American Realty Capital Healthcare Trust III, a publicly registered non-traded real estate investment trust sponsored by AR Global, completed the sale of substantially all of its assets to affiliated non-traded REIT Healthcare Trust Inc. for $120 million.
ARC Healthcare Trust III investors approved the asset sale at the 2017 annual meeting of stockholders held on December 21, 2017, as well as the liquidation and dissolution of the company.
The board approved an initial liquidating distribution of $15.75 per share of common stock to be paid on January 5, 2018 to stockholders of record at the close of business on December 22, 2017.
ARC Healthcare Trust III estimates that stockholders will receive $17.67 to $17.81 per share of common stock. Shares were originally sold for $25.00 each.
American Realty Capital Healthcare Trust III raised $168 million prior to the cancellation of its offering following a series of ARC-related scandals and currently owns a portfolio of 19 properties purchased for a total of $128.3 million.
Healthcare Trust, formerly American Realty Capital Healthcare Trust II, owns an 8.6 million-square-foot portfolio of 166 properties with a total purchase price of $2.4 billion, according to Summit Investment Research. The company’s primary offering went effective in February 2013 and closed in November 2014 after raising $2.2 billion in investor equity.