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Alexandria Real Estate (NYSE:ARE) slips 2.3% in after-hours trading after kicking off a public offering of 5M shares of common stock related to forward sale agreements.The REIT expects to enter into forward sale agreements with Citibank, Bank of America, Goldman Sachs, and JPMorgan Chase for the 5M shares.As a result, the forward purchasers are expected to borrow and sell to the underwriters a total of 5M shares of common stock that will be delivered in the offering.Expects to grant greenshoe option for up to 750,000 additional shares.The company doesn't receive any proceeds until the forward sales are physically settled.ARE plans to use any proceeds to fund pending and recently included acquisitions and the construction of highly leased development projects; any remaining proceeds would be used to reduce the outstanding balance on its $2.2B senior line of credit, if any, the outstanding balance on its new $750M senior line of credit and outstanding debt under its commercial paper program.The move follows a $700M senior notes offering in March.
Square's (SQ +5.0%) market capitalization doubled since May to ~$55B, surpassing that of Truist Financial (TFC +0.8%) and all but four banks in the KBW Bank Index.At Thursday's close, Square's market cap was $49.8B, far from reaching JPMorgan Chase's (JPM +1.9%) $282B and Bank of America's (BAC +1.6%) $202B.
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