Sentio Healthcare Properties Announces $14.65 Cash per Share Merger Consideration
August 8, 2017 | James Sprow | Blue Vault
On August 8, 2017, Sentio Healthcare Properties, Inc. filed an 8-K report to announce the amount of cash per share of common stock to be received if the merger with KAREP Master JV, LLC and other transactions contemplated by the Agreement and Plan of Merger dated as of May 3, 2017, is approved by stockholders at special meeting of stockholders of the Company to be held on August 10, 2017.
The Company announced the amount of cash to be received if the merger is completed which is $14.65 per share. Additional information regarding the consideration to be received if the merger is completed is available in the Proxy Statement as filed with the Securities and Exchange Commission on July 7, 2017 and mailed to the Company’s investors on or about July 14, 2017.
Sentio Healthcare Properties, Inc., was formed in October, 2006, and is a nontraded REIT and operates in three reportable business segments: senior living operations, triple-net leased properties and medical office building properties. As of March 31, 2017, the company owned or had joint venture interests in 34 properties, including 27 memory care, assisted-and independent-living facilities, one medical office building and five operating healthcare facilities. The REIT had $577.6 million in total assets and $473.5 million total net investment in real estate, and a real estate note receivable with a $36.9 million book value.
In 2013 the REIT entered into an agreement with KKR to obtain equity funding to finance investment opportunities and had received $158.7 million through the issuance of Series B preferred OP units which KKR can convert to common units at its discretion.
