Alexandria Real Estate Equities, Inc. (ARE) said Friday that it has completed the sale of its underwritten public offering of shares of common stock.
The company sold a total of 7.59 million shares of common stock at a price of $73.50 per share, including 990,000 shares issued pursuant to the exercise in full of the underwriters' option to purchase additional shares.
The net proceeds of the sale were about $535.5 million, after payment of underwriting discounts and commissions.
The company plans to initially use the net proceeds from the offering to reduce the outstanding balance on its unsecured senior line of credit. The company may then borrow from time to time under its unsecured senior line of credit to fund the selective development or redevelopment of life science properties, to fund property acquisitions, to repay other debt, or for general working capital and other corporate purposes.
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