Kansas City-based EPR Properties, a specialty real estate investment group, plans to sell 3.2 million shares of its stock at $52.25 a share, according to a news release.
The company’s underwriters have 30 days to purchase up to 480,000 additional shares. The company will receive about $160 million of the proceeds, after underwriting discounts and offering expenses. EPR will use the proceeds to pay down its existing unsecured revolving credit balance. The payment will allow EPR Properties to take out more credit to expand its acquisitions and building projects.
EPR Properties investments exceed $3.8 billion in the entertainment, recreation and eduction sectors.