Lexington Realty Trust (NYSE: LXP ) is putting its faith in the market to raise some capital. The real estate investment trust is floating 10 million shares of its common stock in an underwritten public issue priced at $11.17 per share.
Additionally, the REIT's underwriters have been granted a 30-day purchase option for up to an additional 1.5 million common shares.
Lexington said it plans to use its share of the proceeds of the offering to retire debt.
Earlier this week, the REIT announced it had acquired a portfolio of three parcels of land in Manhattan for $302 million.
Barclays and Wells Fargo Securities are the underwriters of the issue, which is expected to close "on or about" October 17.
At the moment, Lexington has nearly 216.4 million shares outstanding, and its stock trades at $11.46 per share.