Carter Validus Mission Critical REIT Suspends Share Repurchase Program

The board of Carter Validus Mission Critical REIT Inc., a publicly registered non-traded real estate investment trust, has suspended the company’s share repurchase program for the rest of the year, according to a filing with the Securities and Exchange Commission.

The board of Carter Validus Mission Critical REIT Inc., a publicly registered non-traded real estate investment trust, has suspended the company’s share repurchase program for the rest of the year, according to a filing with the Securities and Exchange Commission.

Carter Validus Mission Critical REIT limits the number of shares repurchased during any calendar year to 5 percent of the outstanding shares on December 31st of the previous calendar year. The company said that it has already reached its 5 percent share repurchase limit and will not be able to fully process all repurchase requests for the month of April 2018.

The suspension will go into effect for the May 2018 repurchase period and will continue until the board resumes the program at a yet-to-be determined time.

For April repurchase requests, shares will be repurchased pro rata as follows: first, repurchases upon the death of a stockholder; next, repurchases to stockholders who demonstrate, in the discretion of the board, another involuntary exigent circumstance such as bankruptcy; third, repurchases to stockholders subject to a mandatory distribution requirement under an IRA; and finally, all other repurchase requests.

Carter Validus Mission Critical REIT invests in net leased data center and healthcare assets and oversees a portfolio of 66 properties (3 data center and 63 healthcare properties) purchased for approximately $1.1 billion. The company’s offering, which was declared effective by the SEC in December 2010, closed in June 2014 after raising more than $1.7 billion in investor equity.

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