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CHICAGO-First Industrial Realty Trust hopes to raise $47 millionby selling an additional 1.25 million shares later this week. Thecommon stock offering is in addition to the sale of preferred stockand other long-term debt, which is expected to generate another$200 million.

The industrial REIT, which has filed a prospectus with theSecurities and Exchange Commission and hired Credit Suisse FirstBoston as underwriter for the stock offering, plans to uses theproceeds to pay down its credit line that it has tapped foracquisitions and development projects. The company's unsecured lineof credit stood at $380.5 million entering the fourth quarter,according to First Industrial Realty Trust's most recent earningsreport. Interest on that debt has averaged 4.31%. The offering willincrease the company's total of outstanding common shares to morethan 51 million.