Digital Realty Offers $300M in Preferred Stock

Digital Realty Trust (DLR) will sell 12 million shares of preferred stock in hopes of raising $300 million. Digital Realty will use the funds to pay down its credit facility, giving it more flexibility to pursue acquire new properties and convert its development space into Turn-Key Datacenter space. The company says it is "actively pursuing multiple opportunities for potential acquisitions, with due diligence and negotiations at different stages of advancement."

The shares of Series D Cumulative Convertible Preferred Stock will be convertible for shares of Digital Realty Trust common stock, which closed Thursday at $35.76. See Globe Street for additional details.