Kilroy Realty Corp. said late Wednesday that it has commenced a public offering of 4.5 million shares of its common stock.
After the Wednesday markets closed, the West L.A. real estate investment trust said it intends to use net proceeds for general corporate purposes, such as acquiring properties, funding projects, and repaying debt. The REIT owns office, industrial, R&D, and multipurpose properties in Southern California.
Kilroy expects to grant underwriters a 30-day option to purchase up to an additional 675,000 shares of common stock. Barclays, BofA Merrill Lynch, J.P. Morgan and Wells Fargo Securities will act as joint book-running managers.
If shares sold at Wednesday’s closing price, the offering would raise more than $265 million.
Shares closed up 15 cents, or less than 1 percent, to $51.26 on the New York Stock Exchange. They fell 3 percent in after-hours trading.