Health Care REIT, Inc. ( HCN ) disclosed the offering of 15.5 million common shares to strengthen its liquidity position. The company also provided underwriters a 30-day option to buy additional common shares of up to 2.3 million.
To be particular, Health Care REIT expects to use the generated proceeds from this offering to pay off advances under its main unsecured credit facility as well as meet investment needs in health care and seniors housing assets. The Goldman Sachs Group, Inc. ( GS ) and RBC Capital Markets of Regal Beloit Corporation ( RBC ) assisted this real estate investment trust (REIT) in this public offering.
For Health Care REIT, whose cash and cash equivalents stand at $207.4 million as of Jun 30, 2014, the payment of debt is encouraging, as it would reduce interest expenses. However, the dilutive effect of this offering on the shares cannot be avoided. Nevertheless, strategic investments will help Health Care REIT to enhance its portfolio quality, which in turn will boost its top-line growth going forward.
In view of this, on a separate development, Health Care REIT stated its projected acquisition pipeline of around $1.7 billion of properties for the second half of 2014. This was based on the acquisition completed in the third quarter and deals inked so far. Notably, the figure includes previously declared major buyouts of Gracewell Health Care business with Sunrise Senior Living; and HealthLease Properties REIT. The move was aimed at strengthening the company's focus on high-barriers-to-entry affluent markets around the world.
Health Care REIT currently carries a Zacks Rank #3 (Hold). Omega Healthcare Investors Inc. ( OHI ) is a better-ranked REIT having a Zacks Rank #2 (Buy).
REGAL BELOIT (RBC): Free Stock Analysis Report
HEALTH CR REIT (HCN): Free Stock Analysis Report
GOLDMAN SACHS (GS): Free Stock Analysis Report
OMEGA HLTHCARE (OHI): Free Stock Analysis Report
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Health Care REIT Boosts Liquidity; Guides 2H14 Buyouts - Analyst Blog
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