Healthcare Trust Inc., a publicly registered non-traded real estate investment trust sponsored by AR Global, has commenced a self-tender offer for up to 200,000 shares priced at $8.50 each in response to a recently launched unsolicited offer by MacKenzie Capital Management to buy 200,000 shares of the REIT’s common stock. MacKenzie is offering $7.99 per share, and both offers expire on February 7, 2020.
Healthcare Trust said that it launched the tender offer “in order to deter MacKenzie and other potential future bidders that may try to exploit the illiquidity of the shares and acquire them from the company’s stockholders at prices substantially below their estimated [net asset value per share].”
In April 2019, the Healthcare Trust board approved a $17.50 NAV per share as of December 31, 2018. MacKenzie’s offer price is $9.51 per share less, or 54.3 percent, than the REIT’s NAV per share. Shares originally sold for $25.00 each, and distributions are currently paid at an annual rate of $0.85 per share, or approximately $0.07 per month per share.
Healthcare Trust invests in multi-tenant medical office buildings and owned a portfolio of 193 properties, as of the third quarter of 2019. The company’s primary offering was declared effective by the SEC in February 2013 and closed in November 2014 after raising $2.2 billion in investor equity.