Sentio Healthcare Properties Shareholders Approve Merger with Kayne Anderson Real Estate Advisors

August 11, 2017 | James Sprow | Blue Vault

A Special Meeting of Stockholders of Sentio Healthcare Properties, Inc. was held on August 10, 2017. The only proposal submitted to a vote at the meeting was to approve the merger of the Company with and into KAREP Acquisitions Vehicle, LLC and the other transactions contemplated by the Agreement and Plan of Merger, dated as of May 3, 2017.

The proposed merger was  approved with over 19.5 million votes in favor and only 41,444 votes against and 63,130 abstentions. Under the terms of the merger, shareholders will receive $14.65 per share when the transaction closes, which is expected to occur in the third quarter of 2017.

Sentio Healthcare Properties is a publicly registered nontraded REIT with 34 investments comprising 2.5 million square feet of leased properties.  The most recent net asset value per share was $12.45 which has been the reinvestment price per share since March 23, 2016. The Company had $577.6 million in total assets as of March 31, 2017.

As of March 31, 2017 the REIT’s properties included 27 memory care, assisted-and independent-living facilities, which comprise its senior housing segment, one medical office building, which comprises its MOB segment, five operating healthcare facilities, which comprise its triple-net leased segment, and one facility held as an unconsolidated entity.

The Company’s IPO began on June 20, 2008, with common shares issued at $10.00 per share, raising $132.3 million, including DRIP, during the offering which closed April 29, 2011. Distributions have been at a rate of 5.00% annualized based on the original $10.00 per share price.