InvenTrust Properties falls after $224 mln equity offering

InvenTrust Properties

24/09/2024 15:08

** InvenTrust Properties Corp's  IVT.N  shares fall 2.4% to
$28.79, about 1-mth low, early Tues after overnight follow-on
priced
    ** Sun Belt focused retail REIT late Mon announced 8 mln
shares at $28 for $224 mln gross raise
    ** Deal size boosted from 6.5 mln shares, priced at 5.1%
discount to stock's $29.49 last sale
    ** Co plans to use net offering proceeds to fund
acquisitions, repay short-term and long-term debt, including
mortgage loans, which include $72.5 mln loan with Bank of
America  BAC.N  and amounts under its revolver
    ** With ~67.93 mln shares outstanding, co has ~$2 bln market
cap
    ** JP Morgan, BofA, Wells Fargo leading equity offering
    ** Including move on the session, IVT up ~14% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))