Alexandria Real Estate Equities Inc. on Thursday said it raised $343 million in net proceeds from its recent public offering of 5.2 million shares.

The offering included the sale of 675,000 shares after underwriters exercised an option to purchase additional shares. The Pasadena real estate investment trust on Wednesday priced shares at $69.25, 5 percent lower than the previous day’s closing price.

The offer was larger than the originally announced 4.5 million shares.

The REIT, which owns and develops offices and laboratories for life science companies, plans to use net proceeds to reduce the outstanding balance on its unsecured line of credit. The company said it then may borrow from the line to fund development, acquire properties and for general corporate purposes. The offering is expected to close on Sept. 27.

Bookrunning managers are BofA Merrill Lynch, J.P. Morgan Securities LLC, Goldman, Sachs & Co., Barclays Capital Inc., Citi and RBC Capital Markets, which will have 30-day option to purchase up to 675,000 additional shares to cover any over-allotments. Alexandria originally offered a 600,000 share over-allotment.

Shares on Thursday fell another $1.95, or 2.7 percent, to closed at $68,55 on the New York Stock Exchange, after losing 4 percent on Wednesday.