The underwriters of WashingtonReal Estate Investment Trust's recent of 4,625,000 common shares,priced at $28.20 per share, exercised their right to purchase an additional693,750 shares, bringing the offering's gross proceeds to approximately $150.0million from a previously estimated $130.4 million.
J.P. Morgan, Goldman Sachs & Co. and Morgan Stanley& Co. LLC are the joint book running managers for the offering.
The company intends to use the net proceeds from thisoffering initially to repay outstanding borrowings under its revolving creditfacility, fund a property acquisition and for other general corporate purposes.
Washington REIT recently agreed to buy the Riverside Apartments in Alexandria,Va., for roughly $244.8 million. The property consists of three, 15-storybuildings located on a 28-acre site.