REIT WP Carey down after $432 mln equity offering

W.P. Carey WPC.N shares down 3.3% before the bell to $71.68 after $432 mln stock sale

New York City-based diversified REIT and commercial real estate owner late Tues announced 6 mln shares on a forward basis

Offering priced at $72, a 2.9% discount to stock's last sale on Tues

WPC entered into 2-yr forward sale agreements with BofA and JP Morgan, and upon any settlements, it intends to use net proceeds to fund potential future investments, repay debt, and for general corporate purposes

A forward sale component allows the REIT to secure current stock price and postpone new share issuance and reaping proceeds until they are needed, and delay dilution

With ~219.2 mln shares outstanding, WPC has ~$16 bln market cap

Through Tues close, stock up 15% YTD and up ~26% over the past 12 months

Of 13 analysts, 3 rate "buy", 9 rate "hold" and 1 recommends "sell"; median PT $72, per LSEG data