AR Capital’s Healthcare Trust Exploring Strategic Alternatives
Healthcare Trust, Inc. a publicly registered non-traded real estate investment trust formerly known as American Realty Capital Healthcare Trust II, has initiated a review process to identify, examine, and consider a range of strategic alternatives.
“The steps we are taking represent our commitment to maximize value to our shareholders over the long term,” said Randolph Read, chairman of the board.
The independent directors are leading the review of strategic alternatives and a special committee has been formed to address potential conflicts of interest. The board, which is in the process of engaging a real estate investment banking group as financial advisor, has retained Gibson, Dunn & Crutcher LLP as special legal counsel in connection with such strategic review process.
Last year, the REIT planned to list its shares on a national exchange under the ticker symbol “HTI,” but later canceled, citing “current market conditions” as the reason.
Healthcare Trust Inc. invests in senior housing and healthcare real estate in the United States. The company owns 166 properties totaling 8.5 million square feet located in 29 states. The company commenced its initial public offering in February 2013 and has raised $2.1 billion in investor equity since that time.
The REIT closed its offering in November 2014, and recently declared a per share net asset value of $22.27. Shares were originally priced at $25.00 each.
AR Capital, the REIT’s former sponsor, and Realty Capital Securities, its former dealer manager, were involved in a series of scandals that eventually led to the termination of all AR Capital-sponsored investment programs and an agreement by RCS to terminate its business. AR Global Investments, the REIT’s sponsor, is the successor business to AR Capital.
