COLUMBIA, MD—Corporate Office Properties Trusthas priced a public offering of 4.8 million newly-issued commonshares from which it will net proceeds of $129.3million. The REIT has granted the underwriter an option topurchase up to an additional 720,000 shares during the next 30days.
The offering is expected to close this week. COPT plans use theproceeds to defease and otherwise pay off secured nonrecoursedebt.
The REIT has been repositioning its portfolio over the pastseveral years, as well as cleaning up its balance sheet. The REIThas seen its debt to adjusted book ratio decline from 43.9% to42.8% over the past quarter, according to comments made byCFO Steve Riffee during the REIT's most recentearnings call in October.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
