Healthcare Realty launches stock sale

REIT looks to pay down some unsecured debt

Healthcare Realty Trust executives said late Monday they plan to sell three million shares to the public, a move that should net the company more than $70 million.

The secondary offering is the latest in a series of corporate finance transactions at Healthcare Realty. So far this year, the leaders of the Nashville-based company have renegotiated the interest rate on their unsecured credit line, sold a batch of 10-year notes and filed to sell nine million shares to pursue their growth strategies.

Proceeds from this latest offering — which will be in addition to the $136 million the company has raised so far this year via at-the-market sales — will go toward the purchase of facilities, paying down some of the company's $230 million in unsecured debt and the catch-all category of general corporate purposes. The company expects to complete the sale later this week.

Healthcare Realty has invested about $3 billion in more than 200 properties and mortgages in 28 states. Its shares (Ticker: HR) closed Monday trading at $27.15, up slightly on the day. So far this year, they have climbed 13 percent.

JPMorgan is managing Healthcare Realty's offering.