The first of two Schorsch non-traded REITs with plans of listing this month has done so today. American Realty Capital Healthcare Trust, Inc. (ARC Healthcare) listed today on the NASDAQ Global Select Market under the ticker symbol HCT.
Opening price was officially $10.50 per share and the close was $10.55. During the day, the stock traded as low as $10.25 and as high as $10.70 with 1,560,064 shares exchanged.
“ARC Healthcare’s successful listing on NASDAQ is a very important milestone for the company. By listing on NASDAQ, we achieve two goals: position the company for more efficient access to the capital markets to drive future growth and provide liquidity for our shareholders,” commented ARC Healthcare Chief Executive Officer Tom D’Arcy in a statement.
ARC Healthcare officially began offering shares in February of 2011. Since then, the REIT has built a portfolio of 141 healthcare properties with a focus on medical office buildings and senior housing.
Executive Chairman of ARC Healthcare’s Board of Directors Nicholas S. Schorsch added, “Our focus has always been to enhance shareholder value by building a well-diversified portfolio of assets, with a strong and flexible capital structure, led by an experienced and proven management team. By strategically and systematically executing our business plan, which includes today’s listing of our shares on NASDAQ, we believe ARC Healthcare is well-positioned to further drive value throughout the next phase of the company’s evolution.”
The REIT also commenced a tender offer today in which it will purchase up to $150 million of its common stock from its stockholders at a price of $11 per share. This offer expires at midnight on May 2, 2014.
American Realty Capital New York Recovery REIT plans to list on the New York Stock Exchange on April 15th under the symbol NYRT.