Weil Named CEO of Two AR Global REITs
The boards of American Realty Capital Healthcare Trust III Inc. and Healthcare Trust Inc., two publicly registered non-traded REITs sponsored by AR Global, have elected Edward Michael Weil Jr. to serve as the companies’ chief executive officer and president.
The boards of American Realty Capital Healthcare Trust III Inc. and Healthcare Trust Inc., two publicly registered non-traded REITs sponsored by AR Global, have elected Edward Michael Weil Jr. to serve as the companies’ chief executive officer and president to replace W. Todd Jensen, effective September 12, 2018.
Weil will also replace Jensen as CEO and president of the respective companies’ advisor and property manager, effective as of that same date. Weil will continue to serve as the executive chairman of both companies.
Both companies said that the changes are not the result of any disagreement between the companies and Jensen.
American Realty Capital Healthcare Trust III raised $168 million prior to the cancellation of its offering in November 2015 following a series of ARC-related scandals. The company sold its 19 properties to affiliated non-traded REIT Healthcare Trust Inc. for $120 million and approved a $15.75 per share initial liquidating distribution in December 2017.
Healthcare Trust invests in multi-tenant medical office buildings and owns a portfolio of 185 properties with a total purchase price of $2.5 billion as of the second quarter of 2018, according to Summit Investment Research. The company’s primary offering was declared effective by the SEC in February 2013 and closed in November 2014 after raising $2.2 billion in investor equity.
