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Alexandria Real Estate Prices 6.1M Common Shares Offering
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Alexandria Real Estate Equities, Inc. (ARE - Free Report) announced the pricing of public offering of 6.1 million common shares at $108.55 per share. Out of these, four million shares will be subject to forward sale agreements. This move is likely to add to the financial flexibility of this Pasadena, CA-based real estate investment trust (“REIT”). Subject to the satisfaction of certain customary closing conditions, the offering is likely to close around Mar 15.
The REIT will receive proceeds from the sale of its common shares in the public offering. However, the company will not receive any proceeds through forward sales in the initial phase. Notably, Alexandria Real Estate inked forward sale agreements with some banks with respect to four million common shares.
Alexandria Real Estate’s primary focus is on the ownership, operation, management, selective redevelopment, development and acquisition of life science properties. The company plans to use the net proceeds to fund the pending and recently-completed acquisitions, and near-term highly-leased development projects. Also, it plans to use the proceeds for the redemption of its outstanding debt and for general working capital and other corporate purposes.
Currently, Alexandria Real Estate carries a Zacks Rank #2 (Buy).
Shares of Alexandria Real Estate outperformed the Zacks categorized REIT and Equity Trust – Other industry in the last three months. During that time frame, shares of the company increased 4.4%, whereas the industry gained 1%.
In the last 30 days, Global Net Lease’s funds from operations (FFO) per share for first-quarter 2017 escalated 11.1% to 60 cents.
In the last 30 days, CoreSite Realty’s FFO per share for first-quarter 2017 increased 5% to $1.06.
CorEnergy Infrastructure Trust’ first-quarter 2017 FFO per share estimates moved up 4.7% to $1.12, in the last 30 days.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
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Alexandria Real Estate Prices 6.1M Common Shares Offering
Alexandria Real Estate Equities, Inc. (ARE - Free Report) announced the pricing of public offering of 6.1 million common shares at $108.55 per share. Out of these, four million shares will be subject to forward sale agreements. This move is likely to add to the financial flexibility of this Pasadena, CA-based real estate investment trust (“REIT”). Subject to the satisfaction of certain customary closing conditions, the offering is likely to close around Mar 15.
The REIT will receive proceeds from the sale of its common shares in the public offering. However, the company will not receive any proceeds through forward sales in the initial phase. Notably, Alexandria Real Estate inked forward sale agreements with some banks with respect to four million common shares.
Alexandria Real Estate’s primary focus is on the ownership, operation, management, selective redevelopment, development and acquisition of life science properties. The company plans to use the net proceeds to fund the pending and recently-completed acquisitions, and near-term highly-leased development projects. Also, it plans to use the proceeds for the redemption of its outstanding debt and for general working capital and other corporate purposes.
Currently, Alexandria Real Estate carries a Zacks Rank #2 (Buy).
Shares of Alexandria Real Estate outperformed the Zacks categorized REIT and Equity Trust – Other industry in the last three months. During that time frame, shares of the company increased 4.4%, whereas the industry gained 1%.
Investors interested in the REIT and Equity Trust – Other industry, may consider stocks like Global Net Lease, Inc. (GNL - Free Report) , CoreSite Realty Corporation (COR - Free Report) and CorEnergy Infrastructure Trust, Inc. . All these stocks carry a Zacks Rank #2. You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
In the last 30 days, Global Net Lease’s funds from operations (FFO) per share for first-quarter 2017 escalated 11.1% to 60 cents.
In the last 30 days, CoreSite Realty’s FFO per share for first-quarter 2017 increased 5% to $1.06.
CorEnergy Infrastructure Trust’ first-quarter 2017 FFO per share estimates moved up 4.7% to $1.12, in the last 30 days.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>