In a statement, the diversified real estate investment trust said it expects to use proceeds to "repay amounts outstanding on its revolving credit facility and for general business purposes, including funding, in part, the pending acquisition of two biotech medical office buildings in Boston."
Underwriters will also be granted a 30-day option to purchase up to an additional 1.8 million shares.
Bank of America, Jefferies, Citigroup, Morgan Stanley and RBC Capital Markets will act as joint book-running managers for the offering.
After the bell, shares had slid 4.3% to $21.80.
TheStreet Ratings team rates SENIOR HOUSING PPTYS TRUST as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SENIOR HOUSING PPTYS TRUST (SNH) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth, reasonable valuation levels, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."