Mid-Atlantic REIT to sell 2 million shares at $15.10

Stock is up nicely, `and you tend to raise money when you can'

March 08, 2002|By Meredith Cohn | Meredith Cohn,SUN STAFF

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.

F. Patrick Hughes, MART's president and chief executive, said now is a good time to raise money.

"It's pretty simple. The REIT market is strong and our stock price has hit a number of 52-week highs over the last few weeks," he said. "You tend to raise money when you can."

Hughes said MART wanted to "strengthen our balance sheet" so the company could continue buying and developing shopping centers. He said a couple of deals are in the works.

The company's last 52-week high occurred Feb. 26 when the stock traded at $16.14. The shares closed yesterday at $15.13, up 3 cents.

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