Plymouth Industrial REIT Inc. priced its offering of 1.8 million shares of 7.50% series A cumulative redeemable preferred stock for $45.0 million in gross proceeds.
The public offering, expected to close Oct. 25, carries a 30-day overallotment option for the underwriters to acquire up to 270,000 additional shares.
Plymouth will contribute the net proceeds to its operating partnership, which plans to use $5.0 million of the net proceeds to repurchase 263,158 Plymouth common shares from Torchlight Investors LLC.
The remaining net proceeds will be used for general corporate purposes, which may include financing new acquisitions.
D.A. Davidson & Co., BB&T Capital Markets, Ladenburg Thalmann and National Securities Corp. are the book-running managers for the offering.