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Weingarten Realty Prices Share Offering

The Associated Press

HOUSTON (AP) — Real estate investment trust Weingarten Realty Investors said Friday it priced its public offering of 28 million shares at a price of $14.25 per share.

The offering price represents a discount of 9 percent from Thursday's closing price of $15.68.

The company, which specializes in shopping center and industrial developments, said it intends to use proceeds from the offering — expected to be about $381.9 million — to lower its outstanding borrowings on its revolving credit facility and for general corporate purposes.

The offering is expected to close on April 22.

Shares fell 48 cents, or 3 percent, to $15.20 in trading after the opening bell.