- Kilroy Realty (NYSE:KRC) starts a public offering of 5M shares in connection with a forward sale agreement.
- Barclays (LON:BARC) and Citigroup (NYSE:C) will act as joint book-running managers of the offering.
- KRC expects to enter forward sale agreements with affiliates of Barclays and Citigroup with respect to 5M shares, or 5.75M shares if the over-allotment option is exercised.
- Under the forward sale agreements, forward purchasers, at Kilroy Realty's request, are expected to borrow from third parties and sell to the underwriters a total of 5M shares for resale by the underwriters.
- If any forward purchaser does not deliver and sell all the shares of KRC's stock to the underwriters, Kilroy Realty will issue and sell to the underwriters a number of shares to make up the difference.
- The company intends to use the net proceeds, if any, it receives upon settling forward sale agreements for general corporate purposes, which may include funding development projects, acquiring land and properties and repaying outstanding indebtedness.
- Source: Press Release
- Previously: Kilroy Realty FFO of $0.86 (July 25)
- Now read: Mack-Cali Realty Corp. 2018 Q2 - Results - Earnings Call Slides
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