MacKenzie Offers $7.00 Per Share of Sentio Healthcare Properties in Latest Tender Offer

MacKenzie Realty Capital Inc., a non-traded business development company, made a tender offer to purchase up to 600,000 shares of Sentio Healthcare Properties for $7.00 each. If all shares are tendered, MacKenzie would pay a total purchase price of $4.2 million. The offer, which constitutes 5.21 percent of the outstanding shares, expires on September 21st.

Sentio Healthcare Properties, a publicly registered non-traded REIT, recently disclosed an estimated net asset value of $12.45 per share, as of December 31, 2015. Shares in the initial public offering were originally sold for $10.00 each.

Through previous tender offers, MacKenzie owns approximately 13,000 shares of Sentio, or 0.11 percent of those outstanding. In March, Mackenzie completed a purchase of 9,519 shares at $5.00 each, which is 40 percent less than the current offer.

Sentio Healthcare Properties closed its initial public offering in February 2011 after raising $123.9 million in investor equity. The company also raised $8.4 million in a follow-on offering that closed in June 2013, and continues to offer shares to existing stockholders through their distribution reinvestment plan. The company, which owns 34 properties, invests in senior living properties, triple net leased healthcare properties and medical office buildings.

MacKenzie Capital Management LP, a real estate investment management business based in Moraga, California, is the sponsor of MacKenzie Realty Capital and has specialized in the area of discounted real estate securities and asset management since its formation in 1982.

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