NASHVILLE, Tenn. (AP) -- Healthcare Realty Trust said Tuesday that it will receive approximately $79.2 million in gross proceeds from a public offering of 3 million shares of its common stock.
The proceeds amount is before taking out underwriting discounts and commissions and estimated offering expenses.
The real estate investment trust plans to use the offering's net proceeds to repay outstanding borrowings under an unsecured credit facility, to acquire health care facilities and for other general corporate purposes.
The offering is expected to close on Friday.
Shares of Healthcare Realty Trust Inc., which is based in Nashville, Tenn., fell 39 cents to $26.76 in morning trading. It is not uncommon for a company's stock to fall when it makes a public stock offering, since the offering increases the company's outstanding shares — which dilutes the value of existing shares held by stockholders.