TOLEDO, OH—Health Care REIT said Thursday afternoon that its acquisition pipeline for the second half of the year would total $1.7 billion, mainly in the seniors health and housing segments. To that end, the Toledo, OH-based REIT on Friday priced a stock offering that could raise more than $1 billion.
HCN has priced the offering of 15.5 million common shares at $63.75, and will give the underwriters an option to purchase up to 2,325,000 additional shares. That would yield up to $1.1 billion, which the REIT plans to use to repay debt and acquire properties.
An SEC filing on Thursday did not specify a delivery date for the shares. Goldman Sachs, RBC Capital Markets, BofA Merrill Lynch, Citigroup, Deutsche Bank Securities, J.P. Morgan and Morgan Stanley are acting as joint book-running managers for the offering. This past June, HCBN completed an offering of similar size, selling 16.1 million shares at $62.35 per share.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.