Healthcare Trust Announces Offering of Series A Cumulative Redeemable Perpetual Preferred Stock
December 6, 2019
Healthcare Trust, Inc. (“HTI” or the “Company”) today announced the launch of a proposed underwritten public offering of 1,400,000 shares of its Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Stock”), pursuant to a registration statement on Form S-11 filed with the Securities and Exchange Commission (the “SEC”). The underwriters are expected to be granted a 30-day option to purchase up to an additional 210,000 shares of Series A Preferred Stock. The shares of Series A Preferred Stock have been approved for listing on The Nasdaq Global Market.
The Company plans to contribute the net proceeds it receives from the offering to its operating partnership in exchange for a new class of preferred units, which will have economic interests that are substantially similar to the designations, preferences and other rights of the Series A Preferred Stock. The Company, acting through its operating partnership, intends to use the net proceeds from this contribution for general corporate purposes, which may include purchases of additional properties.
The joint bookrunning managers for the offering are B. Riley FBR, Inc., D.A. Davidson & Co., Ladenburg Thalmann & Co. Inc. and William Blair & Company, L.L.C. Co-managers for the offering are National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (Nasdaq:NHLD), Boenning & Scattergood, Inc. and Wedbush Securities Inc.
About Healthcare Trust Inc.
Healthcare Trust, Inc. is a publicly registered real estate investment trust focused on acquiring a diversified portfolio of healthcare real estate, with an emphasis on seniors housing and medical office buildings, located in the United States. Additional information about HTI can be found on its website at www.healthcaretrustinc.com.
Blue Vault Reports on Healthcare Trust, Inc.
As of September 30, 2019, HTI owned 193 properties located in 31 states comprised of 9.1 million rentable square feet. The portfolio consisted of 113 medical office and outpatient properties (MOBs) with 3.84 million rentable square feet, which were 91.1% leased, 18 Triple-Net Leased Healthcare Facilities with 0.972 million rentable square feet, which were 95.1% leased, and 59 Seniors Housing (SHOP) properties with 4.31 million rentable square feet, which were 85.1% leased, two parcels of land and one development property.
On April 1, 2019, the independent directors of the HTI Board unanimously approved an updated estimate of per-share net asset value of $17.50 as of December 31, 2018, which was published on April 3, 2019. The previous estimated NAV was $20.25 as of December 31, 2017.
During the three months ended September 30, 2019, distributions paid to common stockholders totaled $19.89 million, including $6.75 million which was reinvested into additional shares of common stock through the DRIP. For the three months ended September 30, 2019, cash flows provided by operations of $14.30 million funded 71.9% of total distributions and DRIP proceeds funded 28.1% of total distributions.
Sources: SEC, Blue Vault
