American Realty Capital Healthcare Trust, Inc. (ARC Healthcare) and American Realty Capital New York Recovery REIT (NYRR), both sponsored by American Realty Capital, announced today their plans to list on the NASDAQ Global Select Market (NASDAQ) and the New York Stock Exchange (NYSE), respectively.
ARC Healthcare, a non-traded REIT focused on acquiring income-producing healthcare properties, has announced its intention to file an application to list its common stock on the NASDAQ and begin trading on April 7, 2014 under the ticker symbol “HCT”.
Mr. Schorsch, who is also Executive Chairman of ARC Healthcare’s Board of Directors, commented, “We are very excited for ARC Healthcare to continue its evolution as it enters the next phase of growth as a NASDAQ listed company.”
He continued, “Our focus on stockholder returns, quality investments and balance sheet flexibility will continue to guide our future strategies for growth.”
NYRR, a non-traded REIT specializing in acquiring real estate in the New York metropolitan area, has already been cleared to list its common stock on the NYSE. The company expects to list on April 15, 2014 under the ticker symbol “NYRT” and intends to change its name to New York REIT, Inc.
Nicholas Schorsch, NYRR’s Chief Executive Officer and Chairman of the Board of Directors, stated “This is a very important milestone for our shareholders who will soon have the benefit of owning shares listed on the NYSE and the flexibility to either sell their shares or remain as stockholders while we continue to grow this business and create additional value for our investors.”
In addition, both companies have also announced their intentions to commence tender offers to purchase shares of their common stock.
Subject to all necessary filings with the SEC, ARC Healthcare will purchase up to $150 million worth of shares of its common stock at a purchase price of $11 per share.
NYRR will purchase up to $250 million of its shares of common stock at $10.75 per share.
The tender offers will commence the same day as the listings, with ARC Healthcare’s expiring on May 5, 2014 and NYRR’s expiring on May 13, 2014. The tender offers will be funded by each company’s cash on hand and their unsecured revolving credit facilities.
The companies believe that listing will provide them with lower cost capital and will help drive portfolio growth, as well as increase value for stockholders.
NYRR’s portfolio consists of 23 New York City properties and ARC Healthcare’s portfolio consists of 141 healthcare properties across the U.S.
Completion of both companies listings are subject to final approval by the NYSE for NYRR and the NASDAQ for ARC Healthcare.