Ventas (VTR) said late Wednesday it has started an underwritten public offering of 10.6 million shares.

Underwriters in the offering will have a 30-day option to buy up to an additional 1.6 million shares, the company said.

Ventas said it will sell shares to a forward purchaser, an affiliate of Wells Fargo Securities, and will receive proceeds from the sale of these shares in one or more settlement dates, within a year. If the forward purchaser cannot borrow all the shares, Ventas will directly sell the remaining shares to the underwriter.

The company said it will not initially receive any proceeds from the sale of shares by the forward seller to the underwriter. Net proceeds from the settlement will be used for working capital and other general corporate purposes.