Home Properties Inc. announced Tuesday pricing of a public offering of 3.85 million shares of its common stock at $63 a share.
Net proceeds will total some $232.7 million, the company said, after underwriting discounts and commissions and estimated offering expenses.
Home Properties has granted the underwriters a 30-day option to purchase up to an additional 577,500 shares of common stock. The offering is expected to close on or about Friday, subject to customary closing conditions.
The company expects to use the net proceeds from the offering to fund acquisitions, new development and redevelopment of apartment communities, and general corporate purposes, which may include paying down outstanding debt, capital expenditures and other working capital requirements.
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