The board of Healthcare Trust, Inc., a publicly registered non-traded real estate investment trust sponsored by AR Global, appointed Lee Elman as an independent director of the company and a member of the board’s audit committee and nominating and corporate governance committee.
Elman currently serves as an independent director for non-traded real estate investment trust American Realty Capital New York City REIT and Global Net Lease (NYSE: GNL), which completed its merger with non-traded REIT American Realty Capital Global Trust II last month.
Since 1979, Elman has served as president of Elman Investors, an international real estate investment banking firm which he also founded. He is also a partner of Elman Ventures, an organization which is advisor to, and partner with, various foreign investors in United States real estate ventures. Elman holds a juris doctorate from Yale Law School and a bachelor’s degree from Princeton University’s Woodrow Wilson School of Public and International Affairs.
Elman, like the other independent directors, will participate in the company’s compensation program, which includes a $30,000 annual retainer and $30,000 in restricted shares of common stock on the date of his appointment and at each annual stockholders’ meeting thereafter. The stock vests over a five-year period following the first anniversary of the date of grant in increments of 20 percent per year.
Healthcare Trust, which invests in multi-tenant medical office buildings, owns an 8.4 million-square-foot portfolio of 163 properties with a total purchase price of $2.3 billion. The company’s primary offering went effective in February 2013 and closed in November 2014 after raising $2.2 billion in investor equity.