BioMed Realty Trust Inc. (NYSE: BMR) has priced its public offering of 12.7 million shares of its common stock at $20.50 per share, bringing in approximately $260.4 million in gross proceeds. The offering is expected to close on or about Feb. 19.
The San Diego-based real estate investment trust (REIT) expects to use the net proceeds of the offering to fund a recently announced property acquisition, as well as a portion of the redemption of all 7,920,000 outstanding shares of its 7.375 percent Series A Cumulative Redeemable Preferred Stock. Proceeds will also go toward repaying a portion of the outstanding indebtedness under its unsecured line of credit and for other general corporate and working capital purposes. All of the shares are being sold by the company.
BioMed Realty has also granted the underwriters a 30-day option to purchase up to an additional 1,905,000 shares of its common stock. Morgan Stanley & Co. LLC, Raymond James & Associates Inc., UBS Securities LLC and Wells Fargo Securities LLC are the joint book-running managers for the offering.