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TOLEDO, OH-Health Care REIT Inc. has plans in place to offer eight million shares of its common stock. The company had originally planned to offer five million shares but increases the total offering due to investor demand. The shares have been listed at $40.40 per share.

The public offering could mean gross proceeds of $323.2 million. The locally-based company has plans to utilize the proceeds to retire $53.1 million of mortgages payable and to purchase additional properties.

The underwriters will be give a 30-day option to purchase an additional 1.2 million shares to cover over-allotments. Gross proceeds would increase to $371.7 million is the underwriters take the over-allotment option.

BofA Merrill Lynch, J.P. Moran and UBS Investment Bank are the joint bookrunning managers. The offering will close September 4.

Health Care REIT, which focuses on senior housing and health care real estate, has a portfolio that contains 620 properties in 39 states. The company is run by George Chapman, chairman, president and CEO.

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