Posted at 11:19 a.m., Wednesday, October 25, 2006
REIT sells 10 million more shares after initial offering
Advertiser Staff
Douglas Emmett Inc., a real estate investment trust that owns property in Honolulu and Los Angeles, said underwriters of its recent initial public offering exercised an option to purchase an additional 9.9 million shares. It now has sold 75.9 million shares as part of the offering.Emmett's Hawai'i holdings include the 472,000-square foot Bishop Place office building and the 31-story Harbor Court building overlooking Honolulu Harbor. The company also owns the 402-unit Villas at Royal Kunia and the 696-unit Moanalua Hillside Apartments.
Emmett's shares were sold for $21 each in the offering. Since Monday they've risen to $23.83 in trading on the New York Stock Exchange.
