The board of Healthcare Trust Inc., a publicly registered non-traded real estate investment trust sponsored by AR Global, is urging shareholders to reject an unsolicited tender offer launched by MacKenzie Realty Capital and its affiliates.
MacKenzie is offering to purchase up to one million shares of Healthcare Trust common stock for $10.99 per share offer, which is approximately 45.7 percent less than the REIT’s current net asset value of $20.25 per share.
Healthcare Trust said that it became aware of MacKenzie’s latest offer after being notified by a shareholder that he had received a communication from the company.
“It is unfortunate that MacKenzie continues to use forms and materials which seem to be designed to mislead stockholders into believing they are issued by HTI,” the REIT said in a statement. “MacKenzie’s disdain for HTI stockholders is apparent from the condescending tone taken in its letter and the fact that MacKenzie didn’t take enough care to proof-read for grammar or accuracy, or to correctly reference HTI’s comprehensive public filings, from which they freely quote out of context and without indicating
In other Healthcare Trust news, the company has appointed Edward Michael Weil Jr. to serve its new chief executive officer and president replacing W. Todd Jensen, effective September 12, 2018.
Healthcare Trust invests in multi-tenant medical office buildings and owns a portfolio of 185 properties with a total purchase price of $2.5 billion as of the second quarter of 2018, according to Summit Investment Research. 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.