AmREIT Raises $60 Mln In Net Proceeds From Stock Offering

(RTTNews) - AmREIT, Inc. (AMRE) said Monday that it has completed an underwritten public offering of 3.45 million shares of common stock, including 450,000 shares issued and sold pursuant to the exercise of the underwriters' option to purchase additional shares, at a public offering price of $18.25 per share.

The net proceeds of the offering, after deducting the underwriting discount and estimated offering expenses, were about $60.0 million.

The company plans to use the net proceeds from the offering to repay borrowings outstanding under its unsecured revolving credit facility, to fund all or a portion of the acquisition of the fee simple interest in its Preston Royal East property, to fund a portion of the acquisition of Woodlake Square from its joint venture partner and two of its advised funds, and for general corporate purposes.