Property Types Seniors Housing
Feb 4, 2008
By: Dees Stribling, Contributing Correspondent
Ventas Inc. has completed the sale of more than 4.48 million shares of its common stock in an offer that was announced last week, as reported by CPN. All together, the company has received net proceeds from the sale of about $191.1 million.
According to the company, it plans to use the proceeds to pay down outstanding debt under its revolving credit facility, and for possible acquisitions. The shares were sold to UBS Investment Bank, as sole underwriter, at a price of $42.78 per share. The 4.48 million share total also included 585,000 shares sold under UBS's overallotment
option.
Though a time-honored strategy for raising capital, stock sales have been popular recently among specialty REITs (such as Ventas) for raising funds to pay down revolving credit lines or to fuel further acquisitions. In December, for example, Health Care REIT offered 3.5 million shares of common stock, and in January, Digital Realty Trust offered 12 million shares of preferred stock.
Louisville-based Ventas specializes in healthcare properties. Its 518-property portfolio includes seniors housing communities, skilled nursing facilities, hospitals an
By: Dees Stribling, Contributing Correspondent
Ventas Inc. has completed the sale of more than 4.48 million shares of its common stock in an offer that was announced last week, as reported by CPN. All together, the company has received net proceeds from the sale of about $191.1 million.
According to the company, it plans to use the proceeds to pay down outstanding debt under its revolving credit facility, and for possible acquisitions. The shares were sold to UBS Investment Bank, as sole underwriter, at a price of $42.78 per share. The 4.48 million share total also included 585,000 shares sold under UBS's overallotment
option.
Though a time-honored strategy for raising capital, stock sales have been popular recently among specialty REITs (such as Ventas) for raising funds to pay down revolving credit lines or to fuel further acquisitions. In December, for example, Health Care REIT offered 3.5 million shares of common stock, and in January, Digital Realty Trust offered 12 million shares of preferred stock.
Louisville-based Ventas specializes in healthcare properties. Its 518-property portfolio includes seniors housing communities, skilled nursing facilities, hospitals an
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