HCP Announces Stock Offering and First Quarter Results

logo_hcpi HCP (NYSE:HCP) announced earlier this week that it has successfully completed its $440 million public offering of 20.7 million shares of common stock at a price per share of $21.25, which includes 2.7 million shares sold to the underwriters upon exercise of their option to purchase additional shares. HCP will use the proceeds to repay all amounts of indebtedness outstanding under its bridge loan facility, with the remainder to be used for general corporate purposes.  Many other real estate investment trusts have had success raising capital over the last few weeks and analysts are saying that this is a good sign for the broader commercial real estate market as stronger companies are able to raise capital to extinguish debt or use for acquisitions.