Education Realty 3% lower after secondary offering

|By:, SA News Editor

The offering size is upsized to 21.3M shares from 19.8M and prices at $10.20 each. Net proceeds (not including the underwriter greenshoe) are expected to be about $208M, and will be used to fund the purchase of The District on Apache at ASU, and pay down some of the company's credit line.

EDR slipped 3% in after-hours action to $10.10 following the offering announcement.