Finance REITs
Digital Realty Trust Announces Pricing of Common Stock Offering
July 16, 2008
By: Denise L. Meyer, Contributing Correspondent

Technology-related real estate firm Digital Realty Trust has announced the pricing of a public offering of 5,000,000 shares of its common stock at a price of $38.42 per share, for net proceeds of approximately $183.9 million after underwriting discounts, commissions and estimated offering expenses.

If the underwriters' over-allotment option is exercised in full the proceeds may reach $211.6 million.

Digital Realty Trust has granted the underwriters the option to purchase up to an additional 750,000 shares of common stock to cover over-allotments, if any. The offering is expected to close on July 21, 2008.

The company intends to utilize the net proceeds from the offering to temporarily repay all or a portion of its borrowings under its revolving credit facility, to acquire additional properties, to fund development and redevelopment opportunities and for general corporate purposes.

Citi, Credit Suisse Securities (USA), and Merrill Lynch served as joint book running managers. Bank of America Securities, Deutsche Bank Securities, KeyBanc Capital Markets, Raymond James & Associates, RBC Capital Markets and UBS Investment Bank are co-managers for the offering.

In recent months CPN has reported on several transactions by Digital Realty Trust, including the purchase of properties in the Northern Jersey market, the United Kingdom, and a leasehold in New York City. The company’s market survey, reported on in May by CPN, indicated that 86 percent of respondents at Fortune 2000 companies thought their organizations will expand their datacenters in the coming year.

 
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