Lexington Realty Trust launched a public offering of 10.0 million common shares and aims to grant a 30-day overallotment option for the underwriters to purchase up to 1.5 million additional shares.
The gross offering proceeds are expected to come to about $120.3 million, based on the diversified real estate investment trust's Sept. 4 stock price of $10.46 and assuming the overallotment option is fully exercised.
The REIT aims to use the net proceeds for working capital and general corporate purposes.
J.P. Morgan and Wells Fargo Securities are acting as underwriters for the offering.
