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Two REITs Unveil Share Offerings, Pushing Their Stocks

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MWM Member Level  Friday, 08/19/11 11:12:25 AM
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Two REITs Unveil Share Offerings, Pushing Their Stocks Lower
AUGUST 17, 2011, 5:18 P.M. ET.
DOW JONES NEWSWIRES

Two real-estate investment trusts--Invesco Mortgage Capital Inc. (IVR) and AvalonBay Communities Inc. (AVB)--separately announced plans to offer common shares, pushing their stocks lower in after-hours trading.

Invesco shares fell 4.7% to $18.39 after hours, while AvalonBay stock was 3.4% lower at $129.

Their offering announcements follow one of the most tumultuous weeks for equities in history. Last week, the Dow Jones Industrial Average swung between huge gains and losses because of uncertainty about the strength of the U.S. economy and Europe's debt crisis.

Invesco, a unit of investment manager Invesco Ltd. (IVZ), said it planned to offer 20 million shares of common stock, which would boost its total outstanding by about 21%. It will grand an addition 3 million shares to cover overallotments. The REIT, which focuses on financing and managing residential and commercial mortgage-backed securities and loans, said it planned to use proceeds to acquire more of those products. Invesco has made several other share offerings in the last year.

AvalonBay, an upscale-apartment owner and builder, said it would offer 4.8 million shares of stock as part of its current shelf registration. That would increase its number outstanding by 5.3%.

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