AmREIT Plans To Offer 3 Mln Shares

(RTTNews) - AmREIT, Inc. (AMRE) said Monday that it plans to sell 3 million shares of its common stock in an underwritten public offering.

The company also plans to grant the underwriters a 30-day option to purchase up to 450,000 additional shares of common stock to cover overallotments, if any.

The company said it 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.