Pacific Gulf Properties to Sell Securities
NEWPORT BEACH — Pacific Gulf Properties Inc. is planning to sell as much as $250 million of securities, according to documents filed Wednesday with the Securities and Exchange Commission.
The real estate investment trust, which owns and operates industrial and multifamily properties, filed a shelf registration that allows it to register securities in advance and then sell them as needed. The company will have the option of selling common and preferred stock, as well as warrants, according to the filing. Pacific Gulf said it will use proceeds from the offering for general purposes, including acquiring property and repaying debt.
Earlier this year, the company, which had been on a buying spree, agreed to issue 1.35 million shares of preferred stock to a private investment fund to generate funds for more property acquisitions and other purposes.
The stock closed Wednesday at $22.875, down 12.5 cents a share.
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