STAG Industrial Inc. is selling 11.0 million common shares in a public offering and plans to grant the underwriters a 30-day option to buy up to 1,650,000 additional shares.
The industrial real estate investment trust said the offering comprises 5.5 million shares offered directly by the company and a similar number of shares offered on a forward basis under a forward sale agreement.
Based on the company's closing stock price of $29.70 per share on Sept. 24, gross proceeds, including the additional-share option, are expected to total approximately $375.7 million.
The REIT aims to use the net proceeds to fund acquisitions, to repay outstanding debt under its $500 million unsecured credit facility, for working capital and other general corporate purposes.
Citigroup and Raymond James will be the joint book-running managers for the offering.
