05:02 PM EDT, 08/14/2024 (MT Newswires) -- National Health Investors ( NHI ) said late Wednesday it commenced a public offering of 2 million shares to four purchasers on a forward basis.

The company plans separate forward sale agreements with BofA Securities, JPMorgan, Wells Fargo Securities and BMO Capital Markets.

The underwriters expect a 30-day option to purchase up to 300,000 additional shares.

The company expects to use net proceeds for working capital and general corporate purposes, including funding acquisitions, repayment of short-term and long-term debt and investment in mortgages.

Shares of the company dropped 4.1% in after-hours activity.

Price: 71.53, Change: -3.06, Percent Change: -4.10