net proceeds. RAIT plans to use proceeds from the offering to repay debt, originate loans and acquire loans and property interests.

The REIT is a specialty finance company that focuses on the mid-size commercial real estate industry. It provides structured financing to private and corporate owners of real estate, including senior and mezzanine lending and preferred equity investments and also acquires real estate for its own account.

As of September 30 this year, RAIT’s total assets were $501.6 million, which included $311.8 million of investments in real estate loans and $134.7 million in real estate. It trades on the NYSE as RAS. The 52-week high for RAS shares is $26.70 a share, reached this June, and the 52-week low of $19.78 a share occurred in October 2002.

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