Curbline Finalizes $308.5M Equity Offering of 10 Million Shares
CURB sits 43% above its 52-week low of $21.62.
Summary
Curbline Properties has priced an offering of 10 million common shares, raising $308.5 million in gross proceeds. This finalizes the preliminary offering announced in a 424B5 filing earlier today. The offering represents a material dilution, adding 10 million shares to the company's outstanding share count. While priced near the current market price, this substantial increase in shares will weigh on per-share metrics. This capital raise follows the launch of a new $400 million At-The-Market equity program earlier this month and a Q1 10-Q that noted funding acquisitions via significant forward equity sales.
At the time of this announcement, CURB was trading at $30.87 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $3.3B. The 52-week trading range was $21.62 to $31.87. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.