Thomas Properties Group Inc. late Monday announced plans for a stock offering that would nearly double the number of its shares outstanding. Proceeds would pay down debt and fund capital spending.

Thomas is just the latest Los Angeles company heading to the equities market to pay down debt. The company, which now has 25 million shares outstanding, plans to sell at least 22 million new shares, plus an additional 3.3 million shares available to underwriters for any over-allotments.

The Los Angeles real estate investment trust also reported a wider third-quarter loss largely due falling occupancy rates. The company owns office, residential and mixed-use properties.

After the markets closed, the REIT reported a loss of $10.9 million (-43 cents a share), compared with a loss of $2.9 million (-13 cents) a year ago. Revenue jumped 67 percent to $42.9 million as condominium sales increased. Occupancy rates fell to 87 percent, compared with 84 percent a year ago.

“In spite of a tough operating environment, we have accomplished a number of important objectives,” Chief Executive Jim Thomas said in a statement, noting that the company has modified loans to reduce its exposure to near-term debt maturities, has paid off other loans and benefitted from a resumption of sales of condominium units at the beginning of the quarter,

Shares earlier closed up 2 cents, or less than 1 percent, to $3.05 on the Nasdaq.