American Healthcare REIT drops after $712 mln equity offering
AHR•Recent performance and analyst coverage
Through Monday, AHR stock was up 18% year to date.
All 15 analysts covering the stock are bullish, with a median price target of $60, according to LSEG data.
Offering terms and planned use of proceeds
The offering price of $53.75 was a 3.1% discount to the stock's last close.
The company entered into 24-month forward sale agreements with bookrunners Morgan Stanley, Citigroup and KeyBanc. Upon settlement of the agreements, it expects to use net proceeds for a pending acquisition, potential future investments and general purposes.
Irvine, California-based American Healthcare REIT has about 218 million shares outstanding.
In May, AHR priced a $706 million equity offering, also with a forward sale agreement.
Shares fall after overnight follow-on pricing
Shares of American Healthcare REIT AHR.N were down 3.7% at $53.40 before the bell on Tuesday after the overnight follow-on was priced.
The senior housing and skilled nursing facilities operator late Monday announced 13.25 million shares for about $712.2 million on a forward sale basis.
