BUZZ-Digital Realty drops after Blackstone's $2.3 bln secondary offering
Morgan Stanley MS | 0.00 | |
Blackstone Inc. BX | 0.00 | |
Digital Realty Trust, Inc. DLR | 0.00 |
** Data center REIT Digital Realty's DLR.N shares down 4.5% to $182 in premarket trading on Tues after secondary offering priced
** DLR early Tues announced ~12.3 mln shares by affiliates of Blackstone BX.N at $185 for about $2.28 bln
** Offering price represents 2.9% discount to stock's last close
** Shares sold in offering to be issued to BX upon closing of DLR's acquisition of the asset manager's interests in Virginia data centers
** Morgan Stanley sole underwriter for offering
** Through Mon, DLR stock up 23% YTD and outperforming 12% advance in S&P 500 Real Estate sector .SPLRCR
** 24 of 33 analysts rate the stock "strong buy" or "buy", 9 "hold"; median PT $220, per LSEG
** Austin, Texas-based DLR has $67 bln market cap, based on ~351.4 mln shares outstanding
