AR Global’s Healthcare Trust Prices Preferred Stock Offering
Healthcare Trust Inc., a publicly registered non-traded real estate investment trust sponsored by AR Global, has announced the pricing of an underwritten public offering of 2.2 million shares of its 7.375% Series A cumulative redeemable perpetual preferred stock.
Healthcare Trust Inc., a publicly registered non-traded real estate investment trust sponsored by AR Global, has announced the pricing of an underwritten public offering of 2.2 million shares of its 7.375% Series A cumulative redeemable perpetual preferred stock at a public price of $25.00 per share. In addition, the company granted the underwriters a 30-day option to purchase up to an additional 330,000 shares.
Series A preferred stock is listed on The Nasdaq Global Market under the symbol “HTIA,” and has a $25.00 liquidation preference per share.
The company expects to receive net proceeds from the offering, after deducting the underwriting discount, of approximately $53.3 million and expects to close the transaction on or about May 11, 2021.
The company plans to use the net proceeds to repay debt under its revolving credit facility, and may then draw on the facility to borrow any repaid amounts for general corporate purposes, including purchases of additional properties.
The bookrunners for the offering are B. Riley Securities, National Securities Corporation, Janney Montgomery Scott, Ladenburg Thalmann and William Blair. The co-managers for the offering are Aegis Capital Corp., Boenning & Scattergood, Colliers Securities LLC and Wedbush Securities Inc.
The Series A Preferred Stock was offered via a preliminary prospectus forming part of the registration statement which was declared effective by the Securities and Exchange Commission on May 6, 2021.
Healthcare Trust invests in multi-tenant medical office buildings and owned a $2.6 billion portfolio of 193 properties, as of the fourth quarter of 2020. 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.
