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Washington REIT prices $130.4M common stock offering

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Washington REIT prices $130.4M common stock offering

Washington RealEstate Investment Trust priced a public of 4,625,000 common shares at$28.20 apiece, representing roughly $130.4 million in gross proceeds.

The company said the size of the offering was increased from4.0 million common shares. The underwriters have been granted a 30-day optionto buy up to 693,750 additional shares.

The company will use the net proceeds initially to repayborrowings outstanding under its revolving credit facility. The funds willsubsequently be used to fund an acquisition, among other general corporatepurposes.

As recently disclosed,the company is buying the 1,222-unit Riverside Apartments in Alexandria, Va.,for roughly $244.8 million.

J.P. Morgan, Goldman Sachs & Co. and Morgan Stanley& Co. LLC are joint book running managers for the offering.