Federal Realty dips after unveiling $400 mln convertible offering
FRT•Details of the private offering
North Bethesda, Maryland-based company is offering privately $400 million exchangeable notes due 2031.
The company intends to use net offering proceeds to repay debt and for general corporate purposes.
It also plans to use some proceeds to pay the cost of capped calls, derivative transactions employed to offset potential dilution.
Recent performance and analyst view
FRT has roughly a $10.5 billion market cap.
The company last week raised its annual core FFO forecast on strong leasing demand and rent growth.
FRT's stock is now up 20% year to date.
The average rating of 19 analysts is "buy"; the median price target of $134 is up from $124 a month ago, per LSEG.
Shares dip after capital raise news
Shopping center REIT Federal Realty Investment Trust's FRT.N shares were down 1% at $120.65 on Thursday after the capital raise news.
