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.
Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
