HCP said Monday that it completed a $440 million public offering of 20.7 million shares of common stock.

The price per share of $21.25 included 2.7 million shares sold to the underwriters upon exercise of an option to purchase additional shares. The Long Beach health care real estate investment trust has 254 million shares outstanding.

The company, which invests in senior housing, life science, medical office and hospital buildings, said it plans to use the proceeds to repay all indebtedness outstanding under its bridge loan facility, with the remainder to be used for general corporate purposes.

HCP shares were down 88 cents, or 4 percent, to $22.10 in midday trading on the New York Stock Exchange.