Affiliates of MacKenzie Realty Capital Inc. have launched a tender offer to purchase up to 5 million shares of NorthStar Healthcare Income Inc., a publicly registered non-traded real estate investment trust, for $3.39 per share. The offer expires on September 21, 2018.
The MacKenzie offering price is approximately 60 percent lower than NorthStar Healthcare Income’s most recent estimated NAV per share of $8.50. Shares of the REIT originally sold for $10.00.
NorthStar currently owns 800 shares of NorthStar Healthcare Income shares, and if all shares in the current offer are tendered, the REIT will pay approximately $16.9 million and own approximately 2.7 percent of the outstanding shares.
NorthStar Healthcare Income was formed to acquire, originate and asset manage a diversified portfolio of equity, debt and securities investments in healthcare real estate. NorthStar Healthcare Income commenced operations in February 2013, and through August 9, 2018, raised total gross proceeds of $2 billion, including $217.8 million in distribution reinvestment plan proceeds. The company oversees a $2.4 billion portfolio of 652 properties, according to Summit Investment Research.