Mid-Atlantic Realty Trust said yesterday that it plans to sell 2 million common shares at $15.10 each.
The company plans to use the $30.2 million in proceeds to pay a fixed-rate mortgage and reduce the debt on its bank line of credit.
The underwriter is Wachovia Securities, with Legg Mason Wood Walker Inc. and Ferris Baker Watts Inc. co-managing the sale.
The Lutherville-based real estate investment trust owns and develops neighborhood and community shopping centers in the mid-Atlantic region.
MART owns and operates 43 centers - 27 in Maryland - with approximately 5.3 million square feet of space. The centers are 92 percent leased, according to the company.