NEW YORK (AP) — Lexington Realty Trust has raised $234 million from a public offering of 20 million shares.

The real estate investment trust, which concentrates on single-tenant real estate investments, said Tuesday that it priced the offering at $11.70 per share. That is a 3 percent discount to the company's Monday closing price of $12.05.

The stock fell 34 cents, or 2.8 percent, to $11.71 in morning trading. The shares have traded between $7.82 and $12.19 over the past year.

Lexington is also giving the underwriters a 30-day option to buy up to 3 million more shares.

The New York-based company said it plans to use about $137.9 million of the offering's net proceeds to pay back outstanding borrowings under an unsecured credit line and will use the rest for general corporate purposes.

The offering is expected to close Friday.