HCP Plans Secondary Offering

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Real estate investment trust HCP Inc. said Wednesday that it has priced an offering of 15.5 million new shares at $24.75 each, which is expected to produce net proceeds of $384 million.

The Long Beach company, which invests in health care properties, said it increased the offering from the original 11.5 million announced Tuesday due to higher-than-expected investor demand.

The REIT said it will use proceeds to pay off its revolving credit agreement. The price is roughly a 6 percent discount from HCP’s closing price Tuesday.

Also, late Tuesday, HCP reported its second quarter net income fell to 59 percent to $91.8 million. Funds from operations, an industry metric, rose nearly 23 percent to $146 million.

Shares were down 82 cents, or 3 percent, to $25.64 in midday trading on the New York Stock Exchange.

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