Alexandria Real Estate Equities Inc. said late Monday that it will sell 2.5 million common shares in a follow-on public offering.
The offering, expected to close by the end of the week, will be at $94.75 a share and is expected to raise about $240 million, which will be used to pay down outstanding unsecured debt, the Pasadena-based real estate trust said.
Shares of Alexandria were down $2.50 a share in early trading to $94.49.