07:39 AM EDT, 09/06/2024 (MT Newswires) -- AvalonBay Communities ( AVB ) shares were down 2% in Friday's premarket activity after the company priced a public offering of 3.2 million shares of common stock as part of a forward sale agreement with expected total proceeds of about $710.4 million.

Forward purchasers or their affiliates will borrow and sell to the underwriters shares that will be delivered in the offering. The offering is expected to close Monday.

The company also granted underwriters a 30-day option to purchase up to 480,000 additional shares.

AvalonBay plans to use net proceeds for general corporate purposes or to pay down debt.

Price: 222.20, Change: -4.32, Percent Change: -1.91