AmREIT Prices Public Offering Of 3.00 Mln Shares At $18.25/shr

(RTTNews) - AmREIT Inc. (AMRE) announced the pricing of its public offering of 3.00 million shares of its common stock at a public offering price of $18.25 per share, for net proceeds of about $52.1 million, after deducting underwriting discounts and commissions and other estimated offering expenses.

The company also granted the underwriters a 30-day option to purchase up to an additional 450,000 shares of common stock at the public offering price, less the underwriting discount, to cover over-allotments, if any. The offering is expected to close on or about July 19, 2013, subject to customary closing conditions.

The company noted that it intends 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.