BUZZ - CareTrust REIT shares fall after launching stock offering

November 11 - ** CareTrust REIT (CTRE.N) shares fell 2.2% in after-hours trading to $37.76 after the company announced a planned equity offering

** The real estate investment trust (REIT) focused on skilled nursing and senior housing (link) has launched a 17 million share offering

** The company expects to enter into forward sale agreements with Bank of America and Morgan Stanley

** After settlement of the agreements, the company plans to use the net proceeds for general corporate purposes, which may include potential future acquisitions or investments, or to repay debt

** Bank of America, Morgan Stanley, JPMorgan, and Wells Fargo are acting as joint bookrunners for the offering

** California-based Dana Point-headquartered CTRE currently has approximately 257.66 million shares outstanding

** On Wednesday's close, the share price fell 0.6% to $38.61, up about 7% year to date

** According to data from London Stock Exchange Group (LSEG), the average rating from 15 analysts is “buy,” with a median price target of $44

(To assist non-English speakers, Reuters has automatically translated its report into several other languages. Because automated translation may be inaccurate or lack necessary context, Reuters does not guarantee the accuracy of the translated texts, which are provided solely for the reader’s convenience. Reuters accepts no responsibility for any damage or loss caused by the use of automated translation.)