NEW YORK (TheStreet) -- Shares of Health Care REIT, Inc. (HCN) are slipping, down 3.5% to $64.16 in after-hours trading today, following the company's announcement that it filed to sell 15.5 million shares of its common stock.
Net proceeds from this offering will be used to repay advances under its primary credit facility as well as for general corporate expenses, like investing in health care and senior housing properties.
Goldman Sachs Group (GS) and RBC Capital Markets are acting as joint book-running managers for the offering.
Also, Health Care REIT announced today that it has signed a letter of intent and anticipates acquiring approximately $1.7 billion of properties in the second half of 2014.
Separately, TheStreet Ratings team rates HEALTH CARE REIT INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate HEALTH CARE REIT INC (HCN) 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 robust revenue growth, reasonable valuation levels, good cash flow from operations, increase in net income and increase in stock price during the past year. We feel these strengths outweigh the fact that the company shows low profit margins."