Carter Validus Mission Critical REIT Inc. and Carter Validus Mission Critical REIT II Inc., two publicly registered non-traded real estate investment trusts, each named company president Michael Seton as chief executive officer effective immediately. Seton will continue to serve as a president of both companies.
Seton succeeds John Carter who resigned as CEO but will continue to serve as chairman of the both REIT boards.
“As the chief executive officer, I will focus on all aspects of the day-to-day management of CVREIT and CVREIT II, which currently have combined assets of approximately $3.4 billion,” said Seton. “The goal of the management team will be to continue to determine and execute on the courses of action that best align each company for success and deliver the desired returns to our stockholders.”
Both REITs invest in mission critical real estate assets located throughout the United States, including data center and healthcare properties. Mission critical real estate assets are purpose-built facilities designed to support the most essential operations of tenants.
Carter Validus Mission Critical REIT’s portfolio is comprised of 66 properties (3 data center and 63 healthcare properties) purchased for approximately $1.1 billion, as of January 22, 2018. 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, according to Summit Investment Research.
Carter Validus Mission Critical REIT II raised more than $1.3 billion in investor equity since launching in May 2014. The REIT’s $1.6 billion portfolio is comprised of 70 properties (25 data center and 45 healthcare properties), as of January 16, 2018.