Shares of Alexandria Real Estate Equities, Inc. (ARE) are slipping nearly 5% on Tuesday morning. The company announced that it has priced a secondary offering of 7 million shares at $184 per share.
ARE is currently trading at $184.92, down $8.61 or 4.45%, on the NYSE. The company has traded between $150.08 and $193.99 in the 52-week period.
Alexandria Real Estate Equities announced the pricing of its upsized public offering of 7 million common shares at a price of $184.00 per share.
The company expects to use the net proceeds, if any, it receives upon the future settlement of the forward sale agreements to fund pending acquisitions and for general working capital and other corporate purposes.
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